Key developments FY 2025

• PUMA outlines new strategic priorities to establish itself as a Top-3 global sports brand
• Sales decline by 8.1% on a currency-adjusted basis (ca) to € 7,296.2 million (-13.1% reported) primarily due to strategic reset initiatives
• Gross profit margin down 260 basis points to 45.0% due to increased wholesale promotions, inventory reserves from distribution clean-up and currency effects
• Adjusted EBIT, excluding one-time effects, decreases to € -165.6 million due to the decline in sales and lower gross profit margin
• Reported EBIT amounts to € -357.2 million, including one-time effects of € 191.6 million
• Inventories increase by 2.3% to € 2,060.0 million; Inventory clean-up slightly ahead of plan and PUMA expects to return to more normalised inventory level by the end of 2026
• PUMA secures additional financing and ends the year with unutilised credit lines of € 1,202.2 million

Outlook FY 2026

• Currency-adjusted sales to decline in the low- to mid-single-digit percentage range
• Operating result (EBIT) between € -50 million and € -150 million
• Capital expenditures (CAPEX) of around € 200 million planned
   

Fourth Quarter 2025

Sales

In the fourth quarter, currency-adjusted sales decreased by 20.7% to € 1,564.9 million (Q4 2024: € 2,150.5 million). Currencies, especially the Argentine Peso, U.S. Dollar and Turkish Lira continued to be a headwind, resulting in a reported sales decline of 27.2%. The sales decline was mainly due to the strategic reset measures taken to address muted brand momentum, elevated inventory levels and lower-quality distribution. These measures included reducing undesired wholesale business, clearing excess inventory and limiting promotions in the DTC channels. 

PUMA’s Wholesale business decreased by 27.7% (ca) to € 921.4 million (Q4 2024: € 1,387.0 million). The decline reflected significant takebacks to clear excess inventory in the channel along with immediate actions to reduce exposure to mass merchants in North America and to phase out undesirable business in Latin America, EMEA and Asia/Pacific. The Direct-to-Consumer (DTC) business decreased by 8.0% (ca) to € 643.5 million (Q4 2024: € 763.5 million). E-commerce sales fell by 19.7% (ca), largely because PUMA reduced promotions to strengthen brand perception, while owned & operated retail store sales dropped by 0.9% (ca). The DTC share rose substantially to 41.1% from 35.5% in Q4 2024.

Sales in Asia/Pacific dropped by 12.6% (ca) to € 406.6 million (Q4 2024: € 506.6 million). This was mainly driven by a decline in the Greater China wholesale business, which was partially offset by robust growth in the DTC channel. In the Americas region, sales fell by 22.2% (ca) to € 589.2 million (Q4 2024: € 847.4 million). The decline was mainly attributable to North America, because of the distribution clean-up in the mass merchant business in the U.S. market. In EMEA, sales decreased by 24.3% (ca) to € 569.1 million (Q4 2024: € 796.5 million). The lower sales were driven by a weaker wholesale performance, due to the reduction of undesired business and inventory takebacks. In addition, sales in the DTC channel decreased as a result of lower promotions. 

From a product division perspective, sales in Footwear decreased by 25.4% (ca) to € 820.9 million (Q4 2024: € 1,214.8 million) due to a broad decline across most categories. However, the Training category remained resilient and delivered healthy growth. Despite an overall decrease in the Running category as a result of the distribution clean-up, Performance Running showed strong growth, driven by the success of the Velocity Nitro 4. Apparel sales fell 13.7% (ca) to € 568.8 million (Q4 2024: € 710.9 million), reflecting widespread declines across categories. This was partially offset by growth in Training with continued strong momentum in HYROX. Accessories decreased by 18.2% (ca) to € 175.3 million (Q4 2024: € 224.7 million), mainly driven by softness in the Golf category.

Profitability

The gross profit margin declined by 750 basis points to 40.2% (Q4 2024: 47.7%). The significant drop was primarily attributable to increased promotions in the wholesale channel, inventory reserves resulting from the distribution clean-up and unfavourable currency effects. These effects were partially offset by an improved product mix, a favourable distribution channel mix with a higher DTC-share compared to the previous year quarter and lower freight costs. Additionally, lower sourcing costs including duties were a tailwind, fully offsetting the negative impact from U.S. Tariffs.

The Royalty and commission income increased by 36.2% to € 30.0 million (Q4 2024: € 22.0 million), mainly due to the transition from a business partnership to a licensing agreement with United Legwear in the fourth quarter.

Operating expenses (OPEX), adjusted for one-time effects, decreased by 7.8% to € 887.4 million (Q4 2024: € 962.2 million), due to positive effects of the cost efficiency program and reduced costs in the DTC channel as a result of lower sales compared to the previous year quarter. Marketing expenses as a percentage of sales increased on the back of lower fourth quarter sales. Overall, lower sales contributed to a substantial rise in the OPEX ratio, adjusted for one-time effects, to 56.7% (Q4 2024: 44.7%), which was partially offset by currency tailwinds.

Adjusted EBIT, excluding one-time effects, decreased to € -228.8 million (Q4 2024: € 85.7 million) due to the sales decline and a lower gross profit margin. PUMA incurred one-time effects of € 78.9 million related to the cost efficiency program and a goodwill impairment in the fourth quarter. Consequently, the reported EBIT came in at € -307.7 million (Q4 2024: € 85.7 million), resulting in a reported EBIT margin of -19.7% (Q4 2024: 4.0%).

The financial result decreased by 4.1% to € -42.3 million (Q4 2024: € -40.6 million). Income taxes amounted to € 15.0 million (Q4 2024: € -20.8 million), mainly driven by lower earnings before taxes and prior-years-tax adjustments.  

Consequently, loss from continuing operations amounted to € -335.0 million (Q4 2024: profit from continuing operations of € 24.3 million) and earnings per share from continuing operations came in at € -2.27 (Q4 2024: € 0.16).

