ESRS 2 General disclosures

ESRS 2 General disclosures

Strategy

Strategy, business model and value chain (SBM-1)

PUMA SE is a publicly listed company in the sporting goods industry, headquartered in Herzogenaurach, Germany. We report our business activities into three major regions: EMEA, the Americas and Asia/Pacific. These regions are further divided into seven segments: Europe, EEMEA, North America, Latin America, Greater China, Asia/Pacific (excluding Greater China) and stichd. This is based on the registered offices of the respective subsidiaries. Our products are categorised into three divisions: footwear, apparel and accessories.

As of 31 December 2024, the PUMA Group consists of the parent company PUMA SE and 101 subsidiaries, controlled directly or indirectly by PUMA SE. The subsidiaries handle various tasks at the local level, such as distribution, marketing, product development, sourcing and administration. A full list of subsidiaries can be found in the Notes to the Consolidated Financial Statements.

Our value chain includes several stages, from design and development to sourcing and manufacturing, distribution and retail, up to the product use phase and end of life. PUMA’s main business activities are the design, development, sourcing, marketing and selling of sports and sports-lifestyle footwear, apparel and accessories.

Major inputs for PUMA products include cotton and polyester for apparel and accessories, alongside polyurethane, ethyl vinyl acetate (EVA) and natural and synthetic rubber and leather for footwear. Product packaging mainly consists of cardboard (outer cardboards, shoe boxes and hangtags) and polyethylene bags (primary packaging for apparel and accessories). PUMA purchases finished products from outsourced and external manufacturing partners based on designs and specifications made by the PUMA design and development teams. Logistics service providers transport the goods from the country of manufacture to the final sales destinations.

PUMA is divided into seven Business Units: Sportstyle, Teamsport, Running and Training, Motorsport, Golf, Basketball and Accessories. Additionally, PUMA’s owned company stichd, is involved in the design, development, sourcing, marketing and selling of socks and bodywear and the distribution and selling of licensed products.

Our revenues are derived from the sale of PUMA and Cobra Golf brand products via wholesale and retail trade, and direct sales to consumers in our own retail and online stores. We market and distribute our products worldwide, mainly through our own subsidiaries. Our daughter company stichd sells socks and bodywear and operates fan shops and online stores for a large football club and during Formula 1 races. There are distribution agreements with independent distributors in a few countries. PUMA does not sell any products or services that are banned in certain markets. PUMA is not active in the sectors of fossil fuel production, chemicals production, weapons production or tobacco products.

A breakdown of net sales can be found in the Sales chapter in the financial statement. A breakdown of employee figures per main region can be found in the S1 Own workforce section.

Sustainability strategy

PUMA’s sustainability strategy, FOREVER. BETTER., aims for the full integration of sustainability aspects into core business functions, ensuring sustainability is a key priority across all levels of the organisation. Our sustainability-related goals have a global scope, covering various aspects of our supply chain and own operations, all product divisions and customer groups. Our strategy and targets are approved by PUMA’s Management Board. PUMA also sets specific regional targets. For example, PUMA promotes circularity through take-back schemes in countries such as the USA, Germany, France, China, and Australia.

Our strategy tackles the key challenges of working with outsourced manufacturers, including raw material traceability, environmental impacts, Human Rights issues, and the limited visibility of the end of life of PUMA products after they are sold to our consumers.

The year 2024 marks a transition year for our sustainability strategy. Following a DMA conducted with external consultation in 2023 and a stakeholder dialogue meeting in April 2024, we developed and published our new Vision 2030 sustainability targets. These build on the 10FOR25 sustainability strategy and sharpen the focus on efforts related to our impact sustainability matters under the pillars of Human Rights, Climate and Circularity. Specific topics under those pillars are covered as follows:

Human Rights

• Own employees: diversity, employee engagement and development, health and safety and community engagement
• Own employees and supply chain: fair labour conditions, living wages and gender equity.

Climate

• Scope 1 and 2 emissions: greenhouse gas (GHG) emission reductions by using renewable energy, transitioning to a zero or low-emission car fleet, and avoiding corporate airplane use unless biofuels are utilised
• Scope 3 emissions: GHG emission reductions through using renewable energy, phasing out coal boilers, and using less carbon-intensive materials
• Biodiversity: set science-based targets for nature (SBTN) and deforestation-free (bovine) leather
• Water: recycled industrial wastewater at core factories (covering approximately 60-80 % of business volume).

Circularity

• Use of recycled materials
• New business models
• Elimination of plastic packaging
• Collaboration with the industry
• Circular design.

Human Rights targets for own entities relate to all PUMA employees globally, and for the supply chain, while fair labour condition relate to all PUMA suppliers, living wages and gender equity targets relate to core PUMA suppliers. Climate and biodiversity targets relate to all our own entities and upstream supply chain, our water target relates to PUMA core factories. Circularity targets relate to PUMA’s main products (footwear, apparel and accessories) sold in all markets where PUMA is present and all customer groups.

PUMA has social and environmental impacts both upstream and downstream in the value chain. PUMA works closely with suppliers and material organisations like Better Cotton and the Leather Working Group, to implement better practices and reduce our impact across the supply chain. We collaborate with environmental expert organisations and United Nations (UN) bodies like the UN Climate Change to align our goals with international and industry commitments. PUMA engages with workers’ rights organisations, international trade unions, and our own Works Council to ensure fair labour practices and Human Rights compliance. Downstream in the value chain, we involve wholesale customers, marketing assets like football clubs, and second-hand market representatives to promote sustainability and circularity.

