Development of the segments
Internal management of the PUMA Group is carried out based on the registered office of the respective Group company across the following segments: Europe, MEA&I (Middle East, Africa, India), North America, Latin America, Greater China, Japan, Korea, Southeast Asia and Oceania, and stichd. The segments Japan, Korea, as well as Southeast Asia and Oceania are combined and reported together as “Rest of Asia-Pacific”. The differences from the presented regional development of sales are essentially down to the separated stichd segment.
The discontinued operation PUMA United is no longer included in the reported segment North America, as a change was made from a partnership model to a pure license model. Previously consolidated license income is also reported retroactively in the continuing operations. Comparative segment information has been restated retroactively with the exception of the balance sheet items of the previous year. In addition, due to a modification of internal reporting, the areas of Oceania and Southeast Asia were allocated to the region Asia-Pacific (excluding Greater China) (in the previous year region EEMEA), and the area of Eastern Europe to the region Europe (in the previous year region EEMEA). Comparative segment information for the previous year has been restated retroactively.
Sales in the Europe segment in the reporting currency, the euro, decreased by 9.2% to € 2,204.0 million (previous year: € 2,426.4 million). Currency-adjusted, this corresponded to a sales decrease of 9.0%. The wholesale business accounted for a material share of the sales decline, where, in addition to strategic reset measures such as the reduction of sales with large-scale retailers and product returns, the absence of a major sporting event (previous year: EURO 2024) and the bankruptcy of a major customer contributed to the reduction in sales. Sales in own stores in the retail business also decreased due to weaker consumer demand, while in the e-commerce business, the reduction in advertising and discount levels initiated as part of the reset led to a decline in volumes sold. Gross profit decreased in the financial year 2025 by 12.0% from € 1,159.6 million to € 1,020.2 million and the gross profit margin decreased by 150 basis points from 47.8% to 46.3%. This was attributable to higher inventory write-downs and increased promotional measures in retail. Adjusted EBIT, excluding one-time effects, decreased by 34.2% to € 253.2 million (previous year: € 384.7 million) due to the decline in sales and the lower gross profit margin. Adjusted operating expenses were reduced, despite the financial burdens resulting from the bad debt loss following the bankruptcy of a major customer.
The MEA&I segment reported a sales decline of 13.6% to € 874.1 million (previous year: € 1,011.5 million) in the reporting currency, the euro. Exchange rate effects, primarily from the Turkish lira and the Indian rupee, negatively impacted sales in euros by around € 120 million, resulting in a decline of 1.7% on a currency-adjusted basis. In addition to the exchange rate, sales dynamics compared to the previous year were shaped by strategic reset actions, which involved lower volumes in the wholesale business and product withdrawals. Gross profit recorded a decline of 19.0% from € 482.2 million to € 390.4 million, while the gross profit margin weakened by 300 basis points to 44.7% (previous year: 47.7%). This decline was caused primarily by higher inventory write-downs and increased promotional actions in the wholesale business. The adjusted operating result (adjusted EBIT) before one-time effects decreased by 39.9% to € 119.9 million (previous year: € 199.7 million) due to the weaker sales and gross profit margin situation.
In the North America segment, sales in the reporting currency euro decreased by 22.9% to € 1,315.2 million (previous year: € 1,705.8 million). Adjusted for currency effects, this corresponded to a sales decline of 19.3%. This development was due to a material extent to the strategic reset measures, which were aimed in particular at reducing excessive inventory levels through product returns from retail partners and the reduction of sales with large-scale retailers. Furthermore, sales development in the retail sector was negatively impacted by political instabilities, such as the tariff issue and the subdued consumer demand resulting from further political uncertainties, as well as by the reduction in discount and advertising intensity in online retail initiated in the course of the reset. Gross profit decreased in the 2025 financial year by 34.4% from € 730.5 million to € 479.1 million and the gross profit margin declined by 640 basis points from 42.8% to 36.4%. Inventory write-downs and provisions, which were recognised in the course of the inventory cleanup, were the material drivers here. Adjusted EBIT, excluding one-time effects, decreased due to the decline in sales and the lower gross profit margin by 83.5% to € 41.3 million (previous year: € 250.7 million).
The Latin America segment recorded a sales decrease in the reporting currency, the euro, of 12.6% to € 1,173.4 million (previous year: € 1,342.4 million). Exchange rate losses, particularly in the Argentine and Mexican peso, negatively impacted sales in the reporting currency by a total of around € 200 million. Excluding currency effects, however, there was a sales increase of 2.4%. Operationally, the negative effects of the strategic reset measures in the region were partially offset by the recovery in Chile, where structural logistics changes resolved the restricted delivery capability of the previous year. In addition to the development in Chile, the growing retail business in Brazil had a compensating effect. Gross profit fell in 2025 by 16.9% to € 519.4 million (previous year: € 625.4 million), which corresponded to a margin decrease of 230 basis points to 44.3%. This trend resulted primarily from increased promotional measures in retail and higher write-downs on inventories. As a result of the sales and gross profit situation, adjusted EBIT, excluding one-time effects, decreased by 50.5% to € 125.8 million (previous year: € 254.0 million).
The Greater China segment recorded a decline in segment sales in the reporting currency, the euro, of 19.1% to € 488.4 million (previous year: € 604.0 million). Currency-adjusted, this corresponded to a sales decline of 16.0%. The wholesale business acted as a material negative driver, due to strategic reset measures that specifically aimed at reducing excess inventory through product takebacks. Sales in the retail business, on the other hand, grew in the mid-single-digit percentage range. In the financial year 2025, gross profit decreased by 24.9% from € 328.0 million to € 246.3 million, with the gross profit margin declining by 390 basis points from 54.3% to 50.4%. The material impact drivers here were costs for the clean-up as well as write-downs of inventories. As a result of the declining sales and the weaker gross profit margin, adjusted EBIT, before one-time effects, decreased by 72.5% to € 26.9 million (previous year: € 98.0 million).
In the Rest of Asia-Pacific region, sales in the reporting currency, the euro, decreased by 5.0% to € 750.8 million (previous year: € 789.9 million). Changes in foreign exchange rates, particularly the Japanese yen, the Korean won and the Australian dollar, reduced sales in the reporting currency, the euro, by a total of around € 30 million, resulting in a currency-adjusted sales decrease of 1.2%. Gross profit decreased by 8.2% in the 2025 financial year from € 380.1 million to € 348.8 million, and the gross profit margin decreased by 160 basis points from 48.1% to 46.5%. Adjusted EBIT, excluding one-time costs, decreased by 41.1% to € 62.0 million (previous year: € 105.3 million) due to the decline in sales and the lower gross profit margin.
In the stichd segment, sales decreased by 6.1% in the reporting currency, the euro, to € 467.0 million (previous year: € 497.1 million). Adjusted for currency effects, this corresponded to a sales decline of 5.3%. Gross profit decreased in the financial year 2025 by 14.5% from € 266.5 million to € 227.8 million, and the gross profit margin declined by 480 basis points from 53.6% to 48.8%. Margin development was negatively impacted by reduced sell-through connected with the termination of a licensing partnership, higher inventory write-downs and increased transport costs as well as higher customs duties. Adjusted EBIT, excluding one-time effects, declined by 59.6% to € 27.0 million (previous year: € 66.8 million) due to the sales decline, the lower gross profit margin and increased operating expenses, excluding one-time effects.
