What happened? Adidas IR held a group sell-side ''quarterly logic check'' call ahead of its Q2 results, which it is due to report on 30 July. We highlight that there has been no change to full-year guidance and that the purpose of the event was to provide a re-cap of previously published comments. There was no new commentary on Q2 trends or profitability. BNPP Exane View There was no new commentary from Adidas but we remain confident in the investment case, and the brand''s ability to grow by double-digits, as set out in Why there''s more to play for (12 February) and in previous reports (e.g. Stripes vs Swoosh). We reiterate our Outperform rating. Main topics . Q2 2024 base: Excluding Yeezy from the prior year base, Q2 2024 constant currency sales growth was c.+16%, gross margins were 50.5% and EBIT was around EUR 300m. . Q2 2025e topline: the translation drag from currencies will have a similar dampening effect on the reported top line as Yeezy will. In our view, however, Adidas brand should continue to grow its constant currency sales by double-digits. Topics discussed included: winning back market share in China and the US, where empowered local teams are making progress; good developments in apparel, which has lagged the footwear recovery but where Originals has momentum and sportwear/training product pipeline is encouraging; and the breadth of product offer, with the company discussing a wide range of products beyond the ''terrace'' trend, including low profile, Superstar, and performance and lifestyle running (e.g. evo SL and SL72. Climacool 3D is developing better than expected). . Q2 gross margins: full-price sell-through could be a support to gross margins as it was in Q1. We think currency will be broadly neutral, with negative hedges offset by a positive unhedged portion. There will be some US tariff impact towards the end of the quarter, reflecting products shipped from mid-April. It has not adjusted prices in the US. Further ahead,...