Slides
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Q3 RESULTS October 29, 2026
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GREAT MOMENTUM IN Q3 RECORD REVENUE & RECORD PROFIT
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RECORD REVENUE & RECORD PROFIT GREAT MOMENTUM IN Q3
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Y - O - Y +7% C.N. +9% REPORTED +2.5 PP +37 % +2.8PP ADIDAS AG 4 NET SALES Q3 GROSS MARGIN € IN MILLIONS OPERATING PROFIT % OF NET SALES 7,252 54.3% 1,008 14% Y - O - Y +11% C.N. + 10 % REPORTED +0.8 PP +21 % +1.0 PP YTD 20,587 52.7% 2,287 11% STRONG Q3 2026
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ADIDAS AG 5 2023 2024 2025 2026 BETTER COMPANY HEALTHY & SUCCESSFUL COMPANY BREAK EVEN COMPANY AND TRANSITION GOOD COMPANY ROADMAP TO SUCCESS H1 2026 12.6% 51.8% H1 AT 2026 AMBITION NET SALES Y - O - Y C.N . MARKETING EXPENSES % OF NET SALES € IN MILLIONS GROSS MARGIN OOH % OF NET SALES 29.9% OPERATING MARGIN 10% +14% ~ 10% EBIT 10% NS GROWTH ~ 50 - 52% GROSS MARGIN ~ 30% OOH ~ 12% MWB
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IN 2023 WE SAID THAT WE WILL: ADIDAS AG 6 RESET THE BRAND CREATE BRAND HEAT COMMERCIALIZE ‘TERRACE’ TREND INVEST MORE IN SPORTS & LAUNCH INNOVATIVE PERFORMANCE PRODUCTS GROW LIFESTYLE APPAREL BUILD A FUTURE - FIT BUSINESS MODEL WITH LOCAL EMPOWERMENT FOCUS ON GROWTH, NOT COST SIMPLIFY THE WAY WE WORK
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IN 2023 WE SAID THAT WE WILL: ADIDAS AG 7 BRING ADIDAS BACK TO WHERE IT BELONGS (#1) BUILD A FUTURE - FIT BUSINESS MODEL WITH LOCAL EMPOWERMENT FOCUS ON GROWTH, NOT COST SIMPLIFY THE WAY WE WORK RESET THE BRAND CREATE BRAND HEAT COMMERCIALIZE ‘TERRACE’ TREND GROW LIFESTYLE APPAREL INVEST MORE IN SPORTS & LAUNCH INNOVATIVE PERFORMANCE PRODUCTS
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ADIDAS AG 8 NET SALES FY 2023 TO FY 2026 € IN BILLIONS +13% C.N. ADIDAS BRAND +13% C.N. ADIDAS BRAND ~ 27 23.7 FY 2024 FY 2023 FY 2025 24.8 21.4 +9 - 10% C.N. FY 2026 ~ € 5.5 BN GROWTH SINCE 2023
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ADIDAS AG 9 NET SALES GROWTH BY QUARTER 9% - 1% 2% - 1% 5% 16% 14% 18% 17% 12% 12% 11% 14% 14% 7% Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 CURRENCY - NEUTRAL NET SALES DEVELOPMENT Y - O - Y, ADIDAS BRAND
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FY 2024 FY 2023 FY 2025 FY 2026 ADIDAS AG 10 OPERATING PROFIT FY 2023 TO FY 2026 1,337 268 2,056 € IN MILLIONS ~ 2,500
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ADIDAS AG 11 60 176 409 - 377 336 346 598 57 610 546 736 164 705 574 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 1,008 OPERATING PROFIT BY QUARTER € IN MILLIONS ,
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REVENUE GROWTH BY MARKET 2023 - 2026 ADIDAS AG 12 EUROPE LATIN AMERICA EMERGING MARKETS NORTH AMERICA TOTAL COMPANY GROWTH FY 2023 - FY 2026 ~ +40% GREATER CHINA ~ +40 % SOUTH KOREA / JAPAN CURRENCY - NEUTRAL NET SALES DEVELOPMENT Y - O - Y, ADIDAS BRAND ~ + 25 % ~ +55 % ~ +40 % ~ +80 % ~ +45 %
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NOW WE ARE AT A CROSSROADS ... AGAIN
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COST CUTTING HEALTHY GROWTH UNHEALTHY GROWTH FALL AGAIN NET SALES EBIT NET SALES ≥ 10% EBIT NET SALES EBIT NET SALES EBIT
