E5 Resource use and circular economy

E5 Resource use and circular economy

Impact, risk and opportunity management

Material resource use and circular economy-related impacts, risks and opportunities (IRO-1)

During our DMA, we evaluated resource use and circular economy impacts across our value chain and products. We analysed industry risks such as raw material, energy, and water scarcity. Resource use and circularity topics were identified as material using the same methodology outlined in the Impact, risk and opportunities (IRO-1) section and this DMA process did not include consultation with affected communities.

The primary resource inflow for PUMA products is raw materials. Another one of PUMA’s major resource inflows is energy, identified as material topic and reported in the E1 Climate change. Chemical use and water usage are reported in the E2 Pollution and E3 Water and marine resources respectively, and the effect of our raw material usage on biodiversity is disclosed in the E4 Biodiversity and ecosystems. This section on resource inflows focuses exclusively on the materials used in PUMA products and product design.

The major outflows of PUMA’s value chain are our products (footwear, apparel and accessories) with their packaging. For other outflows, waste from our own operations and pre-consumer waste in the upstream value chain are reported in the resource outflows section while water pollution is reported in the E2 Pollution.

Own operations

Resource inflows and outflows are material topics for PUMA’s own operations. By integrating eco-design principles such as durability, modularity, and recyclability, PUMA can extend product life, reduce waste, and lower emissions, while also mitigating financial and regulatory risks linked to resource use.

Upstream value chain

Resource outflows are material topics for PUMA’s upstream value chain. Improper disposal of fabric waste can harm the environment, while circular practices like textile recycling help reduce landfill waste and reliance on new materials, supporting market and regulatory trends. In contrast, resource inflows, except energy and water use, which are addressed under E1 Climate change and E3 Water and marine resources sections, are not considered material upstream, as PUMA does not directly control raw material extraction. The environmental impacts of fibre production are instead addressed through biodiversity-related disclosures under E4 Biodiversity and ecosystems section.

Downstream value chain

Resource outflows are material for PUMA’s downstream value chain due to the environmental impacts associated with product disposal, particularly when items are incinerated or sent to landfill. These practices can release GHGs, microplastics, and other pollutants into air, water, and soil, contributing to climate change and ecosystem degradation. Resource inflows are not material for the downstream value chain, as PUMA does not consume new resources at the product use or end-of-life stage.

Strategy

PUMA’s strategy for resource use and circularity focuses on sourcing certified and recycled materials, improving resource efficiency, and promoting circular practices such as recycling and reuse throughout its value chain. The company aims to minimise waste, reduce reliance on virgin resources, and support initiatives that protect the environment.

Policies related to resource use and circular economy (E5-1)

The Management Board is responsible for the approval and implementation of the Circularity Policy. The policy has been agreed with internal stakeholders and reviewed by an external circularity organisation. Our policy is publicly available to potentially affected stakeholders and aims to support the transition to a circular economy as well as responsible consumption, and production and contribute to the SDGs. Various departments manage implementation of the policy and report progress to the Management Board and leadership team on a regular basis.

PUMA’s circularity policy outlines our commitment to advancing circularity across the value chain and aligns with the waste hierarchy of prevention, preparing for re‑use, recycling, other recovery, and disposal. By incorporating principles of circular design to create durable, repairable, and long-lasting products, PUMA contributes to prevention of waste and preparing for re-use. Incorporating more recycled materials in our products and our take-back schemes are our key recycling related actions. We also address other recovery by promoting water recycling in our upstream value chain while our commitment to eliminate landfill waste fulfils the disposal element of the waste hierarchy. However, the policy does not include detailed quantitative targets and specific procedures for each stage of the waste hierarchy, particularly regarding the management of residual waste for disposal.

Actions related to resource use and circular economy (E5-2)

The actions outlined below are already ongoing except for circular design principles. Specific actions and timeframes for circular design principles will be established in line with upcoming EU requirements.

Textile-to-textile recycling

To avoid fabric waste in our upstream and downstream value chain and reduce dependency on virgin raw materials and used PET bottles, we expanded our RE:FIBRE textile-to-textile recycling programme. Polyester, our most consumed technical material, is recycled into new textiles through the chemical and/or mechanical recycling of fabric waste and unsellable polyester items. We partner with football clubs like Manchester City or Borussia Dortmund, collecting used polyester products at fan shops. In 2025, we extended RE:FIBRE to cover jerseys of all major football clubs and federations, scaling up to over 9 million items.

Own operations

PUMA implements various initiatives to promote circularity. Through partnerships, PUMA seeks to improve material efficiency and reduce waste.

