Notes to the consolidated statement of financial position

3.Cash and cash equivalents

As of 31 December 2025, the Group has cash and cash equivalents of € 290.0 million (previous year: € 368.2 million). This comprises balances with credit institutions including short-term financial investments with an original maturity of up to three months. The average effective interest rate on financial investments amounted to 1.5% (previous year: 1.8%) for countries without hyperinflation. In hyperinflationary countries, the average effective interest rate on financial investments amounted to 23.0% (previous year: 62.4%).

4.Inventories

Inventories are broken down into the following major groups:

The raw materials, consumables and supplies mainly relate to raw materials for the production of golf clubs and footwear.

The table shows the carrying amounts of the inventories net of value adjustments. Of the value adjustments in the amount of € 205.9 million (previous year: € 111.4 million) approx. 71.3% in financial year 2025 (previous year: approx. 67.2%) were recognised in profit or loss in cost of sales.

The amount of inventories recognised as an expense during the period corresponds essentially to the cost of sales shown in the consolidated income statement.

Inventory adjustments related to returns represent the historical costs of the inventories for which a return is expected.

5.Trade receivables

The trade receivables are broken down as follows:

The change in the provision for risks for financial assets in the "trade receivables" class measured at amortised cost relates to receivables in connection with sales from contracts with customers and has developed as follows:

The age structure of trade receivables is as follows:

With respect to the net carrying amounts of trade receivables, PUMA assumes that the debtors will satisfy their payment obligations or that, in the event of a default, the net carrying amount will be covered by existing credit insurance. There are no significant risk concentrations as the customer base is very broad and there are no correlations.

Trade receivables are derecognised when, in the context of factoring agreements, essentially all risks and opportunities relating to these receivables have been transferred to a third party. As of 31 December 2025, receivables in the amount of € 59.7 million (previous year: € 269.7 million) were derecognised as a result of factoring agreements. In the reporting year 2025, this relates mainly to PUMA India and PUMA Japan. The purchase price corresponds to the nominal amount of the respective receivable, less the deductions granted by PUMA (e.g. cash discounts), as well as the factoring fee and interest. The Cash Flows are categorised as cash inflow from operating activities in the consolidated statement of Cash Flows.

6.Other current financial assets

Other current financial assets are broken down as follows:

The amount shown is due within one year. The fair value corresponds to the carrying amount.

7.Other current financial assets

Other current assets are broken down as follows:

The amount shown is due within one year. The fair value corresponds to the carrying amount.

Other receivables mainly include receivables relating to VAT of € 123.0 million (previous year: € 100.0 million) and other taxes of € 54.0 million (previous year: € 35.3 million).

8.Deferred taxes

Deferred taxes refer to the items presented below:

As of 31 December 2025, tax loss carry-forwards totalled € 756.4 million (previous year: € 417.2 million). Deferred tax assets on these items are recognised at the amount for which the realisation of the associated tax benefits through future taxable profits is probable. In the 2025 financial year, no deferred taxes were recognised for loss carry-forwards amounting to € 465.2 million (previous year: € 143.6 million); of this amount, € 401.7 million (previous year: € 136.4 million) are non-forfeitable. The remaining tax loss carry-forwards for which no deferred tax assets were recognised, amounting to € 63.5 million (previous year: € 7.2 million), will expire within the next six years.

In addition, no deferred tax items were recognised for temporary differences in the amount of € 541.3 million (previous year: € 20.7 million) because they were not expected to be realised as of the balance sheet date.

For Group companies that achieved a negative tax result in this or the previous financial year, a total of deferred tax assets in the amount of € 116.8 million were recognised after deduction of any deferred tax liabilities (previous year: € 190.5 million) as sufficiently positive tax results can be expected in the future on the basis of the relevant projections. These deferred tax assets are attributable in particular to the companies in Germany and Mexico.

No deferred taxes on retained profits at subsidiaries were recognised where these gains are to be reinvested on an ongoing basis and there is no intention to make a distribution in this respect.