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WE WILL AVOID THE TYPICAL “ADIDAS CYCLE” ADIDAS AG 15 2010 2015 2020 2025 15 20 25 2010 2015 2020 2025 0.0 0.5 1.0 1.5 2.0 2.5 3.0 NET SALES DEVELOPMENT EBIT DEVELOPMENT € IN BILLIONS € IN BILLIONS
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IT ALL STARTS WITH SPORT SINCE 1949
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WE ARE A SPORTS BRAND… WE KNOW WHO WE ARE …AND THE CULTURE BORN FROM IT
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ADIDAS AG 18 Q3 REVENUE GROWTH IN PERFORMANCE +14% TRAINING +17% BASKETBALL - 23% GOLF +4% US SPORTS +18% MOTORSPORT +94% SPECIALIST SPORTS +4% FOOTBALL +13% RUNNING +19% CURRENCY - NEUTRAL NET SALES DEVELOPMENT Y - O - Y
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ADIDAS AG 19 GREAT MOMENTUM IN FOOTBALL FOOTBALL +13% FROM WORLD CUP TO CLUB FOOTBALL SPZL F.C. X LIVERPOOL FC FC BAYERN X MCM
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ADIDAS AG 20 RUNNING +19% TRACK ROAD TRAIL GREAT MOMENTUM IN RUNNING
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ADIDAS AG 21 TRAINING +17% ATHLETES FOOTWEAR APPAREL GREAT MOMENTUM IN TRAINING
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ADIDAS AG 22 … AND MANY MORE BEST ATHLETES AND TEAMS SABASTIAN SAWE TIGST ASSEFA KIMI ANTONELLI LAMINE YAMAL TRINITY RODMAN MIKAELA SHIFFRIN
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ADIDAS AG 23 RJ EVANS NICK MARSH PARRAMATTA EELS CROATIAN FOOTBALL FEDERATION CHARLIE BECKER UNRIVALED BASKETBALL OLIVIA MILES CZECH REPUBLIC FOOTBALL ASSOCIATION COLORADO STATE 13 NEW MAHOMES HIGH SCHOOLS …AND WE ARE EXPANDING THE FAMILY!
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ADIDAS AG 24 ADIZERO ADIOS PRO EVO 3 HYPERBOOST FOAM SUPERNOVA RISE ADAPTIVE F50 HYPERFAST EVO COOLING ANTHEM JACKET COOLING BOOTS PROJECT R.A.P COOLING VEST CLIMACOOL + WITH 3D EMBOSSING TECHFIT WE KEEP INNOVATING
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ADIDAS AG 25 HOME OF INNOVATION
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WE ARE A SPORTS BRAND… WE KNOW WHO WE ARE …AND THE CULTURE BORN FROM IT
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Q3 REVENUE GROWTH BY CATEGORY ADIDAS AG 27 CURRENCY - NEUTRAL NET SALES DEVELOPMENT Y - O - Y LIFESTYLE +3% ORIGINALS +3% SPORTSWEAR +2%
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Q3 REVENUE GROWTH BY CATEGORY ADIDAS AG 28 CURRENCY - NEUTRAL NET SALES DEVELOPMENT Y - O - Y ORIGINALS +3% APPAREL +45% SPORTSWEAR +2% LIFESTYLE +3%
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AMAZING APPAREL MOMENTUM KNIT ADISIGNATURE ASOS JENNIE CHECKERED
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AMAZING APPAREL MOMENTUM CHECKERED KNIT JENNIE ADISIGNATURE ASOS
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THE LIFESTYLE FOOTWEAR MARKET IS CURRENTLY DIFFICULT
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NO REASON TO PANIC… IT WILL NORMALIZE
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HOTTEST SHOES ON THE STREET HANDBALL SPEZIAL JAPAN TAEKWONDO MEI BW ARMY SUPERSTAR BY JENNIE HYPERBOOST EUPHORIA STAN SMITH EVO SL BAD BUNNY BALLERINA
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ADIDAS AG 34 SHOWING THE BEST OF THE BRAND AT FASHION WEEKS WORLDWIDE ADIDAS & Y - 3, SHANGHAI ADIDAS CONFIRMED, SEOUL LABRUM, LONDON Video or picture with more to see?
