Our Share

In 2025, major equity indices ended the year above prior‑year levels, supported by steadier inflation and lower interest rates. However, volatility was elevated and sector performance diverged significantly, with consumer‑related sectors underperforming the broader market due to geopolitical and macroeconomic developments. Against this backdrop, the adidas AG share performed broadly in line with its sector peer group but lagged the broader stock market, notwithstanding the better-than-expected results for the year. Given the company’s strong financial and operational performance in 2025, adidas will propose a dividend of € 2.80 per share, up 40% compared to the prior year, at the Annual General Meeting in May. 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 AG share member of major indices

The adidas AG share is part of a variety of major indices such as the DAX 40, the EURO STOXX 50, as well as the MSCI World Textiles, Apparel and Luxury Goods Index. As of December 31, 2025, our weighting in the DAX 40 – the German benchmark index – was 2% (2024: 3%), and we ranked 18th on market capitalization (2024: 13th).

adidas AG share price development in 2025

In 2025, stock markets in aggregate advanced as inflation continued to stabilize and several central banks lowered interest rates, providing a supportive backdrop for financial markets in the second half of the year. The DAX 40 gained 23% and the EURO STOXX 50 18%, respectively. However, consumer‑related sectors faced continued headwinds throughout the year, reflecting elevated uncertainty regarding the direct and indirect effects of higher tariffs and implications of ongoing trade tensions. As a result, the MSCI World Textiles, Apparel and Luxury Goods Index was broadly flat and most sporting goods stocks declined significantly in 2025. The adidas AG share developed broadly in line with its sector peer group, ending 2025 with a 29% decrease compared to the prior year, despite an upgrade to the financial guidance in October 2025 and better-than-expected results for the year.

Our Level 1 ADR closed 2025 at US $ 98.85, representing a decrease of 19% versus the prior-year level (2024: US $ 121.77). The number of Level 1 ADRs outstanding amounted to 7.0 million at year-end 2025 compared to 9.1 million at the end of 2024. ADIDAS-GROUP.COM/ADR

Ten-year share price development¹

Dividend proposal and share buyback

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. adidas-group.com/agm adidas-group.com/sharebuyback

Strong international investor base

Based on our share register, adidas AG currently has more than 165,000 shareholders (2024: more than 136,000). The higher number of shareholders compared to the previous year was largely driven by an increase in the number of retail investors. In our latest ownership analysis conducted in December 2025, we identified almost 100% of our shares outstanding. Institutional investors represent the largest group, holding 79% of shares outstanding (2024: 80%). Retail investors and undisclosed holdings account for 20% (2024: 19%). adidas AG held 1% of the company’s shares as treasury shares as of December 31, 2025 (2024: 1%).

Shareholder structure by investor group¹

In terms of geographical distribution, the North American market currently accounts for 35% of institutional shareholdings (2024: 41%), followed by the United Kingdom and Ireland with 18% (2024: 18%). German investors represent 14% of institutional shareholdings (2024: 13%) and institutional investors from other continental European countries account for 27% (2024: 23%), while 5% of institutional shareholders were identified in other regions of the world (2024: 5%).

Shareholder structure by region^1,2

Majority of analysts have a positive view on our share

Our share is actively covered by 31 analysts from investment banks and brokerage firms. As of December 31, 2025, 81% of analysts recommended investors to ‘buy’ our share (2024: 63%), 19% of analysts advised investors to ‘hold’ our share (2024: 30%), and no analyst recommended to ‘sell’ our share (2024: 7%).

adidas AG high and low share prices per month¹ in €

Frequent and meaningful touchpoints with capital market participants

adidas maintains a close dialogue with institutional and retail shareholders as well as financial analysts. We notify capital market participants of operational and financial developments of adidas in a timely and transparent manner. In addition, adidas Management and the Investor Relations team continually engage in conversations with existing and potential investors on a wide variety of topics, including financial results releases, operational progress and priorities, the current and future product pipeline, marketing initiatives, and our ongoing sustainability efforts.

In 2025, Management and Investor Relations spent more than 50 days on roadshows and at conferences across the world. We also hosted more than 100 investors and analysts at our headquarters as well as in our regional hubs, enabling them to interact with senior leaders, experience the atmosphere on site, explore our product showrooms, and take a tour of our rich archives. The Investor Relations team also engaged with retail shareholders at several dedicated events in 2025. In addition, the physical Annual General Meeting in May also allowed for many in-person interactions with the company’s retail shareholder base. Investors can find in-depth information on our share, financial publications, and financial calendar on our corporate website. ADIDAS-GROUP.COM/INVESTORS

Voting rights notifications published

All voting rights notifications received in 2025 in accordance with §§ 33 et seq. of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) (§§ 21 et seq. German Securities Trading Act old version) are published on our corporate website. Information on reportable shareholdings that currently exceed or fall below a certain threshold can also be found in the Notes section of this Annual Report. ADIDAS-GROUP.COM/VOTING_RIGHTS_NOTIFICATIONS SEE NOTE 25

Managers’ transactions reported on corporate website

Managers’ transactions involving adidas AG shares (ISIN DE000A1EWWW0) or related financial instruments, as defined by Article 19 of the European Market Abuse Regulation (MAR), conducted by members of our Executive or Supervisory Boards, or by any person in close relationship with these persons, are reported on our corporate website. ADIDAS-GROUP.COM/MANAGERS-TRANSACTIONS