Adidas AG HGB Einzelabschluss EN Aqs4pu

A NNUA L FIN A NCI A L
S TAT EMEN T S
OF ADIDAS AG
AS AT DECEMBER 31 2023
Content
Information on the combined Management Report 2
Balance Sheet 3
Income Statement 4
Notes 5
Supervisory Board and Executive Board (Appendix 1 to the Notes) 29
List of Shareholdings (Appendix 2 to the Notes) 35
Independent Auditors’ Report 38
Responsibility Statement 47
Supervisory Board Report 48
1
Combined Management Report
The Management Report of adidas AG has been combined with the Management Report of the adidas
Group in accordance with § 315 section 5 together with § 298 section 2 of the German Commercial Code
(Handelsgesetzbuch – HGB) and is published in the 2023 Annual Report of the adidas Group.
The Financial Statements and the combined Management Report for adidas AG and the adidas Group for
the 2023 financial year are filed with and published in the German Company Register.
The Financial Statements of adidas AG as well as the Annual Report for the 2023 financial year are also
available for download on the Internet at www.adidas-group.com/en/investors/financial-reports/.
2
Annual financial statements of adidas AG
Balance Sheet
€ thousand
Dec. 31, 2023 Dec. 31, 2022

ASSETS
FIXED ASSETS (1)

Intangible assets (2) 359,145 329,235
Tangible assets (2) 675,045 684,278
Financial assets (3) 4,426,801 4,407,451
5,460,991 5,420,964
CURRENT ASSETS
Inventories (4) 43,735 51,814
Receivables and other assets (5) 2,764,992 4,719,642
Securities (6) 670,690 0
Cash and cash equivalents (7) 188,868 194,671
3,668,285 4,966,127
PREPAID EXPENSES (8) 136,023 88,217
9,265,299 10,475,308
EQUITY AND LIABILITIES
EQUITY
Subscribed capital 1) (9) 180,000 180,000
Par value treasury shares (9) -1,451 -1,463
Capital reserves (9) 1,364,692 1,360,819
Revenue reserves (9) 500,611 504,041
Retained earnings (10) 410,978 723,270
2,454,830 2,766,667
UNTAXED RESERVE (11) 1,912 2,046
PROVISIONS/ACCRUALS (12) 812,775 833,188
LIABILITIES (13) 5,988,652 6,861,515
DEFERRED INCOME (14) 7,130 11,892

9,265,299 10,475,308
1) Contingent Capital 2022 at Dec. 31, 2023 in the amount of € 12,500 thousand (previous year € 12,500
thousand)
3
Annual financial statements of adidas AG
Income Statement
€ thousand
2023 2022
Sales (16) 4,509,828 4,813,807

Reduction (prior year increase) of finished and unfinished
-3,632 1,773
goods
Total output 4,506,196 4,815,580
Other operating income (17) 721,146 1,226,544

Cost of materials (18) -1,678,258 -1,878,382
Personnel expenses (19) -852,233 -726,321
Amortization and write-downs of intangible fixed assets and
(20) -139,350 -139,606
depreciation and write-downs of tangible fixed assets
Other operating expenses (21) -2,800,913 -3,414,371
Loss/Income from operations -243,412 -116,556
Income from investments in related companies (22) 89,741 2,491,398

Profit received under a profit and loss transfer agreement (23) 18,880 130,795
Impairments to financial assets -8,563 -328,426
Interest result (24) 3,284 -57,194
Taxes on income (25) -48,313 -62,911
Loss/Income after taxes -188,383 2,057,106
Other taxes -475 -477

NET LOSS/INCOME -188,858 2,056,629
Retained earnings brought forward 598,294 724,433

Transfer to revenue reserves 0 -500,000
Transfer to capital reserves 0 -12,100
Utilization for share buyback/issuance of own shares 1,542 -1,545,692
RETAINED EARNINGS 410,978 723,270
4
Notes to the annual financial statements of adidas AG for the year ended
December 31, 2023
adidas AG is domiciled in 91074 Herzogenaurach, Adi-Dassler-Str. 1, and is registered in the commercial

register of the Local Court of Fürth, under HRB 3868.
In the interest of providing a clearer overall picture, certain items in the balance sheet and income
statement have been combined as permitted pursuant to § 265 (7) German Commercial Code
(Handelsgesetzbuch – HGB) and have been disclosed and explained separately under the numerical text
reference indicated below. The names and domiciles of other companies of which adidas AG holds, either
directly or indirectly, investments according to § 271 (1) HGB and the disclosures related to these
companies can be found in the shareholdings list in Appendix 2 to these notes.
Due to rounding principles, numbers presented may not sum up exactly to totals provided.
The financial statements have been prepared in accordance with the regulations of the German
Commercial Code (Handelsgesetzbuch - HGB) and the German Stock Corporation Act (Aktiengesetz -
AktG) in €. The income statement has been prepared in accordance with the total cost accounting method.
The combined management report pursuant to § 315 (5) HGB in conjunction with § 298 (2) HGB is
published in the 2023 Annual Report.
5
Accounting policies
If only a calendar year is mentioned, this stands for the accounting period January 1, to December 31, of
the respective year.
Intangible and tangible fixed assets are recognized at (acquisition or production) cost. All recognizable
direct and overhead costs are included in production costs. Also internally-generated intangible assets are
capitalized. These result in a restriction on the distribution of reserves in the amount of € 50,299 thousand
in accordance with §268 (8) HGB. Items with a finite useful economic life are subject to straight-line
depreciation over their expected useful lives. Capitalization of borrowing costs does not take place.
The estimated useful life is 50 years maximum for business premises and 2 to 23 years for technical
equipment and machinery, other equipment, operating and office equipment and for software 3 to 10
years.
Low-value assets worth less than € 800 are written down to a zero net book value in the year of their
acquisition.
Impairments to the lower fair-value are recognized, if the decrease in value is deemed to be permanent.
Financial assets are recognized at acquisition cost. An impairment is recognized, if the fair value is below
the book value. The fair value is calculated using the discounted cash flow method based on the principles
of IDW S 1. The enterprise value is derived from the present values of future cash flows discounted with an
appropriate discount rate. Financial receivables towards the respective group companies are implicitly
tested for impairment in the valuation model. If a financial asset needs to be impaired, the shares in
affiliated companies are impaired before the financial receivables towards the respective group entity. If
the reasons for the impairment cease to apply, the impairment is reversed, but only up to the value of the
historical acquisition cost.
Inventories are measured at the lower of cost (acquisition or production cost) or market value. Production
costs comprise direct costs that must be capitalized and appropriate portions of overhead costs.
Allowances are taken for discernible fashion and technical risks, age structure, and marketability.
Capitalization of borrowing costs does not take place. If the reason for the write-down no longer applies,
the write-down is reversed in accordance with § 253 (5) sentence 1 HGB to no higher than the historical
cost of the inventories.
Receivables and other assets are generally recognized at nominal values. Individual adjustments and
general allowances for doubtful accounts are taken to cover discernible risks.
Derivative financial transactions entered into with banks by Group Treasury (primarily forward currency
and currency option transactions as well as equity instruments) are generally related to underlying
transactions with Group companies. Hedge accounting is applied if there is a direct hedging relationship
between these transactions. The net hedge presentation method is applied. The fair values of the hedges
and hedged risk within a hedge portfolio are matched and offsetting changes in value from the hedge and
the hedged risk are not recognized. Unrealized losses are recognized in profit or loss only if they are not
covered by unrealized gains in the hedge accounting. Financial transactions that are not recognized using
hedge accounting are measured individually at fair value. Any resulting losses are recognized in the profit
or loss. Prospectively, due to the common material assessment features of the transactions, the hedging
relationship can be assumed to be highly effective. Retrospectively, the effectiveness is proven by means
of the hypothetical derivative method. The dollar-offset method is used for calculation of the amount of
ineffectiveness.
6
Securities within current assets are measured at acquisition cost or fair value if lower as at the reporting
date.
Cash-in-hand and bank balances are recognized at nominal value.
Prepaid expenses are recognized at nominal value.
Deferred taxes are determined for temporary differences between the carrying amounts and tax bases for
assets, liabilities, prepaid expenses and deferred income. Deferred taxes are calculated based on the
combined income tax rate of adidas AG, which is currently 27.37%. The combined income tax rate
comprises corporate income tax, solidarity surcharge and municipal trade tax.
A net tax burden would be recognized on the balance sheet as a deferred tax liability. There is an option to
recognize a deferred tax asset granted under § 274 (1) sentence 2 HGB in the event of a tax benefit but
this option is not exercised. In the fiscal year, the Company had a net deferred tax asset, which it did not
recognize on its balance sheet.
Subscribed capital is recognized at the nominal amount.
The Company exercised its option to maintain the special tax-allowable reserve as permitted upon the
first-time adoption of the German Accounting Law Modernization Act
(Bilanzrechtsmodernisierungsgesetz, “BilMoG”). Accounting policies relating to this reserve and its
reversal remain the same as previously.
Pension obligations are calculated on the basis of actuarial biometric assumptions (Heubeck mortality
tables RT 2018 G) in accordance with the projected unit credit (PUC) method. The defined benefit obligation
(DBO) recognized under the PUC method is defined as the actuarial present value of the pension
obligations earned by the employees by the balance sheet date according to the retirement benefit formula
and the vested pension amount based on their service in the past. Expected future pension benefit
increases are factored in using a 1.0% respectively 2.2% p.a. (prior year 1.0% respectively 2.2%) growth
rate in benefits. Fluctuation is assumed – as in the prior year - to range between 5% and 20%, depending
on age. The rate used to discount the pension obligations in accordance with § 253 (2) sentence 2 HGB
amounts to 1.83% as at December 31, 2023 (prior year: 1.79%); this rate is the average market interest
rate for the past ten fiscal years for an assumed term of 15 years. In accordance with § 253 (6) sentence 2
HGB, the difference between the application of the average market interest rate for the past seven fiscal
years 1.75% (prior year: 1.45%) and the application of the average market interest rate for the past ten
fiscal years 1.83% (prior year: 1.79%) is subject to a restriction on distribution. Forecasted values have
been used since they only differ by 0.01% from the actual interest rate and the resulting impact is minimal.
The plan assets created in 2014 through the funding of the pension trust association were measured at fair
value, in accordance with § 255 (4) HGB using amongst others an official recognized method for real
estate valuation, and offset against the pension obligations.
The other provisions cover all discernible risks and uncertain obligations and are recognized at the
settlement amount dictated by prudent business judgment in order to cover future payment obligations.
Future price and cost increases are factored in, to the extent that there is sufficient objective evidence that
they will occur. Provisions with terms in excess of one year are discounted in accordance with § 253 (2)
sentence 1 HGB at the average market interest rate for their respective maturity over the past seven
years, as published by the German Federal Bank (Deutsche Bundesbank). Provisions with terms of less
than one year are not discounted. The effect from the annual adjustment of the discount rate applied to the
provisions in accordance with § 253 (2) HGB is recognized immediately in the income statement.
7
Net income from the discounting of retirement pension obligations is shown in the income statement as
part of the financial result under the item “other interest and similar income” and net expenses under the
item “interest and similar expenses”.
The provision for early retirement is recognized at the settlement amount.
Liabilities are recognized at their settlement amount.
Revenues are recognized once the risk of loss or damage of the goods has been transferred to the
purchaser.
Licensing revenues are recognized in accordance with the underlying contractual agreements. Rights and
revenues generally arise whenever the licensee generates sales revenue with adidas products.
Assets and liabilities denominated in a foreign currency are recorded at the mean spot rate as at the
respective transaction date. Currency translation losses arising as at the balance sheet date due to the
measurement of foreign-denominated assets and liabilities are reported in the income statement.
Currency translation gains from the measurement of current assets and liabilities falling due within less
than one year are recorded in the income statement in accordance with § 256a HGB. Currency translation
gains are reported under “other operating income” and currency translation losses are reported under
“other operating expenses”.
Income from long-term equity investments is generally recognized during the period in which a claim to
such income arises and it can be reasonably expected that the amounts due will be collected.
Profits resulting from a profit transfer agreement are recognized if the amounts to be transferred or
absorbed can be determined with reasonable certainty, even if the annual financial statements of the
subsidiary have not yet been adopted.
8
01 Fixed Assets
Development of fixed assets in the 2023 fiscal year
Acquisition and production costs
Amounts in € thousand Jan. 1, 2023 Additions Disposals Reclassifications Dec. 31, 2023
I. Intangible assets
1. Internally generated intangible assets 18,564 20,048 -534 4,583 42,661
2. Internally generated software under construction 7,435 11,614 0 -4,583 14,466
Purchased concessions, trademarks and similar rights

3. 977,672 41,261 -23,636 5,286 1,000,583
and licences to such rights
4. Prepayments and assets under construction 80,432 58,871 0 -5,286 134,017

1,084,103 131,794 -24,170 0 1,191,727
II. Tangible assets
1. Land, land rights and buildings 825,328 5,910 -102 3,006 834,142
2. Technical equipment and machinery 83,797 2,958 -2,950 1,316 85,121
3. Other equipment, operating and office equipment 300,306 12,367 -5,389 702 307,986
4. Prepayments and assets under construction 14,093 16,965 -549 -5,024 25,485
1,223,524 38,200 -8,990 0 1,252,734
III. Financial assets
1. Shares in affiliated companies 4,525,048 7,258 -28 0 4,532,278
2. Loans to affiliated companies 93,160 92,270 -78,160 0 107,270
3. Equity investments 78,841 0 0 0 78,841
4. Loans to non-affiliated companies 200 0 -200 0 0
5. Investment security 82,958 19,251 -12,478 0 89,731

4,780,207 118,779 -90,866 0 4,808,120
Fixed Assets 7,087,834 288,773 -124,026 0 7,252,581
9
Accumulated depreciation Net book values
Jan. 1, 2023 Additions Disposals Dec. 31, 2023 Dec. 31, 2023 Dec. 31, 2022
1,229 5,964 -365 6,828 35,833 17,335
0 0 0 0 14,466 7,435
753,639 88,306 -16,191 825,754 174,829 224,033
0 0 0 0 134,017 80,432
754,868 94,270 -16,556 832,582 359,145 329,235
244,810 25,548 -11 270,347 563,795 580,518
55,986 3,624 -1,704 57,906 27,215 27,811
238,450 15,908 -4,922 249,436 58,550 61,856
0 0 0 0 25,485 14,093
539,246 45,080 -6,637 577,689 675,045 684,278
372,756 8,563 0 381,319 4,150,959 4,152,292
0 0 0 0 107,270 93,160
0 0 0 0 78,841 78,841
0 0 0 0 0 200
0 0 0 0 89,731 82,958
372,756 8,563 0 381,319 4,426,801 4,407,451
1,666,870 147,913 -23,193 1,791,590 5,460,991 5,420,964
10
02 Intangible fixed assets and tangible fixed assets
The significant additions primarily relate to software in an amount of € 41,261 thousand and advance
payments and assets under construction in an amount of € 58,871 thousand for intangible assets. In 2023
internally generated software in an amount of € 20,048 thousand had been capitalized as well as an
amount of € 11,614 thousand for internally generated software under construction. The IT development
costs in total amount to € 54,089 thousand and thereof € 31,662 thousand had been capitalized for
internally generated software – internal research costs thereof did not occur.
03 Financial assets
The increase in long-term financial assets primarily relates to higher loans to affiliated companies. At the
closing date accumulated depreciation of € 381,319 thousand exists. The recoverability of investments in
affiliated companies is checked using an impairment test. Included in the financial assets is an investment
of 8.33% in FC Bayern München AG (previous year 8.33%).
04 Inventories
Inventories € thousand
Dec. 31, 2023 Dec. 31, 2022

