Key developments Q2 2026

• Sales down 9.4% currency adjusted (ca) to € 1,690.6 million, due to reset measures and softer consumer demand in key regions
• Gross profit margin up by around 180 basis points to 48.0%, driven by lower sourcing prices, including tariff refund effects, as well as currency effects and channel mix
• EBIT improved to € -53.1 million from € -109.1 million in Q2 2025, including tariff refund effects of € 11.5 million 
• Inventories decreased 15.3% to € 1,821.1 million, mainly due to lower purchasing volumes; inventory clean-up is on track and normalisation expected by year-end 2026
• Free cash flow increased significantly to € 328.8 million (Q2 2025: € 94.9 million), mainly driven by improved working capital management and lower CAPEX

FY 2026 outlook confirmed

• FY 2026 outlook confirmed; now includes current assessment of the impact from the Middle East conflict and tariffs, which were not reflected previously
• Currency-adjusted sales to decline in the low- to mid-single-digit percentage range
• Operating result (EBIT) between € -50 million and € -150 million
• Capital expenditures (CAPEX) at around € 200 million planned

Q2 2026 sales decline due to reset measures and weaker consumer demand

In the second quarter, currency-adjusted sales were down 9.4% to € 1,690.6 million (Q2 2025: € 1,871.3 million). On a reported basis, sales were down 9.7%, reflecting a limited currency impact of around 30 basis points, mainly from U.S. dollar and Indian rupee. The sales decline was primarily driven by the reset measures initiated in Q3 2025 and lower consumer demand in key regions amid the ongoing conflict in the Middle East. The negative sales effects were partially offset by inventory clearance. 

Sales in the first half of 2026 were down 5.2% (ca) or 7.9% in euro terms and came in at € 3,554.4 million (H1 2025: € 3,861.1 million).

By distribution channel, Wholesale declined 14.0% (ca) to € 1,094.8 million in Q2 2026, mainly due to reset initiatives and weaker demand from retail partners in EMEA and the Americas. PUMA continued to reduce undesirable wholesale business, particularly in key regions such as North America and Europe, versus a Q2 2025 which still included a high share of mass merchant business. PUMA’s Direct-to-Consumer (DTC) business rose slightly by 0.4% (ca) to € 595.8 million. E-commerce growth (+1.8% ca) more than offset softer performance in owned & operated retail stores (-0.5% ca), which were impacted by lower consumer demand but supported by inventory clearance through outlet stores. Sales in e-commerce rose despite lower promotions, supported by additional marketplaces in APAC and growth in Greater China. The DTC share for PUMA increased to 35.2% in Q2 2026, significantly up from 32.1% in Q2 2025.

In the first six months of 2026, Wholesale declined by 8.2% (ca) to € 2,430.5 million (H1 2025: € 2,713.5 million) while DTC sales increased by 2.0% (ca) to 1,123.9 million (H1 2025: € 1,147.6 million), supported by growth in both owned & operated retail stores (+2.4% ca) and e-commerce (+1.2% ca).

By region, sales in EMEA in the second quarter decreased by 12.9% (ca) and 12.6% in euro to € 674.1 million (Q2 2025: € 771.7 million). The decline was driven by a muted wholesale performance due to the reduction of undesirable business, a weaker underlying demand in the region, especially in Europe and materially lower sales in the Middle East due to the conflict in the region. In the Americas region, sales were down by 15.4% (ca) to € 600.4 million (Q2 2025: € 709.0 million). Sales in North America were down 16.7% (ca), mainly driven by weaker consumer demand and reduced undesirable business with mass merchants. Lower sales of 13.8% (ca) in Latin America were impacted by weaker consumer demand and temporary operational challenges related to the implementation of strategic business initiatives in Mexico, which affected sales generation and the timing of deliveries. PUMA expects part of the business to shift into subsequent quarters. Inventory clearance had a slightly positive impact on sales in both North and Latin America. Sales in Asia/Pacific were up by 8.6% (ca) to € 416.0 million (Q2 2025: € 390.5 million) supported by sustained strong demand for low-profile sneakers, especially the Speedcat family and inventory clearance. Sales in Greater China increased by 0.9% (ca) driven by DTC, with e-commerce benefiting from a successful “618 Shopping Festival”. This was partially offset by a weaker wholesale business, reflecting more cautious order patterns following the announcement of ANTA Sports’ planned acquisition of a stake in PUMA. Sales in the rest of Asia/Pacific were up 12.5% (ca) supported by the low-profile category and a strong DTC performance in South-East Asia.

