E1 Climate change

E1 Climate change

Impact, risk, and opportunity management

Material climate-related impacts, risks, and opportunities (IRO-1, SBM-3)

In collaboration with stakeholders and through benchmarking questionnaires on climate change such as the Carbon Disclosure Project (CDP), we have identified the climate change-related material impacts, risks and opportunities for PUMA, using the same methodology detailed in the Process to identify material impacts, risks and opportunities (IRO-1) section.

We conducted a DMA involving our key stakeholders in 2023 to identify material topics for our long-term strategy and target setting. In 2024, PUMA engaged in stakeholder consultations to shape its Vision 2030 sustainability targets. Detailed information on stakeholder consultation is provided in the Interest and views of stakeholders (SBM-2) section.

Risk and opportunity assessment

We identify, assess and manage climate-related risks and opportunities. This includes a scenario analysis, risk and opportunity assessment and resilience analysis of our business model and strategy.

Scenario analysis

PUMA used a climate-related scenario analysis to evaluate potential physical and transition risks.

To identify physical risks to its own operations, PUMA collaborates with its insurance provider on a physical climate risk assessment. The time horizons used are short-term (1 year), medium-term (1-5 years) and long-term (>5 years). The assessment includes the 27 sites with the highest risk of impacting the business (total insured value of over € 50 million) when affected, including PUMA’s headquarters and main distribution centres. It does not include any stores as the loss of a single store does not have a significant financial impact.

The assessment relies on the RCP8.5 scenario developed by the IPCC which projects a temperature increase of more than 4 °C by 2100. This ‘hot house’ scenario estimates severe aggravation of physical risks by 2040. For the short-term horizon, the insurance function is responsible given that related risks are mitigated to insurance markets. For medium- and long-term projections of climate-related hazards the geospatial coordinates of our locations and the NatCat tool from SwissRe are used. Typical assessments applied are site-specific risk-engineering reviews, business interruption impact analyses, and NatCat assessments together with the insurance broker and the leading insurer for the property programme to validate required insurance limits. For upstream value chain locations, a physical risk assessment was performed with a third-party consultant in 2025 for PUMA and stichd.

Transition risks were identified using the IEA net-zero emissions by 2050 scenario, which outlines a narrow pathway towards a 1.5°C aligned global warming, and the IEA stated policies scenario, which assumes that stated policies are followed (2.7°C aligned). The timeframe extends to the year 2040, with intermediate estimates for 2030 and 2035. Most assumptions of the scenario analysis were applicable on a global scale, with some exceptions like carbon pricing or utility prices, which were at a regional level (e.g., in the EU).

The climate scenarios used by PUMA are based on scientifically used sources published by intergovernmental organisations, such as the IPCC report and the IEA. The scenarios incorporate key climate-related assumptions into PUMA’s financial statement by considering projected regulatory changes, market trends, and environmental impacts. Naturally, these forward-looking scenarios are coming with uncertainties. In case of uncertainty, we based our assumptions on the average pathway within a given scenario.

Physical risk

Physical risks are potential threats to PUMA’s value chain and become more frequent and intense due to climate change. Analysing the occurrence and frequency of these risks helps PUMA identify vulnerabilities in its upstream value chain, infrastructure, and employee safety, allowing the company to implement strategies to mitigate these risks for business continuity. The table summarises physical risks that were included in PUMA’s risk identification and assessment at the beginning of the section.

Own operations

The results of the physical climate risk analysis for our own operations confirm that by 2040, 20 of PUMA’s 27 main sites are at high risk of drought, 15 are exposed to high risks from heat waves and nine from high sea level rise. We consider the likelihood of these risks having a significant financial impact on PUMA as low, as these risks are covered by our insurance policies. Most PUMA offices and stores are equipped with air conditioning to maintain comfortable working conditions, including during periods of high temperatures.

Upstream value chain

PUMA recognises climate risk as a key priority for its upstream value chain, given the increasing disruptions from extreme weather events and evolving regulations.

In 2025, we conducted a climate risk assessment for PUMA and stichd covering 35 countries and 558 factories. The evaluation focused on three factors: exposure to climate-related physical risks, sensitivity based on workforce size and business significance, and country-level transition risks. We factored in factories’ existing climate adaptation measures to calculate residual (net) risk. The survey found that most factories already have adaptation measures in place, mainly to address flooding and heat stress. 17 factories have been prioritised for 2026 action based on their residual physical risk scores (mainly on extreme heat, floods, water stress, rainfall variability, wildfires and drought) and business criticality. We have not yet established specific climate adaptation targets.

Transition risk

Climate-related transition risks can arise in various fields, including policy and law, technology, market and reputation, over short-, medium- and long-term periods. Material transition risks are listed at the beginning of the section and are taken from the TCFD-aligned list of transition events in the table.

Upstream value chain

As part of the climate risk assessment, we evaluated the transition risk for key sourcing countries. Transition risk is assessed based on factors such as carbon taxes, emission trading schemes, net-zero targets, renewable energy share, sustainable finance frameworks, and regulatory infrastructure for renewable energy (including access to on-site and off-site renewable sources), incentives for energy storage, and market tools like Energy Attribute Certificates (EACs). Applying these parameters, Bangladesh, Cambodia, Indonesia, and Pakistan are classified as high risk. Brazil, Philippines, and Vietnam fall into the medium-risk category, while China and Türkiye are considered low risk.

