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. 

The Voices, who joined PUMA in 2023 to advise the company on its sustainability strategy, will summarize the complex content of the report and focus on the issues that matter most to young audiences, including climate change and circularity. In doing so, they offer fresh takes on PUMA’s environmental priorities, while reflecting the concerns and expectations of Gen-Z.

“As a brand, we know that publishing sustainability data isn’t enough. Today’s consumers want clarity, action and accountability and they want it communicated in ways that resonate,” said Kerstin Neuber, Senior Director Corporate Communications at PUMA. “The Voices will help us share our challenges and achievements in a way that’s accessible, honest and rooted in the issues young people want to know more about.”

In its 2024 sustainability report, PUMA details the tangible process it’s making to lower its carbon footprint across both its own operations and supply chain. This includes setting science-based targets, increasing renewable energy use and working closely with suppliers to drive measurable reductions. The brand is also stepping up its approach to circularity. In 2024, it reduced waste to landfill by 87.8% per footwear pair and diverted 99% of fabric waste from landfill, with the majority reused or recycled.  

To address material choices, PUMA has committed to sourcing deforestation-free bovine leather by 2030 and is partnering with the Textile Exchange and cattle farmers in Brazil to support both animal welfare and protect critical forest ecosystems that store vast amounts of carbon. It’s also expanding initiatives like RE:FIBRE, the brand’s textile-to-textile recycling programme, to cut reliance on virgin polyester and lower the environmental footprint of its products and packaging.  

PUMA achieved its goal of making 9 out of 10 products from recycled or certified materials and made further progress with its sustainability targets, such as lowering its greenhouse gas emissions. The full report, containing more than 200 pages, was published in late April.

As a result of its “Conference of the People” event in London in 2022, PUMA made it a priority to be more proactive in communicating its sustainability strategy to younger audiences. New research commissioned by PUMA shows that more than half (55%) of 18–27-year-old consumers globally believe brands aren’t being transparent enough about their environmental impact. Reducing carbon emissions is one of the top priorities for Gen-Z when it comes to responsible production, with one in four (25%) identifying it as a major concern.  

More information about the Voices of a RE:GENERATION initiative can be found on PUMA's FOREVER. BETTER. website, and the individual Instagram channels of the Voices. Watch Aishwarya Sharma’s content here, Andrew Burgess’s content here, and Luke Jaque-Rodney’s content here.  

“Sport is not just part of PUMA’s DNA – it's a social responsibility”, said Johan Adamsson, Vice President Sports Marketing at PUMA. “As a WFSGI member, we fully support the report because it demonstrates how our industry can drive meaningful change by working together. It's a powerful reminder that sport has the potential to transform lives.”

The WFSGI report showcases the urgent need to address the fact that over 1.8 billion adults and 81% of adolescents worldwide are physically inactive. It highlights the importance of the sporting goods industry, taking collective action to create positive change. PUMA is proud to contribute to this mission.

PUMA stands with the world’s fastest athletes – but we are equally dedicated to supporting everyday movers around the globe. Promoting physical activity is not only part of our identity, it’s a responsibility we embrace.

For more information on the report, visit wfsgi.org.

Dominique, a French and German national, has been with PUMA for 19 years and has held various positions in marketing and product development during that time. Most recently, he worked as the Senior Director of Product Line Management for Teamsport Footwear and Equipment, overseeing the company’s successful football boot franchises FUTURE, ULTRA and KING. He studied management at Kedge Business School in Bordeaux, France.

"With Dominique, we have appointed an experienced leader for our Teamsport business unit, who has played a crucial role in launching some our most successful performance products," said Maria Valdes, Chief Product Officer at PUMA. "I am confident that Dominique will continue to build on PUMA’s strong momentum in Teamsport and introduce exciting new products that will resonate with athletes at all levels, teams and fans around the world."

In his new role, Dominique will be responsible for the entire product team in the business unit. He will ensure the successful development and execution of product strategies while collaborating with PUMA’s many external partners such as clubs and federations.

PUMA’s Teamsport business unit makes footwear, apparel and accessories for football and locally relevant sports including handball, rugby and cricket.