Full Year 2025

Sales

After sales remained broadly stable in the first half of 2025, they declined notably in the second half of the year, primarily reflecting the strategic reset measures initiated in the third quarter of 2025. Consequently, sales for the full year 2025 decreased by 8.1% (ca) to € 7,296.2 million (FY 2024: € 8,398.0 million), with a decline across all regions and product divisions. Currencies, especially the Argentine Peso, U.S. Dollar and Turkish Lira were a headwind, resulting in a reported sales decline of 13.1%.

PUMA’s Wholesale sales fell by 12.8% (ca) to € 4,935.0 million (FY 2024: € 5,972.6 million), mainly due to weaker sales in the Americas, Asia/Pacific and EMEA regions as a result of inventory takebacks and reduced mass merchant exposure. The Direct-to-Consumer (DTC) business increased by 3.4% (ca) to € 2,361.1 million (FY 2024: € 2,425.4 million), driven by 3.4% (ca) growth in both e-commerce and in owned & operated retail stores. This resulted in an increased DTC share of 32.4% (FY 2024: 28.9%).

EMEA sales dropped by 6.9% (ca) to € 3,143.2 million (FY 2024: € 3,475.7 million), with declines in Europe partly balanced by growth in EEMEA. In the Asia/Pacific region sales decreased by 7.4% (ca) to € 1,594.7 million (FY 2024: € 1,805.5 million) reflecting softness in Greater China and rest of Asia/Pacific. The Americas region recorded a sales decline of 10.0% (ca) to € 2,558.2 million (FY 2024: € 3,116.8 million) mainly due to a weaker performance in North America, while Latin America recorded modest growth. 

Among product divisions, sales in Footwear decreased on a broad base by 7.1% (ca) to € 4,113.8 million (FY 2024: € 4,733.6 million). This was partially offset by growth in Sportstyle Prime & Select, driven by the Speedcat family and increased demand in Running. Apparel decreased by 9.7% (ca) to € 2,328.5 million (FY 2024: € 2,703.7 million) mainly due to a decline in Sportstyle and Teamsports, partially offset by growth in Training, Basketball and Motorsports. Accessories fell by 8.5% (ca) to € 853.9 million (FY 2024: € 960.7 million), mainly due to softness in the Golf category.

Profitability 

The gross profit margin declined by 260 basis points to 45.0% (FY 2024: 47.6%). While increased promotions in the wholesale channel, inventory reserves, an unfavourable product mix and currency effects were a headwind, this was partially offset by a favourable distribution channel mix. In addition, lower sourcing costs including duties were a tailwind, fully offsetting the negative impact from U.S. Tariffs.

The Royalty and commission income increased by 4.4% to € 92.4 million (FY 2024: € 88.5 million). 

Operating expenses (OPEX), excluding one-time effects, remained flat at € 3,537.7 million (FY 2024: € 3,537.7 million). Savings from the cost efficiency program were balanced out by increased retail expenses driven by growth in the DTC business, particularly e-commerce. Additionally, higher depreciation and amortisation costs resulting from investments in DTC and infrastructure, along with approximately € 30 million in accounts receivable write-offs, contributed to the overall flat costs. Marketing expenses as a percentage of sales rose on the back of lower sales. Overall, lower sales led to an increase in the adjusted OPEX ratio by 640 basis points to 48.5% (FY 2024: 42.1%), partially offset by currency tailwinds.

Adjusted EBIT, excluding one-time effects, decreased to € -165.6 million (FY 2024: € 548.7 million) due to the sales decline and a lower gross profit margin. PUMA incurred one-time effects of € 191.6 million mainly related to the cost efficiency program and goodwill impairments. Costs associated with the cost efficiency program in particular comprised personnel expenses, the closure of unprofitable stores and other non-operating costs. Consequently, the reported EBIT came in at € -357.2 million (FY 2024: € 548.7 million) and the reported EBIT margin was at -4.9% (FY 2024: 6.5%).

The financial result decreased by 11.2% to € -165.7 million (FY 2024: € -149.0 million), mainly as a result of unfavourable currency movements and a lower interest result. Despite lower earnings before taxes compared to the previous year period, income taxes came in at € -120.7 million (FY 2024: € -119.0 million). This was primarily attributable to deferred tax assets write-offs in the U.S. and China.

Loss from continuing operations came in at € -643.6 million (FY 2024: profit from continuing operations of € 280.7 million) and earnings per share from continuing operations amounted to € -4.37 (FY 2024: € 1.88).

Balance Sheet 

Working capital increased by 20.2% to € 1,536.6 million (31 December 2024: € 1,278.2 million). Inventories rose by 2.3% reported and 10.7% currency-adjusted to € 2,060.0 million (31 December 2024: € 2,013.7 million) partly driven by inventory takebacks from wholesale partners to clean up distribution. This was counterbalanced by a deliberate decrease in purchase volume, adopted as a strategy to moderate inventory expansion and prevent excess supply. As part of its reset actions to clean up distribution, PUMA has largely completed inventory takebacks in Q4 and will continue to drive product clearance through own factory outlets and wholesale partners, using targeted promotions. Trade receivables decreased by 26.7% to € 913.4 million (31 December 2024: € 1,246.5 million), mainly due to a significant sales decrease in the fourth quarter. Trade payables decreased by 32.9% to € 1,271.4 million (31 December 2024: € 1,893.5 million), mainly reflecting reduced purchasing volume in the fourth quarter. 

