Adidas Ag · XETR:ADS
Adidas — Adidas Ag Ord — Q1 2026 Earnings Presentation
66 slides from Adidas's earnings presentation, Apr 29, 2026
Slide 1: Q1 Results
Q1 RESULTS April 29, 2026
Slide 2: London Marathon 2026: A New Era of Fast
LONDON MARATHON 2026: A NEW ERA OF FAST ADIDAS AG WINNER AND RESETS OWN WINNER AND 1 ST PERSON SUB 2 MARATHON DEBUT IN WORLD RECORD 02:15:41 EVER TO RUN A SUB 2 LONDON 1:59:41 (PREVIOUSLY: 02:15:50) MARATHON 01:59:30 2
Slide 3: London Marathon 2026: Product and Activation
LONDON MARATHON 2026: PRODUCT AND ACTIVATION ADIDAS AG 3
Slide 4: Winning Awards
WINNING AWARDS ADIDAS NAMED AS ONE OF THE TOP EMPLOYER 19TH OUT OF 400 OF ADIDAS AND KUEHNE+NAGEL TEN MOST INNOVATIVE “WORKING IN FASHION WORLD’S TOP 2025” ITALY WIN “LOGISTICS COMPANY COMPANIES COMPANIES FOR WOMEN EMPLOYEE SURVEY IN 2025 OF THE YEAR” FOR MANTOVA FULFILLMENT CENTRE ADIDAS RANKED #2
Slide 5: Roadmap to Success
ROADMAP TO SUCCESS ADIDAS AG 2023 2024 2025 2026 BETTER COMPANY BREAK EVEN HEALTHY COMPANY AND GOOD COMPANY TRANSITION COMPANY 5
Slide 6: Roadmap to Success: Healthy & Successful Company
ROADMAP TO SUCCESS 2026 ADIDAS AG HEALTHY & SUCCESSFUL COMPANY 6
Slide 7: Strong First Quarter
STRONG FIRST QUARTER ADIDAS AG 7
Slide 8: Strong First Quarter
STRONG FIRST QUARTER COMPANY GROWTH Q1 2026 AT OPERATING PROFIT Q1 2026 +14% € 705M ADIDAS AG (+ ~€ 100M VS. 2025) 8
Slide 9: Q1 2026 Company P&L
Q1 2026 COMPANY P&L € IN MILLIONS Q1 2026 Y-O-Y NET SALES 6,592 +14%C.N. ADIDAS AG GROSS MARGIN 51.1% -1.0PP OPERATING PROFIT 705 +16% % OF NET SALES 10.7% +0.8PP 9
Slide 10: Q1 2026 Revenue Growth by Market
Q1 2026 REVENUE GROWTH BY MARKET SOUTH KOREA/ JAPAN NORTH AMERICA EUROPE +23% +6% +12% GREATER CHINA +17% ADIDAS AG EMERGING MARKETS LATIN AMERICA +26% +10% TOTAL COMPANY GROWTH Q12026 AT +14% CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y 10
Slide 11: Q1 2026 Revenue Growth by Channel
Q1 2026 REVENUE GROWTH BY CHANNEL 38% DTC 22% OWN RETAIL ADIDAS AG 16% 62% E-COM WHOLESALE +8% +19% +25% WHOLESALE OWN RETAIL E-COM Q1 2026 Q1 2026 CHANNEL GROWTH CHANNEL SPLIT CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y 11
Slide 12: Strong Retail Execution Across the Globe
STRONG RETAIL EXECUTION ACROSS THE GLOBE Exchange picture ADIDAS AG WORLD OF SOCCER FLAGSHIP, NEW JERSEYFACTORY OUTLET, ROERMOND FASHION DESTINATION DOOR, SHANGHAI ORIGINALS CONCEPT STORE, BALI BRAND CENTER, HANOI ADIDAS MIYASHITA PARK, TOKYO 12
Slide 13: Locally Relevant E-Com Execution Across the Globe
LOCALLY RELEVANT -COM E EXECUTION ACROSS THE GLOBE ADIDAS AG USA UK SOUTH KOREA CHILE CHINA JAPAN 13
Slide 14: Q1 2026 Revenue Growth by Product Division
Q1 2026 REVENUE GROWTH BY PRODUCT DIVISION 7% ACCESSORIES 56% ADIDAS AG 37% FOOTWEAR APPAREL +4% +31% +13% FOOTWEAR APPAREL ACCESSORIES Q1 2026 Q1 2026 PRODUCT DIVISION GROWTH PRODUCT DIVISION SPLIT CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y 14
Slide 15: Q1 2026 Revenue Growth by Category: Performance
