The financial year 2025 at a glance

In July 2025, Arthur Hoeld joined sports company PUMA as the company’s new Chief Executive Officer (CEO). In the second half of the year, the company initiated a reset and defined its new strategic priorities. These have the clear goal of establishing the company as a Top-3 global sports brands and, in the medium term, returning to above industry growth and generating healthy profits.

To create the right structures for this reset and to better coordinate the various parts of the company, responsibilities within the Management Board were redistributed, and the company started to redesign and improve key processes.

In 2025, Matthias Baeumer was appointed Chief Commercial Officer (CCO), responsible for PUMA’s sales organisation and the global direct-to-consumer (DTC) business, and Andreas Hubert was appointed Chief Operating Officer (COO), responsible for global sourcing, IT and logistics.

Clear focus as one global sports brand

With a clear commitment to sports and performance, PUMA's focus is on becoming one global sports brand with globally successful product lines and inspiring storytelling that will make the PUMA brand more relevant to consumers again.

PUMA aims to better position its product icons, such as the Suede sneaker, or performance products, such as running shoes with PUMA's NITRO™ technology, and tell product stories that inspire consumers. As part of this approach, PUMA set up a new structure to better link the processes for product development and storytelling. Maria Valdes, previously Chief Product Officer (CPO), was appointed Chief Brand Officer (CBO) to lead this process at board level. She is now responsible for brand marketing, product, creative direction, innovation and go-to-market.

Within product categories, PUMA has defined Football, Running, Training and Sportstyle Prime & Select as focus areas. These four categories are intended to drive PUMA's global growth.

In 2025, PUMA launched new versions of its successful football franchises ULTRA and FUTURE, which have been consistently developed with the aim of giving players better ball control and faster moves. Towards the end of the year, the PUMA KING, which has been worn by legendary footballers such as Eusébio, Pelé, Cruyff and Maradona since its debut in 1966, was launched in its 20th version.

Just in time for Women's Euro 2025 in Switzerland, PUMA further developed its football boots specifically made for female players – the Women's Fit 2.0 – which has been developed over many years with feedback from our athletes. With a narrower forefoot and lower instep, the Women's Fit 2.0 is better suited to the anatomical characteristics of women's feet than unisex models.

In 2025, PUMA also extended important football partnerships, for example with Manchester City and Borussia Dortmund, which ensure very high global visibility and increase the company's credibility in this sport. PUMA also became an official partner of the world's most-watched football league, the Premier League, and will supply the official ball for every match from the 2025/26 season onwards.

In Running, PUMA further developed its leading NITRO™ technology and launched important new products, such as the Fast-R NITRO™ Elite 3, which aim to make the fastest athletes even faster. With Project3, PUMA gave ambitious runners the opportunity to wear the Fast-R NITRO™ Elite 3 at major global running events in 2025 such as the marathons in London, Boston and New York and beat their personal bests. Of the 269 athletes who took part in Project3, 98 achieved new personal bests, with 48 of them improving their times by more than 3 minutes. For PUMA, this result demonstrates the great potential of our NITRO™ technology and shows that the Fast-R NITRO™ Elite 3 is a fantastic shoe. This opinion was shared by renowned US magazine TIME, which named the Fast-R NITRO™ Elite 3 one of the Best Inventions of 2025.

Our NITRO™ technology also played an important role at the World Athletics Championships in Tokyo, where we unveiled the FAST XP collection. With this radical collection of hybrid innovation shoes, PUMA redefined speed and performance. In the stadium, our athletes won 25 medals with our performance products, including six gold medals. PUMA-Athlete Armand "Mondo" Duplantis secured a new pole vault world record of 6.30 metres in addition to his world championship title in Tokyo.

The extension of our partnership with HYROX, the World Series of Fitness Racing, has positioned us in 2025 to further strengthen our product offering in Training and establish ourselves as a performance brand with millions of participants in this rapidly growing sport. The first performance products for HYROX were launched at the beginning of 2025 and will be further expanded in the coming years and tailored to the specific needs of athletes in this sport.

