Annual Report 2023


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A breakdancer wears black adidas trousers with three stripes (Photo)

Our Share

Global stock markets developed positively in 2023 and ended the year well above prior-year levels. The DAX increased by 20%, the EURO STOXX 50 by 19%, and the MSCI World Textiles, Apparel and Luxury Goods Index by 11% as investor concerns over rising interest rates, economic resilience, and high inflation slowly began to subside. In this market environment, the adidas AG share significantly outperformed the broader stock market and ended 2023 with an increase of 44% compared to the prior year.

adidas AG share rises and outperforms broader stock market in 2023

In 2023, easing of inflationary pressures, a corresponding halt in interest rate increases by global central banks, and a comparatively resilient economy led to a sturdy rebound of global stock markets. At the same time, geopolitical tensions, the war in Ukraine as well as the conflict in the Middle East weighed on financial markets throughout the year. During the second half of the year, markets benefited from the prospect of interest rate cuts by global central banks in 2024. Against this backdrop, the DAX gained 20% and the EURO STOXX 50 increased by 19%, while the MSCI World Textiles, Apparel and Luxury Goods Index was up 11% in 2023. Meanwhile, the adidas AG share outperformed the broader stock market and ended 2023 with a 44% increase compared to the prior year. The development reflects the operational and financial progress the company has made in the course of the transition year 2023. This provides a stronger foundation for further improvements in 2024 and a successful 2025 and 2026.

Level 1 ADR outperforms common stock

Our Level 1 ADR closed 2023 at US $ 101.65, representing an increase of 50% versus the prior-year level (2022: US $ 67.74). The more pronounced increase 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 2023. The number of Level 1 ADRs outstanding decreased to 8.5 million at year-end 2023 compared to 9.5 million at the end of 2022. The average daily trading volume decreased to around 64,000 ADRs in 2023 (2022: around 172,000). 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 as well as the MSCI World Textiles, Apparel and Luxury Goods Index. At December 31, 2023, our weighting in the DAX was 3% (2022: 2%) and we ranked twelfth on market capitalization (2022: 19th).

Performance of the adidas AG share and important indices at year-end 2023 in %



1 year


3 years


5 years


10 years

adidas AG



























MSCI World Textiles, Apparel and Luxury Goods Index









Source: Bloomberg.

Ten-year share price development1

0 100 200 300 400 adidas AG DAX EURO STOXX 50 MSCI World Textiles, Apparel & Luxury Goods Index | Dec. 31, 2013 Dec. 31, 2023 |
1 Index: December 31, 2013 = 100. Source: Bloomberg.
adidas AG share









Important indices

Number of shares outstanding at year-end1








  • DAX
  • MSCI World Textiles, Apparel and Luxury Goods
  • MSCI World ESG Leaders Index
  • FTSE4Good Index Series

Basic earnings per share2







Diluted earnings per share2







Year-end price







Year high







Year low







Market capitalization3


€ in millions






Dividend per share







Dividend payout


€ in millions






Dividend payout ratio2








Dividend yield








Shareholders’ equity per share3







Price-earnings ratio at year-end5








Average trading volume per trading day6









All shares carry full dividend rights, excluding treasury shares.


Based on net income from continuing operations.


Based on number of shares outstanding at year-end, excluding treasury shares.


Subject to Annual General Meeting approval.


Based on basic EPS from continuing operations.


Based on number of shares traded on Xetra.

Dividend proposal of € 0.70 per share

The adidas AG Executive and Supervisory Boards will recommend paying a stable dividend of € 0.70 per dividend-entitled share to shareholders at the Annual General Meeting on May 16, 2024 (2023: € 0.70). This corresponds to a total payout of € 125 million in line with the prior-year level (2023: € 125 million). The proposal reflects the company’s better-than-expected performance in the transition year 2023, its robust financial profile as well as Management’s confident outlook for the current year. Going forward, the company plans to return to its dividend policy of paying an annual dividend to shareholders in the range of 30% to 50% of net income from continuing operations. SEE OUTLOOK


€ 0.70

(subject to Annual General Meeting approval)

Strong international investor base

Based on our share register, adidas AG currently has more than 158,000 shareholders (2022: more than 169,000). The lower number of shareholders was mainly driven by a decrease in the number of German retail investors. In our latest ownership analysis conducted in December 2023, we identified almost 100% of our shares outstanding. Institutional investors represent the largest investor group, holding 81% of shares outstanding (2022: 80%). Retail investors and undisclosed holdings account for 19% (2022: 19%). Lastly, adidas AG currently holds 1% of the company’s shares as treasury shares (2022: 1%).

Shareholder structure by investor group1

Shareholder structure by investor group (Piechart)
1 As of December 2023.

In terms of geographical distribution, the North American market currently accounts for 34% of institutional shareholdings (2022: 36%), followed by the UK and Ireland with 21% (2022: 26%). Identified German investors hold 14% of institutional shareholdings (2022: 9%). Institutional investors from other continental European countries account for 27% (2022: 27%) and 4% of institutional shareholders were identified in other regions of the world (2022: 2%). 

Shareholder structure by region1,2

Shareholder structure by region (Piechart)
1 As of December 2023.
2 Reflects institutional investors only.

More than 40% of analysts recommend to buy our share

36 analysts from investment banks and brokerage firms regularly publish research reports on adidas. As at December 31, 2023, 42% of analysts recommended investors to ‘buy’ our share (2022: 32%), 44% of analysts advised investors to ‘hold’ our share (2022: 57%), and 14% recommended to ‘sell’ our share (2022: 11%).

adidas AG high and low share prices per month1 in €

130 150 170 190 210 Jan. Feb. Mar. Apr. Jun. May Jul. Aug. Sep. Oct. Dec. Nov. 30-day moving average High and low share prices 197.40 150.62 161.06 162.78 170.34 181.38 185.14 185.08 185.86 176.36 192.72 165.94 127.70 136.40 140.86 151.50 150.74 164.74 175.66 156.86 156.16 167.00 158.12 184.10
1 Based on daily Xetra closing prices. Source: Bloomberg.

Successful Investor Relations activities

adidas strives to maintain close contact to institutional and retail shareholders as well as financial analysts. We notify capital market participants about operational and financial developments of adidas in a timely and transparent manner. In addition, the adidas Management and Investor Relations (IR) Team continuously engage in a dialogue with current and potential institutional investors around a large variety of topics, including published financial results, operational progress and priorities, current and future products, marketing initiatives as well as the company’s sustainability efforts. In 2023, Management and IR spent almost 50 days on roadshows and national and international conferences. We also hosted investors and analysts on our campus, enabling them to interact with Management, experience the unique atmosphere on-site and get an overview of both historic product and the future line-up. In 2023, the IR Team once again engaged with retail shareholders at several dedicated events. In addition, the physical Annual General Meeting in May also allowed for many in-person interactions with the company’s retail shareholder base. On our IR website, interested investors find in-depth information on topics such as the company’s performance, our share, and financial events.

Voting rights notifications published

All voting rights notifications received in 2023 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

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