Overview 2024

In the Year of Sport 2024, PUMA focused on making progress with its brand elevation strategy to lay the foundation for accelerated and sustainable growth. The focus of this strategy is on creating a distinctive brand DNA, strengthening our sport performance credibility and becoming more relevant in Sportstyle Prime.

Major events such as the Olympic Games, UEFA Euro 2024, CONMEBOL Copa America and the AFCON Africa Cup of Nations were a good example of how we create visibility for the PUMA brand through strong brand presence and product innovation. We are convinced that the success of the many athletes who wore PUMA's performance technologies such as NITRO^TM has helped us gain more credibility as a sports brand.

We also took the Year of Sport as an opportunity to launch our biggest brand campaign ever. The campaign "FOREVER. FASTER. - See The Game Like We Do" aimed to communicate PUMA's connection with speed and was communicated across all channels including social media, TV, PR, out-of-home media and points of sale worldwide.

After the launch in April, we followed up with further campaign chapters over the course of the year, focussing on the major football tournaments Euro 2024 and Copa America, the Olympic Games and the start of the NBA season. The brand campaign was supported by our brand ambassadors such as Neymar Jr, Kai Havertz, Yaroslava Mahuchikh, Armand "Mondo" Duplantis, LaMelo Ball and Breanna Stewart and, based on our data, increased our brand consideration and awareness.

We believe that the performances of our sponsored teams and athletes in Teamsport have also strengthened our positioning as a sports brand throughout the year. At Euro 2024, our brand ambassador Cody Gakpo was joint top scorer and PUMA Team Ivory Coast won the Africa Cup of Nations. In club football, Manchester City won the Premier League title for the fourth time in a row and Borussia Dortmund reached the final of the Champions League.

With the Portuguese Football Federation, we have welcomed one of the world's favourite national teams into the PUMA family. It was a clear example of how we want to elevate our brand by working with exceptional ambassadors.

Among the exciting new innovations we launched in the Teamsport category was the seventh generation of the FUTURE football boot, which was developed for creative players such as Neymar Jr, Kai Havertz and Julia Grosso. We believe we have made our fastest football boot even faster with the launch of the ULTRA 5, which features a new high-performance outsole design.

In Running and Training, the Olympic Games in Paris were the most successful of all time for us. Our athletes won 66 medals, including 19 gold medals at the Olympic Games and Paralympics. Among the many highlights was Julien Alfred, who sprinted to gold in the 100 metres in Paris, becoming the first female Olympic gold medallist from Saint Lucia. Our athletes even set three new world records: Yaroslava Mahuchickh broke the 37-year-old world record in the high jump with 2.10 m, pole vaulter Armand "Mondo" Duplantis improved his own world record for the tenth time by raising the bar to 6.26 m, and sprinter Devynne Charlton set a new world record in the 60 m hurdles with 7.65 seconds.

With US sprint sensation Christian Miller, who already ran the 100 metres in under 10 seconds at the age of just 17, we have secured another promising brand ambassador in track and field.

All of our athletes have been able to rely on PUMA's NITRO^TM technology, which we believe is one of the best foam technologies on the market, offering superior responsiveness and cushioning.

NITRO^TM is at the heart of our new road running products, including the third version of our award-winning Deviate NITRO^TM running shoe. With the Deviate Nitro Elite 3, runners Fiona O'Keeffe and Dakotah Lindwurm finished first and third at the US Olympic Marathon Trials. At the New York City Marathon, the Deviate Nitro Elite 3 outpaced the competition as the fastest shoe among the top 20 men and women, as reported by the running platform Run Outside Online. With the FAST-R2, we wanted to present the ultimate raceday running shoe. It received the prestigious Spanish CORREDOR award for the best new shoe of the year.

NITRO^TM also played an important role in our new global partnership with HYROX, the world series of fitness racing, for which we presented a complete collection tailored to the unique needs of athletes in this extraordinary sport.

In Basketball, we once again demonstrated our approach to the sport, combining performance and basketball culture. The MB.04, the latest edition of NBA star LaMelo Ball's signature basketball shoe, continued to be a favourite one, according to our sales figures. This inspired us to launch the LaFrancé sneaker with LaMelo, his first signature lifestyle product. For WNBA player Breanna Stewart's latest signature shoe, Stewie 3, we combined eye-catching design with PUMA's latest performance technology.

