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.

Archie builds on a successful career in the sports industry with several international leadership roles in merchandising, product creation and sales at Nike and VF Corporation to his name. He also worked as the CEO of basketball innovation start-up 360 Hoops. At PUMA, Archie replaces Max Staiger, who left the company earlier this year.

“With Archie, we’ve brought on a seasoned expert who understands both product and the culture of our consumers,” said Maria Valdes, PUMA’s Chief Product Officer. “Basketball has always been a part of PUMA’s DNA, and as the game continues to grow globally, we’re confident that Archie will help elevate our legacy and expand our impact on and off the court.”

Since returning to the sport in 2018, PUMA has seen very positive momentum for its basketball unit and created sought-after products such as the best-selling MB series of signature shoes and the All-Pro, which features PUMA’s best-in-class foam technology NITROTM. The company has signed several high-profile brand ambassadors including NBA and WNBA stars LaMelo Ball, Tyrese Haliburton and Breanna Stewart.

As PUMA’s COO, Andreas will be in charge of PUMA’s Global Sourcing Operations, including Sustainability and Product Development, IT and Logistics. With this new Board position, PUMA shifts Sourcing, IT, and Logistics under the COO, streamlining responsibilities across the leadership team and organization. Previously, Sourcing was the responsibility of the Chief Product Officer, IT the responsibility of the CFO and Logistics was part of the CEO resort. 

Andreas served as Chief Information Officer at Adidas until June 2025, overseeing the company's technology strategy, systems, applications, and IT services for more than four years. He joined the sports company in 2005 and held several leadership roles. He was based in Hong Kong for 12 years, where he worked in various sourcing positions including Senior Vice President of Global Sourcing.

“I am delighted to welcome Andreas to PUMA as our new Chief Operating Officer,” said Arthur Hoeld, CEO of PUMA. “With his extensive background in IT, sourcing, and supply chain management, he brings the perfect combination of strategic insight and operational excellence. His deep industry experience and expertise will be instrumental in optimizing PUMA’s global operations, driving digital transformation, and strengthening the resilience of our supply chain as we enter our next phase of growth.”

“I’m honored to join PUMA as Chief Operating Officer at such a pivotal time for the company,” said Andreas Hubert. “PUMA is an iconic brand with tremendous potential, and I look forward to working closely with the leadership team to strengthen our operational backbone, accelerate digital innovation, and enhance supply chain agility. Together, we will build a more resilient, customer-centric, and future-ready organization.”

As of September 1, 2025, PUMA’s Management Board will consist of Arthur Hoeld (CEO), Markus Neubrand (Chief Financial Officer), Maria Valdes (Chief Product Officer), Matthias Bäumer (Chief Commercial Officer) and Andreas Hubert (Chief Operating Officer).

Key developments Q2 2025

• Currency-adjusted sales down by 2.0% to € 1,942 million (-8.3% reported)
• Gross profit margin decreases by 70 basis points to 46.1%
• Operating expenses (OPEX) increase by 4.0% to € 915 million
• Adjusted EBIT, excluding one-time costs*, decreases to € -13 million
• Reported EBIT at € -98 million, including one-time costs of € 85 million from the “nextlevel” cost efficiency programme and a goodwill impairment

Lowered Outlook FY 2025

• Currency-adjusted sales decline at low double-digit percentage rate (Previously: Currency-adjusted sales growth at low- to mid-single digit percentage rate)
• For the EBIT (reported) we expect a loss (Previously: EBIT of € 445 million to € 525 million)
• CAPEX of around € 250 million (Previously: € 300 million)
• Outlook includes implications from U.S. Tariffs based on information available as of 
  23 July 2025

Second Quarter 2025

Sales decreased currency-adjusted (ca) by 2.0% to € 1,942.2 million. Currencies were a headwind, negatively impacting sales in euro terms by approximately € 135 million in Q2 2025 (-8.3% reported). Sales in the EMEA region decreased by 3.1% (ca) to € 771.7 million, mainly driven by a softer Europe. In the Americas region, sales decreased by 0.5% (ca) to € 779.9 million due to a decline in North America, while Latin America recorded double-digit growth during the quarter. Sales in the Asia/Pacific region decreased 2.9% (ca) to € 390.5 million, mainly reflecting ongoing softness in Greater China. 