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GREAT ACCESSORIES
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Q3 REVENUE GROWTH BY PRODUCT DIVISION ADIDAS AG 36 Q3 PRODUCT DIVISION GROWTH Q3 PRODUCT DIVISION SPLIT 40 % APPAREL 7% ACCESSORIES 0% FOOTWEAR +19 % APPAREL + 5 % ACCESSORIES 53% FOOTWEAR CURRENCY - NEUTRAL NET SALES DEVELOPMENT Y - O - Y
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WE ARE LIVING IN A DIFFICULT WORLD
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BUT WE HAVE WHAT IT TAKES
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Q3/YTD REVENUE GROWTH BY MARKET ADIDAS AG 39 EUROPE LATIN AMERICA EMERGING MARKETS +16% +23% Q3 YTD Q3 YTD Q3 YTD YTD NORTH AMERICA TOTAL COMPANY GROWTH Q3 +7%, YTD +11% GREATER CHINA SOUTH KOREA/ JAPAN Q3 YTD YTD +12% +14% - 4% +2% + 13 % +15% +15% +13% +19% +20% CURRENCY - NEUTRAL NET SALES DEVELOPMENT Y - O - Y Q3 Q3
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Q3 REVENUE GROWTH BY CHANNEL ADIDAS AG 40 Q3 CHANNEL GROWTH Q3 CHANNEL SPLIT 60 % WHOLESALE 40 % DTC 23 % OWN RETAIL 17 % E - COM +16% OWN RETAIL +18% E - COM CURRENCY - NEUTRAL NET SALES DEVELOPMENT Y - O - Y +2% WHOLESALE
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Q3 DTC REVENUE GROWTH BY MARKET ADIDAS AG 41 EUROPE LATIN AMERICA EMERGING MARKETS +16% +22% Q3 DTC Q3 DTC Q3 DTC DTC NORTH AMERICA TOTAL COMPANY GROWTH Q3 +7%, DTC +17% GREATER CHINA SOUTH KOREA/ JAPAN Q3 DTC DTC +12% + 22 % - 4% +7% + 13 % + 21 % +15% + 21 % +19% +17% CURRENCY - NEUTRAL NET SALES DEVELOPMENT Y - O - Y Q3 Q3
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ADIDAS AG 42 STRONG CONSUMER EXPERIENCES IN DTC JENNIE AT BRAND FLAGSHIP STORE SEOUL, SOUTH KOREA PENN STATE COLLECTION, E - COM, USA FIRST ORIGINALS HERITAGE STORE IN HỘ I AN , VIETNAM NEW ORIGINALS FLAGSHIP STORE IN ROME, ITALY
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ADIDAS AG 43 WE HAVE WHAT IT TAKES …AND THERE WILL BE DIFFERENCES BY MARKET
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RESPONSIBLE FOR COMMERCIAL SUCCESS CREATION CENTERS TAILOR TO LOCAL DEMAND MARKETS IT ALL STARTS WITH THE CONSUMER NEEDS DECISIONS MADE AT MOST IMMEDIATE LEVEL WITH STRONG LOCAL LEADERSHIP A GLOBAL BRAND WITH A LOCAL MINDSET CONSUMER/ATHLETE GLOBAL PROVIDES FRAME FOR BRAND IDENTITY, DESIGN, INNOVATION & CONCEPTS GLOBAL SUPPORTS MARKETS GLOBAL ADIDAS AG 44
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ADIDAS AG 45 FROM LOCAL PRODUCTS… Y - 3 BEAST AMERICAN FOOTBALL CLEATS, USA MOLLY MAE SAMBA SLATE, UK VEGNONVEG SAMBA MULE, INDIA ROOTS OF HERITAGE COLLECTION, INDONESIA