Raw materials, consumables and supplies 5,585 7,060
Work in progress 58 161
Finished goods and merchandise 38,092 44,593
Inventories 43,735 51,814
Inventories relate to raw materials, consumables and supplies for production purposes, work in progress
in the production process and merchandise mostly in connection with central distribution as well as the
company’s own retail business. The decrease compared to prior year levels was mainly driven by Yeezy
sales.
05 Receivables and other assets

Receivables and other assets € thousand
Dec. 31, 2023 Dec. 31, 2022

Trade accounts receivable 56,720 116,853
of which with a residual maturity of more than one year 0 0
Receivables from affiliated companies 2,639,694 4,442,063
Other assets 68,578 160,726
Receivables and other assets 2,764,992 4,719,642
11
The decrease in receivables from affiliated companies primarily relates to receivables in connection with
Group Treasury activities. Group Treasury uses a netting process to balance out any liquidity surpluses or
deficits in subsidiaries through adidas AG and settle payments between subsidiaries. The recoverability of
these receivables is checked as part of the impairment test concerning the shares in affiliated companies.
At the balance sheet date there are accumulated impairments of € 35,584 thousand concerning
receivables from affiliated companies. Receivables from affiliated companies include € 332,996 thousand
in trade receivables.
Other assets essentially include a contribution in cash for a short-time share-based swap and capitalized
option premiums.
06 Current Securities
Securities € thousand
Dec. 31, 2023 Dec. 31, 2022

Money market funds 670,690 0
Securities 670,690 0
Securities comprise short-term financial investments.
07 Cash-in-hand and bank balances

Cash-in-hand and bank balances € thousand
Dec. 31, 2023 Dec. 31, 2022

Cash-in-hand and bank balances 188,868 194,671
08 Prepaid expenses
Prepaid expenses € thousand
Dec. 31, 2023 Dec. 31,2022

Advertising and promotion agreements 27,527 5,082
Other 108,496 83,135
Prepaid expenses 136,023 88,217
Other prepaid expenses comprise mainly advance payments for marketing, maintenance and licensing
expenses.
09 Shareholders’ equity
The table below provides an overview of the changes in equity:
12
Changes in equity € thousand
Issuance of
treasury
shares /
Repurchase Conversion / Net loss
Jan. 1, of adidas AG Employee Allocation Cancellation for the Dec. 31,
2023 shares shares to reserves of shares Dividend year 2023
Subscribed capital 180,000 0 0 0 0 0 0 180,000
Par value treasury shares -1,463 0 12 0 0 0 0 -1,451
Capital reserves 1,360,819 0 3,873 0 0 0 0 1,364,692
Revenue reserves*) 504,041 0 -3,430 0 0 0 0 500,611
Retained earnings 723,270 0 1,542 0 0 -124,976 -188,858 410,978
Equity 2,766,667 0 1,997 0 0 -124,976 -188,858 2,454,830
*) Includes legal reserves of € 4,036 thousand
As at December 31, 2023 there are 178,549,084 shares entitled to a dividend.
Shareholders’ equity
As at December 31, 2023, the nominal capital of adidas AG amounted to € 180,000,000 divided into
180,000,000 registered no-par-value shares and was fully paid in.
Each share grants one vote and is entitled to dividends starting from the commencement of the year in
which it was issued. Treasury shares held directly or indirectly are not entitled to dividend payment in
accordance with § 71b German Stock Corporation Act (Aktiengesetz – AktG). As at the balance sheet date,
adidas AG held 1,450,916 treasury shares, corresponding to a notional amount of € 1,450,916 in the
nominal capital and consequently to 0.81% of the nominal capital.
Authorized capital 2021/I and 2021/II

The Executive Board of adidas AG did not utilize the existing amount of authorized capital of up to
€ 70 million in the reporting period.
The authorized capital of adidas AG, which is set out in § 4 sections 2 and 3 of the Articles of Association as
at the balance sheet date, entitles the Executive Board, subject to Supervisory Board approval, to increase
the nominal capital based on the following authorizations:
Based on the authorization granted by resolution of the Annual General Meeting of May 12, 2021, until
August 6, 2026,
─ by issuing new shares against contributions in cash once or several times by no more than
€ 50,000,000 altogether and, subject to Supervisory Board approval, to exclude residual amounts from
shareholders’ subscription rights (Authorized Capital 2021/I);
Based on the authorization granted by resolution of the Annual General Meeting of May 12, 2021, until
August 6, 2026,
─ by issuing new shares against contributions in kind and/or cash once or several times by no more than
€ 20,000,000 altogether (Authorized Capital 2021/II), and, subject to Supervisory Board approval, to
exclude residual amounts from shareholders’ subscription rights, to wholly or partly exclude
shareholders’ subscription rights when issuing shares against contributions in kind and to exclude
13
shareholders’ subscription rights when issuing shares against contributions in cash if the new shares
against contributions in cash are issued at a price not significantly below the stock market price of the
company’s shares already quoted on the stock exchange at the point in time when the issue price is
ultimately determined, which should be as close as possible to the placement of the shares; this
exclusion of subscription rights can also be associated with the listing of the company’s shares on a
foreign stock exchange.
The authorization to exclude subscription rights under this authorization, however, may only be used to
the extent that the pro-rata amount of the new shares in the nominal capital together with the pro-rata
amount in the nominal capital of other shares that have been issued by the company since
May 12, 2021, subject to the exclusion of subscription rights, on the basis of an authorized capital or
following a repurchase or for which subscription or conversion rights or subscription or conversion
obligations have been granted through the issuance of convertible bonds and/or bonds with warrants
while excluding subscription rights, does not exceed 10% of the nominal capital existing on the date of
the entry of this authorization with the commercial register or – if this amount is lower – on the
respective date on which the resolution on the utilization of the authorization is adopted. The previous
sentence does not apply to the exclusion of subscription rights for residual amounts. The Authorized
Capital 2021/II must not be used to issue shares within the scope of compensation or participation
programs for Executive Board members or employees or for members of the management bodies or
employees of affiliated companies.
Contingent capital 2022

The following overview of the contingent capital is based on § 4 section 4 of the Articles of Association of
adidas AG as well as on the underlying resolution of the Annual General Meeting held on May 12, 2022.
The nominal capital is conditionally increased by up to € 12.5 million divided into not more than 12,500,000
no-par-value shares (Contingent Capital 2022). The contingent capital increase serves the issuance of
no-par-value shares when exercising option or conversion rights or fulfilling the respective option and/or
conversion obligations or when exercising the company’s right to choose to partially or in total deliver
registered no-par-value shares of the company instead of paying the due amount to the holders or
creditors of bonds issued by the company or a subordinated group company up to May 11, 2027, on the
basis of the authorization resolution adopted by the Annual General Meeting on May 12, 2022. The new
shares will be issued at the respective option or conversion price to be established in accordance with the
aforementioned authorization resolution. The contingent capital increase will be implemented only if
bonds are issued in accordance with the authorization resolution adopted by the Annual General Meeting
on May 12, 2022, (Agenda Item 7) and only to the extent that option or conversion rights are exercised or
the holders or creditors of bonds obligated to exercise the option or conversion obligation fulfill their
obligations to exercise the warrant or convert the bond, or to the extent that the company exercises its
rights to choose to deliver no-par-value shares in the company for the total amount or a partial amount
instead of payment of the amount due and insofar as no cash settlement, treasury shares or shares of
another public-listed company are used to service these rights. The new shares carry dividend rights from
the commencement of the financial year in which the shares are issued. In the event that, at the time of
issuance of the new shares, no resolution on the appropriation of retained earnings for the financial year
directly preceding the year in which the shares are issued has been passed, the Executive Board is
authorized, to the extent legally permissible, to determine that the new shares will carry dividend rights
from the commencement of the financial year directly preceding the year in which the shares are issued.
Furthermore, the Executive Board is authorized to stipulate additional details concerning the
implementation of the contingent capital increase.
The Executive Board is authorized, subject to Supervisory Board approval, to exclude shareholders’
subscription rights to the bonds insofar as this is necessary for residual amounts and also insofar as and
14
to the extent that this is necessary for granting subscription rights to holders or creditors of bonds already
issued before, which they would be entitled to as shareholders upon exercising their option or conversion
rights or upon fulfilling their option and/or conversion obligations or upon exercising a right to delivery of
shares referring to shares of the company. Finally, the Executive Board is authorized, subject to
Supervisory Board approval, to also exclude shareholders’ subscription rights insofar as the bonds are
issued against contributions in cash and after the Executive Board has concluded, following an
examination in accordance with its legal duties, that the issue price of the bonds is not significantly below
the hypothetical market value computed using recognized, in particular, financial calculation methods and
the number of shares issued does not exceed 10% of the nominal capital, neither at the point of becoming
effective nor – in case this amount is lower – at the point of exercising the aforementioned authorization.
Shares which are issued or sold in accordance with § 186 section 3 sentence 4 AktG during the term of this
authorization until its utilization shall be attributed to the aforementioned limit of 10%. Furthermore,
shares that are to be issued or granted during the term of this authorization on the basis of a bond issued
with the exclusion of subscription rights in accordance with this provision utilizing another authorization
shall be attributed to the aforementioned limit of 10%. The total number of shares that are issued under
bonds based on this authorization with the exclusion of subscription rights and shares that are issued from
an authorized capital with the exclusion of subscription rights during the term of the authorization may not
exceed 10% of the nominal capital on the date of the entry of this authorization with the Commercial
Register.
In the period up until the balance sheet date, the Executive Board of adidas AG did not issue any bonds
based on the authorization granted on May 12, 2022, and consequently did not issue any shares from the
Contingent Capital 2022.
Repurchase and use of treasury shares

The Annual General Meeting on May 11, 2023, granted the Executive Board an authorization to repurchase
adidas AG shares up to an amount totaling 10% of the nominal capital until May 10, 2028. The authorization
may be used by adidas AG but also by its subordinated Group companies or by third parties on account of
adidas AG or its subordinated Group companies or third parties assigned by adidas AG or one of its
subordinated Group companies. The Executive Board of adidas AG did not make use of this authorization in
the reporting period.
In the 2023 financial year, adidas AG transferred 11,886 treasury shares to the Chief Executive Officer
Bjørn Gulden as reimbursement for the variable compensation forfeited at his former employer. Based on
the share price at the time, the 11,886 treasury shares transferred had a value of € 2,040,826
corresponding to a notional amount of € 11,886 in the nominal capital and consequently to approx. 0.01%
of the nominal capital.
Therefore, taking into account the 1,462,802 shares held by adidas AG as at December 31, 2022, and the
11,886 shares transferred to the Chief Executive Officer, this results in 1,450,916 treasury shares held as
at the balance sheet date.
Changes in the percentage of voting rights

Pursuant to § 160 section 1 no. 8 AktG, information must be provided on the existence of shareholdings
that have been notified to adidas AG in accordance with § 33 section 1 or section 2 German Securities
Trading Act (Wertpapierhandelsgesetz – WpHG).
The table ‘Notified reportable shareholdings’ reflects reportable shareholdings in adidas AG as at the
balance sheet date that have each been notified to adidas AG. In each case, the details relate to the most
recent voting rights notification received by adidas AG from the parties obligated to notify. All voting rights
notifications disclosed by adidas AG in the year under review are available on the corporate website.
15
Notified reportable shareholdings
Total of voting rights
Date of reaching, Notification obligations and Voting rights attached to shares
exceeding or Reporting attributions in accordance attached to Instruments and instruments
Notifying party falling below threshold with WpHG shares (in %) (in %) (in %)
The Goldman Sachs Group,
December 12, 2023 5% §§ 34, 38 par. 1 no. 1, 2 0.18 4.77 4.95
Inc., Wilmington, DE, USA
BlackRock, Inc., New York, §§ 34, 38 par. 1 no. 1,
October 11, 2023 5% 5.33 0.29 5.62
New York, USA1 2
Ministry of Finance on
§§ 34, 38 par. 1 no. 1,
behalf of the State of October 10, 2023 3% 3.02 0.21 3.23
2
Norway, Oslo, Norway
Ségolène Gallienne-Frère1 August 9, 2023 5% § 34 7.62 – 7.62
Gérald Frère1 March 15, 2023 5% §§ 34, 38 par. 1 no. 1 7.62 0.24 7.86
The Capital Group
Companies, March 2, 2023 5% § 34 5.03 – 5.03
Inc., Los Angeles, USA
Flossbach von Storch AG,
February 10, 2023 3% §§ 34, 38 par. 1 no. 2 3.57 0.05 3.61
Cologne, Germany
Elian Corporate Trustee
(Cayman) Limited, Camana
September 16, 2022 5% §§ 34, 38 par. 1 no. 2 3.12 3.33 6.46
Bay, Grand Cayman,
Cayman Islands1
The Desmarais Family
Residuary Trust, Montreal, November 30, 2020 5% § 34 6.89 – 6.89
Canada1
1 Voluntary group notification due to threshold crossing on the subsidiary level.
The details on the percentage of shareholdings and voting rights may no longer be up to date.
Capital reserve
The capital reserve primarily comprises the paid premium for the issuance of share capital as well as the
equity component of the issued convertible bond.
Revenue reserves
The revenue reserves comprise both amounts which are required by law (€ 4.036 thousand) and voluntary
amounts that have been set aside by the company (other revenue reserves € 496,575 thousand). The
reserves include the accumulated profits less dividends paid. In addition, the item includes the effects of
the employee stock purchase plan.
10 RETAINED EARNINGS
Retained earnings € thousand
Retained earnings as of December 31, 2022 723,270

Distribution of a dividend of € 0.70 per ordinary share in the share capital for the 2022 fiscal year
-124,976
(178,537,198 shares)
Retained earnings brought forward 598,294
Net loss of adidas AG for the 2023 fiscal year -188,858
Transfer to other revenue reserves 0
Transfer to capital reserves 0
Utilization for repurchasing/issuance of own shares 1,542
Retained earnings as of December 31, 2023 410,978
16
11 Special reserve
The special reserve established in 2003 in accordance with § 273 HGB (old version) and Section 35
Income Tax Regulations (Einkommensteuerrichtlinien, “EStR”) for write-downs relating to the
construction of the factory outlet was reduced as scheduled during the year under review by € 135
thousand.
12 Provisions/accruals
Provisions/accruals € thousand
Dec. 31, 2023 Dec. 31, 2022