PUMA’s Wholesale business decreased by 6.3% (ca) to € 1,341.2 million, driven by softness in the U.S., China and Europe. Our Direct-to-Consumer (DTC) business grew by 9.2% (ca) to € 601.1 million, led by the e-commerce business which grew 19.4% (ca), while sales in owned & operated retail stores increased 3.4% (ca). The DTC share rose to 30.9%, up from 27.8% in Q2 2024.

Footwear sales increased by 5.1% (ca) to € 1,061.1 million, driven by the Running and Sportstyle categories. Sales in Apparel decreased by 10.7% (ca) to € 597.8 million and Accessories decreased by 6.4% (ca) to € 283.4 million.

The gross profit margin declined by 70 basis points to 46.1%, primarily reflecting increased promotional activity and unfavourable currency effects. This was partially offset by tailwinds from sourcing and freight, as well as a positive impact from distribution channel mix.

Operating expenses (OPEX), excluding one-time costs*, increased by 4.0% to € 914.7 million (Q2 2024: € 879.3 million). The increase was mainly due to accounts receivable write offs of around € 20 million and the continued growth of our DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure. In addition, currency-related headwinds weighed on the OPEX ratio, which increased by 560 basis points to 47.1% (Q2 2024: 41.5%).

Adjusted EBIT, excluding one-time costs*, decreased to € -13.2 million. (Q2 2024: € 117.2 million) due to a lower gross profit margin and higher OPEX. PUMA incurred one-time costs related to the “nextlevel” cost efficiency programme and a goodwill impairment of € 84.6 million in the second quarter. Consequently, the operating result (reported EBIT) came in at € -97.8 million (Q2 2024: € 117.2 million) and the EBIT margin came in at -5.0% (Q2 2024: 5.5%).

The financial result decreased by 9.4% to € -46.6 million (Q2 2024: € -42.6 million) mainly due to higher net interest expenses. Taxes on income amounted to € -94.7 million (Q2 2024: € -18.4 million). The increase compared to last year was mainly driven by deferred tax assets write-offs in the U.S. and China. Net income attributable to non-controlling interests decreased to € -7.9 million (Q2 2024: € -14.3 million), as a result of a weaker socks and bodywear business in the U.S.

Consequently, net loss came in at € -247.0 million (Q2 2024: € 41.9 million) and earnings per share amounted to € -1.67 (Q2 2024: € 0.28).

First Half Year 2025

Sales decreased by 1.0% (ca) to € 4,018.2 million. Currencies were a headwind, negatively impacting sales in euro terms by approximately € 163 million in H1 2025 (-4.8% reported). Sales in the EMEA region increased by 1.2% (ca) to € 1,663.5 million. The Americasregion recorded a sales decline of 1.6% (ca) to € 1,533.7 million, while sales in the Asia/Pacific region decreased by 3.8% (ca) to € 821.1 million.

PUMA’s Wholesale business declined by 4.9% (ca) to € 2,870.6 million, driven by softness in the U.S., China and Europe. Our Direct-to-Consumer (DTC) business increased by 10.5% (ca) to € 1,147.6 million. Sales in owned & operated retail stores increased 6.0% (ca) and e-commerce increased 18.4% (ca). This resulted in an increased DTC share of 28.6% (H1 2024: 25.6%).

Among product divisions, sales in Footwear increased by 3.7% (ca) to € 2,247.1 million, driven by the Running, Basketball and Sportstyle categories. Apparel decreased by 6.3% (ca) to € 1,192.1 million and Accessories decreased by 6.1% (ca) to € 579.1 million. 

