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.

Key developments FY 2025

• PUMA outlines new strategic priorities to establish itself as a Top-3 global sports brand
• Sales decline by 8.1% on a currency-adjusted basis (ca) to € 7,296.2 million (-13.1% reported) primarily due to strategic reset initiatives
• Gross profit margin down 260 basis points to 45.0% due to increased wholesale promotions, inventory reserves from distribution clean-up and currency effects
• Adjusted EBIT, excluding one-time effects, decreases to € -165.6 million due to the decline in sales and lower gross profit margin
• Reported EBIT amounts to € -357.2 million, including one-time effects of € 191.6 million
• Inventories increase by 2.3% to € 2,060.0 million; Inventory clean-up slightly ahead of plan and PUMA expects to return to more normalised inventory level by the end of 2026
• PUMA secures additional financing and ends the year with unutilised credit lines of € 1,202.2 million

Outlook FY 2026

• 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
   

Fourth Quarter 2025

Sales

In the fourth quarter, currency-adjusted sales decreased by 20.7% to € 1,564.9 million (Q4 2024: € 2,150.5 million). Currencies, especially the Argentine Peso, U.S. Dollar and Turkish Lira continued to be a headwind, resulting in a reported sales decline of 27.2%. The sales decline was mainly due to the strategic reset measures taken to address muted brand momentum, elevated inventory levels and lower-quality distribution. These measures included reducing undesired wholesale business, clearing excess inventory and limiting promotions in the DTC channels. 

PUMA’s Wholesale business decreased by 27.7% (ca) to € 921.4 million (Q4 2024: € 1,387.0 million). The decline reflected significant takebacks to clear excess inventory in the channel along with immediate actions to reduce exposure to mass merchants in North America and to phase out undesirable business in Latin America, EMEA and Asia/Pacific. The Direct-to-Consumer (DTC) business decreased by 8.0% (ca) to € 643.5 million (Q4 2024: € 763.5 million). E-commerce sales fell by 19.7% (ca), largely because PUMA reduced promotions to strengthen brand perception, while owned & operated retail store sales dropped by 0.9% (ca). The DTC share rose substantially to 41.1% from 35.5% in Q4 2024.

Sales in Asia/Pacific dropped by 12.6% (ca) to € 406.6 million (Q4 2024: € 506.6 million). This was mainly driven by a decline in the Greater China wholesale business, which was partially offset by robust growth in the DTC channel. In the Americas region, sales fell by 22.2% (ca) to € 589.2 million (Q4 2024: € 847.4 million). The decline was mainly attributable to North America, because of the distribution clean-up in the mass merchant business in the U.S. market. In EMEA, sales decreased by 24.3% (ca) to € 569.1 million (Q4 2024: € 796.5 million). The lower sales were driven by a weaker wholesale performance, due to the reduction of undesired business and inventory takebacks. In addition, sales in the DTC channel decreased as a result of lower promotions. 

From a product division perspective, sales in Footwear decreased by 25.4% (ca) to € 820.9 million (Q4 2024: € 1,214.8 million) due to a broad decline across most categories. However, the Training category remained resilient and delivered healthy growth. Despite an overall decrease in the Running category as a result of the distribution clean-up, Performance Running showed strong growth, driven by the success of the Velocity Nitro 4. Apparel sales fell 13.7% (ca) to € 568.8 million (Q4 2024: € 710.9 million), reflecting widespread declines across categories. This was partially offset by growth in Training with continued strong momentum in HYROX. Accessories decreased by 18.2% (ca) to € 175.3 million (Q4 2024: € 224.7 million), mainly driven by softness in the Golf category.

Profitability

The gross profit margin declined by 750 basis points to 40.2% (Q4 2024: 47.7%). The significant drop was primarily attributable to increased promotions in the wholesale channel, inventory reserves resulting from the distribution clean-up and unfavourable currency effects. These effects were partially offset by an improved product mix, a favourable distribution channel mix with a higher DTC-share compared to the previous year quarter and lower freight costs. Additionally, lower sourcing costs including duties were a tailwind, fully offsetting the negative impact from U.S. Tariffs.

The Royalty and commission income increased by 36.2% to € 30.0 million (Q4 2024: € 22.0 million), mainly due to the transition from a business partnership to a licensing agreement with United Legwear in the fourth quarter.