In the first six months of 2026 sales decreased in EMEA by 11.6% (ca) to €1,448.6 million (H1 2025: € 1,663.5 million) and in the Americas by 5.4% (ca) to €1,256.0 million (H1 2025: € 1,376.5 million) respectively, while Asia/Pacific recorded growth of 8.3% (ca) to €849.8 million (H1 2025: € 821.1 million).

From a product division perspective, Footwear sales declined by 11.7% (ca) to € 935.6 million (Q2 2025: € 1,061.1 million) in Q2 2026. The decline was mainly driven by a weaker performance in Core and Kids, which could only be partially offset by continued momentum in low-profile styles. In addition, both Running and Training delivered strong growth, supported by NITRO™ styles and the rapid expansion of HYROX-related products. 

Apparel sales were down 4.3% (ca) to € 552.1 million (Q2 2025: € 579.2 million), reflecting softer demand in Core and Kids. Football contributed to growth, supported by sales of PUMA jerseys for the eleven national teams that qualified for the FIFA World Cup 2026™.

Accessories sales declined by 12.0% (ca) to € 202.8 million (Q2 2025: € 230.9 million), reflecting broad-based declines across most categories.

On a half year basis, sales decreased in all product divisions with Footwear down 6.9% (ca) to € 2,025.2 million (H1 2025: € 2,247.1 million), Apparel down 1.8% (ca) to € 1,098.4 million (H1 2025: € 1,148.0 million) and Accessories declined 5.9% (ca) to € 430.8 million (H1 2025: € 466.0 million).

Strong gross margin improvement, but lower sales weighed on profitability

Gross profit margin increased by around 180 basis points to 48.0% (Q2 2025: 46.2%), supported by lower sourcing prices, which benefited from effects of tariff refunds of €11.5 million and contributed approximately 60 basis points to the overall margin improvement, as well as currency effects and channel mix. This was partially offset by negative product mix effects.

Royalty and commission income was down 8.6%, reaching € 18.4 million (Q2 2025: € 20.2 million), mainly due to the cancellation of two Formula 1 races in the Middle East that had originally been scheduled to take place during the second quarter.

Operating income and expenses (OPEX), adjusted for one-time effects, decreased 4.0% to € 872.6 million from € 909.0 million in Q2 2025, mainly due to positive effects of the cost efficiency programme and favourable currency movement. Marketing expenses remained broadly stable compared to last year. As OPEX decreased less than sales, the OPEX ratio, adjusted for one-time effects, increased from 48.6% to 51.6% in Q2 2026.

Adjusted EBIT, excluding one-time effects, decreased 71.4% to € -41.9 million(Q2 2025: € -24.5 million) mainly due to lower sales, despite the substantially higher gross margin. PUMA incurred significantly lower one-time effects of € -11.2 million (Q2 2025: € -84.6 million), which were mainly attributable to personnel expenses and consulting expenses related to the cost efficiency programme. Correspondingly, EBIT improved from € -109.1 million in Q2 2025 to € -53.1 million in Q2 2026, resulting in an EBIT margin of -3.1% (Q2 2025: -5.8%).

The financial result of € -20.3 million in the second quarter improved significantly against last year’s value of € -43.7 million, mainly due to currency and hedging effects. Interest expenses increased slightly against prior year, partially offset by higher interest income. Income taxes amounted to € 0.6 million, compared to € -94.3 million in the prior-year period. The prior year was significantly impacted by write-downs of deferred tax assets.

Consequently, loss from continuing operations amounted to € -72.8 million (Q2 2025: € -247.1 million) and earnings per share from continuing operations came in at € -0.49 (Q2 2025: € -1.67). 

Reduction in working capital reflects lower purchasing and inventory clearance

Working capital declined 17.2% to € 1,544.7 million (June 30, 2025: € 1,864.8 million). Inventories decreased by 15.3% reported and 16.0% currency-adjusted to € 1,821.1 million (June 30, 2025: € 2,151.1 million), reflecting lower purchasing volumes and inventory clearance. Trade receivables decreased 18.9% to € 1,061.1 million (June 30, 2025: € 1,308.8 million), mainly due to lower sales. Trade payables were reduced by 20.8% to € 1,198.7 million (June 30, 2025: € 1,513.8 million), reflecting lower purchasing volumes.

