Key developments Q4 2024

• Currency-adjusted sales increase by 9.8% to € 2,289 million (+15.5% reported)
• Gross profit margin increases by 30 basis points to 47.3%
• Operating expenses (OPEX) increase by 15.8% to € 982 million, mainly due to the previous year's lower base from the Argentine peso devaluation
• Operating result (EBIT) increases by 15.3% to € 109 million

Key developments FY 2024

• Currency-adjusted sales increase by 4.4% to € 8,817 million (+2.5% reported)
• Growth recorded across all regions, product divisions and distribution channels
• Gross profit margin up by 100 basis points to 47.4% despite currency headwinds
• Operating expenses (OPEX) increase by 5.2% to € 3,580 million
• Operating result (EBIT) remains flat at € 622 million with an EBIT margin of 7.1%
• Net income declines by 7.6% to € 282 million, mainly driven by higher net interest expenses and non-controlling interests
• Inventories increase by 11.6% to € 2,014 million to adequate levels, driven by a strong increase in goods in transit to serve the new product cycle in 2025
• Free cash flow increases by 25.8% to € 464 million
• Proposed dividend of € 0.61 per share and 2024 share buyback of € 50 million will result in total payout of 50% of net income

Outlook FY 2025:

• Currency-adjusted sales growth at low- to mid-single digit percentage rate
• Adjusted EBIT excluding one-time costs in a range between € 520 million and € 600 million
• CAPEX of around € 300 million

Fourth Quarter 2024

Sales grew currency-adjusted (ca) by 9.8% to € 2,289.4 million (+15.5% reported), showing an improvement throughout the year. Sales growth came from all regions, product divisions, and distribution channels. As anticipated, currencies shifted from a headwind to a tailwind in the fourth quarter.

Sales in the EMEA region increased by 14.6% (ca) to € 796.5 million, driven by double-digit growth in Europe and EEMEA. In the Americas region, sales increased by 6.5% (ca) to € 986.3 million with both North America and Latin America contributing to the growth. Latin America’s growth during the quarter, however, was impacted by backlog constraints from warehouse operations in the previous quarter. The Asia/Pacific region recorded sales growth of 9.5% (ca) to € 506.6 million, reflecting stronger growth when compared to the first nine months of 2024 despite an ongoing softness in Greater China. 

PUMA’s Wholesale business grew by 6.9% (ca) to € 1,525.8 million. The emphasis on sell-through in the first half of 2024 laid the foundation for increased sell-in during the second half of 2024. Our Direct-to-Consumer (DTC) business grew by 16.1% (ca) to € 763.5 million, which is in line with the year-to-date trend and reflects the continued brand momentum. Sales in owned & operated retail stores increased 12.8% (ca), while e-commerce grew 22.0% (ca). Consequently, the DTC share rose to 33.4%, up from 31.6% in Q4 2023.

Sales in Footwear increased by 9.2% (ca) to € 1,214.8 million, driven by growth in Performance, primarily in the Running category, and in Sportstyle driven by Core and Kids business. Additionally, the elevated Sportstyle Select business also contributed to the growth. Sales in Accessories grew by 14.5% (ca) to € 338.0 million and Apparel increased by 8.8% (ca) to € 736.5 million.

The gross profit margin improved by 30 basis points to 47.3% (Q4 2023: 47.0%). Currency effects and sourcing were a tailwind in the quarter, although this was partially offset by a generally more promotional environment. 

Operating expenses (OPEX) increased by 15.8% to € 982.2 million (Q4 2023: € 848.0 million). The increase was primarily driven by a lower base resulting from the Argentine peso devaluation in the previous year's quarter, an increased DTC share, and investments in infrastructure. The OPEX ratio increased by 10 basis points to 42.9% (Q4 2023: 42.8%).

The operating result (EBIT) increased by 15.3% to € 108.9 million (Q4 2023: € 94.4 million) due to sales growth and gross profit margin improvement. The EBIT margin came in at 4.8% (Q4 2023: 4.8%).

The financial result improved by 35.1% to € -43.5 million (Q4 2023: € -67.1 million). This improvement was mainly driven by a lower base in the fourth quarter last year, which was impacted by negative conversion effects from valuation losses related to the devaluation of the Argentine peso. Tax expenses increased to € 20.7 million (Q4 2023: € 4.9 million) and the tax rate was at 31.7% (Q4 2023: 18.0%) mainly due to a different regional profit mix and adjustments in tax rates.

Consequently, net income came in at € 24.5 million (Q4 2023: € 0.8 million) and earnings per share amounted to € 0.16 (Q4 2023: € 0.01).

Full Year 2024

Sales increased by 4.4% (ca) to € 8,817.2 million, supported by growth in all regions, product divisions and distribution channels (+2.5% reported). As anticipated, currencies were a major headwind in 2024, negatively impacting sales in euro terms by approximately € 150 million.

