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.

Pole vault world-record holder Armand “Mondo” Duplantis believes he can push the pole-vault world record to 6.40 metres in the next few years, the athlete said in a conversation with PUMA CEO Arne Freundt, which was released as a part of the sports company’s annual report.

When it comes to pole vaulting, Mondo is in a league of his own, having won two Olympic gold medals, two world championships, breaking the world record 11 times and being crowned World Athlete of the Year twice. Even though he just set the world record to 6.27 metres earlier this year, the Swedish athlete has his sights on raising the bar to 6.40 metres in the future.

“I think that 6.30 metres is probably the target in the near future, and 6.40 metres is achievable in the next few years,” Mondo said. 

He said improvements in the technology of his spikes were an important part of making him jump ever higher and with the help of the innovation team at PUMA, he took inspiration from sprinting spikes to create the ultimate pole-vaulting shoe.

“We know that there is a direct correlation of the energy and the speed that you have on the runway and how high you can jump,” Mondo said. “It was such a perfect match with PUMA from the beginning, because we knew how good of a concept and grasp you had on speed. We wanted to make some kind of mix between a sprint spike and a pole-vaulting spike. They are very much lighter and more aggressive with the toe spring than what you used to see years ago in a pole-vaulting spike. I think that's what helps me and allows me to get up to the speeds that I want to create to be able to jump stuff like a world record.”

Introducing innovations in its performance product range is an important part of PUMA’s brand elevation strategy to create the basis for long-term, sustainable growth.

“As a sports brand, it's super important that we show up with the best athletes and prove that our products perform at the highest levels and enable a better performance,” said PUMA CEO Arne Freundt. “I think that is for sure an important marketing piece, but the learnings we take from an innovation angle are even more important. That we really understand what makes you faster before the jump, what makes you jump higher and that we take these learnings and turn them into a product innovation.”

The full conversation is available as part of PUMA’s digital annual report which is available at https://annual-report.puma.com.

This landmark collaboration will see PUMA become the Official Ball Supplier of the Premier League, which includes the provision of match balls at all League matches from the start of the 2025/26 season. 

Through this partnership, PUMA will also support the Premier League across multiple initiatives, from community-based football programs that nurture grassroots talent to high-impact marketing campaigns and events such as the Premier League Summer Series, which will be hosted in the United States in July.

“The agreement with the Premier League, the most watched football league in the world, is an important step in PUMA’s brand elevation strategy,” said PUMA CEO Arne Freundt. “We look forward to bringing our performance technology to the forefront of the game and connecting with the many fans worldwide. With PUMA’s ball at the centre of attention during every match in this incredible league, we will create unforgettable moments for players and fans alike.”

The Premier League, broadcast to 900 million homes in 189 countries, offers an unparalleled platform for visibility and international growth. With the competition’s vast global reach and PUMA’s commitment to performance and innovation, this collaboration is poised to drive both brand awareness and engagement, delivering premium experiences for fans, athletes, and communities alike.

PUMA already holds a significant presence in the Premier League through its official partnership with Manchester City, the league’s current champions. In addition, several top Premier League players, including Jack Grealish (Manchester City), Kai Havertz (Arsenal), James Maddison (Tottenham Hotspur), Harry Maguire (Manchester United), Jordan Pickford (Everton), and Marc Cucurella (Chelsea), are part of PUMA’s growing roster of elite athletes.

Richard Masters, Chief Executive of the Premier League, added: “We are delighted to be welcoming PUMA as the Official Ball Supplier of the Premier League. PUMA has a proud history of involvement in football over many years and we look forward to seeing the new ball used at all our matches from this summer onwards. 

“Their global reach and commitment to excellence align with our values, and we are excited to work together on a range of projects to drive forward the incredible work taking place in communities and inspire fans worldwide.”

Sports company PUMA announces its outlook for the financial year 2025.

PUMA anticipates ongoing geopolitical tensions and economic challenges in 2025, especially trade disputes and currency volatility. Against this backdrop, PUMA expects currency adjusted sales to grow in the low- to mid-single-digit percentage range.

Due to its nextlevel cost efficiency programme, PUMA expects to incur one-time costs of up to € 75 million in 2025. In return, the company expects to generate additional EBIT of up to € 100 million in 2025 compared to 2024. The net contribution from the nextlevel cost efficiency programme to EBIT in 2025 is projected to be up to € 25 million. 

In order to provide a reliable outlook for the underlying performance of the business, the company provides an adjusted EBIT outlook for 2025, excluding one-time costs. PUMA expects an adjusted EBIT in the range of € 520 million to € 600 million for the financial year 2025. Including one-time costs of up to € 75 million from the nextlevel programme, EBIT in 2025 is expected to range between € 445 million and € 525 million (2024: € 622 million).

For Q1, PUMA anticipates currency-adjusted sales growth to be low-single-digit below last year’s level, primarily due to a soft performance in the U.S. and China. Due to inventory valuation effects in the previous year, a higher OPEX run rate and a different phasing of marketing expenses, adjusted EBIT is projected to be around € 70 million. Including one-time costs, Q1 EBIT is expected to be significantly below previous year’s level (Q1 2024: € 159.0 million). 

For the financial year 2024, with a net income of € 281.6 million and considering the executed share buyback of € 50 million, the Management Board and the Supervisory Board of PUMA SE will propose a dividend distribution of € 0.61 at the Annual General Meeting on 21 May 2025.

Media Relations:

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

Investor Relations:

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

Upcoming Events 

12 March 2025                              Financial Results FY 2024

08 May 2025                                  Quarterly Statement Q1 2025

21 May 2025                                  Annual General Meeting

31 July 2025                                  Interim Report Q2 2025

30 October 2025                           Quarterly Statement Q3 2025

Notes to the editors:

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

Reuters: PUMG.DE, Bloomberg: PUM GY, 

Börse Frankfurt: ISIN: DE0006969603– WKN: 696960

Key developments Q4 2024

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

Key developments FY 2024

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

Outlook FY 2025:

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

Fourth Quarter 2024

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

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

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

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

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

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

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

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

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

Full Year 2024

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

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

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

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

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

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

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

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

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

Working Capital

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

Cash Flow and Liquidity Situation

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

Capital Expenditure

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

Share Buyback & Dividend

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

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

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

Strategy Update

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

Brand and Product

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

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

Establishing a distinctive brand DNA

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

Strengthening our Performance Credibility through Innovation

Teamsport

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

Running & Training

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

Basketball

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

Motorsport

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

Golf

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

Strengthening our Relevance in Sportstyle Prime

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

Distribution

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

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

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

 “Nextlevel” Efficiency Programme

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

“Nextlevel” focuses on three areas:

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

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

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

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

Sustainability

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

People

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

Outlook 2025

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

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

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

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

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

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

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

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

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

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

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

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