Outlook report

Global economy

According to forecasts by the Institute for the World Economy (IfW), the global economy will record moderate but steady growth of 3.1% (global gross domestic product) in 2026. In the previous year, this figure was 3.3%. The pace of expansion of the previous year is thus continuing, although the general background is becoming increasingly volatile. World trade, in particular, is coming under significant pressure: After pull-forward effects due to looming US tariffs provided a temporary boost in 2025, the increase in trade barriers is now leading to a marked slowdown. Against this background, the growth forecast for global trade was revised downwards to 1.6%. In the USA in particular, new tariffs threaten to intensify price pressure again, restricting the monetary policy scope for interest rate cuts by central banks. In summary, the IfW warns that geopolitical uncertainty and the increasing fragmentation of world trade represent the key downside risks for global stability in 2026.

In addition to the economic forecast by the IfW Kiel, we would like to refer in the following to the International Monetary Fund (IMF) outlook published in January 2026. IMF experts expect global gross domestic product (GDP) to increase by 3.3% in 2026, which is essentially driven by massive investments in technology and artificial intelligence (AI) as well as fiscal support measures in the USA and China. Furthermore, the IMF assumes a further decline in global inflation. After an estimated 4.1% in 2025, inflation is forecast to fall to 3.8% in 2026. In the USA, however, this process is proceeding more slowly as tariffs keep price pressure high. Despite solid growth, the IMF warns of significant downside risks. In particular, the escalation of trade conflicts and the fragmentation of global trade could dampen momentum at any time. In summary, the IMF describes the year 2026 as a phase of adjustment, in which technological advances secure global economic stability despite geopolitical headwinds.

Sporting Goods Industry

Provided that no significant geopolitical upheavals burden the global economy, we forecast a moderate increase for the sporting goods industry in 2026. Based on data from the Bank of America Global Research study, we expect currency-adjusted growth in the industry of around 4.4%. This positive assessment is based on the expectation of increasing demand, driven by the unbroken trends towards a more active, health-conscious lifestyle that are gaining in relevance. This development is reinforced by the continued popularity of "athleisure", whereby athletic apparel and footwear remain firmly anchored in everyday clothing.

The major sporting events of 2026 promise to provide additional impetus for athletic activity: the Men's World Cup in the USA, Mexico and Canada as well as the Olympic Winter Games in Milan and Cortina d’Ampezzo are expected to boost global interest in sports and sportswear.

Outlook 2026

Following a pivotal reset in 2025, during which PUMA implemented decisive measures to tackle brand challenges, restore inventory balance, and lay the groundwork for a stronger, more focused future, 2026 is set to be a year of transition for the company.

Throughout 2026, PUMA will continue its efforts to streamline distribution and further reduce inventory levels. The reduction in inventory is targeted to be achieved through disciplined management of purchasing volumes and targeted product clearance initiatives. Cost efficiency measures initiated in the previous year will remain in effect. These include the continued organisational redesign, further simplification of the product portfolio and the completion of the reduction of approximately 1,400 corporate roles since the beginning of 2025.

During this transitional period, PUMA’s key priorities are to prepare the organisation for sustainable success, safeguard financial stability and position the company for a return to healthy, above-industry growth from 2027 onwards. The brand and product strategy for 2026 will centre on PUMA’s focus areas: Football, with a prominent presence at the 2026 World Cup; Running, driven by the NITRO™ platform; Training, underpinned by PUMA’s exclusive partnership with HYROX; and Sportstyle Prime & Select, where the company aims to strengthen its portfolio by leveraging its heritage and enhancing storytelling.

PUMA expects ongoing geopolitical and macroeconomic uncertainties in 2026. The anticipated currency-adjusted sales decline in the low- to mid-single-digit percentage range is mainly attributable to lower sales in North America, reflecting measures to streamline distribution, while sales growth in Latin America and MEA&I can only partially compensate for this.

The company projects an operating result (EBIT) between € -50 and € -150 million, including one-time effects related to the implemented cost efficiency program. Capital expenditures (CAPEX) are projected at around € 200 million in 2026, focusing on digital infrastructure, DTC channels, and key initiatives to strengthen PUMA’s long-term competitiveness.

While 2025 served as a year of strategic reset and 2026 represents a period of transition, PUMA is confident that the measures implemented thus far and those planned for the near future, are critical to reestablishing growth from 2027 onwards. These actions are expected to generate healthy profits and support the company’s ambition to become one of the top three sports brands globally in the medium term.

Foundation for long-term growth

The Management Board and Supervisory Board have set the long-term strategic priorities. The implementation of the action plans is being carried out in a targeted and value-oriented manner. PUMA's brand-strengthening strategy is complemented by the cost efficiency programme, which will create the basis for positive medium and long-term development.

Herzogenaurach, 24 February 2026

The Management Board

Hoeld Neubrand Valdes

Baeumer Hubert