Based on the positive net earnings, the Management Board and the Supervisory Board propose to the Annual General Meeting on May 5, 2021 that a dividend of €0.16 per share be paid out from retained earnings of PUMA SE for the financial year 2020. The payout ratio for financial year 2020 is 30.3% of consolidated net earnings. This is in accordance with PUMA SE’s dividend policy, which foresees a payout ratio of 25% to 35% of consolidated net earnings. The payment of the dividend is to take place in the days after the Annual General Meeting at which the decision is made on the payout. However, payment is subject to the condition that the macroeconomic conditions allow for a payout. The dividend was waived in the previous year in order to reduce cash outflows during the COVID-19 pandemic.