Adidas Ag · XETR:ADS
Adidas — FY 2025 Earnings Presentation
107 slides from Adidas's earnings presentation, Mar 4, 2026
Slide 1: Full Year 2025 Results
FULL YEAR 2025 RESULTS March 4, 2026
Slide 2: Strong performance of our athletes at the Winter Olympics
STRONG PERFORMANCE OF OUR ATHLETES AT THE WINTER OLYMPIC LOU JEANMONNOT FRIDA KARLSSON LAURA NOLTE SU YIM ING ADIDAS AG MIKAELA SHIFFRIN KAORI SAKAMOTO DOROTHEA WIERER ADAM AMMOUR FRANZISKA PREUß 2
Slide 3: ...and of our teams
…AND OF OUR TEAMS 8x 10x 8x 3x 1x 1x 1x 3x 1x ADIDAS AG TEAM GERMANY TEAM GREAT BRITAIN TEAM BRAZIL TEAM POLAND 3
Slide 4: Winter Olympics medal count
WINTER OLYMPICS MEDAL COUNT ADIDAS AG 4
Slide 5: Winter Olympics medal count
WINTER OLYMPICS MEDAL COUNT ADIDAS AG 5
Slide 6: Roadmap to Success
ROADMAP TO SUCCESS ADIDAS AG 2023 2024 2025 2026 BETTER COMPANY BREAK EVEN GOOD HEALTHY COMPANY AND COMPANY COMPANY TRANSITION 6
Slide 7: Roadmap to Success
ROADMAP TO SUCCESS 2025 2026 ADIDAS AG HEALTHY GOOD HEALTHY COMPANY COMPANY COMPANY 7
Slide 8: Fantastic 2025
FANTASTIC 2025 ADIDAS AG 8
Slide 9: Winning awards
WINNING AWARDS TOP EMPLOYER “WORKING IN 19TH OUT OF 400 OF ADIDAS NAMED AS ONE OF THE ADIDAS AND KUEHNE+NAGEL FASHION 2025” WORLD’S TOP COMPANIESITALY WIN “LOGISTICS COMPANY TEN MOST INNOVATIVE EMPLOYEE SURVEY FOR WOMEN IN 2025 COMPANIES OF THE YEAR” FOR MANTOVA FULFILLMENT CENTRE ADIDAS AG 7 AWARDS
Slide 10: 2025 ESG achievements
2025 ESG ACHIEVEMENTS ENVIRONMENT HUMAN RIGHTS REDUCING OUR EMISSIONS & PROTECTING RIGHTS OF EMPLOYEES & SAFEGUARDING OUR RESOURCES VALUE CHAIN WORKERS ADIDAS AG -9%CARBON INTENSITY REDUCTION 100%TRACKING HIGH RISK ISSUES (VS. 2022) (ACROSS VALUE CHAIN) 60%SUSTAINABLE MATERIALS 1 99%COMPLAINTS CLOSU
Slide 11: Our global local team
OUR GLOBAL LOCAL TEAM GLOBAL >64,000 EMPLOYEES 2025 40.7% WOMEN IN LEADERSHIP (DIRECTOR LEVEL AND ABOVE ADIDAS AG GLOBALLY) 180 NATIONALITIES GLOBALLY 52% WOMEN 2033 50% WOMEN IN LEADERSHIP (DIRECTOR LEVEL AND ABOVE 48 % MEN GLOBALLY) 11
Slide 12: Q4 & FY 2025 P&L
Q4 & FY 2025 P&L € IN MILLIONS Q4 2025 Y-O-Y FY 2025 Y-O-Y +11% C.N. +13% C.N. ADIDAS AG ADIDASBRAND ADIDASBRAND NET SALES 6,076 24,811 +10%C.N. +10%C.N. TOTAL COMPANY TOTAL COMPANY GROSS MARGIN 50.8% +1.0PP 51.6% +0.8PP OPERATING PROFIT 164 +188% 2,056 +54% % OF NET SALES 2.7% +1.7PP 8.3% +2.6PP 12
Slide 13: Q4/FY 2025 revenue growth by market
Q4/ FY 2025 REVENUE GROWTH BY MARKET EUROPE NORTH AMERICA Q4 FY GREATERCHINA Q4 FY +5% +8% Q4 FY +3% +4% +6% +10% +15% +9% JAPAN/ SOUTH KOREA +5% +10% ADIDAS BRAND ADIDAS BRAND +15% +13% Q4 FY ADIDAS BRAND ADIDAS BRAND +13% +11% ADIDAS AG ADIDAS BRAND ADIDAS BRAND LATIN AMERICA EMERGING MARKETS +13%
Slide 14: FY 2025 revenue growth adidas brand by channel
