Considering that it will generate “substantional cumulative free cash flow” over the next five years through its new “Own the Game” strategy, Adidas announced the launch of a new share buyback program worth in total between €8 billion and €9 billion. The program will start on July 1 with the purchase of up to €550 million shares on the stock market until the end of 2021. Combined with dividend payments of €585 million executed in May, this means that shareholders will get back more than €1 billion on their investments. Adidas says the new program also reflects the company’s positive outlook for the current financial year. Shortly after it came out, the announcement helped push up Adidas’ share price up to a 52-week record of more than €319.