PUMA’s efforts to mitigate upstream impacts include sourcing certified and/or recycled materials such as cotton, polyester, leather, and cardboard. We promote ethical practices and Human Rights compliance through the PUMA Code of Conduct for vendors. Additionally, we use comprehensive chemical management systems to ensure safety and compliance, and we aim to reduce Scope 3 emissions. PUMA works with suppliers to implement these practices and pursue sustainability goals.

PUMA’s approach to mitigate downstream impacts involves continuous innovation in product design and development, collaboration with wholesale partners, and efficient logistics to ensure timely delivery. We also aim to enhance brand trust and loyalty by offering high-quality products made with certified or recycled materials.

Our daughter company stichd has set own sustainability targets, in line with PUMA’s focus areas.

Interests and views of stakeholders (SBM-2)

Our stakeholder engagement is a continuous and comprehensive process aimed at integrating the perspectives and feedback of various stakeholders into the company’s DMA, decision-making process and sustainability strategies and targets. This ensures that our projects and priorities align with broader societal goals and reduces tensions with stakeholders. At PUMA, we organise stakeholder dialogues by inviting representatives from Civil Society Organisations (CSOs), Non-Governmental Organisations (NGOs), suppliers, expert organisations, government agencies, and other relevant groups to discuss our sustainability agenda, as described in the Overview of stakeholder views and interests (SBM-2) table. Members of the Management and Supervisory Board frequently participate in our stakeholder dialogue meetings.

These dialogues focus on specific themes such as Human Rights, climate, circularity or traceability. For example, after consulting stakeholders on PUMA’s Vision 2030 and targets in April 2024, PUMA adjusted its Vision 2030 circularity targets from individual product take-back towards industry collaboration on take-back structures and recycling. Another outcome was that PUMA will trial second-hand sales.

Engagement across the value chain takes place year-round through supplier meetings, industry benchmarks or conferences. PUMA engages with a wide range of stakeholders including material organisations (e.g., Better Cotton, Leather Working Group), product and material manufacturing partners, workers’ rights groups, trade unions, environmental and Human Rights experts, customers, marketing assets, and product sorting and recycling organisations. Continuous stakeholders’ engagement ensures that their views are included in PUMA’s impact assessment, due diligence, sustainability strategy and targets.

For instance, by focusing on high-quality, innovative products made from certified or recycled materials, we aim to have 90 % of our products made from partially or fully certified or recycled sources by 2025, 100 % polyester from recycled source by 2030 and to achieve carbon neutrality by 2050 at the latest. This approach meets customer demands and enhances brand trust. Investors benefit from sustained growth and risk mitigation. Employees enjoy a supportive work environment with fair labour practices and development opportunities. PUMA maintains transparent and fair relationships with suppliers, improving environmental and social performance and efficiency. We also support community engagement and environmental conservation, to address NGO and community expectations for transparency and responsibility. We work on implementing advanced data tracking for transparency in sourcing and production.

Overall, PUMA’s stakeholder engagement has resulted in more inclusive sustainability strategies, ensuring that the company remains accountable and responsive to stakeholders’ needs. PUMA will continue to hold regular stakeholder dialogue meetings and plans to expand sustainability communication with consumers to ensure transparency and increase trust. Additionally, PUMA will collaborate with industry peers and experts to refine its sustainability strategies. Based on feedback and industry standards, PUMA commits to regularly reviewing its list of material topics and IROs to ensure comprehensive coverage in future reporting cycles.

Impact, risk and opportunity management

Process to identify and assess material impacts, risks and opportunities (IRO-1)

A DMA forms the basis of PUMA’s sustainability strategy and reporting. Our DMA, conducted in 2023, was adapted in 2024 to fully align with CSRD criteria. It is based on stakeholder inputs, legal requirements, media reports, industry benchmarks, and the results of PUMA’s ongoing due diligence. It covers our operations and value chain, focusing on direct supply chain partners (Tier 1 suppliers) and strategic material and component suppliers (Tier 2 suppliers). We plan to update our double materiality assessment annually.

For this first report following CSRD requirements, PUMA identified and assessed ESG-related IROs through a DMA process with a stepped approach described below:

Expert consultation: PUMA collaborated with an expert consultancy to conduct a DMA involving both internal and external stakeholders. This process included analysing media and peer ESG topics, developing a long list of potentially material topics based on ESRS content, and narrowing it down to a short list through stakeholder consultations, interviews, and surveys. The results identified material topics based on their impact on PUMA’s stakeholders (inside-out perspective) and the material risks and opportunities for PUMA’s financial performance (outside-in perspective). The results of this assessment were published in PUMA’s Annual Report 2023.

Stakeholder dialogue: In early 2024, we held a stakeholder dialogue meeting to identify and understand actual and potential impacts and underlying opportunities. Participants were selected based on their dependency, responsibility, influence, outreach, and ability to provide diverse perspectives. Internal stakeholders included departments such as Sustainability, Product Compliance, Finance, Sourcing, Internal Audit, People and Organisation (P&O), Investor Relations, and Legal/Compliance. External stakeholders included suppliers, topic experts, NGOs, intergovernmental organisations, business partners, financial institutions, investors, and ranking agencies.