Deferred tax assets and liabilities are netted if they relate to a taxable entity and can in fact be netted. Accordingly, they are shown in the balance sheet as follows:

The development of deferred tax assets, net is as follows:

9.Property, plant and equipment

The development of property, plant and equipment is shown in the following tables:

The Group owns office space in Argentina (Latin America segment) which is classified as investment properties. As of 31 December 2025, these are reported with a carrying amount of € 15.4 million (previous year: € 27.7 million) in property, plant and equipment under real estate. The fair value of investment properties as of 31 December 2025 is € 15.4 million (previous year: € 20.9 million). This was determined by external, independent valuers who have relevant professional qualifications and current experience with the location and type of properties to be valued. The fair value was determined on the basis of the market-comparative approach, which reflects the most recent transaction prices for similar properties. In the current financial year, impairment losses of € 8.6 million (previous year: € 8.8 million) were recognised in financial expenses for investment properties based on fair value. In the previous year, the write-down was based on the calculation of the value in use, taking into account the cost of capital rate of 3.8%. The affected asset is reported in the segment reporting in the Latin America region. The Group intends to sell these investment properties in 2026.

Rental income generated by the group from investment property amounted to € 1.0 million in the financial year (previous year: € 1.4 million). Direct operating expenses for the investment property, all of which generated rental income in the reporting year, amounted to € 0.0 million (previous year: € 0.0 million).

10.Leases

PUMA as lessee

The Group rents and leases offices, warehouses, facilities, technical equipment and machinery, motor vehicles and sales rooms for its own retail business. As a rule, the lease agreements have a term of between one and fifteen years. Some agreements include renewal options and price adjustment clauses.

The carrying amounts of the right-of-use assets recognised in the statement of financial position refer to the following classes of assets:

The item "Others" includes technical equipment and machinery, as well as motor vehicles.

The following recognised lease liabilities result:

The amounts recognised in the consolidated income statement are:

Variable lease payments are incurred in connection with the Group's own retail stores. These are based on the sales amount and are therefore dependent on the overall economic development.

Total cash outflows from lease liabilities in 2025 amounted to € 303.4 million (previous year: € 273.6 million).

Due to reduced earnings prospects based on updated financial planning and estimates, impairment losses in the total amount of € 19.6 million were recorded right-of-use assets in connection with own retail stores in financial year 2025 (previous year: € 7.3 million). To determine the impairment, the recoverable amount was calculated for the individual retail stores. The recoverable amount for the impaired retail stores is € 84.9 million (previous year: € 16.7 million), of which € 84.9 million was determined on the basis of the value in use (previous year:€ 15.4 million). In the financial year under review, reversals of impairment losses amounting to a total of € 1.3 million (previous year: € 29.4 million) were recorded for retail stores. There were no impairment losses or impairment reversals in the other categories of right-of-use assets.

Furthermore, an impairment loss totalling € 11.5 million was recognised for the cash-generating unit PUMA Canada within the North America segment. This was due to reduced earnings prospects for the following annual periods. Assumptions for the impairment test performed in this regard can be found in Chapter 11.

In 2025, PUMA entered into lease agreements that had not yet commenced by year-end. As a result, no lease liabilities and no corresponding right-of-use assets were recognised as of 31 December 2025. Future lease payments in connection with these agreements amount to € 5.0 million (previous year: € 16.0 million) for the next year, € 20.6 million (previous year: € 75.9 million) for years two to five and € 20.5 million (previous year: € 97.1 million) for the period thereafter. The lease terms amount to up to 10 years (previous year: 12 years).

The maturity analysis of lease liabilities is as follows:

PUMA as lessor

PUMA rents out properties owned and leased as a lessor. From the lessor's point of view, these (sub)leases are classified as operating or finance leases.

The net investments from finance leases are shown as receivables in the balance sheet and are reduced by the repayment portion included in the lease payment. The interest portion included in the lease payment is reported as interest income in the financial result.

