The company is intending to buy back shares via the stock exchange under the authorisation given by the annual general meeting on May 8, 2014 through to May 7, 2019 subject to advantageous market conditions. The shareholder return program will predominantly be financed from the Group’s free cash flow.

“With the announced return of cash today we underline our strong confidence in the cash generation and growth potential of our Group. We believe that our shares are currently significantly undervalued and this provides an excellent opportunity to optimise the company’s cost of capital, deploy cash and create further value for our shareholders,” said Robin J. Stalker, CFO of The Adidas Group.

The authorization given by the annual general meeting on May 8, 2014 covers the repurchase of up to 10% of the company’s share capital on the stock exchange through to May 7, 2019, currently representing 20,921,618 shares. The purchase price per share may not be more than 10% higher or lower than the average stock market price for the Adidas AG share price as established in the opening auction of the electronic trading system on the Frankfurt Stock Exchange on the day of entering into the repurchase obligation.

Adidas AG intends to start the share buyback program in the fourth quarter of 2014.