ADSGn in 30 seconds
ADSGn is the CFD on Adidas AG, the Herzogenaurach-headquartered sportswear group and the second-largest in the world by revenue (around 23.7 billion EUR in 2024). It trades on Xetra in EUR, sits inside the DAX 40, and is open roughly 03:00 to 11:30 ET Monday to Friday. Around 14 percent of revenue comes from Greater China at higher operating margins than mature markets, so China same-store data and the residual Yeezy inventory tranche move the print more than headline EMEA growth. At LHFX you trade ADSGn on MT5 with up to 1:20 leverage, 3 USD per side commission, and STP/ECN execution.
What Adidas actually sells
Adidas AG designs, manufactures, and distributes athletic footwear, apparel, and hardware (balls, bags, accessories) under the Adidas brand. The group divested Reebok in 2021 for around 2.1 billion EUR, leaving a single-brand structure. Footwear accounts for roughly 57 percent of group sales, apparel around 38 percent, and hardware the rest. Manufacturing is almost entirely outsourced to contract factories across Vietnam, Indonesia, China, and Cambodia.
Revenue mix by geography splits across EMEA (around 41 percent), North America (around 22 percent), Greater China (around 14 percent), Asia-Pacific (around 12 percent), and Latin America (around 11 percent). Greater China is the segment that punches above its weight: it generates higher operating margins than mature markets, so a one-percentage-point swing in China same-store sales moves group operating profit more than the same swing in EMEA. That is the structural reason ADSGn reacts so violently to mainland consumer data and to occasional consumer-nationalism flare-ups.
Competitively, Adidas is the number-two global sportswear brand by revenue behind Nike. The two are correlated but not identical: Nike skews more heavily to North America and direct-to-consumer, while Adidas carries a much larger EMEA and Greater China book and a wider wholesale channel. CEO Bjorn Gulden joined from Puma in January 2023 and is mid-cycle on a margin-rebuild plan after the 2022-2023 Yeezy split wiped roughly 1.2 billion EUR off inventory.
Quick fact. Adidas is one of two DAX 40 constituents whose share price is genuinely set by a North American competitor's earnings print. Nike reports roughly 24 hours before each Adidas quarter on the same calendar, and Nike's North America and China commentary routinely sets ADSGn direction at the Xetra open the next morning.
Revenue breakdown by product and region
Adidas reports along two cuts: product category (footwear, apparel, hardware) and geographic region. The geographic split is the one that matters most for ADSGn price action because Greater China carries a higher operating margin than the headline group average. The shares below are approximate 2024 figures rounded for clarity; always verify against the most recent quarterly release before trading earnings.
| Segment | What it covers | Approx revenue share |
|---|---|---|
| FOOTWEAR | Footwear (running, sportswear, lifestyle) | 57 percent |
| APPAREL | Apparel (training, football, lifestyle) | 38 percent |
| HARDWARE | Hardware (balls, bags, accessories) | 5 percent |
| EMEA | EMEA (geographic) | 41 percent |
| NORTH-AMERICA | North America (geographic) | 22 percent |
| GREATER-CHINA | Greater China (geographic, oversized margin weight) | 14 percent |
Greater China at roughly 14 percent of group revenue contributes a meaningfully higher share of group operating profit. That asymmetry is why a China same-store miss can drop ADSGn 5 to 8 percent on the Xetra open even when EMEA and North America print in line. Track the China segment line on the quarterly statement before the headline EPS reaction.
Earnings calendar and what to watch
Adidas reports four times a year on a calendar-year basis. Q1 results land in early May, Q2 around early August, Q3 in late October or early November, and the full-year plus Q4 print in early March. Each release drops before the Xetra open (typically 01:00 to 02:00 ET) accompanied by a CEO letter, a press release, and a results booklet. A management call follows mid-morning Frankfurt time. Pre-release guidance updates (profit warnings or upgrades) are also issued ad hoc when the group materially revises full-year outlook.
Three lines drive the post-print reaction. First, Greater China revenue growth at constant currency, because that segment carries disproportionate margin weight. Second, residual Yeezy inventory disclosure and any commentary on remaining release tranches, since each tranche either flatters or weighs on full-year guidance. Third, full-year operating margin guidance, where management has been rebuilding from the low-single-digit trough of 2023. Forex-neutral commentary on EUR/USD translation also matters because around 22 percent of revenue is North American.
Historical reaction pattern: management beats or raises tend to produce 4 to 7 percent moves on the Xetra open, while misses or cuts can produce 7 to 12 percent gaps. The largest single-session move in the recent record was the October 2022 Yeezy-termination announcement, which sent the stock down by roughly 9 percent intraday. Nike's print 24 hours earlier has bled a directional bias into ADSGn so consistently that pair-trading the gap is a known short-window strategy.
