Slides
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CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION This presentation may contain forward-looking statements based on current assumptions and forecasts made by the PUMA management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in PUMA’s public reports which are available on the PUMA website (Financial Reports | PUMA®) The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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AMBITION IMMEDIATEACTIONS Q3 RESULTS FIRST100 DAYS
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AMBITION IMMEDIATEACTIONS Q3 RESULTS FIRST100 DAYS
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UNIQUE LEGACY IN SPORTS AND SPORTS CULTURE WITH ONE OF THE RICHEST ARCHIVES 77 YEARSOF BRAND HISTORY
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GREAT SUCCESS STORIES IN GLOBAL COMPETITIONS OUR WINNING ATHLETES
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OUR ATHLETES SHOW THEIR BEST PERFORMANCE IN OUR ENVIRONMENT SIGNIFICANT GLOBAL PLATFORMS INNOVATIVETECHNOLOGIES COMMUNITYPLATFORMS GLOBALREACH
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ONE OF FOUR COMPANIES PRESENTIN SEVERAL MAJOR CATEGORIES ACTIVE PARTIALLY ACTIVE CREDIBILITY IN MULTIPLE SPORTS RUNNING TRAINING RACKET SPORT GOLF FOOTBALL BASKETBALL FORMULA 1 COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR
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EUROPE ASIA PACIFIC NORTH AMERICA EMERGING MARKETSLATIN AMERICA BRAND ESTABLISHED IN ALL MAJOR MARKETS FOR DECADESTOP 5 BRANDTOP 10 BRAND GLOBAL FOOTPRINT
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CONSUMERS CURRENTLY PERCEIVE PUMA AS LESS RELEVANT THAN OTHER BRANDS BRAND HEATBELOW COMPETITION LESS RELEVANT (-) MORE RELEVANT (+) Source: internal brand tracker (Q1 2025 results) ø-10%-20%-30%-40% +10% +20% +30% +40% BRAND 1 BRAND 2 BRAND 3 BRAND 4 BRAND 5 BRAND 6 BRAND 7 BRAND 8
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SHARE OF DIRECT-TO-CONSUMER (DTC) BUSINESS BELOW INDUSTRY BENCHMARK (BASED ON FY 2024) LOWER SHARE IN BRAND-DRIVENDTC CHANNEL INDUSTRY BENCHMARK DTC ≈40% WHS ≈60% WHS ≈70% DTC ≈30%
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TOP 10 GLOBAL WHOLESALE ACCOUNTS(BASED ON FY 2024) TOO COMMERCIAL DISTRIBUTION3 OUT OF 10CUSTOMERS ARE MASS MERCHANTS
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PRODUCT OFFERING NOT CUTTING THROUGH HIGH RANGE COMPLEXITY LIMITED FRANCHISE MANAGEMENT INEFFECTIVE LIFECYCLE MANAGEMENT HIGH NUMBER OFARTICLES PER SEASONICONS NOTESTABLISHED SCALINGTOO EARLYPRODUCTS OFFERED AT LOWER PRICE POINTS AND WITH SIGNIFICANT DISCOUNTS
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PRODUCT, MARKETING AND SALES TEAMSWORKING INDEPENDENTLY LIMITED INTEGRATEDSTORY-TELLING MARKETING SALES PRODUCT
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LIMITED INTEGRATEDSTORY-TELLING PRODUCT, MARKETING AND SALES TEAMSWORKING INDEPENDENTLY MARKETING SALES PRODUCT HAS BECOME TOO COMMERCIAL