In Sportstyle, PUMA continued to focus on products that are rooted in sports but also inspire our customers off the pitch. PUMA was able to draw on its extensive archive, which contains products from more than 77 years of sporting history.

The PUMA Speedcat sneaker enjoyed great momentum in 2025, especially in Asia. With a campaign led by our brand ambassador Rosé, the international K-pop star, we launched the Speedcat in various versions, such as the Speedcat Ballet, which was very well received by the media. The Terrace-sneaker Palermo also appealed to our customers around the world in 2025, for example in joint collections with our partners such as the Formula 1 team Ferrari, with whom PUMA celebrated 20 years of partnership in 2025.

In collaboration with musician and designer A$AP Rocky, PUMA presented several Sportstyle collections in 2025 that generated significant media coverage and drew attention to our sneaker models such as the Inhale. When Rocky was named "Fashion Icon of the Year" by the Council of Fashion Designers of America in 2025, his collaboration with PUMA was also highlighted positively.

Recalibration of our distribution, reset of the cost base

In 2025, PUMA took important steps to streamline its distribution structures, improve cash management and adjust costs in the short and medium term.

PUMA lowered its global exposure to mass merchants and gradually reduced business that damaged the brand’s desirability. Mass merchants are large-scale retailers that sell high volumes of products at low prices, often with very broad distribution, limited brand control and a focus on out-of-season or leftover merchandise. PUMA also worked closely with its wholesale partners to reduce excess inventory.

The direct-to-consumer (DTC) business was reorganised, with separate structures for the company's global retail and e-commerce businesses. This is part of PUMA's strategy to achieve higher growth in its DTC business and bring the sales channel mix closer to the industry average. At the same time, PUMA reduced discounts in its DTC business, particularly in the fourth quarter of 2025.

With the opening of a new flagship store on Oxford Street in London, PUMA offers customers in one of Europe's most popular shopping destinations the opportunity to immerse themselves in the world of the PUMA brand and get to know the company's products better.

In North America, PUMA increased its focus on its core business by switching to a licensing model with its longstanding partner United Legwear LLC for product categories such as socks and underwear, as well as children's apparel and accessories. A licensing model for these product categories is common in North America.

Together with its wholesale and supply chain partners, PUMA succeeded in limiting the impact of US tariffs on its gross profit. Selective price adjustments were introduced in the fourth quarter of 2025 and fewer goods destined for the US market were produced in China.

In order to reduce operating expenses and return to profitability in the future, the company introduced a cost efficiency programme, which was significantly expanded over the course of the year.

After announcing the reduction of 500 positions worldwide in March, PUMA announced in October that it would cut a further 900 white-collar roles out of a total of approximately 7,000 worldwide.

The company has also committed to lowering its cost base by eliminating operational inefficiencies and reducing its product range in the coming seasons.

The important steps taken by PUMA in 2025 were made in order to return the company to growth from 2027 onwards, following the transition year of 2026.

Before we provide an overview of the financial business development in 2025, we point out that both the business figures published during 2025 and the comparative figures for the previous year have been adjusted in connection with the discontinued operation PUMA United. PUMA United was a partnership between PUMA and United Legwear, which focused mainly on the socks and bodywear business in the USA and Canada. PUMA held a 51% share in this entity. As part of the ongoing reset measures and efforts to optimise the PUMA distribution network, PUMA decided to transition from the previous partnership model to a licensing model in November 2025. The details of the adjustments are presented in the Notes to the Consolidated Financial Statements in Chapter 24 Discontinued Operations.

