Annual Report 2025

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Football player in a blue Japan adidas jersey smiling in a stadium. (Photo)

Basis for Preparation

BP-1 – General basis for preparation of the Sustainability Statement

This Sustainability Statement provides a comprehensive overview of the material sustainability matters of adidas in the 2025 financial year. It is part of our Annual Report, which is published as an online version and in .pdf format on our corporate website. The reporting period is the financial year from January 1 to December 31, 2025.

The Sustainability Statement has been audited with limited assurance by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (‘PwC’). It has been prepared for the adidas Group on a consolidated basis in accordance with the European Sustainability Reporting Standards (ESRS). It also fulfils the requirements for non-financial reporting obligations in accordance with §§ 289b ff. and 315b to 315c of the German Commercial Code (HGB) (combined non-financial statement).

The Sustainability Statement has been prepared on a consolidated basis and includes adidas AG and all its direct and indirect subsidiaries. An entity is considered a subsidiary if it is controlled by adidas AG. The scope of consolidation of the Sustainability Statement therefore follows the financial reporting scope. Further information on the scope of consolidation can be found here: see note 02

The Sustainability Statement generally covers the value chain to the following extent: upstream, downstream, and our own operations. It does not cover all possible value chain activities or actors, but does so only where material information is present. We have not yet achieved full transparency, especially in our multi-tiered upstream supply chain but also in the downstream supply chain. We are continuously working to increasing this transparency, however, and explain related updates in the topical standards. adidas has evaluated all ESRS standards and (sub-)sub-topics with a focus on its material impacts, risks and opportunities (IROs). The disclosures have been prepared in accordance with the guidance laid out in ESRS 1.

No information corresponding to intellectual property, know-how or the results of innovations has been omitted. The exemption from disclosure of impending developments or matters in the course of negotiations does not apply.

BP-2 – Disclosures in relation to specific circumstances

Time horizons

The general definition of the time horizons applied by adidas is in line with the ESRS definition in ESRS 1 section 6.4. The same time horizons are applied for the adidas risk management methodology:

  • Short-term: 1 year (equal to the reporting period of our financial statements)

  • Medium-term: 2-5 years

  • Long-term: ≥ 6 years

Changes in preparation or presentation of sustainability information

In section ESRS E5-4 ‘Resource inflows,’ the overview of materials used in adidas products and packaging has been newly created. In 2024, we presented two tables, with one covering the inflow of product material and the other covering packaging material. To ensure more clarity for the reader, we have combined both tables into one, and we have consolidated the different materials into the biological and technical categories. To allow for comparability, we structured the prior-year data in the same way. The total material inflow in tons corresponds to the figure published in the previous year. SEE ESRS E5-4 – Resource inflows

Measurement basis

The information on methodologies and, if applicable, calculation factors, estimations (including value chain estimations, sources, measurement and outcome uncertainties, planned actions to improve accuracy of metrics, approximations and judgments) and assumptions and limitations is listed in the topical standards with the relevant metrics along with references. The validation of the measurement of all disclosed metrics by an external body other than the assurance provider, if applicable, is outlined in the respective topical standards.

This Sustainability Statement contains forward-looking statements based on estimates that we have made using the information available to us at the time this Sustainability Statement was prepared. Such forward-looking statements are subject to uncertainties that are beyond the control of the company. In case the underlying assumptions turn out to be incorrect or the described risks or opportunities materialize, actual results and developments may deviate materially (negatively or positively) from those expressed in these statements.

Incorporation by reference

The ESRS disclosure requirements listed below are covered by references in the sections To our Shareholders and Group Management Report of this Annual Report:

  • ESRS 2 SBM-1 – Strategy, business model and value chain

  • ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model

  • ESRS 2 GOV-1 – The role of the administrative, management and supervisory bodies

The relevant sections and the references themselves are identified using links and footnotes.

Disclosure in relation to the German commercial code

This Sustainability Statement, which has been prepared in accordance with the ESRS, also meets the requirements for the non-financial (group) statement prepared in accordance with §§ 289b ff. and 315b to 315c of the German Commercial Code (HGB) and thus represents the combined non-financial statement for the adidas Group and adidas AG.

In order to fulfill our reporting obligations under commercial law, we declare the following

The full application of the European Sustainability Reporting Standards (ESRS) as a framework in accordance with §§ 315c (3) in conjunction with 289d HGB is based on the importance of the ESRS as reporting standards for sustainability reporting adopted by the European Commission.

As part of our double materiality assessment and our company-wide risk management system, we identify and assess risks and opportunities using a consistent methodology that includes, among others, likelihood of occurrence, time horizons, and impacts. This results in material risks arising from our own business activities as well as from business relationships, products, and services that could have a negative impact on non-financial aspects. SEE RISK AND OPPORTUNITY REPORT

Disclosures based on the EU Taxonomy regulation

In addition, with this Sustainability Statement, the adidas Group is meeting the requirements of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June on the establishment of a framework to facilitate sustainable investment and amending Regulation (EU) 2019/2088 (hereafter EU Taxonomy Regulation). SEE EU TAXONOMY

Additional information on the non-financial statement of adidas AG in accordance with § 289b HGB

In accordance with § 289b (2) HGB, adidas AG is making use of the option to refer to the adidas Group’s sustainability statement prepared in accordance with ESRS with regard to the content of its non-financial statement. As this contains all information relevant to stakeholders, no framework was applied for the non-financial statement of adidas AG. adidas AG is the parent company of the adidas Group and is responsible for all corporate decisions.