The maturities of the existing receivables on lease payments against third parties classified as finance leases are as follows:

The following income was recognised in the consolidated income statement in connection with leases:

Future lease payments from operating leases for the coming year amount to € 1.6 million (previous year: € 1.8 million) and for years two to five to € 3.6 million (previous year: € 7.4 million).

11.Intangible assets

Intangible assets mainly include goodwill, intangible assets with indefinite useful lives (e.g. brands), assets associated with the Company's own retail activities and software licenses.

The development of intangible assets is shown in the following table:

The item Other intangible assets includes advance payments in the amount of € 24.2 million (previous year: € 20.7 million).

Current depreciation of intangible assets in the amount of € 37.6 million (previous year: € 29.2 million) is included in other operating expenses. Of this amount, € 10.9 million is attributable to sales and distribution expenses (previous year: € 7.7 million), € 0.0 million to expenses for product management/merchandising (previous year: € 0.0 million) and € 26.7 million to administrative and general expenses (previous year: € 21.5 million).

Disclosures on planning assumptions for impairment tests

Goodwill and intangible assets with indefinite useful lives are not amortised according to schedule. Impairment tests with regard to goodwill were performed in the past financial year using the discounted Cash Flow method. The data from the three-year plan for the respective cash-generating unit or group of cash-generating units was used as a basis for this. Planning on the level of the cash-generating units was thereby derived from the PUMA Group's three-year plan. The following key assumptions have been made for the PUMA Group plans:

Based on the Group’s planning and the fundamental assumptions regarding overall economic development, it is assumed that geopolitical tensions will not increase further. Under these conditions, we expect sales in the reporting currency, the euro, to increase in the mid to high single-digit percentage range in the following financial years, after a slight percentage decline in 2026. The planned sales growth results from the implementation of the corporate strategy and the increase in PUMA's brand desirability.

Furthermore, PUMA expects an improvement in the EBIT margin in the medium term to a percentage slightly above a mid-single-digit percentage range. The improvement in the EBIT margin in the planning period results, alongside sales growth, from an increase in the gross profit margin, for example due to a higher share of own retail sales as a result of the disproportionate growth of the E-commerce distribution channel. Furthermore, the slightly weaker percentage increase in other operating income and expenses compared to sales growth is expected to contribute to the improvement of the EBIT margin, as, for example, the operational prerequisites for the planned sales growth in the coming years are essentially in place and economies of scale can be realised as a result. In addition, the “nextlevel” efficiency programme is intended to contribute to realising cost savings and achieving operating leverage.

The planning of investments and working capital is based on historical experience and is carried out in accordance with strategic objectives.

The future tax payments are based on current tax rates in the respective countries.

For periods beyond the three-year plan, an annual growth rate is determined and used to forecast future Cash Flows beyond the three-year period. The assumed growth rate is based on long-term expectations of inflation rates and does not exceed the long-term average growth rates for the business area in which the respective cash-generating unit, or group of cash-generating units, operates.

The recoverable amount for the respective cash-generating unit or group of cash-generating units was determined on the basis of value in use. In the financial year 2025, this resulted in an impairment loss on goodwill of the cash-generating units PUMA Japan and PUMA Canada totalling € 41.4 million (previous year: no impairment loss), which is included in other operating expenses.

Intangible assets with an indefinite useful life

In connection with the Golf business unit (CPG – Cobra PUMA Golf), the Cobra brand exists as an intangible asset with an indefinite useful life amounting to € 121.1 million (previous year: € 136.9 million). The carrying amount of the Cobra brand is significant in comparison to the overall carrying amount of the intangible assets with an indefinite useful life. It was assigned to the North America business segment, where the headquarters of Cobra PUMA Golf is located. The recoverable amount of the Cobra brand was determined using the relief-from-royalty method (level 3 – see explanation in Chapter 14). A discount rate of 9.4% p.a. (previous year: 10.0% p.a.), a royalty rate of 6.0% (previous year: 6.0%) and a sustainable 2.0% growth rate (previous year: 2.0%) were used. Cobra or CPG's three-year plan shows average revenue growth in the low-to-mid double-digit percentage range. The management's key assumptions about improvement in the EBIT margin in Cobra's or CPG's three-year plan are essentially in line with the fundamental assumptions in the plans at Group level. The estimated recoverable amount of the Cobra brand exceeds its carrying amount by approximately € 15.0 million (previous year: approx. € 19.9 million).

