Adidas Ag · XETR:ADS
Adidas — Adidas Ag Ord — Q2 2025 Earnings Presentation
62 slides from Adidas's earnings presentation, Jul 30, 2025
Slide 1: Q2 Results
Slide 2: Records Broken at UEFA Women's EURO in Switzerland
RECORDS BROKEN AT UEFA WOMEN’S EURO IN SWITZERLAND THE BEST- Record aggregate atte fen S sneha Record group stag Women's EURO 2025: All the records set inj Switzerland ‘NS wel 7 GONZALEZ TV viewership record in semi-final loss to Spain Tom SCORER
Slide 3: Strong Momentum in Q2 and H1
STRONG MOMENTUM IN Q2 AND H1
Slide 4: Strong Momentum in Q2
STRONG MOMENTUM IN Q2 € IN MILLIONS Q2 2025 % OF NET SALES
Slide 5: Strong Momentum in H1
STRONG MOMENTUM IN H1 € IN MILLIONS H1 2025 NET SALES 12,105 GROSS MARGIN 51.9% OPERATING PROFIT 1,156 % OF NET SALES 36%
Slide 6: Halftime
HALFTIME v 2023 2024 =. 2025 = 2026 BETTER COMPANY HEALTHY COMPANY BREAK EVEN GOOD COMPANY AND COMPANY TRANSITION
Slide 7: Slide 7
Slide 8: adidas Is Hot
ADIDAS IS HOT ADIDAS’ BALLET FLAT IS QUIET aa LUXURY, THE THREE-STRIPES WAY Three stripe fever! Why every single ? ¥ Samuel L. Jackson, Missy Elliott Londoners de Hype Adidas Superstar Shoes wearing Adidas y The ASOS x adidas € als collection is a Plus more celebs in minimalist campaign ‘ Adidas Ori
Slide 9: Q2/H1 2025
Q2/H1 2025, R
Slide 10: Q2 2025 Revenue Growth by Channel for adidas Brand
Q2 2025 REVENUE GROWTH BY CHANNEL FOR ADIDAS BRAND 39% OWN RETAIL 17% E-COM ee WHOLESALE +14% +9% +9% WHOLESALE OWN RETAIL E-COM (INCL. FRANCHISE) Q2 2025 CHANNEL GROWTH Q2 2025 CHANNEL SPLIT REVENUE GROWTH CURRENCY NEUTRAL
Slide 11: Q2 2025 Revenue Growth by Product Division for adidas Brand
Q2 2025 REVENUE GROWTH BY PRODUCT DIVISION FOR ADIDAS BRAND 8% ACCESSORIES 34% FOOTWEAR APPAREL +9% +17% +7% FOOTWEAR APPAREL ACCESSORIES Q2 2025 Q2 2025 PRODUCT DIVISION GROWTH PRODUCT DIVISION SPLIT REVENUE GROWTH CURRENCY NEUTRAL
Slide 12: Q2 2025 Revenue Growth by Category: Performance
Q2 2025 REVENUE GROWTH BY CATEGORY FOR ADIDAS BRAND PERFORMANCE +12%
Slide 13: Key Sports Globally
KEY SPORTS GLOBALLY... 3 _¥ 4 2 i \ FOOTBALL RUNNING TRAINING BASKETBALL
Slide 14: Slide 14
Slide 15: The adidas Adizero Evo SL Is the Best Running Shoe of 2025
% The Adidas Adizero Evo SLis The Best Running Shoe of 2025 (So Far)
Slide 16: Training
DR é ACT fee — a\Y TRAINING SPEZIAL / ADIDAS AG 16
Slide 17: Harden Vol. 9
wh HARDEN VOL 9
Slide 18: American Football
fs AMERICAN FOOTBALL EXOTIC SPEED ». AND MANY LOCALLY RELEVANT SPORTS It's taken me seven years and two Olympics, but I finally broke through. _-WOMEN'S RUGBY er D! RSI5AVAGLIDE HHONA MAHER adidas Doubles Down on Speed with Star-Studded vr of Athletes \e rowing =, bes 2 KEYS cnn ADIDAS AG
