PUMA Stock PUM.DE
PUMA stock (PUM.DE): Quarterly and annual results since 2025 from Quarterly Report and IR documents: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 09/2026, quarterly reporting. Stock analysis by NadirAlpha. Revenue Q2 2026: EUR 1.7 billion (-10% year on year). Latest reported (Q2 2026): Gross profit margin, DTC share, EBIT margin. Latest reading: Margin expanding, Guidance confirmed, Strategic pivot.
Margin expanding Guidance confirmed strategy: Strategic pivot
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Business Model#
What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own. Methodology
PUMA SE is a global sports company that designs, develops, markets, and sells footwear, apparel, and accessories across Performance and Sportstyle segments. Its Performance portfolio covers running, football, training, basketball, golf, and motorsport, while Sportstyle encompasses lifestyle and fashion-oriented products built on heritage silhouettes such as the Suede and Speedcat. Revenue is generated through two principal routes: wholesale distribution to retailers worldwide, which represented the majority of sales in Q2 2026, and direct-to-consumer channels comprising branded retail stores and e-commerce, which accounted for 35.2% of Q2 2026 sales and have been growing as a share of the mix. 40 Products are manufactured exclusively through third-party suppliers predominantly located in Asia, and brand equity is sustained through athlete and federation partnerships, cultural collaborations, and technology platforms such as NITRO cushioning.
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Current Status#
Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number. Methodology
Assessment by NadirAlpha, as of Q2 2026.
PUMA SE reported second-quarter 2026 revenue of 1,690.6 million, with currency-adjusted sales declining 9.4% versus the prior year as reset measures and reduced mass-merchant business weighed on volumes 38. Operating income was -53.1 million, an improvement from -109.1 million in Q2 2025; net income reached -72.8 million with diluted EPS of -0.49 40 146. Free cash flow improved substantially to EUR 329 million from EUR 95 million in Q2 2025, driven by lower purchasing volume and inventory clearance 38. PUMA confirmed its full-year 2026 guidance and announced a new strategic partnership with Anta Sports Products Limited 39.
Management commentary on the 2026-Q2 results (IR-Quarter, 2026-07-31):
“In Sportstyle, we saw strong sell-through for our Speedcat Ballet and Speedcat Wedge. We also positioned our product-icon Suede for a return in the coming seasons.” Arthur Hoeld, Chief Executive Officer 40
“After a solid first quarter and a softer second quarter in line with expectations, we expect sales to improve sequentially in the second half of 2026. This supports our confidence in the full-year trajectory, and we confirm our outlook for the full year.” Arthur Hoeld, Chief Executive Officer 40
Revenue · 2026-Q21,691€m−9.7 % vs. 2025-Q2
Net profit · 2026-Q2-73€m+70.5 % vs. 2025-Q2
EPS · 2026-Q2-0.49€+70.7 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, the company guides Revenue low- to mid-single-digit percentage range decline (cut); Gross margin (GAAP) substantial improvement (confirmed); Operating income -150 to -50 €m (confirmed). 39
ProfitabilityOperating income was -53.1 million for the quarter, including one-time effects of EUR -11.2 million; adjusted EBIT stood at EUR -41.9 million 38. Net income was -72.8 million and diluted earnings per share were -0.49 146. Free cash flow increased significantly to EUR 328.8 million in Q2 2026 from EUR 94.9 million in Q2 2025, driven by improved working capital management and lower capital expenditures 40.
LeverageNet debt stood at 1,103.9 million at the end of June 2026, slightly higher year-over-year compared with 1,051.3 million at end of June 2025, but declined sequentially from 1,357.6 million at end of March 2026 40. Cash and cash equivalents totaled 372.5 million at quarter-end 146. Net debt deleveraging has been identified as a clear priority for the coming years 39.
Management viewPUMA confirmed its full-year 2026 outlook, with currency-adjusted sales expected to decline in the low- to mid-single-digit percentage range and EBIT between EUR -50 million and EUR -150 million 40. The direct-to-consumer share increased to 35.2% in Q2 2026 from 32.1% in Q2 2025, and the company targets a long-term channel mix of 60% wholesale and 40% direct-to-consumer 40 39. FY2027 is expected to be a year of return to above-industry growth, with focus on footwear growth drivers including HYROX collaborations and NITRO propositions 39.
ChangeEBIT margin decreased to -3.1% from 3.9% in the prior-year quarter, while gross profit margin improved approximately 180 basis points to 48.0%, supported by lower sourcing prices, tariff refund effects, and currency movements 38 40. The wholesale channel declined 14.0% to EUR 1,094.8 million due to reset initiatives and weaker retailer demand; by region, Asia/Pacific grew 8.6% while EMEA declined 12.9% and Americas declined 15.4% 38 40. Senior leadership changes were announced across multiple functions, including new appointments as CEO, CBO, CCO, COO, and CFO to strengthen the organizational structure 38.
Risks (current)Weaker consumer demand in key regions including North America and Europe is impacting sales performance, alongside ongoing measures to streamline distribution and reduce undesirable wholesale business 40. U.S. tariff policy and the Supreme Court ruling are creating uncertainty beyond the current assessment; additional tariff refund claims of EUR 33.8 million received in July 2026 are subject to legal uncertainty 39. PUMA faces IP infringement risks including trademark counterfeiting, and is involved in legal disputes from normal operating activities relating to intellectual property and employee matters, with estimated contingent liabilities of EUR 0.6 million 30 31.
New this reporting periodPUMA launched several footwear products during the quarter, including the FAST-R NITRO ELITE 3 SHOWTIME EDITION, NITRO LAB DEVIATE PURE NITRO, DEVIATE NITRO HYROX ELITE, SPEEDCAT BALLET, and SUEDE H-STREET, alongside an A$AP ROCKY collaboration and ROSÉ campaign 38. The NITRO technology platform was expanded in Running and Hybrid Training categories; ULTRA 7 football boots with NITRO technology were introduced, and PUMA confirmed involvement with 11 national teams for the FIFA World Cup 2026 40. A strategic partnership with Anta Sports Products Limited was announced, with a full strategy update deferred pending assessment of partnership opportunities 39.
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Price & Chart#
Interactive price chart (TradingView) and the trend of key figures from the core tables. Methodology
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Share-Price Drivers#
Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own. Methodology
Broad-based revenue decline and swing to an operating loss amid a brand reset and cost programme
Group revenue of EUR 1,690.6 million came alongside an operating loss of EUR 53.1 million and a net loss of EUR 72.8 million in 2026-Q2, with change flags showing decelerating growth, weaker profitability and a cut guidance 146
Group revenue of EUR 1,690.6 million came alongside an operating loss of EUR 53.1 million and a net loss of EUR 72.8 million in 2026-Q2, with change flags showing decelerating growth, weaker profitability and a cut guidance 146
Wholesale channel
Wholesale revenue of 1094.8 in 2026-Q2 was down 14.0% 40
Wholesale revenue of 1094.8 in 2026-Q2 was down 14.0% 40
Footwear category
Footwear, the largest category at 935.6 in 2026-Q2, declined 11.7%, with Apparel at 552.1 down 4.3% and Accessories at 202.8 down 12.0% 40
Footwear, the largest category at 935.6 in 2026-Q2, declined 11.7%, with Apparel at 552.1 down 4.3% and Accessories at 202.8 down 12.0% 40
Americas and EMEA demand
Americas revenue of 600.4 fell 15.4% and EMEA of 674.1 fell 12.9% in 2026-Q2 40
Americas revenue of 600.4 fell 15.4% and EMEA of 674.1 fell 12.9% in 2026-Q2 40
Asia/Pacific region
Asia/Pacific revenue of 416.0 in 2026-Q2 grew 8.6%, the only major region advancing 40
Asia/Pacific revenue of 416.0 in 2026-Q2 grew 8.6%, the only major region advancing 40
Direct-to-Consumer channel
Direct-to-Consumer revenue of 595.8 in 2026-Q2 was broadly flat, up 0.4% 40
Direct-to-Consumer revenue of 595.8 in 2026-Q2 was broadly flat, up 0.4% 40
Performance running and training product pipeline
New performance launches in Q1 2026 include the DEVIATE NITRO ELITE 4, ACCELERATE NITRO SQD and a HYROX performance shoe, extending the NITRO running platform and the HYROX training partnership 34 41
New performance launches in Q1 2026 include the DEVIATE NITRO ELITE 4, ACCELERATE NITRO SQD and a HYROX performance shoe, extending the NITRO running platform and the HYROX training partnership 34 41
Lifestyle franchise reset
Revitalisation of the Suede franchise and the H-Street product with Rosé launched in Q1 2026, and FIFA World Cup 2026 federation kits are in the pipeline 34 41
Revitalisation of the Suede franchise and the H-Street product with Rosé launched in Q1 2026, and FIFA World Cup 2026 federation kits are in the pipeline 34 41
Cost and restructuring programme
The nextlevel efficiency programme and a planned reduction of corporate roles of about 1,400 total since 2025 aim to lower the cost base 18 31
The nextlevel efficiency programme and a planned reduction of corporate roles of about 1,400 total since 2025 aim to lower the cost base 18 31
Ownership change (Anta Sports stake)
A planned Anta Sports share acquisition from Artémis S.A.S. was announced on 2026-01-27 36
A planned Anta Sports share acquisition from Artémis S.A.S. was announced on 2026-01-27 36
Sector trend: Sportswear demand is softening, with revenue lower across most PUMA regions and categories and only Asia/Pacific growing 40. Profitability has deteriorated, as the group posted an operating loss of EUR 53.1 million in 2026-Q2 and guidance was cut 146.
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Event Timeline#
This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Methodology
Overview: one dot per event · click jumps to the period
2026 · 7 events
2026-Q2 · Apr to Jun 2026
Margin expanding 2026-07-31
Gross profit margin improved approximately 180 basis points to 48.0%, supported by lower sourcing prices, tariff refund effects of EUR 11.5 million, and currency effects 40
Gross profit margin improved approximately 180 basis points to 48.0%, supported by lower sourcing prices, tariff refund effects of EUR 11.5 million, and currency effects 40
Guidance confirmed 2026-07-31
FY 2026 outlook confirmed: currency-adjusted sales decline in low- to mid-single-digit percentage range, EBIT between EUR -50 million and EUR -150 million 38
FY 2026 outlook confirmed: currency-adjusted sales decline in low- to mid-single-digit percentage range, EBIT between EUR -50 million and EUR -150 million 38
Strategic pivot 2026-07-29
Artémis S.A.S. announced sale of 29.1% PUMA stake to Anta Sports Products Limited, subject to conditions precedent; full strategy update deferred pending assessment of partnership opportunities 36
Artémis S.A.S. announced sale of 29.1% PUMA stake to Anta Sports Products Limited, subject to conditions precedent; full strategy update deferred pending assessment of partnership opportunities 36
2026-Q1 · Jan to Mar 2026
“In the first quarter our athletes won 21 medals at the World Athletics Indoor Championships and set national records at the Berlin Half Marathon. We had successful product launches such as the first ever performance shoe made specifically for HYROX as well as our federation kits for the FIFA World Cup. Operationally, we were off to a solid start to our transition year in 2026. We have managed to reduce our inventory levels faster than planned, streamlined our product portfolio and addressed operational inefficiencies. We have also made progress in further improving our organisation and our operational model. For the remainder of the year, we will continue to focus on improving the quality of our distribution, cost base and cash management. In doing so, we are laying the foundations for future growth. We are on track to establish PUMA as a top-3 sports brand globally, return to above-industry growth and generate healthy profits in the medium term.” Arthur Hoeld, Chief Executive Officer 41
Margin expanding 2026-04-30
Gross profit margin improved 60 basis points to 47.7%, driven by inventory reserve reversals, lower freight costs, and favorable channel mix 41
Gross profit margin improved 60 basis points to 47.7%, driven by inventory reserve reversals, lower freight costs, and favorable channel mix 41
Guidance confirmed 2026-04-30
FY 2026 outlook confirmed: currency-adjusted sales decline in low- to mid-single-digit range, EBIT EUR -50 million to EUR -150 million 41
FY 2026 outlook confirmed: currency-adjusted sales decline in low- to mid-single-digit range, EBIT EUR -50 million to EUR -150 million 41
Strategic pivot 2026-04-30
PUMA United transitioned from business partnership to licensing agreement structure effective November 1, 2025, classified as discontinued operation 34
PUMA United transitioned from business partnership to licensing agreement structure effective November 1, 2025, classified as discontinued operation 34
Net income turned positive 2026-04-10
Net income turned positive for the first time after 3 negative periods (-336.6 to +EUR 26.5 million). 147
Net income turned positive for the first time after 3 negative periods (-336.6 to +EUR 26.5 million). 147
2025 · 18 events
2025-Q4 · Oct to Dec 2025
“I was delighted to take on this position in July 2025 because I see great potential in this sports brand.” Arthur Hoeld, Chief Executive Officer 30
“2025 was a reset year for us. We want to establish PUMA as a Top-3 sports brand globally, return to above-industry growth and generate healthy profits in the medium term. It is crucial to make the PUMA brand less commercial and ensure we once again excite our consumers with attractive products, compelling storytelling and distribution in the right channels. I'm satisfied with the progress we have made so far. We cleaned up most of our distribution by reducing promotions in our own channels and cutting our exposure to those wholesale channels that damage our brand's desirability. To better position our product icons and our performance offering and tell more engaging product stories, we created the right structures inside our company. We also addressed operational inefficiencies and further optimized our cost base. I want to thank our employees for their commitment to this reset. We are confident that by implementing the winning principles of one global sports brand, we will capture PUMA's significant potential.” Arthur Hoeld, Chief Executive Officer 25
Divestiture 2026-03-12
PUMA sold majority stakes in PUMA United North America LLC and PUMA United Canada ULC on 31 October 2025, transitioning from a consolidated partnership model to a pure licensing model 30
PUMA sold majority stakes in PUMA United North America LLC and PUMA United Canada ULC on 31 October 2025, transitioning from a consolidated partnership model to a pure licensing model 30
earnings 2026-02-26
FY2025 net loss of 645.5 million versus net income of €281.6 million in 2024; EPS -4.38 versus €1.89 in 2024; one-time effects totalled €191.6 million including cost efficiency programme (€150.2 million) and goodwill impairments (€41.4 million) 25
FY2025 net loss of 645.5 million versus net income of €281.6 million in 2024; EPS -4.38 versus €1.89 in 2024; one-time effects totalled €191.6 million including cost efficiency programme (€150.2 million) and goodwill impairments (€41.4 million) 25
Guidance initiated 2026-02-26
FY2026 designated as transition year: CA sales to decline low- to mid-single digit, EBIT between -€50 million and -€150 million including one-time effects; return to above-industry growth and healthy profits targeted as of 2027; no dividend proposed for FY2025 due to negative net income 25
FY2026 designated as transition year: CA sales to decline low- to mid-single digit, EBIT between -€50 million and -€150 million including one-time effects; return to above-industry growth and healthy profits targeted as of 2027; no dividend proposed for FY2025 due to negative net income 25
2025-Q3 · Jul to Sep 2025
“At the end of July, we stated that 2025 would be a year of reset. Since then, we have taken important steps to clean up PUMA's distribution, improve our cash management and reset our operational expenses. By expanding our cost efficiency programme, we are moving quickly to address challenges and make the business more efficient and resilient. With third-quarter results meeting our expectations, we remain committed to executing these measures with discipline.” Arthur Hoeld, Chief Executive Officer 24
Revenue decelerating 2025-10-30
Q3 CA sales declined 10.4% to 1,955.7 million, a steeper decline than H1's 1.0% CA fall; nine-month CA sales declined 4.3% to €5,973.9 million 24
Q3 CA sales declined 10.4% to 1,955.7 million, a steeper decline than H1's 1.0% CA fall; nine-month CA sales declined 4.3% to €5,973.9 million 24
Margin compressing 2025-10-30
Q3 gross profit margin declined 260 basis points to 45.2% due to increased wholesale promotions, inventory reserves, and higher freight costs 24
Q3 gross profit margin declined 260 basis points to 45.2% due to increased wholesale promotions, inventory reserves, and higher freight costs 24
Guidance confirmed 2025-10-30
FY2025 outlook confirmed: CA sales to decline by a low double-digit percentage; cost efficiency programme expanded with targeted reduction of additional approximately 900 white-collar roles globally by end of 2026 24
FY2025 outlook confirmed: CA sales to decline by a low double-digit percentage; cost efficiency programme expanded with targeted reduction of additional approximately 900 white-collar roles globally by end of 2026 24
Operating income halved 2025-10-30
Operating income more than halved YoY (237.0 to EUR 29.4 million, -88%). 127
Operating income more than halved YoY (237.0 to EUR 29.4 million, -88%). 127
2025-Q2 · Apr to Jun 2025
Net income turned negative 2025-07-31
Q2 net loss of 247 million versus net income of €41.9 million in Q2 2024, driven by one-time costs of €84.6 million from the NEXTLEVEL programme and goodwill impairment, plus deferred tax asset write-offs in U.S. and China 23
Q2 net loss of 247 million versus net income of €41.9 million in Q2 2024, driven by one-time costs of €84.6 million from the NEXTLEVEL programme and goodwill impairment, plus deferred tax asset write-offs in U.S. and China 23
Margin compressing 2025-07-31
Q2 gross profit margin declined 70 basis points to 46.1%, driven by increased promotional activity and unfavourable currency effects; H1 2025 gross margin declined 60 basis points to 46.5% 23
Q2 gross profit margin declined 70 basis points to 46.1%, driven by increased promotional activity and unfavourable currency effects; H1 2025 gross margin declined 60 basis points to 46.5% 23
Guidance cut 2025-07-24
FY2025 guidance sharply revised: CA sales now expected to decline low double-digit percentage (previously low- to mid-single-digit growth); EBIT now expected to be a loss (previously €445-525 million profit); CAPEX reduced to ~€250 million; U.S. tariff impact estimated at ~€80 million on gross profit 26
FY2025 guidance sharply revised: CA sales now expected to decline low double-digit percentage (previously low- to mid-single-digit growth); EBIT now expected to be a loss (previously €445-525 million profit); CAPEX reduced to ~€250 million; U.S. tariff impact estimated at ~€80 million on gross profit 26
2025-Q1 · Jan to Mar 2025
“In the first quarter and despite a challenging environment, PUMA achieved sales on last year's level in constant currencies. Our Direct-to-Consumer business, driven by e-commerce, grew by 12%, while our wholesale business declined by 4%, primarily because of the U.S. and China. Our adjusted operating profit came in broadly in line with our expectations. Despite the challenges we had to face in the first quarter, such as a slightly decreasing gross profit margin and higher operating expenses, we remain committed to executing our nextlevel cost efficiency program which is progressing as planned. We are on track to have approximately 500 corporate positions reduced globally by the end of the second quarter 2025. In the evolving global trade landscape and amidst macroeconomic volatility, we concentrate on controllable factors and diligently serve our retail partners, consumers, and brand ambassadors. Our outlook for the financial year 2025 remains unchanged. Due to the highly uncertain implications from the U.S. tariffs, we are not quantifying the potential implications at this stage. We already reduced U.S. imports from China and we will continue to remain agile and ready to manage the increased market volatility and swiftly respond to changing external conditions.” Markus Neubrand, Chief Financial Officer 22
“In 2024, PUMA's sales increased in a dynamic market environment by 4.4% currency-adjusted to € 8,817 million.” Arne Freundt, Chief Executive Officer 20
Revenue decelerating 2025-05-08
