Other disclosures

24.Discontinued operations

As of 31 October 2025, PUMA sold its majority shares in PUMA United North America LLC, USA, and PUMA United Canada ULC, Canada, to its previous partner. In the course of this, the appointed PUMA executive bodies and managers resigned their mandates.

PUMA United was a partnership between PUMA and United Legwear that focused primarily on the sale of socks and underwear in the US and Canadian market. As part of the ongoing restructuring measures and efforts to optimise the distribution network, PUMA has decided to switch from the partnership model to a license model with the existing partner in 2025.

PUMA United was fully integrated into the "North America" operating segment until disposal. PUMA United is classified as a discontinued operation effective Q4 2025. The previous year's figures in the Consolidated Income Statement were adjusted accordingly to present the discontinued operation separately from continuing operations.

Since the Group continues to receive license income from the discontinued operation and purchases goods there to a minor extent after the disposal, the purchases and license income carried out prior to the disposal are included in continuing operations.

The loss from the sale of the discontinued operation in the amount of € 1.6 million and the related tax effect is fully attributable to the shareholders of PUMA SE.

The following assets and liabilities were derecognized by the group in connection with the disposal:

25.Segment reporting

Segment reporting is based on geographical areas of responsibility in accordance with the PUMA internal reporting structure, with the exception of stichd. The geographical area of responsibility corresponds to the business segment. Sales, the operating result (EBIT), earnings before taxes (EBT) and other segment information are allocated to the corresponding geographical areas of responsibility according to the registered office of the respective Group company.

The internal management reporting includes the following reporting segments: Europe, MEA&I (Middle East, Africa, India), North America, Latin America, Greater China, Japan, Korea, Southeast Asia and Oceania, and stichd. The operating segments Greater China, Japan, Korea, Southeast Asia and Oceania, and stichd do not meet the quantitative thresholds for reportable segments; however, the Management Board continues to consider these operating segments as important, so that these will continue to be shown separately for external segment reporting. The segment Japan, Korea, as well as Southeast Asia and Oceania are combined and reported under "Rest of Asia-Pacific".

The PUMA United business unit, which was sold as of 31 October 2025 and classified as discontinued operations, is no longer included in the North America operating segment. Comparative segment information has been restated retroactively with the exception of the prior-year balance sheet items.

The reconciliation includes information on assets, liabilities, expenses and income in connection with centralised functions that do not meet the definition of business segments in IFRS 8. Central expenses and income include in particular central sourcing, central treasury, central marketing, impairment losses on non-current assets and other global functions of the Company headquarters.

The Company’s main decision-maker is defined as the entire Management Board of PUMA SE.

The external sales presented in the segment reporting are generated in each segment by the sale of footwear, apparel and accessories. They include both wholesale revenues and revenues from own retail activities. The percentage breakdown of sales revenues by wholesale business and own retail activities per segment essentially corresponds to the group-wide breakdown (see Chapter 19). The Greater China segment is an exception, with wholesale revenue accounting for around 30% of its sales (previous year: around 50%).

Business relations between the companies of the segments are based on prices that would also be agreed with third parties. With the exception of stichd's sales of goods in the amount of € 43.6 million (previous year: € 57.8 million), there are no significant internal revenues, which is why they are not included in the presentation.

The most important earnings indicator for the management and allocation of resources by the Management Board is the operating result (EBIT) of the business segments, which is defined as gross profit less attributable other operating expenses plus licence and commission income and other operating income, but excluding central costs and central marketing expenses.

The external sales, operating result (EBIT), inventories and trade receivables of the business segments are regularly reported to the main decision-maker. Amounts recognised by the Group from the intra-group profit elimination on inventories in connection with intra-group sales are not allocated to the business segments in the way that they are reported to the main decision-maker. Investments, depreciation and non-current assets at the level of the business segments are not reported to the main decision-maker. The allocation of intangible assets to the business segments is presented in Chapter 11. Liabilities, the financial result and income taxes are not allocated to the business segments and are therefore not reported to the main decision-maker at the level of the business segments.

Non-current assets and depreciation and amortisation include the carrying amounts and the depreciation and amortisation of the past financial year of property, plant and equipment, right-of-use assets and intangible assets. Capital expenditure contains additions to property, plant and equipment and intangible assets.

Since PUMA is only active in the sporting goods industry business field, a further breakdown is made according to the footwear, apparel and accessories product divisions in accordance with the internal reporting structure.

Business Segments

¹ Due to a change in the structure of the internal organisation, Oceania and Southeast Asia were assigned to the Rest of Asia/Pacific region, and Eastern Europe was assigned to the Europe region.

² The PUMA United business unit, which was sold on 31 October 2025 and classified as a discontinued operation, is no longer included in the North America operating segment.

¹ Due to a change in the structure of the internal organisation, Oceania and Southeast Asia were assigned to the Rest of Asia/Pacific region, and Eastern Europe was assigned to the Europe region.

¹ Due to a change in the structure of the internal organisation, Oceania and Southeast Asia were assigned to the Rest of Asia/Pacific region, and Eastern Europe was assigned to the Europe region.