The gross profit margin decreased by 60 basis points to 46.5% (H1 2024: 47.2%). Increased promotional activity, currency effects as well as positive inventory valuation effects in the previous year were a headwind. This was partially offset by tailwinds from sourcing and freight, as well as a positive impact from distribution channel mix.

Operating expenses (OPEX), excluding one-time costs*, increased by 5.5% to € 1,819.6 million (H1 2024: € 1,724.6 million). The increase was mainly due to accounts receivable write offs of around € 20 million and the continued growth of our DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure. In addition, currency-related headwinds weighed on the OPEX ratio, which increased 440 basis points to 45.3% (H1 2024: 40.9%).

Adjusted EBIT, excluding one-time costs*, decreased by 77.4% to € 62.5 million (H1 2024: € 276.2 million) due to a lower gross profit margin and higher OPEX. PUMA incurred one-time costs related to the “nextlevel” cost efficiency programme and a goodwill impairment of € 102.6 million. Consequently, the reported EBIT came in at € -40.1 million (H1 2024: € 276.2 million) and the EBIT margin came in at -1.0% (H1 2024: 6.5%).

The financial result decreased by 27.7% to € -88.7 million (H1 2024: € -69.4 million) mainly due to higher net interest expenses. Taxes on income amounted to € -98.9 million (H1 2024: € -51.4 million). The increase compared to last year was mainly driven by deferred tax assets write-offs in the U.S. and China in the second quarter. Net income attributable to non-controlling interests amounted to € -19.0 million (H1 2024: € -26.1 million).

Consequently, net loss came in at € -246.6 million (H1 2024: € 129.3 million) and earnings per share amounted to € -1.67 (H1 2024: € 0.86).

Working Capital

The working capital increased by 13.5% to € 1,864.8 million (30 June 2024: € 1,643.7 million). Inventories increased by 9.7% reported and 18.3% currency adjusted to € 2,151.1 million (30 June 2024: € 1,961.1 million) and were primarily impacted by higher inventory levels in our key markets. Trade receivables decreased by 6.2% to € 1,308.8 million (30 June 2024: € 1,394.7 million). Trade payables decreased by 8.1% to € 1,513.8 million (30 June 2024: € 1,647.9 million).

Cash Flow and Liquidity Situation

The free cash flow was at € -642.8 million in the first half of 2025 (H1 2024: € -204.4 million). As of 30 June 2025, PUMA had cash and cash equivalents of € 292.6 million (30 June 2024: € 271.8 million). In addition, the PUMA Group had credit lines totalling € 1,967.4 million as of 30 June 2025 (30 June 2024: € 1,411.7 million). A refinancing project was initiated already towards the end of the previous year, starting with the early renewal and expansion of the revolving credit facility (RCF). Supported by nine participating banks, this secures a committed credit line of € 1.2 billion (previously € 800 million) with a maturity date in December 2030. In addition, a new Schuldschein was issued in the second quarter of 2025, raising an additional € 210 million in financing. Both financing instruments offer competitive terms and are aligned with PUMA’s specific needs. Unutilized credit lines amounted to € 663.8 million as of 30 June 2025 (30 June 2024: € 595.4 million). 

Additionally, PUMA completed the acquisition of shares within the framework of the share buyback programme of PUMA SE on 31 March 2025. Under this programme, a total of 1,687,753 shares were repurchased for € 50 million in the first half of 2025 (H1 2024: 700,413 shares for € 31 million) (excluding incidental transaction costs). 

Lowered outlook 2025

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

Looking ahead, PUMA no longer expects to achieve the currency-adjusted sales growth previously anticipated for the remainder of 2025. The softer topline performance observed in the second quarter is expected to persist for the remainder of 2025, resulting in higher inventory levels. In this context, PUMA will continue to actively reduce inventory levels. Despite ongoing mitigating measures such as supply chain optimization, pricing adjustments and partner collaboration, the U.S. Tariffs are expected to have a mitigated negative impact in 2025 of around € 80 million on gross profit. 