Operating expenses (OPEX), adjusted for one-time effects, decreased by 7.8% to € 887.4 million (Q4 2024: € 962.2 million), due to positive effects of the cost efficiency program and reduced costs in the DTC channel as a result of lower sales compared to the previous year quarter. Marketing expenses as a percentage of sales increased on the back of lower fourth quarter sales. Overall, lower sales contributed to a substantial rise in the OPEX ratio, adjusted for one-time effects, to 56.7% (Q4 2024: 44.7%), which was partially offset by currency tailwinds.

Adjusted EBIT, excluding one-time effects, decreased to € -228.8 million (Q4 2024: € 85.7 million) due to the sales decline and a lower gross profit margin. PUMA incurred one-time effects of € 78.9 million related to the cost efficiency program and a goodwill impairment in the fourth quarter. Consequently, the reported EBIT came in at € -307.7 million (Q4 2024: € 85.7 million), resulting in a reported EBIT margin of -19.7% (Q4 2024: 4.0%).

The financial result decreased by 4.1% to € -42.3 million (Q4 2024: € -40.6 million). Income taxes amounted to € 15.0 million (Q4 2024: € -20.8 million), mainly driven by lower earnings before taxes and prior-years-tax adjustments.  

Consequently, loss from continuing operations amounted to € -335.0 million (Q4 2024: profit from continuing operations of € 24.3 million) and earnings per share from continuing operations came in at € -2.27 (Q4 2024: € 0.16).

Full Year 2025

Sales

After sales remained broadly stable in the first half of 2025, they declined notably in the second half of the year, primarily reflecting the strategic reset measures initiated in the third quarter of 2025. Consequently, sales for the full year 2025 decreased by 8.1% (ca) to € 7,296.2 million (FY 2024: € 8,398.0 million), with a decline across all regions and product divisions. Currencies, especially the Argentine Peso, U.S. Dollar and Turkish Lira were a headwind, resulting in a reported sales decline of 13.1%.

PUMA’s Wholesale sales fell by 12.8% (ca) to € 4,935.0 million (FY 2024: € 5,972.6 million), mainly due to weaker sales in the Americas, Asia/Pacific and EMEA regions as a result of inventory takebacks and reduced mass merchant exposure. The Direct-to-Consumer (DTC) business increased by 3.4% (ca) to € 2,361.1 million (FY 2024: € 2,425.4 million), driven by 3.4% (ca) growth in both e-commerce and in owned & operated retail stores. This resulted in an increased DTC share of 32.4% (FY 2024: 28.9%).

EMEA sales dropped by 6.9% (ca) to € 3,143.2 million (FY 2024: € 3,475.7 million), with declines in Europe partly balanced by growth in EEMEA. In the Asia/Pacific region sales decreased by 7.4% (ca) to € 1,594.7 million (FY 2024: € 1,805.5 million) reflecting softness in Greater China and rest of Asia/Pacific. The Americas region recorded a sales decline of 10.0% (ca) to € 2,558.2 million (FY 2024: € 3,116.8 million) mainly due to a weaker performance in North America, while Latin America recorded modest growth. 

Among product divisions, sales in Footwear decreased on a broad base by 7.1% (ca) to € 4,113.8 million (FY 2024: € 4,733.6 million). This was partially offset by growth in Sportstyle Prime & Select, driven by the Speedcat family and increased demand in Running. Apparel decreased by 9.7% (ca) to € 2,328.5 million (FY 2024: € 2,703.7 million) mainly due to a decline in Sportstyle and Teamsports, partially offset by growth in Training, Basketball and Motorsports. Accessories fell by 8.5% (ca) to € 853.9 million (FY 2024: € 960.7 million), mainly due to softness in the Golf category.

Profitability 

The gross profit margin declined by 260 basis points to 45.0% (FY 2024: 47.6%). While increased promotions in the wholesale channel, inventory reserves, an unfavourable product mix and currency effects were a headwind, this was partially offset by a favourable distribution channel mix. In addition, lower sourcing costs including duties were a tailwind, fully offsetting the negative impact from U.S. Tariffs.

The Royalty and commission income increased by 4.4% to € 92.4 million (FY 2024: € 88.5 million). 

Operating expenses (OPEX), excluding one-time effects, remained flat at € 3,537.7 million (FY 2024: € 3,537.7 million). Savings from the cost efficiency program were balanced out by increased retail expenses driven by growth in the DTC business, particularly e-commerce. Additionally, higher depreciation and amortisation costs resulting from investments in DTC and infrastructure, along with approximately € 30 million in accounts receivable write-offs, contributed to the overall flat costs. Marketing expenses as a percentage of sales rose on the back of lower sales. Overall, lower sales led to an increase in the adjusted OPEX ratio by 640 basis points to 48.5% (FY 2024: 42.1%), partially offset by currency tailwinds.

