Slides
Page 1
Q3 2026 EARNINGS CALLOCTOBER 30, 2026
Page 2
RETURN TO ABOVE INDUSTRY GROWTHRETURN TO HEALTHY PROFITS OUR NORTH STAR TOP 3 SPORTSBRAND CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATIONThis 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.As announced on November 11, 2025, PUMA moved from a business partnership to a licensing agreement structure with its long-term partner United Legwear Company LLC (ULAC). This change took effect on November 01, 2025. As a result of this change, PUMA United is classified as a discontinued operation in PUMA’s financial reporting from November of 2025 onwards.Accordingly, 2025 P&L figures used in this release were restated.2Q3 2026 CALL
Page 3
Q3 2026EARNINGS CALL Q3 2026 CALL AGENDA BUSINESS RECAPARTHUR HOELD FINANCIAL UPDATEMARK LANGERWAY FORWARDARTHUR HOELD 3
Page 4
Q3 2026 CALLBUSINESS RECAP
Page 5
Q3 2026 RESULTSON TRACK AGAINST COMMITMENTS IN CHALLENGING ENVIRONMENT SALESVS LAST YEAR(CURRENCY ADJUSTED) EBITIN EUR M 5 -11.4-6.3% 92.0FCFIN EUR M Q3 2026 CALL
Page 6
BUILDING MOMENTUMIN RUNNINGCONNECTING PERFORMANCE, COMMUNITY AND RUNNING CULTURE Q3 2026 CALL 300 PROJECT3 ATHLETESIN BERLIN AND CHICAGO PUMA X ANOTHER COTTON LABSTRONG SELL-OUT & ONLINE PRESENCE PUMA X ANOTHER COTTON LABSTRONG SELL-OUT & ONLINE PRESENCE NITRO LAB BERLIN 6K VISITORS HIGH BRAND VISIBILITYIN BERLIN MEDITATION IN MOTIONSTRONG ORGANIC REACH
Page 7
CELEBRATING RECORDS IN TRACK & FIELD PUMA ATHLETES DOMINATING THEIR DISCIPLINES Q3 2026 CALL EUROPEAN ATHLETICS CHAMPIONSHIPS33 MEDALS ULTIMATE CHAMPIONSHIPS5 PUMA WINNERS DIAMOND LEAGUE FINALS3 MEETING RECORDS AUDREY WERRODOMINATING 800M IN BREAKTHROUGH SEASON COMMONWEALTH GAMESDOUBLE LONG JUMP PODIUM
Page 8
DRIVING IMPACT IN FORMULA 1GREAT BRAND VISIBILITY WITH STRONG PARTNERS AND SUCCESSFUL ATHLETES Q3 2026 CALL CHARLES LECLERC ACTIVATIONIN SINGAPORE FLAGSHIP STORE MCLAREN’S “DESIGNED TO RACE” RUNWAYLAUNCHING JAMES HUNT COLLECTION 8 LANDO NORRIS ACTIVATIONSTORE OPENING CEREMONY IN SINGAPORE HOME RACE WITH FERRARI IN MONZA HIGH IMPACT ACTIVATIONS DRIVE DEMAND SILVERSTONE GRAND PRIXDOUBLE PODIUM FOR SCUDERIA FERRARI
Page 9
RAISING THE GAME ON AND OFF THE PITCHSTRONG TEAM PERFORMANCES AND GLOBAL ACTIVATIONS REINFORCING FOOTBALL RELEVANCE Q3 2026 CALL CLUB JERSEY LAUNCHESACTIVATIONS AROUND THE WORLD MERGING THE POWER OF SPORTS AND MUSICA$AP ROCKY ACTIVATIONSTRONG FEDERATION PERFORMANCESLEADING AFCON QUALIFYING GROUPS EUROPEAN FOOTBALL SEASONSEVERAL TEAMS LEADING NATIONAL LEAGUES CLUB JERSEY SALESSTRONG CONSUMER INTEREST AND SELL-OUT 9
