“In the first quarter and despite a challenging environment, PUMA achieved sales on last year's level in constant currencies. Our Direct-to-Consumer business, driven by e-commerce, grew by 12%, while our wholesale business declined by 4% - primarily because of the U.S. and China. Our adjusted operating profit came in broadly in line with our expectations.

Despite the challenges we had to face in the first quarter, such as a slightly decreasing gross profit margin and higher operating expenses, we remain committed to executing our nextlevel cost efficiency program which is progressing as planned. We are on track to have approximately 500 corporate positions reduced globally by the end of the second quarter 2025.

In the evolving global trade landscape and amidst macroeconomic volatility, we concentrate on controllable factors and diligently serve our retail partners, consumers, and brand ambassadors. Our outlook for the financial year 2025 remains unchanged. Due to the highly uncertain implications from the U.S. tariffs, we are not quantifying the potential implications at this stage. We already reduced U.S. imports from China and we will continue to remain agile and ready to manage the increased market volatility and swiftly respond to changing external conditions.”

MARKUS NEUBRAND, CFO