A reduction of the royalty rate to approximately 5.4% (previous year: approx. 5.2%) or a reduction of the average planned sales revenues by approximately 20.8% (previous year: approx. 13.2%) would not result in any impairment requirement for the Cobra brand, and the recoverable amount would correspond to the carrying amount.

If there is evidence that the underlying Cobra business is insufficiently profitable, the trademark is not only valued individually using the “Relief-from-Royalty Method”, but the recoverable amount of the cash-generating units to which the trademark is attributable is determined. In 2025, there were no indications of this.

Goodwill

Goodwill is allocated to the Group's identifiable groups of cash-generating units (CGUs) according to the countries where the activities are carried out. Summarised by regions, goodwill is allocated as follows:

¹ In the context of an intragroup business transfer, all assets, incl. the goodwill of Genesis, were transferred to PUMA UK.

The following table contains the assumptions for the performance of the impairment tests in 2025:

¹ The information for North America, Asia/Pacific (excluding Greater China) and stichd relates in each case to only one cash-generating unit (CGU)

The tax rates used for the impairment test correspond to the actual tax rates in the respective countries. The weighted average cost of capital (WACC) was derived on the basis of the weighted average cost of total capital, taking into account a standard market capital structure (ratio of debt to equity) and including the most important listed competitors (peer group).

In addition, a growth rate of 2.0% (previous year: 2.0%) is generally assumed. A growth rate of less than 2.0% (previous year: less than 2.0%) was applied only in justified exceptional cases, where the long-term expectations on inflation rate for the country in which the cash-generating unit operates were lower than the assumed growth rate; this applies, in particular, to the UK, China, Japan and Taiwan.

The cash-generating unit stichd includes goodwill of € 139.4 million (previous year: € 139.4 million), which is significant in comparison to the overall carrying amount of goodwill. The recoverable amount was determined by a value-in-use calculation with a discount rate of 8.8% p.a. (previous year: 9.7% p.a.) and a growth rate of 2.0% (previous year: 2.0%). The three-year plan of stichd shows sales growth in the mid single-digit percentage range. The three-year plan of stichd illustrates that the company expects a stronger improvement in the EBIT margin compared to the Group, something that stichd has already achieved in the past, and a return to its historical profitability is expected. The estimated recoverable amount of stichd exceeds the carrying amount by € 78.7 million (previous year: € 186.0 million). An increase in the discount rate to approx. 10.3% or a reduction in the average planned operating result (EBIT) over the three-year period of approx. 16.5% would not lead to any impairment requirement for the goodwill of stichd, and the recoverable amount would correspond to the carrying amount.

The cash-generating unit PUMA UK includes goodwill of € 8.6 million (previous year: € 1.7 million). The goodwill of Genesis was transferred to PUMA UK following the acquisition. The three-year plan for PUMA UK shows sales growth in the low single-digit percentage range. In the three-year plan for PUMA UK, an improvement in the EBIT margin is expected in line with the Group planning. The estimated recoverable amount of PUMA UK exceeds the carrying amount by € 24.6 million (previous year: € 78.4 million). An increase in the discount rate to approximately 11.3% or a reduction in the average planned operating result (EBIT) over the three-year period of approximately 17.4% would not lead to any impairment requirement for the goodwill of PUMA UK and the recoverable amount would correspond to the carrying amount.