We continue to work with industry organisations to drive policy advocacy in the high- and medium- risk countries, prioritising our top sourcing countries such as Bangladesh, Cambodia, Indonesia, and Vietnam with UNFCCC and ACEC.

Opportunities

PUMA’s climate-related opportunities are mainly associated with transition factors such as policy developments, technological advancements, market trends, and reputation.

Resilience analysis

The resilience analysis is performed annually, and reviewed twice a year within our risk management system. It focuses on three key areas of our own operations, our business model (including outsourced production) and our product portfolio, covering the full extent of PUMA’s business. Our risk analysis covers both physical risks affecting PUMA’s operations and upstream value chain locations, and transition risks impacting our business model and product portfolio. To ensure preparedness, we conduct a resilience analysis, aligning with the timeframe of our long-term risk outlook and science-based GHG emission targets. This approach helps us evaluate how well our strategy can withstand these risks while meeting climate commitments. PUMA reports expenditures related to climate‑resilience activities within its general financial statements, without presenting them as a separately disclosed category and future resource needs are assessed as part of the company’s strategic planning process. The ability to implement certain adaptation measures may depend on external factors. The resilience analysis is based on critical assumptions, including a mid-term and long-term time horizon aligned with PUMA’s risk outlook and the expectation that climate policies, regulatory frameworks, and market incentives for renewable energy will continue to progress globally.

Own operations resilience

Many of PUMA’s largest assets are in areas exposed to climate-related physical risks such as droughts and heatwaves. However, most of these locations are leased or rented, which limits long-term exposure and financial liability. If a site becomes severely impacted by climate hazards, PUMA can relocate operations easily, reducing potential disruption and costly adaptation measures. Combined with cooling systems, insurance coverage for climate-related hazards, and remote working options for office employees, this flexibility strengthens the resilience of PUMA’s operations against physical climate risks.

Upstream value chain resilience

PUMA reduces dependency risks by diversifying its sourcing model and supporting factories in strengthening technical capabilities, such as producing multiple product categories and accessing raw materials from different countries. This enables factories to operate more flexibly and maintain business continuity during disruptions from extreme weather events. Together, these measures help PUMA build a more resilient, adaptable, and stable value chain.

Downstream value chain resilience

PUMA’s product portfolio comprises athletic and lifestyle footwear, apparel and accessories. Our products rely on raw materials made from fossil fuels, such as polyester and other synthetic polymers. PUMA has started to use recycled polyester at scale and finds opportunities to identify recycled or bio-based alternatives.

PUMA’s products do not generate direct GHG emissions during their use phase. PUMA products may generate GHG emissions at the end of their life cycle, for example, when incinerated or during the decomposition process. However, life cycle assessment data shows these emissions are relatively small compared to those from manufacturing and product use.

Our understanding based on the resilience analysis above indicates that PUMA should have sufficient resilience towards key transition and physical risks and has the ability to adapt its strategy and business model towards impacts of climate change.

Strategy

PUMA’s climate strategy is built around mitigating and adapting to climate change across its entire value chain. PUMA’s climate strategy is developed in consideration of the IPCC’s climate projection and the IEAs net-zero pathway scenarios. The strategy focuses on reducing GHG emissions through renewable energy adoption, decarbonising the upstream value chain, and increasing the use of low-carbon materials where applicable. PUMA integrates climate resilience into its operations by assessing physical risks such as extreme weather and heat stress and implementing adaptation measures like cooling systems and flexible work schedules. We engage in stakeholder consultations to help shape our sustainability vision and targets while promoting social equity in climate actions. This approach is integrated into our broader sustainability framework and financial planning, aiming to address climate risks and opportunities in a holistic and proactive manner.

Policies related to climate change mitigation and adaptation (E1-2)

We have climate-related policies and handbooks including PUMA’s Environmental Policy, PUMA’s Environmental Handbook for Suppliers and PUMA’s Environmental Handbook for Own Entities, all of which are available on our website.

The Management Board is responsible for the approval and implementation of all policies and handbooks covering climate-related commitments and activities. Various departments manage implementation and report progress regularly to the Management Board and leadership team.

The policies endorse international environmental and climate conventions and frameworks such as the Ten Principles of the UN Global Compact, the United Nations Paris Agreement, the OECD Due Diligence Guidance for Responsible Supply Chains in the Garment and Footwear Sector, the Fashion Industry Charter for Climate Action, and the Fashion Pact.

Due diligence and progress are shared in the General information section. This includes governance structures, key partners, and performance indicators like certified or recycled material ratios, GHG emissions, and renewable energy usage. We also engage with third-party initiatives for objective feedback to improve our practices.

PUMA’s Environmental Policy addresses a broad range of topics to support our sustainability practices. Regarding climate, it includes the climate change mitigation actions required to achieve our science-based GHG emission targets which are aligned with a maximum of 1.5°C global warming. Stated actions include using renewable energy for PUMA entities, cutting GHG emissions in logistics and upstream value chains, and increasing the use of low-carbon materials.

PUMA’s Environmental Handbooks for Suppliers and Own Entities reflect key stakeholder interests and guide efforts to reduce climate impact. Recommendations include using LED lighting, switching to renewable electricity, phasing out coal-fired boilers, and optimising heating and cooling systems.