Q1 reported sales declined 1.3% to 1,989.8 million; currency-adjusted flat at +0.1%, with EMEA up 5.1% offset by Americas down 2.7% and Asia/Pacific down 4.7% 22
Q1 reported sales declined 1.3% to 1,989.8 million; currency-adjusted flat at +0.1%, with EMEA up 5.1% offset by Americas down 2.7% and Asia/Pacific down 4.7% 22
Guidance initiated 2025-05-08
FY2025 guidance initiated: CA sales growth at low- to mid-single-digit rate, adjusted EBIT €520-600 million, CAPEX ~€300 million; U.S. tariffs excluded from outlook due to high uncertainty 22
FY2025 guidance initiated: CA sales growth at low- to mid-single-digit rate, adjusted EBIT €520-600 million, CAPEX ~€300 million; U.S. tariffs excluded from outlook due to high uncertainty 22
Operating income halved 2025-05-08
Operating income more than halved YoY (159.0 to EUR 43.4 million, -73%). 147
Operating income more than halved YoY (159.0 to EUR 43.4 million, -73%). 147
Strategic pivot 2025-05-08
NEXTLEVEL cost efficiency programme launched with up to €75 million in one-time costs and expected additional EBIT of up to €100 million; approximately 500 staff positions to be reduced by end of Q2 2025; Arthur Hoeld appointed CEO effective 1 July 2025 22
NEXTLEVEL cost efficiency programme launched with up to €75 million in one-time costs and expected additional EBIT of up to €100 million; approximately 500 staff positions to be reduced by end of Q2 2025; Arthur Hoeld appointed CEO effective 1 July 2025 22
Margin expanding 2025-03-11
Full-year gross profit margin improved by 100 basis points to 47.4%, benefiting from favorable regional and distribution channel mix across all product categories 20
Full-year gross profit margin improved by 100 basis points to 47.4%, benefiting from favorable regional and distribution channel mix across all product categories 20
Strategic pivot 2025-03-11
'nextlevel' programme expected to incur up to €75 million one-time costs in 2025 while generating additional EBIT of up to €100 million, on the path to an 8.5% EBIT margin target by 2027 20
'nextlevel' programme expected to incur up to €75 million one-time costs in 2025 while generating additional EBIT of up to €100 million, on the path to an 8.5% EBIT margin target by 2027 20
2024 · 10 events
2024-Q4 · Oct to Dec 2024
“I am pleased that we delivered a solid sales growth on a currency-adjusted basis and improved our gross profit margin in 2024. We made significant progress with our Brand Elevation Strategy, enhancing our brand perception among consumers and achieving strong growth in our performance categories. Strengthening our brand and our performance credibility is crucial for PUMA's sustainable success as a sports brand. I am also encouraged that we made progress in the transition of our Sportstyle Prime business. We implemented our new product, go-to-market, and marketing strategies for the first time for our Speedcat which shows promising sales numbers in its current go-to-market phase before scaling up this summer. All these important achievements in line with our strategic priorities would not have been possible without the great dedication and commitment of the whole PUMA family and of its partners. However, despite these successes, I am not satisfied with our stagnant profitability. We must address our current cost trend and we have already been taking decisive actions to improve the situation with our nextlevel programme. Our outlook for 2025 is below the expectations we set a year ago, both in terms of top and bottom lines. We are fully aware of the root causes of our challenges and are addressing them with full focus and rigor. In this volatile environment, we remain committed to doing what is right for the company in the long term: elevating the brand, creating innovative and aspirational product franchises, being the best service partner to our retailers and investing in our infrastructure to achieve cost efficiencies over time. While 2025 will be a challenging year, I am particularly excited to see the impact of our new brand campaign, the launch of our latest running innovations and the build-up of further traction with our exciting products offers in the low profile category.” Arne Freundt, Chief Executive Officer 18
“While we achieved solid sales growth in 2024 and made meaningful progress on our strategic initiatives, we are not satisfied with our profitability. With a heightened focus on translating top-line growth to increased profitability growth, we have initiated "nextlevel", a comprehensive efficiency program targeting cost optimization and operational improvements. Combined with decisive actions already taken, we will implement further cost control measures in 2025. While we continue to operate in a dynamic environment, we are encouraged by our improved growth throughout 2024 and expect 2025 to grow stronger than 2024.” Arne Freundt, Chief Executive Officer 21
“We delivered our first quarter results fully in line with expectations. While the market continues to be volatile, we delivered growth and gross profit margin improvement despite significant currency headwinds and high prior year comparables. Our retail partners are still working through elevated stock levels, but as our sell-through was higher than our sell-ins, we jointly improved the inventory levels in the wholesale channel. We expect that we will improve sell-in in course of Q2. Our double-digit growth in DTC with fewer discounts confirms the continued strong demand for the brand and thus continued good sell-through. Our strong momentum in performance categories driven by exciting innovations and newness is ongoing and we are further growing our market shares. For our Sportstyle category, 2024 is a transition year to build the future success in the elevated distribution. Our go-to-market and demand creation processes are starting to improve and are crucial as a foundation for the success in Sportstyle. We already see that sales of our trending terrace and skate styles Palermo and Suede XL are accelerating month over month and we are very excited to launch our vintage running franchise Easy Rider and low profile shoes Mostro, Speedcat and Inhale this year. With our good order book for the second half of the year and the great start of our brand campaign, I feel very confident about our sequential quarter-over-quarter improvement in 2024. We are focusing our efforts on building the foundation for the next chapter of growth based on increased brand desirability. The launch of our first brand campaign in a decade was an important first step and the first results came in above our expectations. I could not imagine a better year than the 2024 Year of Sport to advance PUMA's brand elevation journey. We are looking forward to celebrating this summer's events with our employees, consumers, retail partners and brand ambassadors.” Arne Freundt, CEO 12
Guidance initiated 2025-03-12
2025 full-year outlook initiated: currency-adjusted sales growth at low- to mid-single digit and adjusted EBIT in the range of €520-600 million 18
2025 full-year outlook initiated: currency-adjusted sales growth at low- to mid-single digit and adjusted EBIT in the range of €520-600 million 18
Revenue accelerating 2025-01-22
Currency-adjusted sales grew 9.8% in Q4 to €2,289 million, the strongest quarterly rate of the year, with all regions and both Wholesale and Direct-to-Consumer channels contributing 21
Currency-adjusted sales grew 9.8% in Q4 to €2,289 million, the strongest quarterly rate of the year, with all regions and both Wholesale and Direct-to-Consumer channels contributing 21
Strategic pivot 2025-01-22
'nextlevel' efficiency programme initiated, targeting 8.5% EBIT margin by 2027 through cost optimization and operational improvements 21
'nextlevel' efficiency programme initiated, targeting 8.5% EBIT margin by 2027 through cost optimization and operational improvements 21
2024-Q3 · Jul to Sep 2024
“I'm pleased with the progress on our brand elevation journey as we are building the foundation for accelerated and sustainable growth. We know this takes time, but we have made strong strides in enhancing our brand equity and desirability, stepping up our performance business, and building up consumer relevance in the Sportstyle Prime market. Our new Speedcat Go-to-Market Strategy is performing very well and I am excited about the commercial launch of the Speedcat in a few weeks. I am also pleased that our wholesale business has returned to growth. With accelerated sales growth in Q3 and EBIT meeting expectations as well as a strong orderbook for Q4, we're on track to meet our full-year 2024 outlook. This success is due to the great engagement of the entire PUMA Family and its incredible partners. I'm looking forward to shaping the next chapter of PUMA's growth together with the Management Board team, which has recently welcomed Markus as our new CFO.” Arne Freundt, Chief Executive Officer of PUMA SE 17
revenue 2024-11-06
Currency-adjusted sales grew 5.0% in Q3, with growth supported by all three regions; wholesale returned to growth at 1.5% currency-adjusted 17
Currency-adjusted sales grew 5.0% in Q3, with growth supported by all three regions; wholesale returned to growth at 1.5% currency-adjusted 17
Margin expanding 2024-11-06
Gross profit margin improved by 80 basis points to 47.9%, driven by favorable product mix, freight, and sourcing prices 17
Gross profit margin improved by 80 basis points to 47.9%, driven by favorable product mix, freight, and sourcing prices 17
Strategic pivot 2024-11-06
Paris Olympics 2024 was PUMA's most successful games with athletes winning 66 medals including 19 gold medals and setting three world records 17
Paris Olympics 2024 was PUMA's most successful games with athletes winning 66 medals including 19 gold medals and setting three world records 17
2024-Q2 · Apr to Jun 2024
“On the Sportstyle side, we are continuing to see strong sell-through with our family footwear retail partners, while we are making good progress in the transition of our Sportstyle Prime offer with Palermo, Suede XL and Easy Rider. We are very encouraged by the first launches of Speedcat in the elevated distribution channels globally and by the great feedback of our retail partners on our product line-up. We are very confident about the future success of the low-profile silhouette and are happy to welcome Rosé, the iconic K-Pop star, as great new ambassador for this emerging trend.” Arne Freundt, Chief Executive Officer 15
Margin expanding 2024-08-07
Gross profit margin improved 200 basis points to 46.8%, driven by favorable product and distribution channel mix and sourcing and freight tailwinds despite currency headwinds 15
Gross profit margin improved 200 basis points to 46.8%, driven by favorable product and distribution channel mix and sourcing and freight tailwinds despite currency headwinds 15
Guidance cut 2024-08-07
Full-year 2024 EBIT guidance narrowed to a range of €620-670 million, reducing the upper end of the prior range 15
Full-year 2024 EBIT guidance narrowed to a range of €620-670 million, reducing the upper end of the prior range 15
2024-Q1 · Jan to Mar 2024
“We are focusing our efforts on building the foundation for the next chapter of growth based on increased brand desirability. The launch of our first brand campaign in a decade was an important first step and the first results came in above our expectations. I could not imagine a better year than the 2024 Year of Sport to advance PUMA's brand elevation journey. We are looking forward to celebrating this summer's events with our employees, consumers, retail partners and brand ambassadors.” Arne Freundt, Chief Executive Officer 13
Margin expanding 2024-05-08
Gross profit margin improved by 100 basis points to 47.5%, driven by lower sourcing and freight costs and favorable product and distribution channel mix despite significant currency headwinds 13
Gross profit margin improved by 100 basis points to 47.5%, driven by lower sourcing and freight costs and favorable product and distribution channel mix despite significant currency headwinds 13
Strategic pivot 2024-05-08
PUMA launched its first global brand campaign in 10 years in Paris with the company's biggest-ever media investment, targeting brand elevation 13
PUMA launched its first global brand campaign in 10 years in Paris with the company's biggest-ever media investment, targeting brand elevation 13
2023 · 12 events
2023-Q4 · Oct to Dec 2023
“On the brand elevation side, PUMA has the opportunity to further increase its relevance with consumers to win more hearts and minds.” Arne Freundt, Chief Executive Officer 11
“In a volatile environment that impacted the whole industry, PUMA delivered strong growth and profitability fully in line with the outlook. Without the extraordinary devaluation of the Argentine peso, which had a significant one-off accounting impact, our results would have been even stronger. This outcome reflects the strong underlying performance of PUMA and we were only able to achieve this because of our amazing PUMA Family and all of its fantastic partners.” Arne Freundt, Chief Executive Officer 9
Net income turned negative ◦ 2024-02-07
Consolidated net income declined 13.7% to 304.9 million; currency conversion losses of €69.4 million from Argentine peso devaluation (versus €2.2 million in the prior year) drove the deterioration in the financial result 11
Consolidated net income declined 13.7% to 304.9 million; currency conversion losses of €69.4 million from Argentine peso devaluation (versus €2.2 million in the prior year) drove the deterioration in the financial result 11
financials 2024-02-07
Free cash flow more than doubled to 353.2 million as inventory declined 19.6% to €1,804.4 million, reducing net debt to near zero 11
Free cash flow more than doubled to 353.2 million as inventory declined 19.6% to €1,804.4 million, reducing net debt to near zero 11
Guidance initiated 2024-02-07
FY2024 guidance initiated: mid-single-digit currency-adjusted sales growth and EBIT of €620-700 million 10
FY2024 guidance initiated: mid-single-digit currency-adjusted sales growth and EBIT of €620-700 million 10
2023-Q3 · Jul to Sep 2023
“While the market continues to experience significant macroeconomic headwinds and 2023 remains a transition year, we outgrew the market with a currency adjusted sales growth of 6% and delivered an EBIT of € 236 million, both fully in line with expectations. We once again demonstrated our sustained brand momentum and gained market share. We remain fully on track to achieve our full-year guidance. In the remainder of the year, we will deliver a lot of exciting product newness to the market and celebrate the biggest brand moments of this year. Our strong partnerships with our retailers, athletes and suppliers, supported by the fastest and most agile team in the industry, were again crucial for our success.” Arne Freundt, Chief Executive Officer 8
Revenue decelerating 2023-10-24
Q3 sales grew 6.0% currency-adjusted to 2,311.1 million, continuing deceleration despite growth across all regions 8
Q3 sales grew 6.0% currency-adjusted to 2,311.1 million, continuing deceleration despite growth across all regions 8
Margin expanding 2023-10-24
Gross profit margin improved 30 basis points to 47.1% in Q3, supported by sourcing, freight, and pricing tailwinds despite currency headwinds 8
Gross profit margin improved 30 basis points to 47.1% in Q3, supported by sourcing, freight, and pricing tailwinds despite currency headwinds 8
Guidance confirmed 2023-10-24
FY2023 guidance confirmed: currency-adjusted sales growth in the high single-digit percentage range and EBIT of €590-670 million 8
FY2023 guidance confirmed: currency-adjusted sales growth in the high single-digit percentage range and EBIT of €590-670 million 8
2023-Q2 · Apr to Jun 2023
“On the back of our Q2 results, we are perfectly on track to achieve our full-year outlook in the transition year 2023. PUMA continued to grow by double-digits, demonstrating continued strong brand momentum, despite the volatile environment. As the best partner for Wholesale, we worked together with our retailers through elevated inventory levels in the market and successfully normalized our own inventory levels as planned. Our strategic priorities Brand Elevation, winning in the U.S. and China are key for PUMA's future growth trajectory. We are making good progress on all levels and with the announcement of new leaderships for Global Marketing and Mainland China, we have put the required organizational foundation in place. Moreover, I'm especially proud to welcome Xavi Simons, who is one of Europe's most exciting footballers, and Julien Alfred, one of the greatest up-and-coming 100 m runners with chances for World Championship gold medal, to our PUMA Family.” Arne Freundt, Chief Executive Officer 7
revenue 2023-07-26
Q2 sales grew 11.1% currency-adjusted to 2,120.7 million, decelerating from Q1, with North America continuing to decline 7
Q2 sales grew 11.1% currency-adjusted to 2,120.7 million, decelerating from Q1, with North America continuing to decline 7
Margin compressing 2023-07-26
Gross profit margin declined 170 basis points to 44.8% in Q2, driven by currency effects, sourcing costs, and promotional activity 7
Gross profit margin declined 170 basis points to 44.8% in Q2, driven by currency effects, sourcing costs, and promotional activity 7
New market 2023-07-26
PUMA signed landmark deal with Formula 1 to become official licensing partner and exclusive trackside retailer with A$AP Rocky as creative director 7
PUMA signed landmark deal with Formula 1 to become official licensing partner and exclusive trackside retailer with A$AP Rocky as creative director 7
2023-Q1 · Jan to Mar 2023
“Our Q1 growth was a strong start to 2023. In line with our strategy to be the best partner to retailers, we grew our wholesale business in a challenging environment and further strengthened our performance credibility with strong growth in our strategically important performance categories. Our significant growth in DTC demonstrated PUMA's continued brand momentum globally, including North America and Greater China. We benefited from our geographically diversified business, as strong growth in other regions more than offset the decline in North America. The current development of our North American business confirms the importance and necessity of our new strategy to grow more desirable distribution channels and to contain the off-price business in North America as well as to further elevate the brand. It is reassuring that we returned to growth in Greater China after more than two years of declining business and we are cautiously optimistic about an ongoing positive development. We consider 2023 to be a year of transition. In line with our expectations, the year has started with pressure on gross profit margin and profitability. For the second quarter, we expect low to mid single-digit sales growth due to high inventory levels in the trade and continued headwinds in the market. For the full year, we confirm high single-digit sales growth and EBIT of € 590 to € 670 million. With our continued momentum we are fully on track to normalize our inventory levels and to achieve our full-year guidance.” Arne Freundt, Chief Executive Officer 2
Revenue accelerating ◦ 2023-04-26
Q1 sales grew 14.4% currency-adjusted to 2,187.7 million, with EMEA up 25.4% and Asia/Pacific up 27.4% currency-adjusted, partly offset by North America weakness 2
Q1 sales grew 14.4% currency-adjusted to 2,187.7 million, with EMEA up 25.4% and Asia/Pacific up 27.4% currency-adjusted, partly offset by North America weakness 2
Margin compressing 2023-04-26
Gross profit margin declined 70 basis points to 46.5% due to industry-wide promotional activity, higher sourcing and freight costs, and unfavorable currency effects 2
Gross profit margin declined 70 basis points to 46.5% due to industry-wide promotional activity, higher sourcing and freight costs, and unfavorable currency effects 2
Guidance confirmed 2023-04-26
FY2023 guidance confirmed: high single-digit currency-adjusted sales growth and EBIT of €590-670 million 2
FY2023 guidance confirmed: high single-digit currency-adjusted sales growth and EBIT of €590-670 million 2
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Key Figures (€m)#
The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. Methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue (€m) · annual basis, as reported
Net income (€m) · annual basis, as reported
EPS (€) · annual basis, as reported
Operating cash flow (€m) · annual basis, as reported
Revenue (€m) · half-year basis, as reported
Net income (€m) · half-year basis, as reported
EPS (€) · half-year basis, as reported
Operating cash flow (€m) · half-year basis, as reported
Revenue (€m) · quarterly basis, as reported
Net income (€m) · quarterly basis, as reported
EPS (€) · quarterly basis, as reported
Cash (€m) · annual basis, as reported
Debt (€m) · annual basis, as reported
Net Debt (€m) · annual basis, as reported
Capex (€m) · annual basis, as reported
FCF (€m) · annual basis, as reported
Cash (€m) · half-year basis, as reported
Debt (€m) · half-year basis, as reported
Net Debt (€m) · half-year basis, as reported
Capex (€m) · half-year basis, as reported
FCF (€m) · half-year basis, as reported
Cash (€m) · quarterly basis, as reported
Debt (€m) · quarterly basis, as reported
Net Debt (€m) · quarterly basis, as reported
Capex (€m) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2022 is on record.
