Financials adidas AG

Equities

DE000A1EWWW0

Footwear

Market Closed - Xetra Other stock markets 14:11:59 2025-12-15 EST			After hours 15:55:32
166.95 ^EUR	0.00%		166.70	-0.15%

12-12	DAX Index Slips as German Inflation Stabilizes	MT
12-12	Lululemon's China Business Also Boosts Adidas and Puma	DP

Projected Income Statement: adidas AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	19,844	21,234	22,511	21,427	23,683	24,841	26,582	29,200
Change	-	7%	6.01%	-4.82%	10.53%	4.89%	7.01%	9.85%
EBITDA ¹	2,121	3,135	2,044	1,480	2,545	3,185	3,959	4,461
Change	-	47.81%	-34.8%	-27.59%	71.96%	25.14%	24.3%	12.69%
EBIT ¹	751	1,986	669	268	1,337	2,051	2,758	3,185
Change	-	164.45%	-66.31%	-59.94%	398.88%	53.43%	34.44%	15.5%
Interest Paid ¹	-175	-134	-137	-203	-216	-199.3	-155	-137.3
Earnings before Tax (EBT) ¹	575	1,852	388	65	1,121	1,853	2,607	3,014
Change	-	222.09%	-79.05%	-83.25%	1,624.62%	65.31%	40.66%	15.65%
Net income ¹	432	2,116	612	-75	764	1,351	1,931	2,289
Change	-	389.81%	-71.08%	-112.25%	1,118.67%	76.82%	42.95%	18.51%
Announcement Date	3/10/21	3/9/22	3/8/23	1/31/24	3/4/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	5,547	5,268	5,077	5,752	5,137	5,302	5,596	6,408	5,205	5,274	5,343	5,999	4,811	5,458	5,822	6,438	5,965	6,153	5,952	6,630	6,198	6,566	6,581	7,176	6,813
Change	-	-5.03%	-3.63%	13.3%	-10.69%	3.21%	5.55%	14.51%	-18.77%	1.33%	1.31%	12.28%	-19.8%	13.45%	6.67%	10.58%	-7.35%	3.15%	-3.27%	11.39%	-6.52%	5.94%	0.23%	9.05%	-5.06%
EBITDA ¹	521	982	822	930	455	804	609	942	-379	341	474	732	-67	609	625	908	395	892	824	1,012	544	939.8	948.7	1,136	671
Change	-	88.48%	-16.29%	13.14%	-51.08%	76.7%	-24.25%	54.68%	-140.23%	189.97%	39%	54.43%	-109.15%	1,008.96%	2.63%	45.28%	-56.5%	125.82%	-7.62%	22.82%	-46.24%	72.75%	0.95%	19.71%	-40.92%
EBIT ¹	225	704	543	672	67	437	392	564	-724	60	176	409	-377	336	346	598	57	610	546	736	238	691.3	714.6	875.4	344.6
Change	-	212.89%	-22.87%	23.76%	-90.03%	552.24%	-10.3%	43.88%	-228.37%	108.29%	193.33%	132.39%	-192.18%	189.12%	2.98%	72.83%	-90.47%	970.18%	-10.49%	34.8%	-67.66%	190.42%	3.37%	22.5%	-60.64%
Charge d'intérêts ¹	-66	-35	-33	-43	-22	-26	-91	-	-11	-41	-52	-84	-38	-91	-43	4	-85	-25	-58	-86	-30.7	-16.7	-23.7	-26.6	-18.7
Earnings before Tax (EBT) ¹	157	669	510	629	-	411	-	411	-	32	123	326	-415	245	304	601	-29	585	488	650	111	782	680	879	218
Change	-	326.11%	-23.77%	23.33%	-	-	-	-	-	-	284.38%	165.04%	-227.3%	159.04%	24.08%	97.7%	-104.83%	2,117.24%	-16.58%	33.2%	-82.92%	604.5%	-13.04%	29.26%	-75.2%
Net income ¹	150	558	397	960	201	482	294	347	-512	-39	84	259	-379	170	190	443	-39	428	369	461	200.7	540	496.6	565.4	319.4
Change	-	272%	-28.85%	141.81%	-79.06%	139.8%	-39%	18.03%	-247.55%	92.38%	315.38%	208.33%	-246.33%	144.85%	11.76%	133.16%	-108.8%	1,197.44%	-13.79%	24.93%	-56.46%	169.05%	-8.04%	13.85%	-43.51%
Announcement Date	3/10/21	5/7/21	8/5/21	11/10/21	3/9/22	5/6/22	8/4/22	11/9/22	3/8/23	5/5/23	7/24/23	11/8/23	1/31/24	4/17/24	7/16/24	10/15/24	3/4/25	4/23/25	7/30/25	10/21/25	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2023 S1	2023 S2	2024 S1
Net sales ¹	10,345	10,889	10,617	10,810	11,280
Change	-	5.26%	-2.5%	1.82%	4.35%
EBITDA	-	-	-	-	-
Change	-	-	-	-	-
EBIT ¹	1,248	738	236	32	682
Change	-	-40.87%	-68.02%	-86.44%	2,031.25%
Charge d'intérêts	-69	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-
Change	-	-	-	-	-
Net income	955	1,161	45	-120	-
Change	-	21.57%	-96.12%	-366.67%	-
Announcement Date	8/5/21	3/9/22	7/24/23	1/31/24	7/16/24

