Outlook

In 2026, we expect macroeconomic challenges as well as geopolitical tensions to persist and uncertainty to remain elevated. At the same time, the strong structural growth of the global sporting goods industry continues to be very supportive for our business. By being a global brand with a local mindset and empowering our markets, as well as leveraging our strong product pipeline, we expect to gain further market share. As a result, we expect to increase adidas’ currency-neutral sales at a high-single-digit rate in 2026. With a focus on delivering high-quality growth and further investments in our business, we anticipate operating profit to increase to around € 2.3 billion in 2026.

Forward-looking statements

This Management Report contains forward-looking statements that reflect Management’s current view with respect to the future development of our company. The outlook is based on estimates that we have made on the basis of all the information available to us at the time of completion of this Annual Report. In addition, such forward-looking statements are subject to uncertainties which are beyond the control of the company. In case the underlying assumptions turn out to be incorrect or described risks or opportunities materialize, actual results and developments may materially deviate (negatively or positively) from those expressed by such statements. adidas does not assume any obligation to update any forward-looking statements made in this Management Report beyond statutory disclosure obligations. SEE RISK AND OPPORTUNITY REPORT

Global economic growth to moderate in 2026 amid elevated uncertainty¹

Global gross domestic product (GDP) growth is projected to soften to 2.6% in 2026. The outlook remains subject to considerable uncertainty and is impacted by the fading impact of front‑loaded trade activity, evolving geopolitical tensions, and the lingering effects of higher tariffs across major economies. While inflation continues to moderate globally, it remains persistent, leading central banks to maintain a cautious stance on monetary easing. In this environment of elevated economic uncertainty, consumer confidence is expected to remain subdued across many markets, including North America, Europe, and Greater China, as households continue to navigate cost pressures. Advanced economies are expected to grow at a pace of 1.6%, while developing economies are anticipated to expand by 4.0%. Significant downside risks persist, including intensified trade tensions, further geopolitical escalations, supply chain disruptions, commodity price volatility, reacceleration of inflation, and climate‑related events.

Sporting goods industry expected to maintain underlying momentum

The global sporting goods industry is expected to maintain its underlying momentum in 2026 and beyond. This development is driven by increasing sports participation rates and growing health and fitness awareness, ongoing popularity of athletic as well as sport-inspired products for everyday use, and growing demand for comfort propositions. Global excitement around the Winter Olympics and Paralympics as well as the FIFA World Cup 2026 is expected to boost category visibility, consumer engagement, and retail activity. At the same time, elevated uncertainty and macroeconomic challenges continue to impact the sporting goods industry, too. While inflation is moderating, real disposable incomes remain under pressure and consumer sentiment subdued in major markets. Geopolitical tensions, tariff‑related developments, and volatile commodity prices may pose additional headwinds. In this environment, companies' ability to adapt fast and locally to changing consumer preferences and economic conditions will continue to be crucial.

Currency-neutral sales to increase at a high-single-digit rate in 2026

We expect the company’s currency-neutral sales to increase at a high-single-digit rate in 2026. Further market share increases will be driven by our market empowerment with a clear focus on local consumer preferences combined with a strong product pipeline across product divisions and categories as well as much improved retailer relationships. In addition, impactful marketing initiatives will also add to our brand momentum and fuel sales growth.

Strong growth expected in all market segments

Our market shares are expected to increase in all market segments in 2026. We expect currency-neutral sales to grow at a low-double-digit rate in North America, Greater China, Emerging Markets, Latin America, and Japan/South Korea. Currency-neutral revenues in Europe are projected to increase at a mid-single-digit rate.

Operating profit to increase to around € 2.3 billion

We will continue to invest into marketing and sales activities to drive brand momentum and high-quality growth. These investments include global as well as local sports, activations around major events, support for product introductions, and initiatives to further strengthen retailer relationships. Despite anticipated headwinds from higher US tariffs and unfavorable currency developments, we expect profitability to further improve in 2026 and project operating profit to reach a level of around € 2.3 billion.

Average operating working capital of between 22% and 23%

In terms of working capital, our focus will remain on enabling top-line growth through good product availability and healthy inventory composition across our markets. In addition, we continue to support our retail and manufacturing partners. Consequently, we forecast average operating working capital as a percentage of sales to reach a level of between 22% and 23% in 2026.

Capital expenditure of around € 500 million

In addition to leveraging the company’s existing state-of-the-art infrastructure, we will continue to invest into our business. As a result, capital expenditure is expected to reach a level of around € 500 million in 2026.

Management proposes dividend payment of € 2.80 per share

The adidas AG Executive and Supervisory Boards will recommend paying a dividend of € 2.80 per dividend-entitled share to shareholders at the Annual General Meeting on May 7, 2026. This represents an increase of 40% compared to the prior year (2025: € 2.00). The proposal reflects the company’s better-than-expected performance in 2025, its strong financial profile, and Management’s confident outlook for the future. The dividend payout of € 500 million (2025: € 357 million) reflects a payout ratio of 36% of net income from continuing operations, within the target range as defined in our Financial Policy. Total cash returns to shareholders are expected to amount to up to € 1.5 billion in 2026 as the company, in addition to the dividend payout of € 500 million, plans to buy back shares worth up to € 1 billion this year. adidas intends to cancel the repurchased shares. SEE OUR SHARE

1 Source: World Bank Global Economic Prospects.