IRO assessment: PUMA’s sustainability teams thoroughly assessed all sustainability IROs. This involved examining both actual and potential positive or negative impacts on people and the environment across short-term (within the reporting period), medium-term (1 to 5 years), and long-term (over 5 years) time frames. We determined where the gross impact occurs, whether within our own operations or throughout the value chain (upstream and/or downstream). We considered how this impact relates to our business model and strategy. PUMA used a scale of 0 (no impact) to 15 (maximum possible impact) to rate impacts down to the ESRS provided sub-sub-topics-level, considering the scale, scope, and irremediability of each impact, multiplied by the likelihood (0-1, unlikely to almost certain). Impacts scoring 8 and above were deemed material. This process did not differentiate based on geography and covered the entire value chain from farming to product end-of-life.

Supply chain impacts were evaluated based on a due diligence analysis. PUMA used a gross impact scenario, assessing potential and actual impacts before implementing mitigation measures. An example of stakeholder consultation and inclusion in the DMA process is the re-evaluation of the microplastics topic as material, following new evidence from the Microfiber Consortium and media reports.

During the identification of material IROs we considered the whole value chain. Furthermore, PUMA specifically considered the main sourcing countries in Asia (Bangladesh, Cambodia, China, Indonesia, Vietnam) and the main potential environmental impact, such as facilities involved in wet processing (fabric mills, tanneries) and agricultural processes like cotton farming. Assumptions made during the materiality assessment to cover the supply chain used data from PUMA’s core suppliers (covering approximately 60-80 % of PUMA’s business volume). We also included long-term industry practices such as the management of restricted substances or recent media reports into the evaluation.

We used financial materiality to evaluate topics that create risks and opportunities for PUMA, potentially impacting financial performance, access to finance, or the cost of capital over the short, medium, and long term. This assessment considers risks and opportunities from current or future events, and those arising from business relationships. The business dependencies on natural, human, and social resources were evaluated. The potential magnitude of financial effects, the time horizon, and the likelihood were also assessed.

PUMA’s sustainability teams, in collaboration with risk management and other internal stakeholders, defined financial materiality based on the magnitude of financial effects from 0 (no effect) to 5 (very severe effect) and a likelihood of occurrence factor from 0.65 (low likelihood) to 1 (almost-certain likelihood). A gross risk perspective was applied, like the assessment of impact. The connections between impacts and dependencies, along with the associated risks and opportunities, were also considered. During this process, the following input parameters were used:

• Regulation on certain aspects and potential financial penalties in the event of non-compliance
• Results of PUMA’s Due Diligence process, including social compliance audits and environmental assessments of suppliers
• ESG benchmark reports and NGO reports on the fashion and sporting goods industry
• Discussions with expert organisations and industry peers
• Review of literature and guidance documents on CSRD.

Only risks or opportunities scoring 3 or higher were deemed material and integrated into PUMA’s risk management. The resulting list of material risks and opportunities was approved by the relevant topic owners within the company (e.g., P&O for Human Resource topics) and aligned with PUMA’s overall risk management system. This process, along with the approval of the IRO list by PUMA’s management and supervisory boards, ensures that material risks and opportunities are incorporated into PUMA’s overall management process.

Compared to previous years, the process of identifying risks and opportunities involved more stakeholders and was executed in 2024 on a more granular basis. As a result, more risks and opportunities were identified. This was also due to the consideration of gross risks, rather than net risks after mitigation measures. Consequently, the list of material topics and IROs was expanded to include:

• Microplastics (ESRS E2)
• Consumer data protection, ethical marketing practices, and health and safety (ESRS S4)
• Corporate culture, whistleblowing, and anti-corruption (ESRS G1)
• For entity-specific disclosures, PUMA identified the community engagement programme as material.

PUMA connects impacts and dependencies with risks and opportunities through a comprehensive Risk Management System. This system identifies and evaluates potential future developments that could affect the company’s targets. PUMA continuously monitors its operations and external environment to identify material risks and opportunities, assessing impacts on stakeholders and dependencies on natural and human resources. These identified risks and opportunities are integrated into PUMA’s business strategy, allowing the company to proactively address challenges and leverage opportunities.

Regular stakeholder engagement helps PUMA understand the broader impacts of its operations and refine its risk management strategies. Sustainability initiatives, such as reducing GHG emissions and promoting fair labour practices, are directly linked to mitigating risks and capitalising on opportunities.

Material sustainability risks are included in PUMA’s overall risk management system and treated with the same priority as other, non-sustainability-related risks, using the same risk tools. PUMA’s risk management system is based on the COSO framework and promotes continuous improvement and risk awareness. This systematic approach ensures that PUMA’s strategy and business model remain resilient and adaptable to changing conditions. Topics identified as material within the CSRD do not always have to be material within the Enterprise Risk Management. However, there is a process in place to evaluate whether this is the case.

Entity-specific disclosures

As an entity-specific disclosure, we have identified community engagement. This disclosure is covered in S1 Own workforce section. Our 10FOR25 sustainability targets were established in 2019 before the CSRD came into force. Consequently, many of the KPIs included in these targets cover metrics outside of the scope of CSRD.

To decide if a target or KPI is entity-specific, we applied a unified methodology to see how far the metric is connected to a topic covered by the CSRD. If both target and metric are covered in the CSRD, they are included as part of the normal reporting process. If the target is connected to a topic covered by the CSRD but CSRD does not include the specific KPI, those are disclosed as entity-specific metrics in the relevant topical standards. Targets or KPIs with no connection to the CSRD will not be reported in this Sustainability Statement, but within a separate report.