Fiscal years
Amounts in €m · EPS in € per share · as reported
| Period | Revenue | Op. income | Net income | EPS (€) | OCF | Source |
|---|---|---|---|---|---|---|
| FY2025 | 7,296.2° | -357.2~ | -645.5° | -4.38 | -319.3° | 25 |
| FY2024 | 8,398° | 548.7~ | 281.6° | 1.89 | 694.8° | 20 |
| FY2023 | 8,601.7 | 621.6 | 304.9 | 2.03 | 653.6 | 119 |
Half-years
Amounts in €m · EPS in € per share · as reported
| Period | Published | Revenue | Op. income | Net income | EPS (€) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-H1* | 2026-07-29 | 3,554.4 | -1.3 | -46.3 | -0.31 | 112.1 | 372.5 | 1,103.9 | 36 |
| 2025-H2* | 2026-02-26 | 3,278 | -317.1 | -398.9 | -2.71*≈ | 104.3 | 290 | 1,063.5~ | 25 |
| 2025-H1* | 2025-07-31 | 3,861.1 | -65.7 | -246.6 | -1.67 | -629.9 | 292.6 | 1,051.3 | 23 |
| 2024-H2* | 2025-03-11 | 4,178.4 | 272.5 | 152.3 | 1.02*≈ | 656.7 | 368.2 | 119.8 | 20 |
| 2024-H1* | 2024-08-07 | 4,219.6 | 276.2 | 129.3 | 0.86 | -224.9 | 271.8 | 552.6 | 15 |
| 2023-H2* | – | 4,293.4 | 330.7 | 132.6 | 0.88*≈ | 720.2 | 552.9 | 19.1 | 134 |
| 2023-H1* | – | 4,308.3 | 290.9 | 172.3 | 1.15 | -367 | 307.9 | – | 116 |
Quarters
Amounts in €m · EPS in € per share · as reported
| Period | Published | Revenue | Op. income | Net income | EPS (€) | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-07-15 | 1,690.6 | -53.1 | -72.8 | -0.49 | 372.5 | 1,103.9 | 37 |
| 2026-Q1* | 2026-04-10 | 1,863.8 | 51.9 | 26.5 | 0.18 | 326.2~ | 1,357.6~ | 33 |
| 2025-Q4* | 2026-02-26 | 1,564.9 | -307.7 | -336.6 | -2.28 | 290 | 1,063.5~ | 129 |
| 2025-Q3* | 2025-10-30 | 1,955.7 | 29.4 | -62.3 | -0.42 | 265 | 1,205.2 | 127 |
| 2025-Q2* | 2025-07-31 | 1,871.3 | -109.1 | -247 | -1.67 | 292.6 | 1,051.3 | 23 |
| 2025-Q1* | 2025-05-08 | 1,989.8 | 43.4 | 0.5 | 0.00 | 283.9 | 994.9 | 22 |
| 2024-Q4* | 2025-03-12 | 2,150.5 | 85.7 | 24.5 | 0.16 | 368.2 | 119.8 | 119 |
| 2024-Q3* | 2024-11-06 | 2,308.2 | 237 | 127.8 | 0.85 | 251.5 | 745.9 | 17 |
| 2024-Q2* | 2024-08-07 | 2,117.3 | 117.2 | 41.9 | 0.28 | 271.8 | 552.6 | 15 |
| 2024-Q1* | 2024-05-08 | 2,102.3 | 159 | 87.3 | 0.58 | 294.5 | 599.9 | 13 |
| 2023-Q4* | – | 1,982.2 | 94.4 | – | 0.01 | 552.9 | 19.1 | 119 |
| 2023-Q3* | – | 2,311.1 | 236.3 | 131.7 | 0.88 | 288 | 528 | 118 |
| 2023-Q2 | – | 2,120.7 | 115.3 | 55 | 0.37 | 307.9 | – | 116 |
| 2023-Q1* | 2023-04-26 | 2,187.7 | 175.5 | 117.3 | 0.78 | 288.8 | 473.1 | 2 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EBITDA (adj.), EPS adj., FCF (not reported in any source for these periods).
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Balance Sheet & Cash Flow (€m)#
Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. Methodology
Fiscal years
Amounts in €m · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-26 | 290 | 1,353.5 | 1,063.5~ | 30.3 | -319.3° | 206.3 | -525.6 | 25 |
| FY2024 | 2025-03-11 | 368.2 | 488 | 119.8 | – | 694.8° | 263 | 431.8 | 20 |
| FY2023 | – | 552.9 | 572 | 19.1 | – | 653.6 | 300.4 | 353.2 | 119 |
Half-years
Amounts in €m · as reported
| Period | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-H1 | 2026-07-29 | 372.5 | 1,476.4 | 1,103.9 | 157.5 | 45.4 | 112.1 | 36 |
| 2025-H2 | 2026-02-26 | 290 | 1,353.5 | 1,063.5~ | 205.7 | 101.4 | 104.3 | 25 |
| 2025-H1 | 2025-07-31 | 292.6 | 1,343.9 | 1,051.3 | -525 | 104.9 | -629.9 | 23 |
| 2024-H2 | 2025-03-11 | 368.2 | 488 | 119.8 | 794.3 | 137.6 | 656.7 | 20 |
| 2024-H1 | 2024-08-07 | 271.8 | 824.4 | 552.6 | -99.5 | 125.4 | -224.9 | 15 |
| 2023-H2 | – | 552.9 | 572 | 19.1 | 862.6 | 142.4 | 720.2 | 134 |
| 2023-H1 | – | 307.9 | – | – | -209 | 158 | -367 | 116 |
Quarters
Amounts in €m · as reported
| Period | Published | Cash | Debt | Net Debt | OCF | Capex | Source |
|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-07-15 | 372.5 | 1,476.4 | 1,103.9 | – | 15.8 | 37 |
| 2026-Q1 | 2026-04-10 | 326.2~ | 1,683.8 | 1,357.6~ | – | 29.6 | 33 |
| 2025-Q4 | 2026-02-26 | 290 | 1,353.5 | 1,063.5~ | – | – | 129 |
| 2025-Q3 | 2025-10-30 | 265 | 1,470.2 | 1,205.2 | – | – | 127 |
| 2025-Q2 | 2025-07-31 | 292.6 | 1,343.9 | 1,051.3 | -0.1 | 53.1 | 23 |
| 2025-Q1 | 2025-05-08 | 283.9 | 1,278.8 | 994.9 | -524.9 | 51.8 | 22 |
| 2024-Q4 | 2025-03-12 | 368.2 | 488 | 119.8 | – | – | 119 |
| 2024-Q3 | 2024-11-06 | 251.5 | 997.4 | 745.9 | – | – | 17 |
| 2024-Q2 | 2024-08-07 | 271.8 | 824.4 | 552.6 | – | 879 | 15 |
| 2024-Q1 | 2024-05-08 | 294.5 | 894.4 | 599.9 | – | – | 13 |
| 2023-Q4 | – | 552.9 | 572 | 19.1 | – | – | 119 |
| 2023-Q3 | – | 288 | 816 | 528 | – | – | 118 |
| 2023-Q2 | – | 307.9 | – | – | – | – | 116 |
| 2023-Q1 | 2023-04-26 | 288.8 | 761.9 | 473.1 | – | 848 | 2 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
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Revenue by Type (as of 2026-Q2 · EURm · 19/28)#
Revenue split by segment or product type, exactly as the company itself reports it. Methodology
| Segment | Since | Period | Basis | Revenue | Growth | Margin | Source |
|---|---|---|---|---|---|---|---|
| Wholesale | 2023-H1 | 2026-Q2 | 3M | 1,094.8 | -14% | – | 40 |
| Direct-to-Consumer | 2023-H1 | 2026-Q2 | 3M | 595.8 | 0.4% | – | 40 |
| EMEA | 2023-Q1 | 2026-Q2 | 3M | 674.1 | -12.9% | – | 40 |
| Americas | 2023-Q1 | 2026-Q2 | 3M | 600.4 | -15.4% | – | 40 |
| Asia/Pacific | 2023-Q1 | 2026-Q2 | 3M | 416 | 8.6% | – | 40 |
| Footwear | FY2022 | 2026-Q2 | 3M | 935.6 | -11.7% | – | 40 |
| Apparel | FY2022 | 2026-Q2 | 3M | 552.1 | -4.3% | – | 40 |
| Accessories | FY2022 | 2026-Q2 | 3M | 202.8 | -12% | – | 40 |
| Rest of Asia-Pacific | FY2024 | 2026-H1 | 6M | 402.9 | – | – | 36 |
| MEA&I | FY2024 | 2026-H1 | 6M | 359.4 | – | – | 36 |
| Europe | FY2022 | 2026-H1 | 6M | 1,059.7 | – | – | 36 |
| North America | FY2022 | 2026-H1 | 6M | 642.4 | – | – | 36 |
| Latin America | FY2022 | 2026-H1 | 6M | 584.8 | – | – | 36 |
| Greater China | FY2022 | 2026-H1 | 6M | 278.3 | – | – | 36 |
| stichd | FY2022 | 2026-H1 | 6M | 205.9 | – | – | 36 |
| APAC (excl. Greater China) | – | 2025-Q1 | – | – | – | – | 28 |
| E-commerce | – | 2025-Q1 | – | – | – | – | 22 |
| EEA | – | 2025-Q1 | – | – | – | – | 28 |
| Owned & operated retail stores | – | 2025-Q1 | – | – | – | – | 22 |
| License and commission income | FY2023 | FY2023 | 12M | 599.3 | – | – | 3 |
| America | FY2023 | FY2023 | 12M | 178.3 | – | – | 3 |
| Africa/Middle East | FY2023 | FY2023 | 12M | 2 | – | – | 3 |
| Other | 2023-H1 | 2023-H1 | 6M | 889 | – | 21% | 6 |
| USA, North America | FY2022 | FY2023 | 12M | 1,933.7 | – | – | 11 |
| EEMEA | FY2022 | FY2024 | 12M | 1,742.1 | – | – | 20 |
| Germany, Europe | FY2022 | FY2023 | 12M | 631.6 | – | – | 11 |
| Asia/Pacific (excluding Greater China) | FY2022 | FY2024 | 12M | 424.7 | – | – | 20 |
| LATAM | – | 2024-Q3 | – | – | – | – | 19 |
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Products & M&A (44/150 active+recent)#
Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. Methodology
| Product/Line | Since | Status | Source |
|---|---|---|---|
| Suede brand repositioning as iconic proposition | 2027 | Planned | 35 |
| Lifestyle running as key future pillar | 2027 | Planned | 35 |
| ULTRA 7 football boots with NITRO™ technology introduction | 2026-06 | Launched | 40 |
| Suede product return in coming seasons | 2026-06 | Planned | 40 |
| Suede franchise rebuild/incubation | 2026-06 | Planned | 39 |
| SUEDE H-STREET product | 2026-06 | Launched | 38 |
| SPEEDCAT OG product sales momentum | 2026-06 | Launched | 38 |
| NITROTM LAB DEVIATE PURE NITROTM product | 2026-06 | Launched | 38 |
| NITRO product propositions | 2026-06 | Planned | 39 |
| NITRO platform expansion in running and training (4×) | 2026-06 | Planned | 30 |
| HYROX collaboration footwear | 2026-06 | Planned | 39 |
| FIFA World Cup 2026™ involvement with 11 national teams | 2026-06 | Launched | 40 |
| FAST-R NITRO™ ELITE 3 SHOWTIME EDITION launch | 2026-06 | Launched | 38 |
| DEVIATE NITRO™ HYROX ELITE partnership and product | 2026-06 | Launched | 38 |
| Mark Langer appointed Chief Financial Officer | 2026-05 | Launched | 36 |
| Revitalisation of Suede franchise | 2026-03 | Launched | 34 |
| HYROX performance shoe launch | 2026-03 | Launched | 41 |
| H-STREET product with ROSÉ | 2026-03 | Launched | 34 |
| DEVIATE NITRO ELITE 4 | 2026-03 | Launched | 34 |
| ACCELERATE NITRO SQD release | 2026-03 | Launched | 34 |
| SS27 seasonal line freeze | 2026 | Planned | 34 |
| Olympic Winter Games in Milan and Cortina d'Ampezzo | 2026 | Planned | 30 |
| 2026 FIFA World Cup participation (2×) | 2026 | Launched | 41 |
| 2026 FIFA World Cup in USA, Mexico and Canada | 2026 | Planned | 30 |
| Bangladesh Employment Injury Scheme Pilot Expansion | 2025-12 | Launched | 30 |
| Velocity NITRO™ 4 running shoe | 2025-09 | Launched | 24 |
| SPEEDCAT BALLET product (4×) | 2025-09 | Launched | 22 |
| HALI 1 basketball shoe | 2025-09 | Launched | 24 |
| Premier League official partnership | 2025-03 | Launched | 22 |
| PUMA and HYROX joint collection launch | 2025-03 | Launched | 22 |
| MB.04 GOLDEN CHILD | 2025-03 | Launched | 28 |
| Fast-R NITRO™ Elite 3 racing shoe launch | 2025-03 | Launched | 22 |
| FUTURE 8 | 2025-03 | Launched | 28 |
| FERRARI REPLICA | 2025-03 | Launched | 28 |
| FAST-R NITRO ELITE 3 | 2025-03 | Launched | 28 |
| DEVIATE NITRO 3 | 2025-03 | Launched | 28 |
| nextlevel efficiency programme | 2025-02 | Planned | 18 |
| Three-Year IOM Partnership on Ethical Recruitment | 2025 | Launched | 30 |
| Strategic partnership with HYROX in Training category | 2025 | Launched | 30 |
| Planned reduction of corporate roles (approximately 1,400 total since 2025) | 2025 | Planned | 31 |
| London Oxford Street flagship store opening (2x) | 2025 | Planned | 31 |
| Armand Duplantis set new world record with NITRO™ technology | 2025 | Launched | 31 |
| ACCORD Agreement Implementation | 2025 | Launched | 30 |
| Global brand campaign (6×) | 2024 | Launched | 22 |
| ULTRA | 2024-12 | Planned | 14 |
| Speedcat shoe scaling | 2024-12 | Planned | 18 |
| Mostro sneaker catwalk at New York Fashion Week | 2024-12 | Launched | 18 |
| MagMax running shoe | 2024-12 | Launched | 18 |
| MB.04 with LaMelo Ball | 2024-12 | Planned | 14 |
| LaMelo Ball LaFrancé lifestyle shoe | 2024-12 | Launched | 18 |
| Deviate Nitro Elite 3 | 2024-12 | Planned | 14 |
| Deviate NITRO-Elite 3 and Fast-R2 running shoes | 2024-12 | Launched | 18 |
| A$AP Rocky's Mostro and Inhale designs with Inhale commercial launch | 2024-12 | Planned | 17 |
| CFO transition from Hubert Hinterseher to Markus Neubrand | 2024-10 | Launched | 20 |
| Speedcat commercial launch | 2024-09 | Planned | 16 |
| Salehe Bembury basketball design partnership | 2024-06 | Planned | 15 |
| Rosé K-Pop ambassador partnership | 2024-06 | Launched | 15 |
| Mexico Committee approved Employer Guidance on FoA and Collective Bargaining | 2024-06 | Planned | 20 |
| MB.04 LaMelo Ball signature shoe | 2024-06 | Planned | 15 |
| LA Studio product and design hub | 2024-06 | Planned | 15 |
| Gender Equality and Returns Programme (2x) | 2024-06 | Planned | 20 |
| Easy Rider retro running style | 2024-06 | Launched | 15 |
| Supervisory Board expansion from six to seven members | 2024-05 | Launched | 20 |
| RE:SUEDE commercial version launch with Zalando | 2024-04 | Planned | 9 |
| Suede XL skate lead model | 2024-03 | Launched | 13 |
| Palermo terrace lead model | 2024-03 | Launched | 13 |
| Manchester City 4th kit | 2024-03 | Launched | 13 |
| LaFrancé signature lifestyle shoe for LaMelo Ball | 2024-03 | Launched | 13 |
| Fireglow shoe colorway | 2024-03 | Planned | 13 |
| Fast-R NITRO Elite 2 running shoe | 2024-03 | Launched | 13 |
| FENTY x PUMA Avanti Pony Hair | 2024-03 | Launched | 13 |
| All-Pro Nitro for NXTPro Hoops | 2024-03 | Launched | 13 |
| AC Milan 4th kit | 2024-03 | Launched | 13 |
| 17 Track and Field Federation Kits | 2024-03 | Planned | 13 |
| Voices of a RE:GENERATION initiative for Gen Z sustainability advocates | 2024 | Launched | 20 |
| UEFA Euro Cup 2024 (2x) | 2024 | Planned | 3 |
| Stewie 3 WNBA signature shoe launch | 2024 | Launched | 20 |
| Speedcat relaunch | 2024 | Planned | 9 |
| Speedcat launch in elevated distribution channels | 2024 | Planned | 14 |
| Solar PV station installation | 2024 | Planned | 11 |
| Running shoes Fast-R2 | 2024 | Planned | 9 |
| Running shoes Deviate NITRO Elite 3 | 2024 | Planned | 13 |
| Phantomcat golf shoes with Flexspike technology (2x) | 2024 | Launched | 18 |
| Palermo, Suede XL and Easy Rider Sportstyle transition | 2024 | Planned | 14 |
| Palermo and Suede XL sneaker new versions | 2024 | Launched | 20 |
| PUMA shopping app expansion to other markets (2x) | 2024 | Planned | 11 |
| Olympic & Paralympic Games in Paris (2x) | 2024 | Planned | 11 |
| New store format expansion and retail store modernization | 2024 | Planned | 11 |
| New flagship store opening in Las Vegas | 2024 | Launched | 20 |
| Mostro relaunch | 2024 | Planned | 9 |
| Mostro low profile shoe (8×) | 2024 | Launched | 15 |
| MB.04 basketball shoe continued release | 2024 | Launched | 20 |
| LaFrancé LaMelo Ball lifestyle product launch | 2024 | Launched | 20 |
| LIMIT3D 3D-printed irons golf set (2×) | 2024 | Launched | 18 |
| LA Creative Hub opening | 2024 | Planned | 11 |
| Ivory Coast wins Africa Cup of Nations 2024 | 2024 | Launched | 10 |
| Family-Friendly Factories Program (2×) | 2024 | Planned | 20 |
| FAST-R2 raceday running shoe launch | 2024 | Launched | 20 |
| Easy Rider vintage running franchise | 2024 | Planned | 12 |
| Deviate Nitro Elite 3 running shoe launch | 2024 | Planned | 20 |
| DARKSPEED family golf drivers and irons | 2024 | Launched | 20 |
| Copa America 2024 (2×) | 2024 | Planned | 11 |
| Collaboration with Ottolinger high-fashion brand | 2024 | Launched | 20 |
| Collaboration with One Piece anime series | 2024 | Launched | 20 |
| Arizona distribution centre opening (2×) | 2024 | Launched | 15 |
| All PUMA replica football jerseys made from textile waste using RE:FIBRE recycling technology | 2024 | Planned | 9 |
| A$AP Rocky limited edition Inhale and Mostro collections | 2024 | Launched | 20 |
| Palermo (4×) | 2023-11 | Planned | 5 |
| Partnership with CONMEBOL and CAF as official partner | 2023-09 | Launched | 8 |
| Paris Fashion Week collection with Coperni and Ottolinger | 2023-09 | Launched | 8 |
| PUMA x F1 partnership - A$AP Rocky as Creative Director | 2023-09 | Launched | 8 |
| PUMA and Swarovski 75th anniversary collection | 2023-09 | Launched | 8 |
| Multi-year extension with F1 Team Scuderia Ferrari and partnership with F1 Team Williams Racing | 2023-09 | Launched | 8 |
| MB.03 LaFrancé Basketball Signature Launch | 2023-09 | Launched | 4 |
| LaMelo Ball LaFrancé collection and MB.03 signature basketball shoe | 2023-09 | Launched | 8 |
| Fenty x PUMA collaboration launch | 2023-09 | Launched | 4 |
| Xavi Simons partnership | 2023-06 | Planned | 6 |
| Palermo OG and Super Team OG re-launch (4x) | 2023-06 | Launched | 2 |
| Noah collaboration multi-seasonal collection | 2023-06 | Planned | 6 |
| MELO FASTER TOUR European launch with LaMelo Ball | 2023-06 | Planned | 6 |
| Julien Alfred partnership | 2023-06 | Planned | 6 |
| Formula 1 landmark deal | 2023-06 | Planned | 6 |
| Signing of legendary marathon runner Edna Kiplagat and Konstanze Klosterhalfen | 2023-03 | Planned | 1 |
| PUMA SpongeBob SquarePants collection (2x) | 2023-03 | Planned | 1 |
| PUMA FOREVER. CLASSIC. Campaign in the USA (2x) | 2023-03 | Launched | 2 |
| Manchester City Trophy Tour and running event at Shanghai International Circuit | 2023-03 | Planned | 1 |
| LaMelo Ball Rick and Morty version of MB.02 basketball shoe (2x) | 2023-03 | Launched | 2 |
| Women's World Cup 2023 in Australia and New Zealand | 2023 | Launched | 3 |
