Puma Se · XETR:PUM
Puma — Q3 2026 Earnings Presentation
38 slides from Puma's earnings presentation, Oct 30, 2026
Slide 1: Q3 2026 Earnings Call
Q3 2026 EARNINGS CALL OCTOBER 30, 2026
Slide 2: Cautionary Statements Regarding Forward-Looking Information
TOP 3 CAUTIONARY STATEMENTS REGARDING SPORTS FORWARD-LOOKING INFORMATION BRAND This presentation may contain forward-looking statements based on current assumptions and forecasts made by the PUMA management. RETURN TO ABOVE Various known and unknown risks, uncertainties and other factors could lead
Slide 3: Agenda
Q3 2026 EARNINGS CALL AGENDA BUSINESS RECAP ARTHUR HOELD FINANCIAL UPDATE MARK LANGER WAY FORWARD ARTHUR HOELD Q3 2026 CALL 3
Slide 4: Business Recap
BUSINESS RECAP Q3 2026 CALL
Slide 5: Q3 2026 Results
-6.3% SALES VS LAST YEAR (CURRENCY ADJUSTED) Q3 2026 -11.4 EBIT RESULTS IN EUR M ON TRACK AGAINST COMMITMENTS IN 92.0 CHALLENGING ENVIRONMENT FCF IN EUR M Q3 2026 CALL 5
Slide 6: Building Momentum in Running
300 PROJECT3 ATHLETES MEDITATION PUMA X ANOTHER IN MOTION COTTON LAB IN BERLIN AND CHICAGO STRONG STRONG ORGANIC SELL-OUTREACH & ONLINE PRESENCE BUILDING MOMENTUM IN RUNNING CONNECTING PERFORMANCE, HIGH BRAND VISIBILITY COMMUNITY AND RUNNING IN BERLIN CULTURE NITRO LAB BERLIN PUMA X ANOTHER COTTON L
Slide 7: Celebrating Records in Track & Field
ULTIMATE CHAMPIONSHIPS COMMONWEALTH GAMES 5 PUMA WINNERS DOUBLE LONG JUMP PODIUM CELEBRATING RECORDS IN TRACK & FIELD PUMA ATHLETES DOMINATING THEIR DISCIPLINES EUROPEAN ATHLETICS CHAMPIONSHIPS DIAMOND LEAGUE FINALS 33 MEDALS 3 MEETING RECORDS AUDREY WERRO Q3 2026 CALL DOMINATING 800M IN BREAKTHROUG
Slide 8: Driving Impact in Formula 1
MCLAREN’S “DESIGNED TO RACE” RUNWAY LANDO NORRIS ACTIVATION CHARLES LECLERC ACTIVATION LAUNCHING JAMES HUNT COLLECTION STORE OPENING CEREMONY IN SINGAPORE IN SINGAPORE FLAGSHIP STORE DRIVING IMPACT IN FORMULA 1 GREAT BRAND VISIBILITY WITH STRONG PARTNERS AND SUCCESSFUL ATHLETES HOME RACE WITH FERRAR
Slide 9: Raising the Game On and Off the Pitch
MERGING THE POWER OF SPORTS AND MUSIC STRONG FEDERATION PERFORMANCES A$AP ROCKY ACTIVATION LEADING AFCON QUALIFYING GROUPS RAISING THE GAME ON AND OFF THE PITCH STRONG TEAM PERFORMANCES AND GLOBAL ACTIVATIONS REINFORCING FOOTBALL RELEVANCE CLUB JERSEY LAUNCHES CLUB JERSEY SALES EUROPEAN FOOTBALL SEA
Slide 10: Transition Ongoing in Sportstyle
PUMA’S ICON: SUEDE LAUNCH OF VELUM 2 LAUNCH OF NEW DROPS DESIGNED BY SALEHE BEMBURY TRANSITION ONGOING IN SPORTSTYLE NEW PRODUCT DROPS WITH KEY FRANCHISES SPEEDCAT AND SUEDE CA7RIEL & PACO AMOROSO AHLUWALIA X PUMA COLLAB NEW PARTNERSHIP FRESH OFF LONDON FASHION WEEK RUNWAY Q3 2026 CALL NEXT CHAPTER
Slide 11: 3-Year Reset, Transition, Return to Growth
2025 RESET 2026 TRANSITION 2027 RETURN TO GROWTH 3-YEAR TRANSITION YEAR ONGOING DESPITE CHALLENGING MARKET ENVIRONMENT SS27 SEASONAL LINE FREEZE
Slide 12: Changes in Senior Leadership
