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.

The new bridge loan of €500 million was fully underwritten by Santander Corporate & Investment Banking (Santander CIB). Both the bridge loan and the additional confirmed credit lines have a maturity of up to 2 years.

Markus Neubrand, Chief Financial Officer of PUMA SE said: “Even though our existing Revolving Credit Line and the promissory notes (Schuldscheindarlehen) are staying continuously available, today’s announcement will add more financial flexibility as we are working to finalize our long-term funding structure. The fact that Bank partners have further increased their exposure and business, underscores the confidence in our future business model and strategic direction. This will allow us to execute on our strategic priorities and our ambition to establish PUMA as a Top 3 sports brand globally”. 
 

Key developments Q3 2025

• PUMA outlines new strategic priorities aimed at establishing itself as a Top 3 global sports brand
• Sales decrease by 10.4% on a currency-adjusted basis (ca) to € 1,955.7 million (-15.3% reported), vastly due to strategic reset initiatives
• Gross profit margin down by 260 basis points to 45.2% due to increased wholesale promotions, inventory reserves from distribution clean-up, and higher freight costs
• Adjusted EBIT, excluding one-time costs, decreases to € 39.5 million due to the decline in sales and lower gross profit margin
• Reported EBIT amounts to € 29.4 million, including one-time costs of € 10.1 million related to the cost efficiency program
• Inventories increase by 17.3% to € 2,124.1 million; Inventory clean-up initiated, and PUMA expects to return to normalised levels by the end of 2026
• Cost efficiency programme expanded: targeted reduction of additional around 900 white-collar roles globally by the end of 2026
• Outlook for full-year 2025 confirmed

Third Quarter 2025

Sales

As previously announced during the second quarter release, 2025 marks a strategic reset year for PUMA. PUMA is navigating several company-specific challenges, including muted brand momentum, elevated inventory levels across the trade and low quality of distribution. In the third quarter of 2025, PUMA took immediate measures to build a healthy foundation for the business in 2026 and beyond. These measures targeted the reduction of undesired wholesale business, excess inventory at retail partners, and less promotions in e-commerce and full-price stores in the Direct-to-Consumer (DTC) channel. While necessary for long-term brand health, these factors significantly impacted PUMA’s wholesale performance and weighed on DTC sales development during the quarter. As a result, sales decreased on a currency-adjusted basis by 10.4% to € 1,955.7 million. Currencies, especially U.S. Dollar and Argentine Peso, had a negative impact, reducing sales in euro terms by approximately € 125 million. Consequently, reported sales were down by 15.3% in the third quarter of 2025.

PUMA’s Wholesale business decreased by 15.4% (ca) to € 1,385.7 million, reflecting significant takebacks to clear excess inventory in the channel along with immediate actions to reduce exposure to mass merchants in North America and to phase out undesirable business to a notable extent in Latin America, EMEA and APAC. Mass merchants are large-scale retailers that sell high volumes of products at low prices, often with broad distribution, limited brand control, and a focus on out-of-season or leftover merchandise. The Direct-to-Consumer (DTC) business grew by 4.5% (ca) to € 570.0 million. The growth was led by the e-commerce business which increased 5.6% (ca), despite reduced promotions to improve brand perception. Sales in owned & operated retail stores increased 3.9% (ca), reflecting growth in both full-price and outlet stores. The DTC share rose substantially to 29.1% from 25.1% in Q3 2024.

The implemented reset initiatives led to a broad-based sales decline across all regions. In the Americas region, sales decreased by 15.2% (ca) to € 678.1 million. While Latin America recorded a modest decline in sales, the overall decrease was mainly driven by North America. Here, the U.S. market was particularly affected by the company’s distribution clean-up initiatives due to its disproportionate high share of mass merchant business in the wholesale channel. Sales in the Asia/Pacific region decreased 9.0% (ca) to € 367.1 million, reflecting a significant decline in Greater China’s wholesale business due to executed reset actions, partially offset by growth in the DTC business. In the EMEA region, sales decreased by 7.1% (ca) to € 910.6 million, mainly driven by a softer wholesale business in Europe, which was affected by takebacks and the deliberate scaling back of undesired business. 

All product divisions have been impacted by PUMA's strategic reset initiatives. Sales in Footwear decreased by 9.9% (ca) to € 1,045.8 million due to a broad decline across most categories. This was partially offset by growth in Sportstyle Prime driven by the Speedcat family, which continued to perform extremely well in APAC during the third quarter, while sales growth in EMEA and North America remained below expectations. PUMA’s performance categories Basketball and Performance Running remained resilient and delivered healthy growth, supported by the successful launch of product innovations such as the HALI 1 basketball shoe and the Velocity NITRO™ 4 running shoe. Sales in Apparel decreased by 12.8% (ca) to € 635.5 million due to a decline in Sportstyle, which is the largest category for PUMA. This was partially offset by growth in Training with strong momentum in HYROX — a standout performance trend that continues to gain traction globally and where PUMA is the exclusive partner — as well as Motorsport and Basketball. Accessories decreased by 6.1% (ca) to € 274.4 million.