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IN OUR OWN WAREHOUSES & STORES WITH SOME OF OUR WHOLESALE PARTNERSTOO MUCH VOLUMEIN THE MARKETPLACE NET INVENTORIES IN EUR M, REPORTED CURRENCY +19.0% 2,1242,151 2,076 2,014 1,811 1,961 1,786 Q3 2024Q2 2024Q1 2024 Q3 2025Q2 2025Q1 2025Q4 2024 HIGH LEVELS OF INVENTORY WEEKS OF COVER IN UNITS (BASED ON CW42) RETAIL BENCH-MARK: Ø ~10
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3.6 4.1 5.5 5.2 6.8 8.5 8.6 4.6 8.8 2016-2025 IN EUR BN, REPORTED CURRENCY SALES DROPIN 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E
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7.3%8.0%4.0%8.2%7.6%7.2%3.5% 7.1%5.9% 3.6 4.1 5.5 5.2 6.8 8.5 8.6 4.6 8.8 IN % OF SALES EXPECTED EBIT LOSSIN 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E
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OPEX INCL. OVC IN EUR BN AND % OF SALES 1.5 1.7 2.32.3 2.7 3.33.43.6 1.9 42.6%41.7% 41.3% 43.3% 40.0% 38.9%39.6% 40.6% 41.5% 2016 2017 2018 2019 2020 2021 2022 2023 20242025E UNSUSTAINABLECOST BASE
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AMBITION IMMEDIATEACTIONS Q3 RESULTS FIRST100 DAYS
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IMPLEMENTATION OF SHORT-TERM PRIORITIES DISTRIBUTION CASH OPEX UNDESIRABLE WHOLESALE BUSINESS OVERSTOCK AT WHOLESALE PARTNERS DISCOUNTS IN DTC CHANNELS PO PLACEMENTS FOR NEXT YEAR ACCOUNTS RECEIVABLES CLEAN-UP MANAGEMENT RESET REDUCTION OF TACTICAL COST ALLOCATION RANGE SIZE & COMPLEXITY OPERATIONAL INEFFICIENCIES IMMEDIATE ACTIONS
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@EXPLAIN: SLIDE MISSING REDUCTION OF PRODUCT RANGE DOWNSIZING OF 1,400 POSITIONS IN 2025 / 2026 ACROSS ALL OFFICE LOCATIONS GLOBALLY INTEGRATED OPERATING MODELBRAND / BUSINESS UNITS / GO-TO-MARKET MAIN IMMEDIATE RESTRUCTURING MEASURES
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IMMEDIATE ACTIONS TAKEN TO STRENGTHEN LEADERSHIP POSITIONS CHANGES IN SENIOR LEADERSHIP POSITIONS STRATEGY SPORTS MARKETING* PEOPLE & ORGANIZATION CORPORATE COMMS COMPLIANCE BRAND & MARKETING* BUSINESS UNITS GO-TO-MARKET* CREATIVE DIRECTION INNOVATION MARKETS RETAIL ECOM STICHD SOURCING LOGISTICS DIGITAL & TECHNOLOGY FINANCE INVESTOR RELATIONS LEGAL & TAX INTERNAL AUDIT NEW LEADER NEW LEADER NEW LEADER ARTHUR HOELD CEO MARIA VALDES CBO MATTHIAS BÄUMER CCO MARKUS NEUBRAND CFO ANDREAS HUBERT COONEW ADDITION*NEW SCOPE*NEW SCOPE NEW LEADER
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AMBITION IMMEDIATEACTIONS Q3 RESULTS FIRST100 DAYS
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Q3 2025 -10.4%CURRENCY ADJUSTEDSALES GROWTH YTD 2025 CURRENCY ADJUSTED SALES GROWTH -4.3%
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WHOLESALE -15.4% TOTAL DTC +4.5% BRICK & MORTAR +3.9% E-COM +5.6% WHOLESALE -8.6% TOTAL DTC +8.4% BRICK & MORTAR +5.2% E-COM +14.2% SALES VS LAST YEAR (IN %, CURRENCY ADJUSTED) 2025 SALES BREAKDOWN BY CHANNEL YTDQ3
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EMEA -1.9% AMERICAS -6.2% NORTH AMERICA -13.3% APAC -5.5% GREATER CHINA -14.2% EMEA -7.1% AMERICAS -15.2% NORTH AMERICA -19.8% APAC -9.0% GREATERCHINA -19.7% SALES VS LAST YEAR (IN %, CURRENCY ADJUSTED) 2025 SALES BREAKDOWN BY REGION YTDQ3