| Suede XL skate shoe launch | 2023 | Planned | 5 |
| Suede XL (2×) | 2023 | Launched | 15 |
| Scoot Zeros signature shoe launch | 2023 | Launched | 3 |
| RE:SUEDE compostable project demonstration | 2023 | Launched | 3 |
| Partnership with CONMEBOL (South American football) | 2023 | Launched | 3 |
| Partnership with CAF (African football) | 2023 | Launched | 3 |
| Palermo and Super Team classic reintroduction | 2023 | Launched | 3 |
| PUMA x FENTY Avanti collection | 2023 | Launched | 3 |
| New store format rollout in China (2×) | 2023 | Launched | 3 |
| NITRO™ foam technology expansion (2×) | 2023 | Launched | 20 |
| Manchester City treble win | 2023 | Launched | 7 |
| LaMelo Ball MB.03 signature shoe launch | 2023 | Launched | 3 |
| KING football boots redesign with K-BETTER vegan material (3×) | 2023 | Launched | 2 |
| Formula 1 official licensing partnership | 2023 | Launched | 3 |
| Football boot Ultra (8×) | 2023 | Planned | 15 |
| First brand campaign in 10 years | 2023 | Planned | 5 |
| Family-Friendly Factories project launched at three core factories in China | 2023 | Planned | 20 |
| FENTY x PUMA relaunch | 2023 | Launched | 9 |
| FENTY x PUMA Creeper Phatty launch (2×) | 2023 | Launched | 13 |
| Breanna Stewart Stewie 2 signature shoe versions (2×) | 2023 | Launched | 13 |
| All-Pro NITRO™ basketball shoe launch (2×) | 2023 | Launched | 20 |
| AEROJET family of golf clubs launch | 2023 | Launched | 3 |
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M&A (23)#
All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Methodology
Acquisitions · 15Divestitures/exits · 8
Acquisitions
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| ANTA Sports share purchase agreement for 29.06% stake | 2026-01 | Announced | 25 |
| Bridge financing guaranteed by Santander CIB S.A. | 2026 | Completed | 30 |
| Anta Sports acquisition of 29.1% PUMA shares (3×) | 2025-12 | Announced | 36 |
| Contract extensions with Manchester City football club (3×) | 2025 | Completed | 31 |
| Acquisition of large share package in Greater China segment | 2025 | Completed | 30 |
| Visionary designer Salehe Bembury joins PUMA | 2024-12 | Completed | 18 |
| NBA All Star Tyrese Haliburton signing | 2024-12 | Completed | 18 |
| Long-term agreement with Portuguese Football Federation (FPF) | 2024-12 | Announced | 18 |
| K-Pop artist Rosé global brand ambassador | 2024-12 | Completed | 18 |
| Charles Leclerc endorsement deal | 2024-12 | Completed | 18 |
| Studio 48 creative hub in Los Angeles (3×) | 2024 | Completed | 18 |
| Indonesia Freedom of Association (FoA) Protocol signed | 2024 | Announced | 20 |
| PUMA and Rihanna multi-year collaboration on unisex and kids collections (2×) | 2023-03 | Completed | 1 |
| Williams Racing F1 Contract (2×) | 2023 | Completed | 4 |
| A$AP Rocky Collection (4×) | 2023 | Completed | 38 |
Divestitures / exits
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| PUMA United conversion to licensing model | 2025-11 | Divested | 31 |
| PUMA United North America business model transition to licensing | 2025-11 | Divested | 30 |
| Sale of PUMA United North America LLC and PUMA United Canada ULC (3×) | 2025-10 | Divested | 30 |
| PUMA United business sale | 2025-10 | Divested | 30 |
| Spin-off of DACH sales operational business segment | 2025-01 | Divested | 31 |
| Sale of Nrotert Sweden AB and Nrotert AB Sweden | 2025 | Divested | 30 |
| PUMA United model transition | 2025 | Divested | 24 |
| Chain hive-down of Sales DACH segment to PUMA Central Europe GmbH | 2025 | Divested | 30 |
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Risks (128 since the annual report of 2026-02-26, 274 tracked in total)#
Risk factors the company itself names in its reports, merged by topic across periods, with category, first and last mention and source. Methodology
| Risk | Category | First reported | Last reported |
|---|---|---|---|
| Weaker consumer demand in key regions including North America and Europe impacts sales performance. | Customers | 2026-Q2 2026-07-31 40 | 2026-Q2 2026-07-31 40 |
| Ongoing measures to streamline distribution and reduce undesirable wholesale business affecting sales volumes. | strategie | 2026-Q2 2026-07-31 40 | 2026-Q2 2026-07-31 40 |
| Wholesale channel dependency with inventory management required | Customers | 2026-Q2 2026-09-25 39 | 2026-Q2 2026-09-25 39 |
| Limited currency impact primarily from U.S. dollar and Indian rupee depreciation. | Macro | 2026-Q2 2026-07-31 40 | 2026-Q2 2026-07-31 40 |
| U.S. tariff policy and Supreme Court ruling creating uncertainty beyond current assessment | Macro | 2026-Q2 2026-09-25 39 | 2026-Q2 2026-09-25 39 |
| U.S. Supreme Court tariff ruling creating potential headwinds to cost structure | Regulatory | 2026-Q2 2026-07-31 38 | 2026-Q2 2026-07-31 38 |
| Elevated net debt levels requiring multi-year deleveraging effort | Financial | 2025-Q3 2025-10-30 24 | 2026-Q2 2026-09-25 39 |
| Middle East conflict affecting consumer sentiment and sales demand | Macro | 2026-Q1 2026-04-30 34 | 2026-Q2 2026-09-25 39 |
| Significant reduction of mass-merchant exposure over last 12 months reflects distribution strategy | Customers | 2023-Q4 2024-02-27 9 | 2026-Q2 2026-07-31 38 |
| Higher inflation limiting discretionary consumer spending | Macro | FY2024 2025-03-11 20 | 2026-Q2 2026-07-31 38 |
| U.S. tariff rates create uncertainty; future refund claims remain subject to legal uncertainty. | Legal | 2025-Q3 2025-10-30 24 | 2026-Q2 2026-07-31 40 |
| Impairment losses on retail stores due to reduced earnings prospects and updated financial planning. | Financial | FY2024 2025-03-11 20 | 2026-H1 2026-07-29 36 |
| Weaker consumer demand in EMEA and Americas regions; lower sales in Middle East due to conflict. | Customers | 2026-H1 2026-07-29 36 | 2026-H1 2026-07-29 36 |
| Negative currency effects from US dollar, Argentine peso, Japanese yen, Indian rupee and Turkish lira reduced sales by approximately €110 million. | Macro | 2024-Q2 2024-08-07 15 | 2026-H1 2026-07-29 36 |
| Legal situation regarding further US customs duty refunds remains uncertain; contingent assets of €35 million exist but enforceability cannot be reliably quantified. | Legal | 2026-H1 2026-07-29 36 | 2026-H1 2026-07-29 36 |
| Announced sale of 29.1% stake to Anta Sports subject to conditions precedent; transaction completion uncertain as of 30 June 2026. | Regulatory | 2026-H1 2026-07-29 36 | 2026-H1 2026-07-29 36 |
| Deliberate reduction of sales to mass merchants may impact short-term revenue but aligns with brand strategy. | Competition | 2026-H1 2026-07-29 36 | 2026-H1 2026-07-29 36 |
| Currently elevated level of net debt identified as constraint on strategy and growth. | Financial | 2026-Q1 2026-06-22 35 | 2026-Q1 2026-06-22 35 |
| Steep double-digit decline in U.S. mass merchant business expected through end of 2026. | Customers | 2026-Q1 2026-06-22 35 | 2026-Q1 2026-06-22 35 |
| Inventory normalization by end of 2026 dependent on disciplined purchasing and clearance execution. | Supply chain | 2026-Q1 2026-06-22 35 | 2026-Q1 2026-06-22 35 |
| Supply chain labor and environmental standards; human rights protection and fair working conditions critical. | ESG | FY2023 2024-02-07 11 | FY2025 2026-03-12 30 |
| 62 new women's rights findings in 2025; most concerns child day care in Cambodia and maternity benefits in Vietnam | ESG | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Bankruptcy of major customer in wholesale business resulted in €29.9 million write-down of receivables. | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Liabilities increased to €1,990.7 million; reliance on syndicated credit facility and bridge financing | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| EUR 541.3 million in temporary differences unrecognized for deferred taxes | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Net monetary position loss of EUR 2.6 million in 2025 from hyperinflation adjustments | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| PUMA Canada goodwill impairment of EUR 9.0 million with overall CGU loss of EUR 20.5 million | Financial | FY2024 2025-03-11 20 | FY2025 2026-02-26 31 |
| Inventory write-downs and buildup required €200 million in clean-up costs; inventory levels elevated at 31.9% of assets. | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Lease liabilities of EUR 1,228.9 million with future commitments of EUR 1,451.1 million undiscounted | Financial | FY2024 2025-03-11 20 | FY2025 2026-02-26 31 |
| Operating result turned to loss; earnings before taxes of €220.4 million loss in 2025 | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Financial pressure from inefficient payment practices delays supplier raw material procurement and production | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Impairment of right-of-use retail assets EUR 19.6 million and reversals EUR 1.3 million in 2025 | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| EUR 63.5 million in unrecognized tax loss carryforwards will expire within six years | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Uncertainties in tax appraisals by India, Netherlands, and Ukraine tax authorities with potential cash outflow risk | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Anta Sports and Artémis S.A.S. contract for 29.1% PUMA share transfer announced 27 January 2026, subject to conditions | Geopolitics | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Anta partnership expected to negatively impact Greater China business in 2026 through distribution model shifts. | Geopolitics | 2025-Q4 2026-03-20 32 | 2025-Q4 2026-03-20 32 |
| Need for compliance adjustments across different legal and cultural backgrounds in multiple countries | Geopolitics | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Weakening brand desirability and company-specific challenges identified as critical risks requiring targeted mitigation. | Customers | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Lower distribution quality in wholesale and DTC channels; streamlining needed for profitability recovery. | Customers | 2025-Q3 2025-10-30 24 | FY2025 2026-03-12 30 |
| Three data privacy complaints received in 2025; GDPR non-compliance poses financial and reputational risks | Customers | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Retail stores subject to individual impairment testing with varying profitability outcomes | Customers | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Strategic withdrawal from wholesale channels damaging brand desirability resulted in significant sales volume reduction. | Customers | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Wholesale partner commitments for new store openings, renovations and ordering may not be extended in Greater China. | Customers | FY2024 2025-03-11 20 | 2025-Q4 2026-03-20 32 |
| Non-compliance with social insurance in China; average coverage at core Tier 1 reached 82.3%, target 100% by 2027-2030 | Supply chain | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| 95% of total production volume sourced from Asia; Vietnam 29%, China 23%, Cambodia 17% | Supply chain | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Supplier dependence and financial pressure creating exploitation risks | Supply chain | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Material risk from production concentration in Asia with volatile costs, bottlenecks, and supplier dependencies. | Supply chain | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| 104 findings related to women's rights; issues include childcare in Cambodia and maternity/menstruation leave in Vietnam | Supply chain | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Persistent geopolitical tensions, US tariffs impacts, and general market volatility pose critical risks. | Macro | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Systemic excessive overtime at factories with 67 findings; remediation through training on working hours management ongoing | People | FY2024 2025-03-11 20 | FY2025 2026-03-12 30 |
| Freedom of association breaches identified in Cambodia; cases under remediation with Better Factories | People | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Staff turnover from cost efficiency programme and organizational changes creates knowledge loss risks. | People | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Non-compliance with social insurance in China; working hours management violations in multiple factories | People | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Planned reduction of 900 office positions worldwide by end 2026 following 500 position reduction in 2025. | People | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| 27 factories below living wage benchmark; Bangladesh average 76.8% of benchmark despite improvement from 69.3% in 2023 | People | FY2025 2026-02-26 31 | FY2025 2026-03-12 30 |
| Worker representation implementation paused at three Vietnam factories due to regulatory misalignment | People | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Anta Sports Products Limited 29% stake acquisition introduces new strategic partner risks and opportunities. | Legal | 2025-Q4 2026-03-20 32 | 2025-Q4 2026-03-20 32 |
| Contingent liabilities from legal disputes; estimated EUR 0.6 million (India customs, Netherlands tax, Ukraine tax authorities) | Legal | FY2023 2024-02-07 11 | FY2025 2026-03-12 30 |
| Two work-related fatalities in China factories despite OHS measures | Legal | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Two work-related deaths in China factories despite continuous OHS monitoring and training | Legal | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Breaches observed in Cambodia; partnership with Better Factories Cambodia for remediation of union activity interference | Legal | FY2024 2025-03-11 20 | FY2025 2026-03-12 30 |
| IP infringement risks including trademark counterfeiting; legal team actively protects brand portfolio. | Legal | FY2023 2024-02-07 11 | FY2025 2026-03-12 30 |
| Company involved in legal disputes from normal operating activities relating to intellectual property and employee matters; estimated contingent liabilities €0.6 million | Legal | FY2023 2024-02-07 11 | FY2025 2026-02-26 31 |
| ANTA Sports share acquisition of 29.06% stake subject to conditions precedent | Legal | 2025-Q4 2026-02-26 25 | 2025-Q4 2026-02-26 25 |
| Argentina and Turkey subsidiaries apply hyperinflation accounting under IAS 29 | Regulatory | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Transfer pricing compliance complexity across jurisdictions; tax governance framework in place. | Regulatory | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Free worker representation implementation paused at Vietnam factories due to local regulations | Regulatory | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Chain carve-out of Sales DACH segment creates integration and operational risks | strategie | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| AI Framework required to prevent feeding sensitive consumer data into systems without proper security measures | Technology | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Project risks from IT system implementations, warehouse logistics, and digital infrastructure modernization. | Technology | FY2023 2024-02-07 3 | FY2025 2026-03-12 30 |
| PUMA Flagship Store on 5th Avenue New York suffered water damage in January 2026 with extended closure expected | Technology | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Brand desirability weakened in 2025; loss of brand attractiveness and market share risk identified as critical. | Competition | 2025-Q4 2026-02-26 25 | FY2025 2026-03-12 30 |
