Our Share

Global stock markets were volatile in 2021 but ended the year with a strong performance. The DAX gained almost 16% and the EURO STOXX 50 increased by 21%, in line with the MSCI World Textiles, Apparel and Luxury Goods Index that was up 22%. Despite the company’s strong operational and financial performance, the adidas AG share underperformed the broader stock market and ended 2021 with a decrease of 15% compared to the prior year. As a result of the strong operational and financial performance in 2021 as well as Management’s confidence in the strength of the company’s financial position and long-term growth aspirations, we will propose a dividend per share of € 3.30 at our 2022 Annual General Meeting.

STRONG STOCK MARKET RECOVERY IN 2021

In 2021, the robust recovery of the global economy supported by strong monetary and fiscal stimulus led to a sturdy rebound of global stock markets. Toward the end of the year, the emergence of new coronavirus variants as well as multi-year high inflation levels left their mark on markets around the world. Nevertheless, the DAX gained almost 16% in 2021, while the EURO STOXX 50 and the MSCI World Textiles, Apparel and Luxury Goods Index increased by 21% and 22%, respectively. Despite the company’s strong operational and financial performance, the adidas AG share underperformed the broader stock market and ended 2021 with a decrease of 15% compared to the prior year. The challenging market environment in China, ongoing challenges from the covid-19 pandemic and the impact of supply chain disruptions weighed on the development of the adidas AG share.

LEVEL 1 ADR UNDERPERFORMS COMMON STOCK

Our Level 1 ADR closed 2021 at US $ 144.00, representing a decrease of 21% versus the prior year level (2020: US $ 182.99). The more pronounced decrease of the Level 1 ADR price compared to the ordinary share price was due to the valuation of the US dollar versus the euro in 2021. The number of Level 1 ADRs outstanding increased to 10.8 million at year-end 2021 compared to 8.9 million at the end of 2020. The average daily trading volume increased to around 65,000 ADRs in 2021 (2020: around 55,000). Further information on our ADR program can be found on our website. adidas-group.com/ADR

ADIDAS AG SHARE MEMBER OF IMPORTANT INDICES

The adidas AG share is part of a variety of high-quality indices around the world such as the DAX, the EURO STOXX 50 Index as well as the MSCI World Textiles, Apparel and Luxury Goods Index. At December 31, 2021, our weighting in the DAX was 3% (2020: 5% within the DAX 30). Within the DAX, we ranked 12 on market capitalization (2020: 6 within the DAX 30) at year-end 2021. The lower weighting and rank compared to the prior year are mainly related to the expansion of the DAX from 30 to 40 stocks.

Five-year share price development¹

DIVIDEND PROPOSAL OF € 3.30 PER SHARE

As a result of the strong operational and financial performance in 2021, the company’s financial position as well as Management’s confidence in our long-term growth aspirations, the adidas AG Executive and Supervisory Boards will recommend paying a dividend of € 3.30 per dividend-entitled share to shareholders at the Annual General Meeting on May 12, 2022. This represents an increase of 10% compared to the prior-year dividend (2021: € 3.00). The total payout of € 632 million (2021: € 585 million) reflects a payout ratio of 42.4% of net income from continuing operations based on the number of shares outstanding at December 31, 2021 (2021: 126.8%). This is within the target range of between 30% and 50% of net income from continuing operations as defined in our dividend policy.

ADIDAS RETURNS € 1.6 BILLION TO SHAREHOLDERS IN 2021

As part of our new strategy ‘Own the Game’ we plan to share between € 8 billion and € 9 billion with our shareholders in the five-year period between 2021 and 2025 through regular dividend pay-outs in a range of between 30% and 50% of net income from continuing operations and share buybacks. Against this background, the Executive Board decided in June 2021 to start repurchasing shares in the second half of the year. Between July 1 and November 25, 2021, adidas AG bought back 3,471,205 shares for a total amount of € 1 billion. After the completion, adidas decided to cancel a total of 8,316,186 treasury shares, reducing the company’s share count and stock capital accordingly. Including the dividend payment of € 585 million in May 2021, adidas AG returned nearly € 1.6 billion to its shareholders in 2021. In addition, the Executive Board decided in December 2021 to launch a multi-year share buyback program. During the course of this program, starting in January 2022, the company plans to repurchase shares in an amount of up to € 4 billion until 2025. Taking the share buyback activity in 2021 into consideration, adidas intends to return up to € 5 billion to its shareholders through regular share buybacks during the five-year strategic cycle.

STRONG INTERNATIONAL INVESTOR BASE

Based on our share register, we estimate that adidas AG currently has more than 125,000 shareholders (2020: more than 115,000). In our latest ownership analysis conducted in January 2022, we identified almost 100% of our shares outstanding. Institutional investors represent the largest investor group, holding 81% of shares outstanding (2020: 86%). Private investors and undisclosed holdings account for 19% (2020: 11%). Lastly, adidas AG currently holds 0.3% of the company’s shares as treasury shares (2020: 3%); this decline versus the prior year mainly reflects the cancelation of 8,316,186 treasury shares in November 2021.

Shareholder structure by investor group¹

In terms of geographical distribution, the North American market currently accounts for 31% of institutional shareholdings (2020: 35%), followed by the UK and Ireland with 26% (2020: 26%). Identified German investors hold 12% of institutional shareholdings (2020: 11%). Institutional investors from other continental European countries account for 28% (2020: 24%) and 3% of institutional shareholders were identified in other regions of the world (2020: 3%).

Shareholder structure by region^1,2

MAJORITY OF ANALYSTS WITH A POSITIVE RATING OF ADIDAS AG SHARE

Around 35 analysts from investment banks and brokerage firms regularly publish research reports on adidas. The majority of analysts recommend to ‘buy’ our share. This is reflected in the recommendation split for our share as at December 31, 2021. 63% of analysts recommended that investors ‘buy’ our share (2020: 37%), 31% advised investors to ‘hold’ our share (2020: 46%), and 6% recommended ‘selling’ our share (2020: 17%).

adidas AG high and low share prices per month¹ in €

VOTING RIGHTS NOTIFICATIONS PUBLISHED

All voting rights notifications received in 2021 in accordance with §§ 33 et seq. of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) (§§ 21 et seq. German Securities Trading Act old version) are published on our corporate website. Information on reportable shareholdings that currently exceed or fall below a certain threshold can also be found in the Notes section of this Annual Report. adidas-group.com/voting_rights_notifications See Note 25

MANAGERS’ TRANSACTIONS REPORTED ON CORPORATE WEBSITE

Managers’ transactions involving adidas AG shares (ISIN DE000A1EWWW0) or related financial instruments, as defined by Article 19 of the European Market Abuse Regulation (MAR), conducted by members of our Executive or Supervisory Boards, or by any person in close relationship with these persons, are reported on our website. adidas-group.com/s/managers-transactions