Provisions for pensions and similar obligations 199,548 216,855
Provisions for taxes 74,100 79,821
Other provisions/accruals 539,127 536,512
Provisions/accruals 812,775 833,188
Within the provisions for pensions and similar obligations, plan assets were offset against obligations in
accordance with § 246 (2) sentence 2 HGB. This related to plan assets of the pension trust association
“adidas Pension Trust e.V.”. The settlement amount of the pension obligations totaled € 567,780 thousand
as at December 31, 2023 (prior year: € 548,604 thousand). The plan assets were measured at fair value in
accordance with § 255 (4) HGB. As at the balance sheet date, the fair value of the netted assets in the year
under review is € 368,232 thousand (prior year: € 331,749 thousand) and historical costs amount to
€ 290,000 thousand (prior year: € 290,000 thousand).
The fair value measurement of assets for the settlement of obligations for pensions results in a total
amount of € 78,232 thousand (prior year: € 41,749 thousand) subject to restriction on distribution within
the meaning of § 268 [8] HGB prior to offsetting with the freely distributable reserves as at
December 31, 2023.
Interest income resulting from the pension valuation were in an amount of € 26,665 thousand (prior year:
interest expenses € 32,748 thousand).
The pension obligations to six former members of the Executive Board, who resigned after
December 31, 2005, are covered by a pension fund or a pension fund in combination with a re-insured
pension trust fund. This results in indirect obligations for adidas AG to former Executive Board members
in the amount of € 47,551 thousand (prior year: € 47,528 thousand for the related group of people) for
which no provisions have been recognized due to their funding through the pension fund and re-insured
pension trust fund. The respective plan asset amount is € 35,618 thousand. This results in a shortfall of
€ 11,933 thousand for the indirect obligation as at the balance sheet date. In order to calculate this
shortfall the valuation of the liability insurance has been adjusted to the valuation of the pension
obligations (application of IDW RH FAB 1.021).
Pension provisions have been established for the pension entitlements of two active members of the
Executive Board, which amount to € 5,794 thousand before offsetting against the afore mentioned plan
assets (prior year: € 18,230 thousand for six members of the Executive Board). Pension provisions in the
amount of € 3,907 thousand (prior year: € 3,843 thousand) have been established for two former members
of the Executive Board, whose entitlements were not covered by the adidas Pension Trust e.V.
17
The provisions for the former members of the Executive Board and their survivors totaled € 103,179
thousand before offsetting against the afore mentioned plan assets as at December 31, 2023 (prior year:
€ 88,794 thousand). These amounts include all obligations – also the aforementioned indirect obligations.
The difference between the application of the average market interest rate for the past seven fiscal years
and the application of the average market interest rate for the past ten fiscal years amounts to
€ 7,138 thousand. Pursuant to § 253 (6) sentence 2 HGB, this amount is subject to a restriction on
distribution.
The largest item in other provisions/accruals concerns provisions for personnel of € 215,723 thousand
(prior year: € 140,169 thousand). This amount is primarily attributable to provisions for performance-
based remuneration components, unused vacation and social plans resulting from restructuring
programs. Additional significant items in other provisions are also provisions for sales and marketing of
€ 173,162 thousand (prior year: € 122,838 thousand) and accruals for outstanding invoices of € 84,462
thousand (prior year: € 71,090 thousand). There are also provisions for pending losses on derivative
financial instruments in an amount of € 36,491 thousand (prior year: € 174,190 thousand). These are
recorded for unrealized losses from derivative futures outside of the hedge accounting as well as for LTIP
hedges. There are no losses because of hedge accounting in 2023 – as in prior year. In addition, a provision
for impending losses from pending transactions in an amount of € 101 thousand (prior year € 304
thousand) is included.
13 Liabilities
Liabilities € thousand
Dec. 31, 2023 Dec. 31, 2022

Thereof
Residual Residual residual
Prior year
Total term up to term more term more
total
1 year than 1 year than 5
years
Bonds 2,900,000 500,000 2,400,000 1,000,000 3,400,000

(prior year) (500,000) (2,900,000) (1,500,000)
of which convertible 0 0 0
Liabilities to banks 63,164 18,750 44,414 0 81,914
(prior year) (18,750) (63,164) (0)
Advances received 80 80 0 0 250
(prior year) (250) (0) (0)
Trade accounts payable 214,730 214,730 0 0 237,750
(prior year) (237,750) (0) (0)
Liabilities to affiliated companies 2,561,825 2,551,825 10,000 0 2,897,905
(prior year) (2,857,905) (40,000) (0)
Other liabilities 248,853 153,593 95,260 0 243,696
(prior year) (243,696) (0) (0)
of which from taxes 61,277 0 0 74,847
of which relating to social security 0 0 0 0
Dec. 31, 2023 5,988,652 3,438,978 2,549,674 1,000,000
Dec. 31, 2022 (3,858,351) (3,003,164) (1,500,000) (6,861,515)
18
The liabilities are unsecured.
The liabilities to affiliated companies primarily relate to trade payables to affiliated companies in the
amount of € 1,325,156 thousand (prior year: € 565,112 thousand) as well as loans from affiliated
companies.
Other liabilities include tax and customs liabilities, accrued interest not yet payable, credit balances in
accounts receivable, option premiums paid by subsidiaries, and salaries and commissions payable.
The liabilities to banks comprise a loan from KfW (Kreditanstalt für Wiederaufbau) with a repayment
period until 2027.
In 2014, adidas AG issued a bond with a value of € 400,000 thousand. This Eurobond matures in 2026 and
has been listed on the Luxemburg securities exchange in denominations of € 1 thousand.
The equity-neutral convertible bond issued in 2018 by adidas AG was paid back in 2023.
In 2020, adidas AG issued bonds with a total value of € 1,500,000 thousand. The Eurobonds, of € 500,000
thousand each, mature in 2024, 2028 and 2035. All three bonds have been listed on the Luxemburg
securities exchange in denominations of € 100 thousand each.
In 2022, adidas AG issued bonds with a total value of € 1,000,000 thousand. The Eurobonds, of € 500,000
thousand each, mature in 2025 and 2029. Both bonds have been listed on the Luxemburg securities
exchange in denominations of € 100 thousand each.
14 Deferred income
The change in the deferred income primarily relates to the premium for the issuance of bonds and grants
received.
15 Contingent liabilities, other financial commitments and derivative

instruments
Contingent liabilities € thousand
Dec. 31, 2023 Dec. 31,2022

Guarantee obligations 3,010,175 2,187,606
of which for affiliated companies
- Bank loans 26,066 5,084
- Letters of credit 167,861 153,484
- Guarantee agreements 2,754,117 1,959,237
of which for third party

- Guarantee agreements 62,131 69,801
The guarantee obligations for bank loans to affiliated companies are from lines of credit drawn on by
affiliated companies. adidas AG’s letters of credit are mainly import letters of credit in connection with
19
product purchases in the Far East. The guarantee agreements are with various subsidiaries and secure
mainly rent contracts.
Other liabilities relate to absolute guarantees of adidas AG for the benefit of affiliated companies. Comfort
letters in unlimited amounts for the benefit of five (prior year: five) affiliated companies were issued as at
December 31, 2023. The risk of these being utilized is deemed to be low.
adidas AG declares support, except in the case of political risk, for 89 affiliated companies, so that they are
able to meet their contractual liabilities. This declaration replaces the declaration of 2023 dated
February 24, 2023, which is no longer valid. The declaration of support automatically ceases from the time
that a company no longer is a subsidiary of adidas AG.
Since the liabilities assumed arise in the normal course of business and due to the current financial
position of the respective adidas Group affiliated companies, the risk that these will be called on is
considered slight.
Other financial commitments

Other financial commitments of € 2,072,444 thousand (prior year: € 1,979,647 thousand) for adidas AG
include amounts for the entire foreseeable contractual period for promotion, advertising, rental and
leasing agreements as at December 31, 2023.
Maturities € thousand
in 2024 571,141
2025-2028 1,121,976
2029 or later 379,327
2,072,444
The contracted other financial commitments provide adidas AG with planning certainty on the one hand
and, on the other hand, they ensure that the Company has the necessary liquidity. The risk of making
payments that are not covered by the relevant contracts is considered to be very low.
Derivative financial instruments

The adidas Group purchases more than 80% of its products in Asia. Since a major proportion of the
product costs relate to raw materials that the suppliers have to purchase in US dollars (USD), billings to
the adidas Group are also made mainly in USD. In contrast, sales by Group companies to customers are
mainly in Euros (EUR), Pounds Sterling (GBP), Japanese Yen (JPY), Chinese Yuan Renminbi (CNY) and in
many other currencies. Currency hedges are entered into to reduce the risk of changes in fair value and in
cash flows (currency risks), which are subject to hedge accounting acc. §254 HGB. Most subsidiaries
hedge their currency risks through adidas AG, except for those subsidiaries that are unable to hedge
through adidas AG due to local currency restrictions, or for whom it is more sensible to hedge locally for
economic reasons. Currency risks that are assumed by adidas AG from subsidiaries by entering into intra-
Group currency transactions are strategically hedged with banks for a period of up to 24 months in
advance using forward exchange transactions, currency swaps, currency options, or a combination of
currency options, which provide protection and, at the same time, the opportunity to profit from future
beneficial foreign exchange rate movements on financial markets. In 2023, the adidas Group purchased
around USD 3,0 billion net against € for of hedging purposes.
Due to procurement of the majority of goods in the Far East and the adidas Group’s global operations, the
worldwide distribution of goods in an important component of the Group’s business. At the current time no
20
hedging of commodity futures takes place but the risk is mitigated via purchase strategy. This strategy is
reviewed regularly.
Outstanding financial derivatives € thousand
Dec. 31, 2023 Dec. 31, 2022

Notional amounts
Currency hedging contracts 14,477,760 20,714,754
Equity instruments 102,209 661,202
14,579,969 21,375,956
The notional volume of option structures is included only once in the notional amounts.
The equity instruments serve to hedge a Long-Term Incentive Plan (LTIP), a share-based remuneration
scheme with cash settlement, and the conversion rights related to the convertible bond. The company
uses derivative instruments to hedge against the risk of share price fluctuations. The fair value is based on
the market price of the adidas AG share as at December 31, 2023 - and concerning the LTIP multiplied by
the notional volume less accrued interest.
Outstanding financial derivatives € thousand
Dec. 31, 2023 Dec. 31, 2022

Carrying Carrying
Fair value Fair value
amount amount
Assets (Other assets)
Currency hedging contracts 0 187,907 0 346,557
Equity instruments 0 6,507 0 127
Liabilities (Provision for contingent losses)

Currency hedging contracts -26,778 -188,826 -113,654 -363,931
Equity instruments -9,713 -13,431 -60,536 -85,791
-36,491 -7,843 -174,190 -103,038
Notional amounts represent the gross total of all buy and sell contracts for derivative financial
transactions. Fair values of forward exchange transactions are determined based on current ECB
reference exchange rates or reference exchange rates of local central banks, together with forward
premiums or discounts as well as the counterparty risk. The fair values (gains and losses) of the currency
hedging contracts are presented as gross values.
Currency options are measured using market quotes or option pricing models (Garman-Kohlhagen
model).
The notional amounts of outstanding financial derivatives in foreign currency are translated into euros at
year-end closing rates.
The carrying values are taken from the balance sheet.
21
The table below provides an overview of the risks hedged as part of a hedging portfolio. The underlying
transactions within a portfolio are secured with one or more hedging instruments (portfolio hedge), which
have offsetting effects.
Hedged risk as of the balance sheet date € thousand / Maturity
Net change in fair

Notional value Maturity
Currency risk
Risk
Forward exchange transactions and options with subsidiaries 5,816,718 23,554 1 - 19 month
Hedging
Forward exchange transactions and options with banks 5,787,838 -23,554 1 - 19 month
Equity instrument
Risk
Equity instrument with subsidiaries 33,648 1,482 1 - 25 month
Hedging
Equity instrument with banks 33,648 -1,482 1 - 25 month
Equity instrument with banks 0 0
The difference in the notional amount relates to internal forward exchange transactions with subsidiaries
without an external hedge. The foreign currency requirement of one subsidiary is covered with the excess
of the same foreign currency of another subsidiary (natural hedge).
16 Sales
adidas AG’s business activities are primarily concentrated in one sector, specifically the development,
production and sales of sports and leisure articles. In addition, adidas AG generates a substantial portion
of its revenues from licensing income, primarily from affiliated companies. The sales broken down by
product group reflect brand adidas. From March 2022 until May 2023 the commission income for Reebok
sales is shown under other sales revenues.
Sales € thousand
2023 2022
Breakdown by product group
Footwear 807,088 927,770
Apparel 518,696 660,995
Hardware 154,539 119,823
1,480,323 1,708,588
Other sales revenues 757,459 717,691

Licensing income 2,272,046 2,387,528
Sales 4,509,828 4,813,807
Of these revenues, € 1,291,989 thousand (prior year: € 1,643,887 thousand) was generated in Germany and
€ 3,217,839 thousand (prior year: € 3,169,920 thousand) outside of Germany, mainly in Europe.
22
17 Other operating income
Other operating income consists mainly of € 661,756 thousand in foreign currency gains (prior year:
€ 1,160,150 thousand).
Other operation income also includes income relating to other periods of € 57,228 thousand (prior year:
€ 62,713 thousand). This income includes essentially income from the reversal of accruals and provisions
in an amount of € 50,757 thousand (prior year: € 59,625 thousand).
18 Cost of materials
Cost of materials € thousand
2023 2022
Cost of raw materials, consumables and supplies, and of purchased merchandise 1,193,024 1,370,912
Cost of purchased services 485,234 507,470
Cost of materials 1,678,258 1,878,382
19 Personnel expenses
Personnel expenses € thousand
2023 2022
Wages and salaries 725,218 576,591
Social security, post-employment and other employee benefit costs 127,015 149,730
of which for retirement benefits 18,159 43,160
Personnel expenses 852,233 726,321
The increase in personnel expenses mainly relates to higher expenses for bonuses.
20 Amortization and write-downs of intangible fixed assets and

depreciation and write-downs of tangible fixed assets
Amortization and write-downs of intangible assets of € 94,270 thousand (prior year: € 84,373 thousand)
relates to computer software and licenses. Depreciation and write-downs of tangible fixed assets of
€ 45,080 thousand (prior year: € 55,233 thousand) relates primarily to depreciation of € 25,548 thousand
(prior year: € 25,224 thousand) on buildings as well as depreciation of € 15,908 thousand (prior year:
€ 16,906 thousand) on other equipment, operating and office equipment.
21 Other operating expenses

Other operating expenses essentially comprise cost transfers, currency exchange losses, advertising and
promotional expenses, IT and maintenance costs, donations, legal and consultancy fees, rental and lease
23
charges, outgoing freight, services as well as postal and telephone expenses. The € 613,459 thousand
decrease in these expenses essentially results from the decrease in currency exchange losses by
€ 705,231 thousand to € 541,702 thousand as well as for advertising and promotional expenses by
€ 155,149 thousand to € 498,750 thousand. Expenses for cost transfers on the contrary increased by
€ 198,523 thousand to € 1,130,410 thousand. Other operating expenses include expenses not relating to
the accounting period in an amount of € 10,755 thousand (prior year: € 559 thousand) which primarily
relates to losses on asset disposals.
22 Income from investments in related companies

Income from adidas AG’s investments in related companies amounted to € 89,741 thousand (prior year:
€ 2,491,398 thousand) and relates to dividend payments from subsidiaries amongst others in France,
Korea, The Netherlands, Singapore, Kazakhstan and Malaysia.
23 Profits received in accordance with a profit and loss transfer agreement