| Intense competition, trend changes, and consumer preference shifts require consistent innovation. | Competition | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Global economic growth slowing; inflation rising from 2.1% to 3.3% in G7 countries; risk of prolonged oil supply disruption. | Macro | 2026-H1 2026-07-29 36 | 2026-H1 2026-07-29 36 |
| Sporting goods industry demand softening; growth outlook reduced from 4.4% to 3.6%; potential for further weakness. | Market | 2026-H1 2026-07-29 36 | 2026-H1 2026-07-29 36 |
| Successfully reduced inventories by 15.3% supporting sales clearance performance. | strategie | 2023-Q4 2024-02-27 9 | 2026-H1 2026-07-29 36 |
| Ongoing geopolitical and macroeconomic uncertainties in 2026 not fully accounted for in guidance | Macro | FY2023 2024-02-07 3 | 2026-Q1 2026-04-30 41 |
| U.S. Supreme Court decisions on tariffs not reflected in current outlook. | Regulatory | 2025-Q1 2025-05-08 28 | 2026-Q1 2026-06-22 35 |
| Privacy breaches pose GDPR fines and reputational damage risk | Cyber | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Consumer privacy breaches threaten business through compensation claims and regulatory fines | Cyber | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Risks from potential violations of human rights and labor standards within global supply chain. | ESG | FY2023 2024-02-07 11 | FY2025 2026-02-26 31 |
| Foreign exchange differences from currency translation and hedging activities | Financial | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Significant foreign exchange exposures in USD, MXN, and JPY with open hedging contracts totalling €3,177.3 million | Financial | FY2023 2024-02-07 3 | FY2025 2026-03-12 30 |
| Argentine Peso, U.S. Dollar, Turkish Lira continued headwind in Q4 2025 | Financial | 2023-Q3 4 | 2025-Q4 2026-02-26 25 |
| Increased borrowings and promissory note loans raise financial leverage amid negative cash flows | Financial | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Variable interest liabilities exposed to interest rate changes; hedging used to limited extent. | Financial | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Variable-rate borrowings exposed to interest rate changes; €354.0 million of promissory note loans subject to variable interest with hedges in place | Financial | FY2023 2024-02-07 11 | FY2025 2026-03-12 30 |
| Changes in market interest rates impact future interest payments on variable interest liabilities. | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Negative free cash flow in 2025 led to high credit line utilization; liquidity buffer reinforced with bridge financing. | Financial | FY2025 2026-02-26 31 | FY2025 2026-03-12 30 |
| Cash and equivalents fell 66.7% to €16.4 million; negative free cash flow of €526.3 million | Financial | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Group must meet financial liabilities and maintain sufficient cash under normal and strained market conditions | Financial | FY2023 2024-02-07 11 | FY2025 2026-03-12 30 |
| Company shifted from €548.7 million operating profit to €357.2 million operating loss in 2025 | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Defined benefit pension plans exposed to changes in discount rates and inflation trends affecting €113.6 million obligation | Financial | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Complex intra-group transfer pricing requirements create risks under OECD guidelines. | Financial | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Significant revenue concentration in Europe (30.2%), North America (18.0%), and Greater China (6.7%) | Customers | FY2023 2024-02-07 3 | FY2025 2026-03-12 30 |
| Ethical marketing policies and product safety standards in place but require continuous monitoring | Customers | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Greater China revenue decreased 19.1% and North America 22.9% indicating geographic revenue concentration risk | Customers | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Higher warehousing and logistics costs increased operating expenses; strategic logistics investments required. | Supply chain | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Low-cost demands and tight deadlines may pressurize suppliers into exploitative practices and unsafe conditions | Supply chain | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Poor working conditions risk from cost pressures and tight deadlines | Supply chain | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Higher warehousing and logistics costs increased operating expenses despite cost reduction initiatives | Supply chain | FY2023 2024-02-07 11 | FY2025 2026-03-12 30 |
| Geopolitical unrest and pandemics can disrupt production requiring collaborative adjustments with partners | Supply chain | FY2023 2024-02-07 11 | FY2025 2026-02-26 31 |
| Supply chain disruptions in Asia, trade conflicts, tariffs, and procurement cost volatility pose critical risks. | Supply chain | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Negative currency effects from Turkish lira, Mexican peso, and Argentine peso reduced reported sales performance. | Macro | 2023-Q4 10 | FY2025 2026-02-26 31 |
| Inflation, interest rates, economic downturns affecting consumer behavior and production costs globally. | Macro | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Geopolitical tensions and macroeconomic volatility created challenging market environment impacting demand | Macro | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Global economy, geopolitical tensions, tariffs, and market volatility creating critical risk exposure. | Market | 2025-Q4 2026-02-26 25 | FY2025 2026-03-12 30 |
| Geopolitical risks impacting sourcing in multiple countries | Market | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Moderate industry growth forecast of 4.4% in 2026 may be dampened by geopolitical upheavals. | Market | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Geopolitical tensions and macroeconomic volatility affected sales and market demand across regions in 2025. | Market | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Sales decreased 13.1% year-over-year across all distribution channels and product categories | Market | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Staff turnover during cost efficiency program; key personnel retention and succession planning essential. | People | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Financing instruments subject to cross-default and change-of-control clauses; all covenants met as of balance sheet date | Legal | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Audit findings include systemic excessive overtime and social insurance provision deficiencies | Regulatory | FY2024 2025-03-11 20 | FY2025 2026-02-26 31 |
| Stricter chemical regulations increasing compliance costs and market access restrictions | Regulatory | FY2025 2026-02-26 31 | FY2025 2026-03-12 30 |
| Compliance risks from regulatory non-adherence, fraud, corruption; compliance management system established. | Regulatory | FY2025 2026-02-26 31 | FY2025 2026-03-12 30 |
| Sustainability reporting subject to CSRD requirements and KPMG limited assurance engagement | Regulatory | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| EU Sustainability Reporting Standards and related directives (EUDR, ESPR) require ongoing compliance efforts | Regulatory | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Pillar 2 global minimum taxation; exemption for deferred taxes recognition | Regulatory | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Geopolitical tensions and trade conflicts threaten tariff structures and supply chain stability. | Regulatory | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| AI systems pose data breach risks without proper security measures | Technology | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| Increasing sophistication of cyber-attacks poses risks to data security and operational availability. | Technology | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Increasing cyber-attack sophistication; data breach risk could cause financial loss and brand damage. | Technology | FY2024 2025-03-11 20 | FY2025 2026-03-12 30 |
| Reduction in advertising and discount intensity in e-commerce led to volume declines amid competitive pressures | Technology | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
| PUMA brand became too commercial over years with low brand heat and poor sales quality requiring strategic reset | Competition | FY2025 2026-02-26 31 | FY2025 2026-03-12 30 |
| Sales decline driven by weak North America market conditions and industry dynamics. | Competition | 2025-Q4 2026-03-20 32 | 2025-Q4 2026-03-20 32 |
| Gross margin compressed 260 basis points from 47.6% to 45.0% across all product divisions | Competition | FY2025 2026-02-26 31 | FY2025 2026-02-26 31 |
| Greenwashing and ambiguous product descriptions damaging brand reputation | Competition | FY2025 2026-03-12 30 | FY2025 2026-03-12 30 |
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Reported KPIs (as disclosed) (585)#
Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. Methodology
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| Date | Period | KPI | Value / change | Source |
|---|---|---|---|---|
| 2026-09-25 | 2026-Q2 | net debt | elevated | 39 |
| 2026-09-25 | 2026-Q2 | channel mix target | 60% wholesale / 40% DTC | 39 |
| 2026-07-31 | 2026-Q2 | Working capital | 1,544.7 (EUR millions) | 40 |
| 2026-07-31 | 2026-Q2 | WORKING CAPITAL | 1,544.7 (EUR in EUR M) | 38 |
| 2026-07-31 | 2026-Q2 | UNUTILISED CREDIT LINES | 373 | 38 |
| 2026-07-31 | 2026-Q2 | OPEX ratio | 51.6% | 40 |
| 2026-07-31 | 2026-Q2 | Gross profit margin | 46.2% | 40 |
| 2026-07-31 | 2026-Q2 | GROSS PROFIT MARGIN | 48.0% | 38 |
| 2026-07-31 | 2026-Q2 | EBIT margin | -3.1% | 40 |
| 2026-07-31 | 2026-Q2 | DTC share | 35.2% | 40 |
| 2026-07-29 | 2026-H1 | Working capital | 1,544.7 (EUR millions) | 36 |
| 2026-07-29 | 2026-H1 | Equity ratio | 28.7% | 36 |
| 2026-04-30 | 2026-Q1 | working capital | 1,879.2 (EUR EUR M) | 34 |
| 2026-04-30 | 2026-Q1 | royalty and commission income | 23.9 (EUR EUR M) | 34 |
| 2026-04-30 | 2026-Q1 | opex | 848.5 (EUR EUR M) | 34 |
| 2026-04-30 | 2026-Q1 | gross profit margin | 47.7% | 34 |
| 2026-04-30 | 2026-Q1 | EBIT margin | 2.8% | 34 |
| 2026-04-30 | 2026-Q1 | Working capital 31 03 2026 | 1,879.2 (EUR € million) | 41 |
| 2026-04-30 | 2026-Q1 | Working capital 31 03 2025 | 2,081.6 (EUR € million) | 41 |
| 2026-04-30 | 2026-Q1 | Unutilised credit lines 31 03 2026 | 778.5 (€ million) | 41 |
| 2026-04-30 | 2026-Q1 | Unutilised credit lines 31 03 2025 | 498.6 (€ million) | 41 |
| 2026-04-30 | 2026-Q1 | Tax rate Q1 2026 | 27.0% | 41 |
| 2026-04-30 | 2026-Q1 | Tax rate Q1 2025 | 78.2% | 41 |
| 2026-04-30 | 2026-Q1 | Royalty and commission income Q1 2026 | 23.9 (EUR € million) | 41 |
| 2026-04-30 | 2026-Q1 | Royalty and commission income Q1 2025 | 21.2 (EUR € million) | 41 |
| 2026-04-30 | 2026-Q1 | Gross profit margin Q1 2026 | 47.7% | 41 |
| 2026-04-30 | 2026-Q1 | Gross profit margin Q1 2025 | 47.1% | 41 |
| 2026-04-30 | 2026-Q1 | Financial headroom Q1 2026 | 1,104.7 (€ million) | 41 |
| 2026-04-30 | 2026-Q1 | EBIT margin Q1 2026 | 2.8% | 41 |
| 2026-04-30 | 2026-Q1 | EBIT margin Q1 2025 | 2.2% | 41 |
| 2026-04-30 | 2026-Q1 | DTC share Q1 2026 | 28.3% | 41 |
| 2026-04-30 | 2026-Q1 | DTC share Q1 2025 | 27.5% | 41 |
| 2026-04-30 | 2026-Q1 | Adjusted EBIT margin Q1 2026 | 3.5% | 41 |
| 2026-04-30 | 2026-Q1 | Adjusted EBIT margin Q1 2025 | 3.1% | 41 |
| 2026-03-12 | FY2025 | zero tolerance breaches resolved | 12 of 15 identified | 30 |
| 2026-03-12 | FY2025 | working capital ratio pct | 21.1 | 30 |
| 2026-03-12 | FY2025 | working capital | 1,536.6 (EUR € million) | 30 |
| 2026-03-12 | FY2025 | workers receiving living wage | 61,610 | 30 |
| 2026-03-12 | FY2025 | workers receiving digital wage payment | 212,347 | 30 |
| 2026-03-12 | FY2025 | worker representation tier 1 | 95% | 30 |
| 2026-03-12 | FY2025 | unrecognized loss carry forwards | 465.2 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | undrawn credit facilities | 1,202.2 (in € million) | 30 |
| 2026-03-12 | FY2025 | treasury stock shares | 799,021 | 30 |
| 2026-03-12 | FY2025 | treasury stock percentage | 0.54% | 30 |
| 2026-03-12 | FY2025 | total liabilities | 1,990.7 (€ million) | 30 |
| 2026-03-12 | FY2025 | total equity | 522.3 (EUR € million) | 30 |
| 2026-03-12 | FY2025 | total assets | 6,454.6 (EUR € million) | 30 |
| 2026-03-12 | FY2025 | temporary differences not recognized | 541.3 (in € million) | 30 |
| 2026-03-12 | FY2025 | Tax loss carryforwards total | 756.4 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Syndicated loan total volume | 1.2 (EUR in € billion) | 30 |
| 2026-03-12 | FY2025 | Syndicated loan term | 2029 (EUR millions) | 30 |
| 2026-03-12 | FY2025 | Syndicated loan current utilization | 650.0 (in € million) | 30 |
| 2026-03-12 | FY2025 | Supplier invoice payment on time | approximately 99% | 30 |
| 2026-03-12 | FY2025 | Shares repurchased | 1,687,753 | 30 |
| 2026-03-12 | FY2025 | Share repurchase total price | 50,000,005.59 | 30 |
| 2026-03-12 | FY2025 | Share repurchase average price | 29.63 | 30 |
| 2026-03-12 | FY2025 | Sexual harassment prevention training participants | 358,128 | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets warehouses/offices 2025 | 580.3 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets warehouses/offices 2024 | 522.5 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets total 2025 | 1,103.8 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets total 2024 | 1,116.8 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets retail stores 2025 | 478.3 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets retail stores 2024 | 528.9 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets other 2025 | 45.2 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets other 2024 | 65.4 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets depreciation 2025 | 122.9 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets depreciation 2024 | 117.4 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets additions 2025 | 140.4 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Right-of-use assets additions 2024 | 147.6 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Reversal of impairment 2025 | 1.3 (in € million) | 30 |
| 2026-03-12 | FY2025 | Reversal of impairment 2024 | 29.4 (in € million) | 30 |
| 2026-03-12 | FY2025 | Rental income from investment property | 1.0 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Rent deposits | 26.9 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Recruitment fee reimbursement 2020-2025 | USD 590,000 to 755 workers | 30 |
| 2026-03-12 | FY2025 | Recoverable amount impaired retail stores 2025 | 84.9 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Recoverable amount impaired retail stores 2024 | 16.7 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Promissory note loans 2025 | 206.5 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Promissory note loans 2024 | 70.0 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | promissory note loan November 2025 | 65.0 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | promissory note loan May 2025 | 210.0 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | plan assets 2025 | 89.2 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | plan assets 2024 | 85.6 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | other current borrowings from banks 2024 | 61.6 (in € million) | 30 |