Slide 19: US Athletes Joining the Family
US ATHLETES JOINING THE FAMILY tern ADIDAS BASKETBALL EXPANDS NIL ROSTER WITH NEXT : . GENERATION OF ELITE STUDENT ATHLETES 2 hd SHEMAR STEWART Abdul Carter} o-«6 : é 6 ‘2 ra ADIDAS REVEALS LARGEST-EVER CLASS OF BASEBALL SIGNEES AHEAD OF 2025 DRAFT — FEATURING A RECORD 8 PROJECTED FIRST ROUND PICKS
Slide 20: Q2 2025 Revenue Growth by Category: Lifestyle
Q2 2025 REVENUE GROWTH BY CATEGORY FOR ADIDAS BRAND LIFESTYLE +13%
Slide 21: We Have the Hottest Shoes on the Streets
WE HAVE THE HOTTEST SHOES ON THE STREETS NOW > NEXT CLASSICS
Slide 22: De Ome wr ble Chm | a
De Ome wr ble Chm | a 2 RASANT TAEKWONDO TOKYO JAPAN ADIRACER LO BALLERINA
Slide 23: We Have the Hottest Shoes on the Streets
WE HAVE THE HOTTEST SHOES ON THE STREETS NOW > NEXT CLASSICS
Slide 24: Superstar
VW 1 @ y yo SUPERSTAR 0G SUPERSTAR 82
Slide 25: Superstar Campaign
SUPERSTAR CAMPAIGN | | | | | ‘es ral"
Slide 26: We Have the Hottest Shoes on the Streets
WE HAVE THE HOTTEST SHOES ON THE STREETS NOW > NEXT CLASSICS
Slide 27: We Have the Hottest Shoes on the Streets
WE HAVE THE HOTTEST SHOES ON THE STREETS NOW > NEXT CLASSICS LIFESTYLE RUNNING
Slide 28: Lifestyle Running
LIFESTYLE RUNNING SL72 LA TRAINER ADISTAR EVO SL LIGHTBLAZE GOUKANA MEGARIDE CLIMACOOL 0G CLIMACOOL
Slide 29: The adidas Adizero Evo SL
= | i Adidas Adizero Evo SL is The Best Running Shoe of 2025 (So Far) LIFESTYLE RUNNING The Fast And Light Adidas Adizero Evo SLIs A Leading Candidate For 2025 Shoe Of The Year “It’s about revolutionary simplicity - even the ghost stripes on the sides strip things back to the essentials’ Sneaker Fre
Slide 30: Climacool
CLIMACOOL
Slide 31: We Have the Hottest Shoes on the Streets
WE HAVE THE HOTTEST SHOES ON THE STREETS NOW > NEXT CLASSICS LIFESTYLE RUNNING
Slide 32: We Have the Hottest Shoes on the Streets
WE HAVE THE HOTTEST SHOES ON THE STREETS > NEXT NOW oy svaiay F50 - WALKABLE a “al WES Al SIISSV19 SNINNAY ATALS3SI1
Slide 33: #BootsOnlySummer
#BOOTSONLYSUMMER lew Trend? People Wearing Football Boots on he Streets —_ #BootsOnlySummer: Football Fashion’s lew Trend? People Wearing Football Boots on he Streets Boots-only summer: real football boots are trending among ciemneetemeem—ms London's fashion set
Slide 34: Lifestyle Football Offering
LIFESTYLE FOOTBALL OFFERING
Slide 35: Three Stripes Leading in Apparel
Tennis-Core rd AW Animal Print} a a THREE STRIPES LEADING IN APPAREL SS MS: b S OF THE SE
Slide 36: Strong Apparel Collabs
STRONG APPAREL COLLABS q jl a]. . a y ee Oasis x Adidas ADIDAS AG The Sporty & Rich x adidas Tennis Collection
Slide 37: Oasis x adidas