The Americas region recorded the highest growth with sales increasing by 7.0% (ca) to € 3,536.0 million, driven by both Latin America and North America. This was followed by the Asia/Pacific region, which recorded a sales increase of 3.8% (ca) to € 1805.5 million. All major markets within Asia/Pacific, including Greater China, Japan, and India, contributed to this growth. The EMEA region also saw a sales increase of 2.1% (ca), reaching € 3,475.7 million, driven by Europe and EEMEA.

PUMA’s Wholesale business grew by 0.4% (ca) to € 6,391.8 million due to a strong focus on sell-through in the first half of 2024, setting up for better sell-in in the second half of 2024. The Direct-to-Consumer (DTC) business increased by 16.6% (ca) to € 2,425.4 million, driven by brand demand and the opening of new stores. Owned & operated retail stores sales grew 14.2% (ca), while e-commerce increased 21.1% (ca). This resulted in a DTC share of 27.5% (FY 2023: 24.8%).

Sales in Footwear increased by 5.4% (ca) to € 4,733.6 million. This was driven by growth in the Sportstyle Core and Kids business as well as Performance categories, mainly Running and Teamsport. Meanwhile, Sportstyle Prime remained in transition throughout 2024. Apparel grew by 3.7% (ca) to € 2,813.9 million, led by the Teamsport business, while Accessories increased by 2.0% (ca) to € 1269.7 million. 

The gross profit margin increased by 100 basis points to 47.4% (FY 2023: 46.3%). Headwinds from currencies and promotional activities were more than offset by a favourable product and distribution channel mix as well as tailwinds from sourcing and freight. 

Operating expenses (OPEX) increased by 5.2% to € 3,580.2 million (FY 2023: € 3,403.5 million), mainly due to growth in our DTC business and investments in warehouse and digital infrastructure.Consequently, the OPEX ratio increased by 100 basis points to 40.6% (FY 2023: 39.6%).

The operating result (EBIT) came in at € 622.0 million which is at last year’s level (FY 2023: € 621.6 million). This resulted in an EBIT margin of 7.1% (FY 2023: 7.2%), as gross profit margin improvements were offset by increased OPEX.

The financial result decreased by 11.4% to € -159.7 million (FY 2023: € -143.3 million) mainly due to an increase in net interest expenses and higher currency related losses. Tax expenses increased by 1.9% to € 120.0 million (FY 2023: € 117.8 million) and the tax rate was at 25.9% (FY 2022: 24.6%). Net income attributable to non-controlling interests increased to € 60.7 million (FY 2023: € 55.7 million) as a result of improved profits in the socks and bodywear business in the U.S.

Consequently, net income decreased by 7.6% to € 281.6 million (FY 2023: € 304.9 million) and earnings per share amounted to € 1.89 (FY 2023: € 2.03).

Working Capital

The working capital increased by 8.6% to € 1,278.2 million (31 December 2023: € 1,177.3 million). Inventories increased by 11.6% to € 2,013.7 million (31 December 2023: € 1,804.4 million), driven by a strong increase in goods in transit to serve the new product cycle in 2025. The Group's total inventory remains at adequate levels, while quality has further improved. Trade receivables increased by 11.5% to € 1,246.5 million (31 December 2023: € 1,118.4 million). Trade payables increased by 26.2% to € 1,893.5 million (31 December 2023: € 1,499.8 million) due to an increase in goods in transit and a lower comparison base in the prior year.

Cash Flow and Liquidity Situation

The free cash flow increased by 25.8% to € 464.3 million in 2024 (FY 2023: € 369.0 million). On 31 December 2024, PUMA had cash and cash equivalents of € 368.2 million, a decrease of 33.4% compared to 2023 (31 December 2023: € 552.9 million). Net borrowings on 31 December 2024 were € 119.8 million, up € 100.7 million from € 19.1 million on 31 December 2023. This increase is mainly driven by share buybacks, higher lease liability payments, and interest expenses partially offset by the improved free cash flow. In addition, the PUMA Group had credit lines totalling € 1,842.9 million as of 31 December 2024 (31 December 2023: € 1,552.8 million). Credit lines rose by € 290.1 million due to an extended revolving credit facility until December 2029, which increased from € 800 million to € 1,200 million. Unutilised credit lines were at € 1,360.2 million on the balance sheet date compared to € 986.1 million at the end of 2023.
 

Capital Expenditure

Investments in fixed assets decreased to € 263.0 million (FY 2023: € 300.4 million), driven by an increased focus to optimise the return on capital employed. In 2024, investments focused on owned & operated retail stores, warehouse and digital infrastructure to enable future growth. 
 

Share Buyback & Dividend

Upon approval of the proposed dividend by the Annual General Meeting and in line with its policy, PUMA will have returned in total 50% of the net income to its shareholders through dividends and share buybacks in the financial year 2024.

The share buyback programme announced by PUMA SE on 29 February 2024 began on 06 March 2024. As of 31 December 2024, a total of 1,128,961 shares were repurchased for € 50 million at an average price of € 44.29 per share, representing 0.75% of the subscribed capital and 17.8% of the Group’s net income in the financial year 2024.  In total, under the current programme, PUMA plans to buy back own shares for up to € 100 million between 06 March 2024 and 06 May 2025.