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ADIDAS AG 46 …TO LOCAL ACTIVATIONS DICK’S SPORTING GOODS “BACK TO SPORT” ACTIVATION, USA MESSI’S LAST NATIONAL TEAM MATCH, ARGENTINA MOTORSPORT ACTIVATION, MALAYSIA SHAN CHUAN LI LAUNCH, CHINA
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ADIDAS AG 47 SHAN CHUAN LI: HYPERLOCAL OUTDOOR REBRAND IN CHINA
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ADIDAS AG 48 ORIGINALS X JENNIE: FROM LOCALLY RELEVANT… ORIGINALS FLAGSHIP SHANGHAI, CHINA ATMOS POP - UP TOKYO, JAPAN BRAND CONCEPT STORE MALL OF ASIA MANILA, PHILIPPINES JD SPORTS MELBOURNE, AUSTRALIA HALO STORE DUBAI MALL, UAE ORIGINALS FLAGSHIP STORE SANTIAGO DE CHILE, CHILE JENNIE POP - UP STORE LOS ANGELES, USA ORIGINALS CONCEPT STORE CENTRAL PARK BANGKOK, THAILAND LAUNCH POP - UP STORE WITH EXHIBITION SEONGSU MUSINSA SEONGSU BRAND CENTER GANGNAM ORIGINALS FLAGSHIP STORE SEONGSU … TO SUCCESSFUL GLOBALLY
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ADIDAS AG 49 … TO GLOBALLY SUCCESSFUL ORIGINALS FLAGSHIP SHANGHAI, CHINA ATMOS POP - UP TOKYO, JAPAN BRAND CONCEPT STORE MALL OF ASIA MANILA, PHILIPPINES JD SPORTS MELBOURNE, AUSTRALIA HALO STORE DUBAI MALL, UAE ORIGINALS FLAGSHIP STORE SANTIAGO DE CHILE, CHILE ORIGINALS CONCEPT STORE CENTRAL PARK BANGKOK, THAILAND LAUNCH POP - UP STORE WITH EXHIBITION SEONGSU MUSINSA SEONGSU BRAND CENTER GANGNAM ORIGINALS FLAGSHIP STORE SEONGSU ORIGINALS X JENNIE: FROM LOCALLY RELEVANT… JENNIE POP - UP STORE LOS ANGELES, USA
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Q3 2026 FINANCIAL UPDATE
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HARM OHLMEYER BIRGIT KRETSCHMER
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NET SALES GROSS PROFIT % OF NET SALES Q3 2025 Q3 2026 Y - O - Y Q3 2026 P&L ITEMS 3,435 51.8% +15% +2.5PP 3,941 54.3% 6,630 7,252 + 7 % C.N. + 9 % REPORTED € IN MILLIONS ADIDAS AG 52
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GROSS MARGIN DRIVERS + 2.5 PP 51.8% Q3 2025 UNDERLYING DRIVERS FX 54.3 % Q3 2026 ADIDAS AG 53 • EUR – USD • OTHER CURRENCIES (ESPECIALLY TRY, ARS, JPY) TARIF F REFUNDS ~ €200M TARIFF REFUND PRICING / DISCOUNTING FREIGHT CHANNEL MIX HIGHER US TARIFFS Q3 2026 EXCL. TARIFF REFUNDS
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Q3 2026 P&L ITEMS Q3 2025 Q3 2026 Y - O - Y € IN MILLIONS NET SALES 7,252 6,630 +7% C.N. +9% REPORTED GROSS PROFIT % OF NET SALES 3,941 54.3% 3,435 51.8% +15% + 2.5 PP 833 11.5% 798 12.0% +4% - 0.5 PP MARKETING & POS EXPENSES % OF NET SALES 2,118 29.2 % 1,943 29 .3% + 9 % - 0.1PP OOH EXPENSES % OF NET SALES 1,008 13.9 % 736 11.1 % +37% +2.8 PP OPERATING PROFIT % OF NET SALES ADIDAS AG 54