Strong free cash flow driven by improved working capital and lower CAPEX 

Free cash flow came in at € 328.8 million substantially above prior-year level 
(Q2 2025: € 94.9 million), supported by significantly improved working capital management, improved profitability, and lower CAPEX of € 15.8 million (Q2 2025: € 53.1 million). CAPEX focused on PUMA’s DTC channel, especially on e-commerce and digital infrastructure. The majority of planned investments in 2026 is expected in the second half of the year. 

Net debt sequentially improved and sufficient financial headroom available

On 30 June 2026, cash and cash equivalents amounted to € 372.5 million (June 30, 2025: € 292.6 million). In addition, PUMA had credit lines available 
of € 2,287.3 million (June 30, 2025: € 1,967.4 million). Unutilised credit lines amounted to € 810.8 million compared to € 663.8 million at the end of June 2025. Cash and cash equivalents, together with unutilised credit lines, provide financial headroom of € 1,183.3 million to invest in strategic priorities and finance working capital.

Net debt was slightly up year over year, reaching € 1,103.9 million at the end of June 2026 from € 1,051.3 million at the end of June 2025, but declined sequentially from Q1 2026, supported by strong free cash flow generation.

Tariff refunds received, further claims remain uncertain

Following the U.S. Supreme Court decision on U.S. tariffs dated February 20, 2026, PUMA received tariff refunds of €15.4 million in Q2 2026. Of this amount, €11.5 million reduced cost of sales, while €4.4 million related to a reduction in the acquisition cost of capitalized inventories. As of June, 30, 2026, PUMA had submitted refund applications for U.S. customs duties representing contingent assets of approximately €35 million, of which €33.8 million had already been received in July. The legal enforceability and amount of these refund claims (€ 33.8 million) only became sufficiently certain after the reporting date and, consequently, were not recognised in the interim consolidated financial statements as of June 30, 2026. Any additional refund claims remain subject to ongoing legal uncertainty.

FY 2026 outlook confirmed following updated assessment of current developments 

PUMA has updated its assumptions for the financial year 2026 to reflect the company’s current assessment of geopolitical and macroeconomic developments. This update takes into account potential negative effects related to the Middle East conflict on sales and profitability. It also reflects potential positive effects from lower tariff rates and tariff refunds on profitability in the mid double-digit million euro range, resulting from the U.S. Supreme Court’s decision dated February 20, 2026.

At the time the original outlook was published on February 26, 2026, the potential positive effects resulting from the U.S. Supreme Court’s decision dated February 20, 2026 were not yet sufficiently quantifiable and certain, while the conflict in the Middle East began only thereafter. At the time of the first-quarter reporting, PUMA explicitly stated that these effects were not incorporated into the FY 2026 outlook, as they were not yet sufficiently quantifiable and visible. Based on the updated assumptions, the expected negative and positive effects on full-year profitability are now anticipated to largely offset each other. Against this backdrop, PUMA confirms its outlook.

The anticipated currency-adjusted sales decline in the low- to mid-single-digit percentage range is mainly attributable to lower sales in North America, reflecting measures to streamline distribution, while sales growth in Latin America and Asia/Pacific can only partially compensate for this.

The company projects an operating result (EBIT) between € -50 million and € -150 million, including one-time effects related to the implemented cost efficiency program. 

Capital expenditures (CAPEX) are projected at around € 200 million in 2026, focusing on digital infrastructure, DTC channels, and key initiatives to strengthen PUMA’s long-term competitiveness. 

While 2025 served as a year of strategic reset and 2026 represents a period of transition, PUMA is confident that the measures implemented thus far and those planned for the near future, are critical to re-establishing growth from 2027 onwards. These measures are expected to generate healthy profits and support the company’s ambition to become one of the top three sports brands globally in the medium term. 