FY 2025 REVENUE GROWTH ADIDAS BRAND BY CHANNEL 40% DTC 23% OWN RETAIL ADIDAS AG 17% 60% E-COM WHOLESALE +12% +13% +16% WHOLESALE OWN RETAIL E-COM FY 2025 FY 2025 CHANNEL GROWTH CHANNEL SPLIT CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y 14
Slide 15: Fantastic local retail execution
FANTASTIC LOCAL RETAIL EXECUTION ADIDAS CONCEPT STORE, FLAGSHIP STORE, LONDON, FASHION DESTINATION DOOR, ADIDAS ORIGINALS FLAGSHIP ADIDAS AG LAS VEGAS OASIS ACTIVATION SHANGHAI STORE,SEOUL ADIDAS ORIGINALS FLAGSHIP HYPERLOCAL BRAND FOCUS, ADIDAS MIYASHITA PARK, TOKYO, STORE,ÃO S PAULO 24/7 ADIDAS ST
Slide 16: Fantastic local e-com execution
FANTASTIC LOCAL -COM E EXECUTION EUROPE SOUTH KOREA ADIDAS AG NORTH AMERICA JAPAN 16
Slide 17: FY 2025 revenue growth by product division
FY 2025 REVENUE GROWTH ADIDAS BRAND BY PRODUCT DIVISION 7% ACCESSORIES 58% ADIDAS AG 35% FOOTWEAR APPAREL +12% +15% +6% FOOTWEAR APPAREL ACCESSORIES FY 2025 FY 2025 PRODUCT DIVISION GROWTH PRODUCT DIVISION SPLIT CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y 17
Slide 18: FY 2025 revenue growth by category
FY 2025 REVENUE GROWTH BY CATEGORY PERFORMANCE +15% ADIDAS AG FOOTBALL RUNNING TRAINING BASKETBALL OUTDOOR GOLF SPECIALIST US SPORTS SPORTS +12% + 29 % +13% +4% +3 % -3% +9 % +12% CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y . US SPORTS, EXCL. NHL 18
Slide 19: Key categories globally...
KEY CATEGORIES GLOBALLY… ADIDAS AG FOOTBALL RUNNING TRAINING BASKETBALL 19
Slide 20: Football
FOOTBALL
Slide 21: A great football year
A GREAT FOOTBALL YEAR ADIDAS AG 21
Slide 22: Running
RUNNING
Slide 23: A great running year
A GREAT RUNNING YEAR ADIDAS AG 23
Slide 24: Winning in running
WINNING IN RUNNING #1 & #2 SHOES ADIDAS AG #1 BRAND 3X 2X 2X Adizero Adios Pro Evo 2 7X 4X 7X 3X 0X 2X Adizero Adios Pro Evo 1 24
Slide 25: Already winning again: Tokyo 2026
ALREADY WINNING AGAIN: TOKYO 2026 ADIDAS AG TADESE TAKELE ALEXANDER MUTISO MUNYAOBERTUKAN WELDE HAWI FEYSA 2:03:37 2:03:38 2:16:36 2:17:39 25
Slide 26: Great running launches
GREAT RUNNING LAUNCHES ADIDAS AG ADIZERO EVO SL SUPERNOVA HYPERBOOST 26
Slide 27: Training
TRAINING
Slide 28: Wearing great products
WEARING GREAT PRODUCTS Laura james ADIDAS AG 28
Slide 29: Hybrid training is dominating the fitness world
HYBRID TRAINING IS DOMINATING THE FITNESS WORLD ADIDAS AG 29
Slide 30: Adizero Dropset Elite launch
ADIZERO DROPSET ELITE LAUNCH – ACTIVATION IN HERZO ADIDAS AG 30
Slide 31: Originals Sport and even more coming in 2026
…ANDEVENMORECOMINGIN 2026 ADIDAS AG ORIGINALS SPORT 31
Slide 32: Basketball
BASKETBALL
Slide 33: A great year for basketball
A GREAT YEAR FOR BASKETBALL ADIDAS AG 33
Slide 34: Strong All-Star Weekend with...