To invest in the next generation of basketball, we have welcomed NBA All-Star Tyrese Haliburton as a brand ambassador. Tyrese's style on and off the court makes him a favourite with basketball fans in both the US and China.

The announcement of the partnership with designer and cultural icon Salehe Bembury was groundbreaking for us. We are convinced that he knows how to combine performance and culture like no other and are looking forward to him designing PUMA's next signature basketball shoe.

Next to working with the best in the sport, we also wanted to invest in young talent. Our basketball shoe ‎All-Pro NITRO™ became the official shoe of the amateur basketball circuit NXTPro Hoops with more than 14,000 players.

In Golf, our athletes Angel Hidalgo, Ewen Ferguson, Jesper Svensson and Chiara Tamburlini achieved impressive victories. With Norwegian player Viktor Hovland and golf influencers Drew Stoltz and Brice Butler, we welcomed new ambassadors to the PUMA family. Our long-standing partner Rickie Fowler, one of our most creative ambassadors for many years, extended his contract with us.

With the needs of our athletes in focus, we continued to work on innovative golf products, including the new Flexspike technology for our PHANTOMCAT shoes and our new You-V apparel, which offers protection against the sun’s harmful rays.

Among the many innovations launched by Cobra Golf in 2024 were the DARKSPEED family of drivers and irons, which feature an aerodynamic design, and the best-selling LIMIT3D, the world's first set of commercially available 3D-printed irons.

In Motorsport, we aimed to use our partnership with Formula 1 and the teams we sponsor to provide great coverage throughout the year and to showcase new products and innovations. This was the case with our first catwalk show at an F1 race at the Chinese Grand Prix, special collections for Scuderia Ferrari HP in Miami, an event to launch our ULTRA 5 football boot in Milan before the Italian Grand Prix or a Speedcat event in Las Vegas, which was also attended by many celebrities. At the start of the Formula 1 season, our flagship store in New York City became the stage for the launch of the new Williams F1 car.

With Scuderia Ferrari HP driver Charles Leclerc and the Aston Martin Aramco Formula 1 team, we were able to welcome two new partners who we believe emphasise our credibility in this sport.

With the aim of promoting excellence in women's racing, PUMA announced a partnership with the F1 Academy, an all-female racing series for young talents. PUMA participated in the series in 2024 with its own car and became the supplier of six F1 Academy drivers.

In Sportstyle, we introduced important new products across our entire range. We aimed to maximise the current terrace and skate trends and launched new versions of our Palermo and Suede XL sneakers.

PUMA also wants to invest in the next trends, as we demonstrated with the launch of our low-profile model Speedcat, which we introduced in various colours in the second half of the year. We were impressed by the feedback from our partners and the media, and the Speedcat was even included in the top 3 "Hottest Products" of the Lyst Index in the third quarter, which analyses the most sought-after items in the global fashion industry.

Based on the sales of the Speedcat in high-end distribution channels, we believe that PUMA can capitalise on this emerging trend and lead the way with its large archive of low-profile sneakers.

With the Mostro and the Inhale, we have two more styles in our product pipeline that can cater to the low-profile and progressive running trends. We are convinced that we have created hype for these styles with the help of musician and designer A$AP Rocky, who presented his interpretation of the two sneakers in limited edition collections. Our collaboration with A$AP Rocky was even named "Collaboration of the Year" by Footwear News. A$AP Rocky, renowned fashion designer Kid Super and others also helped PUMA make headlines at Paris Fashion Week.

With one of the best-known K-pop artists Rosé, we were able to gain a new important brand ambassador with global relevance. In addition to existing ambassadors such as Dua Lipa, Rosé played a major role in activating our key models such as Speedcat and Palermo. Our brand ambassador Rihanna was also part of our strategy to strengthen the brand. Rihanna created buzz in the press and on social media with the back-to-school editions of her Creeper and Avanti trainers in new colour combinations and materials.

With partners such as the British rapper Skepta, fashion brand Heliot Emil and bestselling anime series One Piece, we wanted to create collections that inspire our customers with strong storylines and sophisticated product designs. Our collaborations with high-fashion brands Ottolinger, Coperni and designer Danielle Guizo focused on our female customers.