Cash flow and Liquidity Situation

Free cash flow came in at € -530.3 million, significantly down compared to the prior year (FY 2024: € 464.3 million), mainly due to negative earnings before taxes as well as an increase in net working capital. CAPEX amounted to € 206.3 million (FY 2024: € 263.0 million). The investments focused on PUMA’s logistics and digital infrastructure, DTC channels and key initiatives to strengthen PUMA’s long-term competitiveness. On 31 December 2025, PUMA had cash and cash equivalents of € 290.0 million, a decrease of 21.2% compared to last year (31 December 2024: € 368.2million). In addition, the PUMA Group had available credit lines of € 2,562.8 million (31 December 2024: € 1,842.9 million). Credit lines rose by € 719.9 million compared the previous year-end mainly due to the completion of a € 500.0 million bridge loan and two promissory note transactions with an aggregate volume of € 275.0 million. In January 2025, the last tranche of €70.0 million from the second promissory note was repaid upon reaching its final maturity. Unutilised credit lines were at € 1,202.2 million on the balance sheet date compared to € 1,360.2 million at the end of 2024. Net debt of € 1,063.5 million at the end of FY 2025 was significantly above the prior year level of € 119.8 million, mainly driven by increased bank liabilities to support the operating business and finance working capital. For more information on financing, please refer to the section “Subsequent events”.

Proposal to pay no Dividend for the Financial Year 2025

As a result of the negative net income of the PUMA Group in 2025, the Management Board and Supervisory Board of PUMA SE will propose to the Annual General Meeting on 19 May 2026 that no dividend should be distributed for the financial year 2025 (FY 2024: €0.61).

FY 2026 Outlook Reflects Transition Year for PUMA

Following a pivotal reset in 2025, during which PUMA implemented decisive measures to tackle brand challenges, restore inventory balance, and lay the groundwork for a stronger, more focused future, 2026 is set to be a year of transition for the company. Throughout 2026, PUMA will continue its efforts to streamline distribution and further reduce inventory levels. The reduction in inventory is targeted to be achieved through disciplined management of purchasing volumes and targeted product clearance initiatives. Cost efficiency measures initiated in the previous year will remain in effect. These include the continued organisational redesign, further simplification of the product portfolio and the completion of the reduction of approximately 1,400 corporate roles since the beginning of 2025. 

During this transitional period, PUMA’s key priorities are to prepare the organisation for sustainable success, safeguard financial stability and position the company for a return to healthy, above-industry growth from 2027 onwards. The brand and product strategy for 2026 will centre on PUMA’s focus areas: Football, with a prominent presence at the 2026 World Cup™; Running, driven by the NITRO™ platform; Training, underpinned by PUMA’s exclusive partnership with HYROX; and Sportstyle Prime & Select, where the company aims to strengthen its portfolio by leveraging its heritage and enhancing storytelling. 

PUMA expects ongoing geopolitical and macroeconomic uncertainties in 2026. The anticipated currency-adjusted sales decline in the low- to mid-single-digit percentage range is mainly attributable to lower sales in North America, reflecting measures to streamline distribution, while sales growth in Latin America and Middle East, Africa & India can only partially compensate for this.

The company projects an operating result (EBIT) between € -50 and € -150 million, including one-time effects related to the implemented cost efficiency program. Capital expenditures (CAPEX) are projected at around € 200 million in 2026, focusing on digital infrastructure, DTC channels, and key initiatives to strengthen PUMA’s long-term competitiveness. While 2025 served as a year of strategic reset and 2026 represents a period of transition, PUMA is confident that the measures implemented thus far and those planned for the near future, are critical to re-establishing growth from 2027 onwards. These actions are expected to generate healthy profits and support the company’s ambition to become one of the top three sports brands globally in the medium term.   

Basis of Preparation / Important Notice

As announced on November 11, 2025, PUMA moved from a business partnership to a licensing agreement structure with its long-term partner United Legwear. This change took effect on November 01, 2025. As a result, PUMA United is classified as a discontinued operation in PUMA’s financial reporting from November 2025 onwards. Accordingly, 2024 and 2025 P&L figures used in this press release were restated.

Subsequent Events

ANTA Announcement: On January 27, 2026, the Chinese sporting goods group Anta Sports announced it had entered a share purchase agreement with Artémis S.A.S. to acquire a 29.06% stake in PUMA. The transaction is subject to conditions precedent. PUMA released a statement of its CEO Arthur Hoeld on the same day in response to this announcement. The full statement can be found in the News section of the PUMA website: https://about.puma.com/en/en/newsroom/corporate-news/news

Additional Private Placement and Syndication: On January 26, 2026, PUMA completed a promissory note loan transaction of € 100.0 million, which was disbursed on January 29, 2026. The promissory note loan has a term of two years with a standard market fixed interest rate. Through this additional private placement, the bridge financing originally agreed on December 15, 2025, of € 500.0 million could be reduced to € 350.0 million and was fully syndicated through PUMA’s core banking partners on February 20, 2026. The bridge financing of € 350.0 million and the promissory note loan of € 100.0 million will continue to be used to reduce the drawdowns from the existing syndicated loan.

The new bridge loan of €500 million was fully underwritten by Santander Corporate & Investment Banking (Santander CIB). Both the bridge loan and the additional confirmed credit lines have a maturity of up to 2 years.

Markus Neubrand, Chief Financial Officer of PUMA SE said: “Even though our existing Revolving Credit Line and the promissory notes (Schuldscheindarlehen) are staying continuously available, today’s announcement will add more financial flexibility as we are working to finalize our long-term funding structure. The fact that Bank partners have further increased their exposure and business, underscores the confidence in our future business model and strategic direction. This will allow us to execute on our strategic priorities and our ambition to establish PUMA as a Top 3 sports brand globally”. 
 

The online magazine, which is available on puma-catchup.com, has received a thorough visual makeover and will focus on the stories that highlight the company’s innovations, sports, history, corporate culture and the strategic priorities that are being implemented to establish PUMA as a Top 3 global sports brand.