A profit and loss transfer agreement exists with adidas Insurance & Risk Consultants GmbH,
Herzogenaurach and adidas Beteiligungsgesellschaft mbH, Herzogenaurach. The change is attributable to
the transfer of a lower gain from adidas Beteiligungsgesellschaft mbH amounting to € 18,801 thousand
(prior year: € 130,568 thousand).
24 Interest result
Interest result € thousand
2023 2022
Income from loans of long-term financial assets 4,728 2,179
of which from affiliated companies 4,728 2,179
Other interest and similar income 213,812 53,762
of which from affiliated companies 178,128 47,966
Interest and similar expenses -215,256 -113,135
of which to affiliated companies -122,937 -55,671
Interest result 3,284 -57,194
The interest income in connection with pension provisions and similar obligations amounted to
€ 26,665 thousand (prior year interest expenses € 32,748 thousand), the interest expenses amounted to
€ 48 thousand (prior year € 40 thousand).
25 Taxes on income
Taxes on income mainly include withholding tax on interest and licensing income, interest and dividends
resulting from the collection of this income from outside Germany, municipal trade tax and corporate
income tax.
Taxes on income do not include any gains or losses from deferred taxes.
24
adidas AG exercises the statutory right concerning the netting of deferred tax assets and deferred tax
liabilities in accordance with § 274 (1) sentence 3 HGB. In accordance with the option under § 274 (1)
sentence 2 HGB, adidas AG has opted to forgo recognizing the surplus deferred tax assets of
€ 153,045 thousand in future tax benefits due to temporary accounting differences (prior year:
€ 107,100 thousand). This amount was calculated based on a combined income tax rate of 27.37 %.
Deferred tax assets result primarily from other assets, forward exchange transactions and loss carry
forward. Deferred tax liabilities result essentially in relation to pension provisions, intangible assets and
land.
The group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in
Germany, the jurisdiction in which the company is incorporated, and will come into effect from 1 January
2024. Since the Pillar Two legislation was not effective at the reporting date, the group has no related
current tax exposure. The group applies the exception to recognizing and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
Under the legislation, the group is liable to pay a top-up tax for the difference between its GloBE effective
tax rate per jurisdiction and the 15% minimum rate. The vast majority of entities within the group have an
effective tax rate that exceeds 15%, with material exceptions for subsidiaries in the United Arab Emirates,
Hong Kong and Switzerland.
The group is in the process of assessing its exposure to the Pillar Two legislation. Based on prior year
profits and the accounting profit for the annual reporting period 31 December 2023 this assessment
process results in an additional expected tax exposure in a low two digit € million range.
Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of
the enacted or substantively enacted legislation is not yet reasonably estimable.
26 Compensation of the Executive Board and the Supervisory Board

Executive Board
The total compensation of the members of the Executive Board in the 2023 financial year amounted to €
23,819 thousand (prior year: € 6,472 thousand). Thereof, € 10,935 thousand (prior year: € 6,472 thousand)
related to short-term benefits. Moreover, Executive Board members appointed after January 1, 2021, are
not granted benefits under the company pension scheme. Instead, they receive a so-called pension
allowance in the form of an adequate lump-sum amount, which is directly paid out to the Executive Board
members annually. In this context, Bjørn Gulden received € 1,100 thousand and Arthur Hoeld € 300
thousand in the 2023 financial year. For the 2023 financial year, an LTIP Bonus of € 7,599 thousand was
granted (prior year: € 0 thousand). The higher total compensation in comparison to the prior year is mainly
attributable to the fact that no Performance Bonus and no LTIP Bonus was granted to the members of the
Executive Board for the 2022 financial year.
Bjørn Gulden was granted 11,886 adidas AG shares as reimbursement for the variable compensation
forfeited at his former employer which are subject to a four-year lock-up period. The gross amount to be
matched by the company in this regard was € 3,885 thousand.
In agreement with the Supervisory Board, Roland Auschel resigned as Executive Board member effective
March 31, 2023. For the remaining term of his service contract from April 1, to April 30, 2023, he continued
to receive the contractual fixed compensation totaling € 77 thousand. In addition, a one-time severance
payment of € 5,580 thousand gross was agreed as compensation for the premature termination of his
25
service contract. The termination agreement also provides for monthly compensation payment of € 38
thousand gross for a 12-month post-contractual competition prohibition.
Furthermore, in agreement with the Supervisory Board, Brian Grevy resigned as Executive Board member
effective March 31, 2023. For the remaining term of his service contract from April 1, to April 30, 2023, he
continued to receive the contractual fixed compensation totaling € 75 thousand. In addition, a one-time
severance payment of € 6,090 thousand gross was agreed as compensation for the premature termination
of his service contract. The termination agreement also provides for a monthly compensation payment of
€38 thousand gross for a 12-month post-contractual competition prohibition.
In addition, in agreement with the Supervisory Board, Amanda Rajkumar resigned as Executive Board
member effective July 15, 2023. For the remaining term of her service contract from July 16, to October
31, 2023, she continued to receive the contractual fixed compensation totaling € 237 thousand. Amanda
Rajkumar was promised an amount of € 133 thousand gross as compensation for the fixed compensation
forfeited for November and December 2023. As compensation for her entitlement to the Performance
Bonus and the LTIP Bonus for the 2023 financial year, she received a total amount of € 2,800 thousand.
Amanda Rajkumar has not received any further severance payments nor is she subject to a post-
contractual competition prohibition.
Pension commitments € thousand
Accumulated pension
obligation for the pension
Service cost commitments
Executive Board members incumbent as at
2023 2022 2023 2022
Dec. 31, 2023
Harm Ohlmeyer 488 523 3,535 2,866
Martin Shankland 465 482 2,258 1,802
Total 953 1,005 5,793 4,668
Executive Board members who departed in

2023 2022 2023 2022
the 2023 financial year
Roland Auschel - 488 4,409 4,212
Brian Grevy 143 457 1,511 1,274
Amanda Rajkumar 430 462 1,383 882
Total 573 1,407 7,303 6,368
Former members of the Executive Board and their surviving dependents received a total of € 21,855
thousand in benefits in the 2023 financial year (prior year: € 16,664 thousand). This amount includes the
above-mentioned payments to Roland Auschel, Brian Grevy and Amanda Rajkumar.
Provisions for pension entitlements have been created for the former members of the Executive Board
who resigned on or before December 31, 2005 and their surviving dependents, in an amount of € 51,721
thousand in total as at December 31, 2023 before offsetting with the assets of the “adidas Pension Trust
e.V.” (prior year: € 37,423 thousand).
There are pension commitments towards former Executive Board members who resigned after December
31, 2005, which are covered by a pension fund or a pension fund in combination with a reinsured pension
trust fund. From this, indirect obligations amounting to € 47,551 thousand (prior year: € 47,528 thousand)
26
arise for adidas AG, for which no provisions were created due to financing through the pension fund and
pension trust fund. Provisions for pension entitlements have been created for former members of the
Executive Board who resigned on or after December 31, 2019 in an amount of € 3,907 thousand (prior year
€ 3,843 thousand).
The Executive Board members have not received any loans and advance payments from adidas AG.
Supervisory Board
The total annual compensation for members of the Supervisory Board in accordance with the Articles of
Association was € 2,817 thousand (prior year: € 2,803 thousand). This includes attendance fees in a total
amount of € 67 thousand (prior year € 59 thousand). The meetings of the Supervisory Board and its
committees were held both as physical and virtual meetings.
The Supervisory Board members have not received any loans or advance payments from adidas AG.
27 Other disclosures
No. of employees (annual average)
2023 2022
Total Salaried Wage Total Salaried Wage
Global Sales 748 748 0 770 770 0
Headquarters
Corporate Services 2,166 2,135 31 2,223 2,192 31
Marketing 1,735 1,734 1 1,796 1,795 1
Operations 2,535 1,155 1,380 2,609 1,172 1,437
Market Europe 1,218 984 234 1,147 979 168
8,402 8,545
As at December 31, 8,312 8,596
Recommendation on the appropriation of the retained earnings of adidas AG

The Executive Board of adidas AG will propose to use retained earnings of adidas AG in an amount of
€ 410,978 thousand as reported in the 2023 financial statements of adidas AG for a dividend payment of
€ 0,70 per dividend-entitled share. The subsequent remaining amount will be carried forward.
Declaration on the German Corporate Governance Code

In December 2023, the Executive Board and Supervisory Board of adidas AG issued an updated Declaration
of Compliance in accordance with § 161 AktG and made it permanently available to the shareholders. The
full text of the Declaration of Compliance is available on the corporate website.
Disclosures pursuant to § 285 no. 10 HGB

The disclosures pursuant to § 285 no. 10 HGB are contained in Appendix 1 to the notes to the financial
statements.
27
Expenses for the audit fees of PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft were
mainly related to the audits of both the consolidated financial statements and the financial statements of
adidas AG, as well as the audit of the financial statements of its subsidiary, adidas CDC Immobilieninvest
GmbH.
Other confirmation services consist of audits which are either required by law or contractually agreed,
such as the audit of the non-financial declaration, the audit of the project management and the project
methodology of the ERP program TRANS4RM and other contractually agreed-upon confirmation services.
In accordance with § 285 no. 17 HGB, the Company has opted not to include a disclosure of the total audit
fee charged by the auditor in this report, since such disclosures are already contained in the consolidated
financial statements of the adidas Group.

There have been no events of particular significance since the end of the fiscal year.
In its function as the ultimate parent, adidas AG, Herzogenaurach, (Local Court of Fürth, HRB 3868),
prepares consolidated financial statements, which are published in the Federal Gazette.
Herzogenaurach, February 20, 2024
The Executive Board of adidas AG
Bjørn Gulden Arthur Hoeld Harm Ohlmeyer
Michelle Robertson Martin Shankland
28
Supervisory Board
Thomas Rabe
Chairman
residing in Berlin, Germany
born on August 6, 1965
Member of the Supervisory Board since May 9, 2019
Chairman and Chief Executive Officer, Bertelsmann Management SE, Gütersloh, Germany
Chief Executive Officer, RTL Group S.A., Luxembourg, Luxembourg
Membership in control bodies pursuant to § 285 sec. 10 HGB:
 none
Udo Müller**
Deputy Chairman
residing in Herzogenaurach, Germany
born on April 14, 1960
Member of the Supervisory Board since October 6, 2016
Manager History Management, adidas AG, Herzogenaurach, Germany
 none
Ian Gallienne
Deputy Chairman
residing in Gerpinnes, Belgium
born on January 23, 1971
Member of the Supervisory Board since June 15, 2016
Chief Executive Officer, Groupe Bruxelles Lambert, Brussels, Belgium
Membership in comparable domestic and foreign controlling bodies of commercial enterprises:
 Member of the Board of Directors, Pernod Ricard SA, Paris, France
 Member of the Board of Directors, SGS SA, Geneva, Switzerland
Mandates within the Groupe Bruxelles Lambert or in entities under common control with the Groupe
Bruxelles Lambert:
 Member of the Board of Directors, Imerys SA, Paris, France
 Member of the Board of Directors, Sienna Investment Managers SA, Strassen, Luxembourg
 Member of the Board of Directors, Compagnie Nationale à Portefeuille SA, Loverval, Belgium
 Member of the Board of Directors, Château Cheval Blanc, Société Civile, Saint-Émilion, France
 Member of the Board of Directors, GBL Development Ltd., London, United Kingdom
 Chairman of the Supervisory Board, Marnix French ParentCo SAS (Webhelp Group), Paris, France
 Member of the Board of Directors, Financière De La Sambre, Loverval, Belgium
 Member of the Board of Directors, Carpar SA, Loverval, Belgium
* Employee representative.
29
Petra Auerbacher*
residing in Emskirchen, Germany
born on December 27, 1969
Full-time member of the Works Council Herzogenaurach, adidas AG, Herzogenaurach, Germany
 none
Birgit Biermann*
residing in Bochum, Germany
born on December 26, 1973
Member of the Supervisory Board since September 1, 2022
Member of the Steering Committee, IGBCE, Hannover, Germany
Membership in other statutory supervisory boards in Germany:
 Member of the Supervisory Board, Merck KGaA, Darmstadt, Germany
Jackie Joyner-Kersee
residing in Ballwin, Missouri, USA
born on March 3, 1962
CEO Jackie Joyner-Kersee Foundation and Motivational Speaker, East St. Louis, Illinois, USA
 none
Christian Klein
residing in Mühlhausen, Germany
born on May 4, 1980
Member of the Supervisory Board since August 11, 2020
Chief Executive Officer, SAP SE, Walldorf, Germany
Mandates within the SAP Group:
 Member of the Board of Directors, Qualtrics International, Inc., Provo, Utah, USA1
Bastian Knobloch*
residing in Bramsche, Germany
born on September 12, 1982
Member of the Supervisory Board since January 1, 2022
Chairman of the Works Council Campus North, adidas AG, Rieste, Germany
 none
1 Until June 28, 2023.

30
Kathrin Menges
residing in Großenbrode, Germany
born on October 16, 1964
Self-employed entrepreneur
 none
Beate Rohrig*
residing in Glashütten, Germany
born on March 24, 1965
Head of Participation in the Work Environment, IGBCE, Hannover, Germany2
 Member of the Supervisory Board, Wacker Chemie AG, Munich, Germany3
Nassef Sawiris
residing in London, United Kingdom
born on January 19, 1961
Member of the Supervisory Board since June 15, 2016
Executive Chairman and Member of the Board of Directors, OCI N.V., Amsterdam, the Netherlands
 CEO of Avanti Acquisition Corp., New York, USA4
Frank Scheiderer*
residing in Wilhelmsdorf, Germany
Director Finance - Strategy and Programs, adidas AG, Herzogenaurach, Germany
 none
Michael Storl*
residing in Oberreichenbach, Germany
born on July 3, 1959
Deputy Chairman of the Works Council Herzogenaurach, adidas AG, Herzogenaurach, Germany
 none
2 Since March 1, 2023, previously State District Manager of the Industrial Union IG BCE, State District Bavaria, Munich, Germany
3 Until September 30, 2023.
4 Until July 13, 2023.
31
Bodo Uebber
residing in Munich, Germany
born on August 18, 1959
Independent Management Consultant
 Member of the Supervisory Board, Bertelsmann SE & Co. KGaA/Bertelsmann Management SE,
Gütersloh, Germany
 Chairman of the Supervisory Board, Flix SE, Munich, Germany5
 Non-Executive Director, Levere Holding Corp., Grand Cayman, Cayman Islands6
Jing Ulrich
residing in Stamford, Connecticut, USA
born on June 28, 1967
Managing Director and Vice Chairman, Investment Banking, JPMorgan Chase & Co., New York, USA
 none
Günter Weigl*
residing in Oberreichenbach, Germany
Senior Vice President Brand Partnerships, adidas AG, Herzogenaurach, Germany
 none
5 Since November 28, 2023.

