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.

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