In financial year 2025, PUMA was facing a volatile consumer sentiment, geopolitical tensions and an intense competitive environment. In addition, PUMA faced several company-specific challenges. Of particular importance here is above all the desirability of the PUMA brand, which is significantly below our own standards. As a result, we recorded increased inventory levels in the trade and also sales in distribution channels that are not beneficial to the standards of the PUMA brand in the long term. In the second half of 2025, we therefore took actions to create a healthy foundation for the coming years. The package of actions aims at the reduction of sales with so-called large-scale retailers (large-scale retailers are retailers who sell large quantities of products at low prices, often with very broad distribution, limited brand control and a focus on non-seasonal goods or clearance stock) that are not beneficial to brand desirability and a reduction of excessive inventory levels at selected retail partners. In addition, there was a reduction of promotional activities in e-commerce as well as in the full-price stores. While these actions are necessary for the development of long-term brand desirability, they had a significant negative impact on the wholesale business and thus on the sales development of the year 2025. The implementation of the reset actions led to a currency-adjusted sales decline of 8.1%. The currency-adjusted sales development was thus slightly better than the adjusted outlook of a currency-adjusted sales decline in the low double-digit percentage range. In the reporting currency Euro, sales decreased by 13.1% from € 8,398.0 million in the previous year to € 7,296.2 million in 2025.

The gross profit margin decreased by 270 basis points from 47.6% in the previous year to 45.0% in 2025. Inventory write-downs, increased promotional activities in wholesale and currency effects represented a burden. This was partially offset by lower sourcing costs and a favourable distribution channel mix. The net expense of other operating income and expenses excluding one-time effects remained constant in financial year 2025 at a total of € 3,537.7 million (previous year: € 3,537.7 million). However, this resulted in a higher cost ratio, which rose from 42.1% in the previous year to 48.5% in 2025.

Overall, this led to a decrease in the adjusted operating result (adjusted EBIT) from € 548.7 million in the previous year to € -165.6 million. The one-time effects in connection with the cost efficiency programme mainly related to personnel costs, impairment losses due to infrastructure actions, consulting services and costs for the closure of retail stores. Further one-time effects relate to the write-down of goodwill. The one-time effects amounted to a total of € 191.6 million in 2025. This resulted in an operating result (EBIT) including the one-time effects of € -357.2 million (previous year: € 548.7 million). The EBIT margin amounted to -4.9% (previous year: 6.5%).

Declining interest income and higher hedging losses had a negative impact on the financial result compared to the previous year. Taking into account the lower tax rate and the decline in net income attributable to non-controlling interests, consolidated net income amounted to € -645.5 million compared to € 281.6 million in the previous year. Earnings per share decreased accordingly from € 1.89 in the previous year to € -4.38.

The following table compares the actual results with the forecast business development.

* before adjustments related to the discontinued operation PUMA United.

** including one-time costs from the “nextlevel” cost efficiency programme amounting to € 75 million.

Due to the negative consolidated net income in the past financial year, the management board and the supervisory board intend to propose to the annual general meeting that no dividend be distributed for the coming year. PUMA's dividend policy normally provides for a dividend payout of 25% to 40% of consolidated net income. Furthermore, the dividend payout can be supplemented by a further 10% to 25% by means of an optional share repurchase programme. On 31 March 2025, PUMA SE completed the acquisition of shares under the share repurchase programme. In connection with this, in the period from 1 January 2025 up to and including 31 March 2025, PUMA SE acquired 1,687,753 shares under the share repurchase programme at a total price of € 50,000,005.59 (excluding ancillary acquisition costs) and an average purchase price of approx. € 29.63 per share. This corresponded to 1.13% of the subscribed capital. Of the shares repurchased 1,690,270 were cancelled in the third quarter of 2025.

The PUMA share had a negative performance in the financial year 2025. Based on the closing price at the end of 2024, the PUMA share started 2025 at a price of € 44.36. In the following twelve months, the price of the PUMA share ranged between € 44.71 (January 2025) and € 15.46 (November 2025). At the end of 2025, the price of the PUMA share was € 22.30, which represents a decline of 49.7% compared to the previous year. At the end of 2025, the market capitalisation of the PUMA Group amounted to € 3.3 billion (previous year: € 6.6 billion).