Page 10
CA7RIEL & PACO AMOROSONEW PARTNERSHIP TRANSITION ONGOING IN SPORTSTYLENEW PRODUCT DROPS WITH KEY FRANCHISES SPEEDCAT AND SUEDE Q3 2026 CALL LAUNCH OF VELUM 2DESIGNED BY SALEHE BEMBURY PUMA’S ICON: SUEDELAUNCH OF NEW DROPS AHLUWALIA X PUMA COLLABFRESH OFF LONDON FASHION WEEK RUNWAYNEXT CHAPTER OF SPEEDCATWITH GLOBAL AMBASSADOR ROSÉ
Page 11
SS27 SEASONAL LINE FREEZE 3-YEARTRANSITION YEAR ONGOING DESPITE CHALLENGING MARKET ENVIRONMENT TRANSITIONRETURN TO GROWTH20262027 RESET2025
Page 12
STRATEGYSPORTS MARKETING HUMAN RESOURCESCORPORATE COMMSGREATER CHINACOMPLIANCE BRAND MARKETINGBUSINESS UNITSGO-TO-MARKETCREATIVE DIRECTION MARKETS RETAILECOMWHOLESALESTICHD SOURCINGLOGISTICSDIGITAL & TECHNOLOGYDTC TECHNOLOGY FINANCEINVESTOR RELATIONSLEGAL & TAXINTERNAL AUDIT ARTHUR HOELDCEOMARIA VALDESCBOARNE ARENSCCO MARK LANGERCFOANDREAS HUBERTCOONEW LEADERNEW LEADER NEW LEADER CHANGES INSENIOR LEADERSHIPTO BUILD A HIGH-PERFORMING TEAM NEW LEADERANNOUNCED SINCE JULY 2026 Q3 2026 CALL 12
Page 13
ONGOING TRANSITION IN HOME REGION EUROPEMORE CENTRALISED, BRAND-LED ORGANISATIONAL SETUP Q3 2026 CALL CLUSTER NORTHCLUSTER CENTRALCLUSTER SOUTH SIGNIFICANT PROGRESS OVER THE LAST MONTHSDEDICATED REGIONAL LEADERSHIP TEAM ESTABLISHED FIRST MEANINGFUL EUROPEAN RANGE ACROSS ALL CLUSTERS & CHANNELS FOR FW27 IMPLEMENTATION OF NEW ORG STRUCTURE FOR 600+ EMPLOYEES COMPLETED FIRST ONE EUROPE GO-TO-MARKET MEETING SUCCESSFULLY DELIVERED EU-WIDE WAREHOUSE CONSOLIDATION PROJECTS INITIATED & PROGRESSING WELL 13
Page 14
Q3 2026 CALL 14 PUMA NAMED ONE OF THE WORLD’S TOP COMPANIES FOR WOMEN #15GLOBAL RANKING#1CLOTHING, SHOES & SPORTS EQUIPMENT
Page 15
Q3 2026 CALL 15 ANTA’S ACQUISITION OF PUMA STAKE NOW COMPLETEDJANUARY 2026 OCTOBER 2026 GOING FORWARD •29.06% STAKE ACQUISITION ANNOUNCED •TRANSACTION COMPLETED•ANTA SPORTS BECOMES PUMA’S LARGEST SHAREHOLDER •ANTA SPORTS AS STRATEGIC PARTNER•DENNIS TAO AS NEW CHAIRMAN OF THE PUMA SUPERVISORY BOARD
Page 16
Q3 2026 CALLFINANCIAL UPDATE
Page 17
Q3 2026 SUMMARYONGOING TRANSITION SHAPES Q3 PERFORMANCE 17Q3 2026 CALL SEQUENTIAL IMPROVEMENT VS. Q2, RESET MEASURES AND WEAK CONSUMER DEMAND REMAINED HEADWINDS INVENTORY NORMALISATION ON TRACK FOR YEAR-END POSITIVE FREE CASH FLOW, WELL ABOVE PRIOR YEAR NET DEBT REDUCED YOY BY EUR 127M, DELEVERAGING REMAINS CLEAR PRIORITY EBIT IMPROVED VS. Q2, GROSS MARGIN INCREASE OFFSET BY HIGHER OPEX RATIO INVENTORIES -24.3% (YOY) FCF 92.0 (IN EUR M) NET DEBT 1,078 (IN EUR M) EBIT -11.4 (IN EUR M) SALES (CA) -6.3% (YOY)