STRONG ALL -STAR WEEKEND WITH… ANTLAND ADIDAS AG …ACTIVATIONS WILLY CHAVARRIA X HARDEN 10 HELLSTAR X AE2 …ATHLETES …PRODUCTS 34
Slide 35: Our first year back in motorsport
OUR FIRST YEAR BACK IN MOTORSPORT ADIDAS AG 35
Slide 36: And as of 2026 also with Audi
AND AS OF 2026 ALSO WITH AUDI ADIDAS AG 36
Slide 37: ...and many, many, many local sports
…AND MANY, MANY, MANY “LOCAL” SPORTS ADIDAS AG 37
Slide 38: NCAA wins in Three Stripes
NCAA WINS INTHREE STRIPES TEXAS A&M CROWNED NCAA NATIONAL CHAMPION BOTH FINALIST TEAMS ARE ADIDAS TEAMS ADIDAS AG VOLLEYBALL INDIANA UNIVERSITY WINS NCAA NATIONAL CHAMPIONSHIP WASHINGTON WINS NCAA NATIONAL CHAMPIONSHIP AMERICAN FOOTBALL SOCCER 38
Slide 39: We have the best shoes in performance...
WEHAVETHE BEST SHOES IN PERFORMANCE… PREDATOR SPARKFUSION ADIZERO DROPSET ELITE DROPSET 4 ADIDAS AG ADIZERO EVO PRO 2 F50 ADIZERO HORIZON TOUR 360 ANTHONY EDWARDS 2 AGRAVIC SPEED ULTRA 2 RS15 AVAGLIDE 39
Slide 40: We have the best apparel in performance...
WEHAVETHE BEST APPAREL IN PERFORMANCE… ADIDAS AG 40
Slide 41: Great innovation in performance
GREATINNOVATION IN PERFORMANCE CLIM8 HEATING TECHNOLOGY ADIZERO PRIME X EVO ULTRACHARGE TECHFIT ADIDAS AG CLIMACOOL+ ADDITIVE CLIMACOOL SYSTEM INNOVATION IN FOOTWEAR INNOVATION IN APPAREL 41
Slide 42: Innovation fosters success
INNOVATION FOSTERS SUCCESS ADIDAS AG SIBUSISO KUBHEKA 5:59:20 42
Slide 43: When performance meets lifestyle
WHEN PERFORMANCE MEETS LIFESTYLE COMFORT
Slide 44: Comfort footwear
COMFORT FOOTWEAR ADIDAS AG 44
Slide 45: Doubling down on comfort: Hyperboost
DOUBLING DOWN ON COMFORT: HYPERBOOST ADIDAS AG EDGE EUPHORIA 45
Slide 46: Originals Sportswear
FY 2025 REVENUE GROWTH BY CATEGORY ADIDAS BRAND LIFESTYLE +12% ADIDAS AG ORIGINALS SPORTSWEAR +15% +11% CURRENCY -NEUTRAL NET SALES DEVELOPMENT Y -O -Y 46
Slide 47: We have the most relevant partners in culture
WE HAVE THE MOST RELEVANT PARTNERS IN CULTURE ADIDAS AG KENDALL JENNER GRACE WALES BONNER WILLY CHAVARRIA PHARRELL WILLIAMS & PUSHA T SIMONE ROCHA BAD BUNNY 47
Slide 48: Bad Bunny at Super Bowl halftime show
BAD BUNNY AT SUPER BOWL HALFTIME SHOW ADIDAS AG 48
Slide 49: Pharrell Williams Jellyfish
PHARRELL WILLIAMS JELLYFISH ADIDAS AG ADISTAR JELLYFISH ADISTAR XLG 2.0 49
Slide 50: We have the hottest shoes on the streets
WE HAVE THE HOTTEST SHOES ON THE 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 50
Slide 51: We have the hottest apparel
WE HAVE THE HOTTEST APPAREL ADIDAS AG OASIS WILLY CHAVARRIA ASOS ARTE ANTWERP CLOT BY EDISON CHEN 51
Slide 52: Three Stripes from head to toe
THREE STRIPES FROM HEAD TO TOE ADIDAS AG 52
Slide 53: FY 2025 Financial Update
FY 2025 FINANCIAL UPDATE