6 Until April 9, 2023.
32
Executive Board
Bjørn Gulden, Hattingen, Germany
Chief Executive Officer, Global Brands1, 2
Membership in controlling bodies pursuant to § 285 no. 10 HGB:

 Member of the Supervisory Board, Tchibo GmbH, Hamburg, Germany
 Chairman of the Board of Directors, Salling Group A/S, Brabrand, Denmark
 Member of the Board of Directors, Essity AB, Stockholm, Sweden3
Arthur Hoeld, Nuremberg, Germany4

Executive Board member in charge of Global Sales

 none
Harm Ohlmeyer, Röttenbach, Germany

Chief Financial Officer

 Member of the Supervisory Board, SV Werder Bremen GmbH & Co KG aA, Bremen, Germany
Michelle Robertson, Münchaurach-Aurachtal5

Executive Board member in charge of Global Human Resources, People and Culture

 none
Martin Shankland, Nuremberg, Germany

Executive Board member in charge of Global Operations

 none
1 Since April 1, 2023.

2 From July 16, 2023, to December 31, 2023, on an interim basis also Global Human Resources, People and Culture.
3 Until March 29, 2023.
4 Since April 1, 2023.
5 Since January 1, 2024.
33
Executive Board members until March 31, 2023
Roland Auschel, Erlangen, Germany
Executive Board member in charge of Global Sales

 none
Brian Grevy, Grünwald, Germany

Executive Board member in charge of Global Brands
Membership in controlling bodies pursuant to § 285 no. 10 HGB:

 Member of the Board of Directors, Pitzner Gruppen Holding A/S, Copenhagen, Denmark
Executive Board member until July 15, 2023

Amanda Rajkumar, Nuremberg, Germany
Executive Board member in charge of Global Human Resources, People and Culture
 none
34
Shareholdings of adidas AG, Herzogenaurach, as at December 31, 2023
Profit /
Loss
Share in capital Equity (EUR
Company and domicile held by1 in % (EUR million) million)
Germany
1 adidas Beteiligungsgesellschaft mbH2 Herzogenaurach (Germany) directly 100 682 -

2 adidas CDC Immobilieninvest GmbH Herzogenaurach (Germany) 11 100 (3) (1)
3 adidas Insurance & Risk Consultants GmbH2 Herzogenaurach (Germany) directly 100 0 -
Europe (incl. Middle East and Africa)
4 adidas International Trading AG Lucerne (Switzerland) 9 100 1,665 (188)
5 adidas sport gmbh Lucerne (Switzerland) directly 100 8 3
6 adidas Austria GmbH Klagenfurt (Austria) directly 100 9 4
7 runtastic GmbH Pasching (Austria) 9 100 8 2
8 adidas France S.a.r.l. Strasbourg (France) directly 100 293 14
9 adidas International B.V. Amsterdam (Netherlands) directly 93.97 5,431 643
8 6.03
10 adidas International Marketing B.V. Amsterdam (Netherlands) 9 100 80 10
11 adidas International Property Holding B.V. Amsterdam (Netherlands) 68 100 60 2
12 adidas Infrastructure Holding B.V. Amsterdam (Netherlands) 9 100 (0) (0)
13 adidas Benelux B.V. Amsterdam (Netherlands) directly 100 8 7
14 adidas Ventures B.V. Amsterdam (Netherlands) 9 100 (40) (4)
15 adidas (UK) Limited Stockport (Great Britain) 9 100 53 28
16 Trafford Park DC Limited Stockport (Great Britain) 12 100 5 1
17 adidas Pensions Management Limited Stockport (Great Britain) 15 100
18 adidas (Ireland) Limited Kildare (Ireland) 9 100 4 1
19 adidas International Re DAC Dublin (Ireland) 9 100 35 2
20 adidas España S.A.U. Zaragoza (Spain) 1 100 68 15
21 adidas Italy S.p.A. Monza (Italy) 9 100 139 11
22 adidas Portugal - Artigos de Desporto, S.A. Lisbon (Portugal) 9 100 3 1
23 adidas Business Services, Lda. Moreira da Maia (Portugal) 9 98 7 6
directly 2
24 adidas Norge AS Oslo (Norway) directly 100 2 1
25 adidas Sverige Aktiebolag Solna (Sweden) directly 100 6 3
26 adidas Suomi Oy Vantaa (Finland) 9 100 2 1
27 adidas Danmark A/S Them (Denmark) 9 100 2 1
28 adidas CR s.r.o. Prague (Czech Republic) directly 100 3 2
29 adidas Budapest Kft. Budapest (Hungary) directly 100 2 0
30 adidas Bulgaria EAD Sofia (Bulgaria) directly 100 1 1
31 LLC "adidas, Ltd." Moscow (Russia) directly 100 156 (11)
32 adidas Poland Sp. z o.o. Warsaw (Poland) directly 100 46 9
33 adidas Romania S.R.L. Bucharest (Romania) 9 100 2 0
34 adidas Baltics SIA Riga (Latvia) 9 100 2 0
35 adidas Slovakia s.r.o. Bratislava (Slovak Republic) directly 100 1 1
36 adidas Trgovina d.o.o. Ljubljana (Slovenia) directly 100 1 0
37 SC 'adidas-Ukraine' Kiev (Ukraine) directly 100 20 13
Almaty (Republic of
38 adidas LLP directly 100 23 6
Kazakhstan)
39 adidas Serbia DOO Beograd Belgrade (Serbia) 9 100 2 (2)
40 adidas Croatia d.o.o. Zagreb (Croatia) 9 100 3 1
41 adidas Hellas Single Member S.A. Athens (Greece) directly 100 31 2
42 adidas (Cyprus) Limited Limassol (Cyprus) directly 100 1 0
43 adidas Spor Malzemeleri Satis ve Pazarlama A.S. Istanbul (Turkey) 9 100 74 (5)
44 adidas Emerging Markets L.L.C Dubai (United Arab Emirates) indirectly 51 (37) (1)
8 49
45 adidas Emerging Markets FZE Dubai (United Arab Emirates) 9 100 144 116
46 adidas Levant Limited Dubai (United Arab Emirates) 45 100 4 -
35
Profit /
Loss
47 adidas Levant Limited - Jordan Amman (Jordan) 46 100 5 1
48 adidas Imports & Exports Ltd. Cairo (Egypt) 49 99.98 (8) (5)
9 0.02
49 adidas Sporting Goods Ltd. Cairo (Egypt) 9 99.81 37 5
directly 0.19
50 adidas Israel Ltd. Holon (Israel) 9 85 33 (1)
51 adidas Morocco LLC Casablanca (Morocco) directly 100 (9) (4)
52 adidas (South Africa) (Pty) Ltd. Cape Town (South Africa) directly 100 31 1
53 adidas Arabia Trading Riyadh (Saudi Arabia) directly 100 7 (0)
North America
54 adidas North America, Inc. Wilmington, Delaware (USA) 9 100 3,629 (49)
55 adidas America, Inc. Portland, Oregon (USA) 54 100 478 81
56 adidas International, Inc. Portland, Oregon (USA) 54 100 158 38
57 adidas Team, Inc. Des Moines, Iowa (USA) 54 100 (1) 0
58 adidas Holdings LLC Wilmington, Delaware (USA) 54 69 343 (7)
62 31
59 adidas Indy, LLC Wilmington, Delaware (USA) 54 100 (39) (34)
Marina Del Rey, California
60 Stone Age Equipment, Inc. 55 100 (16) (19)
(USA)
North Charleston, South
61 Spartanburg DC, Inc. 55 100 30 3
Carolina (USA)
62 adidas Pluto Corporation Wilmington, Delaware (USA) 9 100 87 -
63 adidas Canada Limited Woodbridge, Ontario (Canada) 9 100 176 14
Asia-Pacific
64 adidas Sourcing Limited Hong Kong (China) 4 100 78 17
65 adidas Hong Kong Limited Hong Kong (China) 1 100 (61) (6)
adidas Trading (Far East) Limited (formerly:
66 Hong Kong (China) 54 100 7 0
Reebok Trading (Far East) Limited)
67 adidas (Suzhou) Co., Ltd. Suzhou (China) 1 100 6 (0)
68 adidas Sports (China) Co., Ltd. Shanghai (China) 1 100 155 (177)
69 adidas (China) Ltd. Shanghai (China) 9 100 103 0
70 adidas Sports Goods (Shanghai) Co., Ltd Shanghai (China) 69 100 14 42
71 adidas Logistics (Tianjin) Co., Ltd. Tianjin (China) 12 100 27 2
72 adidas Business Services (Dalian) Limited Dalian (China) 9 100 10 0
73 adidas Japan K.K. Tokyo (Japan) 9 100 89 18
74 adidas Korea LLC. Seoul (Korea) directly 100 185 45
75 adidas Korea Technical Services Limited Busan (Korea) 64 100 0 0
76 adidas India Private Limited New Delhi (India) directly 10.67 72 (0)
9 89.33
77 adidas India Marketing Private Limited New Delhi (India) 76 98.62 170 23
9 1
directly 0.37
78 adidas Technical Services Private Limited Gurgaon (India) 64 100 3 0
Refop India Company (formerly: Reebok India
79 Gurgaon (India) 58 99.03 29 5
Company)
89 0.91
55 0.07
80 PT adidas Indonesia Jakarta (Indonesia) 9 99.67 24 15
directly 0.33
81 adidas (Malaysia) Sdn. Bhd. Petaling Jaya (Malaysia) directly 60 16 9
9 40
82 ADIDAS PHILIPPINES, INC. Taguig City (Philippines) directly 100 24 11
83 adidas Singapore Pte Ltd Singapore (Singapore) directly 100 16 3
36
Profit /
Loss
84 adidas Taiwan Limited Taipei (Taiwan) 9 100 26 11
85 adidas (Thailand) Co., Ltd. Bangkok (Thailand) directly 100 46 11
86 adidas Australia Pty Limited Mulgrave (Australia) 9 100 64 6
87 adidas New Zealand Limited Auckland (New Zealand) directly 100 6 (1)
88 adidas Vietnam Company Limited Ho Chi Minh City (Vietnam) 9 100 9 8
adidas (Mauritius) Limited (formerly: Reebok
89 Port Louis (Mauritius) 58 100 (0) -
(Mauritius) Company Limited)
Latin America
90 adidas Argentina S.A. Buenos Aires (Argentina) 9 76.96 61 (8)
1 23.04
Refop de Argentina S.A. (formerly: Reebok
91 Buenos Aires (Argentina) directly 96.25 (0) 0
Argentina S.A.)
9 3.75
92 adidas do Brasil Ltda. São Paulo (Brazil) 1 100 208 15
93 adidas Franchise Brasil Servicos Ltda. São Paulo (Brazil) 92 99.99 9 12
directly 0.01
REFOP Produtos Esportivos Brasil Ltda. (formerly:
94 São Paulo (Brazil) 9 100 1 (0)
Reebok Produtos Esportivos Brasil Ltda.)
95 adidas Chile Limitada Santiago de Chile (Chile) directly 99 61 12
3 1
96 adidas Colombia Ltda. Bogotá (Colombia) directly 100 28 3
97 adidas Perú S.A.C. Lima (Peru) directly 99 63 7
95 1
98 adidas de Mexico, S.A. de C.V. Mexico City (Mexico) directly 100 201 50
99 adidas Industrial, S.A. de C.V. Mexico City (Mexico) directly 100 50 17
Refop de Mexico, S.A. de C.V. (formerly: Reebok
100 Mexico City (Mexico) directly 100 (35) (0)
de Mexico, S.A. de C.V.)
101 adidas Latin America, S.A. Panama City (Panama) directly 100 (31) 10
102 Concept Sport, S.A. Panama City (Panama) 9 100 2 (0)
103 3 Stripes S.A. Montevideo (Uruguay) directly 100 (0) -
104 Tafibal S.A. Montevideo (Uruguay) directly 100 (1) 0
105 Raelit S.A. Montevideo (Uruguay) directly 100 0 0
106 adidas Sourcing Honduras, S.A. San Pedro Sula (Honduras) 54 100
107 adisport Corporation San Juan (Puerto Rico) 9 100 (1) 0
108 adidas Sourcing El Salvador, S.A. de C.V. Antiguo Cuscatlán (El Salvador) 9 99.95 0 0
directly 0.05
1 The number refers to the number of the company.

