Like in previous years, all interested persons will have the possibility to view the entire Annual General Meeting live online. For information on the software required for viewing the webcast as well as further technical details, please see section "Technical information" below.

Watch the live webcast on May 7, 2026, as of 10:00 a.m. (CEST), here.

Dear shareholders,

2025 was another successful year for adidas. We were able to continue our turnaround, with growth broadening across all dimensions of the business and all regions. Profitability also saw further significant improvements, supported by a sharp focus on growth and consumer needs. Despite persistent elevated external uncertainty and significant additional costs due to the increased US tariffs, we were able to upgrade our full-year guidance in the course of the year and once more deliver better-than-expected results. The key to success in this volatile environment is strengthening the decision-making power of our teams in the markets in order to be agile and fast-to-market. We can create locally relevant products, enter into partnerships, and implement marketing campaigns to satisfy the specific needs of local consumers. Across the globe, we deepened relationships with both retail and brand partners, supported by improved collaboration and our simplified, more effective business model. Taking all of these measures together, we have thus built a strong foundation for sustainable profitable growth within a structurally attractive industry in the years ahead.

Good corporate governance is fundamental for corporate success. We have continued the dialog with our shareholders on corporate governance matters during the past twelve months and discussed, among other things, the upcoming Supervisory Board elections at the Annual General Meeting, the planned adjustments of the compensation system for the Executive Board applicable since 2024, and further governance matters. This dialog and our shareholders’ feedback are extremely important to me. Therefore, prior to our Annual General Meeting on May 7, 2026, I would like to outline for you a few corporate governance matters which are particularly close to my heart.

Supervisory Board elections

At the Annual General Meeting on May 7, 2026, three shareholder representatives have to be elected to the Supervisory Board, as the terms of office of Ian Gallienne, Nassef Sawiris, and myself are coming to an end. For the Supervisory Board, continuity with regard to the composition of the Supervisory Board is important in order to reliably support adidas in a dynamic and volatile market environment.

In line with the recommendations of its Nomination Committee, the Supervisory Board is therefore proposing for election the current members Ian Gallienne (until 2029) and Nassef Sawiris (until 2029). If he is elected by the Annual General Meeting, Nassef Sawiris will be proposed as Chairman of the Supervisory Board. With Nassef Sawiris, the Supervisory Board will win an experienced entrepreneur and recognized investor as Supervisory Board Chairman who has already accompanied adidas for many years as a Supervisory Board member and has contributed to the strategic development of the Company. His knowledge of the company as well as his close network within the sports industry combined with his global perspective and entrepreneurial experience, ensure continuity in supervision and consistent further development of the strategy with a clear focus on sustainable top- and bottom-line growth. Moreover, he speaks German fluently.

In an increasingly dynamic and challenging market environment, Nassef Sawiris brings precisely the expertise and independence required for effective and responsible supervision. As Chairman of the Supervisory Board, he will continue the constructive and trustful collaboration with the Executive Board, while representing shareholders’ interests.

With Mathias Döpfner, a new candidate will be proposed for the Supervisory Board of adidas AG. He has been Chief Executive Officer of Axel Springer SE since 2002, transforming the company from a traditional publishing house into a digital media group during this time. Mathias Döpfner has longstanding experience in managing complex organizations and proven expertise in the areas of digital transformation and artificial intelligence – skills that are of key importance in a highly competitive and consumer-oriented global market environment. In addition, he has a strong understanding of international markets, especially the US market, which is important for adidas, and of commercial growth. He is familiar with the sporting goods and entertainment industries and his experience and insights with regard to brand building and consumer engagement, not least from supervisory mandates at Netflix and Warner Music, are an important competence for adidas.

During the selection process, we also observed the requirements for the Supervisory Board’s independence. In the Supervisory Board’s assessment, if they are elected, all proposed candidates are independent within the meaning of the German Corporate Governance Code and have sufficient time and capacity to perform their duties on the Supervisory Board, also in view of the number of existing memberships in other supervisory board bodies. In this context, I would like to point out that Nassef Sawiris has resigned from his position as Executive Chairman of OCI N.V. with effect from the next annual general meeting of OCI N.V., which is expected to take place in May 2026.

The Supervisory Board continues to attach great importance to a balanced and diverse composition of the Supervisory Board, in particular a further increase in female representation. For this year's election proposals, the focus was deliberately placed on ensuring continuity on the Supervisory Board and on the explicit strengthening of competencies that are considered particularly important for the successful management of adidas' current challenges and opportunities. However, the Supervisory Board's clear commitment to gradually improving gender diversity on the Supervisory Board remains unchanged. The current staggered terms of office will enable a targeted further development of the composition of the Supervisory Board at the annual elections in the coming years. Diversity – especially gender diversity – will be considered as a key criterion in long-term succession and nomination planning.

I am firmly convinced that the proposed candidates have the experience, skills, and expertise as well as the personal qualifications required to successfully perform the tasks of a Supervisory Board member at adidas. Against this background and in the interest of the company, I would therefore ask you to place your trust in the proposed candidates.

Detailed information in this regard can be found in the invitation to the Annual General Meeting, which is available on our website at www.adidas-group.com/agm.

Compensation

Last year, our Compensation Report was approved by the Annual General Meeting on May 15, 2025, with a majority of 86.37%. The high approval rate confirms the clear structure and transparency of the Compensation Report, which is also reflected in positive feedback from the ongoing dialog with our investors and other stakeholders.