Dusan has more than 25 years of experience in the industry and has previously led digital and E-Commerce transformations at both Reebok and adidas. In the more recent years, he has co-founded and managed several companies, including global performance marketing company M&C Saatchi Performance and digital innovation and design consultancy This Place. He has also held a long-term board position in Tokyo-listed software company Asteria Corporation.

At PUMA, Dusan will drive the global strategy and commercial direction of the company’s digital and E-Commerce businesses. This appointment follows the announcement in late 2025 to split PUMA’s direct-to-consumer business into two dedicated areas: Global Retail and Global E-Commerce.

“With Dusan, we have found a proven digital transformation expert to take PUMA’s E-Commerce to the next level,” said Matthias Bäumer, PUMA’s Chief Commercial Officer. “Our digital channels have become increasingly important for our business in recent years. Considering this, it was crucial to establish dedicated e-commerce leadership to further develop our strategy and enhance the consumer experience across our website, apps and marketplaces.”

“We have a massive opportunity at PUMA,” said Dusan Hamlin. “We continue to significantly improve our platform capabilities, and we are now putting in place a world class operating model and extended digital team to support our goals. Globally emerging technologies such as social commerce and AI-driven commerce at scale will be a key focus to meet our customers’ needs.”

Marcia has more than 20 years of experience in the sports industry and joins PUMA from Nike, where she most recently served as Vice President Merchandising Women’s EMEA. 

“Throughout her career, Marcia has delivered strong commercial results across regions and product categories for Women, Men and Kids, demonstrating outstanding go-to-market and merchandising skills,” said Maria Valdes. “With her broad industry experience, strong commercial track record and ability to build successful teams, she is the right leader to take our Core business, PUMA’s commercial engine, to the next level.”

As part of its ongoing transformation journey, PUMA has created dedicated teams for its Sportstyle and Core businesses.

A right back for Füchse Berlin and the Danish national team, Mathias has won several titles including three world championships and Olympic gold with Denmark. This year, he became the first player ever to be named IHF World Player of the Year for the third consecutive time.

“Mathias is undoubtedly a great player, but he is also a fantastic ambassador for our brand off the court. We are proud to extend our partnership with Mathias today and further strengthen PUMA’s position in handball,” said Arthur Hoeld, CEO of PUMA. “We look forward to working with him in the future to create great products and stories that will resonate with players and fans. Together we will further boost the popularity of handball around the world.”

Known for his explosive one-on-one play and the ability to create high-quality chances even when the opposing team is heavily focusing on him, Mathias excites handball audiences with his speed and remarkable efficiency.

“I have played in PUMA all of my career so it is fantastic that we can continue this journey together,” said Mathias Gidsel. “PUMA has greatly supported me with its performance products and earlier this year, we launched my first signature shoe. I look forward to further working with PUMA’s innovation team to make the best handball shoes even better in the future.”

On court, Mathias wears PUMA’s Accelerate NITRO™ SQD 4, which offers a lightweight design that allows for speed and precision thanks to PUMA’s leading NITRO™ technology.

Dennis Schroeder brings extensive international leadership experience across sports, omnichannel retail, commercial operations and team sports. Most recently he served as CEO of leading sneaker and streetwear retailer SNIPES, following his role as General Manager EMEA. During his time at SNIPES, Dennis shaped the company’s strategic direction, further strengthened its market positioning and set the course for its next phase of growth. Prior to that, he was General Manager at 11teamsports for six years and held international key account management roles at Nike. Dennis also brings valuable internal experience, having previously worked at PUMA in several sales positions between 2010 and 2015.

Dennis succeeds Javier Ortega, who will step down from his role in August. To ensure a smooth transition, Dennis and Javier will work closely together to hand over the European key projects and stakeholder relationships.

“With his strong combination of brand and retail expertise, European and international management experience and deep understanding of the sports industry, Dennis is well positioned to lead PUMA’s Europe region into its next phase of strategic development,“ said PUMA CCO Matthias Baeumer. “We would like to sincerely thank Javier for his contribution and tireless dedication.”

“Coming back to PUMA after I started an important part of my career here, feels like coming full circle,” Dennis Schroeder added. “I am excited to build on PUMA’s incredible heritage, strong global presence and a clear identity in sport and culture.”

PUMA and Markus Neubrand have mutually agreed that he will step down as CFO on April 30, 2026, and will leave the company on September 30, 2026. 