Slide 54: FY 2025 P&L items
FY 2025 P&L ITEMS € IN MILLIONS FY 2024 FY 2025 Y-O-Y NET SALES 23,683 24,811 +13%C.N. TOTAL COMPANY C.N. +10% ADIDAS AG ADIDAS BRAND (REPORTED +5%) GROSS PROFIT 12,026 12,804 +6% % OF NET SALES 50.8% 51.6% +0.8PP OPERATING PROFIT 1,337 2,056 +54% % OF NET SALES 5.6% 8.3% +2.6PP 54
Slide 55: FY 2025 guidance evolution
FY 2025 GUIDANCE EVOLUTION INITIAL FY 2025 LATEST FY 2025 FY 2025 ACTUALS GUIDANCE GUIDANCE DECEMBER 31 MARCH 5 OCTOBER 21 NET SALES GROWTH DOUBLE -DIGIT DOUBLE -DIGIT +13% ADIDAS BRAND (C.N.) ADIDAS AG NET SALES GROWTH HIGH-SINGLE- ~ +9% +10% REPORTEDC.N ( .) DIGIT OPERATING PROFIT € 1,700– 1,800 ~
Slide 56: Topline growth adidas brand
TOPLINE GROWTH ADIDAS BRAND C.N. IN % 17% 13% 12% 12% 11% ~0.7BN Q1 Q2 Q3 Q4 FY 2025 ~1.0BN ~2.8BN ADIDAS AG ~1.1BN ~2.8BN BRAND ADIDAS YEEZY NEGATIVE TOTAL COMPANY C.N. IN€ BN C.N. GROWTH SALES FX IMPACT REPORTED GROWTH FY 2025 FY 2024 FY 2025 ~0.9BN ~0.7BN ~0.6BN ~0.6BN Q1 Q2 Q3 Q4 FY 2025 56
Slide 57: Q4 2025 P&L items
Q4 2025 P&L ITEMS € IN MILLIONS FY FY Q4 Q4 2024 2025 Y-O-Y 2024 2025 Y-O-Y NET SALES 23,683 24,811 +13%C.N. 5,965 6,076 +11%C.N. TOTAL COMPANY C.N. +10% ADIDAS AG ADIDAS BRAND ADIDAS BRAND (REPORTED +2%) GROSS PROFIT 12,026 12,804 +6% 2,970 3,088 +4% % OF NET SALES 50.8% 51.6% +0.8PP 49.8% 50.8% +1
Slide 58: FY 2025 P&L items
FY 2025 P&L ITEMS € IN MILLIONS FY 2024 FY 2025 Y-O-Y NET SALES 23,683 24,811 +13%C.N. TOTAL COMPANY C.N. +10% ADIDAS AG ADIDAS BRAND (REPORTED +5%) GROSS PROFIT 12,026 12,804 +6% % OF NET SALES 50.8% 51.6% +0.8PP 58
Slide 59: Gross margin drivers
GROSS MARGIN DRIVERS +0.8PP PRODUCT COSTS FREIGHT BUSINESS MIX PRICING / DISCOUNTING ADIDAS AG NET EFFECT US TARIFFS -0.5PP ~ 51.6% 50.8% FY 2024 UNDERLYING FX TARIFFS MITIGATION FY 2025 DRIVERS 59
Slide 60: Gross margin drivers
GROSS MARGIN DRIVERS ASSUMPTIONS FY 2025 2026 PRODUCT COSTS FREIGHT BUSINESS MIX ADIDAS AG PRICING / DISCOUNTING • EUR– USD FX • OTHER CURRENCIES 51.6% (ESP. TRY, ARS, JPY, KRW, BRL, MXN) TARIFFS FY 2025 60
Slide 61: FY 2025 P&L items
FY 2025 P&L ITEMS € IN MILLIONS FY 2024 FY 2025 Y-O-Y NET SALES 23,683 24,811 +13%C.N. TOTAL COMPANY C.N. +10% ADIDAS BRAND (REPORTED +5%) GROSS PROFIT 12,026 12,804 +6% % OF NET SALES 50.8% 51.6% +0.8PP ADIDAS AG MARKETING & POS EXPENSES 2,841 3,079 +8% % OF NET SALES 12.0% 12.4% +0.4PP OOH EXPENSE
Slide 62: FY 2025 P&L items
FY 2025 P&L ITEMS € IN MILLIONS FY 2024 FY 2025 Y-O-Y OPERATING PROFIT 1,337 2,056 +54% % OF NET SALES 5.6% 8.3% +2.6PP NET FINANCIAL EXPENSE 215 236 +10% ADIDAS AG INCOME TAXES 297 443 +49% % OF INCOME BEFORE TAXES 26.5% 24.3% -2.2PP NET INCOME 824 1,377 +67% FROM CONTINUING OPERATIONS BASIC EPS 4.
