Results of operations

Results of operations

In financial year 2025, net sales decreased by a total of € 607.4 million or 47.8% to € 662.8 million. The decline is mainly attributable to the spin-off of the DACH sales operational business segment, which had generated net sales from product sales of € 557.3 million within PUMA SE in the previous year. Royalty and commission income included in net sales increased by 0.9% to € 584.8 million (previous year: € 579.6 million). By contrast, other net sales decreased slightly by 5.3% to € 64.3 million (previous year: € 67.9 million); this mainly comprised the recharging of costs to affiliated companies.

Other operating income amounted to € 183.8 million in 2025 (previous year: € 216.8 million) and includes in particular realised and unrealised income from currency translation resulting from the measurement of receivables and liabilities in foreign currency at the reporting date. As the stock market value of the shares in Borussia Dortmund GmbH & Co. KGaA (BVB) shown under financial assets increased in the 2025 financial year and the reasons for the impairment recognised in 2024 no longer existed, a write-up of the carrying amount by € 0.9 million was recognised in accordance with § 253 paragraph 5 HGB.

The total expenditure from material expenses, personnel expenses, depreciation and other operating expenses decreased by € 443.3 million or 26.6% to € 1,222.4 million compared to the previous year (previous year: total € 1,665.6 million). The decrease in material expenses compared to the previous year was due to the chain carve-out of the operational business segment Sales DACH to PUMA Central Europe GmbH and amounted to approx. € 364.2 million in the previous year. The increase in personnel expenses resulted mainly from expenses in connection with restructuring amounting to € 46.4 million, which mainly relate to severance payments. In the course of the chain carve-out of the operational business segment Sales DACH, personnel expenses were transferred to PUMA Central Europe GmbH (previous year: approx. € 20.0 million). Other operating expenses decreased compared with the previous year, mainly due to lower administrative, marketing and sales and distribution expenses resulting from the chain carve-out to PUMA Central Europe GmbH (previous year: approx. € 85.6 million), but included additional restructuring costs of € 15.2 million in 2025 for consultancy and implementation costs.

Year-on-year, the financial result decreased by 55.8% to € 155.4 million. The decrease resulted largely from lower income and higher expenses from the transfer of income from affiliated companies. By contrast, income from dividends from investments in affiliated companies increased. Furthermore, the financial result in the previous year included write-downs on financial assets of € 2.8 million. The interest result improved slightly compared to the previous year, largely due to lower interest expenses to affiliated companies, while interest expenses for external financing increased slightly.

Earnings before taxes decreased by € 393.0 million to a loss of € 220.4 million in 2025, mainly due to the chain hive-down to PUMA Central Europe GmbH, increased expenses from loss transfer agreements and restructuring costs. Taxes on income amounted to € 15.1 million (previous year: € 25.8 million). PUMA SE's net loss amounted to € 235.6 million in the financial year 2025 (previous year: net income € 146.8 million).