Slide 1: Q2 Results
Q2 RESULTS July 30, 2026
Slide 2: Thank you, Harm!
THANK YOU, HARM!
Slide 3: Welcome (back), Birgit!
WELCOME (BACK), BIRGIT!
Slide 4: Executive Board set-up as of September 2026
EXECUTIVE BOARD SET-UP AS OF SEPTEMBER 2026 BJØRN GULDEN CEO & GLOBAL BRANDS ADIDAS AG MICHELLE ROBERTSON HARM OHLMEYER MATHIEU SIDOKPOHOU BIRGIT KRETSCHMER GLOBAL HUMAN RESOURCES, PEOPLE & FINANCE, SUPPLY CHAIN & TECH GLOBAL SALES & MD EUROPE BOARD MEMBER CULTURE ST, 2027) (CFO AS OF JANUARY 1 4
Slide 5: Congratulations Spain!
CONGRATULATIONS SPAIN! ADIDAS AG 5
Slide 6: Congratulations Spain!
CONGRATULATIONS SPAIN! ADIDAS AG 6
Slide 7: The summer we won the World Cup
THE SUMMER WE WON THE WORLD CUP ADIDAS AG 7
Slide 8: The biggest World Cup of all time
THE BIGGEST WORLD CUP OF ALL TIME 48 NATIONS 14 ADIDAS TEAMS AND 2 IN THE FINAL 3 HOSTNATIONS 17+MILLION JERSEYS SOLD ADIDAS AG ~4X AS MANY JERSEYS AS IN 2022 16 HOSTCITIES 6.8+ MILLION ~3 X ~4 X ~3 X MORE JERSEYS MORE JERSEYS MORE JERSEYS FANS ATTENDED THE MATCHES SOLD VS.2022 SOLD VS.2022 SOLD VS.
Slide 9: Fantastic World Cup brand campaign
FANTASTIC WORLD CUP BRAND CAMPAIGN If Chalamet and adidas can’t give you World Cup hype, nothing will ADIDAS AG 9
Slide 10: The summer of football: on the pitch
THE SUMMER OF FOOTBALL on the pitch ADIDAS AG 10
Slide 11: Slide 11
Slide 12: A great cultural moment in stadiums
A GREAT CULTURAL MOMENT in stadiums ADIDAS AG 12
Slide 13: A great cultural moment off the pitch
A GREAT CULTURAL MOMENT off the pitch ADIDAS AG 13
Slide 14: And a great moment in stores
AND A GREAT MOMENT in stores ADIDAS AG ADIDAS x NORDSTROM, USA BRAND CENTER BARCELONA, SPAIN ADIDAS x JD WATCH PARTY, SPAIN FLAGSHIP STORE FIFTH AVENUE, USA ARI FOOTBALL x ADIDAS, THAILAND WORLD CUP TAKEOVER STARFIELD MALL, SOUTH KOREA 14
Slide 15: And the best activations across the globe
AND THE BEST ACTIVATIONS ACROSS THE GLOBE ADIDAS AG BROOKLYN BRIDGE PARK HOME OF PARIS FLAGSHIP STORE, FRANCE BACKYARD LEGENDS ACTIVATION, CHINA SOCCER, USA WORLD CUP KICK -OFF EVENT, MEXICO WORLD CUP POP -UP, SYDNEY SHIBUYA TAKE -OVER, JAPAN 15
Slide 16: The pink boots
THE PINK BOOTS ee ge ae ™ The pink cleat problem: fo CS Te
Slide 17: Strongest quarter ever
STRONGEST QUARTER EVER ADIDAS AG 17
Slide 18: Strongest top-line quarter and H1 ever
STRONGEST TOP -LINE QUARTER AND H1 EVER € IN MILLIONS Q2 Y-O-Y H1 Y-O-Y NET SALES 6,743 +14%C.N. 13,335 +14%C.N. ADIDAS AG GROSS MARGIN 52.5% +0.8PP 51.8% -0.1PP OPERATING PROFIT 574 +5% 1,279 +11% % OF NET SALES 8.5% -0.7PP 9.6% 0.0PP 18