“I very much look forward to working with Mark, as he combines deep financial and capital market expertise with proven leadership as well as advisory experience across renowned consumer brands. His track record of delivering results and navigating through complex business environments will be key in achieving our goal to return to profitable growth,“ said PUMA CEO Arthur Hoeld. “At the same time, I want to express our gratitude for Markus’s leadership and dedication during a pivotal period for the company – from supporting our strategic transformation to securing critical financing. His commitment to the brand and to the PUMA team has helped position us for long-term success. We wish him every success in his future endeavours.”

Mark Langer brings more than 25 years of international leadership experience in finance, strategy and general management, with a strong track record in driving performance and shaping global consumer brands in publicly listed environments. Most recently, he served as CFO and Member of the Managing Board at Douglas AG, where he led key transformation initiatives across the finance function to drive profitable growth. Prior to this, he spent over 17 years at HUGO BOSS AG serving as Chief Executive Officer (CEO) from 2016 to 2020 and as CFO from 2010 to 2017, where he delivered sustainable revenue and earnings growth. Mark began his career at McKinsey & Company and Procter & Gamble. 

“I am convinced that with Mark, we have found a respected and highly regarded finance leader who will help PUMA deliver its financial ambitions and further reinforce investor confidence,” adds Héloïse Temple-Boyer, Chair of the Supervisory Board. “On behalf of the Supervisory Board, we thank Markus for his dedication and his contribution to the company and wish him all the best for the future.” 

From May 1, 2026, PUMA’s Management Board will consist of Arthur Hoeld (CEO), Mark Langer (CFO), Maria Valdes (Chief Brand Officer), Matthias Baeumer (Chief Commercial Officer) and Andreas Hubert (Chief Operating Officer).

Key developments Q1 2026

• Sales of € 1,863.8 million down 1.0% currency adjusted (ca), supported by inventory clearance; reported sales decline of 6.3% 
• Gross profit margin up 60 basis points to 47.7% due to the reversal of inventory reserves, lower freight costs and a favourable channel mix
• EBIT rose 19.6% to €51.9 million, including € -12.6 million in one-time effects, driven by a higher gross profit margin and reduced OPEX
• Inventories decreased by 8.6% to € 1,898.0 million mainly due to lower purchasing volumes; Inventory clean-up slightly ahead of plan and PUMA expects inventories to normalise by end of 2026
• Free cash flow of € -201.4 million seasonally negative in the first quarter, but significantly up against prior year (€ -737.6 million), mainly due to efficient working capital management
• Net debt rose seasonally to €1,357.6 million; Cash and unutilised credit lines of €1,104.7 million provide financial headroom for strategic priorities

FY 2026 outlook confirmed

• Currency-adjusted sales to decline in the low- to mid-single-digit percentage range
• Operating result (EBIT) between € -50 million and € -150 million
• Capital expenditures (CAPEX) of around € 200 million planned

Currency-adjusted sales decline partially offset by inventory clearance

In the first quarter, currency-adjusted sales were down by 1.0% to € 1,863.8 million (Q1 2025: € 1,989.8 million). Currencies, especially U.S. Dollar, Turkish Lira and  Argentine Peso were a headwind, causing a reported sales decline of 6.3%. Overall, sales development was supported by the clearance of elevated inventories, mainly through selected partners in the wholesale channel.

By channel, PUMA’s Wholesale business decreased by 2.8% (ca) to € 1,335.7 million (Q1 2025: € 1,443.3 million) due to a lower demand from retail partners in EMEA. PUMA's Direct-to-Consumer (DTC) business grew by 3.8% (ca), reaching €528.1 million. The increase was primarily attributed to sales growth of 5.7% (ca) in owned & operated retail stores, driven by inventory clearance through own outlet stores, which was supported by targeted promotional activities in that channel.

Although E-commerce promotions were reduced, sales experienced a modest increase of 0.6% (ca), supported by additional E-commerce marketplaces across APAC. The DTC share for PUMA increased to 28.3% in Q1 2026, up from 27.5% during the previous year period. 