2 Profit and loss transfer agreement.
37
Copy of the Auditor’s Report
Based on the final results of our audit we issued the following unqualified auditor’s report dated
February 23, 2024:
“INDEPENDENT AUDITOR’S REPORT
To adidas AG, Herzogenaurach
REPORT ON THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS AND OF THE MANAGEMENT REPORT
Audit Opinions
We have audited the annual financial statements of adidas AG, Herzogenaurach, which comprise the
balance sheet as at 31 December 2023, and the statement of profit and loss for the financial year from
1 January to 31 December 2023 and notes to the financial statements, including the presentation of the
recognition and measurement policies. In addition, we have audited the management report of adidas AG,
which is combined with the group management report, for the financial year from 1 January to
31 December 2023. In accordance with the German legal requirements, we have not audited the content of
those parts of the management report listed in the “Other Information” section of our auditor’s report.
In our opinion, on the basis of the knowledge obtained in the audit,
 the accompanying annual financial statements comply, in all material respects, with the
requirements of German commercial law and give a true and fair view of the assets, liabilities and
financial position of the Company as at 31 December 2023 and of its financial performance for the
financial year from 1 January to 31 December 2023 in compliance with German Legally Required
Accounting Principles and
 the accompanying management report as a whole provides an appropriate view of the Company’s
position. In all material respects, this management report is consistent with the annual financial
statements, complies with German legal requirements and appropriately presents the
opportunities and risks of future development. Our audit opinion on the management report does
not cover the content of those parts of the management report listed in the “Other Information”
section of our auditor’s report.
Pursuant to § [Article] 322 Abs. [paragraph] 3 Satz [sentence] 1 HGB [Handelsgesetzbuch: German
Commercial Code], we declare that our audit has not led to any reservations relating to the legal
compliance of the annual financial statements and of the management report.
Basis for the Audit Opinions
We conducted our audit of the annual financial statements and of the management report in accordance
with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as “EU Audit
Regulation”) in compliance with German Generally Accepted Standards for Financial Statement Audits
promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). We
performed the audit of the annual financial statements in supplementary compliance with the
International Standards on Auditing (ISAs). Our responsibilities under those requirements, principles and
standards are further described in the "Auditor’s Responsibilities for the Audit of the Annual Financial
Statements and of the Management Report" section of our auditor’s report. We are independent of the
Company in accordance with the requirements of European law and German commercial and professional
law, and we have fulfilled our other German professional responsibilities in accordance with these
38
requirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare
that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions on the annual financial statements and on the management report.
Key Audit Matters in the Audit of the Annual Financial Statements
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the annual financial statements for the financial year from 1 January to 31 December 2023. These
matters were addressed in the context of our audit of the annual financial statements as a whole, and in
forming our audit opinion thereon; we do not provide a separate audit opinion on these matters.
In our view, the matters of most significance in our audit were as follows:
1. Measurement of shares in affiliated companies and loans to and receivables from those
affiliated companies
2. Recognition of revenue, taking into account expected returns
Our presentation of these key audit matters has been structured in each case as follows:
1. Matter and issue
2. Audit approach and findings
3. Reference to further information
Hereinafter we present the key audit matters:
4. Measurement of shares in affiliated companies and loans to and receivables from those
affiliated companies
1. In the Company's annual financial statements, shares in affiliated companies of EUR 4,151 million
(45% of total assets) and loans to affiliated companies of EUR 107 million (1% of total assets) are reported
under the balance sheet item "Financial assets". In addition, receivables from affiliated companies of
EUR 2,640 million (28% of total assets) are reported under "Receivables and other assets". Together, the
carrying amount of the total engagement amounts to EUR 6,898 million (74% of total assets).
Shares in affiliated companies are measured in accordance with German commercial law at the lower of
cost and fair value. Loans to and receivables from affiliated companies are carried at the lower of their
nominal amount or fair value.
The fair values are generally calculated based on the present values of the expected future cash flows
according to the planning projections prepared by the executive directors, using discounted cash flow
model. Expectations relating to future market developments and assumptions about the development of
macroeconomic factors are also taken into account. The cash flows are discounted using individually
determined costs of capital for the relevant affiliated companies. On the basis of the values determined
and supplementary documentation, a write-down in the total amount of EUR 9 million was required for the
financial year and no reversals of write-downs were required.
The outcome of these valuation is dependent to a large extent on the estimates made by the executive
directors of the future cash flows, and on the discount rates and rates of growth used. The valuations are
thus subject to material uncertainty. Against this background and due to the highly complex nature of the
valuations and their material significance for the Company's assets, liabilities and financial performance,
this matter was of particular significance in the context of our audit.
39
2. As part of our audit, we evaluated the methodology used for the purposes of the valuation, among
other things. In particular, we assessed whether the fair values had been appropriately determined using a
discounted cash flow model in compliance with the relevant measurement standards. We based our
assessment, among other things, on a comparison with general and sector-specific market expectations
as well as on the executive directors' detailed explanations regarding the key value drivers underlying the
expected cash flows. In the knowledge that even relatively small changes in the discount rates applied can
have a material impact on the calculated values, we focused our testing in particular on the parameters
used to determine the discount rates applied, and assessed the respective calculation model.
We concluded by assessing whether the values calculated in this way were properly compared against the
corresponding carrying amounts, in order to ascertain any impairment losses or reversals of impairment
losses.
In our view, taking into consideration the information available, the valuation parameters and underlying
assumptions used by the executive directors are appropriate overall for the purpose of appropriately
measuring the shares in affiliated companies as well as loans to and receivables from affiliated
companies.
3. The Company's disclosures relating to the accounting policies applied to financial assets and to
receivables from affiliated companies are contained in the section "Accounting policies" in the notes. The
disclosures relating to the shares in affiliated companies and loans to affiliated companies reported under
financial assets are contained in note 3 to the annual financial statements and the disclosures relating to
the receivables from affiliated companies are contained in note 5.
2. Recognition of revenue, taking into account expected returns
1. In the Company's annual financial statements, revenues amounting to EUR 4,510 million are
reported.
Revenue is recognized from the sale of goods in the "Wholesale", "E-commerce" and "Own retail" sales
channels if the Company satisfies a performance obligation by transferring a specified asset to a customer
and the price risk, including the risk of accidental loss of the respective goods has transferred to the
buyer. Revenue is recognized in the amount to which the Company has a claim when the risk is
transferred.
Customers of the Company have the option, subject to certain conditions, of exchanging or returning goods
in exchange for a credit. In light of expected returns, revenue recognition factors in the returns rate
because a sufficiently large number of similar transactions take place, the historical returns rate can be
reliably determined and this is transferable to the transactions currently being assessed.
In addition, the Company generates revenue from licensing income. Licensing income is regularly realized
on the basis of contractual agreements if licensees generate revenue with adidas products.
The revenues have a significant influence on the Company's net profit or loss for the year and represent
one of the most significant performance indicators for adidas. Due to the large transaction volume with
respect to the sale of merchandise in three different sales channels and the potential risk in general of
notional revenues and the uncertainty with regard to estimates of expected returns, in our view the
existence and accrual of revenues from the sale of merchandise and the recognition of revenue from
licensing income were of particular significance in the context of our audit.
40
2. With respect to the audit of the existence and accrual of revenue, we first assessed the design,
implementation, and operating effectiveness of internal controls, including the functioning of IT-based
controls with respect to outgoing goods and the acceptance of goods, invoices and payment settlements as
well as with respect to licensing income and the corresponding payment settlement.
Furthermore, in the context of substantive audit procedures, we obtained evidence (in particular delivery
certificates, invoices and receipts of payments) of the existence and accrual of revenue in order to assess
whether the recognized and accrues revenues were based on a corresponding shipment or transfer of
goods. In addition, we evaluated the mathematical correctness of the executive directors' calculation of
expected returns. We compared the expected returns against historical, sales channel-specific return
rates and the returned merchandise recorded in the financial accounting records.
With respect to the recognition of licensing income, in substantive audit procedures we evaluated, among
other things the calculations (based on licensing agreements, licensing rates and licensee revenue from
third parties) relating to the existence and accrual of revenue in order to assess whether the recognized
and accrued revenue were based on a contractual claim on the part of the Company. In addition, we
reconciled the Company's licensing income generated from affiliated companies and the licensing
expenses recognized by the affiliated companies (licensees).
We were able to satisfy ourselves that the estimates and assumptions made by the executive directors in
connection with the appropriate accounting treatment of the revenue were sufficiently substantiated and
documented.
3. The Company's disclosures relating to the accounting policies applied with respect to the
recognition of revenue from merchandise and licensing income are contained in the section "Accounting
policies" in the notes. The disclosures relating to reported revenue are contained in number 16 of the
notes to the financial statements.
Other Information
The executive directors are responsible for the other information. The other information comprises the
following non-audited parts of the management report:
 non-financial statement to comply with §§ 289b to 289e HGB and with §§ 315b to 315c
HGB included in different places of the management report
 the section “Performance KPIs to track product availability and on-time in-full delivery” of the
management report
 the disclosures marked as unaudited in section “Description of the main features of the internal
control and risk management system process pursuant to § 315 section 4 German Commercial
Code (Handelsgesetzbuch – HGB)” of the management report
The other information comprises further
 the statement on corporate governance pursuant to § 289f HGB and § 315d HGB
 all remaining parts of the publication “annual financial statements as at December 31, 2023”
– excluding cross-references to external information – with the exception of the audited annual
financial statements, the audited management report and our auditor’s report
Our audit opinions on the annual financial statements and on the management report do not cover the
other information, and consequently we do not express an audit opinion or any other form of assurance
conclusion thereon.
41
In connection with our audit, our responsibility is to read the other information mentioned above and, in so
doing, to consider whether the other information
 is materially inconsistent with the annual financial statements, with the management report
disclosures audited in terms of content or with our knowledge obtained in the audit, or
 otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Executive Directors and the Supervisory Board for the Annual Financial Statements and
the Management Report
The executive directors are responsible for the preparation of the annual financial statements that comply,
in all material respects, with the requirements of German commercial law, and that the annual financial
statements give a true and fair view of the assets, liabilities, financial position and financial performance of
the Company in compliance with German Legally Required Accounting Principles. In addition, the
executive directors are responsible for such internal control as they, in accordance with German Legally
Required Accounting Principles, have determined necessary to enable the preparation of annual financial
statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial
reporting and misappropriation of assets) or error.
In preparing the annual financial statements, the executive directors are responsible for assessing the
Company’s ability to continue as a going concern. They also have the responsibility for disclosing, as
applicable, matters related to going concern. In addition, they are responsible for financial reporting based
on the going concern basis of accounting, provided no actual or legal circumstances conflict therewith.
Furthermore, the executive directors are responsible for the preparation of the management report that
as a whole provides an appropriate view of the Company’s position and is, in all material respects,
consistent with the annual financial statements, complies with German legal requirements, and
appropriately presents the opportunities and risks of future development. In addition, the executive
directors are responsible for such arrangements and measures (systems) as they have considered
necessary to enable the preparation of a management report that is in accordance with the applicable
German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in
the management report.
The supervisory board is responsible for overseeing the Company’s financial reporting process for the
preparation of the annual financial statements and of the management report.
Auditor’s Responsibilities for the Audit of the Annual Financial Statements and of the Management Report
Our objectives are to obtain reasonable assurance about whether the annual financial statements as a
whole are free from material misstatement, whether due to fraud or error, and whether the management
report as a whole provides an appropriate view of the Company’s position and, in all material respects, is
consistent with the annual financial statements and the knowledge obtained in the audit, complies with the
German legal requirements and appropriately presents the opportunities and risks of future development,
as well as to issue an auditor’s report that includes our audit opinions on the annual financial statements
and on the management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with § 317 HGB and the EU Audit Regulation and in compliance with German Generally
Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer
42
(IDW) and supplementary compliance with the ISAs will always detect a material misstatement.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these annual financial statements and this management report.
 We exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
 Identify and assess the risks of material misstatement of the annual financial statements and of
the management report, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our audit opinions. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal controls.
 Obtain an understanding of internal control relevant to the audit of the annual financial
statements and of arrangements and measures (systems) relevant to the audit of the
management report in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of
these systems of the Company.
 Evaluate the appropriateness of accounting policies used by the executive directors and the
reasonableness of estimates made by the executive directors and related disclosures.
 Conclude on the appropriateness of the executive directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in the auditor’s report to the related disclosures in the annual financial statements
and in the management report or, if such disclosures are inadequate, to modify our respective
audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to be able
to continue as a going concern.
 Evaluate the overall presentation, structure and content of the annual financial statements,
including the disclosures, and whether the annual financial statements present the underlying
transactions and events in a manner that the annual financial statements give a true and fair view
of the assets, liabilities, financial position and financial performance of the Company in
compliance with German Legally Required Accounting Principles.
 Evaluate the consistency of the management report with the annual financial statements, its
conformity with German law, and the view of the Company’s position it provides.
 Perform audit procedures on the prospective information presented by the executive directors in
the management report. On the basis of sufficient appropriate audit evidence we evaluate, in
particular, the significant assumptions used by the executive directors as a basis for the
prospective information, and evaluate the proper derivation of the prospective information from
these assumptions. We do not express a separate audit opinion on the prospective information
and on the assumptions used as a basis. There is a substantial unavoidable risk that future
events will differ materially from the prospective information.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the relevant
independence requirements, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate
threats or safeguards applied.
43
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the annual financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter.
OTHER LEGAL AND REGULATORY REQUIREMENTS
Report on the Assurance on the Electronic Rendering of the Annual Financial Statements and the
Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB
Assurance Opinion
We have performed assurance work in accordance with § 317 Abs. 3a HGB to obtain reasonable assurance
as to whether the rendering of the annual financial statements and the management report (hereinafter
the “ESEF documents”) contained in the electronic file adidasAGEA2023_KonzernLB.zip and prepared for
publication purposes complies in all material respects with the requirements of § 328 Abs. 1 HGB for the
electronic reporting format (“ESEF format”). In accordance with German legal requirements, this
assurance work extends only to the conversion of the information contained in the annual financial
statements and the management report into the ESEF format and therefore relates neither to the
information contained within these renderings nor to any other information contained in the electronic file
identified above.
In our opinion, the rendering of the annual financial statements and the management report contained in
the electronic file identified above and prepared for publication purposes complies in all material respects
with the requirements of § 328 Abs. 1 HGB for the electronic reporting format. Beyond this assurance
opinion and our audit opinion on the accompanying annual financial statements and the accompanying
management report for the financial year from 1 January to 31 December 2023 contained in the “Report on
the Audit of the Annual Financial Statements and on the Management Report” above, we do not express
any assurance opinion on the information contained within these renderings or on the other information
contained in the electronic file identified above.
Basis for the Assurance Opinion
We conducted our assurance work on the rendering of the annual financial statements and the
management report contained in the electronic file identified above in accordance with § 317 Abs. 3a HGB
and the IDW Assurance Standard: Assurance Work on the Electronic Rendering, of Financial Statements
and Management Reports, Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB (IDW
AsS 410 (06.2022)) and the International Standard on Assurance Engagements 3000 (Revised). Our
responsibility in accordance therewith is further described in the “Auditor’s Responsibilities for the
Assurance Work on the ESEF Documents” section. Our audit firm applies the IDW Standard on Quality
Management: Requirements for Quality Management in the Audit Firm (IDW QMS 1 (09.2022)).
Responsibilities of the Executive Directors and the Supervisory Board for the ESEF Documents
The executive directors of the Company are responsible for the preparation of the ESEF documents
including the electronic rendering of the annual financial statements and the management report in
accordance with § 328 Abs. 1 Satz 4 Nr. [number] 1 HGB.
In addition, the executive directors of the Company are responsible for such internal control as they have
considered necessary to enable the preparation of ESEF documents that are free from material non-
compliance with the requirements of § 328 Abs. 1 HGB for the electronic reporting format, whether due
to fraud or error.
44
The supervisory board is responsible for overseeing the process for preparing the ESEF-documents as
part of the financial reporting process.
Auditor's Responsibilities for the Assurance Work on the ESEF Documents
Our objective is to obtain reasonable assurance about whether the ESEF documents are free from
material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error. We
exercise professional judgment and maintain professional skepticism throughout the assurance work. We
also:
Identify and assess the risks of material non-compliance with the requirements of § 328 Abs. 1 HGB,
whether due to fraud or error, design and perform assurance procedures responsive to those risks, and
obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion.
 Obtain an understanding of internal control relevant to the assurance work on the ESEF
documents in order to design assurance procedures that are appropriate in the circumstances,
but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.
 Evaluate the technical validity of the ESEF documents, i.e., whether the electronic file containing
the ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815 in the
version in force at the date of the annual financial statements on the technical specification for
this electronic file.
 Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to
the audited annual financial statements and to the audited management report.
Further Information pursuant to Article 10 of the EU Audit Regulation
We were elected as auditor by the annual general meeting on 12 May 2022. We were engaged by the
supervisory board on 14 December 2023. We have been the auditor of the adidas AG, Herzogenaurach,
without interruption since the financial year 2023.
We declare that the audit opinions expressed in this auditor’s report are consistent with the additional
report to the audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).
REFERENCE TO ANOTHER MATTER– USE OF THE AUDITOR’S REPORT
Our auditor’s report must always be read together with the audited annual financial statements and the
audited management report as well as the assured ESEF documents. The annual financial statements and
the management report converted to the ESEF format – including the versions to be filed in the company
register – are merely electronic renderings of the audited annual financial statements and the audited
management report and do not take their place. In particular, the “Report on the Assurance on the
Electronic Rendering of the Annual Financial Statements and the Management Report Prepared for
Publication Purposes in Accordance with § 317 Abs. 3a HGB” and our assurance opinion contained therein
are to be used solely together with the assured ESEF documents made available in electronic form.
45
GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT
The German Public Auditor responsible for the engagement is Christian Landau.”
Nuremberg, February 23, 2024
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Rainer Kroker Christian Landau
Wirtschaftsprüfer Wirtschaftsprüfer
46
Responsibility Statement
To the best of our knowledge, and in accordance with the applicable reporting principles, the annual
financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of
the company, and the Management Report, which has been combined with the Group Management Report,
includes a fair review of the development and performance of the business and the position of the
company, together with a description of the material opportunities and risks associated with the expected
development of the company.
Herzogenaurach, February 20, 2024
BJØRN GULDEN ARTHUR HOELD HARM OHLMEYER