Q1 2026 REVENUE GROWTH BY CATEGORY PERFORMANCE +29% ADIDAS AG FOOTBALL RUNNING TRAINING BASKETBALL SPECIALIST MOTORSPORT US SPORTS GOLF SPORTS +49% +28% + 12 % -20% +79 % +2 % +8% +3% CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y. 15
Slide 16: Key Categories Globally
KEY CATEGORIES GLOBALLY… ADIDAS AG FOOTBALL RUNNING TRAINING BASKETBALL 16
Slide 17: Football
FOOTBALL ADIDAS AG 17
Slide 18: Running
RUNNING ADIDAS AG 18
Slide 19: Training
ADIZERO DROPSET ELITE TRAINING ADIDAS AG 19
Slide 20: Basketball
BASKETBALL ADIDAS AG 20
Slide 21: Successful Start into the Motorsport Season
SUCCESSFUL START INTO THE MOTORSPORT SEASON ADIDAS AG 21
Slide 22: And Many, Many, Many Local Sports
…AND MANY, MANY, MANY, “LOCAL” SPORTS ADIDAS AG 22
Slide 23: And Our Athletes and Teams Are Winning
…AND OUR ATHLETES AND TEAMS ARE WINNING! ADIDAS AG 23
Slide 24: And Not Just in American Football
…AND NOT JUST IN AMERICAN FOOTBALL ADIDAS AG 24
Slide 25: Great Innovation in Performance Footwear
GREAT INNOVATION IN PERFORMANCE FOOTWEAR F50 HYPERFAST EVO ADIZERO ADIOS PRO EVO 3 HYPERBOOST FOAM ADIDAS AG ADIZERO PRIME X EVO ULTRACHARGE ADDITIVE SUPERNOVA RISE 3 ADAPTIVE ADIZERO DROPSET ELITE 25
Slide 26: Great Innovation in Performance Apparel
GREAT INNOVATION IN PERFORMANCE APPAREL CLIM8 HEATING TECHNOLOGY CLIMACOOL SYSTEM CLIMACOOL 3D+ ADIDAS AG TECHFIT 26
Slide 27: Innovation Fosters Success
INNOVATION FOSTERS SUCCESS SABASTIAN SAWE ADIDAS AG 1:59:30 TIGIST ASSEFA 2:15:41 27
Slide 28: Home of Innovation: Investor & Analyst Edition
HOME OF INNOVATION INVESTOR & ANALYST EDITION SEPTEMBER 23 & 24 JOIN US AS WE EXPLORE THE FUTURE OF PERFORMANCE IN SPORT AND OUR PRODUCT PIPELINE @WORLD OF SPORTS, HERZOGENAURACH
Slide 29: Comfort: When Performance Meets Lifestyle
WHEN PERFORMANCE MEETS LIFESTYLE COMFORT
Slide 30: A New Era of Comfort: Hyperboost
A NEW ERA OF COMFORT: HYPERBOOST HYPERBOOST EUPHORIA ADIDAS AG HYPERBOOST EDGE 30
Slide 31: A New Era of Comfort: Walking
A NEW ERA OF COMFORT: WALKING ADIDAS AG 31
Slide 32: Q1 2026 Revenue Growth by Category: Lifestyle
Q1 2026 REVENUE GROWTH BY CATEGORY LIFESTYLE + 6% ADIDAS AG ORIGINALS SPORTSWEAR +7% +5% CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y 32
Slide 33: Lifestyle Running and Football
WEHAVETHE HOTTESTSHOESONTHE STREETS SAMBA CAMPUS LOW PROFILE SUPERSTAR STAN SMITH GAZELLE CLASSICS SPEZIAL ADIDAS AG LIFESTYLE RUNNING AND FOOTBALL LIGHTBLAZE CLIMACOOL EVO SL ADISTAR ADISTAR XLG ADISTAR PREDATOR TAEKWONDO JELLYFISH 2.0 MEGARIDE F50 33
Slide 34: And We Still Have the Hottest Shoes
…AND WE STILL HAVE THE HOTTEST SHOES SAMBA JANE TAEKWONDO MEI JAPAN ADIDAS AG ADISTAR CONTROL EVO SL PREDATOR MEGARIDE 34
Slide 35: adidas Apparel: In My Three Stripes Era
ADIDAS APPAREL: IN MY THREE STRIPES ERA KNIT DENIM ADIDAS AG POLKA DOTS LACE 35
Slide 36: Lifestyle Collaborations
LIFESTYLE COLLABORATIONS WILLY CHAVARRIA ADIDAS X ASOS ADIDAS AG MOLLY MAE 36
Slide 37: From Hero to Halo: Three Stripes for Everyone