Our 10FOR25 targets were set as measurable targets, except for commitment-related targets, and developed according to the policy objectives after consultations with stakeholders. The targets are based on conclusive scientific evidence or industry standards. For example, PUMA has set science-based targets for reducing greenhouse gas emissions, which have been approved by the Science Based Targets initiative (SBTi) to align with the goals of the Paris Agreement. Additionally, PUMA's 10FOR25 targets incorporate industry standards such as the ZDHC Wastewater Guidelines and certified or recycled materials according to Textile Exchange standards. The nature, scope and baseline values of the targets were assigned specifically to each topic. The baseline year was 2020, and the period in which the targets apply is 2020 to 2025. The performance against each target has been reported annually as part of PUMA’s sustainability reporting.

PUMA’s 2025 targets (10FOR25) were defined at an earlier stage and therefore differ in scope from the requirements of the CSRD. As a result, the underlying metrics used to measure progress toward achieving these targets are classified as entity-specific.

• Accordingly, for supply chainsocial targets and corresponding metrics, neither stichd, PUMA United, nor core Tier 2 suppliers are included in the scope
• For supply chainenvironmental targets and corresponding metrics, neither stichd nor PUMA United are considered. However, an exception applies to stichd, which has been included in the climate Science-Based Targets since 2023 due to its significant sales contribution.

Going forward, efforts will be made to gradually align the scope with the requirements of the CSRD. In 2024, we developed our Vision 2030 targets following a DMA and stakeholder dialogue. Some of these goals extend beyond the scope of the CSRD due to our industry’s outsourced production model. The same logic applies to the development and reporting of these goals within this statement. Where necessary, we plan to revise our policies and handbooks to align with our 2030 targets. Unless otherwise stated, the baseline year will be 2025 and targets are applicable from 2025 to 2030. We will continue to publish performance against each goal annually as part of our sustainability reporting.

Material impacts, risks and opportunities and their interaction with strategy and business model (SBM-3)

A detailed description of specific IROs per topic, including their time horizon and location in the value chain as well as potential changes to PUMA’s strategy is provided at the beginning of each topical standard chapter. PUMA evaluated how material negative and positive impacts affect (or are likely to affect) people or the environment, and whether and how material impacts originate from or are connected to the strategy and business model, considering geographical areas, facilities, types of assets, inputs, outputs and distribution channels. The material IROs identified by PUMA include:

• Climate actions for own entities and in the value chain: effective climate actions reduce GHG emissions and mitigate climate change, while inaction can exacerbate environmental degradation and health issues. Climate action is embedded in PUMA’s strategy of achieving long-term sustainability and resilience against climate-related risks (ESRS E1)
• Pollution in the value chain: In our industry, the use of certain chemicals is necessary, but some are substances of concern or high concern due to their potential adverse effects on humans, animals, or the environment, and while many major brands adhere to standards like ZDHC MRSL and AFIRM RSL, the journey towards eliminating these substances is ongoing, making them a material topic (ESRS E2)
• Water use in the supply chain: efficient water use reduces environmental impact and conserves resources, while excessive use can lead to water scarcity and pollution. Sustainable water management is crucial for PUMA’s sustainability goals and compliance with environmental regulations (ESRS E3)
• Biodiversity, land use, and deforestation in the supply chain: protecting biodiversity and preventing deforestation helps maintain ecosystems and reduce carbon emissions, while poor practices can lead to habitat loss and climate change. Sustainable land use practices are integral to PUMA’s commitment to environmental stewardship and reducing its ecological footprint (ESRS E4)
• Circularity: the use of certified and recycled materials reduces negative impacts from resource consumption and material production, while inaction on circularity topics increases dependence on fossil feedstocks and land use for agricultural processes. Increasing the use of certified and recycled materials is a key lever of PUMA’s climate action targets. Evaluating new services and business models such as repair and re-sale ensures PUMA remains prepared for changes in consumer preferences or upcoming legal requirements (ESRS E5)
• Diversity, equity, and inclusion (DEI) of own workforce: promoting DEI fosters a more innovative and productive workforce, while a lack of diversity can lead to discrimination and reduced employee morale. Integrating DEI initiatives into PUMA’s strategy enhances organisational culture, attracts top talent, and aligns with global sustainability standards (ESRS S1)
• Employee engagement and development of own workforce: high employee engagement leads to better job satisfaction and productivity, while a lack of engagement can result in high turnover and low morale. Investing in employee development aligns with PUMA’s strategic goals of fostering a skilled and motivated workforce, driving long-term business success (ESRS S1)
• Worker wages in the supply chain: fair wages improve workers’ living standards and reduce poverty, while inadequate wages can lead to exploitation and poor living conditions. Ensuring fair wages aligns with PUMA’s commitment to ethical sourcing and sustainable supply chains, enhancing its brand reputation and compliance with labour standards (ESRS S2)
• Labor conditions in the supply chain: good labour conditions promote worker health and safety, while poor conditions can lead to injuries, exploitation, and high employee turnover. Maintaining high labour standards reduces risks associated with labour disputes, and supply chain disruptions, supporting PUMA’s sustainability goals (ESRS S2)
• Ethical marketing practices, product safety and data safety are requirements relevant for consumers (ESRS S4)
• Corporate culture, fighting against bribery and corruption, providing whistleblower hotlines and implementing responsible purchasing practices are part of PUMA governance processes (ESRS G1).