While we keep track of potential updates to our policies and handbooks throughout the year, the frequency of publishing updated policies and handbooks considers new regulations, the nature of the updates, and aims to avoid confronting stakeholders with multiple updates a year. The next policy and handbook update will include climate adaptation measures.

Transition plan for climate change mitigation (E1-1)

In 2023, PUMA published its first Climate Transition Plan, outlining the actions and investments required to achieve our climate target as approved by the Science Based Targets Initiative (SBTi) and in line with guidelines from the Fashion Industry Charter for Climate Action. All actions described in the PUMA Transition Plan are intended to align with a 1.5°C pathway. However, only Scope 1 and Scope 2 emissions were formally aligned with the 1.5°C pathway in our published near‑term target. Alignment of Scope 3 with a 1.5°C pathway was permitted under the SBTi guidelines only when integrated with Scope 1 and Scope 2 as part of a net‑zero or other long‑term target. The transition plan outlines how PUMA intends to achieve its approved target, though the plan itself does not require or undergo SBTi validation.

PUMA’s Climate Transition Plan is embedded in our business strategy and financial planning by aligning climate goals with core objectives such as supply chain resilience, material innovation, and risk management. Investments in renewable energy and low-carbon materials are incorporated into long-term budgeting processes, and progress towards climate targets is monitored to support strategic alignment. The transition plan is subject to review and approval by PUMA’s Management Board and Supervisory Board, with the aim of supporting PUMA’s long-term business objectives and financial stability.

This graph shows the overall breakdown of GHG emissions by different parts of PUMA’s value chain as outlined in PUMA’s value chain overview in the General information section and does not follow the upstream and downstream Scope 3 categories as per GHG Protocol.

Own operations

Our initiatives represent a decisive departure from the business-as-usual scenario which relies on conventional high-emission operations. In its own locations including stores, warehouses, and offices, PUMA is moving away from conventional energy systems by adopting energy-efficient and renewable energy technologies, thereby reducing both energy use and GHG emissions. Additionally, we have been sourcing all our electricity from renewable sources since 2020. We also explore renewable heating solutions to replace fossil-fuel based systems. The sale of the company airplane in 2025 marks a step to eliminate a major source of emissions.

PUMA has put in place systems for both internal and external monitoring, accountability, and reporting, with the aim of supporting transparent communication of its climate and sustainability actions. Some of PUMA’s main assets and products like company cars and rented buildings produce GHG emissions when they use existing infrastructure and materials that rely on fossil fuels, such as natural gas for heating or non-electric vehicles. When PUMA measures its total GHG emissions and looks for ways to reduce them, these existing assets are included in the assessment. For example, company cars that have not yet been replaced with zero-emission vehicles and buildings that still use natural gas are counted. These locked-in emissions are part of PUMA’s Vision 2030 strategy and transition plan. This means PUMA is working to reduce emissions from these assets by 2030, either by switching to cleaner energy sources or upgrading to better options. We do not foresee our GHG emissions targets for own operations to be jeopardised by locked-in GHG emissions as they make up only a small fraction of our GHG emission target baseline from 2017.

PUMA’s objectives and plans for aligning economic activities with the criteria in Commission Delegated Regulation 2021/2139 consider the key performance indicators requiring disclosure under Article 8 of Regulation (EU) 2020/852. PUMA is not exempted from exclusions for EU Paris-aligned Benchmarks based on the exclusion criteria mentioned in Article 12 of the Paris Agreement.

¹ 2030 is the target year for our science-based target (confirmed by SBTi). A transition plan to reach net-zero GHG emissions by 2050 will be developed in the future.

² Expected emission reduction until 2030 is defined as the expected annual reduction in 2030 from the respective decarbonisation lever.

Upstream value chain

PUMA has committed in its climate targets approved by SBTi to a 33% absolute reduction in Scope 3 GHG from purchased goods and services by 2030, using 2017 as the baseline, in line with the 1.5°C pathway of the Paris Agreement. These measures are integrated into PUMA’s strategy and are monitored through key performance indicators, with progress publicly reported in this report that is independently assured.

Transport of goods

In our upstream value chain efforts are being made to reduce emissions from the transport of goods by transitioning to more carbon-efficient modes of transport. The percentage of goods transported by airfreight has dropped from 3% in 2019 to below 1% in 2025.

Suppliers

We engage core suppliers to set and publish GHG emission reduction targets and supports coal phase-out. PUMA addresses barriers such as limited renewable energy availability and infrastructure constraints by supporting supplier capabilities for their investments in solar PV by facilitating feasibility studies in key sourcing countries. These actions are expected to mitigate regulatory and supply chain risks, reduce operational costs, and enhance supply chain resilience.

These steps are part of PUMA’s broader commitment to achieving net-zero emissions by 2050 as established in Regulation (EU) 2021/1119 (European Climate Law) and contribute to global climate goals.

¹ Expected emission reduction until 2030 is defined as the expected annual reduction in the year 2030 from the respective decarbonisation lever. 2030 is the target year for our science-based target.

² All figures are rounded to the nearest thousand tonnes of CO₂e.