Profitability

The gross profit margin declined by 260 basis points to 45.2% (Q3 2024: 47.9%), primarily reflecting increased promotional activity in the wholesale channel, inventory reserves resulting from the distribution clean-up measures, and higher freight costs. These effects were partially offset by a favourable distribution channel mix through a considerably higher share of DTC compared to the previous year quarter.

Operating expenses (OPEX), excluding one-time costs, decreased by 2.6% to € 850.6 million (Q3 2024: € 873.4 million), reflecting some positive effects from the cost efficiency program. This was partially offset by the continued growth of the DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure as well as store impairments. Marketing expenses rose as a share of sales due to lower third quarter sales. Despite lower OPEX and currency-related tailwinds on the OPEX ratio, the sales decline in the third quarter led to an increase in the OPEX ratio by 570 basis points to 43.5% (Q3 2024: 37.8%).

Adjusted EBIT, excluding one-time costs, decreased to € 39.5 million (Q3 2024: € 237.0 million) due to the sales decline and a lower gross profit margin. PUMA incurred one-time costs related to the cost efficiency program of € 10.1 million in the third quarter. Consequently, the reported EBIT came in at € 29.4 million (Q3 2024: € 237.0 million), resulting in a reported EBIT margin of 1.5% (Q3 2024: 10.3%).

The financial result increased by 6.3% to € -43.8 million (Q3 2024: € -46.7 million). Taxes on income amounted to € -37.9 million (Q3 2024: € -47.8 million), driven by lower earnings before taxes, partially offset by deferred tax assets write-offs in the U.S., China and Brazil. Net income attributable to non-controlling interests came in at € -10.0 million (Q3 2024: € -14.6 million) as a result of a softer socks and bodywear business in the U.S.

Consequently, net loss amounted to € -62.3 million (Q3 2024: net income of € 127.8 million) and earnings per share came in at € -0.42 (Q3 2024: € 0.86). Following the capital reduction resulting from the cancellation of the remaining treasury shares acquired through the share buyback program, the company’s share capital amounted to EUR 148,007,926.00 and is divided into 148,007,926 no par-value shares as of 23 September 2025. 

Nine Months 2025

Sales

After sales remained roughly flat in the first half of 2025, sales experienced a pronounced deceleration in the third quarter, as outlined above. Consequently, sales in the first nine months of 2025 decreased by 4.3% (ca) to € 5,973.9 million with a decline across all regions and product divisions. Currencies, especially U.S. Dollar, Mexican Peso and Argentine Peso, presented a headwind and negatively impacted sales in euro terms by approximately € 288 million (sales growth reported: -8.5%). 

PUMA’s Wholesale business declined by 8.6% (ca) to € 4,256.3 million, driven by softness in North America, Greater China and Europe. The Direct-to-Consumer (DTC) business increased by 8.4% (ca) to € 1,717.6 million, driven by 14.2% (ca) growth in e-commerce and a 5.2% (ca) increase in owned & operated retail stores. This resulted in an increased DTC share of 28.8% (9M 2024: 25.5%).

From a regional perspective, sales in the EMEA region decreased by 1.9% (ca) to € 2,574.0 million. The Americas region recorded a sales decline of 6.2% (ca) to € 2,211.7 million, while sales in the Asia/Pacific region decreased by 5.5% (ca) to € 1,188.1 million.

Among product divisions, sales in Footwear decreased by 1.1% (ca) to € 3,292.9 million. Apparel decreased by 8.7% (ca) to € 1,827.6 million and Accessories decreased by 6.1% (ca) to € 853.4 million.

Profitability 

The gross profit margin declined by 130 basis points to 46.1% (9M 2024: 47.4%). Increased promotional activity, inventory reserves and currency effects were a headwind. This was partially offset by tailwinds from sourcing and a favourable distribution channel mix.

Operating expenses (OPEX), excluding one-time costs, increased by 2.8% to € 2,670.1 million (9M 2024: € 2,598.0 million). The increase was mainly due to the continued growth of the DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure and accounts receivable write offs of around € 20 million in the second quarter. Higher OPEX and a decline in sales, partially offset by currency-related tailwinds on the OPEX ratio, led to a 490 basis points increase of the OPEX ratio to 44.7% (9M 2024: 39.8%).

Adjusted EBIT, excluding one-time costs, decreased to € 102.0 million (9M 2024: € 513.2 million) due to the sales decline in the first nine months of 2025, a lower gross profit margin and higher OPEX. PUMA incurred one-time costs of € 112.7 million related to the cost efficiency program and a goodwill impairment in the second quarter. Consequently, the reported EBIT came in at € -10.7 million (9M 2024: € 513.2 million) and the EBIT margin at -0.2% (9M 2024: 7.9%).

The financial result decreased by 14.0% to € -132.5 million (9M 2024: € -116.2 million), mainly due to higher net interest expenses. Despite lower earnings before taxes compared to the previous year period, taxes on income came in at € -136.8 million (9M 2024: € -99.2 million). This was mainly due to deferred tax assets write-offs in the U.S. and China in the second and third quarter of 2025. Net income attributable to non-controlling interests amounted to € -29.0 million (9M 2024: € -40.6 million), as a result of a softer socks and bodywear business in the U.S.