The cash-generating unit PUMA Argentina includes goodwill of € 14.9 million (previous year: € 16.8 million). The three-year plan for PUMA Argentina shows sales growth in the mid double-digit percentage range. In the three-year plan for PUMA Argentina, an improvement in the EBIT margin in line with Group planning is expected. The estimated recoverable amount of PUMA Argentina exceeds the carrying amount by € 9.8 million (previous year: € 248.6 million). An increase in the discount rate to approx. 42.7% or a reduction in the average planned operating result (EBIT) over the three-year period of approx. 7.9% would not lead to any impairment requirement regarding the goodwill of PUMA Argentina and the recoverable amount would correspond to the carrying amount.

The cash-generating unit PUMA Japan contains goodwill of € 0.0 million (previous year: € 33.6 million). The existence of an indication of impairment resulted in an impairment loss of € 32.4 million in the first half of 2025 due to the reduction in earnings prospects in the calculation of the recoverable amount. The recoverable amount of € 128.6 million was determined by a value-in-use calculation using a discount rate of 9.3% p.a. and a growth rate of 1.4%. The underlying medium-term planning for "Japan" shows sales growth in the mid to high single-digit percentage range and an improvement in the EBIT margin from a low to a mid single-digit percentage.

The cash-generating unit PUMA Canada includes goodwill of € 0.0 million (previous year: € 9.5 million). The calculation of the recoverable amount resulted in an impairment loss of € 20.5 million, of which € 9.0 million relates to goodwill and € 11.5 million to right-of-use assets (see also Chapter 10). The recoverable amount of € 83.0 million was determined by a value in use calculation using a discount rate of 8.9% p.a. and a growth rate of 2.0%. The underlying medium-term planning for "Canada" shows a sales decline in the low single-digit percentage range and an improvement in the EBIT margin to a mid single-digit percentage.

The impairment is included in the consolidated financial statements in the item Other operating income and expenses and in the explanatory comments in the combined management report in the item One-off costs in the consolidated income statement.

The following table contains the assumptions for the performance of the impairment tests in the previous year:

¹ The information for North America, Asia/Pacific (excluding Greater China) and stichd relates in each case to only one cash-generating unit (CGU)

12.Other non-current assets

Other non-current financial and non-financial assets break down as follows:

The investments relate to the 5.32% shareholding in Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien (BVB) with registered office in Dortmund, Germany. According to the audited IFRS consolidated financial statements 2023/2024 of Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, equity as at 30 June 2025 amounts to € 326.3 million (30 June 2024: € 327.0 million) and the profit or loss for the last financial year amounts to € 6.5 million (previous year: € 44.3 million).

Remaining financial assets mainly comprise rent deposits amounting to € 26.9 million (previous year: € 29.8 million). Other non-current non-financial assets mainly comprise prepayments in connection with promotion and advertising contracts.

13.Liabilities

The residual terms of liabilities are as follows:

¹ The maturity analysis on lease liabilities is presented in Chapter 10.

Current borrowings in the amount of € 929.3 million include the current portion of promissory note loans in the amount of € 206.5 million (previous year: € 70 million) as well as other current borrowings from banks in the amount of€ 722.8 million (previous year: € 61.6 million). The increase in other current borrowings from banks by € 661.2 million is mainly due to a higher utilisation of the syndicated loan concluded in 2024 in the amount of € 650.0 million. The credit line of the syndicated loan has a total volume of € 1.2 billion and a term until 2029. The current utilisation of the syndicated loan will be largely refinanced in 2026 by utilising the bridge financing. Non-current borrowings include the non-current portion of the promissory note loans.

¹ The maturity analysis on lease liabilities is presented in Chapter 10.

The liabilities from refund obligations result from contracts with customers and essentially comprise obligations from customer return rights.

