Annual Report 2025

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Lamine Yamal in a red Spain adidas jersey posing in a stadium. (Photo)

27 » Non-Controlling Interests

This line item within equity comprises the non-controlling interests in subsidiaries that are not directly or indirectly attributable to adidas AG.

Non-controlling interests are assigned to one subsidiary.

Subsidiaries with non-controlling interests

Legal entity name

 

Principal place of business

 

Ownership interests held by non-controlling interests

 

 

 

 

Dec. 31, 2025

 

Dec. 31, 2024

Agron, Inc.

 

USA

 

100%

 

100%

The following table presents the main financial information of the subsidiary with non-controlling interests before elimination.

Financial information of the subsidiary with non-controlling interests € in millions

 

 

Non-controlling interests

 

 

Dec. 31, 2025

 

Dec. 31, 2024

 

 

Total

 

Total

Net sales

 

439

 

504

Net income

 

45

 

68

Net income attributable to non-controlling interests

 

45

 

68

 

 

 

 

 

Other comprehensive income

 

(45)

 

24

Total comprehensive income

 

(1)

 

92

Total comprehensive income attributable to non-controlling interests

 

(1)

 

92

 

 

 

 

 

Current assets

 

344

 

377

Non-current assets

 

95

 

109

Current liabilities

 

(67)

 

(90)

Non-current liabilities

 

(23)

 

(4)

Net assets

 

349

 

392

Net assets attributable to non-controlling interests according to the consolidated statement of financial position

 

349

 

392

 

 

 

 

 

Net cash generated from operating activities

 

47

 

129

Net cash used in investing activities

 

3

 

(34)

Net cash used in financing activities

 

(47)

 

(40)

Net increase of cash and cash equivalents

 

3

 

55

Dividends paid to non-controlling interests during the year1

 

42

 

40

1

Included in net cash used in financing activities.