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FOOTWEAR -9.9% APPAREL -12.8% ACCESSORIES -6.1% FOOTWEAR -1.1% APPAREL -8.7% ACCESSORIES -6.1% YTDQ3 SALES VS LAST YEAR (IN %, CURRENCY ADJUSTED) 2025 SALES BREAKDOWN BY DIVISION
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OPERATING PERFORMANCE
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Q3 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) PUMA GROUP Q3 2025 Q3 2024DEVIATION SALES(In EUR M) 1,955.7 2,308.2 -15.3%(-10.4% ca) GROSS PROFIT(% of Sales) 884.9(45.2%) 1,105.5(47.9%) -20.0%(-2.6% pts)
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Q3 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) PUMA GROUP Q3 2025 Q3 2024DEVIATION SALES(In EUR M) 1,955.7 2,308.2 -15.3%(-10.4% ca) GROSS PROFIT(% of Sales) 884.9(45.2%) 1,105.5(47.9%) -20.0%(-2.6% pts) IMPACT GPM CURRENCY EFFECTS SOURCING PRICES FREIGHT PROMOTIONS PRODUCT MIX CHANNEL MIX REGIONAL MIX TOTAL
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Q3 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) *Including royalty and commission income PUMA GROUP Q3 2025 Q3 2024DEVIATION SALES(In EUR M) 1,955.7 2,308.2 -15.3%(-10.4% ca) GROSS PROFIT(% of Sales) 884.9(45.2%) 1,105.5(47.9%) -20.0%(-2.6% pts) OPEX*(% of Sales) 845.4(43.2%) 868.5(37.6%) -2.7%(+5.6% pts)
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Q3 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) *Including royalty and commission income PUMA GROUP Q3 2025 Q3 2024DEVIATION SALES(In EUR M) 1,955.7 2,308.2 -15.3%(-10.4% ca) GROSS PROFIT(% of Sales) 884.9(45.2%) 1,105.5(47.9%) -20.0%(-2.6% pts) OPEX*(% of Sales) 845.4(43.2%) 868.5(37.6%) -2.7%(+5.6% pts) IMPACT ON OPEX AS % OF SALES MARKETING CHANNEL MIX OTHER OPEX TOTAL
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Q3 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) *Including royalty and commission income PUMA GROUP Q3 2025 Q3 2024DEVIATION SALES(In EUR M) 1,955.7 2,308.2 -15.3%(-10.4% ca) GROSS PROFIT(% of Sales) 884.9(45.2%) 1,105.5(47.9%) -20.0%(-2.6% pts) OPEX*(% of Sales) 845.4(43.2%) 868.5(37.6%) -2.7%(+5.6% pts) ADJUSTED EBIT (% of Sales) 39.5(2.0%) 237.0(10.3%) -83.3%(-8.2% pts)
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Q3 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) *Including royalty and commission income PUMA GROUP Q3 2025 Q3 2024DEVIATION SALES(In EUR M) 1,955.7 2,308.2 -15.3%(-10.4% ca) GROSS PROFIT(% of Sales) 884.9(45.2%) 1,105.5(47.9%) -20.0%(-2.6% pts) OPEX*(% of Sales) 845.4(43.2%) 868.5(37.6%) -2.7%(+5.6% pts) ADJUSTED EBIT (% of Sales) 39.5(2.0%) 237.0(10.3%) -83.3%(-8.2% pts) ONE-TIME COSTS -10.1 -
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Q3 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) *Including royalty and commission income 1) Incl. one-time costs related to cost efficiency programme PUMA GROUP Q3 2025 Q3 2024DEVIATION SALES(In EUR M) 1,955.7 2,308.2 -15.3%(-10.4% ca) GROSS PROFIT(% of Sales) 884.9(45.2%) 1,105.5(47.9%) -20.0%(-2.6% pts) OPEX*(% of Sales) 845.4(43.2%) 868.5(37.6%) -2.7%(+5.6% pts) ADJUSTED EBIT (% of Sales) 39.5(2.0%) 237.0(10.3%) -83.3%(-8.2% pts) ONE-TIME COSTS -10.1 - REPORTED EBIT1) (% of Sales) 29.4(1.5%) 237.0(10.3%) -87.6%(-8.8% pts)
