Financials adidas AG

Equities

DE000A1EWWW0

Footwear

Real-time Estimate Tradegate Other stock markets 05:40:53 2025-07-14 EDT			5-day change	1st Jan Change
207.15 ^EUR	-0.50%		-0.96%	-12.46%

05:05am	ADIDAS : Gets a Buy rating from Deutsche Bank	ZD
03:44am	FTSE 100 up but tariff woe hits European peers	AN

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	25,645	28,035	30,401
Change	-	7%	6.01%	-4.82%	10.53%	8.28%	9.32%	8.44%
EBITDA ¹	2,121	3,135	2,044	1,480	2,545	3,252	4,116	4,615
Change	-	47.81%	-34.8%	-27.59%	71.96%	27.77%	26.58%	12.12%
EBIT ¹	751	1,986	669	268	1,337	2,150	3,029	3,548
Change	-	164.45%	-66.31%	-59.94%	398.88%	60.78%	40.93%	17.12%
Interest Paid ¹	-175	-134	-137	-203	-216	-134.5	-137.9	-98.7
Earnings before Tax (EBT) ¹	575	1,852	388	65	1,121	1,928	2,885	3,171
Change	-	222.09%	-79.05%	-83.25%	1,624.62%	71.99%	49.64%	9.91%
Net income ¹	432	2,116	612	-75	764	1,329	1,937	2,549
Change	-	389.81%	-71.08%	-112.25%	1,118.67%	73.95%	45.78%	31.57%
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 Q2	2020 Q3	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	3,579	5,964	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	6,232	6,963	6,572	6,748	6,929	7,501	7,057
Change	-	66.64%	-6.99%	-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%	1.28%	11.72%	-5.61%	2.67%	2.69%	8.25%	-5.93%
EBITDA ¹	57	1,144	521	982	822	930	455	804	609	942	-379	341	474	732	-67	609	625	908	395	892	793.6	923.8	531.1	1,038	1,004	1,178	730.1
Change	-	1,907.02%	-54.46%	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%	-11.03%	16.41%	-42.51%	95.53%	-3.31%	17.36%	-38.04%
EBIT ¹	-333	794	225	704	543	672	67	437	392	564	-724	60	176	409	-377	336	346	598	57	610	528.3	646.2	217.4	446	706.4	870.7	412.4
Change	-	338.44%	-71.66%	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%	-13.39%	22.31%	-66.36%	105.19%	58.37%	23.26%	-52.64%
Charge d'intérêts ¹	-31	-38	-66	-35	-33	-43	-22	-26	-91	-	-11	-41	-52	-84	-38	-91	-43	4	-85	-25	-32.53	-25.55	-24.25	-	-	-	-
Earnings before Tax (EBT) ¹	-364	755	157	669	510	629	-	411	-	411	-	32	123	326	-415	245	304	601	-29	585	487.7	677	108	793	675	898	228
Change	-	307.42%	-79.21%	326.11%	-23.77%	23.33%	-	-	-	-	-	-	284.38%	165.04%	-227.3%	159.04%	24.08%	97.7%	-104.83%	2,117.24%	-16.64%	38.82%	-84.05%	634.26%	-14.88%	33.04%	-74.61%
Net income ¹	-295	546	150	558	397	960	201	482	294	347	-512	-39	84	259	-379	170	190	443	-39	428	356.4	438.7	159.9	551.1	499.4	574.5	330.2
Change	-	285.08%	-72.53%	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%	-16.73%	23.1%	-63.56%	244.73%	-9.38%	15.03%	-42.52%
Announcement Date	8/6/20	11/10/20	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	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2023 S1	2023 S2	2024 S1
Net sales ¹	11,512	10,345	10,889	10,617	10,810	11,280
Change	-	-10.14%	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	3/10/21	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	-1,053	2,157	-4,426
Change	-	-211.64%	300.68%	-42.13%	102.33%	-133.62%	304.84%	-305.19%
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	590	624.1	639.9
Change	-	75.99%	4.2%	-27.48%	7.14%	9.27%	5.78%	2.52%
Free Cash Flow (FCF) ¹	1,107	2,525	-1,238	2,126	2,370	1,706	2,303	2,888
Change	-	128.09%	-149.03%	271.73%	11.48%	-28.02%	34.99%	25.4%
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%	13.4%	15.62%	15.18%
EBIT Margin (%)	3.78%	9.35%	2.97%	1.25%	5.65%	7.99%	10%	10.88%
EBT Margin (%)	2.9%	8.72%	1.72%	0.3%	4.73%	7.3%	9.51%	11.37%
Net margin (%)	2.18%	9.97%	2.72%	-0.35%	3.23%	5.45%	7.5%	7.72%
FCF margin (%)	5.58%	11.89%	-5.5%	9.92%	10.01%	6.65%	8.21%	9.5%
FCF / Net Income (%)	256.25%	119.33%	-202.29%	-2,834.67%	310.21%	122.03%	109.46%	123.08%
Profitability
ROA	2.07%	9.8%	2.88%	-0.39%	3.95%	6.54%	8.97%	9.83%
ROE	6.52%	30.29%	9.78%	-1.57%	15.19%	22.42%	27.53%	27.94%
Financial Health
Leverage (Debt/EBITDA)	0.56x	-	1.31x	1.05x	1.23x	0.88x	0.52x	0.35x
Debt / Free cash flow	1.08x	-	-2.16x	0.73x	1.32x	1.99x	1.05x	0.56x
Capital Intensity
CAPEX / Current Assets (%)	1.91%	3.14%	3.09%	2.35%	2.28%	2.3%	2.23%	1.96%
CAPEX / EBITDA (%)	17.87%	21.28%	34%	34.05%	21.22%	18.15%	15.16%	12.89%
CAPEX / FCF (%)	34.24%	26.42%	-56.14%	23.71%	22.78%	34.59%	27.1%	20.6%
Items per share
Cash flow per share ¹	7.614	16.44	-2.963	14.73	16.3	15.57	18.52	20.85
Change	-	115.89%	-118.02%	597.12%	10.64%	-4.46%	18.96%	12.55%
Dividend per Share ¹	3	3.3	0.7	0.7	2	2.961	4.325	5.241
Change	-	10%	-78.79%	0%	185.71%	48.05%	46.07%	21.17%
Book Value Per Share ¹	33.09	38.72	27.96	25.65	30.67	36.56	43.9	52.09
Change	-	17.03%	-27.81%	-8.24%	19.56%	19.21%	20.08%	18.66%
EPS ¹	2.21	10.9	3.34	-0.42	4.28	7.473	10.91	13.22
Change	-	393.21%	-69.36%	-112.57%	1,119.05%	74.6%	46.05%	21.14%
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	-	-	-