Net-zero emissions

PUMA remains committed to the Fashion Industry Charter for Climate Action’s 2050 net‑zero goal, while we currently do not have a published net-zero target within SBTi approval process. In 2024, PUMA began shaping its net-zero strategy with the Management Board. Key actions include setting long-term targets for low-carbon materials, advancing recycling and bio-based innovations. Suppliers are encouraged to adopt low-carbon technologies and transition to renewable energy. For residual emissions, reforestation and carbon credits are being considered. In 2025, we consulted external stakeholders for feedback on our net-zero roadmap. Their inputs served as references to our overall strategy and highlighted the importance of stronger supplier engagement, practical financing options, improved data benchmarking, and greater collaboration to address key decarbonisation challenges.

The progress made on the transition plan is outlined in subsequent sections, including Actions related to climate change policies (E1-3), Metrics and target (MDR-M, MDR-T, E1-4), and Gross scopes 1, 2, 3 as well as total GHG emissions (E1-6).

Actions related to climate change (E1-3)

Own operations

The key actions taken and resources allocated to mitigate Scope 1 and 2 emissions are listed below and align with the decarbonisation levers described in the Metrics and target (MDR-M, MDR-T, E1-4) section. These actions are applicable to our own operations globally, contributing to the achievement of our Scope 1 and 2 climate targets stated in our Environmental Policy and are ongoing until at least 2030.

PUMA’s climate transition plan focuses on key levers displayed in Decarbonisation levers' expected reductions by 2030 for Scope 1 and 2 GHG emissions. The implementation of these actions is supported by capital and operating expenditures that are integrated into PUMA’s regular budgeting and financial planning processes.

On an annual basis, PUMA allocates operating and capital expenditures in the low-single-digit million-euro range to support the implementation of climate-related mitigation actions in own operations. These expenditures form part of PUMA’s ongoing operational and investment activities and support the implementation of selected decarbonisation measures in line with the transition plan. PUMA works together with industry partners to help advance policy developments that support the transition to achieve net zero emissions.

PUMA has no significant capital expenditures for coal, oil, or gas-related economic activities. Instead, PUMA focuses on renewable energy and other sustainability initiatives, such as renewable electricity and transitioning to low-carbon fuels for transportation.

The allocation of financial resources to climate change mitigation actions is aligned with PUMA’s climate transition plan and is managed through the Group’s annual budget cycle and mid-term financial planning. This allocation may be adjusted over time to reflect business priorities. Climate-related investments and operating expenditures support current and forward-looking implementation pathways such as energy efficiency measures, procurement of renewable electricity, electrification of the company car fleet, and selected on-site renewable energy projects in own operations with consideration thereof as stated in the transition plan.

Upstream value chain

PUMA plans to continue decarbonisation by improving energy efficiency, increasing renewable energy use, phasing out coal, sourcing low-carbon materials, and transitioning to low-carbon fuels for transport.

As outlined in the Transition plan for climate change mitigation (E1-1), our decarbonisation levers incorporate nature-based solutions. These include scaling up the use of low-carbon materials, such as recycled polyester and cotton materials grown with regenerative practices. Furthermore, we are committed to sourcing deforestation-free bovine leather by 2030, to protect forests that absorb and store large amounts of carbon. These key decarbonisation levers expected GHG reductions until 2030 for Scope 3 Category 1 Category 4 emissions.

Suppliers

Our key climate actions for Scope 3 Category 1 emissions focus on our upstream value chain, specifically core Tier 1 and Tier 2 factories in China, Vietnam, Bangladesh, Cambodia, Indonesia, China-Taiwan, Türkiye, Brazil, Pakistan, and the Philippines. We actively engage with key affected stakeholders such as our suppliers, by offering training sessions and launching cleaner production and renewable energy programmes. This approach allows PUMA to assess the effectiveness of actions taken, identify areas for improvement, and make data-driven adjustments to achieve climate targets.

Supplier climate targets

We encourage our suppliers to set and publish climate targets on their own climate journey. We engage with suppliers in providing capacity building options and following up their progress on these different paths below:

• Climate targets approved by SBTi (Scope 1, 2 and 3): 24 key suppliers were selected for this track due to their maturity and business significance. By end of 2025, 12 have SBTi-approved targets, 11 submitted commitment letters, and one is pending. We also partnered with Guidehouse for capacity building with the Leadership on Climate Transition programme, with three suppliers continuing into 2025.
• Science-aligned targets (Scope 1, 2): Out of 35 core suppliers, by the end of 2025 one supplier has WRI-approved targets, seven through Cascale’s Manufacturer Climate Action Program (MCAP), and six are still developing theirs. The remaining 21 suppliers are expected to set targets by 2027.

Supplier training and programmes

Since 2021, PUMA has partnered with GIZ and others under the UN Fashion Industry Charter to deliver Climate Action Training (CAT) for factories in Asia. The online course covers GHG accounting, target-setting, and emissions reduction, and is available in multiple local languages. In 2025, 69 participants from 45 factories completed the course. In 2025, we continued climate networking sessions for suppliers to introduce new developments and promote peer learning on low-carbon alternatives to thermal energy such as electrification with heat pumps, with a 97.7% participation rate. We provided climate risk assessment training for factories at high physical risk such as flood and heat stress, achieving a 93.3% participation rate.