Consequently, net loss came in at € -308.9 million (9M 2024: net income of € 257.1 million) and earnings per share amounted to € -2.09 (9M 2024: € 1.72).

Balance Sheet 

The working capital increased by 2.2% to € 1,924.6 million (30 September 2024: € 1,883.5 million). Inventories increased by 17.3% reported and 24.3% currency adjusted to € 2,124.1 million (30 September 2024: € 1,811.3 million) partly driven by inventory takebacks from wholesale partners to clean up distribution. This was partially offset by a reduction in purchase orders, implemented as a measure to slow down inventory growth and to avoid additional supply. To bring back inventories to a more normalised level until the end of 2026, PUMA will execute product clearance through its outlets and wholesale partners, supported by targeted promotional initiatives. Trade receivables decreased by 18.1% to € 1,241.2 million (30 September 2024: € 1,515.6 million), mainly due to lower sales. Trade payables decreased by 2.1% to € 1,270.6 million (30 September 2024: € 1,297.9 million) reflecting reduced purchasing orders in the third quarter. Net debt increased to € 1,205.2 million (30 September 2024: € 746.0 million), mainly driven by increased bank liabilities to support the operating business and finance working capital. 

Cash flow

The free cash flow came in at € -43.0 million in the third quarter of 2025 (Q3 2024: € -83.0 million), showing an improvement compared to the third quarter of 2024. This led to a free cashflow in the first nine months of 2025 of € -685.8 million (9M 2024: € -287.4 million). As part of its ongoing commitment to financial resilience and operational efficiency, PUMA is implementing measures to safeguard cash flow, especially optimising its working capital.

PUMA United

PUMA United is a partnership between PUMA and United Legwear, which mainly focuses on the sale of socks and bodywear in the U.S. and Canada. PUMA holds a 51% stake in the company. As part of the ongoing reset measures and efforts to optimise the PUMA distribution network, PUMA is considering moving from a partnership model to a licensing model in 2025. The PUMA United business is currently fully integrated in the operating segment "Region North America".

Outlook FY 2025

Amid ongoing volatile geopolitical and macroeconomic volatility, PUMA anticipates that both sector-wide and company-specific challenges will significantly impact performance for the remainder of 2025. Key factors include a muted brand momentum, shifts in channel mix and quality, the impact of U.S. Tariffs, and elevated inventory levels.

PUMA confirms its full-year 2025 outlook. Sales on a currency-adjusted basis are forecast to decline by a low double-digit percentage, a reported EBIT loss is expected and capital expenditures of around € 250 million.

Strategic Priorities

PUMA’s POTENTIAL

With more than 77 years of writing history together with some of the world’s most famous athletes, PUMA is in a unique position when it comes to sports performance and sports culture. We have one of the richest archives in the industry with many products that have had an appeal with consumers for several decades. 

PUMA is also one of only four brands in the industry to have credibility in a wide variety of major sports. Our strong sports credibility continues to this day as the many successes of our sponsored teams and athletes give us worldwide exposure. PUMA has leading partnerships in football, including Manchester City, Borussia Dortmund, the national team of Portugal and many others, directly connecting the brand with millions of fans around the world. In addition, every match of the most-watched football leagues in Europe, the Premier League, LaLiga and Serie A, is played with a PUMA ball, which generates fantastic visibility. 

We also benefit from our work with community platforms such as HYROX, the world series of fitness racing, where we have just announced the extension of our long-term partnership. We support athletes through our relentless pursuit of performance innovations such as our industry-leading running technology NITRO™.

PUMA’s CHALLENGES

However, PUMA has to address the fact that it has become too commercial, which is reflected in muted brand heat, low distribution quality, and a product offering that is not cutting through in the market. 

PUMA'S ACTIONS

Aim of establishing PUMA as the Top 3 Sports Brand

That is why PUMA has initiated a reset, with the aim of establishing itself as a Top 3 sports brand globally, returning to above industry growth and creating healthy profits in the medium term. We have the clear priority of becoming one global sports brand with global product ranges and global storytelling across markets.

Cleaning up PUMA’s Distribution

PUMA has to become less commercial, both in its wholesale and owned-and-operated channels. 

While both Wholesale and DTC will continue to play an important role in our distribution strategy, we will evolve our channel mix and aim for higher growth in our direct-to-consumer channels to bring it closer to industry averages. 

PUMA will also strive for a healthier distribution mix in its wholesale channel, seeking growth from brand-driven segments, including performance and Sportstyle, and not from commercially driven opportunities.

Reducing the Cost Base

In response to the expected significant sales decline and lower sales base, PUMA is taking another decisive step to address its elevated operating expenses by expanding its cost efficiency programme beyond the previous initiative “nextlevel”. 

PUMA plans a targeted reduction of additional around 900 white-collar roles globally (total number: around 7,000) by the end of 2026, after 500 roles were already cut under "nextlevel" in 2025. Costs and savings of the expanded programme will be further evaluated and communicated with more details in due course. 