The current compensation system for the Executive Board was approved by the Annual General Meeting on May 16, 2024, with a majority of 94.80%. This high approval rate shows that the compensation system meets many of our investors' expectations and requirements. At the same time, it has become apparent that some areas of the compensation system have to be developed further. Therefore, in 2025, the Supervisory Board again dealt intensively with the compensation system for the Executive Board and resolved upon adjustments to be effective from the 2026 financial year which we are presenting for approval to this year's Annual General Meeting. The aim is to simplify the compensation system and align it with sustainable value creation while further improving transparency, comprehensibility, and the incentive effect.

The central element of the adjustments is the further development of the long-term variable compensation (LTIP). With effect from the 2026 financial year, the LTIP provides for a four-year performance period consisting of a one-year measurement of financial and non-financial or ESG criteria and a subsequent three-year share plan which reflects the total shareholder return of the adidas AG share considering the share price and dividend development. This means that the compensation of the members of the Executive Board is directly and measurably aligned with the sustainable development of the company value, also from a shareholder perspective.

The revised LTIP aims at creating a clear, easily understandable, and effective long-term compensation component. Complex compensation structures which are difficult to understand lead to a lack of transparency and, in the opinion of the Supervisory Board, dilute steering and incentive effects. Therefore, the revised LTIP avoids excessive complexity and relies on a clear pay-for-performance logic.

The turnaround of adidas in recent years has been driven significantly by entrepreneurial flexibility, speed, and decisive action. In view of an increasingly volatile market environment – characterized by geopolitical risks, economic uncertainties, and rapidly changing consumer expectations – this agility will continue to be a decisive success factor for adidas in the future. The compensation system should therefore incentivize flexible and responsible management and enable the company to react quickly to changing conditions and adjust priorities at short notice. Under these conditions, defining multi‑year, rigid financial targets within the LTIP would not be purposeful and would undermine the required agility. Accordingly, the revised LTIP provides for one-year performance criteria which enable effective short-term steering, while the subsequent multi-year share plan provides a clear, transparent, and sustainable incentive for long-term corporate management. By taking the share price and dividend development into account – and thus the total shareholder return of the adidas share – there is an even better alignment between the Executive Board’s and shareholders’ interests.

Moreover, applying the LTIP to senior management ensures that targets are pursued across all management levels, categories, channels, and markets which support the company’s long-term success.

I am aware that the adjustments do not meet the governance expectations of all investors. At the same time, we as the Supervisory Board are firmly convinced that the proposed adjustments are correct and necessary to ensure the continued success of adidas. Therefore, I would ask for your support for these important changes.

The complete overview of the compensation system for the Executive Board to be submitted for voting is available at www.adidas-group.com/agm.

Sustainability

Sustainability has already been a key part of adidas’ business model for more than two decades. Our commitment to sustainability is rooted in our purpose: ‘Through sport, we have the power to change lives’. To underline this commitment, we further sharpened our focus on sustainability and intensified our efforts to meet the risks posed by climate change. For instance, in 2025, we published our Climate Transition Action Plan which outlines our approach to reduce greenhouse gas (CO₂e) emissions within our company and across our entire value chain. Our climate strategy targets for 2030 and 2050 were validated by the ‘Science Based Targets initiative’ (SBTi) and are in line with the 1.5°C pathway – the most ambitious goal established by the Paris Climate Agreement.

In 2025, we met an important goal of our climate strategy and achieved a 9% reduction in Scope 1-3 product carbon intensity compared to the baseline year 2022. This outcome is driven by the implementation of decarbonization measures across the value chain and our ongoing effort to decouple emissions intensity from business growth. These measures included, for example, phasing out coal from our suppliers, where feasible, increasing the use of renewable electricity across our own operations and supply chain, and continuing to scale lower‑carbon materials. On an absolute basis, total CO₂e emissions decreased by 6% in 2025 compared to the baseline year 2022. Our efforts to implement our reduction measures and our transparency were recognized by the Carbon Disclosure Project (CDP), which gave adidas an ‘A’ rating, the best possible score, in the CDP 2025 Climate Rating, just as in 2024.

We also continued to drive the topic of circular economy in 2025 and campaigned for the establishment of a circular economy ecosystem in cross-industry multi-stakeholder initiatives. We are proud that, in addition to our – already achieved – goal of using 100% recycled polyester where technically possible, we are now also working toward our next milestone: By 2030, 10% of our polyester volume should come from recycled textile waste.

We are also determined to continue to meet the highest social standards across our entire supply chain and pursue a number of other sustainability measures and goals. Our Annual Report contains detailed information in this regard in the Sustainability Statement which was prepared in accordance with the European Sustainability Reporting Standards (‘ESRS’) on a voluntary basis: report.adidas-group.com/2025/en/.

By way of conclusion, I would like to emphasize that good corporate governance is a continuous process. During my time as Chairman of the Supervisory Board of adidas since 2019, I have entered into dialog with many of you. I would like to thank you for the constantly constructive and fruitful exchange. Your views and feedback have always been very important to me and have been incorporated into the Supervisory Board’s work. Thank you for your support!

Thomas Rabe

Chairman of the Supervisory Board

Below, you can find the invitation including the agenda as well as all other documents and reports relating to the 2026 Annual General Meeting.

The confirmation of the vote counting in accordance with § 129 section 5 German Stock Corporation Act can be obtained within one month from the date of the Annual General Meeting via the password-protected shareholder portal at www.adidas-group.com/agm-service.

Alternatively, the Annual General Meeting Hotline is available at

+4989 30903-6341

or by e-mail to anmeldestelle@computershare.de.

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