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Q3 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) FINANCIAL RESULT(% of Sales) -43.8(-2.2%) -46.7(-2.0%) +6.3%(-0.2% pts) TAX RESULTS -37.9(-1.9%) -47.8(-2.1%) +20.8%(+0.2% pts) NON-CONTROLLING INTEREST(% of Sales) -10.0(-0.5%) -14.6(-0.6%) +31.2%(+0.1% pts) NET LOSS/INCOME1) (% of Sales) -62.3(-3.2%) 127.8(5.5%) -148.8%(-8.7% pts) PUMA GROUP Q3 2025 Q3 2024DEVIATION SALES(In EUR M) 1,955.7 2,308.2 -15.3%(-10.4% ca) REPORTED EBIT1) (% of Sales) 29.4(1.5%) 237.0(10.3%) -87.6%(-8.8% pts) 1) Incl. one-time costs related to cost efficiency programme
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YTD 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) *Including royalty and commission income 1) Incl. one-time costs related to cost efficiency programmeand goodwill impairment PUMA GROUP YTD 2025YTD 2024DEVIATION SALES(In EUR M) 5,973.9 6,527.8 -8.5%(-4.3% ca) GROSS PROFIT(% of Sales) 2,754.6(46.1%) 3,095.1(47.4%) -11.0%(-1.3% pts) OPEX*(% of Sales) 2,652.6(44.4%) 2,581.9(39.6%) +2.7%(-4.9% pts) ADJUSTED EBIT (% of Sales) 102.0(1.7%) 513.2(7.9%) -80.1%(-6.2% pts) ONE-TIME COSTS -112.7 - REPORTED EBIT1) (% of Sales) -10.7(-0.2%) 513.2(7.9%) -102.1%(-8.0% pts) NET LOSS/INCOME1) (% of Sales) -308.9(-5.2%) 257.1(3.9%) -220.2%(-9.1% pts)
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INVENTORY DEVELOPMENT INVENTORY TAKEBACKS WILL BE OFFSET BY CLEARANCE ACTIONS AND REDUCED PURCHASING VOLUME INVENTORY LEVELS EXPECTED TO PEAK IN Q4 2025… …AND WILL BE BACK AT A NORMALIZED LEVEL AT THE END OF 2026 ILLUSTRATIVE CHART Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025 EQ1 2026 EQ2 2026 EQ3 2026 EQ4 2026 E TAKEBACKS CLEARANCE PURCHASING VOLUME
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BALANCE SHEET KPIS VS LAST YEAR (IN EUR M, REPORTED CURRENCY) PUMA GROUP30 SEP 202530 SEP 2024DEVIATION INVENTORIES 2,124.1 1,811.3 +17.3%(+24.3% ca) TRADE RECEIVABLES 1,241.2 1,515.6 -18.1% TRADE PAYABLES 1,270.6 1,297.9 -2.1% WORKING CAPITAL 1,924.6 1,883.5 +2.2%
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FREE CASH FLOW IMPACTED BY RESET ACTIVITIES IN 2025… FREE CASH FLOW FREE CASH FLOW REMAINS A CLEAR FOCUS …AND WE TAKE DECISIVE STEPS TO MITIGATE THE DECLINE CONTINUED FOCUS ON TIGHT WORKING CAPITAL MANAGEMENT INVENTORIES REDUCE PURCHASING VOLUMES BASED ON DEMAND FORECAST AND EXISTING INVENTORY LEVELS RECEIVABLES ENHANCE CASH CONVERSION THROUGH LOWER DSO PAYABLES OPTIMIZE PAYMENT TERMS 9M 2025 FY 2025 EQ4 2025 E EUR -686 M DSO: DAYS SALES OUTSTANDING
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ONE-TIME COSTS BY QUARTER FURTHER ONE-TIME COSTS EXPECTED FOR Q4 ONE-TIME COSTSRELATED TO: COST EFFICIENCY PROGRAMME PERSONNEL EXPENSES CLOSURE OF UNPROFITABLE STORES OTHER NON-OPERATING COSTS GOODWILL IMPAIRMENT IN Q2 EUR 18 M EUR 85 M EUR 10 M Q1 2025 Q2 2025 Q3 2025 Q4 2025E