Innovation

In early 2025, PUMA started a multi-year collaboration with RE&UP to scale circular textile solutions globally. Building on PUMA’s RE:FIBRE program, the partnership will use recycling technology to transform textile waste, including complex blends, into recycled cotton fibres and polyester chips, thereby reducing reliance on virgin and bottle-recycled polyester.

Extended Producer Responsibility (EPR)

The EU has proposed mandatory EPR for textiles by 2025, requiring separate collections and significant recycling or reuse efforts. PUMA contributed to packaging and product EPR schemes in 2025 for European countries such as Germany and the Netherlands.

Upstream value chain

Through supplier engagement and strengthened traceability requirements, PUMA aims to protect the environment and drive progress toward its circularity agenda.

Waste management

The Circular Fashion Partnership, launched by the Global Fashion Agenda (GFA) and GIZ coordinates brands, manufacturers, collectors, sorters, and textile recyclers to work together to segregate, digitally trace, and recycle textile waste into new products. PUMA joined this program in Vietnam and Cambodia in 2024 with continued participation in 2025.

Country of origin

PUMA tracks the country of origin of leather and cotton to understand possible environmental and human rights related risks. In 2025, we sourced approximately 28.7 thousand tonnes of cotton, with 77.4% of this coming from the USA, Brazil, and India. We require all cotton to be certified or recycled. We sourced approximately 7.5 thousand tonnes of leather, with 91.5% of this coming from the USA and Argentina. While suede traceability is more complex due to intermediaries, we monitor traceability from LWG medal-rated tanneries. This material consumption and country of origin information apply only to PUMA and excludes stichd.

Downstream value chain

Take-back schemes

PUMA rolled-out take-back schemes in selected markets, including the United States, the United Kingdom, China, India, France, Germany, Switzerland and Australia. The schemes support the collection of used textiles and footwear and enable selected items to be directed to recycling or reuse pathways through external partners, including within the RE:FIBRE programme. These initiatives contribute to the evaluation and development of circular solutions across different markets.

We also partnered with the shoe recycling company FastFeedGrinded for a footwear take-back project. As part of this initiative, 5,000 PUMA shoes were distributed in the Netherlands by FastFeedGrinded, then later collected and recycled to recover and repurpose the materials.

Consumer communication

Our communication strategy defines PUMA's brand positioning on circularity and outlines the behaviours we aim to encourage in consumers. We provide care and repair guidelines for consumers to help extend the lifespan of their products; the guidelines explain the most common reasons for discarding sportswear and provide simple tips to resolve these issues.

Products made of recycled or certified material

We focus on sourcing certified or recycled raw materials as per industry standards and certification schemes for cotton, polyester, leather, and cardboard, to reduce the environmental impact of our products. Details on impact and targets for biodiversity specifically are explained in E4 Biodiversity section.

To identify whether a product contains a significant share of certified or recycled raw materials, we developed the PUMA S-Index. For apparel and accessory items, a product is compliant with the PUMA S-Index if it contains at least 50% certified or recycled materials by weight. For footwear, one or more main components must be made from such materials.

Metrics and targets (MDR-M, MDR-T, E5-3)

In our Vision 2030 strategy, approved by the Management Board, we voluntarily set new targets in five circularity areas which are to be met between 2025 and 2030. These areas address the IROs identified as material for our business, helping to implement our Circularity Policy, such as taking responsibility for our products after use or reducing dependency on virgin raw materials by scaling up the use of recycled. Target achievement levels of the targets are monitored annually through material and product reports, dashboards or internal communication.

Stakeholder engagement was part of the target-setting process for each material sustainability matter. PUMA conducted materiality assessments and stakeholder consultations, including dialogue with suppliers, NGOs, industry experts, and investors to gather feedback and refine the targets, ensuring that both internal priorities and external perspectives were taken into consideration. Our circularity targets cover the production phase (recycled material usage), use phase (durability), and end of life (take-back and recycling). Targets related to inflows address the recycling element of waste hierarchy by increasing the use of recycled materials in products and packaging. Targets related to outflows address the prevention, recycling and disposal elements of waste hierarchy by minimising waste sent to landfill and recycling pre- and post-consumer waste.

¹ Targets are voluntary and not based on conclusive scientific evidence. The target related to waste to landfill is relative, all others are absolute. All targets apply from January 2020 to December 2025.

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

³ Cobra products sourced by PUMA Group Sourcing (PGS). Excluded are golf club parts sourced by Cobra PUMA Golf.

⁴ 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.