The net income of € 281.6 million in the financial year 2024 and the execution of € 50 million from the share buyback programme, enables the Management Board and the Supervisory Board of PUMA SE to propose to the Annual General Meeting on 21 May 2025 the distribution of a dividend of € 0.61 per share for the financial year 2024 (FY 2023: € 0.82). This corresponds to a dividend payout ratio of 32.2% (FY 2023: 40.3%) of the Group’s net income and is in line with the dividend policy payout ratio of 25% - 40%. The payment of the dividend is scheduled for the days following the Annual General Meeting when the dividend will be approved. 
 

Strategy Update

As we continue to operate in a challenging and volatile environment, which is expected to weigh on consumer sentiment and demand in key markets, we will fully focus on our controllables. This includes executing our brand elevation strategy to create the foundation for sustainable and accelerated growth, further improving our distribution quality, and taking decisive actions with our next level programme to address our cost basis. With our high organizational agility, we feel well prepared to manage the increased volatility of the market, react quickly to changing conditions, and find the best solutions to serve our retail partners, consumers, and brand ambassadors.

Brand and Product

In 2024, the Year of Sport with major events, including the Olympic Games and Euro 2024, we made good progress with our brand elevation strategy. This strategy is our basis to achieve long-term, sustainable growth and to grow faster than the market.

PUMA’s brand elevation strategy consists of three elements: establishing a distinctive brand DNA, strengthening PUMA’s performance credibility, and strengthening our relevance in the Sportstyle Prime business.
 

Establishing a distinctive brand DNA

• PUMA’s first brand campaign in 10 years’ time “See the Game Like We Do” establishes a strong connection with consumers, creates great brand visibility and improves brand awareness and consideration
• Unaided Brand Awareness increased globally since campaign launch in April – particularly in USA
• PUMA will further increase its media spend in its upcoming brand campaign which will feature the sharpened brand DNA in 2025 
   

Strengthening our Performance Credibility through Innovation

Teamsport

• Eighth edition of the FUTURE football boot, made for creative players, offers new FUZIONFIT upper for an adaptive fit and a new FLEXGILITY outsole to enable enhanced rotation and flexibility in all directions
• Fifth edition of the ULTRA, made for the fastest football players, features a cutting-edge innovation with a full carbon fibre outsole inspired by the world of Formula 1
• PUMA signs long-term agreement with the Portuguese Football Federation (FPF), one of the world’s most popular national teams

Running & Training

• PUMA is back on the podium of World Marathon Majors with its Deviate NITROTM-Elite 3 and Fast-R2, featuring PUMA’s award-winning NITROTM foam
• PUMA presents new innovation with MagMax, featuring 46mm stack of NITROTM foam, designed for runners who look for unrivalled underfoot comfort
• Paris Olympics 2024 were the most successful in PUMA’s history with PUMA athletes winning 66 medals, including 19 Gold in Olympics and Paralympics, all of them wearing PUMA NITROTM- Technology
• Yaroslava Mahuchikh and Armand “Mondo” Duplantis crowned 2024 European Athletes of the Year
• PUMA announces worldwide partnership with HYROX, the world series of fitness racing to tackle its opportunities in the training category

Basketball

• Fourth edition of LaMelo Ball’s innovative signature shoe MB.04 continues to be a bestseller with the next generation of consumers
• PUMA signs NBA All Star Tyrese Haliburton, who is well recognized for his style of play and fashion by many fans in the U.S. and China
• Visionary designer Salehe Bembury joins PUMA to design next signature basketball shoe

Motorsport

• PUMA announces long-term strategic partnership with F1 Scuderia Ferrari HP Team and signs endorsement deal with driver Charles Leclerc as global brand ambassador
• PUMA joins Aston Martin Aramco Formula One® Team as official sportswear, athleisure, and technical gear partner

Golf

• PUMA reimagines the golf cleat with the Flexspike technology featured in the new PHANTOMCAT NITROTM shoe to offer better grip and weight distribution
• LIMIT3D, the first commercially available set of innovative 3D-printed irons, becomes a sell-out success
• Tour wins for ambassadors Angel Hidalgo, Ewen Ferguson, Jesper Svensson und Chiara Tamburlini
   

Strengthening our Relevance in Sportstyle Prime

• PUMA scaled models Palermo and Suede XL to maximize opportunities from the prevalent terrace and skate trends
• PUMA successfully establishes heat around low-profile trend and particularly the Speedcat with Lyst Index ranking the shoe as top 3 of “hottest products” in global fashion in third quarter
• Development of sell through and demand for Speedcat has continued to build up month over month
• Renowned K-Pop artist Rosé joins PUMA as global brand ambassador to support classic franchises, including the Palermo and Speedcat, first collaboration with PUMA creates large social media stir in China
• Collaboration with music artist and designer A$AP Rocky named “Collaboration of the Year” by Footwear News
• PUMA hosted catwalk at New York Fashion Week to celebrate the return of the incomparable Mostro sneaker
• NBA-Star LaMelo Ball’s first lifestyle shoe LaFrancé resonates strongly with consumers
• PUMA opens creative hub Studio 48 in Los Angeles to create concepts for new products and campaigns with clear focus on US

Distribution

In line with our brand elevation strategy, we aim to continuously enhance our distribution quality, both in wholesale and our own & operated retail.