In financial year 2024, PUMA was once again facing a difficult geopolitical and macroeconomic market environment. The conflict in the Middle East, the war in Ukraine, persistent inflation and ongoing risks of recession had a negative impact on consumer sentiment and led to volatile demand in retail. In addition, persistent currency headwinds and a promotional market environment negatively impacted our sales growth and profitability. For that reason, in 2024, the management continued to focus on overcoming the short-term challenges without compromising the medium and long-term success of PUMA. In this respect, sales growth and increasing market shares took priority over short-term profitability optimisation.

In spite of the difficult and volatile market environment, we succeeded in further increasing PUMA's sales and in achieving sales growth in all regions and in all product divisions in 2024. Currency-adjusted sales increased by 4.4%. In the reporting currency, the euro, this corresponds to an increase in sales of 2.5% from € 8,602 million in the previous year to record sales of € 8,817 million in 2024. Sales development was therefore in the mid-single-digit percentage range, in line with the outlook for currency-adjusted sales growth.

The gross profit margin increased by a rounded 100 basis points from 46.3% in the previous year to 47.4% in 2024. Positive effects from a favourable regional and distribution channel mix more than offset unfavourable currency effects and higher discounts. The net expense of other operating income and expenses increased by a total of 5.2% in financial year 2024 to € 3,580 million (previous year: € 3,403 million). This increase is essentially due to the continued growth of our Direct-to-Consumer (DTC) business and further investments into our warehouse and digital infrastructure. This resulted in a higher cost ratio, which rose from 39.6% in the previous year to 40.6% in 2024.

The operating result (EBIT) increased by 0.1% from € 621.6 million to € 622.0 million. In spite of the difficult and volatile market environment, the operating result reached the lower end of the forecast, which ranged from € 620 million to € 670 million. However, the EBIT margin decreased from 7.2% in the previous year to 7.1% in 2024. Higher interest expenses and higher currency-related losses had a negative impact on the financial result compared with the previous year. Taking into account a higher tax rate and the rise in net earnings attributable to non-controlling interests, consolidated net income amounted to € 281.6 million compared with € 304.9 million in the previous year. The consolidated net income for 2024 was therefore below our expectations and fell by 7.6% compared to the previous year. Earnings per share therefore decreased from € 2.03 in the previous year to € 1.89.

The following table compares the actual results with the forecast business development.

The positive consolidated net income enables the Management Board and the Supervisory Board of PUMA SE to propose a dividend of € 0.61 per share for financial year 2024 at the Annual General Meeting on 21 May 2025. This corresponds to a payout ratio of 32.3% in relation to the consolidated net income according to IFRS. The payout ratio was calculated by reference to the average number of shares outstanding in 2024. PUMA's dividend policy, which was adjusted by means of its publication dated 29 February 2024, provides for a dividend payout of between 25% and 40% of consolidated net income. In the previous year, a dividend of € 0.82 per share was paid out and the payout ratio was 40.3% of consolidated net income.

PUMA's dividend policy, which was adjusted by means of its publication dated 29 February 2024, also provides for a further 10% to 25% increase in the dividend payout by means of a share buyback programme, with a view to increasing the total dividend payout ratio to up to 50% of consolidated net income. In connection with this, in the period from 6 March 2024 up to and including 31 December 2024, PUMA SE acquired 1,128,961 shares in the first tranche at a total price of € 49,999,986.41 (excluding ancillary acquisition costs) and an average purchase price of € 44.29 per share. This corresponded to 0.75% of the subscribed capital. Of the shares repurchased, 1,126,444 were cancelled in the fourth quarter of 2024.

The PUMA share had a negative performance in the financial year 2024. Based on the previous year's level, the PUMA share started 2024 at a price of € 50.52. In the following twelve months, the price of the PUMA share ranged between € 52.50 (May 2024) and € 34.81 (August 2024). At the end of 2024, the price of the PUMA share was € 44.36, which represents a decline of 12.2% compared to the previous year. At the end of 2024, the market capitalisation of the PUMA Group amounted to € 6.6 billion (previous year: € 7.6 billion).‎