Key developments Q1 2025

• Currency-adjusted sales up by 0.1% to € 2,076 million (-1.3% reported)
• Gross profit margin decreases by 60 basis points to 47.0%
• Operating expenses (OPEX) increase by 7.1% to € 905 million
• Adjusted EBIT excluding one-time costs decreases by 52.4% to € 76 million
• EBIT at € 58 million, including one-time costs of € 18 million from the nextlevel cost efficiency programme
• Nextlevel Update: Reduction of about 500 staff positions expected to be completed by end of Q2. Efficiency initiatives started for unprofitable owned & operated retail stores, indirect procurement, sourcing and IT
• PUMA appoints Arthur Hoeld as CEO (effective 01 July 2025) and Matthias Bäumer as Chief Commercial Officer (effective 01 April 2025)

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
• Maintained outlook excludes potential implications from U.S. tariffs announced after PUMA’s initial outlook on 11 March 2025

First Quarter 2025

Sales grew currency-adjusted (ca) by 0.1% to € 2,076.0 million (-1.3% reported). Sales in the EMEA region increased by 5.1% (ca) to € 891.7 million, driven by double-digit growth in EEMEA. In the Americas region, sales decreased by 2.7% (ca) to € 753.7 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 4.7% (ca) to € 430.5 million, reflecting ongoing softness in Greater China. 

PUMA’s Wholesale business decreased by 3.6% (ca) to € 1,529.5 million. As anticipated, the softness was mainly driven by the U.S. and China. Our Direct-to-Consumer (DTC) business grew by 12.0% (ca) to € 546.5 million, led by the e-commerce business which grew 17.3% (ca), while sales in owned & operated retail stores increased 8.9% (ca). The DTC share rose to 26.3%, up from 23.5% in Q1 2024.

Footwear sales increased by 2.4% (ca) to € 1,186.0 million, driven by the Running, Basketball and Sportstyle categories. Sales in Apparel decreased by 1.5% (ca) to € 594.3 million while Accessories decreased by 5.7% (ca) to € 295.7 million due to Golf.

The gross profit margin decreased by 60 basis points to 47.0% (Q1 2024: 47.5%). Positive inventory valuation effects in the previous year as well as currency effects were a headwind. This was partially offset by tailwinds from sourcing, along with a favourable effect from the product and distribution channel mix. 

Operating expenses (OPEX), excluding nextlevel related one-time costs, increased by 7.1% to € 904.9 million (Q1 2024: € 845.3 million). The increase was mainly due to 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 and timing of marketing activities weighed on the OPEX ratio, which increased by 340 basis points to 43.6% (Q1 2024: 40.2%).

Adjusted EBIT, excluding nextlevel related one-time costs, decreased by 52.4% to 
€ 75.7 million (Q1 2024: € 159.0 million) due to a lower gross profit margin and higher OPEX. PUMA incurred one-time costs of € 18.0 million in the first quarter as part of its nextlevel cost efficiency programme. These costs were mainly associated with personnel expenses and other one-time non-operating costs. Consequently, the operating result (EBIT) decreased by 63.7% to € 57.7 million (Q1 2024: € 159.0 million) and the EBIT margin came in at 2.8% 
(Q1 2024: 7.6%).

The financial result decreased by 56.8% to € -42.0 million (Q1 2024: € -26.8 million) mainly due to higher net interest expenses. Taxes on income amounted to € -4.2 million (Q1 2024: 
€ -33.0 million) with a tax rate of 26.5% (Q1 2024: 25.0%) driven by higher withholding taxes and a different profit mix. Net income attributable to non-controlling interests was at 
€ -11.1 million (Q1 2024: € -11.8 million).

Consequently, net income came in at € 0.5 million (Q1 2024: € 87.3 million) and earnings per share amounted to € 0.00 (Q1 2024: € 0.58)

Working Capital

The working capital increased by 12.8% to € 2,081.6 million (31 March 2024: € 1,845.7 million). Inventories increased by 16.3% to € 2,076.1 million (31 March 2024: € 1,785.6 million), mainly driven by a strong increase of goods in transit. Trade receivables increased by 5.9% to € 1,517.6 million (31 March 2024: € 1,432.5 million). Trade payables increased by 17.3% to € 1,434.9 million (31 March 2024: € 1,222.8 million), in line with the increase of inventories.

Share Buyback 

On 31 March 2025, PUMA completed the acquisition of shares within the framework of the share buyback programme of PUMA SE, which started on 7 March 2024. Under this programme, a total of 2,816,714 shares were repurchased, representing approx. 1.88% of the company's nominal share capital. The average purchase price per share paid on the stock exchange was € 35.50. The total price of the acquired shares amounted to € 100 million (excluding incidental transaction costs).