Potential material adjustments are related to remediation, compliance efforts, factory policy changes, and training initiatives. PUMA’s resilience in addressing IROs is rooted in its FOREVER. BETTER. strategy which integrates sustainability into all core business functions and is supported by several key elements:

• PUMA has set targets across different areas, including human rights, climate and circularity. These targets align with the SDGs and are designed to drive continuous improvement
• Regular stakeholder dialogue meetings help PUMA gather diverse viewpoints and foster connections with sustainability experts, industry peers, and other stakeholders. This engagement ensures that PUMA’s strategies remain relevant and effective
• PUMA has committed to science-based targets for reducing GHG emissions, aligning its goals with the Paris Agreement. This commitment demonstrates PUMA’s proactive approach to mitigating climate risks
• Sustainability targets are part of the bonus arrangements for all PUMA’s global leadership team, ensuring accountability and alignment with corporate goals. This integration promotes a culture of sustainability throughout the organisation
• PUMA invests continuously in product innovation and design and supply chain management to reduce environmental impact and enhance resource efficiency. This adaptability allows PUMA to respond effectively to emerging risks and opportunities
• Policies and standards on ethical marketing, chemical safety and data privacy for consumers are in place and are updated as necessary to align with regulations and stakeholder expectations
• PUMA operates a mature compliance management system to address conflicts of interest and has set up a responsible purchasing policy.

By embedding sustainability into our strategy and operations, we demonstrate our commitment to address material impacts and risks while capitalising on opportunities for long-term growth and resilience. A more detailed resilience analysis for climate and biodiversity is included in the relevant topical standards. For the reporting year 2024, we do not see any significant impacts of our material impacts, risks and opportunities on our financial performance and cash-flow.

Governance

The role of the administrative, management and supervisory bodies (GOV-1)

PUMA’s governance bodies consist of a Management Board with four members until the end of 2024 and a Supervisory Board with seven members. Two members of the Supervisory Board are employee representatives. Five members (71 %) of the Supervisory Board are shareholder representatives and considered independent based on an assessment of the Supervisory Board. Two shareholder representative members of the Supervisory Board were replaced during 2024; one male member was replaced by a female member. PUMA’s governance bodies are diverse in terms of gender, nationality and age. Until the end of 2024, PUMA’s Management Board comprised two women and two men, representing a gender diversity of 50 %. PUMA’s Supervisory Board consists of three women and four men, representing a gender diversity of 43 % women and 57 % men.

Until the end of 2024, PUMA's Management Board included two German nationals, one French national and one Chilean national, corresponding to a nationality diversity of 75 %. The Supervisory Board consists of two French nationals, one British national, one British Italian national and three German nationals, corresponding to a nationality diversity of 57 %.

Age diversity is another key metric PUMA aims to achieve. Currently, 25 % of the Management Board are older than 50 years old, and 75 % are younger than 50 years old with an age range from 41 to 59. The Supervisory Board includes one member (14 %) who is younger than 50 and one member (14 %) who is older than 60. The age range of the Supervisory Board is between 46 and 61. Further details are given in the Corporate Governance statement, available on PUMA's Corporate Governance website.

At the Supervisory Board level, a Sustainability Committee consisting of four members oversees sustainability-related aspects including impacts, risks and opportunities attributed to sustainability matters. It meets four times per year. The Sustainability Committee advises on and monitors sustainability issues and the sustainability strategy of the Management Board. It prepares the resolutions of the Supervisory Board related to non-financial reporting. This responsibility is formally defined in Section 5.9 of the Rules of Procedure for the Supervisory Board.

The Chair of the Sustainability Committee has extensive experience in promoting sustainable development, ethical practices and corporate social responsibility (IROs related to ESRS E1-E5 and S2) within major sporting goods and sourcing companies. She has served on the boards of sustainability related industry organisations within the fashion sector. She has acquired recognised experience in corporate governance, supply chain management, marketing and stakeholder and media engagement. Two other members of the Sustainability Committee also hold expertise in sustainability and social and labour topics (IROs related to ESRS S1 and S2) due to their positions and experience on PUMA’s Supervisory Board.

Four members of PUMA’s Supervisory Board hold leadership experience in the sporting goods or luxury industry, acquired through their professional experience. Four members have an international corporate background, and three members know industrial constitutional law and experience in advocating for employees’ interests. For more information on the experience of the members of the Supervisory Board, please refer to PUMA’s Corporate Governance Statement, available in PUMA’s Corporate Governance website.

On the Management Board level, responsibility for sustainability related topics, including material impacts, risks and opportunities, rests with the full Management Board.

In addition to the Supervisory and Management Board, PUMA has an Executive Sustainability Committee, comprised of the functional leads for each department (P&O, Legal, Facility Management, Logistics, IT, Design and Innovation, and others). The committee meets twice per year to discuss sustainability targets and their implementation within the company.

Two dedicated departments for corporate and supply chain sustainability report indirectly to the Management Board. These departments include sustainability experts, with expertise covering the identified material topics of Human Rights, climate action, biodiversity and circular economy. Additional expertise is available with PUMA’s General Counsel Corporate Governance and Compliance, who has also been appointed as Human Rights Officer. PUMA’s business units include own sustainability experts, and dedicated functions such as Innovation (circularity) and Facility Management (health and safety) contribute to specific sustainability topics and targets.

