03 » Discontinued Operations

The position of discontinued operations includes the Reebok business, which was sold on February 28, 2022 with effect from March 1, 2022. The majority of the purchase price was paid at closing, with the remainder comprising deferred and contingent consideration. The fair value of earn-out components was determined using the discounted cash flow method, considering Monte Carlo Simulations.

The profit from discontinued operations for 2025 in the amount of € 8 million (2024: € 8 million) is fully attributable to the shareholders of adidas AG.

In the event the operations of the Reebok business achieve certain performance criteria during the period from March 1, 2022, to December 31, 2031, which are defined as earn-out components in the sale agreement, additional cash consideration of up to € 500 million will be due. At the time of the sale, the fair value of the consideration was determined to be € 247 million. It has been recognized as a financial asset at fair value through profit and loss.

In 2025, adidas received a second payment of € 100 million. At year-end 2025, the fair value of the up to a maximum of € 300 million earn-out components was measured at € 162 million.