Looking at the development by region, EMEA sales decreased by 10.4% (ca) to € 774.5 million (Q1 2025: € 891.7 million). The decline was driven by a weaker underlying demand in the region, a muted wholesale performance due to the reduction of undesirable business and lower sales in the Middle East amid ongoing conflict in the region. In the Americas region, sales increased by 6.1% (ca) to € 655.6 million. However, significant currency effects, mainly the weaker U.S. Dollar and Argentine Peso, caused a reported sales decline of 1.8% (Q1 2025: € 667.6 million). Latin America saw a growth rate of 10.5% (ca), supported by improving underlying demand, while North American sales rose by 2.3% (ca). Inventory clearance had a positive impact on both regions, outweighing the effects of reduced undesirable wholesale business in the U.S. market. Sales in Asia/Pacific were up by 7.9% (ca) to € 433.8 million (Q1 2025: € 430.5 million), also benefitting from inventory clearance. The positive performance in Greater China of 9.0% (ca) was primarily attributable to DTC growth across both owned & operated retail stores, as well as E-Commerce channels. This was further supported by a robust Chinese New Year performance in addition to sustained strong demand for low profile, especially the Speedcat family. The rest of Asia/Pacific was up 7.4% (ca), supported by the low profile category overall and a strong DTC performance in South-East Asia.

From a product division perspective, sales in Footwear broadly decreased by 2.3% (ca) to € 1,089.6 million (Q1 2025: € 1,186.0 million). However, both Running and Training saw strong growth, driven by NITRO™ styles and the rapid expansion of HYROX products. Apparel sales increased by 0.9% (ca) to € 546.3 million (Q1 2025: € 568.8 million). In addition to the Golf and Training categories, Football also demonstrated robust performance, driven by the sale of PUMA jerseys of the eleven football teams - including Portugal - that have qualified for the upcoming FIFA World Cup 2026™ in the USA, Canada, and Mexico. By contrast, apparel sales in Core, Sportstyle and Kids were down year over year. Accessories sales remained relatively stable at €227.9 million (Q1 2025: €235.0 million), with the Golf category delivering a positive performance. 

Improved EBIT driven by higher gross profit margin and lower OPEX 

The gross profit margin increased by 60 basis points to 47.7% (Q1 2025: 47.1%) supported by reversals of inventory reserves, lower freight costs, and a higher DTC share, partially offset by wholesale promotions, product and regional mix effects as well as currency effects. 

Royalty and commission income increased by 13.0% to € 23.9 million (Q1 2025: € 21.2 million), mainly due to a stronger Formula 1 business on the back of an additional race compared to the first quarter of 2025.

Operating expenses (OPEX), adjusted for one-time effects, decreased by 5.5% to € 848.5 million from € 897.9 million in Q1 2025, due to positive effects of the cost efficiency programme and favourable currency movements, which more than offset higher costs in the DTC channel. Marketing expenses were down from last year’s level in both absolute terms and as a percentage of sales due to phasing effects across partnerships and campaigns. As OPEX decreased less pronounced than sales, the OPEX ratio, adjusted for one-time effects, increased from 45.1% to 45.5% in Q1 2026. 

Adjusted EBIT, excluding one-time effects, increased to € 64.4 million (Q1 2025: € 61.3 million) due to a higher gross profit margin and lower OPEX. PUMA incurred one-time effects of € -12.6 million mainly associated to personnel expenses related to the cost efficiency programme. As a result, the EBITcame in at € 51.9 million, up 19.6% from € 43.4 million in the previous year period, resulting in an EBIT margin of 2.8%, (Q1 2025: 2.2%).

The financial result was at € -15.6 million and improved significantly against last year’s value of € -38.5 million, mainly due to favourable currency movements, especially U.S. Dollar and Mexican Peso. Interest expenses on bank debt increased slightly against prior year. Income taxes amounted to € 9.8 million (Q1 2025: € 3.8 million), driven by higher earnings before taxes, representing a more normalised tax-rate of 27.0% (Q1 2025: 78.2%).

Consequently, profit from continuing operations amounted to € 26.5 million (Q1 2025: € 1.1 million) and earnings per share from continuing operations came in at € 0.18 (Q1 2025: € 0.00).