“With more than 75 years of history and incredible innovations, PUMA is brimming with interesting stories and historical anecdotes that are too good not to share with a wider audience,” said Kerstin Neuber, Senior Director of Communications at PUMA. “With PUMA CATch UP, we want to tell these stories to anyone who is interested in our company.”

Among the first articles to be published on PUMA CATch UP are exclusive interviews with PUMA CEO Arthur Hoeld, who gives more details about how he wants to turn PUMA into one global sports brand, and PUMA athlete and world-record breaking pole-vaulter Armand “Mondo” Duplantis, who talks about the thrill of chasing limits and the mindset that keeps him grounded. 

PUMA CATch UP first launched as a digital employee magazine in 2015, but it quickly also gained recognition with readers outside of the company. As part of the relaunch, the external focus of the magazine will be sharpened to deliver both deep features and snackable stories that give insights into the company.

The design, structure and technical set up of PUMA CATch UP was developed by Cologne-based digital agency studio8020.

URL: https://www.puma-catchup.com/

Previously, PUMA and United Legwear Company LLC had a partnership, PUMA United, which focused on the sale of these products in the U.S. and Canada. PUMA held a 51% capital share in PUMA United. The products sold by PUMA United were manufactured, transported, and stored by United Legwear and its suppliers.

The move from a partnership to an exclusive licensing agreement is part of PUMA’s strategic initiative to reduce complexity within its operating model in North America and sharpen the focus on its core business in the region. It further solidifies the continued close partnership between PUMA and ULAC which has existed for 25 years. As outlined during its third-quarter results on October 30, PUMA is executing a reset and is optimizing its distribution network. At that stage, PUMA had already said it was considering a shift to a licensing model with United Legwear. Financial details of the new licensing agreement with United Legwear are not disclosed.

This transition to a licensing model aligns with market practices in North America, where the production and sale of such products are typically licensed to third parties. Through this shift, PUMA aims to create a leaner, more efficient business model while maintaining a strong brand presence in these categories via its valued long-term licensing partner. The transition also enhances transparency for investors and the capital market by enabling clearer financial reporting.

As a result of this change, PUMA United will be classified as a discontinued operation in PUMA’s financial reporting from November of 2025 onwards. Accordingly, current year and prior-period figures will be restated, with PUMA United’s results, assets, and liabilities presented separately from continuing operations. Sales generated by the partnership amounted to €427.9 million, while net earnings attributable to non-controlling interests were €60.7 million for the 2024 financial year. For additional information regarding disclosures on non-controlling interests, please refer to page 315 of the PUMA Annual Report 2024.

Key developments Q3 2025

• PUMA outlines new strategic priorities aimed at establishing itself as a Top 3 global sports brand
• Sales decrease by 10.4% on a currency-adjusted basis (ca) to € 1,955.7 million (-15.3% reported), vastly due to strategic reset initiatives
• Gross profit margin down by 260 basis points to 45.2% due to increased wholesale promotions, inventory reserves from distribution clean-up, and higher freight costs
• Adjusted EBIT, excluding one-time costs, decreases to € 39.5 million due to the decline in sales and lower gross profit margin
• Reported EBIT amounts to € 29.4 million, including one-time costs of € 10.1 million related to the cost efficiency program
• Inventories increase by 17.3% to € 2,124.1 million; Inventory clean-up initiated, and PUMA expects to return to normalised levels by the end of 2026
• Cost efficiency programme expanded: targeted reduction of additional around 900 white-collar roles globally by the end of 2026
• Outlook for full-year 2025 confirmed

Third Quarter 2025

Sales

As previously announced during the second quarter release, 2025 marks a strategic reset year for PUMA. PUMA is navigating several company-specific challenges, including muted brand momentum, elevated inventory levels across the trade and low quality of distribution. In the third quarter of 2025, PUMA took immediate measures to build a healthy foundation for the business in 2026 and beyond. These measures targeted the reduction of undesired wholesale business, excess inventory at retail partners, and less promotions in e-commerce and full-price stores in the Direct-to-Consumer (DTC) channel. While necessary for long-term brand health, these factors significantly impacted PUMA’s wholesale performance and weighed on DTC sales development during the quarter. As a result, sales decreased on a currency-adjusted basis by 10.4% to € 1,955.7 million. Currencies, especially U.S. Dollar and Argentine Peso, had a negative impact, reducing sales in euro terms by approximately € 125 million. Consequently, reported sales were down by 15.3% in the third quarter of 2025.

PUMA’s Wholesale business decreased by 15.4% (ca) to € 1,385.7 million, reflecting significant takebacks to clear excess inventory in the channel along with immediate actions to reduce exposure to mass merchants in North America and to phase out undesirable business to a notable extent in Latin America, EMEA and APAC. Mass merchants are large-scale retailers that sell high volumes of products at low prices, often with broad distribution, limited brand control, and a focus on out-of-season or leftover merchandise. The Direct-to-Consumer (DTC) business grew by 4.5% (ca) to € 570.0 million. The growth was led by the e-commerce business which increased 5.6% (ca), despite reduced promotions to improve brand perception. Sales in owned & operated retail stores increased 3.9% (ca), reflecting growth in both full-price and outlet stores. The DTC share rose substantially to 29.1% from 25.1% in Q3 2024.

The implemented reset initiatives led to a broad-based sales decline across all regions. In the Americas region, sales decreased by 15.2% (ca) to € 678.1 million. While Latin America recorded a modest decline in sales, the overall decrease was mainly driven by North America. Here, the U.S. market was particularly affected by the company’s distribution clean-up initiatives due to its disproportionate high share of mass merchant business in the wholesale channel. Sales in the Asia/Pacific region decreased 9.0% (ca) to € 367.1 million, reflecting a significant decline in Greater China’s wholesale business due to executed reset actions, partially offset by growth in the DTC business. In the EMEA region, sales decreased by 7.1% (ca) to € 910.6 million, mainly driven by a softer wholesale business in Europe, which was affected by takebacks and the deliberate scaling back of undesired business. 