Adjusted EBIT, excluding one-time effects, decreased to € -165.6 million (FY 2024: € 548.7 million) due to the sales decline and a lower gross profit margin. PUMA incurred one-time effects of € 191.6 million mainly related to the cost efficiency program and goodwill impairments. Costs associated with the cost efficiency program in particular comprised personnel expenses, the closure of unprofitable stores and other non-operating costs. Consequently, the reported EBIT came in at € -357.2 million (FY 2024: € 548.7 million) and the reported EBIT margin was at -4.9% (FY 2024: 6.5%).

The financial result decreased by 11.2% to € -165.7 million (FY 2024: € -149.0 million), mainly as a result of unfavourable currency movements and a lower interest result. Despite lower earnings before taxes compared to the previous year period, income taxes came in at € -120.7 million (FY 2024: € -119.0 million). This was primarily attributable to deferred tax assets write-offs in the U.S. and China.

Loss from continuing operations came in at € -643.6 million (FY 2024: profit from continuing operations of € 280.7 million) and earnings per share from continuing operations amounted to € -4.37 (FY 2024: € 1.88).

Balance Sheet 

Working capital increased by 20.2% to € 1,536.6 million (31 December 2024: € 1,278.2 million). Inventories rose by 2.3% reported and 10.7% currency-adjusted to € 2,060.0 million (31 December 2024: € 2,013.7 million) partly driven by inventory takebacks from wholesale partners to clean up distribution. This was counterbalanced by a deliberate decrease in purchase volume, adopted as a strategy to moderate inventory expansion and prevent excess supply. As part of its reset actions to clean up distribution, PUMA has largely completed inventory takebacks in Q4 and will continue to drive product clearance through own factory outlets and wholesale partners, using targeted promotions. Trade receivables decreased by 26.7% to € 913.4 million (31 December 2024: € 1,246.5 million), mainly due to a significant sales decrease in the fourth quarter. Trade payables decreased by 32.9% to € 1,271.4 million (31 December 2024: € 1,893.5 million), mainly reflecting reduced purchasing volume in the fourth quarter. 

Cash flow and Liquidity Situation

Free cash flow came in at € -530.3 million, significantly down compared to the prior year (FY 2024: € 464.3 million), mainly due to negative earnings before taxes as well as an increase in net working capital. CAPEX amounted to € 206.3 million (FY 2024: € 263.0 million). The investments focused on PUMA’s logistics and digital infrastructure, DTC channels and key initiatives to strengthen PUMA’s long-term competitiveness. On 31 December 2025, PUMA had cash and cash equivalents of € 290.0 million, a decrease of 21.2% compared to last year (31 December 2024: € 368.2million). In addition, the PUMA Group had available credit lines of € 2,562.8 million (31 December 2024: € 1,842.9 million). Credit lines rose by € 719.9 million compared the previous year-end mainly due to the completion of a € 500.0 million bridge loan and two promissory note transactions with an aggregate volume of € 275.0 million. In January 2025, the last tranche of €70.0 million from the second promissory note was repaid upon reaching its final maturity. Unutilised credit lines were at € 1,202.2 million on the balance sheet date compared to € 1,360.2 million at the end of 2024. Net debt of € 1,063.5 million at the end of FY 2025 was significantly above the prior year level of € 119.8 million, mainly driven by increased bank liabilities to support the operating business and finance working capital. For more information on financing, please refer to the section “Subsequent events”.

Proposal to pay no Dividend for the Financial Year 2025

As a result of the negative net income of the PUMA Group in 2025, the Management Board and Supervisory Board of PUMA SE will propose to the Annual General Meeting on 19 May 2026 that no dividend should be distributed for the financial year 2025 (FY 2024: €0.61).

FY 2026 Outlook Reflects Transition Year for PUMA

Following a pivotal reset in 2025, during which PUMA implemented decisive measures to tackle brand challenges, restore inventory balance, and lay the groundwork for a stronger, more focused future, 2026 is set to be a year of transition for the company. Throughout 2026, PUMA will continue its efforts to streamline distribution and further reduce inventory levels. The reduction in inventory is targeted to be achieved through disciplined management of purchasing volumes and targeted product clearance initiatives. Cost efficiency measures initiated in the previous year will remain in effect. These include the continued organisational redesign, further simplification of the product portfolio and the completion of the reduction of approximately 1,400 corporate roles since the beginning of 2025. 

