adidas increases its full-year guidance following better-than-expected
second quarter results

EQS-Ad-hoc: adidas AG / Key word(s): Quarter Results/Change in Forecast
adidas increases its full-year guidance following better-than-expected
second quarter results

16-Jul-2024 / 17:50 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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FOR IMMEDIATE RELEASE

Herzogenaurach, July 16, 2024


adidas increases its full-year guidance following better-than-expected
second quarter results

adidas today announced preliminary results for the second quarter of 2024.
In Q2, currency-neutral revenues increased 11% versus the prior year. In
euro terms, the company's revenues grew 9% to EUR 5.822 billion (2023: EUR 5.343
billion). Excluding Yeezy sales in both years, currency-neutral revenues
increased 16% during the quarter.

The company's gross margin reached 50.8% in Q2 (2023: 50.9%). The underlying
adidas gross margin improved strongly, reflecting better sell-throughs,
reduced discounting, lower sourcing costs and a more favorable category mix.
The significantly smaller Yeezy business had a negative impact on the
year-over-year comparison. The company's second quarter operating profit
increased to EUR 346 million (2023: EUR 176 million), including a contribution
of around EUR 50 million from the sale of parts of the remaining Yeezy
inventory.

Following the better-than-expected performance during the quarter and
considering the current momentum, the company has increased its full-year
guidance. adidas now expects currency-neutral revenues to increase at a
high-single-digit rate in 2024 (previously: increase at a mid- to
high-single-digit rate). The company's operating profit is now expected to
reach a level of around EUR 1.0 billion (previously: to reach a level of
around EUR 700 million).

Within its guidance, the company assumes the sale of the remaining Yeezy
inventory during the remainder of the year to occur on average at cost. This
would result in additional sales of around EUR 150 million and no further
profit contribution during the remainder of the year.

The company continues to expect unfavorable currency effects to weigh
significantly on the company's profitability this year. These effects are
negatively impacting both reported revenues and the gross margin development
in 2024. This was particularly the case during the first half of the year.

***

                          Contacts:
                    Media Relations                     Investor Relations
      (1)corporate.press@adidas.com       (1)investor.relations@adidas.com
           +49 (0) 9132 84-2352  1.               +49 (0) 9132 84-2920  1.
   mailto:corporate.press@adidas.co    mailto:investor.relations@adidas.co
                                  m                                      m

End of Inside Information

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   Language:       English
   Company:        adidas AG
                   Adi-Dassler-Straße 1
                   91074 Herzogenaurach
                   Germany
   Phone:          +49 9132 84 0
   Fax:            +49 9132 84 2241
   Internet:       www.adidas-group.com
   ISIN:           DE000A1EWWW0, US00687A1079, US00687P1049
   WKN:            A1EWWW, A0MNCC , 909676
   Indices:        DAX
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1947517

End of Announcement EQS News Service
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1947517 16-Jul-2024 CET/CEST