CHANGES IN SENIOR LEADERSHIP TO BUILD A HIGH- ARTHUR HOELD MARIA VALDES ARNE ARENS ANDREAS HUBERT MARK LANGER CEO CBO CCO NEW LEADER COO CFO PERFORMING TEAM NEW LEADER ANNOUNCED SINCE JULY 2026 STRATEGY BRAND MARKETING MARKETS SOURCING FINANCE NEW LEADER SPORTS MARKETING BUSINESS UNITS LOGISTICS INV
Slide 13: Ongoing Transition in Home Region Europe
ONGOING TRANSITION IN HOME REGION EUROPE MORE CENTRALISED, BRAND-LED ORGANISATIONAL SETUP SIGNIFICANT PROGRESS OVER THE LAST MONTHS DEDICATED REGIONAL LEADERSHIP TEAM ESTABLISHED IMPLEMENTATION OF NEW ORG STRUCTURE FOR 600+ EMPLOYEES COMPLETED FIRST ONE EUROPE GO-TO-MARKET MEETING SUCCESSFULLY DELIV
Slide 14: PUMA Named One of the World's Top Companies for Women
PUMA NAMED ONE OF THE WORLD’S TOP COMPANIES FOR WOMEN #15 #1 GLOBAL CLOTHING, SHOES & RANKING SPORTS EQUIPMENT Q3 2026 CALL 14
Slide 15: ANTA's Acquisition of PUMA Stake
ANTA’S JANUARY 2026 • 29.06% STAKE ACQUISITION ANNOUNCED ACQUISITION OF PUMA STAKE NOW COMPLETED OCTOBER 2026 • TRANSACTION COMPLETED • ANTA SPORTS BECOMES PUMA’S LARGEST SHAREHOLDER • ANTA SPORTS AS STRATEGIC PARTNER GOING FORWARD • DENNIS TAO AS NEW CHAIRMAN OF THE PUMA SUPERVISORY BOARD Q3 2026 C
Slide 16: Financial Update
FINANCIAL UPDATE Q3 2026 CALL
Slide 17: Q3 2026 Summary
Q3 2026 SUMMARY ONGOING TRANSITION SHAPES Q3 PERFORMANCE SALES (CA) -6.3% SEQUENTIAL IMPROVEMENT VS. Q2, RESET MEASURES AND WEAK CONSUMER DEMAND REMAINED HEADWINDS (YOY) EBIT -11.4 EBIT IMPROVED VS. Q2, GROSS MARGIN INCREASE OFFSET BY HIGHER OPEX RATIO (IN EUR M) INVENTORIES -24.3% INVENTORY NORMALI
Slide 18: Sales Breakdown Q3 by Channel
SALES BREAKDOWN Q3 BY CHANNEL SALES VS LAST YEAR (CA) WHOLESALE -9.6% (IN EUR M, IN %) TOTAL DTC 1.2% 33% RETAIL STORES (OWNED & OPERATED) -2.3% 1,776.2 E-COM 7.8% 67% PUMA GROUP -6.3% WHOLESALE DTC Q3 2026 CALL 18
Slide 19: Sales Breakdown Q3 by Region
SALES BREAKDOWN Q3 BY REGION SALES VS LAST YEAR (CA) EMEA -11.5% (IN EUR M, IN %) AMERICAS -8.1% NORTH AMERICA -17.2% 22% LATIN AMERICA 1.4% 45% ASIA/PACIFIC 10.0% 1,776.2 GREATER CHINA 3.5% 33% REST OF APAC 13.0% EMEA AMERICAS ASIA/PACIFIC PUMA GROUP -6.3% Q3 2026 CALL 19
Slide 20: Sales Breakdown Q3 by Division
SALES BREAKDOWN BY DIVISION Q3 SALES VS LAST YEAR (CA) FOOTWEAR -5.1% (IN EUR M, IN %) 12% APPAREL -9.4% 1,776.2 ACCESSORIES -3.2% 31% 57% PUMA GROUP -6.3% FOOTWEAR APPAREL ACCESSORIES Q3 2026 CALL 20
Slide 21: Operating Performance
OPERATING PUMA GROUP Q3 2026 DEVIATION PERFORMANCE DEVIATION VS LAST YEAR SALES 1,776.2 -5.0% (-6.3% CA) (IN EUR M, IN %, MARGIN IN % OF SALES) GROSS PROFIT MARGIN 49.5% +4.2% pts ROYALTY AND COMMISSION INCOME 20.5 -3.0% OPEX1) -900.0 +6.7% ADJUSTED EBIT 0.4 -26.0 ONE-TIME EFFECTS -11.7 -1.6 EBIT -1
Slide 22: Gross Profit Margin
GROSS PROFIT IMPACT ON GROSS PROFIT MARGIN DEVELOPMENT MARGIN (MARGIN IN % OF SALES) SOURCING PRICES INCL. TARIFF REFUNDS 49.5% CHANNEL MIX CURRENCY EFFECTS FREIGHT 45.4% PRODUCT MIX & OTHERS Q3 2025 Q3 2026 Q3 2026 CALL 22
Slide 23: Operating Expenses (OPEX)
OPERATING IMPACT ON OPEX1) DEVELOPMENT EXPENSES 900.0 (OPEX) DTC EXPENSES MARKETING (IN EUR M) 843.4 OTHER G&A FX EFFECTS SAVINGS Q3 2025 Q3 2026 1) EXCL. ONE-TIME EFFECTS Q3 2026 CALL 23
