Annual Report 2025

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Lamine Yamal in a red Spain adidas jersey posing in a stadium. (Photo)

Consolidated Statement of Changes in Equity

adidas AG Consolidated Statement of Changes in Equity (IFRS) € in millions

 

 

Note

 

Share capital

 

Capital reserve

 

Cumulative currency translation differences

 

Hedging reserve

 

Cost of hedging reserve – options

 

Cost of hedging reserve – forward contracts

 

Other reserves

 

Retained earnings

 

Shareholders’ equity

 

Non-controlling interests

 

Total equity

Balance at December 31, 2023

 

 

 

179

 

1,355

 

(750)

 

(217)

 

(2)

 

(2)

 

(126)

 

4,145

 

4,580

 

345

 

4,925

Other comprehensive income

 

 

 

—

 

—

 

93

 

156

 

1

 

11

 

(2)

 

—

 

258

 

24

 

283

Net income

 

 

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

764

 

764

 

68

 

832

Total comprehensive income

 

 

 

—

 

—

 

93

 

156

 

1

 

11

 

(2)

 

764

 

1,023

 

92

 

1,115

Repurchase of adidas AG shares due to equity-settled share-based payment

 

25

 

(0)

 

—

 

—

 

—

 

—

 

—

 

—

 

(28)

 

(28)

 

—

 

(28)

Reissuance of treasury shares due to equity-settled share-based payment

 

25

 

0

 

—

 

—

 

—

 

—

 

—

 

—

 

28

 

28

 

—

 

28

Dividend payment

 

 

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(125)

 

(125)

 

(40)

 

(165)

Equity-settled share-based payment

 

26

 

—

 

12

 

—

 

—

 

—

 

—

 

—

 

(8)

 

5

 

—

 

5

Acquisition of shares from non-controlling interests shareholders in accordance with IAS 32

 

 

 

—

 

—

 

(0)

 

—

 

—

 

—

 

(6)

 

—

 

(6)

 

(6)

 

(12)

Balance at December 31, 2024/January 1, 2025

 

 

 

179

 

1,367

 

(657)

 

(61)

 

(1)

 

8

 

(134)

 

4,775

 

5,476

 

392

 

5,867

Other comprehensive income

 

 

 

—

 

—

 

(346)

 

(320)

 

(1)

 

12

 

(38)

 

—

 

(692)

 

(45)

 

(738)

Net income

 

 

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

1,340

 

1,340

 

45

 

1,385

Total comprehensive income

 

 

 

—

 

—

 

(346)

 

(320)

 

(1)

 

12

 

(38)

 

1,340

 

648

 

(1)

 

647

Repurchase of adidas AG shares due to equity-settled share-based payment

 

25

 

(0)

 

—

 

—

 

—

 

—

 

—

 

—

 

(43)

 

(43)

 

—

 

(43)

Reissuance of treasury shares due to equity-settled share-based payment

 

25

 

0

 

—

 

—

 

—

 

—

 

—

 

—

 

43

 

43

 

—

 

43

Dividend payment

 

 

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(357)

 

(357)

 

(42)

 

(399)

Equity-settled share-based payment

 

26

 

—

 

9

 

—

 

—

 

—

 

—

 

—

 

0

 

9

 

—

 

9

Balance at December 31, 2025

 

 

 

179

 

1,376

 

(1,003)

 

(381)

 

(2)

 

21

 

(172)

 

5,758

 

5,776

 

349

 

6,125

The accompanying Notes are an integral part of these consolidated financial statements.