On Tuesday, Adidas, the world's second-largest sporting goods manufacturer, came under the scrutiny of investigative authorities. Bavarian tax investigators and customs officers searched the headquarters in Herzogenaurach as well as locations in Scheinfeld and Rieste. The reason is allegations of possible violations of customs and tax regulations between October 2019 and August 2024.

An Adidas spokeswoman confirmed the searches, stating they were due to issues arising from "different interpretations of German and European law." The company emphasized its willingness to cooperate and provided documents and information. According to Adidas, significant financial impacts are not expected, as provisions have already been made.

Adidas produces the majority of its goods in Asia, particularly in countries like China, Vietnam, and Bangladesh. Investigations focus on the import of these products to Germany. The affected locations are central elements of the company's production and logistics chain.

Despite the investigations, there is positive news for Adidas: Rating agency Moody’s changed the outlook for the company's "A3" rating from "negative" to "stable". The reason is the improved debt ratio, which was reduced to 2.8 times the EBITDA by the end of September - a significant decrease from the previous year's value of 4.1. By the end of 2025, Moody’s expects a further reduction to 1.8 times, which even suggests a possible upgrade of the rating.

In view of increasing sales and a more stable financial situation, the group appears unimpressed by the ongoing investigations. The company signals its intention to actively address challenges related to customs and tax issues while further strengthening its market position.