We remain committed to providing the best service to our retail partners in the industry. We are pleased with the progress made in 2024, gaining market shares with our retail partners at the sharp end of performance and sportstyle. Winning with these strategic accounts is crucial for building our performance credibility and brand heat. With a clear go-to-market and segmentation strategy, we offer all retail partners the best service and collaborate closely with them on product strategies to excite consumers with newness and compelling product stories.

In our own and operated retail, we also focus on elevating the brand. Our new flagship stores, such as the one in Las Vegas, allow us to showcase our brand fully and build further brand preference with our consumers. Additionally, we are investing in our e-commerce business, as it is an integral part of the consumer journey. Our outlet business provides an entry point to our brand for consumers and helps keep the market clean of excess inventories.
 

 “Nextlevel” Efficiency Programme

In February 2025, PUMA initiated the efficiency programme “nextlevel” to complement its brand elevation strategy in order to translate its growth into incremental profitability with the aim to achieve an EBIT margin of 8.5% by 2027.

“Nextlevel” focuses on three areas:

• Gross Margin: Improve its Gross Profit Margin by reducing the product complexity and  realizing further sourcing efficiencies

• OPEX: Optimize cost base, including personnel expenses, through indirect procurement improvements and better resource allocation in line with our strategic growth areas to generate operational leverage

• Free Cash Flow: Improve our working capital and our capital allocation toward strategic investments that drive growth

The programme will further strengthen PUMA’s competitiveness as part of the freed-up resources will also be reinvested into the brand and product. 

Sustainability

• ‘Vision 2030’ sustainability goals outline PUMA’s strategy in Climate, Circularity and Human Rights and build on strong progress already made in the past years
• PUMA’s ongoing progress as leader in the field of sustainability is recognized by many prestigious awards, among others from from CDP, Material Change Index, and Financial Times for Good Index
• PUMA’s recycling Innovation RE:FIBRE successfully scaled up to make millions of replica football jerseys
   

People

• PUMA becomes only company worldwide to be named Top Employer in 50 different countries and globally in 2025
• PUMA independently certified as having no adjusted pay gap between men and women in several locations, including Canada, Germany, France, Italy, Spain, South Africa, Sweden the United States and the Middle East

Outlook 2025

In 2024, PUMA achieved sales growth across all regions and product divisions and improved its gross profit margin, while the operating result (EBIT) remained stable. PUMA focused on its strategic priorities of brand elevation to improve its full price realization in the future and on building the foundation for sustainable growth by strengthening its performance business and building consumer relevance in the Sportstyle Prime market. 

In 2025, PUMA anticipates that geopolitical tensions and macroeconomic challenges will continue, especially trade disputes and currency volatility, which is expected to weigh on consumer sentiment and demand in key markets. Against this backdrop, PUMA expects currency adjusted sales to grow in the low- to mid-single-digit percentage range in the financial year 2025. While the environment remains volatile and challenging, the company will continue to focus on its controllables, executing its brand elevation strategy and taking decisive actions to address its cost basis with its nextlevel programme.

The nextlevel cost efficiency programme is expected to incur one-time costs of up to € 75 million in 2025, which are related to the closure of unprofitable owned & operated retail stores, restructuring expenses and other one-time non-operating costs. In return, the company expects to generate additional EBIT of up to € 100 million in 2025. 
The net contribution from the nextlevel cost efficiency programme to EBIT in 2025 is projected to be up to € 25 million.

In order to provide a reliable outlook for the underlying performance of the business, the company provides an adjusted EBIT outlook for 2025, excluding one-time costs. Considering the one-time costs and net contribution from the nextlevel programme, continued investments in marketing, retail stores and infrastructure, PUMA expects an adjusted EBIT in the range of € 520 million to € 600 million for the financial year 2025 (2024: € 622.0 million). 

PUMA plans to continue investing in its retail store network and e-commerce business, along with warehouse and digital infrastructure, to enable its long-term growth objectives and therefore anticipates capital expenditures (CAPEX) of around € 300 million in 2025 (2024: € 263.0 million).

The partnership between PUMA and Scuderia Ferrari began in 2005 and has since witnessed countless unforgettable moments. Over the past 20 years, Ferrari has solidified its status as the most iconic brand in Formula 1. Legendary drivers like Kimi Räikkönen and Charles Leclerc have celebrated victories and World Championships in PUMA racewear. As we approach this remarkable milestone in 2025, we aim to create a pinnacle moment of awareness and honor this extraordinary anniversary.