Brand & Product Update

• PUMA launches “Go Wild”, its biggest brand campaign to date, with a first chapter dedicated to running
• PUMA inspires runners to set new personal bests at the Boston and London Marathon with its fastest-ever racing shoe, the Fast-R NITROTM Elite 3
• PUMA athlete and pole vault world record holder Armand “Mondo” Duplantis wins Laureus World Sportsman of the Year Award
• PUMA becomes official partner of the Premier League, the most-watched football league globally
• PUMA’s Speedcat Ballet, featuring K-pop star Rosé in a global campaign, ranked in the top 3 of the LYST index
• PUMA and HYROX, the world series of fitness racing, launch first joint collection to include co-branded footwear as well as performance apparel
• PUMA reaches goal of making 9 out of 10 products with recycled or certified materials in 2024

Outlook 2025

In a challenging environment, PUMA’s performance for the first quarter of 2025 was broadly in line with expectations. The company continues to focus on its controllables and expects currency-adjusted sales to grow in the low- to mid-single-digit percentage range in the financial year 2025. 

PUMA continues to execute the nextlevel cost efficiency programme which is expected to incur one-time costs of up to € 75 million in 2025. These one-time costs 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. 

To better reflect the underlying business performance, the company is providing an adjusted EBIT outlook for 2025, which excludes one-time costs related to the nextlevel cost efficiency programme. Accordingly, PUMA expects an adjusted EBIT in the range of € 520 million to € 600 million for the financial year 2025 (2024: € 622.0 million). 

PUMA acknowledges the ongoing changes to the additional U.S. tariffs announced recently. At this stage, the outcome of these developments remains highly uncertain and therefore this outlook does not include potential implications from tariffs announced after PUMA’s initial outlook on 11 March 2025.

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).

While the environment remains volatile, the company continues to focus on its controllables. PUMA is committed to addressing short-term challenges while continuing to prioritise investments into the brand and infrastructure as foundation for mid- to long-term success.

Financial Calendar:

21 May 2025                                     Annual General Meeting

31 July 2025                                     Interim Report Q2 2025

30 October 2025                              Quarterly Statement Q3 2025

The financial releases and other financial information are available on the Internet at “about.puma.com“.

Since initially setting the goal of 9 out of 10 products in 2021, PUMA has sharply increased the use of recycled and certified materials, which emit fewer greenhouse gases. In 2024, PUMA used 13% recycled cotton and about 75% of recycled polyester fabric in its products. 

“Reaching our goal of 9 out of 10 products one year ahead of schedule is a testament to the great teamwork of everybody involved at PUMA and our manufacturing partners,” said PUMA’s Chief Product Officer Maria Valdes. “We will take this momentum and continue to look for ways to reduce our environmental footprint as part of our Vision 2030 sustainability goals.”

While recycled polyester is usually manufactured from plastic bottles, PUMA has taken a leading role in the industry with its textile-to-textile recycling project RE:FIBRE, which uses industrial and post-consumer waste as the main source of raw materials In 2024, 13.9% of polyester used in PUMA’s Apparel products was already made using RE:FIBRE. 

In Climate, PUMA continued to work with its core suppliers to reduce greenhouse gas emissions in the supply chain. As a result, emissions of purchased goods and services decreased by 17% between 2017 and 2024. In 2024, PUMA lowered emissions from its own operations by 86% compared to 2017, by powering all offices, stores and warehouses with renewable electricity, (including the purchase of Renewable Energy Certificates, by increasing the number of electric vehicles in its global car fleet and by opening two large-scale solar PV plants at its headquarters and a major distribution centre in Germany. 

Overall, PUMA aims for a 90% absolute reduction of greenhouse gases in its own operations and a 33% absolute reduction in supply chain emissions by 2030 compared to 2017, to achieve what scientists say is necessary to limit global temperature rises to 1.5 degrees compared to pre-industrial levels.

Regarding its Human Rights targets, PUMA organized further trainings on important issues such as sexual harassment for the workers in its supply chain. More than 290.000 PUMA employees and factory workers have received training on sexual harassment since 2021. In 2024, the average payment at PUMA’s core suppliers worldwide, including overtime and bonuses, was 66% above minimum wage, an increase of 3 percentage points from the previous year.

You can download the full report here.

Tara, who until recently led PUMA’s Marketing and Brand Strategy in North America, will with immediate effect take over the role from Bob Philion, who will leave PUMA after 20 years with the company and eight years as President of PNA to pursue opportunities outside of PUMA.

“With Tara, we have appointed a leader with a great understanding of our consumers, our industry and the North American market,” said PUMA Chief Commercial Officer Matthias Bäumer. “I strongly believe she has the experience and the strategic mindset to help us succeed in this crucial market. I want to thank Bob for the past eight years as the President of PNA, a time during which we put PUMA back on the map in North America, and I wish him all the best for the future.”