All product divisions have been impacted by PUMA's strategic reset initiatives. Sales in Footwear decreased by 9.9% (ca) to € 1,045.8 million due to a broad decline across most categories. This was partially offset by growth in Sportstyle Prime driven by the Speedcat family, which continued to perform extremely well in APAC during the third quarter, while sales growth in EMEA and North America remained below expectations. PUMA’s performance categories Basketball and Performance Running remained resilient and delivered healthy growth, supported by the successful launch of product innovations such as the HALI 1 basketball shoe and the Velocity NITRO™ 4 running shoe. Sales in Apparel decreased by 12.8% (ca) to € 635.5 million due to a decline in Sportstyle, which is the largest category for PUMA. This was partially offset by growth in Training with strong momentum in HYROX — a standout performance trend that continues to gain traction globally and where PUMA is the exclusive partner — as well as Motorsport and Basketball. Accessories decreased by 6.1% (ca) to € 274.4 million.

Profitability

The gross profit margin declined by 260 basis points to 45.2% (Q3 2024: 47.9%), primarily reflecting increased promotional activity in the wholesale channel, inventory reserves resulting from the distribution clean-up measures, and higher freight costs. These effects were partially offset by a favourable distribution channel mix through a considerably higher share of DTC compared to the previous year quarter.

Operating expenses (OPEX), excluding one-time costs, decreased by 2.6% to € 850.6 million (Q3 2024: € 873.4 million), reflecting some positive effects from the cost efficiency program. This was partially offset by the continued growth of the DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure as well as store impairments. Marketing expenses rose as a share of sales due to lower third quarter sales. Despite lower OPEX and currency-related tailwinds on the OPEX ratio, the sales decline in the third quarter led to an increase in the OPEX ratio by 570 basis points to 43.5% (Q3 2024: 37.8%).

Adjusted EBIT, excluding one-time costs, decreased to € 39.5 million (Q3 2024: € 237.0 million) due to the sales decline and a lower gross profit margin. PUMA incurred one-time costs related to the cost efficiency program of € 10.1 million in the third quarter. Consequently, the reported EBIT came in at € 29.4 million (Q3 2024: € 237.0 million), resulting in a reported EBIT margin of 1.5% (Q3 2024: 10.3%).

The financial result increased by 6.3% to € -43.8 million (Q3 2024: € -46.7 million). Taxes on income amounted to € -37.9 million (Q3 2024: € -47.8 million), driven by lower earnings before taxes, partially offset by deferred tax assets write-offs in the U.S., China and Brazil. Net income attributable to non-controlling interests came in at € -10.0 million (Q3 2024: € -14.6 million) as a result of a softer socks and bodywear business in the U.S.

Consequently, net loss amounted to € -62.3 million (Q3 2024: net income of € 127.8 million) and earnings per share came in at € -0.42 (Q3 2024: € 0.86). Following the capital reduction resulting from the cancellation of the remaining treasury shares acquired through the share buyback program, the company’s share capital amounted to EUR 148,007,926.00 and is divided into 148,007,926 no par-value shares as of 23 September 2025. 

Nine Months 2025

Sales

After sales remained roughly flat in the first half of 2025, sales experienced a pronounced deceleration in the third quarter, as outlined above. Consequently, sales in the first nine months of 2025 decreased by 4.3% (ca) to € 5,973.9 million with a decline across all regions and product divisions. Currencies, especially U.S. Dollar, Mexican Peso and Argentine Peso, presented a headwind and negatively impacted sales in euro terms by approximately € 288 million (sales growth reported: -8.5%). 

PUMA’s Wholesale business declined by 8.6% (ca) to € 4,256.3 million, driven by softness in North America, Greater China and Europe. The Direct-to-Consumer (DTC) business increased by 8.4% (ca) to € 1,717.6 million, driven by 14.2% (ca) growth in e-commerce and a 5.2% (ca) increase in owned & operated retail stores. This resulted in an increased DTC share of 28.8% (9M 2024: 25.5%).

From a regional perspective, sales in the EMEA region decreased by 1.9% (ca) to € 2,574.0 million. The Americas region recorded a sales decline of 6.2% (ca) to € 2,211.7 million, while sales in the Asia/Pacific region decreased by 5.5% (ca) to € 1,188.1 million.

Among product divisions, sales in Footwear decreased by 1.1% (ca) to € 3,292.9 million. Apparel decreased by 8.7% (ca) to € 1,827.6 million and Accessories decreased by 6.1% (ca) to € 853.4 million.

Profitability 

The gross profit margin declined by 130 basis points to 46.1% (9M 2024: 47.4%). Increased promotional activity, inventory reserves and currency effects were a headwind. This was partially offset by tailwinds from sourcing and a favourable distribution channel mix.

Operating expenses (OPEX), excluding one-time costs, increased by 2.8% to € 2,670.1 million (9M 2024: € 2,598.0 million). The increase was mainly due to the continued growth of the DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure and accounts receivable write offs of around € 20 million in the second quarter. Higher OPEX and a decline in sales, partially offset by currency-related tailwinds on the OPEX ratio, led to a 490 basis points increase of the OPEX ratio to 44.7% (9M 2024: 39.8%).

Adjusted EBIT, excluding one-time costs, decreased to € 102.0 million (9M 2024: € 513.2 million) due to the sales decline in the first nine months of 2025, a lower gross profit margin and higher OPEX. PUMA incurred one-time costs of € 112.7 million related to the cost efficiency program and a goodwill impairment in the second quarter. Consequently, the reported EBIT came in at € -10.7 million (9M 2024: € 513.2 million) and the EBIT margin at -0.2% (9M 2024: 7.9%).

