阿迪达斯(ADR) 2025年度报告

Targets – Results – Outlook Financial Highlights 2025 (IFRS) About this Report With the Annual Report 2025, adidas communicates financial and non-financial information in a combinedpublication. The report provides a comprehensive overview of the financial, environmental, and socialperformance of adidas in the 2025 financial year. We publish our Annual Report exclusively in a digital format. It is available as an Online Report and PDF.►REPORT.ADIDAS-GROUP.COM The reporting period is the financial year from January 1 to December 31, 2025. To enhance readability, wedo not include registered trademarks in this publication, and we refrain from highlighting roundingdifferences, which may arise in percentages and totals, where these occur. In addition, we endeavor to usegender-neutral language as far as possible, but on occasion we may use male pronouns to refer to bothgenders. The adidas Annual Report 2025 is available in English and German. The following symbols indicate important information: ►There is more information online or on a different page within the report. Term underlined: There is a detailed definition of this term in the glossary. Independent assurance The Consolidated Financial Statements prepared by adidas AG, including the Statement of FinancialPosition, Income Statement, Statement of Comprehensive Income, Statement of Changes in Equity,Statement of Cash Flows, and the Notes as well as the Group Management Report, have been audited byPricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (‘PwC’). ►SEECOPY OF THEAUDITOR´SREPORT In addition, this report contains a Sustainability Statement that has been prepared in accordance with theEuropean Sustainability Reporting Standards (‘ESRS’). It also fulfills the requirements for non-financialreporting obligations 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. TheSustainability Statement has been audited with limited assurance by PwC. It was not part of PwC’s engagement to review the Online Report or references to external sources such asour corporate website. ►SEESUSTAINABILITYSTATEMENT►SEE ASSURANCE REPORT OF THE INDEPENDENT GERMAN PUBLIC AUDITOR ON A LIMITED ASSURANCEENGAGEMENT IN RELATION TO THE GROUP SUSTAINABILITY STATEMENT►REPORT.ADIDAS-GROUP.COM Forward-looking statements Our Group Management Report contains forward-looking statements that reflect Management’s current viewwith respect to the future development of our company. The outlook is based on estimates that we havemade on the basis of all the information available to us at the time of completion of this Annual Report. Inaddition, such forward-looking statements are subject to uncertainties that are beyond the control of thecompany. In case the underlying assumptions turn out to be incorrect or the described risks oropportunities materialize, actual results and developments may materially deviate (negatively or positively) from those expressed within such statements. adidas does not assume any obligation to update anyforward-looking statements made in the Group Management Report beyond statutory disclosure obligations.►SEEOUTLOOK►SEERISKANDOPPORTUNITYREPORT Alternative performance measures adidas uses ‘Alternative Performance Measures’ (‘APM’) in its regulatory and mandatory publications thatmay represent so-called non-GAAP measures. An overview of these alternative performance measures canbe found on our website. ►ADIDAS-GROUP.COM/FINANCIAL-PUBLICATIONS TO OUR SHAREHOLDERS GROUP MANAGEMENT REPORT SUSTAINABILITY STATEMENT Interview with our CEO010Executive Board016Supervisory Board020Supervisory Board Report024Declaration on Corporate Governance034Our Share047 ESRS 2 – General Disclosures139ESRS E1 – Climate Change170ESRS E2 - Pollution189ESRS E3 – Water and Marine Resources198ESRS E4 – Biodiversity and Ecosystems205ESRS E5 – Resource Use andCircular Economy217EU Taxonomy232ESRS S1 ESRS – Own Workforce237ESRS S2 – Workers in the Value Chain265ESRS S3 – Affected Communities281ESRS S4 – Consumers and End Users287ESRS G1 – Business Conduct299 GROUP MANAGEMENT REPORT OUR COMPANY Roadmap to Success053Description of Business Model055Business Model Overview055Product and Marketing056Markets and Sales Channels064Sourcing and Supply Chain067People and Culture070 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statementof Financial Position309Consolidated Income Statement311Consolidated Statement ofComprehensive Income312Consolidated Statement of Changesin Equity313Consolidated Statement of Cash Flows314Notes315Notes to the Consolidated Statement ofFinancial Position335Notes to the Consolidated Income Statement385Additional Information392Shareholdings407Responsibility Statement410Copy of the Auditor's Report411Independent Auditor’s AssuranceReport – Group Sustainability Statement420 GROUP MANAGEMENT REPORT FINANCIAL REVIEW Internal Manag