Worked example: sizing across an earnings print
Adidas trades at 230 EUR ahead of a Q3 release. You hold 5 share equivalents of long ADSGn at 1:20 leverage, so margin posted is roughly 57.50 EUR (5 x 230 / 20). A 7 percent adverse gap on the release (a 16.10 EUR drop per share) costs you 80.50 EUR, which is 140 percent of your margin. The platform closes the position if equity falls below the maintenance threshold, but on a gap-through there may be no opportunity to set a fill price near your stop. Either reduce size to one share equivalent (11.50 EUR margin) before the print or stay flat across the announcement.
What moves ADSGn day to day
Adidas is a single-stock CFD, so its price is set by company-specific news, the DAX 40 background, and a tight correlation with Nike. A small set of catalysts dominates the daily and weekly moves.
Greater China same-store sales
The segment generated roughly 14 percent of 2024 group revenue but a larger share of operating profit. Reported same-store growth or contraction in mainland China moves ADSGn 3 to 6 percent on print day. Off-cycle data points (Tmall sell-through, government consumer-confidence prints, Lunar New Year traffic surveys) also produce intraday moves.
Residual Yeezy inventory
Adidas wrote down roughly 1.2 billion EUR of Yeezy stock through 2023 and 2024 after the Kanye West split. Each remaining release tranche is disclosed in quarterly results and either flatters or weighs on guidance depending on sell-through. The market reaction to the final tranche is asymmetric: a clean run-off removes an overhang; a write-down extends it.
ECB rate path and EUR strength
Around 22 percent of revenue is generated in North America and reported back into euros. A 5 percent EUR appreciation versus the USD compresses reported margin and tends to weigh on the stock. ECB statements and Lagarde press conferences land in the morning Frankfurt window, often producing FX-driven moves on ADSGn before the US session opens.
Nike read-across
Nike (NYSE: NKE) reports roughly 24 hours before Adidas on the same calendar and is the single largest read-across for ADSGn. A Nike China miss often drops Adidas 2 to 4 percent at the Xetra open the next morning even before Adidas confirms its own China line. The two trade as a pair on a 30-day correlation typically above 0.6.
Football and Olympic cycles
Major tournaments lift apparel and footwear sell-through across the relevant window. 2024 carried both the Euros and the Paris Olympics; 2026 is a FIFA World Cup year. Kit sponsorship news, in-tournament viral product moments, and post-event sell-through data show up in the following quarterly print.
Mid-quarter guidance updates
Adidas has issued ad hoc profit warnings and guidance upgrades multiple times since 2022 outside the regular reporting cadence. These typically print at the European open and produce 5 to 10 percent gaps. The last several reset days produced wider-than-normal intraday ranges through the full Xetra session.
Cotton, leather, and freight
Manufacturing is outsourced but Adidas absorbs input cost volatility through wholesale pricing power. Sharp moves in cotton futures (ICE CT), synthetic rubber, and container freight rates between Asia and Europe feed through to gross margin two to three quarters later, and management commentary on input cost trajectory affects the multiple.
When ADSGn trades
Adidas is a single-listed European stock. Unlike US single names which have meaningful pre-market and after-hours activity, ADSGn only quotes during Xetra cash hours at LHFX. That gives you a tight 8.5-hour window each day and a long 15-hour overnight risk window where you cannot adjust positions but can carry exposure to Asia and US sessions.
The most active windows are the first 30 minutes after the Xetra open (when overnight US headlines, Asia data, and any pre-open guidance reset get priced in) and the 90-minute overlap with the US pre-market when Nike or sector cousins move.
sessions.pre-open.heading
Roughly 02:50 to 03:00 ET. Xetra runs an opening auction; no LHFX quotes during the auction itself. Use this window to read overnight Nike, US futures, and any company filings released before the open.
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Roughly 03:00 to 11:30 ET, Monday to Friday. This is the entire window in which ADSGn quotes at LHFX. The first 30 minutes (03:00 to 03:30 ET) typically produces the widest intraday range as overnight news gets priced in. Liquidity is best in the first two hours and again from 08:30 ET onward.
sessions.nike-overlap.heading
Roughly 07:00 to 11:30 ET. US pre-market opens at 04:00 ET and the regular US session at 09:30 ET. Nike (NKE) pre-market quotes and US macro releases (CPI at 08:30 ET, retail sales at 08:30 ET) feed directly into ADSGn through the final three hours of the Xetra session.
sessions.post-close.heading
11:30 ET onward. ADSGn does not quote at LHFX outside Xetra hours. Any position carried over the Xetra close is exposed to Nike's full US session, Asian overnight headlines, and the next morning's gap with no ability to adjust. Plan exits before the close or accept the overnight gap risk.