Reconciliations

Geographical information

Sales revenue (with third parties) from continuing operations is reported in the geographical market in which it arises. Non-current assets are allocated to the geographical market based on the registered office of the relevant subsidiary, regardless of the segment structure.

26.Notes to the Cash flow statement

The Cash Flow statement was prepared in accordance with IAS 7 and is structured based on Cash Flows from operating, investing and financing activities. The indirect method is used to determine the cash outflow/inflow from operating activities. The Gross Cash Flow, derived from earnings before income tax and adjusted for non-cash income and expense items, is determined within Cash Flow from operating activities. Cash outflow/inflow from operating activities less investments in property, plant and equipment as well as intangible assets is referred to as Free Cash Flow.

The liquid fund considered in the statement of Cash Flows comprises all cash and cash equivalents shown in the statement of financial position under the item “Cash and cash equivalents”, i.e. cash on hand, checks and current balances with credit institutions including current financial investments.

The following table shows the cash and non-cash changes in financial liabilities in accordance with IAS 7.44A:

Lease liabilities of € 1,228.9 million (previous year: € 1,230.6 million) are broken down into current lease liabilities of € 217.6 million (previous year: € 220.6 million) and non-current lease liabilities of € 1,011.2 million (previous year: € 1,010.0 million).

27.Other financial commitments and contingent liabilities

Other financial obligations

The Company has other financial obligations associated with license, promotional and advertising agreements, which give rise to the following financial obligations as of the balance sheet date:

As is customary in the industry, the promotional and advertising agreements provide for additional payments on reaching pre-defined goals (e.g. medals, championships). These are contractually agreed, but by their nature cannot be predicted exactly in terms of their timing and amount.

In addition, there are further other financial obligations amounting to € 317.1 million (previous year: € 278.8 million), of which € 213.1 million (previous year: € 153.3 million) are non-current. In addition to service contracts amounting to € 317.0 million (previous year: € 276.7 million), these also include other commitments amounting to € 0.1 million (previous year: € 2.2 million).

Contingent liabilities

Individual PUMA companies are involved in legal disputes arising from normal operating activities, e.g. relating to intellectual property rights and employee matters. If an outflow of resources from these legal disputes is classified as probable and the amount of the obligation can be reliably estimated, the risks arising from these legal disputes are included in the other provisions. However, if the probability of occurrence is classified as low, these legal disputes are recognised as contingent liabilities, which are estimated at € 0.6 million in this financial year (previous year: € 0.3 million).

Contingent liabilities also exist due to uncertainties in the appraisal of the facts by the tax and customs authorities in India and the tax authorities in the Netherlands as well as the tax authorities in Ukraine. Based on external reports, management assumes in these cases that the receivables of the tax and customs authorities will not result in any cash outflow.

Overall, the PUMA management considers that the impact of the total of the contingent liabilities on the net assets, financial position and results of operations of the Company is immaterial.

28.Compensation of the management board and supervisory board

Disclosures pursuant to § 314(1) 6 HGB (German Commercial Code [Handelsgesetzbuch]) in conjunction with § 315e HGB.

Compensation of the members of the management board

The total compensation of the members of the Management Board in financial year 2025 was € 8.6 million (previous year: € 10.2 million).

The total remuneration of the Management Board includes the share-based remuneration granted for the financial year with a fair value of € 3.9 million (previous year: € 4.5 million) and 102,362 (previous year: 81,382) issued performance shares or treasury shares.

Total compensation of former management board members

The total compensation of former members of the Management Board and their surviving dependants amounted to € 8.2 million in financial year 2025 (previous year: € 5.6 million).

There were performance-based pension obligations to former members of the Management Board and their widows/widowers amounting to € 2.5 million (previous year: € 2.5 million) as well as contribution-based pension commitments in connection with the deferred compensation of former members of the Management Board and Managing Directors amounting to € 51.3 million (previous year: € 47.3 million). Both items are recognised accordingly within pension provisions, unless offset against assets of the same amount.

Compensation of the supervisory board

The compensation paid to the Supervisory Board comprised fixed compensation and additional compensation for committee activities, and amounted to a total of € 0.6 million (previous year: € 0.5 million).

29.Disclosures relating to non-controlling interests

The summarised financial information about subsidiaries of the Group in which non-controlling interests exist is presented below. This financial information relates to all companies with non-controlling interests in which the identical non-controlling shareholder holds an interest. The figures represent the amounts before intercompany eliminations.

Evaluation of the control of companies with non-controlling interests:

The Group held a 51% capital share in PUMA United North America LLC, PUMA United Canada ULC and Janed Canada LLC (inactive company). With these companies, there were profit-sharing arrangements in place which differed from the capital share for the benefit of the respective identical non-controlling shareholder. PUMA received higher license fees in exchange. The stated companies were sold at the end of October 2025 and the PUMA United partnership model was transferred to a pure licensing model.

Supplementary disclosures on changes in investments can be found in Chapter 24.

In addition, there was a shareholding in the capital and the result, amounting to 70%, in the company PUMA United Aviation North America LLC.