FROM HERO TO HALO: THREE STRIPES FOR EVERYONE SAMBA LIFESTYLE ORIGINALS ORIGINALS RUNNING CLASSIC ADIDAS AG VL COURT Y2K ESSENTIALS SPORTSWEAR FOOTWEAR APPAREL ACTIVATION 37
Slide 38: Q1 2026 Financial Update
Q1 2026 FINANCIAL UPDATE
Slide 39: Q1 2026 P&L Items
Q1 2026 P&L ITEMS € IN MILLIONS Q1 2025 Q1 2026 Y-O-Y NET SALES 6,153 6,592 +14%C.N. ADIDAS AG +7% REPORTED GROSS PROFIT 3,205 3,369 +5% % OF NET SALES 52.1% 51.1% -1.0PP 39
Slide 40: Gross Margin Drivers
GROSS MARGIN DRIVERS -1.0PP PRICING / DISCOUNTING BUSINESS MIX PRODUCT COSTS FREIGHT ADIDAS AG • EUR– USD • OTHERCURRENCIES 52.1% (ESPECIALLY TRY, ARS, JPY, KRW, BRL, MXN) 51.1% Q1 2025 UNDERLYING FX TARIFFS Q1 2026 DRIVERS (NET) 40
Slide 41: Q1 2026 P&L Items
Q1 2026 P&L ITEMS € IN MILLIONS Q1 2025 Q1 2026 Y-O-Y NET SALES 6,153 6,592 +14%C.N. +7% REPORTED GROSS PROFIT 3,205 3,369 +5% % OF NET SALES 52.1% 51.1% -1.0PP ADIDAS AG MARKETING & POS EXPENSES 746 756 +1% % OF NET SALES 12.1% 11.5% -0.6PP OOH EXPENSES 1,870 1,927 +3% % OF NET SALES 30.4% 29.2% -1
Slide 42: Q1 2026 P&L Items
Q1 2026 P&L ITEMS € IN MILLIONS Q1 2025 Q1 2026 Y-O-Y OPERATING PROFIT 610 705 +16% % OF NET SALES 9.9% 10.7% +0.8PP NET FINANCIAL EXPENSE 25 59 +138% ADIDAS AG INCOME TAXES 149 161 +9% % OF INCOME BEFORE TAXES 25.4% 25.0% -0.4PP NET INCOME 436 484 +11% FROM CONTINUING OPERATIONS BASIC EPS 2.44 2.70
Slide 43: Balance Sheet Development
BALANCE SHEET DEVELOPMENT € IN MILLIONS MAR 31, 2025 MAR 31, 2026 CHANGE INVENTORIES 5,072 5,788 +14% | +17% C.N. ADIDAS AG 43
Slide 44: Inventory Development
INVENTORY DEVELOPMENT € IN BILLIONS +14% | +17% C.N. 5.8 5.8 5.5 ADIDAS AG 5.3 ~90% FOR CURRENT AND FUTURE SEASONS 5.1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 AT QUARTER -END. 44
Slide 45: Balance Sheet Development
BALANCE SHEET DEVELOPMENT € IN MILLIONS MAR 31, 2025 MAR 31, 2026 CHANGE INVENTORIES 5,072 5,788 +14% | +17% C.N. ACCOUNTS RECEIVABLE 3,137 3,492 +11% | +16% C.N. ADIDAS AG ACCOUNTS PAYABLE 2,748 2,692 -2% |-1% C.N. OPERATING WORKING CAPITAL 5,461 6,588 +21% |+26% C.N. 45
Slide 46: Average Operating Working Capital Development
AVERAGE OPERATING WORKING CAPITAL DEVELOPMENT AS A % OF NET SALES +3.8PP 23.0% 23.7% CONTINUED WORKING CAPITAL ADIDAS AG 21.9% INVESTMENTS 20.7% 19.9% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 AVERAGE OPERATING WORKING CAPITAL = AVERAGE OF OPERATING WORKING CAPITAL FOR THE LAST 4 QUARTERS DIVIDED BY N
Slide 47: Balance Sheet Development
BALANCE SHEET DEVELOPMENT € IN MILLIONS MAR 31, 2025 MAR 31, 2026 CHANGE INVENTORIES 5,072 5,788 +14% | +17% C.N. ACCOUNTS RECEIVABLE 3,137 3,492 +11% | +16% C.N. ADIDAS AG ACCOUNTS PAYABLE 2,748 2,692 -2% |-1% C.N. OPERATING WORKING CAPITAL 5,461 6,588 +21% | +26% C.N. CASH AND CASH EQUIVALENTS 1,4
Slide 48: Share Buyback Update
SHARE BUYBACKUPDATE TOTAL SHARE BUYBACK OF UP TO€ 1BN FIRST TRANCHE COMPLETED ADIDAS AG VOLUME (IN SHARES) 3,305,958 TOTAL AMOUNT € 500M INCLUDING UPCOMING DIVIDEND PAYOUT IN MAY TOTAL CASH RETURN UP TO€ 1.5BNIN 2026 48