| 2026-03-12 | FY2025 | other current borrowings from banks | 722.8 (in € million) | 30 |
| 2026-03-12 | FY2025 | non-forfeitable loss carryforwards | 401.7 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | net gain/loss financial liabilities AC | -61.8 (in € million) | 30 |
| 2026-03-12 | FY2025 | net gain/loss financial assets AC | -25.0 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | investment property fair value | 15.4 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | investment property carrying amount | 15.4 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | interest income | 11.5 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | interest expense | 55.2 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | injury rate tier 1 | 0.2 | 30 |
| 2026-03-12 | FY2025 | increase other current borrowings | 661.2 (in € million) | 30 |
| 2026-03-12 | FY2025 | Impairment right-of-use assets 2025 | 19.6 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Impairment right-of-use assets 2024 | 7.3 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Impairment PUMA Canada | 11.5 (in € million) | 30 |
| 2026-03-12 | FY2025 | Gross profit margin % | 45.0 | 30 |
| 2026-03-12 | FY2025 | Gross cash flow | 208.4 (EUR € million) | 30 |
| 2026-03-12 | FY2025 | Future lease payments thereafter uncommenced 2024 | 97.1 (in € million) | 30 |
| 2026-03-12 | FY2025 | Future lease payments thereafter uncommenced | 20.5 (in € million) | 30 |
| 2026-03-12 | FY2025 | Future lease payments next year uncommenced 2024 | 16.0 (in € million) | 30 |
| 2026-03-12 | FY2025 | Future lease payments next year uncommenced | 5.0 (in € million) | 30 |
| 2026-03-12 | FY2025 | Future lease payments 2-5 years uncommenced 2024 | 75.9 (in € million) | 30 |
| 2026-03-12 | FY2025 | Future lease payments 2-5 years uncommenced | 20.6 (in € million) | 30 |
| 2026-03-12 | FY2025 | Financial assets FVOCI | 1.2 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Female-owned tier-1 suppliers | 8% | 30 |
| 2026-03-12 | FY2025 | Fair wage assessments | 26 factories in eight sourcing countries | 30 |
| 2026-03-12 | FY2025 | Factory workers trained: women's empowerment | 358,128 | 30 |
| 2026-03-12 | FY2025 | equity ratio pct | 27.3 | 30 |
| 2026-03-12 | FY2025 | equity ratio | 20.2% | 30 |
| 2026-03-12 | FY2025 | effective interest rate | 3.6% | 30 |
| 2026-03-12 | FY2025 | EBITDA margin pct | 1.6 | 30 |
| 2026-03-12 | FY2025 | EBIT margin pct | -4.9 | 30 |
| 2026-03-12 | FY2025 | derivatives without hedging FVPL | -36.3 (in € million) | 30 |
| 2026-03-12 | FY2025 | derivatives no hedge accounting 2025 | 10.8 (in € million) | 30 |
| 2026-03-12 | FY2025 | derivatives hedge accounting 2025 | 31.3 (in € million) | 30 |
| 2026-03-12 | FY2025 | deferred tax assets after netting for profitable entities | 116.8 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | data privacy complaints resolved | 3 | 30 |
| 2026-03-12 | FY2025 | current portion promissory note loans 2024 | 70.0 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | current portion promissory note loans | 206.5 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | core tier 1 factories with worker representation | 95% | 30 |
| 2026-03-12 | FY2025 | confirmed credit lines | 2,562.8 (in € million) | 30 |
| 2026-03-12 | FY2025 | compliance rate RSL | 98.2% | 30 |
| 2026-03-12 | FY2025 | cash flow lease liabilities 2025 | 303.4 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | cash flow lease liabilities 2024 | 273.6 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | cash and cash equivalents 2025 | 290.0 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | cash and cash equivalents 2024 | 368.2 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | business partner due diligence training completion | 99% | 30 |
| 2026-03-12 | FY2025 | building safety issues addressed | 79.7% | 30 |
| 2026-03-12 | FY2025 | bridge financing | 500.0 (in € million) | 30 |
| 2026-03-12 | FY2025 | borrowings from banks 2025 | 722.8 (in € million) | 30 |
| 2026-03-12 | FY2025 | borrowings from banks 2024 | 61.6 (in € million) | 30 |
| 2026-03-12 | FY2025 | bank transfer payments | 100% | 30 |
| 2026-03-12 | FY2025 | Bangladesh Accord completion rate | 91% | 30 |
| 2026-03-12 | FY2025 | average payment days | 95 days | 30 |
| 2026-03-12 | FY2025 | Anti-bribery anti-corruption training completion | 96.9% | 30 |
| 2026-03-12 | FY2025 | Adjusted EBIT margin % | -2.3 | 30 |
| 2026-03-12 | FY2025 | Working capital % of sales | 21,1% | 30 |
| 2026-03-12 | FY2025 | Working capital | 1.536,6 (EUR millions) | 30 |
| 2026-03-12 | FY2025 | Return on equity | -36,7% | 30 |
| 2026-03-12 | FY2025 | Return on capital employed | -12,3% | 30 |
| 2026-03-12 | FY2025 | Non-current lease liabilities | 1,011.2 (in € million) | 30 |
| 2026-03-12 | FY2025 | Net margin | -8,8% | 30 |
| 2026-03-12 | FY2025 | Market capitalisation | 3.283 (EUR millions) | 30 |
| 2026-03-12 | FY2025 | Lease liabilities | 1,228.9 (in € million) | 30 |
| 2026-03-12 | FY2025 | Gross profit margin | 45,0% | 30 |
| 2026-03-12 | FY2025 | Gross profit margin total | 45.0% | 30 |
| 2026-03-12 | FY2025 | Gross profit margin footwear | 44.3% | 30 |
| 2026-03-12 | FY2025 | Gross profit margin apparel | 46.0% | 30 |
| 2026-03-12 | FY2025 | Gross profit margin accessories | 45.5% | 30 |
| 2026-03-12 | FY2025 | Equity ratio | 27,3% | 30 |
| 2026-03-12 | FY2025 | EBT margin | -7,2% | 30 |
| 2026-03-12 | FY2025 | EBIT margin | -4,9% | 30 |
| 2026-03-12 | FY2025 | Current lease liabilities | 217.6 (in € million) | 30 |
| 2026-03-12 | FY2025 | Borussia Dortmund shareholding percentage | 5.32% | 30 |
| 2026-03-12 | FY2025 | Borussia Dortmund profit 2025 | 6.5 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Borussia Dortmund profit 2024 | 44.3 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Borussia Dortmund equity 2025 | 326.3 (EUR in € million) | 30 |
| 2026-03-12 | FY2025 | Borussia Dortmund equity 2024 | 327.0 (EUR in € million) | 30 |
| 2026-02-26 | FY2025 | zero tolerance breaches resolved | 12 | 31 |
| 2026-02-26 | FY2025 | zero tolerance breaches identified | 15 | 31 |
| 2026-02-26 | FY2025 | workers reimbursed for recruitment fees | 32.6% | 31 |
| 2026-02-26 | FY2025 | workers reached by electrical safety PPE training | 114,220 | 31 |
| 2026-02-26 | FY2025 | women-owned core tier 1 suppliers | 8% | 31 |
| 2026-02-26 | FY2025 | wage increase from promotion | 31% | 31 |
| 2026-02-26 | FY2025 | Turkish earthquake regulation compliant factories | 25 | 31 |
| 2026-02-26 | FY2025 | total assets | 2,586.5 (EUR € million) | 31 |
| 2026-02-26 | FY2025 | Supplier payment on time % | 99% | 31 |
| 2026-02-26 | FY2025 | Shares outstanding | 147.41 (million shares) | 31 |
| 2026-02-26 | FY2025 | Shares diluted | 147.53 (million shares) | 31 |
| 2026-02-26 | FY2025 | Sexual harassment prevention training participants since 2021 | 358,128 | 31 |
| 2026-02-26 | FY2025 | Safety issues addressed 2025 | 79.7% | 31 |
| 2026-02-26 | FY2025 | Safety issues addressed 2024 | 46% | 31 |
| 2026-02-26 | FY2025 | RSL compliance rate | 98.2% | 31 |
| 2026-02-26 | FY2025 | Recruitment fee reimbursement workers | 755 | 31 |
| 2026-02-26 | FY2025 | Recruitment fee reimbursement since 2020 | USD 590,000 | 31 |
| 2026-02-26 | FY2025 | Promissory note loans | 630.7 (EUR € million) | 31 |
| 2026-02-26 | FY2025 | production line efficiency boost | 12% | 31 |
| 2026-02-26 | FY2025 | product safety recalls | 0 | 31 |
| 2026-02-26 | FY2025 | living wage paid percentage | 50.9% | 31 |
| 2026-02-26 | FY2025 | liabilities | 1,990.7 (€ million) | 31 |
| 2026-02-26 | FY2025 | indirect staff trained on women's empowerment | 358,128 | 31 |
| 2026-02-26 | FY2025 | High-risk building safety: factories India/Indonesia | 5 | 31 |
| 2026-02-26 | FY2025 | Fatal accidents 2025 | 2 | 31 |
| 2026-02-26 | FY2025 | Family-friendly factories: workers trained | 341 | 31 |
| 2026-02-26 | FY2025 | Family-friendly factories: workers benefited | 8,629 | 31 |
| 2026-02-26 | FY2025 | Fair wage assessment factories | 26 | 31 |
| 2026-02-26 | FY2025 | ethical recruitment training participants 2025 | 66 | 31 |
| 2026-02-26 | FY2025 | ethical recruitment training participants 2024 | 68 | 31 |
| 2026-02-26 | FY2025 | equity ratio | 20.2% | 31 |
| 2026-02-26 | FY2025 | equity | 522.3 (EUR € million) | 31 |
| 2026-02-26 | FY2025 | electrical safety PPE training workforce coverage | 87.8% | 31 |
| 2026-02-26 | FY2025 | electrical safety PPE training factory managers | 158 | 31 |
| 2026-02-26 | FY2025 | data privacy complaints resolved | 3 | 31 |
| 2026-02-26 | FY2025 | data privacy complaints 2025 | 3 | 31 |
| 2026-02-26 | FY2025 | core tier 1 supplier CEOs signed UN Women Empowerment | 16% | 31 |
| 2026-02-26 | FY2025 | core tier 1 factories with worker representation | 95% | 31 |
| 2026-02-26 | FY2025 | core factories with bank transfer payments | 100% | 31 |
| 2026-02-26 | FY2025 | core factories assessed for fair wage | 108 | 31 |
| 2026-02-26 | FY2025 | convictions fines anti-bribery corruption | 0 | 31 |
| 2026-02-26 | FY2025 | building electrical fire safety issues identified | 389 | 31 |
| 2026-02-26 | FY2025 | Bangladesh EIS pilot coverage | 4 million workers | 31 |
| 2026-02-26 | FY2025 | average supplier payment days | 95 | 31 |
| 2026-02-26 | FY2025 | Accord Bangladesh factories completion rate | 91% | 31 |
| 2026-02-26 | FY2025 | Accident rate at core tier 1 factories | 0.2 | 31 |
| 2026-02-26 | FY2025 | Working capital ratio | 21.1% | 31 |
| 2026-02-26 | FY2025 | Working capital % of consolidated sales | 21,1% | 31 |
| 2026-02-26 | FY2025 | Working capital | 1.536,6 (EUR millions) | 31 |
| 2026-02-26 | FY2025 | Total license commitments | 2,731.6 (in € million) | 31 |
| 2026-02-26 | FY2025 | Total income taxes | 120.7 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Tax loss carryforwards | 756.4 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Syndicated loan volume | 1.2 (EUR billion) | 31 |
| 2026-02-26 | FY2025 | Syndicated loan current utilization | 650.0 (in € million) | 31 |
| 2026-02-26 | FY2025 | Right-of-use assets - warehouses & offices | 580.3 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Right-of-use assets - retail stores | 478.3 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Return on equity (ROE) | –36,7% | 31 |
| 2026-02-26 | FY2025 | Return on capital employed (ROCE) | –12,3% | 31 |
| 2026-02-26 | FY2025 | Rental income - investment property | 1.0 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Promissory note - current | 206.5 (in € million) | 31 |
| 2026-02-26 | FY2025 | Prepaid expenses | 118.8 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Personnel expenses | 988.1 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Other non-current assets total | 109.9 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Other financial obligations | 317.1 (in € million) | 31 |
| 2026-02-26 | FY2025 | Other current financial assets total | 85.8 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Other current assets total | 317.7 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Net margin | –8,8% | 31 |
| 2026-02-26 | FY2025 | Market capitalisation | 3.283 (EUR millions) | 31 |
| 2026-02-26 | FY2025 | License/promotional advertising commitments within 1 year | 479.7 (in € million) | 31 |
| 2026-02-26 | FY2025 | License/promotional advertising commitments after 5 years | 880.2 (in € million) | 31 |
| 2026-02-26 | FY2025 | License/promotional advertising commitments 1 to 5 years | 1,371.6 (in € million) | 31 |
| 2026-02-26 | FY2025 | Social security liabilities | 10.1 (in € million) | 31 |
| 2026-02-26 | FY2025 | Refund obligation liabilities | 302.1 (in € million) | 31 |
| 2026-02-26 | FY2025 | Other tax liabilities | 100.6 (in € million) | 31 |
| 2026-02-26 | FY2025 | Derivative instrument liabilities | 112.4 (in € million) | 31 |
| 2026-02-26 | FY2025 | Lease liabilities total | 1,228.9 (in € million) | 31 |
| 2026-02-26 | FY2025 | Non-current lease liabilities | 1,011.2 (in € million) | 31 |
| 2026-02-26 | FY2025 | Current lease liabilities | 217.6 (in € million) | 31 |
| 2026-02-26 | FY2025 | Investments BVB shareholding | 19.6 (in € million) | 31 |
| 2026-02-26 | FY2025 | Interest income | 11.4 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Interest expenses leases | 55.7 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Interest expense | -56.1 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Impairment investment property | 8.6 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Gross profit margin (prior year) | 47.6% | 31 |
| 2026-02-26 | FY2025 | Gross profit margin | 45.0% | 31 |
| 2026-02-26 | FY2025 | Gross profit | 3,279.6 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Financial result | -165.6 (in € million) | 31 |
| 2026-02-26 | FY2025 | Fair value investment property | 15.4 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Equity ratio | 27.3% | 31 |
| 2026-02-26 | FY2025 | EBT margin | –7,2% | 31 |
| 2026-02-26 | FY2025 | EBITDA margin | 1.6% | 31 |
| 2026-02-26 | FY2025 | EBIT margin | -4.9% | 31 |
| 2026-02-26 | FY2025 | Dividend per share | 0.00 | 31 |
| 2026-02-26 | FY2025 | Depreciation and amortisation | 391.2 (in € million) | 31 |
| 2026-02-26 | FY2025 | Deferred taxes | 48.7 (in € million) | 31 |
| 2026-02-26 | FY2025 | Deferred tax assets recognized | 49.2 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Deferred tax assets net | 205.9 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Current income taxes | 72.0 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Current borrowings | 929.3 (in € million) | 31 |
| 2026-02-26 | FY2025 | Cobra brand indefinite life | 121.1 (in € million) | 31 |
| 2026-02-26 | FY2025 | Cash outflows leases | 303.4 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Carrying amount investment property | 15.4 (EUR in € million) | 31 |
| 2026-02-26 | FY2025 | Bank borrowings current | 722.8 (in € million) | 31 |
| 2026-02-26 | FY2025 | Average effective interest rate hyperinflation countries | 23.0% | 31 |
| 2026-02-26 | FY2025 | Average effective interest rate financial investments | 1.5% | 31 |
| 2026-02-26 | 2025-Q4 | Unutilised credit lines | 1,202.2 (millions) | 25 |
| 2026-02-26 | 2025-Q4 | Net debt | 1,063.5 (EUR millions) | 25 |
| 2026-02-26 | 2025-Q4 | Gross profit margin (FY 2025) | 45.0% | 25 |
| 2026-02-26 | 2025-Q4 | Gross profit margin | 40.2% | 25 |
| 2026-02-26 | 2025-Q4 | Free cash flow | -530.3 (EUR millions) | 25 |
| 2026-02-26 | 2025-Q4 | DTC share (Q4) | 41.1% | 25 |
| 2026-02-26 | 2025-Q4 | DTC share (FY 2025) | 32.4% | 25 |
| 2026-02-26 | 2025-Q4 | Cash and cash equivalents | 290.0 (EUR millions) | 25 |
| 2025-10-30 | 2025-Q3 | Working capital prior year | € 1,883.5 million | 24 |
| 2025-10-30 | 2025-Q3 | Working capital | € 1,924.6 million | 24 |
| 2025-10-30 | 2025-Q3 | OPEX ratio Q3 prior year | 37.8% | 24 |
| 2025-10-30 | 2025-Q3 | OPEX ratio Q3 | 43.5% | 24 |
| 2025-10-30 | 2025-Q3 | OPEX ratio 9M prior year | 39.8% | 24 |
| 2025-10-30 | 2025-Q3 | OPEX ratio 9M | 44.7% | 24 |
| 2025-10-30 | 2025-Q3 | Net debt prior year | € 746.0 million | 24 |
| 2025-10-30 | 2025-Q3 | Net debt | € 1,205.2 million | 24 |
| 2025-10-30 | 2025-Q3 | Gross profit margin Q3 prior year | 47.9% | 24 |
| 2025-10-30 | 2025-Q3 | Gross profit margin Q3 | 45.2% | 24 |
| 2025-10-30 | 2025-Q3 | Gross profit margin 9M prior year | 47.4% | 24 |
| 2025-10-30 | 2025-Q3 | Gross profit margin 9M | 46.1% | 24 |
| 2025-10-30 | 2025-Q3 | Free cashflow Q3 prior year | € -83.0 million | 24 |