Slide 63: Balance sheet development
BALANCE SHEET DEVELOPMENT € IN MILLIONS DEC 31, 2024 DEC 31, 2025 CHANGE INVENTORIES 4,989 5,832 +17% | +23% C.N. ADIDAS AG 63
Slide 64: Inventory development
INVENTORY DEVELOPMENT € IN BILLIONS +17% | +23% C.N. 6.0 REFLECTING THE COMPANY’S PLANNED - TOP 5.8 LINE GROWTH, EARLIER PRODUCT PURCHASES 5.0 RELATED TO THE FIFA WORLD CUP 2026, AND 4.5 FASTER INBOUND DELIVERIES ADIDAS AG FY 2022 FY 2023 FY 2024 FY 2025 64
Slide 65: Inventory development
INVENTORY DEVELOPMENT € IN BILLIONS +17% | +23% C.N. INVENTORY STRUCTURE 6.0 5.8 28% GOODS IN TRANSIT 5.0 4.5 ADIDAS AG 65% GOODS ON HAND (CURRENT SEASONS + FUTURE SEASONS) 7% GOODS ON HAND FY 2022 FY 2023 FY 2024 FY 2025 (PREVIOUS SEASONS) 65
Slide 66: Balance sheet development
BALANCE SHEET DEVELOPMENT € IN MILLIONS DEC 31, 2024 DEC 31, 2025 CHANGE INVENTORIES 4,989 5,832 +17% | +23% C.N. ACCOUNTS RECEIVABLE 2,413 2,634 +9% | +18%C.N. ADIDAS AG ACCOUNTS PAYABLE 3,096 2,910 -6% |-4%C.N. OPERATING WORKING CAPITAL 4,306 5,556 +29% |+41% C.N. 66
Slide 67: Average operating working capital development
AVERAGE OPERATING WORKING CAPITAL DEVELOPMENT AS A % OF NET SALES 25.7% 24.0% +3.3PP 23.0% ADIDAS AG 19.7% FY 2022 FY 2023 FY 2024 FY 2025 AVERAGE OPERATING WORKING CAPITAL = AVERAGE OF OPERATING WORKING CAPITAL FOR THE LAST 4 QUARTERS DIVIDED BY NET SALES FOR THE LAST 4 QUARTERS. 67
Slide 68: Balance sheet development
BALANCE SHEET DEVELOPMENT € IN MILLIONS DEC 31, 2024 DEC 31, 2025 CHANGE INVENTORIES 4,989 5,832 +17% | +23% C.N. ACCOUNTS RECEIVABLE 2,413 2,634 +9% | +18%C.N. ADIDAS AG ACCOUNTS PAYABLE 3,096 2,910 -6% |-4%C.N. OPERATING WORKING CAPITAL 4,306 5,556 +29%| +41% C.N. CAPITAL EXPENDITURE 540 477 -12%
Slide 69: Capex investments € 477M
CAPEX INVESTMENTS OTHER LOGISTICS ADIDAS AG € 477M CONTROLLED SPACE INITIATIVES IT 69
Slide 70: Balance sheet development
BALANCE SHEET DEVELOPMENT € IN MILLIONS DEC 31, 2024 DEC 31, 2025 CHANGE INVENTORIES 4,989 5,832 +17% | +23% C.N. ACCOUNTS RECEIVABLE 2,413 2,634 +9% | +18%C.N. ADIDAS AG ACCOUNTS PAYABLE 3,096 2,910 -6% |-4%C.N. OPERATING WORKING CAPITAL 4,306 5,556 +29%| +41% C.N. CAPITAL EXPENDITURE 540 477 -12%
Slide 71: Cash and net borrowings development
CASH AND NET BORROWINGS DEVELOPMENT CASH AND CASH EQUIVALENTS ADJUSTED NET BORROWINGS € IN BILLIONS € IN BILLIONS ADIDAS AG 6.0 4.5 4.3 2.5 3.6 1.6 1.4 0.8 FY 2022 FY 2023 FY 2024 FY 2025 FY 2022 FY 2023 FY 2024 FY 2025 71
Slide 72: Net leverage ratio development