The financial result decreased by 14.0% to € -132.5 million (9M 2024: € -116.2 million), mainly due to higher net interest expenses. Despite lower earnings before taxes compared to the previous year period, taxes on income came in at € -136.8 million (9M 2024: € -99.2 million). This was mainly due to deferred tax assets write-offs in the U.S. and China in the second and third quarter of 2025. Net income attributable to non-controlling interests amounted to € -29.0 million (9M 2024: € -40.6 million), as a result of a softer socks and bodywear business in the U.S.

Consequently, net loss came in at € -308.9 million (9M 2024: net income of € 257.1 million) and earnings per share amounted to € -2.09 (9M 2024: € 1.72).

Balance Sheet 

The working capital increased by 2.2% to € 1,924.6 million (30 September 2024: € 1,883.5 million). Inventories increased by 17.3% reported and 24.3% currency adjusted to € 2,124.1 million (30 September 2024: € 1,811.3 million) partly driven by inventory takebacks from wholesale partners to clean up distribution. This was partially offset by a reduction in purchase orders, implemented as a measure to slow down inventory growth and to avoid additional supply. To bring back inventories to a more normalised level until the end of 2026, PUMA will execute product clearance through its outlets and wholesale partners, supported by targeted promotional initiatives. Trade receivables decreased by 18.1% to € 1,241.2 million (30 September 2024: € 1,515.6 million), mainly due to lower sales. Trade payables decreased by 2.1% to € 1,270.6 million (30 September 2024: € 1,297.9 million) reflecting reduced purchasing orders in the third quarter. Net debt increased to € 1,205.2 million (30 September 2024: € 746.0 million), mainly driven by increased bank liabilities to support the operating business and finance working capital. 

Cash flow

The free cash flow came in at € -43.0 million in the third quarter of 2025 (Q3 2024: € -83.0 million), showing an improvement compared to the third quarter of 2024. This led to a free cashflow in the first nine months of 2025 of € -685.8 million (9M 2024: € -287.4 million). As part of its ongoing commitment to financial resilience and operational efficiency, PUMA is implementing measures to safeguard cash flow, especially optimising its working capital.

PUMA United

PUMA United is a partnership between PUMA and United Legwear, which mainly focuses on the sale of socks and bodywear in the U.S. and Canada. PUMA holds a 51% stake in the company. As part of the ongoing reset measures and efforts to optimise the PUMA distribution network, PUMA is considering moving from a partnership model to a licensing model in 2025. The PUMA United business is currently fully integrated in the operating segment "Region North America".

Outlook FY 2025

Amid ongoing volatile geopolitical and macroeconomic volatility, PUMA anticipates that both sector-wide and company-specific challenges will significantly impact performance for the remainder of 2025. Key factors include a muted brand momentum, shifts in channel mix and quality, the impact of U.S. Tariffs, and elevated inventory levels.

PUMA confirms its full-year 2025 outlook. Sales on a currency-adjusted basis are forecast to decline by a low double-digit percentage, a reported EBIT loss is expected and capital expenditures of around € 250 million.

Strategic Priorities

PUMA’s POTENTIAL

With more than 77 years of writing history together with some of the world’s most famous athletes, PUMA is in a unique position when it comes to sports performance and sports culture. We have one of the richest archives in the industry with many products that have had an appeal with consumers for several decades. 

PUMA is also one of only four brands in the industry to have credibility in a wide variety of major sports. Our strong sports credibility continues to this day as the many successes of our sponsored teams and athletes give us worldwide exposure. PUMA has leading partnerships in football, including Manchester City, Borussia Dortmund, the national team of Portugal and many others, directly connecting the brand with millions of fans around the world. In addition, every match of the most-watched football leagues in Europe, the Premier League, LaLiga and Serie A, is played with a PUMA ball, which generates fantastic visibility. 

We also benefit from our work with community platforms such as HYROX, the world series of fitness racing, where we have just announced the extension of our long-term partnership. We support athletes through our relentless pursuit of performance innovations such as our industry-leading running technology NITRO™.

PUMA’s CHALLENGES

However, PUMA has to address the fact that it has become too commercial, which is reflected in muted brand heat, low distribution quality, and a product offering that is not cutting through in the market. 

PUMA'S ACTIONS

Aim of establishing PUMA as the Top 3 Sports Brand

That is why PUMA has initiated a reset, with the aim of establishing itself as a Top 3 sports brand globally, returning to above industry growth and creating healthy profits in the medium term. We have the clear priority of becoming one global sports brand with global product ranges and global storytelling across markets.

Cleaning up PUMA’s Distribution

PUMA has to become less commercial, both in its wholesale and owned-and-operated channels. 

While both Wholesale and DTC will continue to play an important role in our distribution strategy, we will evolve our channel mix and aim for higher growth in our direct-to-consumer channels to bring it closer to industry averages. 

PUMA will also strive for a healthier distribution mix in its wholesale channel, seeking growth from brand-driven segments, including performance and Sportstyle, and not from commercially driven opportunities.

Reducing the Cost Base

In response to the expected significant sales decline and lower sales base, PUMA is taking another decisive step to address its elevated operating expenses by expanding its cost efficiency programme beyond the previous initiative “nextlevel”. 

PUMA plans a targeted reduction of additional around 900 white-collar roles globally (total number: around 7,000) by the end of 2026, after 500 roles were already cut under "nextlevel" in 2025. Costs and savings of the expanded programme will be further evaluated and communicated with more details in due course. 

PUMA is also addressing its cost base by tackling operational inefficiencies and cutting the size of its product range to reduce the number of new articles introduced every season.

Strengthening Storytelling to better position PUMA’s Icons

In order to strengthen the brand and become more relevant with our consumers around the world as one global sports brand, we have to become more consumer-centric. This is why PUMA will focus our marketing investments and create a structure where product creation and storytelling will happen in parallel, with the aim of delivering authentic and impactful stories that inspire customers and consumers. 