| 2025-10-30 | 2025-Q3 | Free cashflow Q3 | € -43.0 million | 24 |
| 2025-10-30 | 2025-Q3 | Free cashflow 9M prior year | € -287.4 million | 24 |
| 2025-10-30 | 2025-Q3 | Free cashflow 9M | € -685.8 million | 24 |
| 2025-10-30 | 2025-Q3 | EBIT margin Q3 prior year | 10.3% | 24 |
| 2025-10-30 | 2025-Q3 | EBIT margin Q3 | 1.5% | 24 |
| 2025-10-30 | 2025-Q3 | EBIT margin 9M prior year | 7.9% | 24 |
| 2025-10-30 | 2025-Q3 | EBIT margin 9M | -0.2% | 24 |
| 2025-10-30 | 2025-Q3 | DTC share prior year Q3 | 25.1% | 24 |
| 2025-10-30 | 2025-Q3 | DTC share prior year 9M | 25.5% | 24 |
| 2025-10-30 | 2025-Q3 | DTC share Q3 | 29.1% | 24 |
| 2025-10-30 | 2025-Q3 | DTC share 9M | 28.8% | 24 |
| 2025-07-31 | 2025-Q2 | Working capital | € 1,864.8 million | 23 |
| 2025-07-31 | 2025-Q2 | Wholesale business | € 1,341.2 million | 23 |
| 2025-07-31 | 2025-Q2 | Unutilized credit lines | € 663.8 million | 23 |
| 2025-07-31 | 2025-Q2 | Share buyback | 1,687,753 shares for € 50 million | 23 |
| 2025-07-31 | 2025-Q2 | Schuldschein issued | € 210 million | 23 |
| 2025-07-31 | 2025-Q2 | Revolving credit facility | € 1.2 billion | 23 |
| 2025-07-31 | 2025-Q2 | H1 2025 Gross profit margin | 46.5% | 23 |
| 2025-07-31 | 2025-Q2 | H1 2025 DTC share | 28.6% | 23 |
| 2025-07-31 | 2025-Q2 | Gross profit margin | 46.1% | 23 |
| 2025-07-31 | 2025-Q2 | Footwear sales | € 1,061.1 million | 23 |
| 2025-07-31 | 2025-Q2 | EMEA region sales | € 771.7 million | 23 |
| 2025-07-31 | 2025-Q2 | Direct-to-Consumer business | € 601.1 million | 23 |
| 2025-07-31 | 2025-Q2 | DTC share | 30.9% | 23 |
| 2025-07-31 | 2025-Q2 | Asia/Pacific region sales | € 390.5 million | 23 |
| 2025-07-31 | 2025-Q2 | Apparel sales | € 597.8 million | 23 |
| 2025-07-31 | 2025-Q2 | Americas region sales | € 779.9 million | 23 |
| 2025-07-31 | 2025-Q2 | Accessories sales | € 283.4 million | 23 |
| 2025-07-24 | 2025-Q2 | Tariff impact on gross profit | around € 80 million | 26 |
| 2025-07-24 | 2025-Q2 | One-time costs | € 84.6 million | 27 |
| 2025-07-24 | 2025-Q2 | Gross profit margin Q2 | 46.1% | 26 |
| 2025-07-24 | 2025-Q2 | gross profit margin H1 | 46.5% | 26 |
| 2025-05-08 | 2025-Q1 | Working capital prior year | 1,845.7 (EUR millions) | 22 |
| 2025-05-08 | 2025-Q1 | Working capital | 2,081.6 (EUR millions) | 22 |
| 2025-05-08 | 2025-Q1 | Operating Working Capital 31 Mar 2025 | 2,081.6 (EUR EUR M) | 28 |
| 2025-05-08 | 2025-Q1 | Operating Working Capital 31 Mar 2024 | 1,845.7 (EUR EUR M) | 28 |
| 2025-05-08 | 2025-Q1 | OPEX ratio prior year | 40.2% | 22 |
| 2025-05-08 | 2025-Q1 | OPEX ratio | 43.6% | 22 |
| 2025-05-08 | 2025-Q1 | OPEX as % of Sales Q1 2025 | -43.3% | 28 |
| 2025-05-08 | 2025-Q1 | OPEX as % of Sales Q1 2024 | -40.0% | 28 |
| 2025-05-08 | 2025-Q1 | OPEX Q1 2025 | -899.4 (EUR EUR M) | 28 |
| 2025-05-08 | 2025-Q1 | OPEX Q1 2024 | -840.0 (EUR EUR M) | 28 |
| 2025-05-08 | 2025-Q1 | gross profit margin prior year | 47.5% | 22 |
| 2025-05-08 | 2025-Q1 | Gross profit margin | 47.0% | 22 |
| 2025-05-08 | 2025-Q1 | Gross Margin Q1 2025 | 47.0% | 28 |
| 2025-05-08 | 2025-Q1 | Gross Margin Q1 2024 | 47.5% | 28 |
| 2025-05-08 | 2025-Q1 | EBT margin prior year | 6.3% | 22 |
| 2025-05-08 | 2025-Q1 | EBT margin | 0.8% | 22 |
| 2025-05-08 | 2025-Q1 | EBIT margin prior year | 7.6% | 22 |
| 2025-05-08 | 2025-Q1 | EBIT margin | 2.8% | 22 |
| 2025-05-08 | 2025-Q1 | DTC share prior year | 23.5% | 22 |
| 2025-05-08 | 2025-Q1 | DTC share | 26.3% | 22 |
| 2025-03-11 | FY2024 | voluntary turnover retail | 38% | 20 |
| 2025-03-11 | FY2024 | voluntary turnover non-retail | 9% | 20 |
| 2025-03-11 | FY2024 | unutilised credit lines | €1,360.2 million | 20 |
| 2025-03-11 | FY2024 | treasury shares held | 873,783 | 20 |
| 2025-03-11 | FY2024 | tax loss carryforwards | 417.2 (EUR millions) | 20 |
| 2025-03-11 | FY2024 | Shares outstanding | 148,824,413 | 20 |
| 2025-03-11 | FY2024 | proposed dividend per share | €0.61 | 20 |
| 2025-03-11 | FY2024 | OHS training coverage | 85% | 20 |
| 2025-03-11 | FY2024 | Lost time injury rate | 0.44 | 20 |
| 2025-03-11 | FY2024 | Living wage compliance | 100% | 20 |
| 2025-03-11 | FY2024 | Leadership women representation | 42% | 20 |
| 2025-03-11 | FY2024 | Investments Borussia Dortmund | 18.5 (EUR millions) | 20 |
| 2025-03-11 | FY2024 | Effective interest rate on borrowings | 4.7% | 20 |
| 2025-03-11 | FY2024 | confirmed credit lines | €1,842.9 million | 20 |
| 2025-03-11 | FY2024 | Community engagement per FTE | 2.4 | 20 |
| 2025-03-11 | FY2024 | COBRA brand carrying amount | 136.9 (EUR millions) | 20 |
| 2025-03-11 | FY2024 | Average training hours per FTE | 7.7 | 20 |
| 2025-03-11 | FY2024 | Working capital as % of sales | 14.5% | 20 |
| 2025-03-11 | FY2024 | Working capital | 1,278.2 (EUR € million) | 20 |
| 2025-03-11 | FY2024 | Utilized promissory note loans | € 426,4 million | 20 |
| 2025-03-11 | FY2024 | Unused credit lines | € 1.360,2 million | 20 |
| 2025-03-11 | FY2024 | Tax rate | 25.9% | 20 |
| 2025-03-11 | FY2024 | Sales and distribution expenses | 2,911.6 (EUR in € million) | 20 |
| 2025-03-11 | FY2024 | Return on equity (ROE) | 10.0% | 20 |
| 2025-03-11 | FY2024 | Return on capital employed (ROCE) | 23.0% | 20 |
| 2025-03-11 | FY2024 | Research and development | 92.0 (in € million) | 20 |
| 2025-03-11 | FY2024 | Personnel costs | 967.6 (EUR in € million) | 20 |
| 2025-03-11 | FY2024 | Payout ratio | 32.3% | 20 |
| 2025-03-11 | FY2024 | Other operating expenses | 3,588.4 (EUR in € million) | 20 |
| 2025-03-11 | FY2024 | Non-current assets | 2,468.3 (EUR in € million) | 20 |
| 2025-03-11 | FY2024 | Net margin | 3.2% | 20 |
| 2025-03-11 | FY2024 | Lease liabilities | 1,230.6 (in € million) | 20 |
| 2025-03-11 | FY2024 | Gross profit margin | 48.3 | 20 |
| 2025-03-11 | FY2024 | Equity ratio | 39.6% | 20 |
| 2025-03-11 | FY2024 | EBITDA margin | 11.0% | 20 |
| 2025-03-11 | FY2024 | EBIT margin | 7.1 | 20 |
| 2025-03-11 | FY2024 | Dividend per share | 0.61 | 20 |
| 2025-03-11 | FY2024 | Dividend payout ratio | 32.3 | 20 |
| 2025-03-11 | FY2024 | Depreciation and amortisation | 370.2 (in € million) | 20 |
| 2025-03-11 | FY2024 | DTC share of sales | 27.5 | 20 |
| 2025-03-11 | FY2024 | Administrative and general expenses | 495.6 (EUR in € million) | 20 |
| 2025-03-12 | 2024-Q4 | Net borrowings | 119.8 (in € million) | 18 |
| 2025-03-12 | 2024-Q4 | Gross profit margin Q4 | 47.3% | 18 |
| 2025-03-12 | 2024-Q4 | Gross profit margin FY | 47.4% | 18 |
| 2025-03-12 | 2024-Q4 | EBIT margin Q4 | 4.8% | 18 |
| 2025-03-12 | 2024-Q4 | EBIT margin FY | 7.1% | 18 |
| 2025-03-12 | 2024-Q4 | Dividend per share | € 0.61 | 18 |
| 2025-03-12 | 2024-Q4 | DTC share | 33.4% | 18 |
| 2025-01-23 | 2024-Q4 | Working Capital | 1,883 (EUR in € million) | 16 |
| 2025-01-23 | 2024-Q4 | WORKING CAPITAL DEVIATION | +5% | 12 |
| 2025-01-23 | 2024-Q4 | GROSS PROFIT MARGIN | 47.5% | 12 |
| 2025-01-23 | 2024-Q4 | EBIT MARGIN | 7.6% | 12 |
| 2025-01-22 | 2024-Q4 | gross profit margin | 47.4% | 21 |
| 2025-01-22 | 2024-Q4 | EBIT margin full year 2024 | 7.1% | 21 |
| 2024-11-06 | 2024-Q3 | Working capital | 1,883.5 (EUR millions) | 17 |
| 2024-11-06 | 2024-Q3 | Gross profit margin 9M | 47.4% | 17 |
| 2024-11-06 | 2024-Q3 | Gross profit margin | 47.9% | 17 |
| 2024-11-06 | 2024-Q3 | EBIT margin Q3 | 10.3% | 17 |
| 2024-11-06 | 2024-Q3 | EBIT margin 9M | 7.9% | 17 |
| 2024-11-06 | 2024-Q3 | DTC share 9M | 25.5% | 17 |
| 2024-11-06 | 2024-Q3 | DTC share | 25.1% | 17 |
| 2024-08-07 | 2024-Q2 | Working capital | 1,643.7 (EUR millions) | 15 |
| 2024-08-07 | 2024-Q2 | Gross profit margin H1 | 47.2% | 15 |
| 2024-08-07 | 2024-Q2 | Gross profit margin | 46.8% | 15 |
| 2024-08-07 | 2024-Q2 | EBIT margin Q2 | 5.5% | 15 |
| 2024-08-07 | 2024-Q2 | EBIT margin H1 | 6.5% | 15 |
| 2024-08-07 | 2024-Q2 | DTC share H1 | 25.6% | 15 |
| 2024-08-07 | 2024-Q2 | DTC share | 27.8% | 15 |
| 2024-05-08 | 2024-Q1 | Working capital prior year | 1,751.5 (EUR millions) | 13 |
| 2024-05-08 | 2024-Q1 | Working capital | 1,845.7 (EUR millions) | 13 |
| 2024-05-08 | 2024-Q1 | Wholesale business decline (ca) | -2.9% | 13 |
| 2024-05-08 | 2024-Q1 | Tax rate | 25.0% | 13 |
| 2024-05-08 | 2024-Q1 | Operating expenses (OPEX) prior year | 848.3 (EUR millions) | 13 |
| 2024-05-08 | 2024-Q1 | Operating expenses (OPEX) | 845.3 (EUR millions) | 13 |
| 2024-05-08 | 2024-Q1 | OPEX ratio prior year | 38.8% | 13 |
| 2024-05-08 | 2024-Q1 | OPEX ratio | 40.2% | 13 |
| 2024-05-08 | 2024-Q1 | Net income margin prior year | 5.4% | 13 |
| 2024-05-08 | 2024-Q1 | Net income margin | 4.2% | 13 |
| 2024-05-08 | 2024-Q1 | gross profit margin prior year | 46.5% | 13 |
| 2024-05-08 | 2024-Q1 | Gross profit margin | 47.5% | 13 |
| 2024-05-08 | 2024-Q1 | Financial result prior year | -7.8 (millions) | 13 |
| 2024-05-08 | 2024-Q1 | Financial result | -26.8 (millions) | 13 |
| 2024-05-08 | 2024-Q1 | EBT margin prior year | 7.7% | 13 |
| 2024-05-08 | 2024-Q1 | EBT margin | 6.3% | 13 |
| 2024-05-08 | 2024-Q1 | EBIT margin prior year | 8.0% | 13 |
| 2024-05-08 | 2024-Q1 | EBIT margin | 7.6% | 13 |
| 2024-05-08 | 2024-Q1 | DTC share prior year | 21.3% | 13 |
| 2024-05-08 | 2024-Q1 | DTC share | 23.5% | 13 |
| 2024-05-08 | 2024-Q1 | DTC business growth (ca) | 13.5% | 13 |
| 2024-02-07 | FY2023 | working capital ratio | 13.7% | 3 |
| 2024-02-07 | FY2023 | working capital ratio | 13.7% | 11 |
| 2024-02-07 | FY2023 | working capital | 1,177.3 (EUR millions) | 3 |
| 2024-02-07 | FY2023 | working capital | 1,177.3 (EUR € million) | 11 |
| 2024-02-07 | FY2023 | unutilised credit lines | €986.1 million | 3 |
| 2024-02-07 | FY2023 | unused credit lines | 986.1 (€ million) | 11 |
| 2024-02-07 | FY2023 | total credit lines | €1,552.8 million | 3 |
| 2024-02-07 | FY2023 | total assets | 6,640.4 (EUR € million) | 11 |
| 2024-02-07 | FY2023 | Shares outstanding | 149,844,544 | 3 |
| 2024-02-07 | FY2023 | right-of-use assets 2022 | 1,111.3 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | right-of-use assets | 1,087.7 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | payout ratio | 40.3% | 3 |
| 2024-02-07 | FY2023 | operating result EBIT | 621.6 (EUR € million) | 3 |
| 2024-02-07 | FY2023 | net income | 304.9 (EUR € million) | 3 |
| 2024-02-07 | FY2023 | investments 2022 | 21.7 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | investments | 21.2 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | gross profit margin | 46.3% | 3 |
| 2024-02-07 | FY2023 | Gross cash flow | 964.1 (EUR € million) | 3 |
| 2024-02-07 | FY2023 | Gross cash flow | 964.1 (EUR € million) | 11 |
| 2024-02-07 | FY2023 | equity ratio | 38.9% | 3 |
| 2024-02-07 | FY2023 | equity ratio | 38.9% | 11 |
| 2024-02-07 | FY2023 | equity | €2.6 billion | 3 |
| 2024-02-07 | FY2023 | equity | 2,582.3 (EUR € million) | 11 |
| 2024-02-07 | FY2023 | EBITDA margin | 11.2% | 3 |
| 2024-02-07 | FY2023 | EBIT margin | 7.2% | 3 |
| 2024-02-07 | FY2023 | earnings per share prior year | €2.36 | 3 |
| 2024-02-07 | FY2023 | earnings per share | €2.03 | 3 |
| 2024-02-07 | FY2023 | dividend per share | 0.82 | 3 |
| 2024-02-07 | FY2023 | deferred tax assets net 2022 | 253.1 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | deferred tax assets net | 283.7 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Consolidated net income prior year | 353.5 (EUR € million) | 3 |
| 2024-02-07 | FY2023 | Cash from operations | 653.6 (€ million) | 3 |
| 2024-02-07 | FY2023 | Working capital % of consolidated sales | 13.7% | 11 |
| 2024-02-07 | FY2023 | Working capital | 1,177.3 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Wages and salaries | 688.7 (in € million) | 11 |
| 2024-02-07 | FY2023 | Treasury shares % | 0.65 | 11 |
| 2024-02-07 | FY2023 | Treasury shares | 980,096 | 11 |
| 2024-02-07 | FY2023 | Training investment per FTE | €226 | 11 |
| 2024-02-07 | FY2023 | Training hours per FTE | 9 | 11 |
| 2024-02-07 | FY2023 | Total income taxes | 117.8 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Total dividend | 122.9 (in € million) | 11 |
| 2024-02-07 | FY2023 | Total Management Board compensation | 10.3 (in € million) | 11 |
| 2024-02-07 | FY2023 | Theoretical tax expense | 130.2 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Tax rate | 24.6% | 11 |
| 2024-02-07 | FY2023 | Tax benefit from previously unrecognised tax losses | 7.5 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Survey participation rate | 85% | 11 |
| 2024-02-07 | FY2023 | Supervisory Board compensation | 0.4 (in € million) | 11 |
| 2024-02-07 | FY2023 | Social security contributions | 101.2 (in € million) | 11 |
| 2024-02-07 | FY2023 | Sickness absence rate | 1.95% | 11 |
| 2024-02-07 | FY2023 | Share-based remuneration (Management Board) | 4.2 (in € million) | 11 |
| 2024-02-07 | FY2023 | Share-based payments | 5.2 (in € million) | 11 |
| 2024-02-07 | FY2023 | Scheduled depreciation | 351.7 (in € million) | 11 |
| 2024-02-07 | FY2023 | Sales (subsidiaries with non-controlling interests) | 411.8 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Reversal of impairment losses | -11.9 (in € million) | 11 |
| 2024-02-07 | FY2023 | Return on equity (ROE) | 11.8% | 11 |
| 2024-02-07 | FY2023 | Return on capital employed (ROCE) | 25.1% | 11 |
| 2024-02-07 | FY2023 | Profit attributable to non-controlling interests | 55.7 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Pillar II potential tax risk | 12 (in € million) | 11 |
| 2024-02-07 | FY2023 | Personnel expenses | 894.4 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Permanent employment contracts | 92% | 11 |
| 2024-02-07 | FY2023 | Outstanding shares | 149,844,544 | 11 |
| 2024-02-07 | FY2023 | Other financial obligations | 246.5 (in € million) | 11 |
| 2024-02-07 | FY2023 | Operating expenses ratio | 39.6% | 11 |
| 2024-02-07 | FY2023 | Non-current lease liabilities | 1,020.0 (in € million) | 11 |
| 2024-02-07 | FY2023 | Non-controlling interests | 28.9 (in € million) | 11 |
| 2024-02-07 | FY2023 | Net earnings margin | 3.5% | 11 |
| 2024-02-07 | FY2023 | Net cash used in investing activities (subsidiaries with non-controlling interests) | -0.3 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Net cash used in financing activities (subsidiaries with non-controlling interests) | -101.4 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Net cash from operating activities (subsidiaries with non-controlling interests) | 101.8 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Net assets (subsidiaries with non-controlling interests) | 36.3 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Lost time injury rate | 0.46 | 11 |
| 2024-02-07 | FY2023 | Lease liabilities | 1,232.4 (in € million) | 11 |
| 2024-02-07 | FY2023 | Internal promotion fill rate | 60% | 11 |
| 2024-02-07 | FY2023 | Interest income | 36.6 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Interest expense lease liabilities | -46.8 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Interest expense | -53.1 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Impairment losses | 5.7 (in € million) | 11 |
| 2024-02-07 | FY2023 | Gross profit margin (footwear) | 45.4% | 11 |
| 2024-02-07 | FY2023 | Gross profit margin (apparel) | 47.8% | 11 |
| 2024-02-07 | FY2023 | Gross profit margin (accessories) | 46.6% | 11 |
| 2024-02-07 | FY2023 | Gross profit margin | 46.3% | 11 |
| 2024-02-07 | FY2023 | Gross cash flow | 964.1 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Free cash flow | 369.0 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Former Management Board compensation | 0.7 (in € million) | 11 |
| 2024-02-07 | FY2023 | Footwear gross profit margin | 45.4% | 11 |
| 2024-02-07 | FY2023 | Financial result | -143.3 (in € million) | 11 |