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Q3 2026 P&L ITEMS € IN MILLIONS Q3 2026 Q3 2025 Y - O - Y INCOME TAXES % OF INCOME BEFORE TAXES 237 25.0% 169 25.9% + 41 % - 0 .9PP NET INCOME FROM CONTINUING OPERATIONS 711 482 +48% BASIC EPS FROM CONTINUING OPERATIONS 4.06 2.57 +58% OPERATING PROFIT % OF NET SALES 1,008 13.9 % 736 11 .1% +37% +2.8PP NET FINANCIAL EXPENSE 60 86 ADIDAS AG 55 INCLUDING ~ €10M INTEREST INCOME RELATED TO US TARIFFS - 30 %
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BALANCE SHEET DEVELOPMENT INVENTORIES SEPT 30, 2025 SEPT 30, 2026 CHANGE 5,739 + 5 % | + 2 % C.N . € IN MILLIONS 5,471 ADIDAS AG 56
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INVENTORY DEVELOPMENT € IN BILLIONS ADIDAS AG 57 Q1 2026 5.8 Q3 2025 5.5 Q 4 2025 5.8 Q2 2026 6.0 Q3 2026 5 .7 - 4% C.N. +2% C.N. VAST MAJORITY FOR CURRENT AND FUTURE SEASONS
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BALANCE SHEET DEVELOPMENT INVENTORIES 5,739 + 5 % | +2% C.N . ACCOUNTS RECEIVABLE 3,661 + 7 % | + 5 % C.N . ACCOUNTS PAYABLE 2,7 17 - 0 % | - 2 % C.N . OPERATING WORKING CAPITAL 6,682 +8% | + 6 % C.N . € IN MILLIONS 5,471 3,428 2,720 6,179 SEPT 30, 2025 SEPT 30, 2026 CHANGE ADIDAS AG 58
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AVERAGE OPERATING WORKING CAPITAL DEVELOPMENT ADIDAS AG 59 AS A % OF NET SALES AVERAGE OPERATING WORKING CAPITAL = AVERAGE OF OPERATING WORKING CAPITAL FOR THE LAST 4 QUARTERS DIVIDED BY NET SALES FOR THE LA ST 4 QUARTERS. +2.0PP Q3 2025 21.9% 23.7% Q1 202 6 Q4 2025 23.0% Q2 2026 24.0 % Q3 2026 23.9%
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1,651 BALANCE SHEET DEVELOPMENT INVENTORIES 5,739 + 5 % | +2% C.N . ACCOUNTS RECEIVABLE 3,661 + 7 % | + 5 % C.N . ACCOUNTS PAYABLE 2,7 17 - 0 % | - 2 % C.N . OPERATING WORKING CAPITAL 6,682 +8% | + 6 % C.N . € IN MILLIONS 1,030 + 60 % CASH AND CASH EQUIVALENTS 5, 471 3,428 2,720 6,179 SEPT 30, 2025 SEPT 30, 2026 CHANGE ADIDAS AG 60
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SHARE BUYBACK UPDATE 6.3 € 1BN TOTAL SHARE BUYBACK OF UP TO € 1BN IN 2026 SHARE BUYBACK (FEB 2 – AUGUST 12 ) COMPLETED ADIDAS AG 61 VOLUME (IN M SHARES) TOTAL AMOUNT SHARE CANCELLATION COMPLETED 6.0 INCLUDING DIVIDEND TOTAL CASH OF € 1.5BN RETURNED TO SHAREHOLDERS SHARE CAPITAL REDUCED BY 3%
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CASH AND NET BORROWINGS DEVELOPMENT ADIDAS AG 62 CASH AND CASH EQUIVALENTS ADJUSTED NET BORROWINGS € IN BILLIONS € IN BILLIONS + € 0.6BN Q3 2025 1.0 Q4 2025 1.6 Q1 2026 0.9 Q2 2026 1.2 Q3 2026 1.7 - € 0.1BN 4 .6 Q3 2026 5.2 Q2 2026 5.5 Q1 2026 4.3 Q4 2025 4.8 Q3 2025