We will focus on managing our different product franchises better. With the vast PUMA Archive at our disposal, we have the clear opportunity of better establishing our product icons, such as the PUMA Suede, to ensure they stand for something our consumers can understand and identify with.

Focus on Football, Running, Training and Sportstyle Select/Prime

The PUMA brand will put performance first. Performance innovations are an essential part of our work as a sports company and we will continue to introduce and improve technologies such as NITRO™, which make the best athletes even better.

We see the Football, Running, Training and Sportstyle Select/Prime categories as our main priorities to drive future growth. While our Sportstyle products are worn for style, we will extend our performance-first approach to this category, to show how all PUMA products are clearly rooted in and inspired by sports.

A clear organisational structure

As a result of the changes to our Brand Marketing organization, which were announced earlier this week, Maria Valdes, previously Chief Product Officer, has become Chief Brand Officer and is responsible for Brand Marketing, Product, Creative Direction, Innovation and Go-To-Market.

These changes at our board level come in addition to Andreas Hubert joining as Chief Operating Officer in July. 

PUMA has now created a clear redistribution of responsibilities among its Management Board, which is an important step in improving its organisational model and providing a clear structure to manage our global business.

Growth from 2027 onwards

While 2025 is a year of reset and 2026 will be a transition year, we are confident that the measures outlined above are an important first step in returning PUMA to growth from 2027 onwards.

With the new organizational structure, product creation and storytelling will happen in parallel with the aim of delivering authentic and impactful stories that inspire customers and consumers.

“With our amazing Archive and our cutting-edge sports-performance products, including our NITRO™-technology, we have the clear opportunity to tell stories that resonate, but PUMA’s previous approach to storytelling was too fragmented,” said Arthur Hoeld, CEO of PUMA. “By putting storytelling and product creation side by side, we will strengthen our product icons and sports performance products and create the clarity and structure that is needed to better position PUMA against its competition in the sporting goods industry.”

Maria Valdes, who has been a member of PUMA’s Management Board since 2023, will now be responsible for Brand Marketing, Product, Creative Direction, Innovation and Go-to-Market. Brand Marketing previously reported to CEO Arthur Hoeld, while Go-to-Market reported to Chief Commercial Officer Matthias Bäumer.

Sports Marketing will be separated from Brand Marketing and report to CEO Arthur Hoeld.

The organizational changes will take effect immediately.

Ronald has almost three decades of experience in the sports industry, holding various leadership positions in retail strategy and management at Nike, adidas and, most recently, Gymshark.

To accelerate growth and sharpen its focus, PUMA is evolving its organizational set-up by splitting its direct-to-consumer business into two dedicated Global Retail and Global E-Commerce focus areas. Erik Janshen, who previously oversaw both areas, has decided to leave PUMA to take on new professional challenges outside of the company.

“Ronald is a highly experienced leader with a strong track record across the industry, who will bring a deep global expertise in retail strategy and operations and help us build momentum in our global retail channel,” said PUMA Chief Commercial Officer Matthias Bäumer. “I want to thank Erik for building a strong foundation for a more holistic and profitable direct-to-consumer business and wish him all the best for the future.”

PUMA will announce a new leadership for its global e-commerce channel in the coming weeks.

Thomas brings nearly three decades of experience in human resources, having worked in leadership positions across several industries, including sporting goods, aviation, automotive and energy solutions. Most recently, he was Senior Vice President Global Human Resources at Landis+Gyr, a global provider of energy management and smart metering solutions, where he led large-scale transformation initiatives and drove the execution of the HR strategy across more than 30 countries.

Before joining Landis+Gyr, Thomas held various senior HR leadership roles at companies such as KLM, adidas and Mann+Hummel. His career has been defined by a strong focus on aligning people strategy with business performance, with a special emphasis on leadership, organizational development, talent management, driving change and transformation, and fostering inclusive, high-performance work environments.

“Thomas offers a wealth of experience when it comes to human resources strategy, organizational development and leadership and is deeply familiar with the challenges and opportunities of our industry,” said PUMA CEO Arthur Hoeld. “I am confident that his strong background in organizational transformation and global HR management will help us take PUMA’s operational excellence to the next level.”

Thomas replaces Dietmar Knoess, who decided to pursue new interests outside of the company.

Each episode features expert guests ranging from designers and dedicated supporters to sports historians, uncovering the stories, memories and meaning woven into football shirts, as well as innovations in design, materials and sustainability that reflect PUMA’s commitment to a FOREVER.BETTER. 

Who Gives A Shirt is a FOREVER.BETTER. podcast, brought to you by PUMA. Produced by Mags Creative and MSL.

Subscribe, listen and watch Who Gives A Shirt by PUMA on Apple, Spotify, PUMA YouTube and all major podcast platforms.

For more information, please visit: https://foreverbetter.com/en 

HYROX, which has successfully created a major movement in the industry by combining running and functional training into one fast-paced competition, is the world’s fastest growing fitness sport. PUMA recognized the great potential of this sport early on and has partnered with HYROX since the first race in Hamburg in 2017 before becoming a global partner in 2023. Since then, PUMA has used the partnership as a successful platform to increase brand awareness with the sport’s many passionate participants and provides performance products that are tailored to the needs of the athletes.

“HYROX, which has grown enormously in recent years, is one of our strategically most important partnerships as a sports brand, and a great showcase for our innovative performance products, such as our combination of NITRO™ technology and industry leading PUMAGRIP,” said PUMA CEO Arthur Hoeld. “Our products have proven that they support the different requirements of athletes in this very versatile sport and help them to achieve great results. We are very encouraged by the great feedback we have received from athletes and partners alike, which helps us position ourselves even stronger as a sports brand.” 