To mark the occasion, PUMA and Scuderia Ferrari HP hosted an exclusive dinner takes place at the iconic ASGT Building, home to the HyperCar team, as well as Ferrari’s historical cars and the XX Programmes, in Maranello, Italy, bringing together some of the biggest names in racing, including Lewis Hamilton and Charles Leclerc, alongside with some very special guests, such as Jean Alesi, Giancarlo Fisichella, Toni Vilander, and others. More than a celebration, the evening served as a tribute to the commitment, passion, and shared vision that have defined this partnership.

During the dinner, Lewis Hamilton and Charles Leclerc participated in a panel talk hosted by racing driver and presenter Vicky Piria, sharing insights on the evolution of motorsport and the future of racing. The event also featured the official presentation of a new replica collection, celebrating 20 years of collaboration between PUMA and Scuderia Ferrari HP.

As a leader in motorsport apparel, footwear, and accessories, PUMA has played a pivotal role in equipping Scuderia Ferrari HP’s drivers and team with industry-leading technology and performance-driven designs. The partnership has not only delivered advancements in motorsport gear but also brought Ferrari’s unmistakable DNA to streetwear and fan apparel worldwide.

“Motorsport is in PUMA’s DNA, and our long-standing partnership with Ferrari exemplifies our relentless pursuit of excellence,” said Thomas Josnik, Vice President Motorsport at PUMA. “Together, we have redefined racewear innovation and continue to set new standards in the sport.”

Scuderia Ferrari HP Team Principal Frédéric Vasseur reflected on the importance of this collaboration: “The partnership between Ferrari and PUMA has been key in enhancing our team’s performance on and off the track. Over the past 20 years, we have evolved together, pushing technological and design boundaries that support our pursuit of victory. We look forward to continuing this journey of innovation and excellence.”

As PUMA and Scuderia Ferrari HP continue their journey into the future, this 20th anniversary serves as both a reflection on past achievements and an inspiration for the next era of racing innovation, remaining dedicated to pushing the boundaries of design and innovation, ensuring the next chapter of our partnership is faster, bolder, and more thrilling than ever before.

While PUMA kept its A ranking in climate change, it improved its scores in water security and forest to A-, from a score of B and C respectively in the previous year, meaning it was ranked at a ‘leadership level’ in all categories analyzed by CDP.

“We are very proud of the improvements PUMA has made regarding water security and forests compared to last year,” said Veronique Rochet, Senior Director Sustainability at PUMA. “Combined with our continued top score for our climate change policies, CDP has recognized our leadership position in these areas. With our Vision 2030 sustainability targets, which we presented last year, we will aim to improve our sustainability performance even further in the coming years.”

To protect waterways and water supplies near the factories of its partners, PUMA ensures that regular wastewater testing is carried out and has introduced efficiency programmes to reduce the amount of water needed to manufacture its products. Between 2019 and 2023, PUMA was able to save 2,401,002 m3 of water, the equivalent or more than 7 million bathtubs, per year through various efficiency programmes.

To ensure that the leather used for its products does not cause deforestation, PUMA joined the Leather Working Group’s and Textile Exchange’s call to action to source all bovine leather from deforestation-free supply chains by 2030 or earlier. Almost all tanneries used for PUMA’s leather products have been certified by the Leather Working Group and in 2023 99.4% of paper and cardboard was either FSC-certified and/or recycled.

PUMA has a target of cutting its absolute Scope 1 and 2 greenhouse gas emissions by 90% (market based) from a 2017 baseline year and has committed to reduce absolute Scope 3 greenhouse gas emissions from its supply chain and logistics by 33% compared to 2017, while continuing to strive for growth. These targets were approved by the Science Based Targets initiative (SBTi) as aligned with a 1.5-degree scenario.

In 2024, PUMA announced its new sustainability targets Vision 2030 which were introduced to further improve the company’s performance in the areas of Climate, Circularity and Human Rights. For more information, please click here.

All regions contributed to the sales growth (ca) in the fourth quarter, driven by a strong improvement in the Wholesale business (+6.9%) and continued growth in Direct-to-Consumer (+16.1%). When compared to the first nine months 2024, a stronger growth trajectory was achieved across EEMEA (+14.3%), Europe (+10.3%), Greater China (+7.4%), Other APAC (+19.0%) and North America (+2.6%), while LATAM's sales growth was softer with +7.0%. PUMA’s Footwear business grew 9.2% and Apparel was up 8.8%, while Accessories increased 14.5%.

For the full year 2024, all regions, product divisions and distribution channels improved currency adjusted sales compared to last year. This growth was accompanied by a 110 basis point improvement in gross profit margin to 47.4%.

The full-year 2024 operating result (EBIT) came in at € 622 million, which is at last year’s level (2023: € 622 million) and in line with the EBIT outlook for the full year 2024. The full-year 2024 EBIT margin was 7.1%. Net income came in at € 282 million, which is below prior year’s level (2023: € 305 million) and expectations. This was mainly caused by higher net interest expenses and higher non-controlling interests.