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LEVERAGE RATIO DEVELOPMENT ADIDAS AG 63 <2.0X FINANCIAL POLICY TARGET 1.4X Q4 2025 Q3 2025 1.6X Q1 2026 1.7X Q2 2026 1.6X Q3 2026 1.3X LEVERAGE RATIO CONSISTENTLY BELOW 2.0X
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WE HAVE WHAT IT TAKES
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ADIDAS AG 65 PERFORMANCE COMFORT LIFESTYLE FASHION WE SELL…
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WE HAVE WHAT IT TAKES AND OUR INDUSTRY OUTLOOK REMAINS STRONG
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MORE PEOPLE WILL DO SPORTS CASUALIZATION GROWS GLOBALLY COMFORT SPORTS CASUALIZATION COMFORT IS NOW A KEY SELLING POINT ADIDAS AG 67 OUR INDUSTRY OUTLOOK REMAINS STRONG LOCALIZATION GLOBAL BRAND WITH A LOCAL MINDSET
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COMFORT SPORTS CASUALIZATION ADIDAS AG 68 INDUSTRY OUTLOOK REMAINS STRONG LOCALIZATION GLOBAL BRAND WITH A LOCAL MINDSET
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WE HAVE WHAT IT TAKES BUT WE ARE NOT THERE YET
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€ 2.4BN OPERATING PROFIT BRIDGE 2026 ADIDAS AG 70 CURRENT OPERATING PROFIT GUIDANCE HIGHER PROFITA - BILITY TARIFF REFUND Q3 + € 100 M + € 200M € 2.3BN OPERATING PROFIT UNDERLYING BUSINESS OPERATING PROFIT BEFORE ONE - OFFS € 2.6BN NEW OPERATING PROFIT GUIDANCE ~ €2.5BN REIN VEST - MENTS Q4 ~ - €100M
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ADIDAS AG 71 REINVESTING IN FUTURE PROFITABILITY REVIEW AND IMPROVE INFRASTRUCTURE AI IMPLEMENTATION & ACCELERATION FURTHER REDUCE ORGANIZATIONAL COMPLEXITY GLOBALLY
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FY 2026 OUTLOOK ADIDAS AG 72 ~ 2.3 HIGH - SINGLE - DIGIT NET SALES GROWTH (C.N.) OPERATING PROFIT ( €BN) GUIDANCE MARCH 04 ~ 2.3 UPDATED GUIDANCE JULY 30 9% - 10% CONSIDERATIONS MACROECONOMIC AND GEOPOLITICAL CHALLENGES TO PERSIST FURTHER MARKET SHARE GAINS DESPITE MARKET CHALLENGES DIRECT & INDIRECT TARIFF IMPACT NEGATIVE FX IMPACT CONTINUED INVESTMENT IN MARKETING AND SALES NEW GUIDANCE OCTOBER 20 9% - 10% ~ 2.5
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“OUTLOOK” 2026 - 2028 ADIDAS AG 73 2026 2027 2028 9 - 10% NET SALES GROWTH ~ € 2.5BN OPERATING PROFIT HIGH - SINGLE - DIGIT NET SALES GROWTH ~ 10% EBIT MARGIN HIGH - SINGLE - DIGIT NET SALES GROWTH > 10% EBIT MARGIN 3Y MID - TEENS CAGR
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Q&A