EU Taxonomy Regulation

Scope

The EU Taxonomy Regulation 2020/852, effective since 2020 and amended over the years, defines sustainable economic activities with the aim of redirecting capital flows towards them. PUMA is required to report on the proportion of Taxonomy-eligible and Taxonomy-aligned economic activities in its turnover, capital expenditure, and operational expenditure for the following six environmental objectives: Climate change mitigation (CCM), Climate change adaptation (CCA), Sustainable use and protection of water and marine resources (WTR), Transition to a circular economy (CE), Pollution prevention and control (PPC) and Protection and restoration of biodiversity and ecosystems (BIO).

PUMA's economic activities

Potential Taxonomy-eligible activities are those listed in the EU Taxonomy, even if they do not meet the technical screening criteria. Activities are taxonomy-aligned when they contribute significantly to the environmental objectives, comply with the screening criteria, do no significant harm (DNSH) to objectives, and meet the EU’s minimum safeguards. The Delegated Regulations’ Annexes currently do not include any business activities that are directly linked to the design, marketing and sale of footwear, apparel and accessories. As a result, PUMA’s business activities do not qualify as contributing substantially to environmental objectives and there is no financially material taxonomy-aligned sales, CAPEX, or OPEX to be reported. However, some activities relate to climate change mitigation under the PUMA’s climate pillar under of PUMA’s sustainability strategy and decarbonisation levers up to 2030. These are:

Economic activity CCM 6.5. Transport by motorbikes, passenger cars, and light commercial vehicles
Economic activity CCM 7.3. Installation, maintenance, and repair of energy efficiency equipment
Economic activity CCM 7.4. Installation, maintenance, and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)
Economic activity CCM 7.6. Installation, maintenance, and repair of renewable energy technologies
Economic activity CCM 7.7. Acquisition and ownership of buildings.

Turnover

Since PUMA’s business activities do not qualify as contributing substantially to environmental objectives, PUMA has no turnover to report relating to Taxonomy-eligible activities. This means that the numerator for the turnover KPI is zero. Please refer to the Consolidated income statement.

Capital expenditure

Based on the Taxonomy definition, the calculated CAPEX KPI amounted to € 551.9 million in 2025. The denominator covers additions to tangible and intangible assets during the financial year before depreciation, amortisation, and any re-measurements, including those resulting from revaluations and impairments, for the relevant financial year and excluding fair value changes, and covering additions to tangible and intangible assets resulting from business combinations.

To calculate the CAPEX KPI numerator, we tracked the investments in the mentioned economic activities above. The eligible investment in 2025 includes the investments made in (activity 6.5) transport by motorbikes, passenger cars and light commercial vehicles, with these coming to € 5.3 million (investments into electric cars € 2.4 million (2024: € 4.1 million)); (activity 7.3) installation, maintenance, and repair of energy efficiency equipment € 2.1 million (2024: € 0.2 million); (activity 7.4) installation, maintenance and repair of charging stations for electric vehicles in the buildings € 0.0 million and (activity 7.6) installation, maintenance, and repair of renewable energy technologies € 1.2 million (2024: € 2.7 million). For (activity 7.7) acquisition and ownership of buildings, there were investments amounting to € 377.6 million.

Regarding the alignment of the eligible activities, for CCM 6.5, we assessed PUMA’s car fleet against the technical screening criteria and considered only vehicles emitting a maximum of 50 g CO₂e/km. To verify compliance with the DNSH requirements, we reviewed the technical specifications of leased electric vehicles and plug‑in hybrid cars such as tire resistance and noise indicators and concluded that these vehicles substantially contribute to climate change mitigation. For the rest of the activities, we performed an assessment based on the basis of DNSH criteria by considering overall information available related to the projects or spendings.

Regarding the minimum safeguards, this activity is underpinned by PUMA’s global governance framework designed to prevent and address risks related to human rights, fair business conduct, taxation, and anti‑corruption. PUMA has a set of core policies, including its Code of Ethics, Code of Conduct, Human Rights Policy Statement, Tax Strategy, and Anti‑Corruption and Anti‑Bribery Policy, all of which apply to business partnerships. These policies aim to ensure that no violations in areas such as discrimination, forced labour, bribery, or unfair competition occur within PUMA’s operations. Additionally, our due diligence processes for business partners and internal compliance procedures serve as preventive controls and help ensure continuous alignment with the EU Taxonomy’s minimum safeguards.

To avoid double counting we conducted control measures, such as plausibility checks and reconciliations. The rest of the Taxonomy-eligible activities have not been considered for alignment due to the unclear technical screening criteria and unavailable evidence of alignment.

Operational expenditure

The OPEX KPI includes the denominator derived from the categories of research and development, building renovation measures, short-term lease, maintenance and repair and any other direct expenditures related to the day-to-day servicing of assets of property, plant and equipment by the undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such asset. By this definition, the OPEX KPI amount is € 112.4 million (2024: € 120.6 million) in 2025. To avoid double counting, we conducted control measures, such as plausibility checks and reconciliations. Since PUMA’s sales activities are not defined as Taxonomy-eligible, PUMA's operational expenditure related to Taxonomy-aligned economic activities is not material, making the numerator value of our Taxonomy-eligible OPEX KPI zero.