CHIEF EXECUTIVE OFFICER, GLOBAL SALES CHIEF FINANCIAL OFFICER
GLOBAL BRANDS
MICHELLE ROBERTSON MARTIN SHANKLAND

GLOBAL HUMAN RESOURCES, GLOBAL OPERATIONS
PEOPLE AND CULTURE
47
Supervisory Board Report
Dear Shareholders,
2023 was a transition year for adidas. The appointment of Bjørn Gulden as new CEO effective January 1
paved the way for a successful restart of the company. The overall business environment continued to be
characterized by geopolitical tensions, macroeconomic challenges, and elevated inventory levels. Against
this backdrop, the company performed significantly better than initially expected as it put the focus back
on its core: people, product, consumers, retail partners, and athletes. This started to pay off as brand
momentum began to re-accelerate driven by the Terrace trend in Lifestyle and game-changing innovation
in Performance. The company improved the relationship to its retailers and invested into broadening its
portfolio of sports partners. In addition, adidas successfully reduced high inventory levels by limiting the
sell-in to the wholesale channel and clearing excess stock. This was essential to be able to return to a
healthier business mix going forward. In addition, adidas was able to conduct two drops of the remaining
Yeezy products. As a result, the write-off and destruction of the products could be avoided, and the
company made significant donations from the proceeds. Consequently, despite the challenging market
environment, adidas was able to upgrade its full year guidance twice in the course of 2023 and ultimately
posted top- and bottom-line results significantly above the increasing expectations. This reflects the
operational and financial progress made during the year and provides a stronger foundation for further
improvements in 2024 and a successful 2025 and 2026.
Supervision and advice in dialogue with the Executive Board

In the year under review, we performed all of our tasks laid down by law, the Articles of Association, the
German Corporate Governance Code (‘Code’), and the Rules of Procedure carefully and conscientiously, as
in previous years. We regularly advised the Executive Board on the management of the company, as well
as diligently and continuously supervised its management activities. The Executive Board involved us
directly and in a timely and comprehensive manner in all of the company’s fundamental decisions.
The Executive Board informed us extensively and regularly through written and oral reports. This
information covered all relevant aspects of the company’s strategic direction, business planning (including
finance, investment, and personnel planning), the business development, and the company’s financial
position and profitability. We were also kept up to date on matters relating to accounting processes, the
risk situation, the adequacy and further development of the internal Control and Risk Management
Systems, and compliance, as well as all major decisions and business transactions. Furthermore, the
Executive Board always reported immediately and thoroughly on any deviations in business performance
from the plans. In the year under review, such deviations were attributable, in particular, to the handling of
the existing Yeezy inventory, the reduction of elevated inventory levels, the impact of foreign exchange
developments, and the negative business development in North America.
Furthermore, we received regular comprehensive written reports from the Executive Board for the
preparation of our meetings. We thus always had the opportunity to critically analyze the Executive Board’s
reports and resolution proposals within the committees and the entire Supervisory Board and to put
forward suggestions before passing resolutions based on in-depth examination and thorough consultation.
At the Supervisory Board meetings, the Executive Board was available for discussions and for answering
our questions. In the periods between our meetings, the Executive Board also provided us with extensive
monthly reports on the current business situation. We critically examined and scrutinized the information
provided by the Executive Board.
48
Meetings of the Supervisory Board and its committees
In the past financial year, the Supervisory Board primarily exercised its duties in plenary meetings.
Members who were unable to participate in the meetings took part in the resolutions by submitting their
votes in writing. In the year under review, the meetings of the Supervisory Board and its committees took
place both as physical and virtual meetings. The latest videoconferencing technology was used to ensure
an open and appropriate discussion between the Executive Board and the Supervisory Board within the
virtual meetings.
Type of meeting
Virtual meeting Physical meeting

Supervisory Board 2 5
Nomination Committee 1 1
General Committee 3 3
Audit Committee 1 3
The external auditor, PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (‘PwC’), Frankfurt

am Main, Germany, attended the meetings of the Supervisory Board, in particular as part of the Executive
Board’s financial reporting to the Supervisory Board, insofar as no Executive Board matters or internal
matters of the Supervisory Board and Executive Board were discussed. Furthermore, PwC attended all
meetings of the Audit Committee.
In the periods between meetings, the Chairman of the Supervisory Board and the Chairman of the Audit
Committee maintained regular contact with the Chief Executive Officer and the Chief Financial Officer,
conferring on matters such as the company’s strategic orientation, business planning and development,
the risk situation, control and risk management, and compliance. In addition, the Chairman of the
Supervisory Board and, as applicable, the entire Supervisory Board, were informed about events of
fundamental importance for evaluating the situation, development, and management of the company, if
required, also at short notice. The Chairman of the Supervisory Board regularly reported during meetings
on discussions with the Executive Board outside the Supervisory Board meetings.
The Supervisory Board also convened regularly without the Executive Board members, in particular to
discuss internal affairs of the Supervisory Board as well as personnel and compensation matters relating
to the Executive Board. The Audit Committee also followed recommendation D.10 of the Code and
regularly consulted with the auditor in the Audit Committee meetings without the Executive Board.
In this year under review, too, the participation rate of the Supervisory Board and its committees was
constantly high, totaling approximately 99% (2022: approximately 96%) and thus exceeding the targeted
minimum participation rate of 75%.
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Individual meeting participation of the Supervisory Board members
Number of Participation
meetings Participation rate
Members of the Supervisory Board as at December 31, 2023

Thomas Rabe, Chairman 15 15 100%
Ian Gallienne, Deputy Chairman 15 15 100%
Udo Müller, Deputy Chairman 13 13 100%
Petra Auerbacher 7 7 100%
Birgit Biermann 7 7 100%
Jackie Joyner-Kersee 7 7 100%
Christian Klein 7 6 86%
Bastian Knobloch 7 7 100%
Kathrin Menges 13 13 100%
Beate Rohrig 7 7 100%
Nassef Sawiris 7 7 100%
Frank Scheiderer 11 11 100%
Michael Storl 13 13 100%
Bodo Uebber 11 11 100%
Jing Ulrich 7 6 86%
Günter Weigl 11 11 100%
Tasks and topics for the entire Supervisory Board

In the year under review, there were seven meetings of the entire Supervisory Board (2022: nine
meetings).
The following subject areas were presented to us in detail by the Executive Board for regular discussion at
meetings of the entire Supervisory Board: the development of sales, earnings, and the employment
situation, the financial position of the company, and the development of the company’s individual
operations, brands, and markets. Focus topics in the year under review with regard to stabilizing operating
profit were the business development in the major markets and sales channels, the order book
development and the sell-through of our products, and the reduction of elevated inventory levels, as well
as the handling of the existing Yeezy inventory and the Yeezy partnership in general. In addition, we dealt
intensively with the major legal disputes, various brand and product topics, current marketing campaigns,
and adidas’ key partnerships. The opportunities of artificial intelligence (‘AI’) for adidas as well as the
associated risks were also discussed. The growing importance of ESG (Environmental, Social, Governance)
topics and their regulation were further regular topics of discussion at the Supervisory Board meetings.
Moreover, the Executive Board informed us about the current status and the developments of the Human
Resources organization. As regards personnel matters, the extension of Harm Ohlmeyer’s appointment,
the resignations of Roland Auschel, Brian Grevy, and Amanda Rajkumar, from the Executive Board and the
appointments of Arthur Hoeld and Michelle Robertson to the Executive Board were the main subjects of
consultation.
Due to statutory regulations or the Rules of Procedure, certain transactions and measures of the
Executive Board require the approval of the Supervisory Board. The Supervisory Board discussed
transactions requiring its approval as they arose and gave its approval to resolution items after thorough
reviews, in some cases based on preparations by the relevant committees. In addition, the Supervisory
Board regularly conferred on personnel and compensation matters concerning the Executive Board as
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well as questions of corporate governance. ► ADIDAS-GROUP.COM/S/COMPENSATION ► SEE DECLARATION ON CORPORATE
GOVERNANCE
At the Supervisory Board’s February meeting, we welcomed the new Chief Executive Officer Bjørn Gulden,
who started by sharing his initial impressions of adidas. He addressed the current status of the operating
business, the existing challenges, and his priorities for the first few months of his tenure. Subsequently,
the Executive Board reported on the company’s situation, the preliminary financial results for the 2022
financial year, and the Business Improvement Plan as well as the challenges in the Chinese market.
Further focus topics were the Budget and Investment Plan presented by the Executive Board for the 2023
financial year and the resulting financial guidance for 2023. In this connection, the further handling of the
existing Yeezy inventory was also discussed at length. Following a thorough discussion, the Supervisory
Board approved the Budget and Investment Plan as presented. Furthermore, we approved the preliminary
extension of the Public Cloud Computing contract with AWS. Another focus topic was Executive Board
compensation. In this respect, having determined the degree of target achievement and having discussed
in detail the individual performance of the Executive Board members, we set the variable compensation to
be paid to the Executive Board members for the 2022 financial year. Due to the challenges in the financial
year, the overall degree of target achievement for the 2022 Performance Bonus and the 2022 LTI tranche
was below 50% for all Executive Board members and no payout was made. Furthermore, following an
internal appropriateness test, the Executive Board compensation was assessed to be appropriate. Finally,
we approved the Declaration on Corporate Governance.
At the balance sheet meeting in March, the Executive Board reported on the financial results for the past
financial year as well as on the audit of the 2022 annual financial statements and consolidated financial
statements. Before the Supervisory Board passed its resolution, the auditor reported on the material
results of the audit, including the results of the audit of the content of the non-financial statement
commissioned by the Supervisory Board in accordance with § 111 section 2 sentence 4 of the German
Stock Corporation Act (Aktiengesetz – AktG). After in-depth examination of the financial statements and
based on the auditor’s report and the Audit Committee report on the audit results, the Supervisory Board
approved the annual financial statements and consolidated financial statements as well as the combined
Management Report including the non-financial statement for adidas AG and the adidas Group. The annual
financial statements were thus adopted. Furthermore, the Executive Board reported on the humanitarian
crisis in Turkey and Syria and on the safety of and support for adidas’ employees. The Executive Board also
outlined the company’s current business situation and the outlook for the 2023 financial year and gave an
update on adidas brand and product topics, current marketing campaigns, and key partnerships. Other
topics of discussion included compliance and major legal disputes involving adidas. Moreover, we
approved the Supervisory Board Report to the Annual General Meeting as well as the proposed resolutions
to be submitted to the 2023 Annual General Meeting, including the proposal on the appropriation of
retained earnings for the 2022 financial year. In addition, we determined the criteria and targets for the
variable, performance-based compensation of the Executive Board members for the 2023 financial year
and approved the Compensation Report for the 2022 financial year at this meeting. Furthermore, in the
absence of Jackie Joyner-Kersee, the Supervisory Board approved the continuation of the ambassador
agreement between adidas and Jackie Joyner-Kersee. After thorough discussions and following the
recommendation of the General Committee, we approved the extension of Harm Ohlmeyer’s appointment
as member of the Executive Board of adidas AG by another three years until early 2028 and the
termination by mutual consent of Roland Auschel’s and Brian Grevy’s appointments as members of the
Executive Board of adidas AG, each effective upon expiry of March 31, 2023. Also upon the General
Committee’s recommendation, Arthur Hoeld was appointed as a new Executive Board member with
responsibility for Global Sales with effect from April 1, 2023. Responsibility for Global Brands was
allocated to Chief Executive Officer Bjørn Gulden.
51
The May meeting, which took place on the evening before the Annual General Meeting, centered on the
current business performance as well as adidas brand and product topics, current marketing campaigns,
and key partnerships. The Supervisory Board was given reports on, inter alia, the Partner Camp with key
retail partners, the ‘Football is Home’ event, and the Sourcing Partner Summit. Furthermore, we
thoroughly discussed the financial results for the first quarter of 2023 and the handling of the existing
Yeezy inventory. The Executive Board reported in detail on the business situation in the markets, especially
in China and North America. Finally, we were informed about the expected main topics and questions at
the Annual General Meeting.
At an extraordinary Supervisory Board meeting in June, we resolved upon the termination of Amanda
Rajkumar’s appointment as member of the Executive Board of adidas AG by mutual consent upon expiry of
July 15, 2023, based on the recommendation of the General Committee and after thorough deliberation.
At the August meeting, we particularly discussed the financial results for the second quarter and for the
first half of 2023, with the Executive Board focusing on the challenges in North America. Furthermore, the
Executive Board outlined the most recent update of the outlook for the 2023 financial year due to the
positive impact of the first tranche of the Yeezy products sell-off. In this regard, we also discussed with the
Executive Board the status of the legal dispute with Kanye West. Moreover, we were given an overview of
the situation of the Human Resources organization and of brand and product topics, current marketing
campaigns, and key partnerships. The Executive Board reported, in particular, on the lasting positive
development of the Terrace shoe models (above all Samba, Gazelle, and Handball Spezial). Finally,
training opportunities for the Supervisory Board were presented.
The Supervisory Board meeting in October focused on the discussion of the current business situation and
the preliminary financial results for the third quarter of 2023, the outlook for the year under review, adidas
brand and product topics, current marketing campaigns, and key partnerships. The main topics were, inter
alia, innovations in the Running area and the associated successes in long-distance races on a global
scale, and the ‘Fear of God’ basketball product range which was to be launched soon. Moreover, the
Executive Board reported on Diversity and Inclusion and in this connection also on the new goals for the
promotion of women in leadership positions and the ‘high potential’ development program. Furthermore,
we were updated on use cases of artificial intelligence (‘AI’) at adidas as well as the strategic ESG
orientation and the associated regulatory provisions. We also discussed the fulfillment of the statutory
gender quota in the Supervisory Board stipulated in § 96 section 2 sentences 1, 3, and 4 AktG. In view of
the Supervisory Board election at the 2024 Annual General Meeting, both the shareholder representatives
and the employee representatives resolved in accordance with § 96 section 2 sentence 3 AktG that the
minimum quota of 30% women and 30% men on the Supervisory Board has to be fulfilled separately for
the shareholder representatives and the employee representatives.
At the December meeting, we focused on the preliminary Budget and Investment Plan for the 2024
financial year as presented by the Executive Board, which we approved after thorough deliberation, as well
as on the marketing and sponsorship agreements concluded in the year under review. After a thorough
review, we approved the final Budget and Investment Plan presented to us for resolution in February 2024.
Moreover, the Executive Board gave a detailed report on the current business situation, the outlook for the
year under review, as well as on adidas brand and product topics, current marketing campaigns, and key
partnerships. In addition, we dealt with current legal disputes involving adidas, discussed the assessment
of the Supervisory Board members’ independence, and resolved the Declaration of Compliance with the
Code. A further agenda item was the review of the objectives of the Supervisory Board regarding its
composition (including the competency profile). We also conferred on the upcoming Supervisory Board
election in 2024 and thoroughly discussed the horizontal comparison of the Executive Board compensation
conducted by an external compensation consultant. Based on this comparison, the Executive Board
compensation was assessed to be appropriate. The Supervisory Board also discussed the current
52
implementation status of the proposed measures of improvement resulting from the self-assessment
conducted in the 2022 financial year (efficiency examination). Finally, upon the General Committee’s
recommendation, we resolved to appoint Michelle Robertson as a member of the Executive Board,
responsible for Global Human Resources, People and Culture, effective January 1, 2024.
Tasks and topics for the committees

