Targets – Results – Outlook

Targets – results – outlook

2022 Targets^1,2

2022 Results (vs. prior year)²

2023 Outlook

Currency-neutral sales development

to increase at a rate
between 11% and 13%

to decline at a high-single-digit rate

Gross margin

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

47.3%
(3.4pp)

Operating margin/operating profit/loss

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

3.0%
(6.4pp)

operating loss of € 700 million

Net income from continuing operations (€ in millions)

to increase to a level of
between € 1,800 million
and € 1,900 million

254
(83%)

Average operating working capital in % of net sales

to decrease to a level
below 20%

24.0%
4.0pp

to reach a level of between 25% and 26%

Capital expenditure (€ in millions)³

to increase to a level of
up to € 900 million

695

to reach a level of around € 600 million

1	As published on March 9, 2022; 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	Excluding acquisitions and leases.

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Annual Report 2022