In response to these developments, PUMA has revised its full-year guidance. Currency-adjusted sales are now forecast to decline low double-digit percentage (Previously: low- to mid-single-digit percentage currency-adjusted increase). 

For the EBIT we expect a loss in the full year 2025 (Previously: EBIT of € 445 million to € 525 million), reflecting softer topline development, increased currency headwinds, the impact of the U.S. Tariffs and additional measures, including one-off charges, to further align the cost base in the second half of the year. We are providing an earnings outlook for reported EBIT only.

In response to second quarter performance and the muted growth outlook in the second half of 2025, PUMA has revised its capital expenditure plans for the year and now expects to invest around € 250 million in 2025 (Previously: around € 300 million).

*one-time costs include costs related to the “nextlevel” cost efficiency programme and a goodwill impairment

On a preliminary basis, sales for the second quarter declined currency-adjusted (ca) by 2.0% to € 1,942 million. Currencies were a major headwind, negatively impacting sales in euro terms by approximately € 135 million (-8.3% reported). The sales decline was driven by the key markets North America (ca -9.1%), Europe (ca -3.9%) and Greater China (ca -3.9%). While the sales in the rest of APAC also declined 
(ca -2.4%), Latin America (ca +16.1%), EEMEA (ca +0.5%) continued to grow. From a channel perspective the sales decline was driven by softness in the Wholesale business (ca -6.3%), while the Direct-to-Consumer (DTC) business increased (ca +9.2%), led by double-digit growth in E-Commerce. The growth in PUMA’s Footwear business (ca +5.1%), was more than offset by a decline in Apparel (ca -10.7%) and Accessories (-6.4%).

The gross profit margin declined by 70 basis points to 46.1%, primarily reflecting increased promotional activity and unfavourable currency effects. This was partially offset by tailwinds from sourcing and freight, as well as a positive impact from distribution channel mix. The second quarter adjusted EBIT, excluding one-time costs*, decreased to € -13.2 million. In addition to the overall softer topline development, the decline in adjusted EBIT was mainly driven by the lower gross profit margin. PUMA incurred one-time costs* of € 84.6 million in the second quarter. Taxes on income amounted to € -94.7 million.The increase compared to last year was mainly driven by deferred tax assets write-offs in the U.S. and China. The net loss came in at € -247.0 million.

Preliminary currency-adjusted sales in the first half year 2025 declined by 1.0% (ca) to € 4,018 million (-4.8% reported). The gross profit margin decreased by 60 basis points to 46.5%. The adjusted EBIT, excluding one-time costs*, decreased to € 62.5 million. During the first half year 2025, PUMA incurred one-time costs* of € 102.6 million. The net loss came in at € -246.6 million. 

Inventories increased by 9.7% reported and 18.3% currency-adjusted to € 2,151 million and were primarily impacted by higher inventory levels in our key markets. 

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

Looking ahead, PUMA no longer expects to achieve the currency-adjusted sales growth previously anticipated for the remainder of 2025. The softer topline performance observed in the second quarter is expected to persist for the remainder of 2025, resulting in higher inventory levels. In this context, PUMA will continue to actively reduce inventory levels. Despite ongoing mitigating measures such as supply chain optimization, pricing adjustments and partner collaboration, the U.S. Tariffs are expected to have a mitigated negative impact in 2025 of around € 80 million on gross profit. 

In response to these developments, PUMA has revised its full-year guidance. Currency-adjusted sales are now forecast to decline low double digit percentage (Previously: low- to mid-single-digit percentage currency-adjusted increase). 

For the EBIT we expect a loss in the full year 2025 (Previously: EBIT of € 445 million to € 525 million), reflecting softer topline development, increased currency headwinds, the impact of the U.S. Tariffs and additional measures, including one-off charges, to further align the cost base in the second half of the year. We are providing an earnings outlook for reported EBIT only.

