Our Share

Global stock markets developed positively in 2024, ending the year well above prior-year levels. Market participants appreciated a fall in interest rates, lower levels of inflation, and overall solid corporate earnings. Sector performance was uneven, however, with consumer indices lagging. The adidas AG share strongly outperformed its peer group and the broader stock market, ending 2024 with an increase of 29% compared to the prior year. Off the back of three financial guidance upgrades and significantly better-than-expected results for 2024, adidas will propose a dividend of € 2.00 per share to its shareholders at the Annual General Meeting in May 2025.

adidas AG share member of major indices

The adidas AG share is part of a variety of major indices such as the DAX, the EURO STOXX 50 as well as the MSCI World Textiles, Apparel and Luxury Goods Index. As of December 31, 2024, our weighting in the DAX – the German benchmark index, was 3% (2023: 3%), and we ranked 13th on market capitalization (2023: 12th).

adidas AG share price increases and outperforms in 2024

In 2024, global stock markets were higher as investors reacted positively to moderating inflation rates and the resulting interest rate cuts introduced by several central banks. In addition, overall solid corporate earnings supported investor sentiment. At the same time, geopolitical tensions and political developments continued to cause volatility in financial markets throughout the year. Against this backdrop, the DAX gained 19% and the EURO STOXX 50 increased by 8%. In contrast, the MSCI World Textiles, Apparel and Luxury Goods Index decreased 11% in 2024, largely due to the luxury subsector facing lower consumer demand as well as some brands dealing with idiosyncratic issues. The adidas AG share strongly outperformed its peer group and the broader stock market, ending 2024 with a 29% increase compared to the prior year. This positive development reflects the three financial guidance upgrades during the year and significantly better-than-expected results for 2024.

Level 1 ADR with strong increase in 2024

Our Level 1 ADR closed 2024 at US $ 121.77, representing an increase of 20% versus the prior-year level (2023: US $ 101.65). The less pronounced increase of the Level 1 ADR price compared to the ordinary share price was due to the appreciation of the US dollar versus the euro in 2024. The number of Level 1 ADRs outstanding increased to 9.1 million at year-end 2024 compared to 8.5 million at the end of 2023. Further information on our ADR program can be found on our website. ADIDAS-GROUP.COM/ADR

Ten-year share price development¹

Dividend proposal of € 2.00 per share

The adidas AG Executive and Supervisory Boards will recommend paying a dividend of € 2.00 per dividend-entitled share to shareholders at the Annual General Meeting on May 15, 2025 (2024: € 0.70). The total payout of € 357 million (2024: € 125 million) reflects a payout ratio of 43% of net income from continuing operations. The proposal reflects the company’s significantly better-than-expected performance in 2024, its improved financial profile, and Management’s confident outlook for the future. This payout ratio is within the target range of between 30% and 50% of net income from continuing operations as defined in our Financial Policy. SEE OUTLOOK

Strong international investor base

Based on our share register, adidas AG currently has more than 136,000 shareholders (2023: more than 158,000). The reduction in the number of shareholders compared to the previous year was largely driven by a decrease in the number of retail investors. In our latest ownership analysis conducted in December 2024, we identified almost 100% of our shares outstanding. Institutional investors represent the largest investor group, holding 80% of shares outstanding (2023: 81%). Retail investors and undisclosed holdings account for 19% (2023: 19%). Lastly, adidas AG currently holds 1% of the company’s shares as treasury shares (2023: 1%).

Shareholder structure by investor group¹

In terms of geographical distribution, the North American market currently accounts for 41% of institutional shareholdings (2023: 34%), followed by the United Kingdom and Ireland with 18% (2023: 21%). Identified German investors hold 13% of institutional shareholdings (2023:14%) and institutional investors from other continental European countries account for 23% (2023: 27%), while 5% of institutional shareholders were identified in other regions of the world (2023: 4%).

Shareholder structure by region^1,2

Majority of analysts have a positive view on our share

Our share is actively covered by 31 analysts from investment banks and brokerage firms. As of December 31, 2024, 63% of analysts recommended investors to ‘buy’ our share (2023: 42%), 30% of analysts advised investors to ‘hold’ our share (2023: 44%), and 7% recommended to ‘sell’ our share (2023: 14%).

adidas AG high and low share prices per month¹ in €

Frequent and meaningful touchpoints with capital market participants

adidas strives to maintain a close dialogue with institutional and retail shareholders as well as financial analysts. We notify capital market participants of operational and financial developments of adidas in a timely and transparent manner. In addition, the adidas Management and Investor Relations team continually engage in conversations with existing and potential investors on a wide variety of topics, including financial results releases, operational progress and priorities, the current and future product pipeline, marketing initiatives, and our ongoing sustainability efforts. In 2024, Management and Investor Relations spent more than 50 days on roadshows and at conferences across the world. We also hosted more than 150 investors and analysts at our headquarters as well as in several of our regional hubs, enabling them to interact with senior leaders, experience the atmosphere on site, explore our product showrooms, and take a tour of our rich archives. The Investor Relations team also engaged with retail shareholders at several dedicated events in 2024. In addition, the physical Annual General Meeting in May also allowed for many in-person interactions with the company’s retail shareholder base. Investors can find in-depth information on our share, financial publications, and financial calendar on our corporate website. ADIDAS-GROUP.COM/EN/INVESTORS/OVERVIEW

Voting rights notifications published

All voting rights notifications received in 2024 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 corporate website. ADIDAS-GROUP.COM/S/MANAGERS-TRANSACTIONS