We hosted refresher training sessions on renewable energy in China, China-Taiwan, and Cambodia with similar content to last year’s training, with a 37.5% participation rate (compared to 66% in 2024). The training covered off-site renewable electricity procurement tools, including Green Electricity Certificates (GEC), power trading, and power purchase agreements (PPA). In Vietnam, 13 PUMA core factories joined DPPA policy training organised by Asia Clean Energy Coalition (ACEC) and UNFCCC. In addition, four core factories in Bangladesh and three core factories in Vietnam participated in GIZ’s German Training Week focused on energy efficiency.

PUMA partnered with IFC, Aii, ENERTEAM, GIZ and WWF to implement cleaner production programmes across key sourcing countries. Cumulative impact (2019-2025):

• GHG reduction: 103,867.0 tCO₂e/year
• Energy savings: 216,935.8 MWh/year

Cleaner production programmes are yet to be launched for stichd factories. Therefore, the figures above pertain solely to PUMA factories.

In 2025, we launched a feasibility study on the electrification of heat pumps at four core Tier 2 factories in Vietnam, in partnership with WWF. The goal of this study is to explore how steam generation can be decarbonised by replacing conventional boilers with electric heat pumps. Since thermal energy is one of the most challenging areas to decarbonise, especially in Tier 2 textile production, we aim to use the insights from this initiative to help scale up low-carbon thermal solutions for wider adoption.

In 2025, renewable energy programmes covered 71.4% of Tier 1 factories and 53.1% of Tier 2 factories. Overall, including supplier-led initiatives, PUMA and stichd factories had installed a total of 191.7 MWp of solar PV capacity by the end of 2025.

Metrics and targets (MDR-M, MDR-T, E1-4)

PUMA’s climate targets are closely aligned with our Environmental Policy and the SDGs, specifically SDG 13 (climate action). In PUMA’s Environmental Policy, we refer to our SBTi-approved targets and the actions to remain within the 1.5°C global warming scenario to mitigate the effects of climate change.

We have established outcome-oriented targets, along with specific metrics to measure progress against our policy objectives and targets. These targets are developed through a process that includes extensive stakeholder engagement. For example, in 2023 and 2024, we conducted a DMA and held stakeholder dialogue meetings with internal and external stakeholders, including suppliers, NGOs, trade unions, industry stakeholders, and local business associations in our key sourcing countries. These engagements provided valuable input on the materiality of sustainability topics and the effectiveness of proposed mitigation measures, which directly informed the development and refinement of our targets.

The purpose of our climate targets, such as those related to reducing GHG emissions and increasing renewable energy use, is to manage the impacts, risks, and opportunities identified through this stakeholder-inclusive process. Stakeholder feedback is also used to validate the relevance and ambition of our targets, ensuring they address both business priorities and stakeholder expectations. This approach helps us align our sustainability strategy with broader societal goals and regulatory requirements, while also enhancing accountability and transparency in our reporting.

PUMA’s climate targets are part of the 10FOR25 sustainability strategy. PUMA has set near-term GHG reduction targets approved by the SBTi in 2023. Our climate targets are developed in reference to the UN’s Fashion Industry Charter for Climate Action. All of PUMA’s climate targets cover all regions in which we operate and where our factories are located and remained unchanged in 2025. Our methodology for defining these targets incorporates assumptions based on factory data, current scientific research, and industry practices, with the intention of setting targets that are both impactful and achievable. PUMA considers international standards in its reporting on climate-related metrics, including the GHG Protocol. Our climate targets also include absolute carbon reduction, renewable energy procurement, and the manufacturing of products made from recycled and/or certified materials.

PUMA has an overall target in the upstream value chain to increase renewable energy and reduce GHG emissions. Suppliers; environmental KPIs track progress towards PUMA’s sustainability targets.

The expected decarbonisation levers and their overall quantitative contributions to the GHG emission reduction targets are disclosed in the section Transition plan for climate change mitigation (E1-1).

¹ All targets are absolute. Targets are not based on conclusive scientific evidence. All targets apply from January 2020 to December 2025. All 2025 data is based on primary data collected from January to September. Data for October to December is then extrapolated.

² Targets apply to all locations of the entities listed in scope.

³ PUMA Group includes all PUMA entities including stichd and Cobra.

⁴ Core factories include core Tier 1 and core Tier 2 factories. 2025 data is from 79 core Tier 1 factories, 43 core Tier 2 factories from PUMA, Cobra and stichd.

⁵ Cobra products sourced by PUMA Group Sourcing (PGS). Golf club parts sourced by Cobra PUMA Golf are excluded.

We had achieved all our 2025 climate goals on climate on setting GHG reduction targets aligned with the 1.5°C pathway, on renewable electricity in our own operations and renewable energy in our core factories in upstream value chain. We will continue this momentum in our future actions, as described in the Vision 2030.

1 All targets are absolute. Only GHG emission reduction targets are based on conclusive scientific evidence, namely the SBTi framework. All targets apply from January 2026 to December 2030. All data is based on primary data collected from January to September. Data for October to December is then extrapolated. stichd will finalise their company-level 2030 targets in 2026.

2 Targets apply to all locations of the entities listed in scope.

3 PUMA Group includes all PUMA entities including stichd and Cobra.

4 Charging infrastructure is only available in select countries, which cover at least 60% of PUMA’s car fleet. Limited charging infrastructure affects the transition to zero- or low-emission vehicles in other countries.