In response to second quarter performance and the muted growth outlook in the second half of 2025, PUMA has revised its capital expenditure plans for the year and now expects to invest around € 250 million in 2025 (Previously: around € 300 million).

*one-time cost include cost related to the “nextlevel” cost efficiency programme, goodwill impairments and other one-time costs

 The financial results are preliminary and unaudited. 

Media Relations:

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

Investor Relations:

Oliver Maier – Interim Director Investor Relations – PUMA SE – oliver.maier.ext@puma.com

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 today announces preliminary results for the second quarter 2025 and revises its financial outlook for the full year 2025, due to a softer than anticipated topline development and including the expected implications from U.S. Tariffs based on information available as of 23 July 2025. 

Softer than anticipated topline development in our key markets (North America, Europe and Greater China) affected PUMA’s sales and earnings performance in the second quarter. As a result, adjusted EBIT came in below expectations in the second quarter. On a preliminary basis, sales for the second quarter declined by 2.0% currency-adjusted (ca) to € 1,942.2 million (-8.3% reported). Adjusted EBIT, excluding one-time costs*, decreased to € -13.2 million. In addition to the overall softer topline development, the decline in adjusted EBIT was mainly driven by the lower gross profit margin. PUMA incurred one-time costs* of € 84.6 million in the second quarter. Net loss for the quarter amounted to € -247.0 million.

Looking ahead, PUMA no longer expects to achieve the currency-adjusted sales growth previously anticipated for the remainder of 2025. The softer topline performance seen in the second quarter is expected to persist for the remainder of 2025, resulting in higher inventory levels. In this context, PUMA will continue to actively reduce inventory levels. In addition, the company also expects ongoing macroeconomic challenges, as well as the mitigated negative impact of U.S. Tariffs (around € 80 million on gross profit), to affect performance throughout the year.

In response to these developments, PUMA has revised its full-year guidance. Currency-adjusted sales are now forecast to decline low double digit percentage (Previously: low- to mid-single-digit percentage currency-adjusted increase). 

For the EBIT , we expect a loss in the full year 2025 (Previously: EBIT of € 445 million to € 525 million), reflecting softer topline development, increased currency headwinds, the impact of the U.S. Tariffs and additional measures, including one-off charges, to further align the cost base in the second half of the year. We are providing an earnings outlook for reported EBIT only.

In response to second quarter performance and the muted growth outlook in the second half of 2025, PUMA has revised its capital expenditure plans for the year and now expects to invest around € 250 million in 2025 (Previously: around € 300 million). 

*one-time costs include costs related to the “nextlevel” cost efficiency programme, goodwill impairments and other one-time costs

The financial results are preliminary and unaudited. 

Media Relations:

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

Investor Relations:

Oliver Maier – Interim Director Investor Relations – PUMA SE – oliver.maier.ext@puma.com

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

Last summer, at the 2024 Paris Olympic Games, Tentoglou captivated the world by successfully defending his Olympic title—a feat previously accomplished only by the legendary Carl Lewis—with a jump of 8.48 m

“We’re incredibly proud to welcome Miltiadis to the PUMA family. Signing him is a great moment for PUMA as we keep growing our presence in athletics and establishing PUMA as a dominant brand,” said Pascal Rolling, Director of Sports Marketing Running at PUMA. “Watching his performance in Paris was a thrill, and we’re excited to support him both on and off the track as he continues to push boundaries and inspire a new generation of athletes.” 

On top of his Olympic achievements, Miltiadis is a six-time European champion, winning a record three consecutive outdoor titles in 2018, 2022 and 2024 and a record three successive men's indoor titles between 2019 and 2023. 

PUMA is all about backing track and field athletes—those who bring passion, personality, and bold energy to the sport. In collaboration with athletes like Miltiadis, PUMA continues to push the boundaries of performance innovation, developing cutting-edge products that empower them to perform at their peak.