Earlier this year, PUMA introduced its first performance collection for HYROX to include both apparel and footwear and will continue to expand this offering throughout the coming years, adding to its successful PUMA x HYROX collections more product innovations and athlete-driven storytelling, as the partnership continues to evolve toward 2030. 

As part of Wednesday’s announcement at the first major of the season in Hamburg, PUMA also announced an exciting expansion of its roster of elite HYROX athletes. 

PUMA’s newest HYROX ambassadors include Men’s Open Doubles world record holder, Jake Williamson, Women’s Pro Doubles world record holder and Australia’s fastest female, Joanna Wietrzyk, and Hidde Weersma, the Dutch athlete who won the Men’s pro 25-29 World Championships in 2024 and is the strength and conditioning coach of the NOCNSF – the body responsible for the participation of Dutch athletes in the Olympic and Paralympic Games. 

They are now part of a roster of more than 60 PUMA-athletes in the sport, including recently crowned 2025 HYROX World Champion Linda Meier, 2024 HYROX World Champion Megan Jacoby and three-time HYROX World Champion and Men’s Pro world record holder Hunter McIntyre amongst others.

PUMA’s Vice President of Brand and Marketing, Richard Teyssier, commented: “The continuation of this partnership for the next years reinforces PUMA’s commitment to the growth of fitness racing and provides the right platform to increase our brand awareness within the HYROX community and beyond. On top of that, bringing together these outstanding athletes to our global team underlines our commitment to championing the next generation of fitness talent and to win the hearts of HYROX racers, positioning PUMA as the community’s most trusted and innovative brand”.

“This partnership marks a defining milestone in our journey, and the progress we’ve made has been nothing short of remarkable. Last year, we solidified this collaboration with PUMA becoming the official global apparel and footwear partner for all HYROX events, and today, extending this partnership to 2030 sets the stage for the next chapter of our evolution,” Moritz Fürste, Co-Founder of HYROX, added. “From our very first race in Hamburg in 2017, PUMA has been with us since day one – a rarity in the world of sports partnerships. This relationship has not only shaped the identity of HYROX but has been truly foundational to the growth of the sport itself. This extended partnership allows us to keep pushing the boundaries of innovation, inspiring athletes, and ensuring that HYROX remains accessible to competitors of all levels, across the globe. PUMA’s Go Wild philosophy aligns seamlessly with the HYROX spirit - fearless, authentic, and relentlessly driven. Together, we’re excited to continue challenging limits and empowering individuals to unlock their full potential.” 

With a remarkable 100% year-on-year increase, HYROX continues to soar in popularity. The 2024/25 season saw 74 events being held and attracted more than 650,000 participants. As the sport’s momentum continues, the 2025/ 26 season is set to draw 1.3 million participants across over 100 events by 2026, cementing HYROX as a global fitness phenomenon. 

Celebrating the unique and early renewal of their contract extension, PUMA will be present in HYROX hometown for over four action-packed days at the Hamburg Exhibition Halls. The event will feature the first Major of the season, with elite racing taking center stage as top tier athletes compete at the highest level. Over 15,000 athletes will compete in the ultimate test of strength and endurance and PUMA’s vision for HYROX for the next five years begin to unfold.

For more information about PUMA Go Wild, visit www.puma.com, or follow our journey on social media @PUMA.

Featuring unique testimony from the fastest athletes in the world, and data-backed product analysis from the PUMA Innovation team, these moments will celebrate the athletes trailblazing their sports, and evidence how PUMA is collaborating with them to pioneer The Future of Fast.

“Innovation isn’t about chasing flashy ideas—it’s about solving real problems,” says Romain Girard, PUMA’s VP Innovation. “At PUMA, we start with the athletes. We listen, build, test, and learn. If something doesn’t work, it goes back to the drawing board. Our purpose is to inspire every athlete to unleash their true self.”

For one day only, fans have the chance to step inside the NITRO™ LAB – an immersive innovation experience that showcases PUMA’s commitment to redfining speed. The NITRO™ LAB is home to a futuristic lineup of road running, and track & field concept cars, a fully functioning running economy lab, as well as newly released colourways of PUMA‘s fastest raceday products – including the most talked about raceday shoe of the year, Fast-R NITRO™  Elite 3.

“This is not just an exhibit — it’s a sneak peek into the future of sport. PUMA is pioneering The Future of Fast, and in Tokyo we will set a new pace for performance and innovation,” said Erin Longin, VP of Run/Train.

The NITRO™ LAB will open on Saturday, 13 September from 10:00 to 16:00. Address: 〒107-0062 Tokyo, Minato City, Minamiaoyama, 5-chōme−4−48 Ｇビル南青山.

Tokyo World Athletics Championships 2025

Fans will also be able to witness The Future of Fast in realtime, as more than 140 PUMA athletes get set to compete in Tokyo. They include the reigning women’s 100m Olympic Champion Julien Alfred, men’s 400m hurdles world record holder Karsten Warholm, 13-time pole vault world record holder Mondo Duplantis, Japanese sprint-sensation Hakim Sani-Brown and reigning womens high jump world champion Yaroslava Mahuchikh. There will also be significant PUMA representation on the road, with German national record holder Amanal Petros leading the charge in the marathon, reaffirming PUMA’s commitment to speed and performance across multiple disciplines.

Since 1948, PUMA has been driven by innovation—working with athletes to develop new technologies and products that push the limits of speed and help them achieve their personal bests, on the world’s biggest stages.

This heritage has a significant connection to Japan, as the location of PUMA’s first world record matching 100m sprint by Heinz Fütterer (1954), and where the legendary Abebe Bikila became the first person to win back-to-back Olympic marathons (1960 & 1964). 

PUMA continues to build a legacy of firsts, shaping sports culture, and creating iconic moments in sports history – of which we are certain to witness more over the coming weeks in Tokyo.