OASIS X ADIDAS
Slide 38: Accessories
ACCESSORIES
Slide 39: A Global Brand with a Local Mindset
A GLOBAL BRAND WITH A LOCAL MINDSET CONSUMER/ATHLETE DECISIONS ITALL STARTS WITH THE MADE AT CONSUMER NEEDS MOST IMMEDIATE LEVEL MARKETS L RESPONSIBLE FOR COMMERCIAL SUCCESS WITH CREATION CENTERS TAILOR TO LOCAL DEMAND STRONG LOCAL GLOBAL LEADERSHIP GLOBAL PROVIDES FRAME FOR BRAND IDENTITY, DESIGN,
Slide 40: We See This Come to Life in Product
WESSEE-THIS COME TO LIFE IN PRODUCT ADIZERO EXOTIC SPEED CLEATS #LOOMHOOD COLLECTION s =r ADIDAS MAORI MEXICO DE ORO JERSEY ADIDAS X MAZ MANUELA ALVAREZ ALL BLACKS 2025 JERSEY ADIDAS AG 40
Slide 41: We See This Come to Life in Marketing
WESSEE-THIS COME TO LIFE IN MARKETING . TEL. a a BRS a. ? * Y 0 > ecto HIS 4 lg? pois
Slide 42: We See This Come to Life in Retail
WESSEE-THIS COME TO LIFE IN RETAIL THUG CLUB POP UP IN SOUTH KOREA ADIDAS X OASIS IN MANCHESTER 24/7 ADIDAS ISTANBUL AIRPORT SUPERSTAR ACTIVATION IN SHANGHAI NIGERIA: FIRST HOME OF SPORT IN WEST AFRICA THE ORIGINAL HOUSE ARGENTINA HYPERLOCAL BRAND FOCUS IN AUCKLAND AIRPORT
Slide 43: Financial Update
Slide 44: P&L Items
P&L ITEMS € IN MILLIONS NET SALES ADIDAS BRAND +12% C.N. GROSS MARGIN ADIDAS BRAND +1.2PP ADIDAS AG 44
Slide 45: Gross Margin Drivers
GROSS MARGIN DRIVERS -| +0.9PP L--., [ie Le] [=] he] he =] [=] GROSS GROSS MARGIN MARGIN OMEELY
Slide 46: P&L Items
P&L ITEMS € IN MILLIONS NET SALES GROSS MARGIN MARKETING & POS EXPENSES % OF NET SALES OOH EXPENSES % OF NET SALES CONTINUED OVERHEAD LEVERAGE OPERATING PROFIT % OF NET SALES ADIDAS AG 46
Slide 47: P&L Items
P&L ITEMS € IN MILLIONS OPERATING PROFIT % OF NET SALES NET FINANCIAL EXPENSES MAINLY REFLECTING NEGATIVE CURRENCY EFFECTS INCOME TAXES % OF INCOME BEFORE TAXES NORMALIZATION OF TAX RATE NET INCOME FROM CONTINUING OPERATIONS BASIC EPS FROM CONTINUING OPERATIONS ADIDAS AG a7
Slide 48: Balance Sheet Development
BALANCE SHEET DEVELOPMENT
Slide 49: Inventory Development
INVENTORY DEVELOPMENT € IN BILLIONS 5.5 Q2 2023 AT QUARTEREND. +16% | +22% C.N. ' 1 ' 1 ! ' ' ' 1 ' I ° 45 Q2 2024 Q2 2025 ADIDAS AG 49
Slide 50: Balance Sheet Development
BALANCE SHEET DEVELOPMENT € IN MILLIONS INVENTORIES ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE OPERATING WORKING CAPITAL ADIDAS AG 50
Slide 51: Average Operating Working Capital Development
AVERAGE OPERATING WORKING CAPITAL DEVELOPMENT AS A % OF NET SALES wan nne ene eee ee -1.0PP wane een en enn Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 AVERAGE OPERATING WORKING CAPITAL = AVERAGE OF OPERATING WORKING CAPITAL FOR THE LAST 4 QUARTERS DIVIDED BY NET SALES FOR THE LAST 4 QUARTERS.