PUMA is also addressing its cost base by tackling operational inefficiencies and cutting the size of its product range to reduce the number of new articles introduced every season.

Strengthening Storytelling to better position PUMA’s Icons

In order to strengthen the brand and become more relevant with our consumers around the world as one global sports brand, we have to become more consumer-centric. This is why PUMA will focus our marketing investments and create a structure where product creation and storytelling will happen in parallel, with the aim of delivering authentic and impactful stories that inspire customers and consumers. 

We will focus on managing our different product franchises better. With the vast PUMA Archive at our disposal, we have the clear opportunity of better establishing our product icons, such as the PUMA Suede, to ensure they stand for something our consumers can understand and identify with.

Focus on Football, Running, Training and Sportstyle Select/Prime

The PUMA brand will put performance first. Performance innovations are an essential part of our work as a sports company and we will continue to introduce and improve technologies such as NITRO™, which make the best athletes even better.

We see the Football, Running, Training and Sportstyle Select/Prime categories as our main priorities to drive future growth. While our Sportstyle products are worn for style, we will extend our performance-first approach to this category, to show how all PUMA products are clearly rooted in and inspired by sports.

A clear organisational structure

As a result of the changes to our Brand Marketing organization, which were announced earlier this week, Maria Valdes, previously Chief Product Officer, has become Chief Brand Officer and is responsible for Brand Marketing, Product, Creative Direction, Innovation and Go-To-Market.

These changes at our board level come in addition to Andreas Hubert joining as Chief Operating Officer in July. 

PUMA has now created a clear redistribution of responsibilities among its Management Board, which is an important step in improving its organisational model and providing a clear structure to manage our global business.

Growth from 2027 onwards

While 2025 is a year of reset and 2026 will be a transition year, we are confident that the measures outlined above are an important first step in returning PUMA to growth from 2027 onwards.

As PUMA’s COO, Andreas will be in charge of PUMA’s Global Sourcing Operations, including Sustainability and Product Development, IT and Logistics. With this new Board position, PUMA shifts Sourcing, IT, and Logistics under the COO, streamlining responsibilities across the leadership team and organization. Previously, Sourcing was the responsibility of the Chief Product Officer, IT the responsibility of the CFO and Logistics was part of the CEO resort. 

Andreas served as Chief Information Officer at Adidas until June 2025, overseeing the company's technology strategy, systems, applications, and IT services for more than four years. He joined the sports company in 2005 and held several leadership roles. He was based in Hong Kong for 12 years, where he worked in various sourcing positions including Senior Vice President of Global Sourcing.

“I am delighted to welcome Andreas to PUMA as our new Chief Operating Officer,” said Arthur Hoeld, CEO of PUMA. “With his extensive background in IT, sourcing, and supply chain management, he brings the perfect combination of strategic insight and operational excellence. His deep industry experience and expertise will be instrumental in optimizing PUMA’s global operations, driving digital transformation, and strengthening the resilience of our supply chain as we enter our next phase of growth.”

“I’m honored to join PUMA as Chief Operating Officer at such a pivotal time for the company,” said Andreas Hubert. “PUMA is an iconic brand with tremendous potential, and I look forward to working closely with the leadership team to strengthen our operational backbone, accelerate digital innovation, and enhance supply chain agility. Together, we will build a more resilient, customer-centric, and future-ready organization.”

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

Key developments Q2 2025

• Currency-adjusted sales down by 2.0% to € 1,942 million (-8.3% reported)
• Gross profit margin decreases by 70 basis points to 46.1%
• Operating expenses (OPEX) increase by 4.0% to € 915 million
• Adjusted EBIT, excluding one-time costs*, decreases to € -13 million
• Reported EBIT at € -98 million, including one-time costs of € 85 million from the “nextlevel” cost efficiency programme and a goodwill impairment

Lowered Outlook FY 2025

• Currency-adjusted sales decline at low double-digit percentage rate (Previously: Currency-adjusted sales growth at low- to mid-single digit percentage rate)
• For the EBIT (reported) we expect a loss (Previously: EBIT of € 445 million to € 525 million)
• CAPEX of around € 250 million (Previously: € 300 million)
• Outlook includes implications from U.S. Tariffs based on information available as of 23 July 2025

Second Quarter 2025

Sales decreased currency-adjusted (ca) by 2.0% to € 1,942.2 million. Currencies were a headwind, negatively impacting sales in euro terms by approximately € 135 million in Q2 2025 (-8.3% reported). Sales in the EMEA region decreased by 3.1% (ca) to € 771.7 million, mainly driven by a softer Europe. In the Americas region, sales decreased by 0.5% (ca) to € 779.9 million due to a decline in North America, while Latin America recorded double-digit growth during the quarter. Sales in the Asia/Pacific region decreased 2.9% (ca) to € 390.5 million, mainly reflecting ongoing softness in Greater China. 

