Outlook

Outlook

Taking into account dividend income from subsidiaries, we forecast improved, albeit still negative, earnings before taxes in the German GAAP annual financial statements of PUMA SE for the financial year 2026 compared to the previous year. Compared to 2025, this development is mainly driven by expenses decreasing as planned for the ongoing cost efficiency program as well as the realization of savings resulting from the already initiated or implemented components of our cost efficiency programme.