Tentoglou will compete as a PUMA athlete during the Novuna London Athletics Meet on July 19. 

The contract extension will allow PUMA and Manchester City to continue to innovate and create products that appeal to the club’s ever-growing global community of fans over the coming seasons.

“PUMA’s partnership with Manchester City has been a great success both on and off the pitch,” said PUMA Chief Executive Officer Arthur Hoeld. “Trophies, a perfect stage for our performance products and commercial success were exceptional.”

PUMA has celebrated many successes with the club during the partnership - most notably the Treble Winning 2022/23 season, four consecutive Premier League titles, and several domestic cup competition wins for the men’s first team and an FA Cup and League Cup victory for Manchester City Women. 

During the partnership, Manchester City’s Elite Development Squad (EDS) has also secured four Premier League 2 titles and the Under-18s have won two FA Youth Cups and were named Premier League National Champions on three occasions. 

Commercially, PUMA and Manchester City have set new club sales global records over the years and co-created iconic, best-selling kits such as the 2022/23 Colin Bell inspired home shirt worn during the treble-winning season.

“We joined forces with PUMA with the ambition to challenge ourselves and go beyond the expectations. We have achieved this and more over the last six seasons,” said Ferran Soriano, Chief Executive Officer of City Football Group. “PUMA have seamlessly integrated into our organisation, and we've enjoyed many historic moments together, engaging fans globally. Today’s renewal and extension solidifies our relationship and projects it to an even brighter future.”

PUMA and Manchester City have introduced industry-leading innovations both in terms of product and marketing campaigns over the past seasons. In 2022, they launched a kit in the metaverse for the first time with partner Roblox and more recently invited Man City fans to design a future kit by using AI technology.

PUMA’s subsidiary STICHD is the exclusive retail partner of Manchester City and helped expand the club’s retail footprint with the opening of City Stores in Manchester Arndale, within the ‘City Challenge’ in Yas Mall, Abu Dhabi and the four-month pop-up City Store at Rockefeller Centre, New York last summer. Manchester City’s online store ManCity.com is also operated by STICHD. As part of this new long-term partnership there is a commitment to continue the global expansion of the City Store network including a new flagship store as part of the ongoing development of the Etihad Campus.

Manchester City has also supported PUMA with sustainability initiatives such as its innovative RE:FIBRE recycling project. Since 2024, all Manchester City replica shirts are manufactured using RE:FIBRE materials that were recycled from factory off-cuts, faulty goods, and pre-loved clothing as the primary source of material.

PUMA are also partner of City Football Group clubs Melbourne City FC, Girona, Lommel, Mumbai City FC, Montevideo, Palermo, Bolivia and most recently Bahia and ESTAC. 

Since the start of their partnership in the 2012/13 season, BVB has celebrated many successes, such as reaching the finals of the 2012/13 and 2023/24 UEFA Champions League and winning the 2016/17 and 2020/21 German DFB Cup. The club is currently participating in the FIFA Club World Cup, where it has already reached the round of 16. 

BVB continues to set the standard in European football when it comes to matchday attendance, with more than 80,000 fans visiting the Signal Iduna Park on average.  

“By extending our long-term partnership with BVB ahead of schedule, we are showing how deeply committed we are to the club and its values,” said Matthias Bäumer, Chief Commercial Officer at PUMA. “Season after season, we are inspired by the club’s incredible fan culture, the passion of the legendary Yellow Wall and the team’s attractive style of play. We look forward to continuing to write German football history together.” 

“Our partnership with PUMA has worked so well, because our views of the sport and our values are so closely aligned,” said Carsten Cramer, Managing Director of Borussia Dortmund. “What we have achieved together so far could not have been done with any other partner and we are very excited to continue on this path for the coming seasons.” 

As part of the contract extension, PUMA will continue to equip all male, female and youth teams and create replica and fanwear products.