16 » Borrowings and Credit Lines

Borrowings are denominated in a variety of currencies in which adidas conducts its business. The largest portion of effective gross borrowings (before liquidity swaps for cash management purposes) as at December 31, 2025, is denominated in euros (2025: 94%; 2024: 98%).

The weighted average interest rate on the Group’s gross borrowings increased to 3.1% in 2025 (2024: 2.5%).

As at December 31, 2025, adidas had cash credit lines and other long-term financing arrangements totaling € 6.0 billion 2024: € 6.0 billion); thereof unused credit lines accounted for € 3.3 billion (2024: € 3.6 billion). In addition, as at December 31, 2025, adidas had separate lines for the issuance of letters of credit and guarantees in an amount of approximately € 0.5 billion (2024: € 0.4 billion).

In November 2020, adidas entered into a new syndicated credit facility agreement with twelve banks totaling € 1.5 billion. The credit facility agreement was subsequently amended and restated in October 2021 and in November 2022 increasing the size to € 2.0 billion, covered by eleven partner banks, and extending the maturity until November 2027. In December 2023, adidas reduced the syndicated credit facility size to € 1.864 billion and the number of lending banks to ten partner banks. The syndicated credit facility can be drawn in euros and US dollars. The interest is based on a defined margin on a reference rate (‘€STR’ or ‘EURIBOR’ for euros).

The amounts reported as gross borrowings represent outstanding borrowings under the following arrangements with aggregated expiration dates as follows:

A Eurobond was issued in November 2025 to refinance an expiring Eurobond. As of December 2025 following bonds are outstanding:

Further details on future cash outflows are provided in these Notes. SEE NOTE 28