PUMA’s Wholesale business decreased by 6.3% (ca) to € 1,341.2 million, driven by softness in the U.S., China and Europe. Our Direct-to-Consumer (DTC) business grew by 9.2% (ca) to € 601.1 million, led by the e-commerce business which grew 19.4% (ca), while sales in owned & operated retail stores increased 3.4% (ca). The DTC share rose to 30.9%, up from 27.8% in Q2 2024.

Footwear sales increased by 5.1% (ca) to € 1,061.1 million, driven by the Running and Sportstyle categories. Sales in Apparel decreased by 10.7% (ca) to € 597.8 million and Accessories decreased by 6.4% (ca) to € 283.4 million.

The gross profit margin declined by 70 basis points to 46.1%, primarily reflecting increased promotional activity and unfavourable currency effects. This was partially offset by tailwinds from sourcing and freight, as well as a positive impact from distribution channel mix.

Operating expenses (OPEX), excluding one-time costs*, increased by 4.0% to € 914.7 million (Q2 2024: € 879.3 million). The increase was mainly due to accounts receivable write offs of around € 20 million and the continued growth of our DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure. In addition, currency-related headwinds weighed on the OPEX ratio, which increased by 560 basis points to 47.1% (Q2 2024: 41.5%).

Adjusted EBIT, excluding one-time costs*, decreased to € -13.2 million. (Q2 2024: € 117.2 million) due to a lower gross profit margin and higher OPEX. PUMA incurred one-time costs related to the “nextlevel” cost efficiency programme and a goodwill impairment of € 84.6 million in the second quarter. Consequently, the operating result (reported EBIT) came in at € -97.8 million (Q2 2024: € 117.2 million) and the EBIT margin came in at -5.0% (Q2 2024: 5.5%).

The financial result decreased by 9.4% to € -46.6 million (Q2 2024: € -42.6 million) mainly due to higher net interest expenses. Taxes on income amounted to € -94.7 million (Q2 2024: € -18.4 million). The increase compared to last year was mainly driven by deferred tax assets write-offs in the U.S. and China. Net income attributable to non-controlling interests decreased to € -7.9 million (Q2 2024: € -14.3 million), as a result of a weaker socks and bodywear business in the U.S.

Consequently, net loss came in at € -247.0 million (Q2 2024: € 41.9 million) and earnings per share amounted to € -1.67 (Q2 2024: € 0.28).

First Half Year 2025

Sales decreased by 1.0% (ca) to € 4,018.2 million. Currencies were a headwind, negatively impacting sales in euro terms by approximately € 163 million in H1 2025 (-4.8% reported). Sales in the EMEA region increased by 1.2% (ca) to € 1,663.5 million. The Americasregion recorded a sales decline of 1.6% (ca) to € 1,533.7 million, while sales in the Asia/Pacific region decreased by 3.8% (ca) to € 821.1 million.

PUMA’s Wholesale business declined by 4.9% (ca) to € 2,870.6 million, driven by softness in the U.S., China and Europe. Our Direct-to-Consumer (DTC) business increased by 10.5% (ca) to € 1,147.6 million. Sales in owned & operated retail stores increased 6.0% (ca) and e-commerce increased 18.4% (ca). This resulted in an increased DTC share of 28.6% (H1 2024: 25.6%).

Among product divisions, sales in Footwear increased by 3.7% (ca) to € 2,247.1 million, driven by the Running, Basketball and Sportstyle categories. Apparel decreased by 6.3% (ca) to € 1,192.1 million and Accessories decreased by 6.1% (ca) to € 579.1 million. 

The gross profit margin decreased by 60 basis points to 46.5% (H1 2024: 47.2%). Increased promotional activity, currency effects as well as positive inventory valuation effects in the previous year were a headwind. This was partially offset by tailwinds from sourcing and freight, as well as a positive impact from distribution channel mix.

Operating expenses (OPEX), excluding one-time costs*, increased by 5.5% to € 1,819.6 million (H1 2024: € 1,724.6 million). The increase was mainly due to accounts receivable write offs of around € 20 million and the continued growth of our DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure. In addition, currency-related headwinds weighed on the OPEX ratio, which increased 440 basis points to 45.3% (H1 2024: 40.9%).

Adjusted EBIT, excluding one-time costs*, decreased by 77.4% to € 62.5 million (H1 2024: € 276.2 million) due to a lower gross profit margin and higher OPEX. PUMA incurred one-time costs related to the “nextlevel” cost efficiency programme and a goodwill impairment of € 102.6 million. Consequently, the reported EBIT came in at € -40.1 million (H1 2024: € 276.2 million) and the EBIT margin came in at -1.0% (H1 2024: 6.5%).

The financial result decreased by 27.7% to € -88.7 million (H1 2024: € -69.4 million) mainly due to higher net interest expenses. Taxes on income amounted to € -98.9 million (H1 2024: € -51.4 million). The increase compared to last year was mainly driven by deferred tax assets write-offs in the U.S. and China in the second quarter. Net income attributable to non-controlling interests amounted to € -19.0 million (H1 2024: € -26.1 million).

Consequently, net loss came in at € -246.6 million (H1 2024: € 129.3 million) and earnings per share amounted to € -1.67 (H1 2024: € 0.86).