Slide 19: Q2/H1 revenue growth by market
Q2/H1 REVENUE GROWTH BY MARKET EUROPE GREATERCHINA Q2 H1 NORTH AMERICA Q2 H1 Q2 H1 +6% +6% +15% +16% +17% +15% ADIDAS AG SOUTH KOREA/ JAPAN LATIN AMERICA EMERGING MARKETS Q2 H1 Q2 H1 Q2 H1 +18% +21% +28% +27% +12% +11% TOTAL COMPANY GROWTH Q2 AT +14%, H1 AT +14% CURRENCY -NEUTRAL NET SALES DEVELOPME
Slide 20: Q2 revenue growth by channel
Q2 REVENUE GROWTH BY CHANNEL 43% DTC 24% OWN RETAIL ADIDAS AG 19% 57% E-COM WHOLESALE +6% +23% +27% WHOLESALE OWN RETAIL E-COM CHANNEL GROWTH CHANNEL SPLIT CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y 20
Slide 21: Q2/H1 revenue growth by market
Q2/H1 REVENUE GROWTH BY MARKET EUROPE GREATERCHINA Q2 H1 NORTH AMERICA Q2 H1 Q2 H1 +6% +6% +15% +16% DTC +12% DTC +12% +17% +15% DTC +22% DTC +27% DTC +39% DTC +31% ADIDAS AG SOUTH KOREA/ JAPAN LATIN AMERICA EMERGING MARKETS Q2 H1 Q2 H1 Q2 H1 +18% +21% +28% +27% +12% +11% DTC +25% DTC +24% DTC +24%
Slide 22: Fantastic DTC execution leads to strongest Q2/H1 in history
FANTASTICDTC EXECUTION LEADS TO STRONGEST Q2/H1 IN HISTORY ADIDAS AG ORIGINALS SPORT ON E -COM, USA SILVERSTONE RACE COLLECTION IN ORIGINALS STORE SONG WAT, THAILAND FLAGSHIP STORE LONDON, UK BRAND CENTER BOGOTÁ, COLOMBIA ORIGINALS SPORT IN BRAND STORE CREATOR PICK ON E -COM, SOUTH KOREA HERZOGENAUR
Slide 23: Q2 revenue growth by product division
Q2 REVENUE GROWTH BY PRODUCT DIVISION 8% ACCESSORIES 52% ADIDAS AG 40% FOOTWEAR APPAREL +1% +35% +20% FOOTWEAR APPAREL ACCESSORIES PRODUCT DIVISION GROWTH PRODUCT DIVISION SPLIT CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y 23
Slide 24: We are a sports brand…
WE ARE A SPORTS BRAND… …AND THE CULTURE BORN FROM IT
Slide 25: Q2 revenue growth by category: Performance +39%
Q2 REVENUE GROWTH BY CATEGORY PERFORMANCE +39% ADIDAS AG FOOTBALL RUNNING TRAINING BASKETBALL SPECIALIST MOTORSPORT US SPORTS GOLF SPORTS +74% + 28 % + 7% -21% +69 % -4% -10 % + 4% CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y. 25
Slide 26: We are winning in running
WE ARE WINNING IN RUNNING ADIDAS AG EMMANUEL WANYONYI BREAKS 1000M NOAH LYLES BREAKS 150M SUPERNOVA RISE 3 ADAPTIVE WON WORLD RECORD WORLD RECORD INNOVATION LION GRAND PRIX GADISE DEMISSIE WINS RIO MARATHON JA’KOBE THARP BREAKS 110M HURDLE ADIZERO EVO SL NAMED SHOE OF THE WORLD RECORD, 12:75 SEC YEA
Slide 27: …and in training