Reduction in working capital reflecting inventory clearance and lower purchasing

Working capital dropped 9.7% to €1,879.2 million (31 March 2025: €2,081.6 million). Inventories decreased by 8.6% reported and 4.1% currency-adjusted to €1,898.0 million (31 March 2025: €2,076.1 million) due to reduced purchasing volumes, reflecting the expected lower sales base for the current year. Trade receivables decreased by 20.3% to € 1,210.2 million (31 March 2025: € 1,517.6 million), mainly due to lower sales. Trade payables were reduced by 26.2% to € 1,058.9 million (31 March 2025: € 1,434.9 million), reflecting reduced purchasing volume in the first quarter.

Free cash flow improved substantially but remained seasonally negative

Free cash flow came in at € -201.4 million, showing a significant improvement compared to prior year (Q1 2025: € -737.6 million) supported by improved working capital management, higher earnings before taxes as well as lower CAPEX which amounted to € 29.6 million (Q1 2025: € 51.8 million). The investments focused on PUMA’s DTC channel, specifically on E-Commerce and digitalinfrastructure, enhancing PUMA’s long-term competitiveness. 

Increase in net debt, but sufficient financial headroom secured 

On 31 March 2026, cash and cash equivalents amounted to € 326.2 million, representing an increase of 14.9% compared to last year (31 March 2025: € 283.9 million). In addition, PUMA had credit lines available of € 2,462.4 million (31 March 2025: € 1,766.8 million). Unutilised credit lines amounted to € 778.5 million compared to € 498.6 million at the end of Q1 2025. Cash and cash equivalents, together with unutilised credit lines, provide sufficient financial headroom of € 1,104.7 million to invest in strategic priorities. Net debt rose seasonally to € 1,357.6 million at the end of Q1 2026, up from € 994.9 million at the end of Q1 2025, mainly due to increased bank liabilities to support the operating business and finance working capital. 

FY 2026 outlook confirmed on the back of a solid start to the year

PUMA expects ongoing geopolitical and macroeconomic uncertainties in 2026. The current outlook does not account for potential effects arising from the conflict in the Middle East or the U.S. Supreme Court’s decision regarding U.S. tariffs dated February 20, 2026. PUMA reiterates its full-year outlook, as originally published on February 26, 2026, supported by a solid performance at the beginning of the year.

The anticipated currency-adjusted sales decline in the low- to mid-single-digit percentage range is mainly attributable to lower sales in North America, reflecting measures to streamline distribution, while sales growth in Latin America and Middle East, Africa & India can only partially compensate for this.
The company projects an operating result (EBIT) between € -50 million and € -150 million, including one-time effects related to the implemented cost efficiency program. 
Capital expenditures (CAPEX) are projected at around € 200 million in 2026, focusing on digital infrastructure, DTC channels, and key initiatives to strengthen PUMA’s long-term competitiveness. 

While 2025 served as a year of strategic reset and 2026 represents a period of transition, PUMA is confident that the measures implemented thus far and those planned for the near future, are critical to re-establishing growth from 2027 onwards. These measures are expected to generate healthy profits and support the company’s ambition to become one of the top three sports brands globally in the medium term.   

Bertrand will be tasked with developing and executing the company’s sales strategies, driving its global revenue growth agenda and ensuring the PUMA brand is elevated at major wholesale accounts around the world.

Bertrand has more than 25 years of international commercial leadership experience, holding senior roles in strategy, key account management, planning and operations in the sporting goods industry at brands such as ASICS and Nike. Most recently he worked as Senior Global Commercial Director, Racquet Sports at Wilson Sporting Goods and supported as an international business advisor.

“Our wholesale business is a crucial part of our commercial engine and by appointing a dedicated leader for this channel, we can create a global centre of excellence which will support our global markets,” said CCO Matthias Baeumer. “I’m convinced that Bertrand is the right person to lead our teams to grow PUMA at strategic wholesalers both globally and in major markets.”

Laurent has held several leadership positions in product marketing and sales at adidas and Reebok for more than two decades. Most recently, he worked as Vice President Originals, Basketball and Partnerships Europe at adidas, where he was responsible for introducing and expanding a number of successful product franchises.

In Sportstyle, PUMA leverages its vast archive to create products that celebrate the legacy of sport and connect to the passion of sport culture. 

“Laurent is a focused leader with a clear track record of connecting sport authenticity with on-trend credibility and strong cross-functional execution,” said CBO Maria Valdes. “With his deep understanding of consumer culture, product storytelling, and go-to-market expertise, I am confident that he will further strengthen the Sportstyle Business Unit and accelerate its contribution to PUMA’s growth.”