Tara rejoined PUMA as Senior Vice President Brand and Strategy in 2024. Before that, she worked at Clarks as the Global Chief Marketing Officer and Digital Officer. She also became the first Chief Marketing Officer at TB12, Tom Brady’s global health and wellness brand. Early on in her career, she already worked at PUMA North America between 2006 and 2016, where she held different positions in the media planning and sports marketing departments before taking on marketing responsibilities for the region. 

Tara is also a strategic advisor for Relentless Consumer Partners and a non-executive board member at kegg. Her work has been recognized in multiple leading industry awards, most notably as a member of the 2024 Forbes Entrepreneurial CMO 50 list.

Arne Freundt, CEO of PUMA SE, is leaving the company after 14 years in various leading positions. In agreement with the Supervisory Board, he will resign as member of the Management Board and CEO on April 11, 2025. 

Matthias Bäumer, Vice President of PUMA’s Business Unit Teamsport, has been appointed as Chief Commercial Officer of PUMA SE, effective April 1, 2025. 

From April 12 until July 1, 2025, the Management Board will consist of Maria Valdes (Chief Product Officer), Markus Neubrand (Chief Financial Officer) and Matthias Bäumer (Chief Commercial Officer). They have the full trust of the Supervisory Board to lead the company together in this transition phase. 

Arthur Hoeld (55) was Executive Board member of Adidas responsible for Global Sales until October 2024. A true sports fanatic, ex-handball player and Track & Field athlete, he joined Adidas in 1998 and held various leadership positions within the sports company, including roles in marketing, brand strategy and management leadership of the Europe, Middle East and Africa regions. Arthur also successfully transformed the Adidas’ “Originals” division to generate more than 7 billion Euros in sales.

“I am incredibly excited to join the PUMA family as their new CEO. PUMA is one of the most authentic brands in our industry with an incredibly strong legacy. Their products worn by the best athletes created unforgettable moments. Sports authenticity and an exciting brand proposition will be our key focus in the future,” said Arthur Hoeld.

Héloïse Temple-Boyer, Chair of the Supervisory Board of PUMA SE, said: “We are pleased to appoint Arthur Hoeld, a sports industry expert with a proven track-record and strong commercial expertise built over the last 26 years, as the new CEO of PUMA. We are convinced that thanks to his strategic vision and focus on Product and Brand, Arthur will lead PUMA into a new chapter of strength and growth.

I would also like to thank Arne Freundt on behalf of the entire Supervisory Board for all of his achievements at PUMA and commitment and dedication over 14 years. We wish him all the best for his future endeavors.”

Arne Freundt said: “It was a privilege to lead this amazing company with its iconic brand and great employees and I am proud of the achievements reached together. I am confident in PUMA’s future prospects and will cheer for the best team in the industry moving forward. I would like to thank the Supervisory Board and all employees for their trust and support over the past years.”

In his new role of PUMA’s Chief Commercial Officer, Matthias Bäumer (59) will oversee the company’s sales subsidiaries, its global Direct-to-Consumer and Go-To Market organizations. Matthias has been with PUMA since 2007 and most recently worked as the Vice President of PUMA’s fastest growing Global Business Unit Teamsport. Until 2020, he was General Manager of Central Europe, PUMA’s important home market. His successor as Vice President Teamsport will be announced shortly. 

“We are pleased to announce Matthias as a new member of PUMA's Management Board,” said Héloïse Temple-Boyer. “Given his mature leadership experience and his deeply anchored sports industry knowledge, we are totally convinced that he will accelerate PUMA's growth momentum to strengthen its global business.” 

“I am deeply honored to help driving PUMA’s next chapter of sustainable growth,” said Matthias Bäumer. “I am also incredibly excited to embark with the amazing PUMA family I have known so well for almost two decades on new initiatives that will further accelerate our momentum.”

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

This move comes as part of PUMA’s brand elevation strategy to strengthen its presence globally, delivering a shopping experience that reflects the brand’s innovation, sports performance, and deep connection to global street culture.

The new store will offer an unparalleled experience, blending sport, performance, and fashion, where customers can immerse themselves in a range of unique experiences, including personalization opportunities.

“After unveiling our flagship store in Las Vegas last year, we’re incredibly excited to announce that our first flagship store in Europe will open later this year,” said Arne Freundt, CEO at PUMA. “Our London flagship store is an important part of our brand elevation strategy. It brings the best of the PUMA brand to life for our consumers and showcases our latest innovations and design newness as part of an immersive experience. We look forward to moving into our new home of the brand in one of the most vibrant global cities and to exciting our consumers.”