⁵ The data from October to December 2025 is extrapolated using error, trend and seasonality analysis from January to September 2025 data when data is continuously available within the given period. If the data are not continuously available between January to September 2025 due to the nature of waste disposal, then October to December 2025 is assumed as nil. 2025 data is from 19 core Tier 1 apparel and 18 core Tier 1 footwear.

⁶ Test for biodegradability completed and results are publicly shared.

The 10FOR25 targets for recycled polyester were fully achieved with a rate of 89.0% for apparel and accessories and 82.0% for all product divisions due to advances in technology and scalability of recycled polyester in our industry. However, when looking at to all recycled or certified materials, we only achieved our 10FOR25 goal for apparel and footwear (while accessories fell short of the goal at 58.5%). There are remaining challenges for accessories due to the nature of the product and availability of certified material to fulfil the products’ functionality or quality requirements. Take-back schemes have been established in major markets, and we will continue to evaluate future expansion plans in existing or other markets.

With respect to waste in our upstream value chain, production waste sent to landfills dropped significantly by 98.7% for Tier 1 apparel and 90.7% for Tier 1 footwear in 2025 as compared to the 2020 baseline. This reduction surpassed the original target of 50% for both divisions. As for plastic bags, we had achieved our goal as we have not used plastic bags in PUMA stores since 2023. We also achieved our goals for the development of recycled materials for cotton, leather, rubber and polyurethane as we had recycled content in all these four materials in 2025. We also achieved our goal on biodegradable alternatives for plastic with the RE:SUEDE products.

¹ Targets are voluntary, absolute, and not based on conclusive scientific evidence. They apply from January 2026 to December 2030.

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

³ Cobra products sourced by PUMA Group Sourcing (PGS). Golf club parts sourced by Cobra PUMA Golf are excluded.

⁴ stichd will finalise their company-level 2030 targets in 2026.

⁵ Measured by the number of initiatives per year. Increase refers to there being zero initiatives in the baseline year.

⁶ 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.

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.

Resource inflows (E5-4)

For biological materials, PUMA uses mainly cotton and leather (the latter as a by-product of the meat industry) along with natural rubber, paper and cardboard for packaging and office purposes. Preferred biological materials are sourced according to standards such as the Better Cotton Initiative, Leather Working Group, Global Recycled Standard and Recycled Claim Standard. For PUMA products in 2025, 99.5% of cotton came from certified (BCI, organic or regenerative) or recycled sources. For paper and carboard, we also accept the Forest Stewardship Standard. Although man-made cellulosic fibres (MMCF) are not a material inflow due to its volume of consumption, 92.5% were sourced from FSC/PEFC-certified or “green shirt” rated suppliers like Lenzing (EcoVero®), avoiding the use of wood from endangered forests.

In terms of animal-based materials, 99.3% of leather came from LWG-certified tanneries with gold ratings, while recycled leather reached 0.7%. Wool use totalled 1 tonne with 95.2% RWS-certified. All down feathers used were RDS-certified or recycled. While animal welfare is not classified as a material topic for PUMA, and wool and down are also deemed non‑material because of their limited use, we aim to uphold responsible practices by encouraging the use of certified or recycled sources for animal‑based materials.

For technical materials, PUMA mainly uses polyester, polyurethane, synthetic rubber and EVA for the soles of shoes. The Global Recycled Standard and the Recycled Claim Standard are used to certify recycled content. In 2025, 87.5% of polyester was either bluesign®, OEKO-TEX® certified, recycled, or bio-based.

Elimination of single-use plastic

As part of the implementation of our 10FOR25 targets, PUMA has taken measures to reduce single-use plastics across retail, logistics, and office operations, including replacing consumer-facing plastic bags, transitioning to recycled or certified alternatives for selected materials and packaging, and eliminating single-use plastics in offices.

¹ 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.

² Biological materials with GRS/RCS or FSC or GOTS or OCS certification, Better Cotton license, leather sourced from LWG certified tanneries. The calculation does not currently consider the application of the cascading principle for biological materials. Biofuels used for non-energy purposes are not included in the calculation of sustainably sourced biological materials. If applicable, this will be updated in future disclosures.

³ Technical materials including virgin and secondary materials.

⁴ Percentage recycled material by material type.

⁵ Data on secondary reused or recycled components and intermediary products are not included, as required. Only secondary materials are reported.