In order to perform our tasks in an efficient manner, we have established a total of five standing
Supervisory Board committees. The committees prepare resolutions and topics for the meetings of the
entire Supervisory Board. Within the legally permissible framework and in appropriate cases, we have
furthermore delegated the Supervisory Board’s authority to pass certain resolutions to individual
committees. With the exception of the Audit Committee, the Chairman of the Supervisory Board also chairs
all the standing committees. The respective committee chairmen report to the Supervisory Board on their
work as well as the content and results of the committee meetings on a regular and comprehensive basis.
The Steering Committee did not meet in the year under review.
The General Committee held six meetings in the year under review (2022: six meetings). The main task of
the General Committee was to prepare resolutions for the entire Supervisory Board on personnel and
compensation matters of the Executive Board. In particular, it discussed the extension of Harm
Ohlmeyer’s appointment and the terminations of Roland Auschel’s, Brian Grevy’s, and Amanda
Rajkumar’s appointments by mutual consent. The General Committee also prepared Arthur Hoeld’s and
Michelle Robertson’s appointments. Regarding Executive Board compensation, the General Committee
mainly drafted proposals for resolutions on the targets, the target achievement, and the amount of the
variable performance-related compensation, and pre-examined the horizontal and vertical
appropriateness of the Executive Board compensation. Furthermore, the General Committee dealt
intensively with the Compensation Report for the year under review and the revision of the compensation
system for the Executive Board. The longterm succession planning for the Executive Board was also
discussed by the General Committee.
The Audit Committee held four meetings in the year under review (2022: four meetings). The Chief
Financial Officer and the auditor were present at all meetings and reported to the committee members in
detail. The Audit Committee followed the recommendation of the Code and regularly consulted with the
auditor at Audit Committee meetings without the Executive Board being present.
In addition to the monitoring of the accounting process, the committee’s work focused on the audit of the
2022 annual financial statements and the consolidated financial statements, including the combined
Management Report and the non-financial statement of adidas AG and the Group, as well as the proposal
regarding the appropriation of retained earnings. Following a detailed presentation of the audit reports by
the auditor, the Audit Committee decided to recommend to the Supervisory Board to approve the
2022 annual financial statements and consolidated financial statements. Furthermore, the Audit
Committee prepared the audit of the non-financial statement.
In the year under review, the Audit Committee thoroughly discussed the continued development and
monitoring of the effectiveness and adequacy of the Risk Management System, the Internal Audit System,
the Internal Control System, and the Compliance Management System. Moreover, due to the initial
appointment of PwC as auditor by the Annual General Meeting, the Audit Committee also dealt intensively
with the progress of PwC’s onboarding and the preparation of the audit. Other matters discussed in detail
were the assignment of the audit mandate to the auditor and the determination of the audit fees and key
audit matters. In accordance with § 111 section 2 sentence 4 AktG, the Audit Committee furthermore
commissioned the auditor with the audit of the content of the non-financial statement with limited
assurance and with an audit with reasonable assurance of the statements on the ‘share of sustainable
53
articles offered’ (‘9 out of 10’) KPI contained therein. In addition, the Audit Committee monitored the
auditor’s independence and qualification, while also taking into account the non-audit services provided by
the auditor. With regard to assessing the quality of the audit, the Audit Committee determined on the basis
of, inter alia, an internal quality review, that there were no indications of insufficient quality in the 2022
audit. Finally, the Audit Committee discussed the quarterly financial results and the half-year financial
report. Furthermore, in the year under review, the Audit Committee thoroughly dealt with the audit plan
and the risk management report. At each committee meeting, the Audit Committee was also informed
about the findings and developments of the Internal Audit department and current cases and
developments in the area of compliance.
Moreover, topics such as data privacy and information security, business partner due diligence, and
adidas’ Global Business Services, as well as ESG and sustainability topics at adidas were discussed during
the Audit Committee meetings. In this regard, a particular focus was on the provisions of the Corporate
Sustainability Reporting Directive (CSRD) and the EU Taxonomy. Further topics of deliberation were the
subsidiaries’ dividend strategy to ensure the distribution capability of adidas AG and the general
requirements for the non-audit services rendered by the auditor. The tax strategy and the pension strategy
at adidas were also discussed by the Audit Committee.
The Nomination Committee held two meetings in the year under review (2022: no meetings). The focus
topic of both meetings and of deliberations in the period between the meetings was the preparation of the
Supervisory Board’s proposals for the election of the Supervisory Board members representing the
shareholders at the 2024 Annual General Meeting. The Nomination Committee received support from
external personnel consultants in this regard. Taking into account the competency and diversity profile
defined by the Supervisory Board and the qualification matrix for the Supervisory Board members as well
as the statutory requirements for the candidates’ suitability and independence, the Nomination Committee
developed a qualification profile. Based on this profile, the committee members thoroughly discussed the
proposals prepared by the personnel consultants and had personal meetings with selected candidates.
Following a careful assessment and thorough discussion, a concrete resolution proposal for the
Supervisory Board was eventually prepared.
Furthermore, the Nomination Committee discussed the general succession planning for the Supervisory
Board, in particular for the position of the Chairman of the Supervisory Board, with the discussion
including consideration of investors’ expectations. In this connection, the committee also reviewed the
objectives of the Supervisory Board regarding its composition and prepared resolution recommendations
for the Supervisory Board.
As in previous years, the Mediation Committee, established in accordance with the German Co-
Determination Act (Mitbestimmungsgesetz – MitbestG), did not have to be convened in the year under
review.
Election and composition of the Supervisory Board

In the year under review, the composition of the Supervisory Board and its committees did not change.
► SEE SUPERVISORY BOARD
The members of the Supervisory Board are individually responsible for undertaking any necessary training
and further education measures required for their tasks. To assist them in their role, the company offers
new Supervisory Board members or members who assume new responsibilities an introduction to the
work of the Supervisory Board and/or to new areas of responsibility within adidas AG. In this regard, the
Supervisory Board members receive a detailed introduction to the business and subject areas that are
relevant to their particular tasks. In the year under review, the Supervisory Board participated in a
presentation on the brand’s creative direction organized by the ‘Creative Direction’ team. Moreover,
54
product innovations of adidas and cooperation partners were presented to the Supervisory Board.
Furthermore, the company informed the Supervisory Board regularly about current legislative changes,
particularly with regard to the increasing regulation of ESG topics and non-financial reporting, and about
opportunities for external training, and provided relevant specialist literature.
Changes to the Executive Board

In March 2023, the Supervisory Board resolved to extend Harm Ohlmeyer’s appointment as Chief Financial
Officer of the company by another three years until March 2028. Furthermore, the Supervisory Board
mutually agreed with Roland Auschel, responsible for Global Sales, and Brian Grevy, responsible for
Global Brands, that both would resign as members of the Executive Board with effect from the end of
March 31, 2023, and leave the company. The Supervisory Board appointed Arthur Hoeld as a new Executive
Board member, responsible for Global Sales, with effect from April 1, 2023, and transferred responsibility
for Global Brands to the Chief Executive Officer Bjørn Gulden. Moreover, in agreement with the
Supervisory Board, Amanda Rajkumar, responsible for Global Human Resources, People and Culture,
resigned as an Executive Board member with effect from the end of July 15, 2023, and left the company.
Responsibility for Global Human Resources, People and Culture was transferred to Chief Executive Officer
Bjørn Gulden on an interim basis. In December 2023, the Supervisory Board resolved to appoint Michelle
Robertson as a new Executive Board member, responsible for Global Human Resources, People and
Culture, effective January 1, 2024. ► SEE EXECUTIVE BOARD
Corporate governance
The Supervisory Board regularly monitors the application and further development of the corporate
governance regulations within the company, in particular the implementation of the regulations of the
Code. The Supervisory Board and its committees dealt with the corporate governance requirements of the
German Stock Corporation Act and the Code at their meetings. Further detailed information on corporate
governance within the company is set out in the Declaration on Corporate Governance. ► SEE DECLARATION ON
CORPORATE GOVERNANCE
Following an in-depth discussion, the current Declaration of Compliance pursuant to § 161 AktG was
resolved upon by the Executive Board and Supervisory Board of adidas AG in December 2023 and was
made permanently available on our website. ► ADIDAS-GROUP.COM/S/CORPORATE-GOVERNANCE
In the year under review, there were no conflicts of interest among the members of either the Supervisory
Board or the Executive Board. In the opinion of the Supervisory Board, the brand ambassador agreement
between adidas and the Supervisory Board member Jackie Joyner-Kersee does not constitute a conflict of
interest with regard to her role on the Supervisory Board.
Examination of the annual financial statements and consolidated financial statements

Following the Supervisory Board’s proposal, which was based on the Audit Committee’s recommendation,
the 2022 Annual General Meeting appointed PwC as auditor and Group auditor for the 2023 financial year.
Prior to this, PwC had confirmed to both the Supervisory Board and the Audit Committee that there are no
circumstances which could prejudice their independence as auditor or cast doubt on their independence.
In this respect, PwC also declared the extent to which non-audit services were rendered for the company
in the previous financial year or are contractually agreed for the following year.
PwC audited the 2023 consolidated financial statements prepared by the Executive Board in accordance
with § 315e of the German Commercial Code (Handelsgesetzbuch – HGB) in compliance with the
International Financial Reporting Standards (IFRS), as they are to be applied in the European Union, and
issued an unqualified opinion thereon. This also applies to the 2023 annual financial statements of
adidas AG, prepared in accordance with the requirements of the German Commercial Code, and the
combined Management Report of adidas AG and the adidas Group. Furthermore, as commissioned by the
55
Supervisory Board, PwC audited the non-financial statement. The financial statements, the proposal on
the appropriation of retained earnings, and the reports of the auditor of the annual financial statements
and consolidated financial statements were distributed by the Executive Board to all Supervisory Board
members in a timely manner.
The financial statements were examined in depth, with a particular focus on legality and regularity, in the
presence of the auditor at the Audit Committee meeting held on March 4, 2024, and at the balance sheet
meeting of the Supervisory Board on March 12, 2024, during which the Executive Board outlined the
financial statements in detail. At both meetings, the auditor reported on the material results of the audit,
inter alia with regard to the audit focus points agreed and key audit matters, and was available for
questions, providing additional information. The auditor did not report any significant weaknesses of the
Internal Control and Risk Management Systems with regard to the accounting process. Prior to the
resolution being passed, the auditor also reported on the results of the audit of the non-financial
statement with limited assurance as commissioned by the Audit Committee in accordance with § 111
section 2 sentence 4 AktG, and the audit with reasonable assurance of the statements on the ‘share of
sustainable articles offered’ (‘9 out of 10’) KPI contained therein. In addition, the Supervisory Board
thoroughly discussed and approved the Executive Board’s proposal concerning the appropriation of
retained earnings for the 2023 financial year.
Based on our own examinations of the annual financial statements and consolidated financial statements
(including the non-financial statement), we came to the conclusion that there are no objections to be
raised. Therefore, following the recommendation of the Audit Committee, the Supervisory Board agreed
with the auditor’s audit results and approved the financial statements prepared by the Executive Board,
including the non-financial statement, for the 2023 financial year. The annual financial statements were
thus adopted. PwC has been acting as auditor and Group auditor for adidas AG since the year under
review. As the responsible audit partners since the 2023 financial year, the auditors Rainer Kroker and
Christian Landau have signed the financial statements.
Expression of thanks
On behalf of the entire Supervisory Board, I wish to thank the current Executive Board and all our
employees around the world for their great personal dedication and ongoing commitment. I would also
like to express my gratitude for the enduring trust and cooperation between the employee and
shareholder representatives on the Supervisory Board.
Moreover, I would like to thank Roland Auschel and Brian Grevy, who resigned from the Executive Board at
the end of March 2023, and Amanda Rajkumar, who resigned from the Executive Board in July 2023, for
their numerous important contributions and their commitment to adidas.
For the Supervisory Board
THOMAS RABE
CHAIRMAN OF THE SUPERVISORY BOARD
March 2024
56
ADIDAS AG
ADI-DASSLER-STR. 1
91074 HERZOGENAURACH
GERMANY
WWW.ADIDAS-GROUP.COM

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A NNUA L FIN A NCI A L

Supervisory Board and Executive Board (Appendix 1 to the Notes) 29

List of Shareholdings (Appendix 2 to the Notes) 35

Independent Auditors’ Report 38

Supervisory Board Report 48

Dec. 31, 2023 Dec. 31, 2022

FIXED ASSETS (1)

EQUITY AND LIABILITIES

PROVISIONS/ACCRUALS (12) 812,775 833,188

LIABILITIES (13) 5,988,652 6,861,515

DEFERRED INCOME (14) 7,130 11,892

Sales (16) 4,509,828 4,813,807

Other operating income (17) 721,146 1,226,544

Income from investments in related companies (22) 89,741 2,491,398

Other taxes -475 -477

Retained earnings brought forward 598,294 724,433

adidas AG is domiciled in 91074 Herzogenaurach, Adi-Dassler-Str. 1, and is registered in the commercial

Cash-in-hand and bank balances are recognized at nominal value.

Prepaid expenses are recognized at nominal value.

Subscribed capital is recognized at the nominal amount.

The provision for early retirement is recognized at the settlement amount.

Liabilities are recognized at their settlement amount.

1. Internally generated intangible assets 18,564 20,048 -534 4,583 42,661

2. Internally generated software under construction 7,435 11,614 0 -4,583 14,466

Purchased concessions, trademarks and similar rights

4. Prepayments and assets under construction 80,432 58,871 0 -5,286 134,017

II. Tangible assets

2. Technical equipment and machinery 83,797 2,958 -2,950 1,316 85,121

III. Financial assets

1. Shares in affiliated companies 4,525,048 7,258 -28 0 4,532,278

2. Loans to affiliated companies 93,160 92,270 -78,160 0 107,270

3. Equity investments 78,841 0 0 0 78,841

4. Loans to non-affiliated companies 200 0 -200 0 0

5. Investment security 82,958 19,251 -12,478 0 89,731

Fixed Assets 7,087,834 288,773 -124,026 0 7,252,581

1,229 5,964 -365 6,828 35,833 17,335

753,639 88,306 -16,191 825,754 174,829 224,033

244,810 25,548 -11 270,347 563,795 580,518

55,986 3,624 -1,704 57,906 27,215 27,811

238,450 15,908 -4,922 249,436 58,550 61,856

372,756 8,563 0 381,319 4,150,959 4,152,292

1,666,870 147,913 -23,193 1,791,590 5,460,991 5,420,964

Dec. 31, 2023 Dec. 31, 2022

05 Receivables and other assets

Dec. 31, 2023 Dec. 31, 2022

Dec. 31, 2023 Dec. 31, 2022

Securities comprise short-term financial investments.

07 Cash-in-hand and bank balances

Dec. 31, 2023 Dec. 31, 2022

Dec. 31, 2023 Dec. 31,2022

*) Includes legal reserves of € 4,036 thousand

As at December 31, 2023 there are 178,549,084 shares entitled to a dividend.

Authorized capital 2021/I and 2021/II

Contingent capital 2022

Repurchase and use of treasury shares

Changes in the percentage of voting rights

1 Voluntary group notification due to threshold crossing on the subsidiary level.

Retained earnings as of December 31, 2022 723,270