Slide 49: Cash and Net Borrowings Development
CASH AND NET BORROWINGS DEVELOPMENT CASH AND CASH EQUIVALENTS ADJUSTED NET BORROWINGS € IN BILLIONS € IN BILLIONS -€ 0.6BN +€ 0.9BN 5.5 1.6 5.0 4.8 ADIDAS AG 1.4 4.6 4.3 1.0 0.9 0.8 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 49
Slide 50: Leverage Ratio Development
LEVERAGE RATIO DEVELOPMENT LEVERAGE RATIO CONSISTENTLY BELOW 2.0X <2.0XFINANCIAL POLICY TARGET 1.6X 1.7X 1.6X 1.7X ADIDAS AG 1.4X Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 50
Slide 51: A Global Brand with a Local Mindset
A GLOBAL BRAND WITH ADIDAS AG A LOCAL MINDSET 51
Slide 52: 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 53: The Ambition
THE AMBITION BE THE #1 SPORTS BRAND ADIDAS AG (ON THE ROAD TO $10BN IN NORTH AMERICA) 53
Slide 54: Locally Relevant Products Across the Globe
LOCALLY RELEVANT PRODUCTS ACROSS THE GLOBE ADIDAS AG DENIM GRAPHIC COLLECTION LE CRUNCH COLLECTION, FRANCE MOLLY MAE, UK CHINESE TRACKTOP, CHINA FOR WORLD CUP, USA BRAZILIAN OLYMPIC COMMITTEE LOOMHOOD COLLABORATION, INDONESIA ISLAND SERIES, INDONESIA COLLECTION, BRAZIL MIDDLE EAST 54
Slide 55: Locally Relevant Activations Across the Globe
LOCALLY RELEVANT ACTIVATIONS ACROSS THE GLOBE ADIDAS AG WORLD CUP AWAY JERSEY LAUNCH, FOWLER’S SPORTS LIVERPOOL HIDDEN THUG CLUB LAUNCH, SEOUL LOS ANGELES BRINGBACK ACTIVATION, LIVERPOOL BOCA ROSA LAUNCH, SÃO PAULO ADIZERO HOUSE OF FAST, DUBAI KICKS CLUB EVENT, SYDNEY 55
Slide 56: We Continue to Operate in a Volatile Environment
WE CONTINUE TO OPERATE IN A VOLATILE ENVIRONMENT ADIDAS AG 56
Slide 57: A Great Year of Sports and a Great Cultural Moment
A GREAT YEAR OF …AND A GREAT SPORTS… CULTURAL MOMENT
Slide 58: On the Pitch...
ON THE PITCH... ADIDAS AG al ‘Era Defining’—adidas Launch 2026 World Cup Away Kits and They Are Stunning 58
Slide 59: In Stadiums and on the Streets
…IN STADIUMS AND ON THE STREETS ADIDAS AG 59
Slide 60: Volatile Environment? We Got This
VOLATILE ENVIRONMENT? WE GOT THIS ADIDAS AG WE GOT THIS 60
Slide 61: FY 2026 Outlook
FY 2026 OUTLOOK NET SALES GROWTHOPERATING PROFIT (C.N.) (€BN) GUIDANCE HIGH -SINGLE -DIGIT ~ 2.3 CONSIDERATIONS ADIDAS AG MACROECONOMIC AND GEOPOLITICAL CHALLENGES TO PERSIST FURTHER MARKET SHARE GAINS DESPITE MARKET CHALLENGES DIRECT & INDIRECT TARIFF IMPACT NEGATIVEFX IMPACT CONTINUED INVESTMENT M
Slide 62: Roadmap to Success
ROADMAP TO SUCCESS ADIDAS AG 2023 2024 2025 2026 BETTER COMPANY HEALTHY & BREAK EVEN GOOD SUCCESSFUL COMPANY AND COMPANY COMPANY TRANSITION 62
Slide 63: 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 63
Slide 64: Outlook 2026-2028
“OUTLOOK” 2026 -2028 NET SALES GROWTH OPERATING (C.N.) PROFIT 2025 13%1 € 2.05BN ADIDAS AG 2026 HIGH -SINGLE -DIGIT ~ € 2.3BN MID-TEENS 2027 HIGH -SINGLE -DIGIT ~10% EBIT MARGIN CAGR 2028 HIGH -SINGLE -DIGIT >10% EBIT MARGIN 1 ADIDAS BRAND (EXCLUDING YEEZY) 64
Slide 65: Q&A
Q&A 65 ADIDAS AG
Slide 66: —SLV DP
wi —SLV DP