…AND IN TRAINING ADIDAS AG LAURA STEADMANN IS BACK - ALYSSA MCELHENY WINS TIM WENISCH AND ALEXANDER JAMES SPRAGUE IS 2026 TO-BACK HYROX ADAPTIVE HYROX WORLD RONČEVIĆ ARE 2026 HYROX CROSSFIT GAMES CHAMPION WORLD CHAMPION CHAMPIONSHIP IN DEBUT DOUBLES WORLD CHAMPIONS 27
Slide 28: …and in many, many, many local sports
…AND IN MANY, MANY, MANY “LOCAL” SPORTS ADIDAS AG 28
Slide 29: While launching the best product
WHILE LAUNCHING THE BEST PRODUCT ADIZERO EVO SL EXO EVO SL ZIPPER PRO EVO 3 ADIDAS AG for the few for the many 29
Slide 30: While launching the best product
WHILE LAUNCHING THE BEST PRODUCT ADIDAS AG F50 HYPERFAST F50 HYPERFAST EVO LEAGUE for the few for the many 30
Slide 31: While launching the best product
WHILE LAUNCHING THE BEST PRODUCT ADIZERO ADIZERO DROPSET ELITE DROPSET PRO ADIDAS AG for the few for the many 31
Slide 32: While launching the best product
WHILE LAUNCHING THE BEST PRODUCT BB.01 PROJECT R.A.P CRAZY ENERGY CRAZYFLIGHT 7 ADIDAS AG 32
Slide 33: Success in performance fueled by innovation
SUCCESS IN PERFORMANCE FUELED BY INNOVATION COOLING ANTHEM JACKET ADIDAS AG CLIMACOOL 3D + HYPERBOOST FOAM COOLING BOOTS COOLING VEST 33
Slide 34: Home of Innovation: Investor & Analyst Edition
HOME OF INNOVATION INVESTOR & ANALYST EDITION SEPTEMBER 23 & 24
Slide 35: …and the culture born from it
…AND THE CULTURE BORN FROM IT WE ARE A SPORTS BRAND…
Slide 36: Q2 revenue growth by category: Lifestyle +2%
Q2 REVENUE GROWTH BY CATEGORY LIFESTYLE +2% ADIDAS AG ORIGINALS SPORTSWEAR +4% +0% CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y. 36
Slide 37: Celebrating summer with our partners
CELEBRATING SUMMER WITH OUR PARTNERS TIMOTHÉE CHALAMET AT PSY IN HYPERBOOST AT ANNUAL WET ADIDAS AG BAD BUNNY COLLABORATION AND TOUR FIFA WORLD CUP FINAL CONCERT, KOREA PEACHES X ADIDAS AT ONE UNIVERSE RAFAELA PINHA X ADIDAS AT KENDALL JENNER IN ORIGINALS SPORT FESTIVAL, SOUTH KOREA RIO FASHION WEEK
Slide 38: The hottest shoes on the streets
THE HOTTEST SHOES ON THE STREETS HANDBALL BAD BUNNY JAPAN SAMBA JANE SPEZIAL BALLERINA ADIDAS AG ADISTAR TAEKWONDO EVO SL STAN SMITH CONTROL MEI 38
Slide 39: Court is back
COURT IS BACK ADIDAS AG AT PARIS FASHION WEEK: STAN SMITH SONG FOR THE MUTE STAN SMITH Y3 39
Slide 40: …and the hottest apparel
…AND THE HOTTEST APPAREL DENIM KNIT LACE ADIDAS AG COLOR SILHOUETTE POLKA DOTS 40
Slide 41: …and the best accessories
…AND THEBEST ACCESSORIES ADIDAS AG 41
Slide 42: Q2 2026 Financial Update
Q2 2026 FINANCIAL UPDATE
Slide 43: Q2 2026 P&L items