Slide 24: Working Capital
WORKING PUMA GROUP 30 SEP 2026 30 SEP 2025 DEVIATION CAPITAL (IN EUR M, IN %) INVENTORIES 1,608.9 2,124.1 -24.3% TRADE RECEIVABLES 1,094.5 1,241.2 -11.8% TRADE PAYABLES 1,054.7 1,270.6 -17.0% WORKING CAPITAL1) 1,454.9 1,924.6 -24.4% 1) INCLUDES ALSO OTHER CURRENT ASSETS AND OTHER CURRENT LIABILITIES
Slide 25: Inventories
INVENTORIES (IN EUR M) MAJORITY OF TAKEBACKS CLEARANCE PURCHASING VOLUME 2,151.1 2,124.1 EXPECTED AT 2,076.1 2,060.0 NORMALISED 2,013.7 LEVELS AT THE 1,961.1 1,898.0 END OF 2026 1,811.3 1,821.1 1,785.6 1,608.9 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4
Slide 26: Free Cash Flow
FREE CASH SUBSTANTIALLY ABOVE PRIOR-YEAR LEVEL FLOW (IN EUR M) WORKING CAPITAL 92.0 LOWER TAX PAYMENT LOWER CAPEX PROFITABILITY -43.0 Q3 2025 Q3 2026 Q3 2026 CALL 26
Slide 27: Net Debt Development
NET DEBT DEVELOPMENT (IN EUR M) NET DEBT REDUCED YOY FINANCIAL HEADROOM SUFFICIENT 1,205 -127 1,078 353 1,180 827 Q3 2025 Q3 2026 CASH POSITION UNUTILISED CREDIT LINES Q3 2026 CALL 27
Slide 28: Refinancing Update
REFINANCING UPDATE (IN EUR M) BRIDGE LOAN REFINANCING IN PROGRESS BEFORE REFINANCING POST REFINANCING EUR 100M BILATERAL LOAN SECURED WITH SINGAPORE-HEADQUARTERED DBS BANK 100 MATURING END-2028 WITH EXTENSION OPTION 350 EXPANDING BANKING PARTNERSHIPS 250 FURTHER REFINANCING UNDERWAY TO REPLACE THE R
Slide 29: Way Forward
WAY FORWARD Q3 2026 CALL
Slide 30: FY 2026 Outlook Updated
SALES (CA CHANGE IN %) LOW- TO MID-SINGLE DIGIT PERCENTAGE RANGE DECLINE FY 2026 • CURRENCY TRANSLATION HEADWINDS OF APPROX. 2% PTS • H2 2026 IMPROVED FROM H1 2026 OUTLOOK UPDATED EBIT BETWEEN EUR -80 M AND EUR -130 M (PREVIOUS: EUR -50 M AND EUR -150 M) CONFIRMED FOR SALES AND • SUBSTANTIAL IMPROVE
Slide 31: Our North Star: Become a Top Global Sports Brand
OUR NORTH STAR BECOME A TOP 3 GLOBAL SPORTS BRAND Q3 2026 CALL 31
Slide 32: Summary Q3 2026
SUMMARY Q3 2026 THANK YOU BRAND MOMENTUM ONGOING TRANSITION FY 2026 OUTLOOK BUILDING RELEVANCE IN AS OUTLINED IN OUR 3-YEAR CONFIRMED FOR SALES (CA IN %); KEY CATEGORIES TRANSFORMATION JOURNEY UPDATED FOR EBIT & CAPEX Q3 2026 CALL 32
Slide 33: Questions & Answers
QUESTIONS & ANSWERS Q3 2026 CALL
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Slide 35: Appendix
APPENDIX Q3 2026 CALL
Slide 36: Drivers of Q3 EBIT Margin Development
DRIVERS OF Q3 EBIT MARGIN 4.2% 0.0% -5.6% DEVELOPMENT DEVIATION VS LAST YEAR (MARGIN IN % OF SALES) 0.9% -0.6% -0.1% Q3 2025 GROSS ROYALTY AND OPEX1) ONE-TIME Q3 2026 PROFIT COMMISSION INCOME EFFECTS 1) EXCL. ONE-TIME EFFECTS Q3 2026 CALL 36
Slide 37: Sales Overview
SALES OVERVIEW DEVIATION VS LAST YEAR (IN %; IN EUR M) DEVIATION DEVIATION Q3 2026 Q3 2025* IN % IN % (ca) GROUP SALES 1,776.2 1,870.1 -5.0% -6.3% BY REGION EMEA 801.2 910.6 -12.0% -11.5% AMERICAS 580.4 592.5 -2.0% -8.1% ASIA/PACIFIC 394.6 367.1 7.5% 10.0% BY PRODUCT DIVISION FOOTWEAR 1,010.9 1,045.
Slide 38: Slide 38