T.49 Proportion of Capex of Total Capex for Taxonomy-Eligible and Taxonomy-aligned activities per environmental objective (%)

Proportion of CAPEX/Total CAPEX	Taxonomy-aligned per objective	Taxonomy-eligible per objective
CCM	1	70
CCA	0	0
WTR	0	0
CE	0	0
PPC	0	0
BIO	0	0

T.50 Nuclear and fossil gas related activities

Activities	Yes/No
Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle	No
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies	No
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades	No
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels	No
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels	No
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels	No

T.51 Proportion of turnover from products or services associated with Taxonomy-aligned economic activities (2025)

	2025			Substantial Contribution Criteria						DNSH criteria (Does Not Significantly Harm)
Economic activities	Code	Turnover	Proportion of turnover	CCM	CCA	WTR	CE	PPC	BIO	CCM	CCA	WTR	CE	PPC	BIO	Minimum Safeguards	Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, 2024	Category enabling activity	Category transitional activity
		in € million	%	Y; N; N/EL¹	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0	0	0%	0%	0%	0%	0%	0%								0
Of which enabling		0	0	0%	0%	0%	0%	0%	0%								0
Of which transitional		0	0														0
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
				EL²; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
Turnover of Taxonomy- eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		0	0	0%	0%	0%	0%	0%	0%								0
A. Turnover of Taxonomy eligible activities (A.1 + A.2)		0	0	0%	0%	0%	0%	0%	0%								0
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy- non-eligible activities (B)		7,296.2	100
Total (A + B)		7,296.2	100

¹ Y – Yes, Taxonomy-eligible and environmentally sustainable (taxonomy-aligned) activity. N – No, Taxonomy-eligible, but not environmentally sustainable (not taxonomy-aligned) activity. N/EL – (Not eligible) Taxonomy non-eligible activity.

² EL - (Eligible) Taxonomy eligible activity.

T.52 Proportion of CAPEX from products or services associated with Taxonomy-aligned economic activities (2025)

2025

Substantial Contribution Criteria

DNSH criteria (Does Not Significantly Harm)

Economic activities

Code

Absolute CAPEX

Proportion of CAPEX

CCM

CCA

WTR

CE

PPC

BIO

CCM

CCA

WTR

CE

PPC

BIO

Minimum Safeguards

Prop. of Taxonomy aligned (A.1.) or eligible (A.2.) CAPEX, 2024

Category enabling activity

Category transitional activity

in € million

%

Y; N;

N/EL¹

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

%

E

T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Installation, maintenance and repair of charging stations for electric vehicles in buildings

CCM 7.4.

0.0

Y

N/EL

Y

N

Y

0.0

E

Installation, maintenance and repair of renewable energy technologies

CCM 7.6.

1.2

0.2

Y

N/EL

Y

0.5

E

Transport by motorbikes, passenger cars and light commercial vehicles

CCM 6.5.

2.4

0.4

Y

N/EL

Y

0.8

E

T

Installation, maintenance and repair of energy efficiency equipment

CCM 7.3.

2.1

0.4

Y

N/EL

Y

N

Y

0.0

E

CAPEX of environmentally sustainable activities (Taxonomy-aligned) (A.1)

5.7

1.0

1%

0%

Y

1.4

Of which enabling

5.7

1.0

1%

0%

Y

1.4

E

Of which transitional

0.0

0

N

0

T

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

EL²; N/EL

EL; N/EL

Acquisition and ownership of buildings

CCM 7.7.

377.6

68.4

EL

N/EL

52.3

Transport by motorbikes, passenger cars and light commercial vehicles

CCM 6.5.

2.9

0.5

EL

N/EL

1.2

CAPEX of Taxonomy eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

380.6

69.0

69%

0%

53.6

A. CAPEX of Taxonomy eligible activities (A.1+A.2)

386.3

70.0

70%

0%

55.0

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CAPEX of Taxonomy-non-eligible activities (B)

165.6

30.0

Total (A + B)

551.9

100.0

¹ Y – Yes, Taxonomy-eligible and environmentally sustainable (taxonomy-aligned) activity. N – No, Taxonomy-eligible, but not environmentally sustainable (not Taxonomy-aligned) activity. N/EL – (Not eligible) Taxonomy non-eligible activity.

² EL - (Eligible) Taxonomy eligible activity.

T.53 Proportion of OPEX from products or services associated with Taxonomy-aligned economic activities (2025)

	2025			Substantial Contribution Criteria						DNSH criteria (Does Not Significantly Harm)
Economic activities	Code	Absolute OPEX	Proportion of OPEX	CCM	CCA	WTR	CE	PPC	BIO	CCM	CCA	WTR	CE	PPC	BIO	Minimum Safeguards	Prop. of Taxonomy aligned (A.1.) or eligible (A.2.) OPEX, 2024	Category enabling activity	Category transitional activity
		in € million	%	Y; N; N/EL¹	Y; N; N/EL¹	Y; N; N/EL¹	Y; N; N/EL¹	Y; N; N/EL¹	Y; N; N/EL¹	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OPEX of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0	0	0%	0%	0%	0%	0%	0%								0
Of which enabling		0	0	0%	0%	0%	0%	0%	0%								0
Of which transitional		0	0														0
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
				EL²; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
OPEX of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		0	0	0%	0%	0%	0%	0%	0%								0
A. OPEX of Taxonomy eligible activities (A.1+A.2)		0	0	0%	0%	0%	0%	0%	0%								0
B. Taxonomy non-eligible activities
OPEX of Taxonomy-non-eligible activities (B)		112.4	100
Total (A + B)		112.4	100

¹ Y – Yes, Taxonomy-eligible and environmentally sustainable (Taxonomy-aligned) activity. N – No, Taxonomy-eligible, but not environmentally sustainable (not Taxonomy-aligned) activity. N/EL – (Not eligible) Taxonomy non-eligible activity.

² EL - (Eligible) Taxonomy eligible activity.

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EU Taxonomy Regulation