Q2 2026 P&L ITEMS € IN MILLIONS Q2 2025 Q2 2026 Y-O-Y NET SALES 5,952 6,743 +14%C.N. ADIDAS AG +13% REPORTED GROSS PROFIT 3,077 3,540 +15% % OF NET SALES 51.7% 52.5% +0.8PP 43
Slide 44: Gross margin drivers
GROSS MARGIN DRIVERS +0.8PP PRICING / DISCOUNTING 52.5% CHANNEL MIX US TARIFF REFUND 51.7% FX ADIDAS AG FREIGHT SOURCING COSTS HIGHER US TARIFFS GROSS GROSS MARGIN MARGIN Q2 2025 Q2 2026 44
Slide 45: Q2 2026 P&L items
Q2 2026 P&L ITEMS € IN MILLIONS Q2 2025 Q2 2026 Y-O-Y NET SALES 5,952 6,743 +14%C.N. +13% REPORTED GROSS PROFIT 3,077 3,540 +15% % OF NET SALES 51.7% 52.5% +0.8PP ADIDAS AG MARKETING & POS EXPENSES 712 924 +30% % OF NET SALES 12.0% 13.7% +1.7PP OOH EXPENSES 1,837 2,059 +12% % OF NET SALES 30.9% 30.5
Slide 46: Investments in marketing & distribution
INVESTMENTS IN MARKETING & DISTRIBUTION +~€ 400M >€ 100M >€ 200M ADIDAS AG € 2,983M € 2,549M Q2 2025 MARKETING DTC-DRIVEN OTHER Q2 2026 46
Slide 47: Q2 2026 P&L items
Q2 2026 P&L ITEMS € IN MILLIONS Q2 2025 Q2 2026 Y-O-Y NET SALES 5,952 6,743 +14%C.N. +13% REPORTED GROSS PROFIT 3,077 3,540 +15% % OF NET SALES 51.7% 52.5% +0.8PP ADIDAS AG MARKETING & POS EXPENSES 712 924 +30% % OF NET SALES 12.0% 13.7% +1.7PP OOH EXPENSES 1,837 2,059 +12% % OF NET SALES 30.9% 30.5
Slide 48: Q2 2026 P&L items
Q2 2026 P&L ITEMS € IN MILLIONS Q2 2025 Q2 2026 Y-O-Y OPERATING PROFIT 546 574 +5% % OF NET SALES 9.2% 8.5% -0.7PP NET FINANCIAL EXPENSE 58 44 -24% ADIDAS AG INCOME TAXES 114 133 +17% % OF INCOME BEFORE TAXES 23.3% 25.0% +1.7PP NET INCOME 375 398 +6% FROM CONTINUING OPERATIONS BASIC EPS 2.03 2.10 +3
Slide 49: Balance sheet development
BALANCE SHEET DEVELOPMENT € IN MILLIONS JUNE 30, 2025 JUNE 30, 2026 CHANGE INVENTORIES 5,261 5,969 +13% | +12% C.N. ADIDAS AG 49
Slide 50: Inventory development
INVENTORY DEVELOPMENT € IN BILLIONS INVENTORY STRUCTURE +13% | +12% C.N. 6.0 ~90% FOR CURRENT + 5.8 5.8 FUTURE SEASONS ADIDAS AG 5.3 5.5 27% GOODS IN TRANSIT 9% PREVIOUS SEASONS 63% GOODS ON HAND Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 50
Slide 51: Balance sheet development
BALANCE SHEET DEVELOPMENT € IN MILLIONS JUNE 30, 2025 JUNE 30, 2026 CHANGE INVENTORIES 5,261 5,969 +13% | +12% C.N. ACCOUNTS RECEIVABLE 3,132 3,567 +14% | +13% C.N. ADIDAS AG ACCOUNTS PAYABLE 2,742 2,874 +5% | +4%C.N. OPERATING WORKING CAPITAL 5,651 6,661 +18% |+16% C.N. 51
Slide 52: Average operating working capital development
AVERAGE OPERATING WORKING CAPITAL DEVELOPMENT AS A % OF NET SALES +3.3PP 24.0% 23.7 % ADIDAS AG 23.0% 21.9% 20.7% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 AVERAGE OPERATING WORKING CAPITAL = AVERAGE OF OPERATING WORKING CAPITAL FOR THE LAST 4 QUARTERS DIVIDED BY NET SALES FOR THE LAST 4 QUARTERS. 52