"While we achieved solid sales growth in 2024 and made meaningful progress on our strategic initiatives, we are not satisfied with our profitability,“ said Arne Freundt, CEO of PUMA. “With a heightened focus on translating top-line growth to increased profitability growth, we have initiated “nextlevel”, a comprehensive efficiency program targeting cost optimization and operational improvements. Combined with decisive actions already taken, we will implement further cost control measures in 2025. While we continue to operate in a dynamic environment, we are encouraged by our improved growth throughout 2024 and expect 2025 to grow stronger than 2024.”

The programme “nextlevel” has been initiated with the aim to achieve an EBIT margin of 8.5% by 2027 by optimizing direct and indirect costs, including personnel expenses through better resource allocation aligned with our strategic growth areas. The cost efficiency initiative complements PUMA’s brand elevation strategy which is building the foundation for sustainable and accelerated growth. In what remains a dynamic environment, PUMA will continue to make strategic investments in its brand to accelerate growth, complemented by the “nextlevel” programme that ensures an improvement of the underlying operating result starting in 2025. In combination with our brand elevation strategy, we are committed to achieve a 10% EBIT margin in the long-term. 

The financial results are preliminary and unaudited. PUMA SE will publish its results for the financial year 2024 and 2025 outlook on 12 March 2025.

Media Relations:

Kerstin Neuber – Senior Director Corp Comms – PUMA SE – kerstin.neuber@puma.com

Investor Relations:

Gottfried Hoppe – Director Investor Relations - PUMA SE - gottfried.hoppe@puma.com

Upcoming Events 

12 March 2025                              Financial Results FY 2024

08 May 2025                                  Quarterly Statement Q1 2025

21 May 2025                                  Annual General Meeting

31 July 2025                                  Interim Report Q2 2025

30 October 2025                           Quarterly Statement Q3 2025

Notes to the editors:

• The financial reports are posted on about.puma.com
• PUMA SE stock symbol:

     Reuters: PUMG.DE, Bloomberg: PUM GY, 

     Börse Frankfurt: ISIN: DE0006969603– WKN: 696960

Sports company PUMA announced today preliminary 2024 results, reporting a currency adjusted (ca) sales growth of 9.8% to € 2,289 million (+15.5% reported) in the fourth quarter of 2024. On a full-year basis, sales grew by 4.4% (ca) to € 8,817 million (+2.5% reported) and in line with the outlook.

The full-year 2024 operating result (EBIT) came in at € 622 million, which is at last year’s level (2023: € 622 million) and in line with the EBIT outlook for the full year 2024. The full-year 2024 EBIT margin was 7.1%. Net income came in at € 282 million, which is below prior year’s level (2023: € 305 million) and expectations. This was mainly caused by higher net interest expenses and higher non-controlling interests.

In the fourth quarter, both the operating result (EBIT) of € 109 million (Q4 2023 EBIT: € 94 million) and the net income of € 24 million (Q4 2023 net income: € 1 million) came in significantly above last year’s levels, but below expectations.

PUMA initiates the cost efficiency programme “nextlevel” with the objective to achieve an EBIT margin of 8.5% by 2027.

The financial results are preliminary and unaudited. PUMA SE will publish its results for the financial year 2024 and outlook 2025 on 12 March 2025.

Media Relations:

Kerstin Neuber – Senior Director Corp Comms – PUMA SE – kerstin.neuber@puma.com

Investor Relations:

Gottfried Hoppe – Director Investor Relations – PUMA SE – gottfried.hoppe@puma.com

Upcoming Events 

12 March 2025                              Financial Results FY 2024

08 May 2025                                  Quarterly Statement Q1 2025

21 May 2025                                  Annual General Meeting

31 July 2025                                  Interim Report Q2 2025

30 October 2025                           Quarterly Statement Q3 2025

Notes to the editors:

• The financial reports are posted on about.puma.com
• PUMA SE stock symbol:

     Reuters: PUMG.DE, Bloomberg: PUM GY, 

     Börse Frankfurt: ISIN: DE0006969603– WKN: 696960

Top Employers Institute has certified PUMA as a Top Employer for the sixth time since 2020. The Top Employer certification for its worldwide operations as well as 50 different countries for the first time in 2025 reflects the consistent and exceptional experience PUMA offers its employees in all regions and subsidiaries.

“Being named a Top Employer in our entire global organization and in 50 countries underscores our focus on creating a consistent, outstanding working environment for our employees, no matter where they are,” said Dietmar Knoess, Vice President People & Organization at PUMA. “We will not stop here and take this result as an inspiration to find new ways to make PUMA a fantastic place to work.”
 

“By achieving Enterprise Certification, PUMA not only ensures consistent standards in employee experience, development, and well-being across all regions but also cultivates a unified culture of engagement, innovation, and performance,” said David Plink, CEO of Top Employers Institute. “This achievement highlights the company’s unwavering dedication to fostering an inclusive and exceptional workplace culture, with people always at the heart of their success.”

Apart from offering an attractive environment in state-of-the-art offices around the world, PUMA aims to create an inclusive work culture that respects diversity, promotes health and well-being, and encourages personal and professional growth.