5 A baseline determination was not possible in 2025 due to insufficient data granularity at the time of target definition. The target will be reviewed under the Vision 2030 framework once baseline data is established.

6 Core factories include core Tier 1 and core Tier 2 factories.

7 2025 data is from 79 core Tier 1 factories, 43 core Tier 2 factories from PUMA, Cobra and stichd.

8 40% reduction compared to baseline year 2019 for PUMA and Cobra core factories. Emission data shown is derived from GHG emission table in chapter E1-6.

9 Cobra products sourced by PUMA Group Sourcing (PGS). Golf club parts sourced by Cobra PUMA Golf are excluded.

10 Material data includes material consumption (by weight) used in products, labelling, and packaging. 2025 data for PUMA, Cobra and stichd is collected from 712 core and non-core Tier 1 and Tier 2 factories. Primary data on material consumption is collected from January to October 2025 and data for November and December 2025 is estimated.

Vision 2030 climate targets incorporate material targets as scaling low-carbon materials is a key decarbonisation lever towards achieving net-zero. 2025 performance serves as a baseline for all Vision 2030 targets; no specific progress was planned for 2025. Whether progress is in line with the planned target will be analysed from 2026 onwards.

PUMA sustainability targets, which include climate targets, are communicated to suppliers during regional supplier meetings. Progress towards targets and the effectiveness of related policies and climate actions are monitored through environmental performance scorecards prepared for each core Tier 1 and Tier 2 factories. We followed up with one-to-one meetings to review the 2024 Environmental KPIs for 61 suppliers and discuss their future plans, such as to participate in cleaner production and renewable energy programmes. Climate-related KPIs in the scorecard include percentage of renewable energy usage and absolute GHG emissions.

As part of our decarbonisation strategy to achieve our climate target approved by SBTi, we have considered the potential integration of emerging technologies and initiatives, such as solar thermal and green hydrogen, within our upstream value chain. We have also explored innovations in low-carbon material development for our products. Additionally, we have evaluated the policy landscapes in key sourcing countries and considered the adoption of climate-friendly policies to promote the use of renewable energy. Currently, our targets focus on mitigation, without using GHG removals or carbon credits. 2017 as a baseline year was representative in terms of activities and without any temperature anomalies which could have influenced energy consumption and related GHG emissions.

¹ PUMA does not have separate targets for Scope 1 and Scope 2. The combined Scope 1 and Scope 2 target is approved by Science Based Target Initiative (SBTi), given that the SBTi methodology does not include provisions for separate Scope 1 and Scope 2 targets. Emission data shown is derived from GHG emission table in chapter E1-6. All assumptions for Scope 1 and 2 GHG emissions presented in the footnotes of this table also apply here.

² GHG calculations for Scope 3 Category 1 are based on energy consumption primary data from January to September 2025 from 79 core Tier 1 and 43 core Tier 2 from PUMA, Cobra and stichd. Data for October to December 2025 are extrapolated using error, trend, seasonality analysis based on January-September 2025 data.

³ Scope 3 Category 1 GHG emissions for PUMA, Cobra and stichd are calculated based on energy consumption data collected from core factories, extrapolated to cover non-core factories, based on 2024 business volume.

⁴ Scope 3 Category 1 calculation includes GHG emissions from goods and services purchased by PUMA, Cobra and stichd related to products and associated packaging. This excludes emissions associated with other goods and services acquired by offices, stores, and warehouses.

⁵ Cobra products sourced by PUMA Group Sourcing (PGS). Golf club parts sourced by Cobra PUMA Golf are excluded.

⁶ Aligned with limiting global warming to 1.5°C pathway in line with the Paris Agreement.

Energy consumption and mix (E1-5)

Energy is required to power PUMA’s own offices, stores and warehouses, our car fleet and to enable the production and transport of goods. PUMA uses energy from electricity, natural gas and district heating in its own operations, and additional types of fuel (e.g., coal, biomass) in the factories in its upstream value chain. PUMA’s car fleet uses electricity, hydrogen, diesel, and gasoline. PUMA’s airplane uses kerosene.

Own operations

PUMA reports energy consumed from all processes in our own operations in line with our Scope 1 and 2 GHG reporting boundary. PUMA consumes fuels as feedstocks for electricity generation only in generators for back up electricity generation in areas with electricity outages (South Africa and Ukraine). We report all energy-related information as final and take a conservative approach when splitting energy sources between renewable and non-renewable sources. We use grid electricity mixes from IEA (2024) in line with our market-based Scope 2 GHG emission reporting.

¹ Data on energy consumption is collected using primary data and estimations. Where primary data is available and does not cover the full reporting year, the data is extrapolated to 12 months. Where primary data is not available, the data is either estimated based on sites with similar properties or on average data.

² Fuel consumption from crude oil and petroleum products includes light fuel oil consumed in our location for heating purposes, gasoline and diesel consumed by our car fleet, and kerosene consumed by our air plane.

³ Green tariff is defined as 100% renewable electricity purchased from an electricity provider.

⁴ EACs are sourced from various standards (e.g., I-REC). Year of electricity generation is 2025. Where possible, certificates are issued domestically. If domestic sourcing is not possible, a proxy solution is used.