Slide 53: Balance sheet development
BALANCE SHEET DEVELOPMENT € IN MILLIONS JUNE 30, 2025 JUNE30, 2026 CHANGE INVENTORIES 5,261 5,969 +13% | +12% C.N. ACCOUNTS RECEIVABLE 3,132 3,567 +14% | +13% C.N. ADIDAS AG ACCOUNTS PAYABLE 2,742 2,874 +5% | +4%C.N. OPERATING WORKING CAPITAL 5,651 6,661 +18% | +16% C.N. CASH AND CASH EQUIVALENTS 76
Slide 54: Share buyback update
SHARE BUYBACKUPDATE TOTAL SHARE BUYBACK OF UP TO€ 1BN FIRST TRANCHE SECOND TRANCHE (FEB 2– MARCH 6) (JUNE 23– SEPTEMBER 30) COMPLETED ONGOING ADIDAS AG VOLUME (IN SHARES) 3,305,958 1,380,101 TOTAL AMOUNT € 500M UP TO€ 500M INCLUDING DIVIDEND PAYOUT € 491M OF IN MAY TOTAL CASH RETURN UP TO€ 1.5BNIN 2
Slide 55: Cash and net borrowings development
CASH AND NET BORROWINGS DEVELOPMENT CASH AND CASH EQUIVALENTS ADJUSTED NET BORROWINGS € IN BILLIONS € IN BILLIONS +€ 0.4BN +€ 0.2BN 5.5 1.6 5.0 5.2 4.8 ADIDAS AG 1.2 4.3 1.0 0.9 0.8 Q2 2025 Q3 2025 Q4 2025 Q1 2025 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 55
Slide 56: Leverage ratio development
LEVERAGE RATIO DEVELOPMENT LEVERAGE RATIO CONSISTENTLY BELOW 2.0X <2.0XFINANCIAL POLICY TARGET 1.7X 1.6X 1.7X 1.6X ADIDAS AG 1.4X Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 56
Slide 57: Roadmap to success
ROADMAP TO SUCCESS ADIDAS AG 2023 2024 2025 2026 BETTER COMPANY BREAK EVEN HEALTHY COMPANY AND GOOD COMPANY TRANSITION COMPANY 57
Slide 58: Roadmap to success: 2026 healthy & successful company
ROADMAP TO SUCCESS 2026 ADIDAS AG HEALTHY & SUCCESSFUL COMPANY 58
Slide 59: The ambition: be the #1 sports brand
THE AMBITION BE THE #1 SPORTS BRAND ADIDAS AG (ON THE ROAD TO $10BN IN NORTH AMERICA) 59
Slide 60: A global brand with a local mindset
A GLOBAL BRAND WITH A LOCAL MINDSET CONSUMER/ATHLETE IT ALL STARTS WITH THE CONSUMER NEEDS DECISIONS MADE AT MOST MARKETS IMMEDIATE LEVEL ADIDAS AG RESPONSIBLE FOR COMMERCIAL SUCCESS CREATION CENTERS TAILOR TO LOCAL DEMAND WITH STRONG LOCAL LEADERSHIP GLOBAL GLOBAL PROVIDES FRAME FOR BRAND IDENTITY,
Slide 61: Accelerating local footprint in product
ACCELERATING LOCAL FOOTPRINT IN PRODUCT ADIDAS AG THE PENN STATE AND TENNESSEE COLLECTION, USA ADIDAS X DOOSAN BEARS CULTURE WEAR, SOUTH KOREA ADIDAS X RANVEER SINGH, INDIA ADIDAS PREMIUM LUX COLLECTION, CHINA 61
Slide 62: Accelerating local footprint in stores