NET LEVERAGE RATIO DEVELOPMENT STRONG NET LEVERAGE RATIO WELL BELOW 2.0X 3.3X 3.2X ADIDAS AG <2.0x Financial Policy Target 1.5X 1.4X FY 2022 FY 2023 FY 2024 FY 2025 72
Slide 73: Investment-grade credit ratings
INVESTMENT -GRADECREDIT RATINGS LONG -TERM RATING A A3 ADIDAS AG OUTLOOK STABLE STABLE • “REFLECTING ONGOING • “STRONGER -THAN -EXPECTED IMPROVEMENT IN FINANCIAL DELEVERAGING” PERFORMANCE” • “SUSTAINED MOMENTUM IN • “STRONG BRAND UNDERLYING OPERATING RECOGNITION, SUPPORTED BY PERFORMANCE” PRODUCT IN
Slide 74: FY 2025 dividend proposal
FY 2025 DIVIDEND PROPOSAL FY 2024 FY 2025 DIVIDEND PER SHARE € 2.00 € 2.80 1 SHARES OUTSTANDING 179 MILLION 179 MILLION ADIDAS AG DIVIDEND PAYOUT € 357M € 500M PAYOUT RATIO 43% 36% INCREASE OF 40% FOR DIVIDEND AND PAYOUT 1 AT YEAR -END. 74
Slide 75: Share buyback update
SHARE BUYBACKUPDATE TOTAL SHARE BUYBACK OF UP TO€ 1BN FIRST TRANCHE STATUS (FEB 2– MARCH 18) (FEB 2– MARCH3) ANNOUNCED COMPLETED ADIDAS AG VOLUME (IN SHARES) 2,565,707 AVERAGE PRICE UP TO€ 500M € 153.7 TOTAL AMOUNT € 394M 75
Slide 76: Cash returns
CASH RETURNS FY 2024 FY 2025 DIVIDEND PER SHARE € 2.00 € 2.80 1 SHARES OUTSTANDING 179 MILLION 179 MILLION ADIDAS AG DIVIDEND PAYOUT € 357M € 500M PAYOUT RATIO 43% 36% TOTAL CASH RETURN € 357M2 UP TO€ 1.5BN3 INCREASE OF 40% FOR DIVIDEND AND PAYOUT 1 AT YEAR -END. 2 CASH RETURN IN 2025. 3 CASH RETURN
Slide 77: Roadmap to Success
ROADMAP TO SUCCESS ADIDAS AG 2023 2024 2025 2026 BETTER COMPANY BREAK EVEN GOOD HEALTHY COMPANY AND COMPANY COMPANY TRANSITION 77
Slide 78: Roadmap to Success
ROADMAP TO SUCCESS 2026 ADIDAS AG HEALTHY & SUCCESSFUL COMPANY 78
Slide 79: 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 80: Living our operating model
LIVING OUR OPERATING MODEL HANBOK RUNNING ACTIVATION IN SEOUL SUPERSTAR ACTIVATION IN LONDON ADIDAS AG NCAA AMERICAN FOOTBALL CHINESE TRACKTOP ACTIVATION IN MIAMI ACTIVATION IN SHANGHAI EKIDEN YOU GOT THIS CAMPAIGN IN TOKYO CLUB AMERICA JERSEY LAUNCH ACTIVATION ADIZERO “HOUSE OF FAST” IN MADERO IN D
Slide 81: Globally relevant, executed locally
GLOBALLY RELEVANT, EXECUTED LOCALLY PARIS, FRANCE LOS ANGELES, USA ADIDAS AG AUCKLAND, NEW ZEALAND PARIS, FRANCE 81
Slide 82: From locally relevant to going viral globally
FROM LOCALLY RELEVANT TO GOING VIRAL GLOBALLY ADIDAS AG 82
Slide 83: And even more great China for China designs
AND EVEN MORE GREAT CHINA FOR CHINA DESIGNS ADIDAS AG PET COLLECTION CHINA EXCLUSIVES AT SHANGHAI FASHION WEEK 83
Slide 84: Brand momentum across locally relevant moments