Information regarding supplier financing agreements

PUMA offers its suppliers a programme to finance supplier invoices. The largest programme, the PUMA Vendor Financing Programme (PVFP), enables suppliers to pre-finance their invoices to PUMA from one of the partner banks significantly before the agreed payment date in return for an interest discount. The financing terms are linked to the achievement of sustainability targets by the suppliers. Participation in this programme is voluntary. This supplier financing programme has no impact on PUMA; the payment date, payment methods and the original contractual conditions remain unchanged. In the balance sheet, liabilities are accordingly still shown as trade payables and cash outflows are included in the Cash Flow statement under Cash Flow from operating activities.

There are also some individual programmes with local suppliers. These too are intended to give suppliers the opportunity to pre-finance their invoices prior to the agreed payment dates, and in return, PUMA is granted partially extended payment periods; however, this is at the sole discretion of the financing partners. As PUMA does not incur any additional interest for the payment of supplier liabilities to the partner banks and, from the Group's point of view, the extended payment periods do not differ significantly from normal payment periods in the countries concerned, the liabilities are still reported as trade payables in the balance sheet and cash outflows are included in the Cash Flow statement under Cash Flow from operating activities in this case.

¹ The above-mentioned ranges of payment dates for the other programmes include ranges from multiple different countries. Under a supplier financing agreement, payment periods are extended by a maximum of 30 days, with the extended payment periods still not differing significantly from normal payment periods in the countries concerned.

14.Financial instruments

Carrying amounts of financial instruments and allocation to valuation categories

¹⁾ AC = at amortised cost

²⁾ FVPL = fair value through PL

³⁾ FVOCI (fair value through OCI) = equity instruments at fair value through other comprehensive income

Financial instruments that are measured at fair value in the balance sheet were determined using the following hierarchy:

Level 1: Use of prices quoted on active markets for identical assets or liabilities.

Level 2: Use of input factors that do not involve the quoted prices stated under level 1, but can be observed for the asset or liability either directly (i.e. as the price) or indirectly (i.e. derived from the price).

Level 3: Use of factors for the valuation of the asset or liability that are based on non-observable market data.

Reclassification between different levels of the fair value hierarchy are recorded at the end of the reporting period in which the change occurred.

The fair value of the investments held for strategic reasons only refers to equity instruments of the category "fair value through OCI" (FVOCI) and is determined on the basis of level 1. The market values of the derivative assets and liabilities as well as the fair value of the promissory note loans were determined in accordance with level 2.

The following table shows the measurement techniques used for determining Level 2 fair values for financial instruments.

Of the fair value of the derivatives with a hedge relationship with positive market values of € 33.7 million (previous year: € 131.0 million), € 30.4 million (previous year: € 125.4 million) related to the valuation of the spot component. Of the fair value of the derivatives with a hedge relationship with negative market values of € 56.7 million (previous year: € 15.5 million), € 67.0 million (previous year: € 13.0 million) related to the valuation of the spot component.

Cash and cash equivalents, trade receivables and other receivables have short maturities. Accordingly, as of the reporting date, the carrying amount approximates fair value. Receivables are stated at nominal value, taking into account deductions for credit risk.

The fair values of other financial assets correspond to their carrying amount, as the interest calculation occurs at the prevailing market interest rates on the balance sheet date. Other (current and non-current) financial assets include € 35.4 million (previous year: € 38.9 million) that were pledged as rental or other deposits at usual market rates.

Trade payables have short residual maturities. The recognised amounts therefore approximate fair value.

The remaining financial liabilities have short residual maturities; the recognised amounts therefore approximate fair value.

Net profit or loss by measurement category

The following table shows the net profit or loss by measurement category:

The net result was determined by taking into account interest income and expense, dividends, currency exchange effects, changes in provisions for risks as well as gains and losses from disposals. It also includes effects from the fair value measurement of derivatives without a hedging relationship.

The net result includes interest income of € 11.5 million (previous year: € 29.4 million) and interest expenses of € 55.2 million (previous year: € 64.4 million) according to the effective interest method.

General administrative expenses include changes in risk provisions for receivables.

Disclosures relating to financial risks

The PUMA Group is exposed to the following risks from the use of financial instruments:

• Credit risk
• Liquidity risk
• Market risk

These risks and the principles of risk management are explained below.

