adidas AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

Notification of Major Holdings

1. Details of issuer

Name:	adidas AG
Street:	Adi-Dassler-Straße 1
Postal code:	91074
City:	Herzogenaurach Germany
Legal Entity Identifier (LEI):	549300JSX0Z4CW0V5023

2. Reason for notification

	Acquisition/disposal of shares with voting rights
	Acquisition/disposal of instruments
	Change of breakdown of voting rights
X	Other reason: Change of election of settlement of derivatives

3. Details of person subject to the notification obligation

Legal entity: Elian Corporate Trustee (Cayman) Limited City of registered office, country: Camana Bay, Grand Cayman, Cayman Islands

4. Names of shareholder(s)
holding directly 3% or more voting rights, if different from 3.

NNS Holding (Cyprus) Limited

5. Date on which threshold was crossed or reached:

25 March 2026

6. Total positions

	% of voting rights attached to shares (total of 7.a.)	% of voting rights through instruments (total of 7.b.1 + 7.b.2)	Total of both in % (7.a. + 7.b.)	Total number of voting rights pursuant to Sec. 41 WpHG
New	3.34 %	0.86 %	4.20 %	180000000
Previous notification	3.13 %	3.33 %	6.46 %	/

7. Details on total positions
a. Voting rights attached to shares (Sec. 33, 34 WpHG)

ISIN	Absolute		In %
	Direct (Sec. 33 WpHG)	Indirect (Sec. 34 WpHG)	Direct (Sec. 33 WpHG)	Indirect (Sec. 34 WpHG)
DE000A1EWWW0	0	6009413	0.00 %	3.34 %
Total	6009413		3.34 %

b.1. Instruments according to Sec. 38 (1) no. 1 WpHG

Type of instrument	Expiration or maturity date	Exercise or conversion period	Voting rights absolute	Voting rights in %
			0	0.00 %
		Total	0	0.00 %

b.2. Instruments according to Sec. 38 (1) no. 2 WpHG

Type of instrument	Expiration or maturity date	Exercise or conversion period	Cash or physical settlement	Voting rights absolute	Voting rights in %
OTC European Put	Range 22-may-26 to 19-jun-26		Cash	635970	0.35 %
OTC European Call	Range 5-aug-26 15-dec-26		Cash	916518	0.51 %
			Total	1552488	0.86 %

8. Information in relation to the person subject to the notification obligation

	Person subject to the notification obligation is not controlled nor does it control any other undertaking(s) that directly or indirectly hold(s) an interest in the (underlying) issuer (1.).
X	Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:

Name	% of voting rights (if at least 3% or more)	% of voting rights through instruments (if at least 5% or more)	Total of both (if at least 5% or more)
Elian Corporate Trustee (Cayman) Limited	%	%	%
NNS Ltd	%	%	%
NNS Holding (Cyprus) Limited	3.34 %	%	%
NNS Investments (Cyprus) Limited	%	%	%

9. In case of proxy voting according to Sec. 34 para. 3 WpHG
(only in case of attribution of voting rights in accordance with Sec. 34 para. 1 sent. 1 No. 6 WpHG)

Date of general meeting:
Holding total positions after general meeting (6.) after annual general meeting:

Proportion of voting rights	Proportion of instruments	Total of both
%	%	%

10. Other explanatory remarks:

Notification triggered by the change by NNS Investments (Cyprus) LTD of election of settlement of derivatives to cash settlement

Date

30 March 2026