During this transitional period, PUMA’s key priorities are to prepare the organisation for sustainable success, safeguard financial stability and position the company for a return to healthy, above-industry growth from 2027 onwards. The brand and product strategy for 2026 will centre on PUMA’s focus areas: Football, with a prominent presence at the 2026 World Cup™; Running, driven by the NITRO™ platform; Training, underpinned by PUMA’s exclusive partnership with HYROX; and Sportstyle Prime & Select, where the company aims to strengthen its portfolio by leveraging its heritage and enhancing storytelling. 

PUMA expects ongoing geopolitical and macroeconomic uncertainties in 2026. 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 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 actions 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.   

Basis of Preparation / Important Notice

As announced on November 11, 2025, PUMA moved from a business partnership to a licensing agreement structure with its long-term partner United Legwear. This change took effect on November 01, 2025. As a result, PUMA United is classified as a discontinued operation in PUMA’s financial reporting from November 2025 onwards. Accordingly, 2024 and 2025 P&L figures used in this press release were restated.

Subsequent Events

ANTA Announcement: On January 27, 2026, the Chinese sporting goods group Anta Sports announced it had entered a share purchase agreement with Artémis S.A.S. to acquire a 29.06% stake in PUMA. The transaction is subject to conditions precedent. PUMA released a statement of its CEO Arthur Hoeld on the same day in response to this announcement. The full statement can be found in the News section of the PUMA website: https://about.puma.com/en/en/newsroom/corporate-news/news

Additional Private Placement and Syndication: On January 26, 2026, PUMA completed a promissory note loan transaction of € 100.0 million, which was disbursed on January 29, 2026. The promissory note loan has a term of two years with a standard market fixed interest rate. Through this additional private placement, the bridge financing originally agreed on December 15, 2025, of € 500.0 million could be reduced to € 350.0 million and was fully syndicated through PUMA’s core banking partners on February 20, 2026. The bridge financing of € 350.0 million and the promissory note loan of € 100.0 million will continue to be used to reduce the drawdowns from the existing syndicated loan.

To streamline decision making and help shape PUMA’s Apparel offer in other business categories, the newly established Business Unit Training will be based at the company’s global headquarters in Herzogenaurach, Germany. Before today’s announcement, the Running and Training categories were grouped into one Business Unit.

“With strong partners such as HYROX, the World Series of fitness racing, Training has become an increasingly important global category for PUMA, where we see considerable potential,” said Maria Valdes, Chief Brand Officer at PUMA. “By creating a separate Business Unit for Training in Herzogenaurach, we can sharpen our focus and be closer to our key partners in this category and other Business Units.”

In 2025, PUMA named Training as one of its global focus categories together with Running, Football and Sportstyle (Prime/Select).

The newly created Business Unit Training will be headed by industry expert Marwin Hoffmann, who was appointed Vice President BU Training with immediate effect. He will report to Chief Brand Officer Maria Valdes. Marwin has more than two decades of experience in product and marketing, most recently working as Vice President Marketing Global Outdoor at adidas. Erin Longin, previously responsible for both Running and Training, will continue to lead PUMA’s Business Unit Running in Boston. 

• PUMA’s groundbreaking Project3 is back, giving 300 runners across 2026 Boston & London Marathons the opportunity to experience life as an elite PUMA athlete
• $3,000 cash prize to any Project3 participant who breaks existing marathon PB by three-minutes, as well as for the fastest Project3 male and female runners
• PUMA paid out more than $160,000 to Project3 runners in 2025, making it the most lucrative sub-elite marathon program in history
• Applications are open from 11:00 (EST) / 16:00 (GMT) via puma-project3.com and close at midnight on Friday 30th January

Global sports brand PUMA has announced that its groundbreaking Project3 marathon program will return for the 2026 Boston and London Marathons.

Project3 gives participants the opportunity to experience life as a professional athlete, trial PUMA’s best-in-class race day products including the Fast-R NITRO™ Elite 3 and Deviate NITRO™ Elite 4, and the chance to bank huge performance-based cash bonuses.