¹EUR in Million

Estimates

Forecast Balance Sheet: adidas AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,194	-1,333	2,675	1,548	3,132	3,652	2,718	2,137
Change	-	-211.64%	300.68%	-42.13%	102.33%	16.6%	-25.58%	-21.38%
Announcement Date	3/10/21	3/9/22	3/8/23	1/31/24	3/4/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: adidas AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	379	667	695	504	540	599.9	656.5	701.2
Change	-	75.99%	4.2%	-27.48%	7.14%	11.1%	9.43%	6.82%
Free Cash Flow (FCF) ¹	1,107	2,525	-1,238	2,126	2,370	1,482	2,319	2,666
Change	-	128.09%	-149.03%	271.73%	11.48%	-37.47%	56.45%	15.01%
Announcement Date	3/10/21	3/9/22	3/8/23	1/31/24	3/4/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: adidas AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	10.69%	14.76%	9.08%	6.91%	10.75%	12.82%	14.89%	15.28%
EBIT Margin (%)	3.78%	9.35%	2.97%	1.25%	5.65%	8.26%	10.37%	10.91%
EBT Margin (%)	2.9%	8.72%	1.72%	0.3%	4.73%	7.46%	9.81%	10.32%
Net margin (%)	2.18%	9.97%	2.72%	-0.35%	3.23%	5.44%	7.26%	7.84%
FCF margin (%)	5.58%	11.89%	-5.5%	9.92%	10.01%	5.97%	8.72%	9.13%
FCF / Net Income (%)	256.25%	119.33%	-202.29%	-2,834.67%	310.21%	109.7%	120.06%	116.51%
Profitability
ROA	2.07%	9.8%	2.88%	-0.39%	3.95%	6.48%	8.87%	9.57%
ROE	6.52%	30.29%	9.78%	-1.57%	15.19%	22.19%	27.21%	27.35%
Financial Health
Leverage (Debt/EBITDA)	0.56x	-	1.31x	1.05x	1.23x	1.15x	0.69x	0.48x
Debt / Free cash flow	1.08x	-	-2.16x	0.73x	1.32x	2.46x	1.17x	0.8x
Capital Intensity
CAPEX / Current Assets (%)	1.91%	3.14%	3.09%	2.35%	2.28%	2.41%	2.43%	2.4%
CAPEX / EBITDA (%)	17.87%	21.28%	34%	34.05%	21.22%	18.84%	16.58%	15.72%
CAPEX / FCF (%)	34.24%	26.42%	-56.14%	23.71%	22.78%	40.48%	28.31%	26.3%
Items per share
Cash flow per share ¹	7.614	16.44	-2.963	14.73	16.3	14.14	17.01	19.24
Change	-	115.89%	-118.02%	597.12%	10.64%	-13.22%	20.26%	13.15%
Dividend per Share ¹	3	3.3	0.7	0.7	2	2.836	4.141	4.985
Change	-	10%	-78.79%	0%	185.71%	41.78%	46.04%	20.37%
Book Value Per Share ¹	33.09	38.72	27.96	25.65	30.67	35.79	42.87	50.39
Change	-	17.03%	-27.81%	-8.24%	19.56%	16.71%	19.77%	17.54%
EPS ¹	2.21	10.9	3.34	-0.42	4.28	3.979	11.11	12.74
Change	-	393.21%	-69.36%	-112.57%	1,119.05%	-7.03%	179.22%	14.69%
Nbr of stocks (in thousands)	195,033	191,595	193,215	178,549	178,549	178,549	178,549	178,549
Announcement Date	3/10/21	3/9/22	3/8/23	1/31/24	3/4/25	-	-	-