¹ Net revenue relates to overall net revenue which can be found in the Sales chapter in PUMA's financial statement. For the 2024 energy intensity figures, we included PUMA United sales data because from an operational point of view, the numerator of energy consumption included PUMA United’s energy data.

² PUMA's business operations are allocated to section G of the NACE economic activities classification (wholesale and retail trade) which is considered a high-climate impact sector.

Upstream value chain

¹ Data on energy consumption is collected using primary data from January to September 2025 from 79 core Tier 1 and 43 core Tier 2 from PUMA, Cobra and stichd. Data for October to December 2025 is extrapolated using error, trend, seasonality analysis based on January-September 2025 data.

² Fuel consumption from crude oil and petroleum products includes light fuel oil, heavy fuel oil, diesel, LPG and gasoline used by factories for energy generation and for operating onsite vehicles.

³ Green tariff is defined as 100% renewable electricity purchased from an electricity provider.

⁴ EACs are sourced by suppliers from various standards (e.g., I-REC, GEC).

Renewable energy

PUMA increased renewable energy use to 33.4% across Tier 1 and Tier 2 factories in 2025, surpassing the 2025 target of 25%. This was achieved through rooftop solar installations, switching from coal to biomass, improved coal data, and the purchase of energy attributes certificates.

stichd reached 21.4% renewable energy use at core Tier 1 and Tier 2 factories through similar actions and aligned data collection methodology in 2025.

Renewable electricity

Renewable electricity use at Tier 1 and Tier 2 factories is at 28.0% in 2025, with 14.6% sourced through EACs. Tier 1 reached 28.1%, and Tier 2 reached 27.9%.

This progress was driven by 10FOR25 public targets on renewable energy, supplier engagement, rooftop solar installations, and REC purchases. However, Tier 2 saw a marginal (1.1%) drop in renewable electricity from 2024 due to a shift towards biomass. This increase of 16.3% in biomass usage raised overall renewable energy use despite the decline in electricity-specific figures.

Gross scopes 1, 2, 3 and total GHG emissions (E1-6)

As PUMA owns a 100% or majority stake in all its subsidiaries, our emission reporting covers all subsidiaries. Exceptions are provided in the footnotes. This reporting scope of our GHG emissions, including those from our upstream and downstream value chain, remained unchanged during the reporting period.

¹ PUMA’s GHG reporting is in line with the GHG Protocol Corporate Accounting Standard and Reporting standard (version 2004 and 2015). Fugitive emissions (emissions from unintentional releases or leaks) are tracked at the largest sites globally and included in Scope 1 emissions.

² PUMA applies emission factors from internationally recognised sources. Emission factors from International Energy Agency (IEA) (2022) are used for emissions caused by electricity consumption. Emission and conversion factors from DEFRA (2024) are used more stationary and mobile fuel combustion. Emission factors from Sphera's GaBi database (2025) are used for emissions from materials, waste and end-of-life. All emission factors consider all GHGs (CO₂, CH₄, N₂O, HFCs, PFCs, SF₆, NF₃).

³ Data on Scope 1, Scope 2 and Scope 3 Category 3, 5, 6, 8, 12 and 14 GHG emissions is collected using primary data from own operations and estimations. Where primary data is available and does not cover the full reporting year, the data is extrapolated to 12 months. Where primary data is not available, the data is either estimated based on sites with similar properties or on average data.

⁴ We do not use the EU emission trading scheme (EU-ETS).

⁵ A location-based method reflects the average emissions intensity of grids on which energy consumption occurs.

⁶ A market-based method reflects emissions from electricity that companies have purposefully chosen. It derives emission factors from contractual instruments, which include any type of contract between two parties for the sale and purchase of energy bundled with attributes about the energy generation, or for unbundled attribute claims. PUMA has purchased such Energy Attribute Certificates in 2025 (see energy consumption table for our own operations).

⁷ Scope 3 Category 1 GHG emissions include those from Tier 1 to Tier 4. Emissions from Tier 1 and Tier 2 are calculated using primary energy consumption data from core factories and applying emission factors from IEA and DEFRA, then extrapolated to all factories based on 2024 sourcing coverage. Primary data on energy consumption collected from January to September 2025 from 79 core Tier 1 and 43 core Tier 2 from PUMA, Cobra and stichd. Data for October to December 2025 are extrapolated using error, trend, seasonality analysis based on January-September 2025 data. Tier 3 and Tier 4 emissions are estimated via life cycle assessment approach based on material consumption data of 2025, applying emission factors from Sphera’s GaBi database and the Higg MSI.

⁸ Scope 3 categories listed as N/A are not considered material to our total GHG emissions.

⁹ Data on Scope 3 Category 4 is based on inbound and outbound transportation data and uses emission factors from EcoTransIT. All transportation to customers is considered to be paid by PUMA and therefore included in Category 4 instead of Category 9.

¹⁰ Data on Scope 3 Category 7 is based on a global survey of employee commuting habits conducted in 2022 (for previous year data) and 2025 (for 2025 data).

¹¹ PUMA does not cause any direct use phase emissions. PUMA causes indirect use phase emissions through the washing of its products. As the reporting of indirect use phase emissions is optional under GHG protocol, we report this category as N/A.