Returning bigger and better than ever, PUMA will select 300 applicants competing at two pinnacle spring marathons – 100 for the Boston Marathon and 200 for the London Marathon – making this the largest intake for Project3 since the launch of the program.

“Last year, Project3 turned the run community on its head. We had three incredible race days in Boston, London and New York, where we brought the global run community together and put the science around Fast-R NITRO™ Elite 3 to the ultimate test. The results speak volumes and made the decision to run it back for 2026 a very easy one,“ said Lucas Maher, Senior Athlete Activation Manager at PUMA.

It was a momentous debut year for Project3, with 269 athletes from more than 13 countries toeing the line wearing the most talked about race-day shoe of the year, Fast-R NITRO™ Elite 3.

Nearly one hundred runners set new PBs, with 48 of those breaking their PB by three-minutes or more to take home $3,000 in performance-based cash bonuses. In total, PUMA awarded more than $160,000 in prize money across the three races, making Project3 the most lucrative sub-elite marathon program in history.

What To Expect?

As a Project3 participant, you will receive unprecedented access to the PUMA Elite Running Team coaches, elite PUMA athletes, and PUMA innovation experts who will provide guidance on various aspects of your training cycle to ensure you’re ready to break records on race day.

Participants will also receive a bespoke collection of PUMA running products, including Fast-R NITRO™ Elite 3 and the soon to launch, Deviate NITRO™ Elite 4.

The eye-catching $3,000 performance bonus for breaking your previous PB by three-minutes or more remains, as does the $3,000 performance bonus to the fastest Project3 male and female finishers of each race, as well as the the runner who breaks their marathon PB by the biggest margin out of all Project3 runners.

How To Apply?

Prospective candidates must meet the minimum criteria to be considered for selection including:

• Holding a valid 2026 Boston or London Marathon race bib/race entry

• Existing marathon PB of 3:00 for male applicants or 3:15 for female applicants

To apply visit www.puma-project3.com. Applications open at 11:00 (EST) / 16:00 (GMT) on Monday 26th January and will close at midnight on Friday 30th January. 

For more information, please visit: www.puma-project3.com

As part of this partnership, PUMA will create team kit, delivering performance where it matters. This collaboration will span across the full McLaren Racing portfolio, including the McLaren Mastercard Formula 1 Team, the Arrow McLaren IndyCar Team, both McLaren Racing entries in F1 Academy, McLaren F1 Sim Racing Team, and from 2027, the McLaren United AS WEC Hypercar Team.

“At PUMA, we are very proud of our long and successful history in motorsports and having worked with some of the greatest drivers and teams in the industry over the past decades. It is a great honour to write the next chapter by welcoming McLaren Racing, the 2025 Constructors’ and Drivers’ Champions, as our new partners,” said Arthur Hoeld, PUMA CEO. “We are looking forward to many successful races together and engaging with the team’s passionate fans around the world to create inspiring collections for them that show the best both brands have to offer.”

Designed around McLaren Racing’s iconic papaya , the Replica Collection mirrors the official clothing worn by drivers and team members at track. The Replica Collection is built for those who want to show up, stand out, and Race Louder, wherever they are.

The Lifestyle Collection has been designed for fans who live and breathe speed both on and off the track. Inspired by McLaren Racing’s long and storied racing history, this collection brings motorsport heritage into contemporary streetwear, fusing past and present through iconic silhouettes and modern design.

Beyond the track, immersive experiences will bring fans closer to the spirit, style, and innovation that define McLaren Racing. Through special events and unique drops, the partnership will bring the exhilaration of racing to life in new and unexpected ways, blending PUMA’s sportwear innovation with the McLaren Racing team’s legacy, inviting fans around the world to get closer to the team and become part of the McLaren Racing story. The first experience will debut at the opening race of the Formula 1 season in Australia, with further details to be announced in due course.

Zak Brown, CEO, McLaren Racing, said: “Our sport is in incredible shape and it’s been fantastic to see an influx of major fashion and lifestyle brands who are looking for deep and meaningful ways to engage with our growing global fanbase. I cannot think of a better partner than sportswear giant PUMA to help us supercharge our portfolio of fan wear. We know fans want to express their passion for our sport both at and away from track, and PUMA’s innovative approach to design and culture will offer exciting collections and experiences worldwide.”

The PUMA x McLaren Racing Lifestyle Collection will launch globally on 20 January, followed by the Replica Collection, available from 2 February at select PUMA stores, select retailers, and online at puma.com and mclarenstore.com.