Working Capital

The working capital increased by 13.5% to € 1,864.8 million (30 June 2024: € 1,643.7 million). Inventories increased by 9.7% reported and 18.3% currency adjusted to € 2,151.1 million (30 June 2024: € 1,961.1 million) and were primarily impacted by higher inventory levels in our key markets. Trade receivables decreased by 6.2% to € 1,308.8 million (30 June 2024: € 1,394.7 million). Trade payables decreased by 8.1% to € 1,513.8 million (30 June 2024: € 1,647.9 million).

Cash Flow and Liquidity Situation

The free cash flow was at € -642.8 million in the first half of 2025 (H1 2024: € -204.4 million). As of 30 June 2025, PUMA had cash and cash equivalents of € 292.6 million (30 June 2024: € 271.8 million). In addition, the PUMA Group had credit lines totalling € 1,967.4 million as of 30 June 2025 (30 June 2024: € 1,411.7 million). A refinancing project was initiated already towards the end of the previous year, starting with the early renewal and expansion of the revolving credit facility (RCF). Supported by nine participating banks, this secures a committed credit line of € 1.2 billion (previously € 800 million) with a maturity date in December 2030. In addition, a new Schuldschein was issued in the second quarter of 2025, raising an additional € 210 million in financing. Both financing instruments offer competitive terms and are aligned with PUMA’s specific needs. Unutilized credit lines amounted to € 663.8 million as of 30 June 2025 (30 June 2024: € 595.4 million). 

Additionally, PUMA completed the acquisition of shares within the framework of the share buyback programme of PUMA SE on 31 March 2025. Under this programme, a total of 1,687,753 shares were repurchased for € 50 million in the first half of 2025 (H1 2024: 700,413 shares for € 31 million) (excluding incidental transaction costs). 

Lowered outlook 2025

Amid ongoing volatile geopolitical and macroeconomic volatility, PUMA anticipates that both sector-wide and company-specific challenges will continue to significantly impact performance in 2025. Key factors include muted brand momentum, shifts in channel mix and quality, the impact of U.S. Tariffs, and elevated inventory levels. 

Looking ahead, PUMA no longer expects to achieve the currency-adjusted sales growth previously anticipated for the remainder of 2025. The softer topline performance observed in the second quarter is expected to persist for the remainder of 2025, resulting in higher inventory levels. In this context, PUMA will continue to actively reduce inventory levels. Despite ongoing mitigating measures such as supply chain optimization, pricing adjustments and partner collaboration, the U.S. Tariffs are expected to have a mitigated negative impact in 2025 of around € 80 million on gross profit. 

In response to these developments, PUMA has revised its full-year guidance. Currency-adjusted sales are now forecast to decline low double-digit percentage (Previously: low- to mid-single-digit percentage currency-adjusted increase). 

For the EBIT we expect a loss in the full year 2025 (Previously: EBIT of € 445 million to € 525 million), reflecting softer topline development, increased currency headwinds, the impact of the U.S. Tariffs and additional measures, including one-off charges, to further align the cost base in the second half of the year. We are providing an earnings outlook for reported EBIT only.

In response to second quarter performance and the muted growth outlook in the second half of 2025, PUMA has revised its capital expenditure plans for the year and now expects to invest around € 250 million in 2025 (Previously: around € 300 million).

*one-time costs include costs related to the “nextlevel” cost efficiency programme and a goodwill impairment

On a preliminary basis, sales for the second quarter declined currency-adjusted (ca) by 2.0% to € 1,942 million. Currencies were a major headwind, negatively impacting sales in euro terms by approximately € 135 million (-8.3% reported). The sales decline was driven by the key markets North America (ca -9.1%), Europe (ca -3.9%) and Greater China (ca -3.9%). While the sales in the rest of APAC also declined 
(ca -2.4%), Latin America (ca +16.1%), EEMEA (ca +0.5%) continued to grow. From a channel perspective the sales decline was driven by softness in the Wholesale business (ca -6.3%), while the Direct-to-Consumer (DTC) business increased (ca +9.2%), led by double-digit growth in E-Commerce. The growth in PUMA’s Footwear business (ca +5.1%), was more than offset by a decline in Apparel (ca -10.7%) and Accessories (-6.4%).

The gross profit margin declined by 70 basis points to 46.1%, primarily reflecting increased promotional activity and unfavourable currency effects. This was partially offset by tailwinds from sourcing and freight, as well as a positive impact from distribution channel mix. The second quarter adjusted EBIT, excluding one-time costs*, decreased to € -13.2 million. In addition to the overall softer topline development, the decline in adjusted EBIT was mainly driven by the lower gross profit margin. PUMA incurred one-time costs* of € 84.6 million in the second quarter. Taxes on income amounted to € -94.7 million.The increase compared to last year was mainly driven by deferred tax assets write-offs in the U.S. and China. The net loss came in at € -247.0 million.