Page 18
67% 33% WHOLESALEDTC SALES BREAKDOWN BY CHANNELQ3WHOLESALE-9.6%TOTAL DTC 1.2%RETAIL STORES (OWNED & OPERATED)-2.3%E-COM 7.8%PUMA GROUP-6.3% SALES VS LAST YEAR (CA)(IN EUR M, IN %) 1,776.2 18Q3 2026 CALL
Page 19
45% 33% 22% EMEAAMERICASASIA/PACIFIC SALES BREAKDOWN BY REGIONQ3EMEA -11.5%AMERICAS -8.1%NORTH AMERICA-17.2%LATIN AMERICA1.4%ASIA/PACIFIC10.0%GREATER CHINA3.5%REST OF APAC 13.0%PUMA GROUP-6.3% SALES VS LAST YEAR (CA)(IN EUR M, IN %) 1,776.2 19Q3 2026 CALL
Page 20
57%31% 12% FOOTWEARAPPARELACCESSORIES SALES BREAKDOWN BY DIVISIONQ3FOOTWEAR -5.1% APPAREL -9.4% ACCESSORIES-3.2% PUMA GROUP-6.3% SALES VS LAST YEAR (CA)(IN EUR M, IN %) 1,776.2 20Q3 2026 CALL
Page 21
OPERATING PERFORMANCEDEVIATION VS LAST YEAR (IN EUR M, IN %, MARGIN IN % OF SALES) PUMA GROUPQ3 2026DEVIATIONSALES 1,776.2-5.0%(-6.3% CA)GROSS PROFIT MARGIN49.5%+4.2% ptsROYALTY AND COMMISSION INCOME20.5-3.0%OPEX1) -900.0+6.7%ADJUSTED EBIT 0.4-26.0ONE-TIME EFFECTS-11.7-1.6EBIT -11.4-27.6 21Q3 2026 CALL 1) EXCL. ONE-TIME EFFECTS
Page 22
45.4% 49.5% Q3 2025 Q3 2026 GROSS PROFIT MARGINIMPACT ON GROSS PROFIT MARGIN DEVELOPMENT(MARGIN IN % OF SALES)SOURCING PRICES INCL. TARIFF REFUNDSCHANNEL MIXCURRENCY EFFECTSFREIGHTPRODUCT MIX & OTHERS 22Q3 2026 CALL
Page 23
OPERATING EXPENSES (OPEX)(IN EUR M)843.4 900.0 Q3 2025 Q3 2026 IMPACT ON OPEX1) DEVELOPMENTDTC EXPENSESMARKETINGOTHER G&AFX EFFECTSSAVINGS 23Q3 2026 CALL 1) EXCL. ONE-TIME EFFECTS
Page 24
WORKING CAPITAL(IN EUR M, IN %) 1) INCLUDES ALSO OTHER CURRENT ASSETS AND OTHER CURRENT LIABILITIES PUMA GROUP30 SEP 202630 SEP 2025DEVIATIONINVENTORIES1,608.92,124.1-24.3% TRADE RECEIVABLES 1,094.51,241.2-11.8% TRADE PAYABLES1,054.71,270.6-17.0% WORKING CAPITAL1) 1,454.91,924.6-24.4% 24Q3 2026 CALL
Page 25
1,785.6 1,961.1 1,811.3 2,013.7 2,076.1 2,151.1 2,124.1 2,060.0 1,898.0 1,821.1 1,608.9 Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026Q4 2026 E INVENTORIES(IN EUR M) CLEARANCEPURCHASING VOLUMEMAJORITY OF TAKEBACKS EXPECTED AT NORMALISED LEVELS AT THE END OF 2026 25Q3 2026 CALL
Page 26
-43.0 92.0 Q3 2025 Q3 2026 FREE CASH FLOWSUBSTANTIALLY ABOVE PRIOR-YEAR LEVEL(IN EUR M) WORKING CAPITALLOWER TAX PAYMENTLOWER CAPEXPROFITABILITY 26Q3 2026 CALL
Page 27