Principles of risk management

The Management Board of PUMA SE is responsible for developing and monitoring risk management in the PUMA Group. To this end, the Management Board has set up a Risk Management Committee that is responsible for designing, reviewing and adapting the risk management system. The Risk Management Committee regularly reports to the Management Board on its work.

The guidelines for the risk management system define the responsibilities, tasks and processes of the risk management system. The guidelines for the risk management system and the risk management system itself are reviewed regularly in order to be able to pick up on any changes in market conditions and PUMA's activities and incorporate them accordingly.

The Audit Committee, on the one hand, monitors the Management Board's compliance with the guidelines and the Group risk management processes. On the other hand, the Audit Committee monitors the effectiveness of the risk management system with regard to the risks to which the PUMA Group is exposed. The Internal Audit department supports the Audit Committee in its monitoring tasks. To this end, regular audits and ad hoc audits are also carried out by the Internal Audit department. Their results are reported directly to the Audit Committee.

Credit risk

Credit risk is the risk of financial loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises principally from trade receivables and from other contractual financial obligations of the counterparty, such as cash and cash equivalents and derivative financial instruments.

Without taking into account any existing credit insurance policies or other guarantees received, the maximum credit risk is equal to the carrying amount of the financial assets.

At the end of financial year 2025, there was no relevant concentration of credit risk by customer type or region. Credit risk is mainly influenced by individual customer characteristics. In accordance with our credit guidelines, new customers are checked for creditworthiness before we offer them our regular payment and delivery terms. In addition, we set specific receivables limits for each customer. In particular, the international credit insurance programme that PUMA has concluded for all major subsidiaries contributes to risk mitigation. The creditworthiness of our customers and the limits on receivables are monitored on an ongoing basis, which also includes requests for individual credit limits from credit insurance providers for all customers who have external accounts that exceed a certain value limit. The credit insurer's response to such credit limit requests always includes information on the creditworthiness. Customers with a credit rating that does not meet the minimum requirements set may, as a rule, only acquire products against advance payment.

Further activities to reduce credit risk include retention of title clauses, and also in individual cases the selective sale of trade receivables (without recourse) and the obtaining of bank guarantees or parent company guarantees for our customers.

At the end of the financial year 2025, no individual customers accounted for more than 10% of trade receivables.

The central Treasury department has a comprehensive overview of the banks involved in currency hedging instruments and the management of cash and cash equivalents. Business with banks is focused on core banks with the appropriate credit rating (currently a minimum rating of BBB+ or better), while maximum risk amounts are specified for banks that have also been engaged in addition to this. The counterparty risks resulting from this are reviewed at least once every six months.

In the year 2025, PUMA held derivative financial instruments with a positive market value of € 44.5 million (previous year: € 175.1 million). The maximum credit risk exposure to any single bank from such assets amounted to € 9.8 million (previous year: € 34.6 million).

In accordance with IFRS 7, the following table contains further information on the offsetting options for derivative financial assets and liabilities. Most agreements between financial institutions and PUMA include a mutual right to offsetting; the right to offsetting is only enforceable in the event of the credit of a business partner. Therefore, the criteria for offsetting in the balance sheet are not met.

The carrying amounts of the derivative financial instruments affected by the aforementioned offsetting agreements are shown in the following table:

Liquidity risk

Liquidity risk is the risk that the Group may not be able to meet its financial liabilities by delivering cash or other financial assets in accordance with the agreement. The objective of the Group in managing liquidity is to ensure that, as far as possible, sufficient cash and cash equivalents are always available in order to meet the payment obligations upon maturity, under both normal and strained conditions.

PUMA aims to maintain the amount of cash, cash equivalents and fixed loan commitments at a level that also covers the effects of an assumed downside scenario. This scenario simulates a sales slump combined with a significant drop in the gross profit margin, which in turn leads to an increase in inventories. Furthermore, increased trade receivables and increased investment volumes are assumed. The financial effects are also determined for this downside scenario, particularly regarding the necessary borrowing, which must be covered accordingly by free, confirmed credit lines.