BRAND MOMENTUM ACROSS LOCALLY RELEVANT MOMENTS MOST WATCHED-NFL NONSPORTS BROADCAST THE US SINCE 2016 WORLD SERIES ADIDAS AG INDIANA UNIVERSITY WINS NCAA NATIONAL CHAMPIONSHIP
Slide 85: Brand momentum across locally relevant sports
BRAND MOMENTUM ACROSS LOCALLY RELEVANT SPORTS Adidas Originals x All Blacks – Heritage Rugby Style Re-Imagined RUGBY IN FRANCE ADIDAS AG CRICKET IN INDIA NETCOURT ELITE RUGBY LEAGUE IN AUSTRALIA NETBALL IN AUSTRALIA RUGBY IN NEW ZEALAND 85
Slide 86: The ambition
THE AMBITION BE THE #1 SPORTS BRAND ADIDAS AG (ON THE ROAD TO $10BN IN NORTH AMERICA) 86
Slide 87: The ambition
THE AMBITION BE THE #1 SPORTS BRAND THAT DOESN’T MEAN WE WILL BE #1 IN ALL MARKETS MARKETS NEED TO SAY WHAT THEY NEED ADIDAS AG GLOBAL NEEDS TO SUPPORT → ALL WITHIN THE FRAME OF THE BRAND 87
Slide 88: But we are operating in a fast-changing environment
BUT WE ARE OPERATING IN A FAST -CHANGING ENVIRONMENT ADIDAS AG 88
Slide 89: We've come a long way
WE’VE COME A LONG WAY BUT IT IS AN ONGOING JOURNEY TO BEING A GLOBAL BRAND WITH A LOCAL MINDSET… WE’VE BUILT CREDIBILITY, WE CREATED BRAND HEAT FROM APPAREL, FOOTWEAR AND WE CONNECTED WITH OUR CONSUMER ADIDAS AG WE TOOK MARKET LEADERSHIP (BACK) IN MANY MARKETS AND CATEG 89
Slide 90: Net sales FY 2022 to FY 2025
NET SALES FY 2022 TO FY 2025 +13%C.N. ADIDAS BRAND € IN BILLIONS +13%C.N. ADIDAS BRAND +2%C.N. ADIDAS BRAND ADIDAS AG 24,811 23,683 22,511 21,427 FY 2022 FY 2023 FY 2024 FY 2025 90
Slide 91: Net sales bridge FY 2022 to FY 2025
NET SALES BRIDGE FY 2022 TO FY 2025 € IN BILLIONS +2.3BN ~1.3BN ADIDAS AG ~5.5BN ~1.9BN 24.8BN 22.5BN FY 2022 BRAND ADIDAS YEEZY FX FY 2025 NET SALES GROWTH BUSINESS (2022) IMPACT NET SALES (2023-2025) 91
Slide 92: Operating profit FY 2022 to FY 2025
OPERATING PROFIT FY 2022 TO FY 2025 € IN MILLIONS ADIDAS AG 2,056 1,337 669 268 FY 2022 FY 2023 FY 2024 FY 2025 92
Slide 93: Operating profit bridge FY 2022 to FY 2025
OPERATING PROFIT BRIDGE FY 2022 TO FY 2025 +1.1BN € IN MILLIONS ~0.7BN ~0.3BN ADIDAS AG ~2.3BN ~0.1BN EXCL. ~€ 300M 2,056 ONE-OFFS 669 FY 2022 BRAND YEEZY FX US TARIFFS FY 2025 OPERATING ADIDAS BUSINESS IMPACT OPERATING PROFIT OPERATING (2022) PROFIT PROFIT GROWTH (2023-2025) 93
Slide 94: We've come a long way
WE’VE COME A LONG WAY BUT IT IS AN ONGOING JOURNEY TO BEING A GLOBAL BRAND WITH A LOCAL MINDSET… WE’VE BUILT CREDIBILITY, WE CREATED BRAND HEAT FROM APPAREL, FOOTWEAR AND WE CONNECTED WITH OUR CONSUMER ADIDAS AG WE TOOK MARKET LEADERSHIP (BACK) IN MANY MARKETS AND CATEG BUT WE ARE NOT YET EVERYWHERE
