ADIDAS - Conviction BUY | EUR325(+15%) adidas is raising the bar after a convincing CMD “Own the Game”: what the 2025 finish line looks like Elevating credibility through a refined segmentation Enhanced Experience with DTC, digital and membership Sustainability: a key differentiating factor for ADS Cash return to shareholders of EUR8-9bn thanks to margin and FCF improvement Convincing CMD showing that ADS is well-positioned to outperform the industry