Preliminary currency-adjusted sales in the first half year 2025 declined by 1.0% (ca) to € 4,018 million (-4.8% reported). The gross profit margin decreased by 60 basis points to 46.5%. The adjusted EBIT, excluding one-time costs*, decreased to € 62.5 million. During the first half year 2025, PUMA incurred one-time costs* of € 102.6 million. The net loss came in at € -246.6 million. 

Inventories increased by 9.7% reported and 18.3% currency-adjusted to € 2,151 million and were primarily impacted by higher inventory levels in our key markets. 

Amid ongoing volatile geopolitical and macroeconomic volatility, PUMA anticipates that both sector-wide and company-specific challenges will continue to significantly impact performance in 2025. Key factors include muted brand momentum, shifts in channel mix and quality, the impact of U.S. Tariffs, and elevated inventory levels. 

Looking ahead, PUMA no longer expects to achieve the currency-adjusted sales growth previously anticipated for the remainder of 2025. The softer topline performance observed in the second quarter is expected to persist for the remainder of 2025, resulting in higher inventory levels. In this context, PUMA will continue to actively reduce inventory levels. Despite ongoing mitigating measures such as supply chain optimization, pricing adjustments and partner collaboration, the U.S. Tariffs are expected to have a mitigated negative impact in 2025 of around € 80 million on gross profit. 

In response to these developments, PUMA has revised its full-year guidance. Currency-adjusted sales are now forecast to decline low double digit percentage (Previously: low- to mid-single-digit percentage currency-adjusted increase). 

For the EBIT we expect a loss in the full year 2025 (Previously: EBIT of € 445 million to € 525 million), reflecting softer topline development, increased currency headwinds, the impact of the U.S. Tariffs and additional measures, including one-off charges, to further align the cost base in the second half of the year. We are providing an earnings outlook for reported EBIT only.

In response to second quarter performance and the muted growth outlook in the second half of 2025, PUMA has revised its capital expenditure plans for the year and now expects to invest around € 250 million in 2025 (Previously: around € 300 million).

*one-time cost include cost related to the “nextlevel” cost efficiency programme, goodwill impairments and other one-time costs

 The financial results are preliminary and unaudited. 

Media Relations:

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

Investor Relations:

Oliver Maier – Interim Director Investor Relations – PUMA SE – oliver.maier.ext@puma.com

Notes to the editors:

• The financial reports are posted on about.puma.com

• PUMA SE stock symbol:

  Reuters: PUMG.DE, Bloomberg: PUM GY, 

  Börse Frankfurt: ISIN: DE0006969603– WKN: 696960

Sports company PUMA today announces preliminary results for the second quarter 2025 and revises its financial outlook for the full year 2025, due to a softer than anticipated topline development and including the expected implications from U.S. Tariffs based on information available as of 23 July 2025. 

Softer than anticipated topline development in our key markets (North America, Europe and Greater China) affected PUMA’s sales and earnings performance in the second quarter. As a result, adjusted EBIT came in below expectations in the second quarter. On a preliminary basis, sales for the second quarter declined by 2.0% currency-adjusted (ca) to € 1,942.2 million (-8.3% reported). Adjusted EBIT, excluding one-time costs*, decreased to € -13.2 million. In addition to the overall softer topline development, the decline in adjusted EBIT was mainly driven by the lower gross profit margin. PUMA incurred one-time costs* of € 84.6 million in the second quarter. Net loss for the quarter amounted to € -247.0 million.

Looking ahead, PUMA no longer expects to achieve the currency-adjusted sales growth previously anticipated for the remainder of 2025. The softer topline performance seen in the second quarter is expected to persist for the remainder of 2025, resulting in higher inventory levels. In this context, PUMA will continue to actively reduce inventory levels. In addition, the company also expects ongoing macroeconomic challenges, as well as the mitigated negative impact of U.S. Tariffs (around € 80 million on gross profit), to affect performance throughout the year.

In response to these developments, PUMA has revised its full-year guidance. Currency-adjusted sales are now forecast to decline low double digit percentage (Previously: low- to mid-single-digit percentage currency-adjusted increase). 

For the EBIT , we expect a loss in the full year 2025 (Previously: EBIT of € 445 million to € 525 million), reflecting softer topline development, increased currency headwinds, the impact of the U.S. Tariffs and additional measures, including one-off charges, to further align the cost base in the second half of the year. We are providing an earnings outlook for reported EBIT only.

In response to second quarter performance and the muted growth outlook in the second half of 2025, PUMA has revised its capital expenditure plans for the year and now expects to invest around € 250 million in 2025 (Previously: around € 300 million). 

*one-time costs include costs related to the “nextlevel” cost efficiency programme, goodwill impairments and other one-time costs

The financial results are preliminary and unaudited. 