Slide 95: Net sales bridge FY 2025 to FY 2026
NET SALES BRIDGE FY 2025 TO FY 2026 € IN BILLIONS HIGH-SINGLE-DIGIT GROWTH ~0.8-1.0 ADIDAS AG ~2.0 24.8 FY 2025 UNDERLYING FY 2026 FX NET SALES GROWTH NET SALES IMPACT 95
Slide 96: Operating profit bridge FY 2025 to FY 2026
OPERATING PROFIT BRIDGE FY 2025 TO FY 2026 € IN BILLIONS NEGATIVE TRANSLATION + TRANSACTION IMPACT ~0.2BN ~0.2BN ADIDAS AG ~0.65BN 2.3BN 2.1BN FY 2025 UNDERLYING US TARIFFS FX FY 2026 OPERATING DEVELOPMENT IMPACT OPERATING PROFIT PROFIT 96
Slide 97: FY 2026 outlook
FY 2026 OUTLOOK NET SALES GROWTHOPERATING PROFIT REPORTED (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 INVE
Slide 98: Roadmap to Success
ROADMAP TO SUCCESS 10% NS GROWTH ~ 50-52% GROSS MARGIN ADIDAS AG 2023 2024 2025 2026 ~ 12% MWB ~ 30% OOH BETTER COMPANY HEALTHY & BREAK EVEN GOOD SUCCESSFUL = 10% EBIT COMPANY AND COMPANY COMPANY TRANSITION 98
Slide 99: 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 99
Slide 100: Outlook 2026-2028
“OUTLOOK” 2026 -2028 NET SALES GROWTH OPERATING (C.N.) PROFIT 2025 13%1 € 2.05BN 2026 HIGH -SINGLE -DIGIT ~2.3BN ADIDAS AG 2027 HIGH -SINGLE -DIGIT ~10% EBIT MARGIN MID -TEENS CAGR 2028 HIGH -SINGLE -DIGIT >10% EBIT MARGIN 1 ADIDAS BRAND (EXCLUDING YEEZY) 100
Slide 101: Outlook 2026-2028
“OUTLOOK” 2026 -2028 NET SALES GROWTH OPERATING ▪ STRONG CASH FLOW GENERATION (C.N.) PROFIT LEADING TO SIGNIFICANTLY HIGHER CASH RETURNS TO SHAREHOLDERS ▪ 2026: SHARE BUYBACK OF UP TO 2025 13%1 € 2.05BN € 1BN ANNOUNCED ▪ 2027 & 2028: EXECUTIVE BOARD IS AUTHORIZED TO REPURCHASE 2026 HIGH -SINGLE -DIG
Slide 102: Getting ready for the FIFA World Cup 2026
GETTING READY FOR THE FIFA WORLD CUP 2026 ADIDAS AG 102
Slide 103: You're invited to the Home of Innovation and the World of Sports
YOU’RE INVITED TO THE HOME OF INNOVATION AND THE WORLD OF SPORTS ADIDAS AG SEPTEMBER 2026 JOIN US FOR A DAY OF VIEWING INTO THE FUTURE OF PERFORMANCE IN SPORT AND OUR PRODUCT PIPELINE @WORLD OF SPORTS, HERZOGENAURACH 103
Slide 104: Proposed Supervisory Board changes
PROPOSED SUPERVISORY BOARD CHANGES SHAREHOLDER REPRESENTATIVE CANDIDATES (INTEND TO ELECT AT ANNUAL GENERAL MEETING IN MAY 2026) ADIDAS AG THOMAS RABE NASSEF SAWIRIS IAN GALLIENNE MATHIAS DÖPFNER CHAIRMAN OF THE CHAIRMAN OF THE BOARD OF EXECUTIVE CHAIRMAN OF CHIEF EXECUTIVE OFFICER OF AXE SUPERVISOR
Slide 105: Management Board news
MANAGEMENT BOARD NEWS ADIDAS AG CONGRATULATIONS, MICHELLE! AND ME AGAIN! 105
Slide 106: Q&A
Q&A 106 ADIDAS AG
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