阿迪达斯Adidas AG（ADDDF）2025年年度报告「OTC」（英文版）（435页）.pdf

1、ANNUAL REPORT 2025ANNUAL REPORT 2025Targets Results OutlookCurrency-neutral net sales developmentto increase at a high-single-digit rateto increase by around 9%10%to increase at ahigh-single-digit rateOperating profitto increase to a level of between 1.7 billion and 1.8 billionto increase to a level

2、 of around 2.0 billion2,056 millionto increase to a level of around 2.3 billionAverage operating working capital in%of net salesbetween 21%and 22%between 21%and 22%23.0%between 22%and 23%Capital expenditurearound 600millionaround 600million477 millionaround 500million1 As published on March 5,2025.2

3、 As published on October 21,2025.Targets Results Outlook2025 Initial Targets12025 Updated Targets22025 Results2026 OutlookANNUAL REPORT 2025123456TO OUR SHAREHOLDERSGROUP MANAGEMENT REPORT OUR COMPANYGROUP MANAGEMENT REPORT FINANCIAL REVIEWGROUP MANAGEMENT REPORT SUSTAINABILITY STATEMENTCONSOLIDATED

4、 FINANCIAL STATEMENTSADDITIONAL INFORMATION4Financial Highlights 2025(IFRS)Operating Highlights(in millions)Net sales 24,811 23,683 5%Gross profit 12,804 12,026 6%Other operating expenses 10,871 10,945 (1%)EBITDA 3,124 2,465 27%Operating profit 2,056 1,337 54%Net income from continuing operations 1,

5、377 824 67%Net income attributable to shareholders 1,340 764 75%Key RatiosGross margin 51.6%50.8%0.8pp Other operating expenses in%of net sales 31.4%34.2%(2.8pp)Operating margin 8.3%5.6%2.6pp Effective tax rate 24.3%26.5%(2.2pp)Net income attributable to shareholders in%ofnetsales 5.4%3.2%2.2pp Aver

6、age operating working capital in%ofnetsales 23.0%19.7%3.3pp Equity ratio1 28.5%26.5%2.0pp Adjusted net borrowings/EBITDA 1.4 1.5 (0.1)Financial leverage1 75.0%66.1%8.8pp Return on equity1 23.2%14.0%9.3pp Balance Sheet and Cash Flow Data(in millions)Total assets 20,262 20,655 (2%)Inventories 5,832 4,