To obtain the data on inflow materials, PUMA provides training to its suppliers on material consumption data reporting. A material consumption data questionnaire is sent to PUMA’s Tier 1 and Tier 2 supplier factories, who report the types of materials used in PUMA products along with the corresponding certifications recognised by PUMA. Suppliers then upload the completed questionnaire for data consolidation. The material team validates the data based on the usage confirmed at the development stage to avoid mistakes such as data duplication. Full-year data is accounted for using the actual material weight data from January to September and extrapolating the planned material shipments (as of 30 September) that will be delivered between October and December. This extrapolation assumes that orders placed after the end of September will be delivered within the same year. Packaging material weight data is collected from January to September and extrapolated based on previous year data.

Resource outflows (E5-5)

Products and packaging

The main output of PUMA’s outsourced production process are footwear, apparel and accessories. In the absence of a clear definition or industry standard on the basis of which materials or components can be considered recyclable, we are unable to report a precise figure for the recyclable content of footwear and accessories products. In general, footwear, apparel and accessories are currently not recycled at scale after their use.

To the best of our knowledge, there is no universally mandated standards specifically for the durability of footwear, apparel or accessory products. PUMA has an internal quality management system to maintain product quality. We are currently awaiting the finalisation of the ESPR on durability standards for footwear and apparel. Once these regulations are established, we plan to update our durability standards.

At PUMA, we do not offer a formal repairability service for our products. However, our products are made to be repairable in normal tailor repair shops, for example, broken stitches or buttons. To extend the life of products, we offer guidance on product care and washing to our consumers on with RE:HACKS initiative.

For the primary packaging of our goods, we use paper and cardboard for shoe boxes, as well as polyethylene bags for apparel and accessories. Both our shoeboxes and the polybags (excluding stichd) used for product packaging use over 90% recycled input materials and are also recyclable after use. The majority of our shoeboxes are made from 100% cardboard and our polybags from 100% polyethylene. Therefore, depending on the recycling method used, both packaging items are recyclable, except for the colours used for printing on the surface of the box and the bag.

Waste

Own operations

Waste from our own operations relates to packaging waste (cardboard and plastic) from PUMA’s owned and operated warehouses and stores, as well as paper and general waste from PUMA’s office locations. We require our own operations to recycle waste wherever possible by setting internal waste recycling targets.

¹ Data on waste generation is collected using primary data (approx. 50%) and estimations (approx. 50%). 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 calculated considering the number of employees on the site. PUMA does not apply other recovery operations in its own operations, as waste is either prepared for reuse, recycled or sent to disposal, with no further recovery processes in place.

² Disposal method of other disposal was selected when method of final disposal was different from incineration or landfill or could not be identified.

Upstream value chain 

Although we do not currently set absolute reduction targets for waste generation among our core supplier factories, we continue to collaborate with them to strengthen waste management systems and increase diversion from disposal, particularly avoiding landfill. These efforts include partnerships such as those with GIZ and GFA, as highlighted in the Actions related to resource use and circular economy (E5-2) section.

¹ Data on waste generation are collected using primary data from January to September 2025 and estimated for October to December 2025 from 79 core Tier 1 and 43 core Tier 2 from PUMA, Cobra and stichd.

² Disposal method of recycling includes recycling into other product (within and/or outside our value chain) and energy recovery process done in third party with boiler and co-processing with other feedstock.

³ Other disposal was selected when final disposal method was different from incineration or landfill or could not be identified.

Of the total waste generated, non-hazardous waste (94.5% of total waste) has a higher rate of diversion from disposal at 84.9% (primarily boiler ash, fabric waste, and paper and cardboard) as compared to hazardous waste. Due to stricter regulations and limited disposal options mandated by authorities, a higher proportion of hazardous waste was sent for disposal (57.8%), primarily by incineration (83.9%), to minimise potential harm to the environment and human health. Only 42.2% of hazardous waste (mainly boiler ash, empty chemical containers, and other hazardous materials) was diverted from disposal as being reused or recycled. Due to the nature of the manufacturing process in our industry, we did not have any radioactive waste in our upstream value chain in the current reporting year as with the previous years.

In 2025, we expanded our waste data collection to include rubber, EVA, leather, and PU, as compared to only fabric in previous years. These materials represent the key material waste generated in our upstream value chain. These material wastes are generated mainly from the cutting process. From a total material waste of 16,051.1 tonnes of total material waste, 12,323.3 tons (76.8%) were diverted from disposal like reused (2.7%) and recycled (74.1%), 1,943.0 tonnes (12.1%) were sent to incineration, and 1,617.5 tonnes (10.1%) had an undefined disposal pathway. 167.2 tons (1.0%) of material waste were sent to landfill due to limitations of local waste management infrastructure. This data allows us to better understand the opportunities for improvement that are specific to each material type.