| 2024-02-07 | FY2023 | Financial income | 112.7 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Financial expenses | -256.0 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Fair value plan assets | 85.2 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Equity ratio | 38.9% | 11 |
| 2024-02-07 | FY2023 | Effective tax rate | 24.6% | 11 |
| 2024-02-07 | FY2023 | Effective tax expense | 117.8 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | EBT margin | 5.6% | 11 |
| 2024-02-07 | FY2023 | EBT | 478.3 (in € million) | 11 |
| 2024-02-07 | FY2023 | EBITDA margin | 11.2% | 11 |
| 2024-02-07 | FY2023 | EBIT margin | 7.2% | 11 |
| 2024-02-07 | FY2023 | Dividends paid to non-controlling interests | 92.4 (in € million) | 11 |
| 2024-02-07 | FY2023 | Dividend per share | €0.82 | 11 |
| 2024-02-07 | FY2023 | Dividend per share | 0.82 | 11 |
| 2024-02-07 | FY2023 | Dividend payout ratio | 40.3% | 11 |
| 2024-02-07 | FY2023 | Deferred taxes | -22.8 (in € million) | 11 |
| 2024-02-07 | FY2023 | Deferred compensation (former Management Board) | 47.2 (in € million) | 11 |
| 2024-02-07 | FY2023 | Current lease liabilities | 212.4 (in € million) | 11 |
| 2024-02-07 | FY2023 | Current income taxes | 140.6 (EUR in € million) | 11 |
| 2024-02-07 | FY2023 | Contingent liabilities related to legal disputes | 0.8 (in € million) | 11 |
| 2024-02-07 | FY2023 | Contingent liabilities | 0.8 (in € million) | 11 |
| 2024-02-07 | FY2023 | Community engagement hours | 57,344 | 11 |
| 2024-02-07 | FY2023 | Commitments from license, promotional and advertising agreements (Total) | 1,920.2 (in € million) | 11 |
| 2024-02-07 | FY2023 | Commitments from license, promotional and advertising agreements (Due within one year) | 402.4 (in € million) | 11 |
| 2024-02-07 | FY2023 | Commitments from license, promotional and advertising agreements (Due between one and five years) | 1,203.5 (in € million) | 11 |
| 2024-02-07 | FY2023 | Commitments from license, promotional and advertising agreements (Due after five years) | 314.2 (in € million) | 11 |
| 2024-02-07 | FY2023 | Apparel gross profit margin | 47.8% | 11 |
| 2024-02-07 | FY2023 | Accessories gross profit margin | 46.6% | 11 |
| – | FY2023 | SALES GROWTH CURRENCY ADJUSTED | +6.6% | 5 |
| – | FY2023 | OPEX GROWTH | +3.3% | 5 |
| – | FY2023 | GROSS PROFIT MARGIN | 46.3% | 5 |
| – | FY2023 | EBIT MARGIN | 7.2% | 5 |
| – | FY2023 | EBIT GROWTH | -3.0% | 5 |
| 2024-02-27 | 2023-Q4 | OPEX ratio | 39.6% | 9 |
| 2024-02-27 | 2023-Q4 | Gross profit margin | 46.3% | 9 |
| 2024-02-27 | 2023-Q4 | EBIT margin FY2023 | 7.2% | 9 |
| 2024-02-27 | 2023-Q4 | DTC share | 24.8% | 9 |
| – | 2023-Q4 | WORKING CAPITAL | 1,177.3 (EUR in EUR M) | 10 |
| 2023-10-24 | 2023-Q3 | Working capital | € 1,794.9 million | 8 |
| 2023-10-24 | 2023-Q3 | Gross profit margin | 47.1% | 8 |
| 2023-10-24 | 2023-Q3 | EBIT margin Q3 | 10.2% | 8 |
| 2023-10-24 | 2023-Q3 | EBIT margin 1-9 | 8.0% | 8 |
| 2023-10-24 | 2023-Q3 | DTC share | 22.7% | 8 |
| – | 2023-Q3 | Working Capital | 1,794.9 (EUR EUR M) | 4 |
| 2023-07-26 | 2023-Q2 | Working capital | 1,693.0 (EUR € million) | 7 |
| 2023-07-26 | 2023-Q2 | Gross profit margin | 44.8% | 7 |
| 2023-07-26 | 2023-Q2 | EBIT margin Q2 | 5.4% | 7 |
| 2023-07-26 | 2023-Q2 | EBIT margin H1 | 6.8% | 7 |
| 2023-07-26 | 2023-Q2 | DTC share | 24.3% | 7 |
| – | 2023-H1 | Revenue Growth | 11% | 6 |
| – | 2023-H1 | OPEX Growth | 1.7% | 6 |
| – | 2023-H1 | Gross Profit Margin | 44% | 6 |
| – | 2023-H1 | EBIT Margin Q2 2023 | 8% | 6 |
| – | 2023-H1 | EBIT Margin | 21.2% | 6 |
| – | 2023-H1 | EBIT Growth | 6.6% | 6 |
| 2023-04-26 | 2023-Q1 | Wholesale growth | 12.4% | 2 |
| 2023-04-26 | 2023-Q1 | Owned & operated retail stores growth | 17.3% | 2 |
| 2023-04-26 | 2023-Q1 | OPEX ratio | 38.8% | 2 |
| 2023-04-26 | 2023-Q1 | Gross profit margin | 46.5% | 2 |
| 2023-04-26 | 2023-Q1 | Footwear sales growth | 28.8% | 2 |
| 2023-04-26 | 2023-Q1 | EMEA sales growth | 25.4% | 2 |
| 2023-04-26 | 2023-Q1 | EBIT margin | 8.0% | 2 |
| 2023-04-26 | 2023-Q1 | E-commerce growth | 32.7% | 2 |
| 2023-04-26 | 2023-Q1 | DTC share | 21.3% | 2 |
| 2023-04-26 | 2023-Q1 | DTC growth | 22.5% | 2 |
| 2023-04-26 | 2023-Q1 | Asia/Pacific sales growth | 27.4% | 2 |
| 2023-04-26 | 2023-Q1 | Apparel sales growth | 1.5% | 2 |
| 2023-04-26 | 2023-Q1 | Americas sales growth | -0.8% | 2 |
| 2023-04-26 | 2023-Q1 | Accessories sales growth | -1.7% | 2 |
| – | 2023-Q1 | Revenue growth (currency adjusted) | +14 | 1 |
| – | 2023-Q1 | OPEX GROWTH | +4 | 1 |
| – | 2023-Q1 | GROSS PROFIT MARGIN | 46 | 1 |
| – | 2023-Q1 | EBIT MARGIN | 10.5 | 1 |
| – | 2023-Q1 | EBIT GROWTH | +19.0 | 1 |
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Guidance Tracking (latest per metric/period · 13/24)#
All management forecasts (guidance) and their later outcome. Methodology
Actuals: revenue in €m · ratios in %
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2027 | 2026-09-25 | Revenue | above industry growth | – | pending | initiated | 39 |
| FY2027 | 2025-01-22 | EBIT margin | 8.5% | – | pending | initiated | 20 |
| FY2026 | 2026-09-25 | Revenue | low- to mid-single-digit percentage range decline | – | pending | cut | 39 |
| FY2026 | 2026-09-25 | Gross margin (GAAP) | substantial improvement | – | pending | confirmed | 39 |
| FY2026 | 2026-03-20 | Operating income | -150–-50 | – | pending | confirmed | 38 |
| FY2026 | 2026-02-26 | Capex | 200 | – | pending | confirmed | 38 |
| FY2026 | 2026-02-26 | EBIT | -150–-50 | – | pending | confirmed | 36 |
| 2026-Q1 | 2026-03-20 | Revenue | constant currency sales decline in the low to mid-single digits | 1,863.8 | – | cut | 32 |
| FY2025 | 2025-10-30 | EBIT | expected loss | – | – | confirmed | 24 |
| FY2025 | 2025-09-29 | Revenue | low double-digit percentage decline | 7,296.2 | – | cut | 29 |
| FY2025 | 2025-07-24 | Capex | 250 | 206.3 | miss | confirmed | 24 |
| FY2025 | 2025-05-08 | EBITDA (adjusted) | 520–600 | – | – | initiated | 28 |
| FY2025 | 2025-03-11 | EBIT (adjusted) | 520–600 | – | – | confirmed | 22 |
| FY2024 | 2025-03-11 | Revenue | Currency-adjusted increase in mid-single-digit percentage range | 8,398 | – | confirmed | 20 |
| FY2024 | 2025-03-11 ° | EBIT | 620–660 | – | – | cut | 20 |
| FY2024 | 2025-01-23 ° | Operating result | 620–670 | – | – | confirmed | 16 |
| FY2024 | 2024-11-06 | Operating income | 620–670 | – | – | confirmed | 14 |
| 2024-Q4 | 2024-10-01 | Revenue | double-digit growth | 2,150.5 | – | confirmed | 19 |
| 2024-Q4 | 2024-10-01 | EBIT growth (YoY) | 40% | -9.2 | miss | – | 19 |
| 2024-Q3 | 2024-10-01 | Revenue | mid-single-digit growth | 2,308.2 | – | confirmed | 19 |
| 2024-Q3 | 2024-10-01 | EBIT | slightly below prior year | 237 | – | initiated | 19 |
| FY2023 | 2023-10-24 | Revenue | high single-digit percentage range | 8,601.7 | – | confirmed | 8 |
| FY2023 | 2023-04-26 | EBIT | 590–670 | 621.6 | in line | confirmed | 3 |
| 2023-Q2 | 2023-04-26 | Revenue | low to mid single-digit | 2,120.7 | – | initiated | 2 |
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Development#
A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Methodology
FY2026
In the first half of fiscal year 2026, PUMA SE reported Q1 sales of 1,863.8 million 147 and Q2 sales of 1,690.6 million 146, with combined H1 sales declining 7.9% in euro terms to EUR 3,554.4 million amid reset measures targeting reduction of mass-merchant wholesale business 36. The gross profit margin improved 120 basis points to 47.9% in H1 2026, supported by lower sourcing costs and US tariff refunds totalling EUR 15.4 million received in the period 36. Q1 EBIT reached 51.9 million 147, while Q2 EBIT was -53.1 million 146, with H1 EBIT improving to EUR -1.3 million from EUR -65.7 million in the prior-year period, in part due to EUR 11.5 million in US tariff refund benefits 36. Artémis S.A.S. announced the sale of a 29.1% PUMA stake to Anta Sports Products Limited, subject to conditions precedent not yet completed as of 30 June 2026, while PUMA completed the transition of PUMA United to a licensing structure effective November 1, 2025 36. FY 2026 guidance confirmed after Q2 results targets currency-adjusted sales decline in the low- to mid-single-digit percentage range and EBIT between EUR -50 million and EUR -150 million, with full-year free cash flow expected to be positive 38.
FY2025
PUMA SE reported net sales of 7,296.2 million in fiscal year 2025, a decline of 13.1% from €8,398.0 million in 2024, driven by strategic reset measures including reductions to undesired wholesale business, inventory cleanup actions, and macroeconomic challenges across key markets 30. Gross profit margin contracted 270 basis points to 45.0%, reflecting higher inventory write-downs, increased promotional activities across wholesale channels, and currency headwinds, partially offset by a favourable direct-to-consumer channel mix shift 30. The operating result (EBIT) declined to -357.2 million from a profit of €548.7 million in the prior year, with one-time effects of €191.6 million primarily related to the cost efficiency programme and goodwill impairments on PUMA Japan and PUMA Canada 30. Free cash flow was -525.6 million compared to positive €464.3 million in 2024, driven by negative operating earnings and higher working capital requirements; PUMA arranged a €500 million bridge financing in December 2025 to strengthen its liquidity position 30. Arthur Hoeld was appointed CEO effective July 2025 and implemented a comprehensive strategic reset targeting approximately 1,400 corporate role reductions, while the PUMA United North American partnership was divested in favour of a licensing model effective November 2025 30.
FY2024
PUMA SE's FY2024 currency-adjusted sales grew 4.4% to €8,817 million, with growth across all three regions and all product divisions despite persistent currency headwinds 20. The gross profit margin improved by 100 basis points to 47.4%, supported by a favorable product and distribution channel mix and lower sourcing and freight costs 20. The operating result remained essentially flat year over year as sales growth was offset by higher operating expenses, while net income declined due to higher interest expenses, currency-related losses, and a higher effective tax rate, with earnings per diluted share of 1.89 20. Free cash flow improved 25.8% from the prior year, supported by higher operating cash flow and lower capital expenditures, with year-end net debt of 119.8 million 20. In late 2024, PUMA initiated the 'nextlevel' efficiency programme targeting an 8.5% EBIT margin by 2027 through cost optimisation in sourcing, logistics, and IT 20.
FY2023
PUMA SE reported record consolidated sales of 8,601.7 million in FY2023, representing currency-adjusted growth of 6.6%; without the impact of Argentine peso devaluation, currency-adjusted growth would have exceeded 8% 9. The operating result (EBIT) reached 621.6 million, within the guided range of €590-670 million, while the gross profit margin improved by 20 basis points to 46.3% driven by price adjustments and a favorable regional and distribution channel mix 11. Consolidated net income declined 13.7% to 304.9 million, as currency conversion losses of €69.4 million, primarily from Argentine peso devaluation versus €2.2 million in the prior year, weighed heavily on the financial result 11. Inventory normalization progressed throughout the year, with inventories declining 19.6% to €1,804.4 million; operating cash flow reached 653.6 million and free cash flow more than doubled 11. For FY2024, management initiated guidance for mid-single-digit currency-adjusted sales growth and an operating result of €620-700 million 5.
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Glossary#
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
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Sources: quarterly reports, annual reports and investor relations documents#
All original documents NadirAlpha used for this report, with type (quarterly report, half-year report, annual report, earnings release), publication date and a direct link to the filing (EDINET/SEC/IR). Methodology
44 documents · 2023 to 2026 · IR
| # | Document type | Published | Link |
|---|---|---|---|
| #1 | IR-Quarter quarterly report | – | Open |
| #4 / #104 | IR-Quarter quarterly report | – | Open |
| #5 | IR-Report report | – | Open |
| #6 | IR-Quarter quarterly report | – | Open |
| #10 | IR-Quarter quarterly report | – | Open |
| #11 / #111 | IR-Annual annual report | – | Open |
| #43 | IR-Quarter quarterly report | – | Open |
| #2 / #102 | IR-Quarter quarterly report | 2023-04-26 | Open |
| #7 / #107 | IR-Quarter quarterly report | 2023-07-26 | Open |
| #42 | IR-Quarter quarterly report | 2023-07-26 | Open |
| #8 / #108 | IR-Quarter quarterly report | 2023-10-24 | Open |
| #3 / #103 | IR-Report report | 2024-02-07 | Open |
| #9 / #109 | IR-Quarter quarterly report | 2024-02-27 | Open |
| #13 / #114 | IR-Quarter quarterly report | 2024-05-08 | Open |
| #15 / #116 | IR-Quarter quarterly report | 2024-08-07 | Open |
| #19 | IR-Quarter quarterly report | 2024-10-01 | Open |
| #17 / #118 | IR-Quarter quarterly report | 2024-11-06 | Open |
| #21 | IR-Report report | 2025-01-22 | Open |
| #12 | IR-Quarter quarterly report | 2025-01-23 | Open |
| #14 | IR-Quarter quarterly report | 2025-01-23 | Open |
| #16 | IR-Quarter quarterly report | 2025-01-23 | Open |
| #20 / #121 | IR-Annual annual report | 2025-03-11 | Open |
| #18 / #119 | IR-Quarter quarterly report | 2025-03-12 | Open |
| #22 / #125 | IR-Quarter quarterly report | 2025-05-08 | Open |
| #28 | IR-Quarter quarterly report | 2025-05-08 | Open |
| #26 | IR-Quarter quarterly report | 2025-07-24 | Open |
| #27 | IR-Report report | 2025-07-24 | Open |
| #23 / #126 | IR-Quarter quarterly report | 2025-07-31 | Open |
| #44 | IR-Quarter quarterly report | 2025-07-31 | Open |
| #29 | IR-Quarter quarterly report | 2025-09-29 | Open |
| #24 / #127 | IR-Quarter quarterly report | 2025-10-30 | Open |
| #25 / #129 | IR-Quarter quarterly report | 2026-02-26 | Open |
| #31 | IR-Annual annual report | 2026-02-26 | Open |
| #30 / #134 | IR-Annual annual report | 2026-03-12 | Open |
| #32 | IR-Quarter quarterly report | 2026-03-20 | Open |
| #33 | IR-Report report | 2026-04-10 | Open |
| #34 | IR-Quarter quarterly report | 2026-04-30 | Open |
| #41 / #147 | IR-Quarter quarterly report | 2026-04-30 | Open |
| #35 | IR-Quarter quarterly report | 2026-06-22 | Open |
| #37 | IR-Quarter quarterly report | 2026-07-15 | Open |
| #36 / #142 | IR-Half half-year report | 2026-07-29 | Open |
| #38 | IR-Quarter quarterly report | 2026-07-31 | Open |
| #40 / #146 | IR-Quarter quarterly report | 2026-07-31 | Open |
| #39 | IR-Quarter quarterly report | 2026-09-25 | Open |
FAQ#
Is there a management forecast (guidance) for FY2027?
Yes. Management has issued targets for FY2027, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does PUMA SE report?
As reported for Q2 2026: Gross profit margin, DTC share, EBIT margin, OPEX ratio, GROSS PROFIT MARGIN. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Wholesale, Direct-to-Consumer, EMEA, Americas.
Does PUMA SE pay a dividend?
The filings report on the dividend; most recent entry: dividend per share 0.00 (FY2025) (as reported, no assessment of our own). Details with source links are in the report chapters.
Where can I find the official investor relations documents of PUMA SE?
NadirAlpha links all 64 original filings used (IR documents) in the sources chapter: quarterly report, annual report, report, each with type, publication date and a direct link; every figure in the report carries a source number.
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