Slide 52: Balance Sheet Development
BALANCE SHEET DEVELOPMENT € IN MILLIONS INVENTORIES ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE OPERATING WORKING CAPITAL CASH AND CASH EQUIVALENTS JUNE 30, 2025 5,261 3,132 2,742 5,651 768 CHANGE +16% | +22% C.N. +13% | +20% C.N. +7% | +9% C.N. +19% | +28% C.N. -54%
Slide 53: Cash and Net Borrowings Development
CASH AND NET BORROWINGS DEVELOPMENT CASH AND CASH EQUIVALENTS ADJUSTED NET BORROWINGS € IN BILLIONS € IN BILLIONS +€ 0.3BN |- INCREASED DIVIDEND PAYOUT -€ 0.9BN @——_ AND OPERATING WORKING |——® CAPITAL INVESTMENTS Q2 2023 Q2 2024 Q2 2025 Q2 2023 Q2 2024 Q2 2025
Slide 54: Net Leverage Ratio Development
NET LEVERAGE RATIO DEVELOPMENT <2.0x Financial Policy Target Q2 2023 Q2 2024 Q2 2025 S&P RATING UPGRADE TO ‘A’ FROM ‘A-’ BASED ON = “Stronger-than-expected deleveraging” = “Sustained momentum in underlying operating performance”
Slide 55: Halftime
HALFTIME v 2023 2024 =. 2025 = 2026 BETTER COMPANY HEALTHY COMPANY BREAK EVEN GOOD COMPANY AND COMPANY TRANSITION
Slide 56: H1 2025 Almost at 2026 Ambition
H1 2025 ALMOST AT 2026 AMBITION € IN MILLIONS NET SALES Y-0-Y GROSS MARGIN MARKETING EXPENSES % OF NET SALES OOH % OF NET SALES OPERATING MARGIN Q2 2025 +12% *8% ADIDAS "| BRAND 51.7% 12.0% 30.9% 9.2% H1 2025 +14% “tbs ADIDAS Ne | BRAND 51.9% 12.0% 30.6% 9.6%
Slide 57: FY 2025 Outlook
FY 2025 OUTLOOK NET SALES GROWTH NET SALES GROWTH OPERATING PROFIT EXCL. YEEZY (C.N.) REPORTED (C.N.) (€BN) GUIDANCE DOUBLE-DIGIT HIGH-SINGLE-DIGIT 1.7-1.8 CONSIDERATIONS MAGROECONOMIGANDIGEOPOLITIGAT CHALLENGES TO PERSIST FURTHER MARKERSHAREIGAING DESPITE MARKET CHALLENGES CONTINUED INVESTMENT IN M
Slide 58: US Tariffs Evolution by Countries of Origin
US TARIFFS EVOLUTION BY COUNTRIES OF ORIGIN VIETNAM [0%)} Old April-June July - Dec INDONESIA [Jz] Old April-July Aug -Dec Old PAKISTAN [jaa] April - July Aug - Dec Old April- July Aug - Dec 0% 10% 10% ov os es Old 20% 10% 20% 20% April - July Aug - Dec THAILAND (2 Old April - July Aug - Dec HONDURA
Slide 59: US Tariffs - adidas Measures
US TARIFFS - ADIDAS MEASURES = SHIFTED AS MANY AS POSSIBLE OF REMAINING USA-BOUND PRODUCTS OUT OF CHINA TO VIETNAM & INDONESIA = CAPACITIES IN CHINA USED FOR CHINA FOR CHINA AND OTHER NON-US MARKETS = ROBUST & FLEXIBLE SUPPLY BASE, READY TO PIVOT VOLUME BASED ON FINAL TARIFFS ANNOUNCED = ACTIVE DIAL
Slide 60: FY 2025 Outlook
FY 2025 OUTLOOK NET SALES GROWTH NET SALES GROWTH OPERATING PROFIT EXCL. YEEZY (C.N.) REPORTED (C.N.) (€BN) GUIDANCE DOUBLE-DIGIT HIGH-SINGLE-DIGIT 1.7-1.8 CONSIDERATIONS ADDITIONAL CONSIDERATIONS MACROECONOMIC AND GEOPOLITICAL CHALLENGES T0 PERSIST BETTER-THAN-EXPECTED H1 2025 STRONG ORDERBOOK FURT
Slide 61: Outlook H2 2025
OUTLOOK H2 2025 Ss ‘ ae, 2 Ne ae Sy : : WOMEN’S RUGBY WORLD ADISTAR As: SUPERSTAR ‘CUP ENGLAND va % J US OPEN X Y-3
Slide 62: Q&A