We hosted investor meetings in London today with Adidas'' SVP IR and Corporate Communications Sebastian Steffen and VP IR Adrian Rott. Some key topics of discussion are summarised below. Q2 results The company remains upbeat and happy with the performance delivered in Q1 and Q2. It emphasised that double-digit adidas brand growth in Q2 was achieved despite annualising the UEFA EURO and Copa America championships. This growth was balanced across regions, categories and product types. Although soccer was flattish due to the comparatives, the Performance category grew by double-digits due to over 20% growth in performance basketball, running and training. Lifestyle''s +13% growth was driven by balanced growth between Originals and Sportswear, demonstrating the successful commercialisation of its brand appeal. Tariffs Last week the company guided to an unmitigated tariff headwind of EUR 200m. As estimated in our weekly note, subsequent tariff announcements have since reduced this impact. The company emphasised that there is an opportunity to adjust the Spring/Summer 2026 ranges, including World Cup products, which will be sold in Q4. The mitigating effect of any such price adjustments would more significantly be felt in 2026. The company noted that there is still room to improve the full-price mix, particularly in the US, which could help offset tariffs. It will carefully consider price adjustments and ensure alignment with suppliers and distributors, reiterating its commitment to being a reliable partner and not cancelling orders. Soccer World Cup 2026 Last week management had said that this event presents a revenue opportunity exceeding EUR 1bn, larger than ever before. This is because, for the first time, soccer is expected to have a broader cultural impact through streetstyle, beyond just soccer fans. This could be a generational opportunity to attract new customers, and the response from wholesale partners has been encouraging. The initial...