The PUMA risk management team works closely with the sustainability departments to ensure the availability of dedicated controls and procedures for sustainability related impacts, risks and opportunities. Regarding dedicated controls and procedures, please refer to Risk management and internal controls over sustainability reporting (GOV-5) section.

Sustainability matters addressed by the management and supervisory bodies (GOV-2)

The Management Board and the Sustainability Committee of the Supervisory Board are updated quarterly on sustainability-related topics by the Senior Directors of the sustainability departments. Updates include PUMA’s implementation of due diligence, the effectiveness of policies and actions, target achievements, and legal updates to address material IROs. A summary of PUMA’s material IROs has been shared with and approved by the Management Board, and the Sustainability Committee.

Members of PUMA’s Management Board and Supervisory Board have been included in PUMA’s materiality assessment, stakeholder dialogue and the development of PUMA’s proposed set of new sustainability targets, related to material impacts, risks and opportunities. The existing set of sustainability targets was approved by PUMA’s Management Board.

Progress on sustainability targets is reported frequently to the Management Board by the Senior Directors of the sustainability teams. The Management Board then presents this to the Sustainability Committee as part of its quarterly meetings. Furthermore, progress is reported publicly annually as part of PUMA’s Sustainability Statements and reports, which are signed off by the Supervisory Board and the Management Board before publication.

Material sustainability IROs are also integrated into PUMA’s overall ERM System. Oversight of PUMA’s ERM systems rests with PUMA’s Management Board. The Management Board regularly reports to the Supervisory Board on the effectiveness of the risk management systems in place. The Vice President Internal Audit, Risk Management and Internal Control, who is mandated to monitor PUMA’s risk management systems, reports directly to the Chief Financial Officer.

PUMA’s material IROs included in the company’s ERM are:

• E1: climate change adaptation, climate change mitigation and energy
• E2: pollution of water, substances of very high concern and microplastics
• E3: water
• E4: direct impact drivers of biodiversity loss and impacts on the extent and condition of ecosystems
• E5: resource inflows and outflows, including resource use and waste
• S1: working conditions and equal treatment and opportunities for all
• S2: working conditions, equal treatment and opportunities for all and other work-related rights
• S4: information-related impacts for consumers and/or end-users and personal safety of consumers and/or end-users
• G1: corporate culture, protection of whistleblowers, management of relationships with suppliers including payment practices and corruption and bribery

Integration of sustainability-related performance in incentive schemes (GOV-3)

Based on the material topics identified by PUMA’s DMA, and PUMA’s existing sustainability targets (10FOR25), PUMA has been linking the remuneration of its management board and all leaders globally (team head level and above) to the achievement of sustainability targets for many years.

The bonus-related sustainability targets for 2024 include the areas of Human Rights (3.3 %), Climate (3.3 %) and Circularity (3.3 %). Separate targets in each area are set for PUMA’s own operations and PUMA’s Group Sourcing. The sustainability-related bonus targets were approved by PUMA’s Supervisory Board.

Sustainability bonus targets for PUMA Group, including subsidiaries:

• Reduce Scope 1 and 2 GHG emissions from PUMA’s own entities by 90 % until 2030 compared to 2017
• Nine out of 10 products made with recycled or certified materials by 2025 as defined by PUMA S-Index
• All PUMA employees who generate their income with PUMA continue to be paid against a living wage benchmark (Fair Wage Network).

Sustainability bonus targets for PUMA Group Sourcing:

• Increase the percentage of renewable energy from core Tier 1 and Tier 2 suppliers to 25 % by 2025
• 75 % recycled polyester used by all product divisions until 2025
• No child labour, forced labour, or other Zero Tolerance Issues prevailing by the end of each year.

All bonus related interim targets for 2024 were achieved.

Each member of the Management Board has 10 % of their variable compensation component tied to the achievement of these sustainability targets. They account for 3.3 % of the performance-based remuneration. For other PUMA leaders globally, the percentage varies from 5 % to 10 % in 2024 and will be aligned to 10 % in 2025.

Statement on due diligence (GOV-4)

PUMA regularly conducts due diligence on human rights, labour, environmental, and integrity for its activities and supply chain, following the UN Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational Enterprises and German Supply Chain Act guidelines. We integrate responsible business conduct into our policies, training, and management systems, identifying actual and potential harms.

Due diligence is the process by which PUMA identifies, prevents, mitigates, and accounts for how we address the actual and potential negative impacts on the environment and people connected with our business. Due diligence is an ongoing practice that both responds to and may trigger changes in PUMA’s strategy, business model, activities, business relationships, operating, sourcing and selling contexts. The identification and assessment of negative impacts relate to PUMA’s own operations and value chain, through our products or services, and business partner relationships. To assess the potential negative impacts of PUMA on the environment and people, we analyse the input of external sources (NGO reports, media, country indices, regulations, stakeholder dialogue) and internal sources (audit findings, grievances, supply chain risk mapping, environmental and social data).

PUMA’s Compliance Management System (CMS) addresses violations related to corruption, money laundering, conflicts of interest, antitrust law, and fraud. Vendors are encouraged to conduct their own due diligence. In cases where PUMA cannot address all impacts at once, the due diligence process allows for action to be prioritised based on the severity and likelihood of the impacts.

