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It presents group management reports covering company overview, financial review, and sustainability, followed by consolidated financial statements and additional information. The publication includes financial highlights on operating metrics, key ratios, balance sheet and cash flow data, and per-share figures, as well as sustainability disclosures aligned with European Sustainability Reporting Standards. Independent assurance is referenced for consolidated financial statements audited by PwC.",{"@graph":63,"@context":122},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/annual-report-2025-sustainability-and-financial-highlights-2025/564374/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/annual-report-2025-sustainability-and-financial-highlights-2025/564374.png","ImageObject",442,249,{"name":88,"@type":89},"Jordan Avery","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-19","2026-10-12",true,{"@type":98,"interactionType":99,"userInteractionCount":47},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114,118],{"name":105,"@type":106,"acceptedAnswer":107},"What reporting period does the Annual Report 2025 cover?","Question",{"text":108,"@type":109},"The reporting period is the financial year from January 1 to December 31, 2025.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"In what formats is the Annual Report 2025 published?",{"text":113,"@type":109},"It is published exclusively in a digital format, available as an Online Report and as a PDF.",{"name":115,"@type":106,"acceptedAnswer":116},"Which standards are referenced for the Sustainability Statement?",{"text":117,"@type":109},"The Sustainability Statement is prepared in accordance with the European Sustainability Reporting Standards (ESRS).",{"name":119,"@type":106,"acceptedAnswer":120},"Who audits the consolidated financial statements mentioned in the report?",{"text":121,"@type":109},"The Consolidated Financial Statements prepared by adidas AG are audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC).","https://schema.org",{"og:url":78,"og:type":124,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":126,"canonical":78},"index,follow",{"doc_id":128,"site_id":56},564374,1792316578,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":88,"user_avatar":133,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":47,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":139,"language":140,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":61,"update_tm":144,"read_time":145},1099523882367,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","ANNUAL REPORT 2025  \nANNUAL REPORT 2025  \nANNUAL REPORT 2025  \n1  \nTO OUR  \nSHAREHOLDERS  \n2  \nGROUP MANAGEMENT REPORT – OUR COMPANY  \n3  \nGROUP MANAGEMENT REPORT – FINANCIAL REVIEW  \n4  \nGROUP MANAGEMENT REPORT – SUSTAINABILITY STATEMENT  \n5  \nCONSOLIDATED  \nFINANCIAL STATEMENTS  \n6  \nADDITIONAL INFORMATION  \nTargets – Results – Outlook  \nTargets – Results – Outlook  \n2025 Initial Targets1  \n2025 Updated Targets2  \n2025 Results  \n\n| Currency-neutral net sales | development | to increase at a\u003Cbr>high-single-digit rate to increase to a level of between € 1.7 billion and € 1.8 billion\u003Cbr>between 21% and 22%\u003Cbr>around € 600 million | to increase by around 9%\u003Cbr>to increase to a level of around € 2.0 billion between 21% and 22%\u003Cbr>around € 600 million | 10% |\n| --- | --- | --- | --- | --- |\n| Operating profit |  |  |  | € 2,056 million |\n| Average operating working in % of net sales | capital |  |  | 23.0% |\n| Capital expenditure |  |  |  | € 477 million |\n\n2026 Outlook  \n\n| to increase at a high-single-digit rate |\n| --- |\n| to increase to a level of around € 2.3 billion |\n| between 22% and 23% |\n| around € 500 million |\n\n1 As published on March 5, 2025.  \n2 As published on October 21, 2025.  \nANNUAL REPORT 2025  \n1  \nTO OUR  \nSHAREHOLDERS  \n2  \nGROUP MANAGEMENT REPORT – OUR COMPANY  \n3  \nGROUP MANAGEMENT REPORT – FINANCIAL REVIEW  \n4  \nGROUP MANAGEMENT REPORT – SUSTAINABILITY STATEMENT  \n5  \nCONSOLIDATED  \nFINANCIAL STATEMENTS  \n6  \nADDITIONAL INFORMATION  \nFinancial Highlights 2025 (IFRS)  \nFinancial Highlights 2025 (IFRS)  \n2025 2024 Change  \nOperating Highlights (€ in millions)  \n\n| Net sales\u003Cbr>Gross profit Other operating expenses EBITDA Operating profit Net income from continuing operations\u003Cbr>Net income attributable to shareholders | 24,811 | 23,683\u003Cbr>12,026 10,945 2,465 1,337 824\u003Cbr>764 | 5% |\n| --- | --- | --- | --- |\n|  | 12,804 |  | 6% |\n|  | 10,871 |  | (1%) |\n|  | 3,124 |  | 27% |\n|  | 2,056 |  | 54% |\n|  | 1,377 |  | 67% |\n|  | 1,340 |  | 75% |\n\nKey Ratios  \n\n| Gross margin\u003Cbr>Other operating expenses in % of net sales Operating margin Effective tax rate Net income attributable to shareholders in % of net sales Average operating working capital in % of net sales Equity ratio1 Adjusted net borrowings/EBITDA Financial leverage1\u003Cbr>Return on equity1 | 51.6% | 50.8% |\n| --- | --- | --- |\n|  | 43.8% | 46.2% |\n|  | 8.3% | 5.6% |\n|  | 24.3% | 26.5% |\n|  | 5.4% | 3.2% |\n|  | 23.0% | 19.7% |\n|  | 28.5% | 26.5% |\n|  | 1.4 | 1.5 |\n|  | 75.0% | 66.1% |\n|  | 23.2% | 14.0% |\n\nBalance Sheet and Cash Flow Data (€ in millions)  \n\n| Total assets\u003Cbr>Inventories Receivables and other current assets Operating working capital Shareholders’ equity Capital expenditure\u003Cbr>Cash flows from operating activities2 | 20,262 | 20,655 |\n| --- | --- | --- |\n|  | 5,832 | 4,989 |\n|  | 4,528 | 4,460 |\n|  | 5,556 | 4,306 |\n|  | 5,776 | 5,476 |\n|  | 477 | 540 |\n|  | 751 | 2,910 |\n\nPer Share of Common Stock (€)  \n\n| Basic earnings\u003Cbr>Diluted earnings Cash flows from operating activities2 Dividend3\u003Cbr>Share price at end of period | 7.46 | 4.24 |\n| --- | --- | --- |\n|  | 7.46 | 4.24 |\n|  | 4.21 | 16.30 |\n|  | 2.80 | 2.00 |\n|  | 169.05 | 236.80 |\n\nOther (at end of period)  \n\n| Number of employees\u003Cbr>Number of shares outstanding\u003Cbr>Average number of shares | 64,938 | 62,035 |\n| --- | --- | --- |\n|  | 178,665,018 | 178,549,084 |\n|  | 178,559,220 | 178,549,084 |\n\n\n| 0.8pp |\n| --- |\n| (2.4pp) |\n| 2.6pp |\n| (2.2pp) |\n| 2.2pp |\n| 3.3pp |\n| 2.0pp |\n| (0.1) |\n| 8.8pp |\n| 9.3pp |\n\n\n| (2%) |\n| --- |\n| 17% |\n| 2% |\n| 29% |\n| 5% |\n| (12%) |\n| (74%) |\n\n\n| 76% |\n| --- |\n| 76% |\n| (74%) |\n| 40% |\n| (29%) |\n\n\n| 5% |\n| --- |\n| 0% |\n| 0% |\n\n1 Based on shareholders’ equity.  \n2 Prior year adjusted due to Hyperinflation accounting.  \n3 Value for the reporting year subject to Annual General Meeting approval.  \n5  \nANNUAL REPORT 2025  \n1  \nTO OUR  \nSHAREHOLDERS  \n2  \nGROUP MANAGEMENT REPORT – OUR COMPANY  \n3  \nGROUP MANAGEMENT REPORT – FINANCIAL REVIEW  \n4  \nGROUP MANAGEMENT RE","cbCaif6iSzmSw3Lu","https://ap.wps.com/l/cbCaif6iSzmSw3Lu","pdf",38495392,435,"English","# To our shareholders\n# Group management report\n## Our Company\n## Financial review\n## Sustainability statement\n# Consolidated financial statements\n# Additional information\n## Targets – Results – Outlook\n## Financial Highlights 2025 (IFRS)\n## Independent assurance\n## About this report","[{\"question\":\"What reporting period does the Annual Report 2025 cover?\",\"answer\":\"The reporting period is the financial year from January 1 to December 31, 2025.\"},{\"question\":\"In what formats is the Annual Report 2025 published?\",\"answer\":\"It is published exclusively in a digital format, available as an Online Report and as a PDF.\"},{\"question\":\"Which standards are referenced for the Sustainability Statement?\",\"answer\":\"The Sustainability Statement is prepared in accordance with the European Sustainability Reporting Standards (ESRS).\"},{\"question\":\"Who audits the consolidated financial statements mentioned in the report?\",\"answer\":\"The Consolidated Financial Statements prepared by adidas AG are audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC).\"}]","ANNUAL REPORT 2025 - Sustainability and Financial Highlights - 2025 | PDF",1791841830,152]