ACCELERATING LOCAL FOOTPRINT IN STORES ADIDAS AG BRAND CENTER BARCELONA THE DAY AFTER THE WORLD CUP ADO STOREFRONT FLAGSHIP STORE MIYASHITA PARK, JAPAN FINAL, SPAIN CONCEPT STORE AOTEAROA, NEW ZEALAND YOU GOT THIS AT GANGNAM BRAND CENTER, SOUTH KOREA 62
Slide 63: Accelerating local footprint in activation
ACCELERATING LOCAL FOOTPRINT IN ACTIVATION ADIDAS AG STAN SMITH RESIDENCY DURING PARIS FASHION WEEK, ADIDAS X OSULLOC MATCHA RUN, SOUTH KOREA FRANCE WORLD TRADE CENTER ACTIVATION, MEXICO ADIDAS AOTEAROA X FOOTLOCKER SUPERSTAR CAMPAIGN, NEW ZEALAND 63
Slide 64: Keeping momentum from H1 as we move into H2
KEEPING MOMENTUM FROM H1 AS WE MOVE INTO H2 CLUB JERSEYS ADIDAS AG 64
Slide 65: Keeping momentum from H1 as we move into H2
KEEPING MOMENTUM FROM H1 AS WE MOVE INTO H2 ORIGINALS SPORT ADIDAS AG 65
Slide 66: Keeping momentum from H1 as we move into H2
KEEPING MOMENTUM FROM H1 AS WE MOVE INTO H2 HYPERBOOST EUPHORIA ADIDAS AG 66
Slide 67: Keeping momentum from H1 as we move into H2
KEEPING MOMENTUM FROM H1 AS WE MOVE INTO H2 ADIDAS X ASOS ADIDAS AG Social content 67
Slide 68: Keeping momentum from H1 as we move into H2
KEEPING MOMENTUM FROM H1 AS WE MOVE INTO H2 CLUB JERSEYS ORIGINALS SPORT ADIDAS X ASOS FIRST ADIDAS AG MEN’S COLLECTION HYPERBOOST EUPHORIA ADIDAS X ASOS 04 68
Slide 69: Keeping momentum from H1 as we move into H2
KEEPING MOMENTUM FROM H1 AS WE MOVE INTO H2 FIFA WOMEN’S WORLD CUP 2027 ADIZERO ADIOS ANTHONY ADIDAS AG JERSEYS PRO 5 EDWARDS 3 69
Slide 70: FY 2026 outlook
FY 2026 OUTLOOK CONSIDERATIONS NET SALES GROWTHOPERATING PROFIT MACROECONOMIC AND GEOPOLITICAL (C.N.) (€BN) CHALLENGES TO PERSIST GUIDANCE HIGH -SINGLE -DIGIT ~ 2.3 ADIDAS AG MARCH 04 FURTHER MARKET SHARE GAINS DESPITE MARKET CHALLENGES UPDATED GUIDANCE 9%-10% ~ 2.3 JULY 30 DIRECT & INDIRECT TARIFF
Slide 71: Roadmap to success
ROADMAP TO SUCCESS ADIDAS AG 2023 2024 2025 2026 BETTER COMPANY HEALTHY & BREAK EVEN GOOD SUCCESSFUL COMPANY AND COMPANY COMPANY TRANSITION 71
Slide 72: Roadmap to success: 2027 & 2028
ROADMAP TO SUCCESS 2027 & 2028 ADIDAS AG SUCCESSFUL COMPANY ▪ DECREASE COMPLEXITY ▪ OPTIMIZE PROCESSES, SYSTEMS & ORGANIZATION → TO WIN IN THE NEW GLOBAL REALITY SHORT -TERM AND LONG -TERM 72
Slide 73: Outlook 2026-2028
“OUTLOOK” 2026 -2028 NET SALES GROWTH OPERATING (C.N.) PROFIT 2025 13%1 € 2.05BN ADIDAS AG 2026 9-10% ~ € 2.3BN MID-TEENS 2027 HIGH -SINGLE -DIGIT ~10% EBIT MARGIN CAGR 2028 HIGH -SINGLE -DIGIT >10% EBIT MARGIN 1 ADIDAS BRAND (EXCLUDING YEEZY) 73
Slide 74: Q&A
Q&A
Slide 75: ~~ Y SV
~~ Y SV