• Severity: scale (how serious the impact is), scope (how many people are or will be affected) and irremediability
• Likelihood of the risk occurring based on the operating environment: conflict zone, weak governance; mismatch between local practices and international standards.

The identification of material impacts also supports the identification of material sustainability risks and opportunities, which are often a product of such impacts. Material impacts are integrated into PUMA’s risk management system, with a range of actions, including transition plans, through which impacts are addressed.

PUMA’s due diligence is embedded into its governance, strategy, and business model. This is addressed by PUMA’s administrative, management and supervisory bodies and integrated into sustainability-related performance in incentive schemes.

Our prevention, mitigation and remediation measures include risk assessment, a factory monitoring programme, grievance mechanisms, a supplier scorecard, business integration, goal-setting and internal and external reporting. The effectiveness of our measures is evaluated based on progress and compliance with our policies.

Risk management and internal controls over sustainability reporting (GOV-5)

To mitigate the risk of incompleteness, inaccuracy and lack of integrity of data, we have fully integrated the process of sustainability reporting into our overarching Internal Control System (ICS) and Enterprise Risk Management System (ERM) of PUMA. At the PUMA Group, internal control over sustainability reporting is based on the internationally recognised COSO framework, with the objective of ensuring proper reporting, improving the efficiency and effectiveness of the process and supporting compliance with the legal framework. The internal control framework for sustainability reporting includes core components such as the control environment, risk assessment, control activities, information and communication, and monitoring activities. Sustainability reporting risks are prioritised based on the potential impact on the completeness and accuracy of the reporting. The detailed approach for IRO assessments is covered in the IRO-1 section. Main risk identified and addressed in our risk control matrix include:

• Unclear, mis-aligned or not applied procedures and standards for sustainability reporting
• Failure to comply with laws and regulations, including CSRD and ESRS standards
• Accuracy and timing of the availability of information.

Our PUMA sustainability strategy is covered in the Strategy, business model and value chain (SBM-1) section. Procedures and standards for reporting are detailed in PUMA’s Sustainability Reporting Manual, which provides comprehensive guidance on how internal control over sustainability reporting is incorporated into the Sustainability Statement of the PUMA Group. The need for adjustments in the Reporting Manual due to regulatory changes is analysed on an ongoing basis by the sustainability department and communicated accordingly to relevant internal stakeholders. This ensures that sustainability reporting is not only accurate but also aligned with broader financial and operational controls. This integration helps to maintain consistency, enhance transparency, and foster accountability across all reporting activities. For example, to address the failure to report on all relevant material entities or elements, PUMA pre-aligns the reporting scope with the finance team and auditors and validates reported data at the entity/subsidiary and core factories level.

As part of the sustainability reporting process, all assessed IROs are determined and reviewed by relevant departments annually, using a template in line with the CSRD requirements. The results of the assessment form the basis of PUMA’s thematic sustainability reporting scope. Material topics resulting from the DMA and IROs list are integrated into the Enterprise Risk Assessment process by each risk owner. These topics are also presented and signed off in the Sustainability Committee of PUMA’s Supervisory Board.

The Group Internal Audit, Risk Management and Internal Control department coordinates the risk management process and supports risk topic owners. Regular risk reports are prepared for the Risk Management Committee, which includes the PUMA SE Management Board and selected managers. The system identifies and manages material risks early, supporting the achievement of corporate objectives and compliance with laws and standards. Audit results are shared with PUMA’s Management Board and the Audit and Sustainability Committee of the Supervisory Board.

This Sustainability Statement has been reviewed and signed off by PUMA’s Management Board and the Sustainability Committee of the Supervisory Board.

Basis for preparation

General basis for preparation (BP-1)

The Sustainability Statement is prepared to meet the requirements of Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 (Corporate Sustainability Reporting Directive, CSRD) and Article 8 of Regulation (EU) 2020/852 as well as Sections 315b and 315c of the HGB for a non-financial Group statement.

We apply the ESRS as the primary framework for the preparation of the Sustainability Statement, in combination with internal guidelines and developed company-specific criteria of (hereinafter referred to as "reporting criteria"), and to prepare the report in accordance with this framework.

PUMA has been using the Global Reporting Initiative (GRI) standards for sustainability reporting for over 20 years. The first application of the ESRS as reporting framework can lead to differences in disclosures compared to previous years. Topics, which are not covered anymore in this sustainability statement will be reported in a separate voluntary sustainability report.

The overall report is audited by KPMG with limited assurance, insofar as explicit metrics were audited by other external third parties, this is stated for the respective metric.

The scope of the Sustainability Statement follows the scope of PUMA’s financial reporting, and extends into PUMA’s supply chain. The companies stichd and Cobra, both part of the PUMA Group, are included in the reporting scope. PUMA licensees and franchised stores are excluded from the reporting scope. However, PUMA products made for franchised stores are included in relation to their supply chain. Also excluded are performance and materials data for products made by United Legwear, a supplier of products to PUMA United in the USA, over which PUMA has no operational or financial control.

Unless otherwise stated, we used the following time horizons in the Statement:

• Short-term: within the reporting period (up to one year)
• Mid-term: 1 to 5 years
• Long-term: over 5 years

Supply chain information includes data from core manufacturing partners (manufacturers of finished goods, Tier 1), core suppliers of materials and components (Tier 2), as well as PUMA’s logistic service providers.