PUMA has confirmed credit lines totalling € 2,562.8 million (previous year: € 1,842.9 million), of which € 1,202.2 million (previous year: € 1,360.2 million) had not been utilised as of 31 December 2025. The increase in confirmed credit lines by € 719.9 million compared to the previous year primarily results from taking out bridge financing in the amount of € 500.0 million and two promissory note loan transactions in 2025 totalling € 275.0 million, while the last tranche of € 70.0 million of the second promissory note loan was repaid upon maturity in January 2025. As of 31 December 2025, € 3.0 million (previous year: € 0.0 million) in borrowings were utilised from credit lines granted only until further notice. The effective interest rate of the current and non-current borrowings was 3.6% (previous year: 4.7%). As is customary in the credit market, the financing instruments may be subject to a limitation on the disposal of fixed assets, maximum limits for secured liabilities as well as "cross-default" and "change-of-control" clauses. Furthermore, with the exception of the bridge financing, there are no additional covenants or material conditions.

The promissory note loan transactions concluded in 2025 refer to a transaction successfully placed in May 2025 totalling € 210.0 million with a term of four (€ 147.0 million) to six years (€ 63.0 million). Furthermore, an additional promissory note loan of € 65.0 million with a term of two years was issued in November 2025.

The bridge financing of € 500.0 million was granted in the form of an initially undrawn facility with an initial term of 12 months with two optional extension options to be exercised unilaterally by PUMA for six months each (maximum until February 2028). It is fully guaranteed by Santander CIB S.A. The disbursement is scheduled for the first quarter of 2026 and serves to refinance drawdowns from the syndicated credit already concluded in 2024 in order to create more liquidity headroom within this facility. The provisions in the credit agreement are largely based on those of the syndicated credit in order to ensure uniform, conflict-free compliance with the contractual frameworks. Typical for bridge financing – in addition to the term of up to two years – there is, however, in addition to the covenants already mentioned above, an early repayment obligation for the respective equivalent value if subscribed capital is increased, new financing instruments are issued, sales of assets exceeding an equivalent value of € 10.0 million occur or dividend payments are made. The margin of the planned disbursements above EURIBOR increases over the up to two-year term each quarter and is initially between 0.9% and 1.2% and after 21 months between 2.6% and 2.9%.

All conditions of all loan agreements are met as at the balance sheet date. The management board continues to assume that it will be able to meet these in the future as well.

PUMA also participates in supplier financing agreements (for further explanations see Chapter 13), the main purpose of which is to allow suppliers to pre-pay their invoices via a bank on a voluntary basis. Programmes are offered by PUMA's central sourcing company (PUMA International Trading GmbH) for suppliers exporting goods to PUMA subsidiaries worldwide and by individual local PUMA subsidiaries for local deliveries from local suppliers. The financing partners involved in all of these programmes are international banks from among the PUMA’s international core banks with an appropriate credit rating. From the Group's point of view, the supplier financing agreements do not extend the payment terms or do not extend them significantly. Any extension of payment periods is at the sole discretion of the financing partners. For this reason, and in view of the balanced distribution of the programmes across five of the Group's core banks, PUMA faces no additional liquidity risk.

The following table shows the future cash outflows from the financial liabilities existing as at the reporting date, as well as the contractual Cash Flows in connection with derivatives with a negative market value. These are non-discounted gross amounts including expected interest payments, but exclude presentation of the effects of offsetting:

¹ The repayment of borrowings in 2026 relates, in addition to the repayment of the current portion of the promissory note loan, essentially to the repayment of the current utilisation of the syndicated loan. The credit line of the syndicated loan has a total amount of € 1.2 billion and a term until 2029. The current utilisation of the RCF will be refinanced to a large extent in 2026 through the utilisation of the bridge financing.

The following values were determined for the previous year: