Outlook for 2022

In accordance with the compensation system for the Executive Board, the Supervisory Board set the targets and threshold values for the key criteria governing the variable performance-related compensation components at the start of the 2022 financial year.


The amount of the Performance Bonus is determined based on the achievement of four weighted criteria.

Two of these criteria are the same for all Executive Board members and are overall weighted at 60% (‘shared criteria’). In line with the strategic focus on sustainable growth and profitability, the Supervisory Board of adidas AG has established the following financial performance criteria for the two shared criteria for the 2022 financial year:

2022 Performance bonus: shared criteria – target figures

Performance criterion




100% target value

Currency-neutral sales growth1




100% target achievement in line with guidance externally communicated at the beginning of the 2022 financial year

Increase in operating margin1





Continuing operations.

Both performance criteria are directly linked to the annual guidance externally communicated and, at the same time, follow directly from the – also externally communicated – long-term growth targets of adidas.

The other two criteria are defined individually for the respective Executive Board member and are overall weighted at 40% (‘individual criteria’). These individual criteria allow for a further differentiation depending on the specific operating and strategic challenges of each individual Executive Board function. For the two individual targets, financial as well as non-financial performance criteria may be applied. These are directly related to the corporate strategy and its financial goals of sustainable growth, profitability, and cash flow generation, which are based on the strategic focus on credibility, consumer experience, and sustainability. Furthermore, these criteria are directly related to the defined success factors for the implementation of the strategy: the employees of the Company, a mindset of innovation across all dimensions of our business as well as using the speed and agility of digitalization throughout the entire value chain.

The individual criteria for the 2022 financial year will be disclosed ex-post in the 2022 Compensation Report in order to avoid communicating competition-relevant operating and strategic considerations in advance. In this Compensation Report, the respective target achievements will be explained transparently, and the concrete calculation of the Performance Bonus Amount will be set out comprehensively.


The Supervisory Board has defined the following financial and ESG-related performance criteria linked to strategic objectives for each of the five performance years (2021 to 2025) of the LTIP 2021/2025:

  • Financial criterion: Increase in net income from continuing operations compared to the previous year (weighting: 80%)
  • ESG criterion: Share of sustainable articles offered (weighting: 20%)

On the one hand, this reflects the strategic target of sustainably increasing net income from continuing operations and thus creating the basis for an attractive return for our shareholders. On the other hand, the key strategic focus for adidas to further drive change in the field of sustainability and to move from effective individual initiatives to a scaled and comprehensive sustainability program is integrated into the Executive Board compensation.

The target values for the annual LTIP tranches follow directly from the externally published long-term net income growth targets of the Company and from the sustainability target for the share of sustainable articles offered. With regard to the increase in net income from continuing operations compared to the previous year, taking into account the expected circumstances of the financial year 2022, in particular the elimination of a large portion of the stranded costs related to the Reebok divestiture, the Supervisory Board has set the target value for 100% target achievement at +€ 375 million and therefore at the upper end of the predetermined target value corridor of +€ 225 million to +€ 425 million.

For the 2022 financial year, the following threshold values were defined for the determination of target achievement of the increase in net income from continuing operations and the share of sustainable articles offered:

LTIP 2021/2025: target figures for the 2022 financial year

Increase in net income from continuing operations compared to the previous year


Degree of target achievement

+€ 735 million



+€ 555 million



+€ 375 million



+€ 195 million



+€ 15 million






Share of sustainable articles offered1


Degree of target achievement

















Percentage of sustainable articles (by count) offered at the points-of-sale (average of Fall/Winter season of the current financial year and Spring/Summer season of the following financial year). The definition of sustainable articles is based on the proportion of environmentally preferred material content of the article weight. For apparel (excluding trims), the environmentally preferred material content is required to amount to at least 70%, for accessories/gear (excluding trims) at least 50% and for footwear (full shoe) at least 20% of the article weight. Only articles with verified environmentally preferred material contents are included. Licensed articles are excluded. Without Reebok.

The target achievement of the performance criteria set for the 2022 financial year and the related determination of the variable performance-related compensation will be disclosed in detail in the 2022 Compensation Report.

For the Executive Board

Unterschrift Kasper Rorsted (Photo)


For the Supervisory Board

Unterschrift Thomas Rabe (Photo)


February 2022