Annual Report 2025

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Results

Scott McTominay in a dark blue Scotland adidas jersey during a match. (Photo)

Targets – Results – Outlook

Targets – Results – Outlook

 

 

2025 Initial Targets1

 

2025 Updated Targets2

 

2025 Results

 

2026 Outlook

Currency-neutral net sales development

 

to increase at a
high-single-digit rate

 

to increase
by around 9%

 

10%

 

to increase at a high-single-digit rate

Operating profit

 

to increase to a level of between
€ 1.7 billion and € 1.8 billion

 

to increase to a level of
around € 2.0 billion

 

€ 2,056 million

 

to increase to a level of
around € 2.3 billion

Average operating working capital
in % of net sales

 

between 21% and 22%

 

between 21% and 22%

 

23.0%

 

between 22% and 23%

Capital expenditure

 

around € 600 million

 

around € 600 million

 

€ 477 million

 

around € 500 million

1

As published on March 5, 2025.

2

As published on October 21, 2025.

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