Supplier Social Compliance data evaluate factories' compliance with the PUMA Code of Conduct and workers' grievances at:

• All Tier 1 factories, including stichd, Cobra, and PUMA United (upstream)
• Third-party warehouses (downstream)
• PUMA retail (non-commercial products like store furniture) (own operation)
• PUMA core Tier 2 factories (textile, leather, PU, labelling and packaging, trims, midsole, outsole), excluding stichd, Cobra, and PUMA United (upstream)
• PUMA non-core Tier 2 factories, which were historically core factories (upstream).

Suppliers' Environmental and Social KPIs track progress towards PUMA’s sustainability targets:

• Social KPIs are collected at PUMA and stichd core Tier 1 factories, excluding PUMA United (upstream)
• Environmental KPIs are collected at PUMA core Tier 1 and Tier 2 factories (textile, leather, PU), and stichd core Tier 1 factories, excluding PUMA United (upstream)

• Environmental KPIs are also collected from PUMA’s outsourced logistic centres.

Material data (inflows) includes material consumption used in PUMA products and labelling and packaging data, covering PUMA, stichd, and Cobra Golf. Excluded are PUMA United and licensee products (upstream).

Our suppliers are independent third-party entities, unaffiliated with the PUMA Group. They operate autonomously with their own management and practices, and some are listed on local stock exchanges. PUMA does not participate in their management decisions, strategic planning, or daily operations, nor can we influence their choice of other customers. Therefore, PUMA has no operational control over our suppliers.

The Sustainability Statement covers PUMA’s downstream value chain only in the areas of products and waste, where material impacts, risks or opportunities have been identified (ESRS E5, S4 and G1).

Disclosures in relation to specific circumstances (BP-2)

The data collection used for this Statement relies on primary data wherever possible. However, some exceptions to the collection of primary data have been incorporated to allow for timely and complete reporting. Where exceptions apply, those are noted on the respective data points in the Statement:

• Environmental data from own entities (offices, stores and warehouses) has been collected for the first 10 months of the year and extrapolated for the remainder of the year. Data for offices with under 10 full-time equivalents were excluded from the data collection
• Environmental and social KPIs data from PUMA’s core suppliers have been collected for the first 10 months of the year and extrapolated for the remainder of the year
• Material consumption data has been collected through Tier 1 and Tier 2 suppliers, for the first 10 months of the year and estimated for the remainder of the year

• The calculation of GHG emissions from the lower Tiers of the supply chain (Tier 3 and Tier 4) was performed by life cycle assessment (LCA) expert company Sphera on behalf of PUMA. Average emission factors from the GaBi database of Sphera were used for this purpose due to a lack of primary data
• The GHG emissions from core Tier 1 and Tier 2 suppliers are calculated based on 10 months of primary energy data and estimated for the remainder of the year; these represent approximately 80 % of our sourcing volume and the results are extrapolated to 100 % to cover non-core supplier factories.

There is an inherent uncertainty in non-financial data, reflecting the complexity of the data collection process that involves multiple variables and sources. This complexity can lead to variations that are a natural part of gathering comprehensive and detailed information.

Data collection from mainly larger offices can lead to inaccuracies as those sites may have implemented more activities related to sustainability matters than smaller sites. However, as the extrapolations cover less than 10 % of PUMA sites based on employee headcount, we anticipate the potential effect of those estimations on data accuracy to be low (below 5 %).

Data collection and extrapolation related to PUMA’s own sites’ energy data can lead to inaccuracies due to different weather conditions during summer and winter months. PUMA counters such potential inaccuracies by capturing 12 months of data (i.e. October to October) where relevant. Therefore, we anticipate the potential effect of those estimations on data accuracy to be low (below 5 %).

Data collected from stores on waste creation and water consumption are subject to a high level of uncertainty, since many PUMA stores operate in shopping malls or outlet centres where water and waste services are centralised, and no store-specific data is available. For these sites, average data is used to estimate water consumption and waste creation. This refers to the quantitative metrics of total water consumption (E3-4 28 a and b) and waste (E5-5 37 a-d).

To further increase the level of data accuracy going forward, PUMA plans to expand the collection of primary data to selected Tier 3 suppliers.

No material errors have been identified in comparison to PUMA’s previously reported sustainability information (as part of PUMA’s Annual Report 2023).

This is PUMA’s first Sustainability Statement prepared in accordance with the ESRS. We have kept the preparation and presentation of previously reported data points consistent unless changes were required by CSRD. Where changes have been made, they are indicated in the individual sections of the Statement.

In this Sustainability Statement the following sections have been included by reference:

• Description of business model (ESRS 2)
• Description of subsidiaries (ESRS 2)
• Total sales and other financial information (ESRS 2)
• Pension provisions (ESRS S1).

A list of sustainability information disclosed due to other regulations can be found the ESRS 2 Appendix B.

No exemptions have been applied based on Article 18, paragraph 1 of EU Directive 2013/34/EU. PUMA does not omit any information due to intellectual property concerns or due to special member state allowances.

¹ Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1).

² Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation “CRR”) (OJ L 176, 27.6.2013, p. 1).

³ Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).

⁴ Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’) (OJ L 243, 9.7.2021, p. 1).

⁵ Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and published (OJ L 406, 3.12.2020, p. 1).

⁶ Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks (OJ L 324,19.12.2022, p. 1).

⁷ Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (OJ L 406, 3.12.2020, p. 17).