Media Relations:

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

Investor Relations:

Oliver Maier – Interim Director Investor Relations – PUMA SE – oliver.maier.ext@puma.com

Notes to the editors:

• The financial reports are posted on about.puma.com

• PUMA SE stock symbol:

  Reuters: PUMG.DE, Bloomberg: PUM GY, 

  Börse Frankfurt: ISIN: DE0006969603– WKN: 696960

Key developments Q1 2025

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

Outlook FY 2025

• Currency-adjusted sales growth at low- to mid-single digit percentage rate
• Adjusted EBIT excluding one-time costs in a range between € 520 million and € 600 million
• CAPEX of around € 300 million
• Maintained outlook excludes potential implications from U.S. tariffs announced after PUMA’s initial outlook on 11 March 2025

First Quarter 2025

Sales grew currency-adjusted (ca) by 0.1% to € 2,076.0 million (-1.3% reported). Sales in the EMEA region increased by 5.1% (ca) to € 891.7 million, driven by double-digit growth in EEMEA. In the Americas region, sales decreased by 2.7% (ca) to € 753.7 million due to a decline in North America, while Latin America recorded double-digit growth during the quarter. Sales in the Asia/Pacific region decreased 4.7% (ca) to € 430.5 million, reflecting ongoing softness in Greater China. 

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

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

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

Operating expenses (OPEX), excluding nextlevel related one-time costs, increased by 7.1% to € 904.9 million (Q1 2024: € 845.3 million). The increase was mainly due to the continued growth of our DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure. In addition, currency-related headwinds and timing of marketing activities weighed on the OPEX ratio, which increased by 340 basis points to 43.6% (Q1 2024: 40.2%).

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

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

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

Working Capital

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

Share Buyback 

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

Brand & Product Update

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

Outlook 2025

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

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

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

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

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

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

Financial Calendar:

21 May 2025                                     Annual General Meeting

31 July 2025                                     Interim Report Q2 2025

30 October 2025                              Quarterly Statement Q3 2025

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

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).

All regions contributed to the sales growth (ca) in the fourth quarter, driven by a strong improvement in the Wholesale business (+6.9%) and continued growth in Direct-to-Consumer (+16.1%). When compared to the first nine months 2024, a stronger growth trajectory was achieved across EEMEA (+14.3%), Europe (+10.3%), Greater China (+7.4%), Other APAC (+19.0%) and North America (+2.6%), while LATAM's sales growth was softer with +7.0%. PUMA’s Footwear business grew 9.2% and Apparel was up 8.8%, while Accessories increased 14.5%.

For the full year 2024, all regions, product divisions and distribution channels improved currency adjusted sales compared to last year. This growth was accompanied by a 110 basis point improvement in gross profit margin to 47.4%.

The full-year 2024 operating result (EBIT) came in at € 622 million, which is at last year’s level (2023: € 622 million) and in line with the EBIT outlook for the full year 2024. The full-year 2024 EBIT margin was 7.1%. Net income came in at € 282 million, which is below prior year’s level (2023: € 305 million) and expectations. This was mainly caused by higher net interest expenses and higher non-controlling interests.

"While we achieved solid sales growth in 2024 and made meaningful progress on our strategic initiatives, we are not satisfied with our profitability,“ said Arne Freundt, CEO of PUMA. “With a heightened focus on translating top-line growth to increased profitability growth, we have initiated “nextlevel”, a comprehensive efficiency program targeting cost optimization and operational improvements. Combined with decisive actions already taken, we will implement further cost control measures in 2025. While we continue to operate in a dynamic environment, we are encouraged by our improved growth throughout 2024 and expect 2025 to grow stronger than 2024.”

The programme “nextlevel” has been initiated with the aim to achieve an EBIT margin of 8.5% by 2027 by optimizing direct and indirect costs, including personnel expenses through better resource allocation aligned with our strategic growth areas. The cost efficiency initiative complements PUMA’s brand elevation strategy which is building the foundation for sustainable and accelerated growth. In what remains a dynamic environment, PUMA will continue to make strategic investments in its brand to accelerate growth, complemented by the “nextlevel” programme that ensures an improvement of the underlying operating result starting in 2025. In combination with our brand elevation strategy, we are committed to achieve a 10% EBIT margin in the long-term. 

The financial results are preliminary and unaudited. PUMA SE will publish its results for the financial year 2024 and 2025 outlook on 12 March 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

Sports company PUMA announced today preliminary 2024 results, reporting a currency adjusted (ca) sales growth of 9.8% to € 2,289 million (+15.5% reported) in the fourth quarter of 2024. On a full-year basis, sales grew by 4.4% (ca) to € 8,817 million (+2.5% reported) and in line with the outlook.

The full-year 2024 operating result (EBIT) came in at € 622 million, which is at last year’s level (2023: € 622 million) and in line with the EBIT outlook for the full year 2024. The full-year 2024 EBIT margin was 7.1%. Net income came in at € 282 million, which is below prior year’s level (2023: € 305 million) and expectations. This was mainly caused by higher net interest expenses and higher non-controlling interests.

In the fourth quarter, both the operating result (EBIT) of € 109 million (Q4 2023 EBIT: € 94 million) and the net income of € 24 million (Q4 2023 net income: € 1 million) came in significantly above last year’s levels, but below expectations.

PUMA initiates the cost efficiency programme “nextlevel” with the objective to achieve an EBIT margin of 8.5% by 2027.

The financial results are preliminary and unaudited. PUMA SE will publish its results for the financial year 2024 and outlook 2025 on 12 March 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