PUMA has one of the most significant archives in the sporting goods industry, with iconic products such as Suede and Speedcat. With their roots clearly in sports, these styles have become an important part of the Sportstyle Business Unit’s portfolio.

“With PUMA’s 78 years of history and many product icons that can inspire our designers, heading the Sportstyle unit is a fantastic opportunity,” said Laurent Fricker. “We have the clear potential to further sharpen our product offering and create products that become culturally relevant to our consumers.”

With more than two decades of experience in the sports industry, James brings a unique combination of skills, which will help PUMA use creative direction as an important strategic lever to establish itself as a top-3 global sports brand.

“James is a very highly regarded leader in our industry and he has been instrumental in shaping some of the most influential performance and lifestyle products, labels, and platforms,“ said Maria Valdes. “With a strong background in industrial design and a deep understanding of both athletes and consumers, he will play an important role in getting our customers and consumers excited about PUMA once again.”

Until 2021, James held several leadership positions in design, creative direction and strategy at adidas, both in Herzogenaurach and Portland, Oregon. Most recently he worked as an independent consultant and investor in the wider industry.

At PUMA, James will align creative direction with the company’s overall strategic ambitions, set the seasonal direction for the Business Units and create a long-term look and feel for the brand across consumer touch points.

“Creative Direction is about more than seasonal trends and colours. It is about defining how PUMA holistically presents itself in the market, harnessing the company’s portfolio of world class innovation, and deeply connecting with consumers,” said James Carnes. “We have the amazing opportunity to modernize the image and style of one of the most iconic sports brands in the world and I look forward to leading our teams and collaborating with my colleagues to make this happen.”

Starting in the 2026/27 season, PUMA will officially equip VfL Gummersbach. This includes the Bundesliga team, the handball academy, the administrative staff, as well as all merchandising.

“VfL Gummersbach is one of the biggest names in European handball. PUMA and VfL both stand for tradition, history, and success in sports. That’s exactly why this partnership is such a good fit,” said Arthur Hoeld. “Handball is a core Olympic sport with enormous potential. This long-term partnership underscores our commitment to top-level performance.”

“With PUMA, we’re not just gaining an outfitter, but a global partner who shares our vision: to make VfL Gummersbach and handball even more appealing, while also breaking new ground,” said Christoph Schindler, Managing Director of VfL Gummersbach. “Together, we want to further develop the club, reach new target groups, and build a strong community around VfL.”

In addition to the partnership, Arthur Hoeld will provide strategic guidance to the club. As a new member of the VfL Gummersbach Advirory Board, he will contribute his business perspective and international network.

As part of the agreement, PUMA and Shincell will set up a dedicated laboratory in Suzhou, China to test new materials. PUMA expects to launch the first products created as a result of this partnership in the upcoming seasons. 

“With NITRO™ we have the best running technology in the industry and the agreement with Shincell allows us to maintain that edge and make the best even better in future product generations,” said Romain Girard, Vice President Innovation at PUMA.

Shincell is a leader in developing sustainable foaming technologies and manufacturing lightweight high-performance foam materials. The company has specialized in a purely physical foaming process. This process uses gases commonly found in the earth’s atmosphere to expand plastics by trapping a large number of micro and nano bubbles inside the material.

Dr. Xiulei Jiang, CEO of Shincell, comments: “This collaboration is a great example showing the value of the technology-focused innovation in the global high-performance sportswear segments. We are looking forward to more business success down the road.” 

PUMA first introduced NITRO™ in early 2021 as part of a repositioning of its entire performance running segment and has continuously improved the technology since. NITRO™ is extremely lightweight and responsive, helping runners to use less energy and run comfortably.

PUMA proved the power of NITRO™ technology during the recent major marathons in Boston, London and New York, when it enlisted more than 250 athletes to test out the technology in its Fast-R NITRO™ Elite and Deviate NITRO™ Elite running shoes. Nearly one hundred of these runners set new personal bests, with 48 of them breaking their previous best times by three-minutes or more.

Apart from its performance running offering, NITRO™ is also used in parts of PUMA’s performance line up in Training, Football, Basketball, Golf and other areas.