Outlook

Outlook

Due to planned internal structural changes, we expect a significant decline in sales in the annual financial statements under the German Commercial Code (German GAAP, HGB) of PUMA SE for the financial year 2025. The relocation of business units means that the underlying sales will not be reported by PUMA SE but by other companies in the PUMA Group. For the financial year 2025, we expect earnings before taxes at the previous year's level in the German GAAP annual financial statements of PUMA SE, taking into account dividends from investments in affiliated companies.