Lucynda Davies, Managing Director, UK & Ireland, PUMA said, “We’re thrilled to announce our new flagship store in London, marking an exciting step forward for PUMA in the UK. London is a key city for the brand, and this prestigious location on Oxford Street reflects our commitment to delivering a unique, consumer-led experience. While our Carnaby Street store has served us well since 2002, this flagship store will extend our product offering and bring PUMA’s performance and sportstyle categories to life in a flagship store setting”.

Further announcements will be made ahead of the store’s grand opening in Q4 2025.

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

Circularity is one of the focus areas of PUMA’s Vision 2030 sustainability goals and the company has already scaled up its RE:FIBRE textile-to-textile recycling program, producing its replica football jerseys out of an increasing share of recycled textiles. 

RE&UP has become an important partner for next generation raw materials in the RE:FIBRE program, supporting PUMA’s ambition to reduce its reliance on bottle-recycled polyester.

“As part of our Vision 2030 goals, we want to have 30% of our polyester fabric in apparel fibre-to-fibre recycled by 2030 and our collaboration with RE&UP opens exciting possibilities for integrating virgin-equivalent recycled materials into our products,” said Howard Williams, Director Global Innovation Apparel & Accessories at PUMA. “These materials offer the performance we need while helping us achieve our circularity goals.”

As part of the expansion, PUMA will introduce RE:FIBRE to the Americas, leveraging RE&UP’s recycled raw materials within its local supply chain. By 2030, PUMA aims to use 30% fibre-to-fibre recycled polyester fabric for its apparel products. 

RE&UP’s recycling technology can process diverse textile feedstocks, including post-consumer and post-industrial waste, as well as complex blended textiles like polycotton and polyester-elastane materials, traditionally difficult to recycle.

“We are proud to elevate our collaboration with PUMA to the next level, building on our existing work through PUMA’s RE:FIBRE program,” said Özgür Atsan, Chief Commercial Officer at RE&UP. “PUMA, as one of the most forward-thinking brands in the industry, shares our vision for closing the recycled material gap. The proven quality of our products, our ability to process diverse textile compositions, our annual capacity of 80,000 tons, and our commitment to renewable energy reinforce our mission to produce next-gen materials and establish circularity as the standard for the textile industry.”

For 75 years, PUMA has relentlessly pushed sport and culture forward and, as a leading sport brand, has always promoted sport as a way to embrace self-expression and joy. Through the launch of “Go Wild”, PUMA is championing the power of unveiling your true self through sport, showing it’s about the courage to be yourself, unlocking your authentic self and in turn, unleashing your greatness.

“PUMA has always been home to athletes who achieved greatness in sports by being their true selves and following their own path to success”, said Arne Freundt, CEO at PUMA. “Iconic personalities from the past and the present like Tommie Smith, Usain Bolt, Breanna Stewart or Neymar are great ambassadors of the unique PUMA DNA: our athletes with a great personality embracing self-expression and joy. With our second brand campaign, we are taking another important step in strengthening our distinctive and emotional connection with our consumers in our brand elevation journey.”

Beyond just idolising performance, PUMA aims to inspire individuals to unleash their wild energy through sport. By capturing the human instinct, we all feel when playing sport, PUMA aims to expand its global presence and make more meaningful connections with its audience.

“This new brand campaign represents a new vision for sport and a new chapter for PUMA, aligned with the expectations of a younger generation and rooted in PUMA’s history. In times of social media followership and ‘meme’ culture, we want to inspire the professional and everyday athletes to look inside themselves to find their own greatness and have the courage to unleash their true self”, says Richard Teyssier, Global VP Brand and Marketing at PUMA.

The 2025 campaign kicks off with the release of the ‘Go Wild’ hero film, a tribute to runners unlocking the runner’s high – a rush of happy chemicals released during physical activity – aligning with a positive audience response in this space and rooted in the belief that running is at its best when you chase the runner’s high. The ‘Go Wild’ film moves away from featuring athletes and celebrities – and instead celebrates the everyday runner, including the early-rising runners, a runner with their dog, a new mum, or running as a community – all of them making choices staying true to themselves chasing the high of a run.

To further sustain the ‘Go Wild’ message, PUMA will be launching a series of content which aims to explain ‘Go Wild’ to its audience through PUMA’s ambassadors’ stories. From Tommie Smith in 1968 and Usain Bolt in 2008 to Mondo Duplantis in 2024, self-expression through sport has always been at the heart of PUMA’s ambassadors. Like no other, they know what it means to go wild, and they are our Wild Ones.

The ‘Go Wild’ global campaign goes live on 20th March and will continue through 2025/26 by strategically spotlighting different categories within sport, including basketball and football, and leveraging key global sporting events.

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