Targets – Results – Outlook

2021 Targets^1,2

2021 Results²

2022 Outlook²

Currency-neutral sales development

to increase at a mid- to high-teens rate

16%

to increase at a rate
between 12% and 14%

Gross margin

to increase to a level of around 52%

50.7%
0.7pp

to increase to a level of
between 51.5% and 52.0%

Operating margin

to increase to a level of
between 9% and 10%

9.4%
5.3pp

to increase to a level of
between 10.5% and 11.0%

Net income from continuing operations (€ in millions)

to increase to a level of
between € 1.25 billion and € 1.45 billion

1,492
223%

to increase to a level of
between € 1.8 billion and € 1.9 billion

Average operating working capital in % of net sales³

to decrease to a level below 20%

20.0%
(5.3pp)

to decrease to a level below 20%

Capital expenditure (€ in millions)^3,4

to increase to a level of
around € 700 million

667

to increase to a level of
up to € 900 million

1	As published on March 10, 2021; the outlook was updated over the course of the year.
2	Figures reflect continuing operations as a result of the reclassification of the Reebok business to discontinued operations.
3	2021 figures reflect the reclassification of the Reebok business to assets or liabilities held for sale.
4	Excluding acquisitions and leases.