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ADSGn CFD vs direct Adidas share vs ETF
You can take a view on Adidas three main ways: a CFD on ADSGn at LHFX, a direct share purchase on Xetra through an equity broker, or a DAX 40 ETF that includes Adidas at the index weight. They look similar but trade very differently.
| Product | Ownership | Dividends | Leverage | Cost |
|---|---|---|---|---|
| ADSGn CFD (LHFX) | No share, no voting rights | Cash adjustment on ex-date | Up to 1:20 | Raw spread + 3 USD per side + overnight swap |
| Direct Adidas share (Xetra) | Registered share, voting rights | Cash dividend paid annually | None (cash account) | Broker commission + bid-ask + 0.25 percent German FTT in some structures |
| DAX 40 ETF (e.g. iShares Core DAX) | Fund unit, no direct vote | Distributed or accumulated by fund | None (cash account) | Bid-ask + management fee around 0.16 percent annual |
For directional or short-duration trading on Adidas specifically, the ADSGn CFD is the most flexible choice: fractional sizing, two-way exposure, and up to 1:20 leverage. Direct shares suit buy-and-hold investors who want the dividend cheque and voting rights and accept zero leverage. DAX 40 ETFs suit anyone who wants German large-cap exposure as a basket rather than a single-stock view, with Adidas making up only around 2 percent of the index weight.
Trading ADSGn at LHFX
LHFX offers ADSGn on MetaTrader 5 with STP/ECN execution and no dealing desk. The symbol settles in EUR (the Xetra quote currency), and your account P&L is converted back to your account base currency at end-of-day rates. The full specification is visible inside MT5 under Market Watch, Symbols, ADSGn.
Up to 1:20 on ADSGn. A 1,000 EUR position requires 50 EUR of margin. A 5 percent adverse move on a fully leveraged position wipes out the margin posted, so most active traders use far less effective leverage than the cap.
Flat 3 USD per side (6 USD round-trip) on the Standard account, applied per standard lot. There is no widened spread to recover the commission; raw market spread plus the flat fee is the total cost.
MetaTrader 5 on Windows, Mac, web, iOS, and Android. LHFX is a direct MetaQuotes licensee. ADSGn appears alongside other DAX 40 single-stock CFDs in the Stocks group of your Market Watch.
STP/ECN. Orders route to aggregated bank and non-bank liquidity, not an in-house dealing desk. Fill quality is best inside the 03:00 to 11:30 ET Xetra window; outside that window the symbol does not quote at all.
Monday to Friday, roughly 03:00 to 11:30 ET (09:00 to 17:30 Frankfurt). No after-hours, no pre-market on this symbol. The Xetra opening auction runs from 02:50 to 03:00 ET; LHFX quotes resume at the open.
Symbol quotes in EUR. P&L is calculated in EUR then converted to your account base currency (USD by default) at end-of-day rates. The conversion is automatic inside MT5 and visible in the daily statement.
A worked sizing example
Adidas quotes around 230 EUR. Opening 1 share equivalent long at 1:20 requires roughly 11.50 EUR in margin. A 2 percent ordinary intraday move (typical for Xetra single stocks) is 4.60 EUR per share, around 40 percent of posted margin. Scale to 5 share equivalents (57.50 EUR margin) and the same 2 percent move is 23 EUR. Earnings days routinely produce 5 to 10 percent gaps that wipe out the margin on a fully sized position. Size to the print, not to the cap.
For the current spread snapshot and full contract specification, see the ADSGn instrument page. For commission detail across all instruments, see spreads and fees, and for the full leverage schedule by asset class see leverage.
Risks of trading ADSGn
Adidas is a deep, well-followed single-stock CFD, but it carries a specific risk profile that differs from broad index or major FX exposure. The combination of overnight gap risk on a closed-market symbol, concentrated geographic exposure, and 1:20 leverage means losses can compound across a single Xetra open.
Greater China revenue concentration
Around 14 percent of group revenue at higher operating margin means the stock is structurally tied to mainland consumer sentiment and to occasional consumer-nationalism flare-ups. The 2021 Xinjiang cotton boycott wiped over 1 billion EUR from Adidas China sales across two quarters. A repeat of that kind of event can move the stock 5 to 10 percent in a single session.
Athlete and ambassador tail risk
The Yeezy split and subsequent 1.2 billion EUR write-down is the largest example, but the brand carries similar reputational tail risk across other athlete and ambassador relationships. A single high-profile separation can produce a 5 to 9 percent intraday move and force a guidance revision.
Earnings gap risk
Releases land before the Xetra open. The first tick at 03:00 ET on a release day frequently prints a 5 to 10 percent gap, and stops set inside the Xetra session cannot protect against the auction print. Either reduce size to 1:5 effective leverage or below across earnings, or stay flat through the print.
Leverage amplifies both sides
At 1:20, a 5 percent adverse move wipes out the margin on that position. German single stocks frequently move 1 to 2 percent on ordinary days and 5 to 10 percent on earnings days. The same mechanism that makes a 1 percent favourable move return 20 percent on margin makes a 5 percent adverse move a total loss of that margin.
EUR base, USD account translation
ADSGn quotes in EUR but your account is typically denominated in USD. A 1 percent EUR/USD move overlaid on a flat Adidas price still moves your USD P&L by roughly 1 percent of notional. The effect compounds on multi-day positions and is rarely the headline risk but materially shifts realised P&L.
Risk disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Never trade with money you cannot afford to lose.