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PUMA UNITED CONSIDERATION TO MOVE FROM A PARTNERSHIP TO A LICENSING AGREEMENT TO STRENGHTEN OUR FOCUS CURRENT SET UP PARTNERSHIP BETWEEN PUMA AND UNITED LEGWEAR FULLY INTEGRATED IN THE OPERATING SEGMENT "REGION NORTH AMERICA" EXPECTED FUTURE SET UP LICENSING AGREEMENT NO LONGER CONSOLIDATED INTO PUMA’S FINANCIAL STATEMENTS PUMA CONTINUES TO RECEIVE ROYALTIES FROM UNITED LEGWEAR BUSINESSMODEL SALE OF SOCKS AND BODYWEAR IN U.S. AND CANADA
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U.S. TARIFFS MITIGATED NEGATIVE IMPACT ON GROSS PROFIT OF AROUND € 50 MILLION IN FY 2025(PREVIOUSLY: AROUND € 80 MILLION) SUPPLY CHAIN OPTIMIZATION PRICING STRATEGY PARTNER COLLABORATION DIVERSIFYING SUPPLY CHAIN MULTI-COUNTRY SOURCING REDUCING CHINA-BASED PRODUCTION FOR THE U.S. SELECTIVE PRICE INCREASES IN Q4 LONG STANDING SUPPLIER & WHOLESALE PARTNER RELATIONSHIPS
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CONFIRMEDFY 2025OUTLOOK SALES (CURRENCY ADJUSTED) LOW DOUBLE-DIGIT DECLINE Unchanged EBIT REPORTED EXPECT A LOSS Unchanged CAPEX AROUND EUR 250 M Unchanged 2025 IS A RESET YEAR FOR PUMA CURRENCY TRANSLATION HEADWINDS OF APPROX. 5%PTS
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AMBITION IMMEDIATEACTIONS Q3 RESULTS FIRST100 DAYS
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RETURN TO ABOVE INDUSTRY GROWTH RETURN TO HEALTHY PROFITS OUR NORTH STAR TOP 3 SPORTSBRAND
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ONE GLOBAL SPORTS BRAND
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CREATING CONSUMER-CENTRIC STORIES THE WINNING PRINCIPLES OF ONE GLOBAL SPORTS BRAND BECOMING MORERELEVANT FOROUR CONSUMERS
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THINKING BRAND FIRST FOCUSED MARKETING INVESTMENT INTEGRATED STORY-TELLING APPROACH CAPTURED BRAND HALO EFFECTS CLEAR APPROACH TO STRENGTHEN THE BRAND
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OURPRODUCTAPPROACH INNOVATION ARCHIVE FRANCHISES
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PERFORMANCE FIRST APPROACH EXTENDED INTO SPORTSTYLE BUILT FOR PERFORMANCE, WORN IN SPORTS. INSPIRED BY SPORT, WORN FOR STYLE. ON AND OFF THE PITCH
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CLEAR FOCUS CATEGORIES MAIN PRIORITIES TODRIVE FUTURE GROWTH BACKBONE CATEGORIES OTHER SPORTS CATEGORIES FOOTBALL RUNNING TRAINING SPORTSTYLESELECT / PRIME
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SALES DEVELOPMENT BY CHANNELILLUSTRATIVE GRAPH EVOLVING OUR CHANNEL MIX MID-TERM HIGHER GROWTH HEALTHIERGROWTH WHS DTC 2025
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OPENING SOON ON OXFORD STREET NEW LONDON FLAGSHIP STORE
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3-YEAR PATH FORWARD RESET2025 2026 2027+ TRANSITIONGROWTH OUR JOURNEY
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RETURN TO ABOVE INDUSTRY GROWTH RETURN TO HEALTHY PROFITS OUR NORTH STAR TOP 3 SPORTSBRAND