NET DEBT DEVELOPMENT 3538271,180 CASH POSITIONUNUTILISED CREDIT LINES 27 (IN EUR M) Q3 2026 CALL NET DEBT REDUCED YOYFINANCIAL HEADROOM SUFFICIENT 1,205 1,078 Q3 2025Q3 2026 -127
Page 28
REFINANCING UPDATE 28 (IN EUR M) Q3 2026 CALL 350 250 100 BEFORE REFINANCINGPOST REFINANCING BRIDGE LOANBILATERAL LOAN EUR 100M BILATERAL LOAN SECURED WITH SINGAPORE-HEADQUARTERED DBS BANKMATURING END-2028 WITH EXTENSION OPTION EXPANDING BANKING PARTNERSHIPS FURTHER REFINANCING UNDERWAY TO REPLACE THE REMAINING BRIDGE LOAN BRIDGE LOAN REFINANCING IN PROGRESS
Page 29
Q3 2026 CALLWAY FORWARD
Page 30
30 NOTE: FY 2026 OUTLOOK DOES NOT INCLUDE FURTHER DETERIORATION OF CONSUMER SENTIMENT FROM THE MIDDLE EAST CONFLICT BEYOND THE CURRENT ASSESSMENT, OR ADDITIONAL TARIFF-RELATED EFFECTS THAT MAY MATERIALISE IN THE FUTURE. SALES (CA CHANGE IN %)LOW- TO MID-SINGLE DIGIT PERCENTAGE RANGE DECLINE•CURRENCY TRANSLATION HEADWINDS OF APPROX. 2% PTS•H2 2026 IMPROVED FROM H1 2026 EBITBETWEEN EUR -80 M AND EUR -130 M (PREVIOUS: EUR -50 M AND EUR -150 M)•SUBSTANTIAL IMPROVEMENT IN GROSS PROFIT MARGIN•OPEX NOT MATERIALLY LOWER IN ABSOLUTE TERMS•ONE-TIME EFFECTS EXPECTED TO BE SUBSTANTIALLY DOWN CAPEXBELOW EUR 150 M (PREVIOUS: AROUND EUR 200 M)•FOCUS ON DIGITAL INFRASTRUCTURE AND DTC CHANNELS FY 2026 OUTLOOKUPDATEDCONFIRMED FOR SALES AND UPDATED FOR EBIT & CAPEX Q3 2026 CALL
Page 31
Q3 2026 CALL 31 TOP 3 GLOBAL SPORTS BRANDOUR NORTH STARBECOME A
Page 32
SUMMARYQ3 2026 Q3 2026 CALL THANK YOU BRAND MOMENTUMBUILDING RELEVANCE IN KEY CATEGORIES ONGOING TRANSITIONAS OUTLINED IN OUR 3-YEAR TRANSFORMATION JOURNEY FY 2026 OUTLOOKCONFIRMED FOR SALES (CA IN %); UPDATED FOR EBIT & CAPEX 32
Page 33
Q3 2026 CALLQUESTIONS & ANSWERS
Page 35
APPENDIX Q3 2026 CALL
Page 36
DRIVERS OF Q3 EBIT MARGIN DEVELOPMENT DEVIATION VS LAST YEAR (MARGIN IN % OF SALES) Q3 2025ROYALTY AND COMMISSION INCOMEOPEX1)ONE-TIME EFFECTSGROSS PROFIT Q3 2026 0.9% 4.2%0.0%-5.6% -0.6% 36Q3 2026 CALL -0.1% 1) EXCL. ONE-TIME EFFECTS
Page 37
SALES OVERVIEWDEVIATION VS LAST YEAR (IN %; IN EUR M) Q3 2026Q3 2025*DEVIATIONIN %DEVIATIONIN % (ca)GROUP SALES 1,776.21,870.1-5.0%-6.3%BY REGIONEMEA 801.2910.6-12.0% -11.5%AMERICAS 580.4592.5-2.0% -8.1%ASIA/PACIFIC394.6367.17.5% 10.0%BY PRODUCT DIVISIONFOOTWEAR 1,010.91,045.8-3.3% -5.1%APPAREL 557.1611.7-8.9% -9.4%ACCESSORIES208.1212.7-2.1% -3.2%BY DISTRIBUTION CHANNELWHOLESALE 1,187.91,300.1-8.6% -9.6%DIRECT-TO-CONSUMER588.3570.03.2% 1.2%* PRIOR-YEAR FIGURES ADJUSTED IN CONNECTION WITH THE DISCONTINUED OPERATIONS 37Q3 2026 CALL