The contractual agreements with these companies respectively provided PUMA with a majority of the voting rights at the shareholder meetings, and thus the right of disposal regarding these companies. PUMA was exposed to fluctuating returns from the sales-based license fees and from variable earnings. The Group also controlled the key activities of these companies. The companies were accordingly included in the consolidated financial statements as subsidiaries with full consolidation with recognition of non-controlling interests.

As of the balance sheet date, there are no longer any non-controlling interests due to deconsolidation. Consequently, the carrying amount of these interests decreased to € 0.0 million (previous year: € 0.9 million).

The following tables show a summary of the financial information for subsidiaries with non-controlling interests:

30.Relationships with related companies and persons

In accordance with IAS 24, relationships with related companies and persons that control or are controlled by the PUMA Group must be reported. All natural persons and companies that can be controlled by PUMA, that can exercise relevant control over the PUMA Group or that are under the relevant control of another related party of the PUMA Group are considered to be related companies or persons within the meaning of IAS 24.

As of 31 December 2025, there was an investment in PUMA SE that exceeded 20% of the voting rights. It was held by the Pinault family via several entities controlled by it (in order of proximity to the Pinault family: Financière Pinault S.C.A. and Artémis S.A.S.). As of 31 December 2025, Artémis S.A.S. holds 29.1% of the subscribed capital of PUMA SE (previous year: 28.7%; the increase in the investment results from the capital reduction in the reporting year as a consequence of the share repurchase programme). Since Artémis S.A.S. holds more than 20% of the voting rights in PUMA SE, there is a presumption of significant influence according to IAS 28.5 and IAS 28.6. It and all other entities directly or indirectly controlled by Financière Pinault S.C.A. that are not included in the consolidated financial statements of PUMA SE are considered as related parties in the following.

In addition, the disclosure obligation pursuant to IAS 24 extends to transactions with associated companies as well as transactions with other related companies and persons.

Transactions with related companies and persons largely concern sales of goods and licensing agreements under normal market conditions.

The following overview illustrates the scope of the business relationships:

Receivables from related companies and persons are not subject to value adjustments.

Classification of the remuneration of key management personnel in accordance with IAS 24.17:

The members of key management personnel in accordance with IAS 24 are the Management Board and the Supervisory Board. These are counted as related parties.

In financial year 2025, the remuneration of the members of the Management Board of PUMA SE for short-term benefits amounted to € 4.7 million (previous year: € 5.7 million), for termination benefits to € 7.5 million (previous year: € 4.1 million) and the share-based payment € 1.0 million (previous year: € 2.4 million). Furthermore, as in the previous year, no remuneration was granted in the form of other long-term benefits or post-employment benefits in the financial year. Accordingly, total expenses for the financial year amounted to € 13.2 million (previous year: € 12.2 million).

In financial year 2025, the remuneration of the members of the Supervisory Board of PUMA SE for short-term benefits amounted to € 0.6 million (previous year: € 0.5 million).

31.Corporate governance

The Management Board and the Supervisory Board submitted the required compliance declaration with respect to the recommendations issued by the Government Commission German Corporate Governance Code pursuant to § 161 of the German Stock Corporation Act (AktG) and published it on the Company's website (https://about.puma.com/en/investor-relations/corporate-governance).

32.Events after the balance sheet date

On 26 January 2026, PUMA completed a promissory note loan transaction of € 100.0 million, which was disbursed on 29 January 2026. The promissory note loan has a term of two years with a standard market fixed interest rate. The promissory note loan documentation is closely based on the existing PUMA standard for promissory note loans. In order to enable the payment of the bridge facility agreed on 15 December 2025, by the end of February 2026, PUMA agreed to an adjustment from € 500.0 million to € 350.0 million on 20 February 2026. The amount was reduced due to the promissory note loan disbursed at the end of January 2026. The documentation had already been agreed as part of the original bridge facility. The bridge financing of € 350.0 million and the promissory note loan of € 100.0 million will continue to be used to reduce the drawdowns from the existing syndicated loan.

In January 2026, water damage occurred in the leased PUMA Flagship Store on 5th Avenue in New York, which led to damage to the building and fixtures. The store had to be closed for these reasons and is expected to remain closed for an extended period in 2026. A final evaluation of the damage and the amount of the insurance compensation is still pending. Accordingly, no conclusive estimate of the financial effect can be made at this time.

On 27 January 2026, it was announced that the Chinese sporting goods group Anta Sports and Artémis S.A.S. have entered into a contract regarding the transfer of shares in PUMA amounting to 29.1%. The transaction is subject to conditions precedent.

No further events took place after the balance sheet date that had a material impact on the net assets, financial position and results of operations of the PUMA Group.

33.Date of release

The Management Board of PUMA SE released the consolidated financial statements on 24 February 2026 for distribution to the Supervisory Board. The task of the Supervisory Board is to review the consolidated financial statements and state whether it approves them.

Herzogenaurach, 24 February 2026

The Management Board

Hoeld Valdes Neubrand

Baeumer Hubert