With hybrid working, which combines mobile working and office presence, and flexible hours, PUMA makes it easy for its employees to find the right work-life-balance and gives them the opportunity for part-time work or sabbaticals at different stages in their careers.  

PUMA has also been independently certified as having no adjusted pay gap between men and women in several locations, including Canada, Germany, France, Italy, Spain, South Africa, Sweden the United States and the Middle East, meaning employees in the same position are paid the same regardless of their gender.
 

Spanning more than 500 square metres (5,300 square feet), Studio48 will feature a 3D printing facility, leather and textile sewing machines, a set up for printing and embroidering, a product testing area, a photo studio and a meeting space to connect designers across different departments and welcome external creatives to work on new products and campaigns.

As part of PUMA’s brand elevation strategy, the company will strengthen its sports performance credibility by developing products that perform at the highest level but also distill this sports DNA into its Sportstyle offering with a unique design language.

“With the new Studio48 we are creating a significant tool to enhance the excellence of our designs and elevate the brand,” said PUMA’s Vice President Creative Direction & Innovation Heiko Desens. “While many of our products are created digitally, Studio48 will be a space for a different kind of creativity, where our designers from different departments can brainstorm together, exchange best practices, experience new materials and touch and feel the products they want to make.”

While Studio48 can be used by the company’s designers and creatives all year round, the space will also play an important part when hosting external partners or bringing PUMA’s global design community together for workshops and events.

As part of the opening event in December, PUMA hosted a workshop at Studio48 by US-based upcycler Nicole McLaughlin, who shared her vision on circularity. The event was joined by PUMA designers across all product categories from several of the company’s worldwide locations.

Earlier this year, PUMA announced that it would also open a creative space in the Hollywood area of Los Angeles to inspire products and campaigns for the strategically important US market.
 

From upcycling to generating electricity from potatoes, PUMA puts two footballers and a fashionista to the test to see who will earn the most green flags.

Each week, PUMA’s Voices of a RE:GENERATION will present this trio with playful sustainability challenges, aiming to inspire and educate listeners on how everyday choices impact climate change. The challenges showcase how even small changes can make a big difference in reducing our environmental footprint. Whoever is most successful each week wins a green flag - so get ready for some friendly competition!    

"I’m so excited to be a part of this podcast which brings sustainability to the forefront of Gen Z listeners. It’s a lot of fun to complete the sustainability challenges and learn more about the small changes we can all make to fight climate change."- Maya Le Tissier

Anne-Laure Descours, Chief Sourcing Officer at PUMA, said: “The Climate crisis can seem overwhelming, however all of us have the power to make better decisions for the future of our planet, no matter how small. It’s vital that we travel this journey towards a FOREVER. BETTER. together with our next generation to create awareness and inspire collective change.”  

Upcoming episodes include:

Episode 1, The Carbon Crunch - Ever wondered how your breakfast affects the planet? Or how many carbon emissions are released on your morning commute? Our hosts dive into the surprising truth behind greenhouse gas emissions. Available now to watch below.  

Episode 2, The Wardrobe Revival – A little care goes a long way. Repairing, reviving, and revamping an old fit or pair of kicks. Find out who can save their item from becoming trash and bring it back to life, while learning about sustainable fashion hacks to reduce waste.

Episode 3, Lessons in Leather – Understanding the environmental impact of different materials can be confusing. Our hosts dive into this debate and uncover that when it comes to sustainability, the answer is far from black and white.  

Episode 4, The Renewable Electricity Experiment – The importance of transitioning from fossil fuels to renewable energy. Our hosts compete to see who can generate the most electricity using unconventional methods.  

Episode 5, The RE:FIBRE Makeover – Our trio showcase their upcycled outfits, made from materials that would otherwise be considered waste – while learning about the magic behind circular textile production with PUMA RE:FIBRE. Lastly, the winner of the Green Flags Challenge is crowned.

Green Flags speaks to PUMA's commitment to increase transparency and engage the next generation in their efforts to become more sustainable. Following on from PUMA’s 10FOR25 targets announced in 2019, PUMA has recently announced their new Vision 2030 sustainability targets in Human Rights, Circularity and Climate, setting out how the brand will continue to reduce their impact.  

Subscribe, listen and watch Green Flags by PUMA on Apple, Spotify, PUMA YouTube and all major podcast platforms.  

Watch episode 1 here:

For more information, please visit: https://foreverbetter.com/en/forever-better-podcast/green-flags 

Out of hundreds of companies examined, PUMA was amongst 11 in 2024 to be ranked in the fourth and highest “Leading” tier. Companies with this distinction showed an integrated materials strategy aligned with global goals, disclosed climate goals and targets and made progress towards a circular use of materials, Textile Exchange said. This year’s result is one step up from PUMA’s inclusion in the second-highest “Scaling” tier in 2023.

“We know how important our choice of product materials is, when we want to reduce our carbon footprint and lessen our environmental impact,” said Anne Laure Descours, PUMA’s Chief Sourcing Officer. “We are very happy to be ranked as ‘Leading’ in this years’ index and we will take it as an opportunity to further strengthen our materials strategy.”

PUMA has a 2025 target of making 9 out of 10 products with materials that are classified as preferred fibres by Textile Exchange or which originate from certified sources. In 2023, this was already the case for 8 out of 10 products. In 2023, 99.7% of all leather was sourced from Leather Working Group-certified tanneries and 99.2% of all cotton was certified or recycled as was 99.4% of all paper and cardboard packaging.  

Almost 65% of the polyester used for PUMA’s apparel and accessories in 2023 came from recycled materials and the company also started to scale up the use of recycled cotton. In 2024 PUMA announced that millions of football jerseys had been made with textile waste through its RE:FIBRE recycling initiative.

The Material Change Index is the largest peer-to-peer comparison initiative in the industry and aims to help track the sector’s progress in fibre and materials sourcing, strategy and the circular transition. The aim of the organization is to help the fashion industry achieve a 45% reduction in greenhouse gases from raw material production by 2030. 

For more detailed information on the Vision 2030 targets, please click here.
 

There’s only one Forever. Let’s make it Better. 

Launched in 2021, the Laureus Sport for Good Index celebrates brands that, through collaboration, innovation and creativity, are making significant contributions across the 17 Sustainable Development Goals (SDGs), as well as aligning their business output with their sports investments and activations.

The Index shines a light on organizations that are having the clearest and most meaningful impact, and to provide compelling evidence for the role that sport can play in driving sustainable change. The brands feature in the Index for their best-in-class sport for good campaigns and purpose-led initiatives implemented over the past 18 months.

Astin Ewington, Head of Partnerships, Laureus: “We are thrilled to unveil the 2024 Laureus Sport for Good Index, which continues to showcase the immense potential of sport as a force for positive change. The brands featured this year are leading the way in addressing some of the world’s most pressing social and ecological challenges through innovative, purpose-driven initiatives. By highlighting their efforts, we hope to inspire more companies to leverage sport as a platform to create meaningful impact and contribute to a more equitable and sustainable future.” 

PUMA initiatives recognized by the Index include:

VOICES OF A RE:GENERATION - After research which found that young people want brands to make more sustainability commitments, better communicate their goals and be more transparent, PUMA launched their Voices of a RE:GENERATION initiative. The initiative saw the company engage four young sustainability advocates who not only produce social content that helps raise awareness of PUMA’s sustainability targets among younger consumers, but also actively feedback to the brand about how it can improve its ‘FOREVER. BETTER’ sustainability practices.

Meanwhile, PUMA’s ‘RE:FIBRE’ polyester textile-to-textile recycling programme aims to reduce textile waste and make the company less reliant on plastic bottles for recycled polyester. All told, 46,000 RE:FIBRE garments were produced in 2023. Then, from the start of the 2024/25 soccer season, PUMA announced the scaling up of the programme, with millions of PUMA replica soccer jerseys made using RE: FIBRE, further spotlighting a more circular business model for jersey manufacturing.

This year, PUMA also launched an experimental commercial version of its RE:SUEDE sneaker in Europe. Leading up to this, as part of a two-year pilot project experiment that concluded in 2023, PUMA showed it was able to successfully turn the RE:SUEDE into compost under tailor-made industrial composting conditions. The RE:SUEDE can be sent back to PUMA at end of life who send them on to partners in the Netherlands for composting.  

The Index can be viewed and downloaded in full at laureussportforgoodindex.com 

Stitch + Spice, a short film by Luke Jaque-Rodney, one of PUMA's Voices of a RE:GENERATION has been officially selected for Documentary Short at the 6th Big Syn International Film Festival in London.  

Voices of a RE:GENERATION is a PUMA initiative highlighting young changemakers driving positive change in their communities. Through this platform, PUMA aims to inspire the next generation to support a more sustainable future and forms part of the brand’s wider missions to communicate sustainability in a transparent and digestible way. Stitch + Spice is a short documentary captured at PUMA's supplier factories in Vietnam and Bangladesh featuring Luke, a food and nutrition vlogger, who shares meals and engages with garment workers, showcasing their lives, perspectives and cultures. Earlier this year Stitch & Spice was nominated for best sustainability fashion film at the London Fashion Film Festival and received a 2024 Impact Docs Merit Award.

The Big Syn online festival screening which took place from 17-26 October featured nearly 150 films reaching over 45 million people in 120 countries led by a Grand Jury of OSCAR, BAFTA and EMMY award-winners and leaders from the United Nations, House of Lords, as well as sustainability, policy and media stalwarts.  

Festival founders, Dr Ragini G Roy and Dr Sourav Roy, commented "The festival features films from student filmmakers to ones from global legends such as OSCAR winners Sir Ian McKellen (X Men, Lord of the Rings) and Sir David Mark Rylance (Spielberg's The BFG) amongst others; documentaries from acclaimed EMMY and BAFTA winning filmmakers."

Winners will be declared on 8th November at the red-carpet gala awards ceremony at Curzon Soho and all the winners will be featured on Europe's biggest screen, London's Piccadilly Lights on 14th November 2024.