02 — Scenario Planner

Change an assumption, see the financial consequence

Scenario

Revenue growth

8.0%

adidas FY2025 guidance: “high-single-digit rate” (interpreted as 7–9%)

Medium confidence

EBITDA margin

11.6%

Not disclosed directly — back-solved from operating-profit guidance of €1,700–1,800m at 8% revenue growth

Medium confidence

Working capital

21.5%

adidas FY2025 guidance: 21–22% of net sales (actual FY2025: 23.0%)

High confidence

Capex

€600m

adidas FY2025 guidance: around €600m

High confidence

Effective tax rate

26.5%

No FY2025 guidance given — carried forward at FY2024's actual rate (26.5%)

Low confidence

Scenario vs. Base

	Base	Scenario	Change vs. Base
Revenue	€25.59bn	€25.59bn	—
Operating profit	€1.75bn	€1.75bn	—
Free cash flow	€1.07bn	€1.07bn	—
Working capital	€5.50bn	€5.50bn	—

Free cash flow bridge

No assumptions changed — scenario matches Base.

Management Commentary

Commentary is generated from this scenario’s calculated outputs only — the model never sees raw source text, and every number it states is checked back against the output table.