¹ Net revenue relates to overall net revenue which can be found in the Sales chapter in PUMA's financial statement. For GHG intensity figures in 2024, as their GHG emissions are part of PUMA’s total GHG emissions amount (having no material impact), the sales denominator includes PUMA United’s sales data.

Own operations

In 2025, GHG emissions from Scope 1 GHG emissions decreased by 21%. This was mainly driven by selling our PUMA airplane in 2025. Our market-based Scope 2 GHG emissions increased by 20%. Overall, we were able to achieve an 89% reduction of Scope 1 and 2 GHG emissions in comparison to our baseline in 2017, being close to achieving our 2030 target of 90% GHG emission reduction ahead of time.

Upstream value chain

Scope 3 Category 1

The Scope 3 Category 1 emissions encompass GHG emissions from PUMA, Cobra and stichd. Both stichd and Cobra are wholly owned subsidiaries of PUMA, and their GHG emissions are included in PUMA’s SBTi-approved targets. However, the Scope 3 emissions from PUMA United, a joint venture between PUMA and United Legwear, are excluded from the 2025 reporting. The products sold by PUMA United are manufactured, transported, and stored by United Legwear and its suppliers. Consequently, the Scope 3 Category 1 and Category 4 emissions from goods sold by PUMA United are not included. Additionally, emissions from PUMA United are less than 5% of total Scope 3 GHG emissions and therefore are excluded from the scope of the target as approved by SBTi. stichd’s Scope 3 Category 1 emissions for 2017 were estimated based on GHG intensity relative to sales turnover.

From 2017 to 2025, PUMA, Cobra, and stichd reduced Scope 3 emissions from purchased goods and services by 21.4%. In 2024, we set internal GHG reduction goals by tier and country for our suppliers, along with lower carbon-intensive material targets for 2030. These measures will accelerate decarbonisation efforts and help us achieve our SBTi-approved targets by 2030.

Suppliers carbon footprints

Tier 2 textile has the largest emissions among product divisions and should be prioritised for decarbonisation. These decarbonisation efforts involve phasing out coal, increasing reliance on renewable energy sources, improving energy efficiency with cleaner production programmes, and shifting to low-carbon alternatives for thermal energy. Following Tier 2 textiles, Tier 1 footwear is next, and the industry needs more knowledge about how modernising footwear manufacturing can support decarbonisation as most current examples come from the textile sector.

Coal phase-out

We are committed to phasing out coal-fired boilers from our core Tier 1 and Tier 2 factories by 2025. In 2022, we identified 21 PUMA factories with coal-fired boilers, reducing to 14 by 2025 due to revisions in the core factory list. Eight factories have phased out coal, four have partially replaced it, and two are planning transitions. Due to challenges, four factories will extend their phase-out to 2030. We continue to track progress and collaborate with the UN’s Fashion Charter to expedite this transition.

We began tracking coal usage among stichd core factories in 2025, discovering that four currently use coal-fired boilers. We plan to engage with these factories to eliminate coal usage by 2030.

Raw material carbon footprint

We measure the carbon footprint to understand how each material contributes to our overall emission. In 2025, we further segregate this analysis by product division to understand the biggest impact. When comparing the raw materials by their carbon intensity, we have leather (8.3 CO₂e/kg), nylon (7.5 CO₂e/kg), and polyurethane (5.0 CO₂e/kg) as the most carbon intensive. Other key materials have a lower intensity such as polyester (1.4 CO₂e/kg), cotton (1.2 CO₂e/kg), EVA (2.6 CO₂e/kg) and rubber (2.3 CO₂e/kg). This understanding will help us transition to lower-carbon materials and set future priorities for innovations.

Biogenic emissions

PUMA calculates its biogenic emissions to understand the GHG emissions from biomass combustion by our factories as some phased out coal and used biomass instead.

The results indicate that biogenic emissions mainly come from biomass consumption by Tier 2 factories (92.5%), while Tier 1 factories contribute only 7.5%. We found that biogenic emissions account for 9.5% of PUMA’s total Scope 3 Category 1 emissions.

¹ Biogenic emission is calculated based on biomass consumption from core factories, extrapolated to cover non-core factories, based on 2024 business volume.

FLAG emissions estimation

PUMA assessed Forest, Land, and Agriculture (FLAG) emissions as required by the SBTi. Since FLAG emissions remain below the 20% threshold at 9.6% in 2025, PUMA is not required to set separate FLAG targets. Leather accounted for 75.4% of FLAG emissions, followed by cotton (13.0%), paper/cardboard (8.6%), rubber (1.3%) and other materials (1.7%).

Scope 3 Category 4

Our Scope 3 Category 4 emissions from transport of goods decreased by 24.4% in 2025, from the 2017 baseline, driven by a reduction of overall transportation. We put our focus on airfreight which we could reduce from 3% to less than 1% between 2019 and 2025. Through multiple collaborations we also started pilot projects for outbound transportation relying on HVO- and e-powered vehicles.

GHG removals and mitigation financed through carbon credits (E1-7)

We plan to use GHG offsets and removals to neutralise 5-10% of residual emissions towards achieving our net-zero target in 2050. We do not currently use any GHG removal or storage methods in our value chain, nor do we finance any reductions or removals from climate change mitigation projects outside our value chain through carbon credits. As a result, these requirements are not material to PUMA.

Internal carbon pricing (E1-8)

PUMA currently does not have internal carbon pricing.