Puma Se · XETR:PUM
Puma — Q1 2025 Earnings Presentation
25 slides from Puma's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Earnings Call
8TH MAY 2025 Q1 2025 EARNINGS CALL
Slide 2: Transition Period
TRANSITION PERIOD NEW CEO, ARTHUR HOELD, APPOINTED EFFECTIVE 1ST JULY 2025 LEADING THE COMPANY IN THE INTERIM PHASE: MARKUS NEUBRAND (CFO) MATTHIAS BÄUMER (CCO) MARIA VALDES (CPO) THANK YOU, ARNE! WELCOME, ARTHUR! 2
Slide 3: Agenda
AGENDA Q1 2025 EARNINGS CALL 01. BUSINESS & FINANCIAL UPDATE 02. OPERATIONAL UPDATE 03. OUTLOOK 2025
Slide 4: Launch of Global Brand Campaign "Go Wild"
LAUNCH OF GLOBAL BRAND CAMPAIGN “GO WILD” SUCCESSFUL INTRODUCTION WITH PROMISING RESULTS AND GREAT CONSUMER FEEDBACK 4
Slide 5: Key Product Stories of Q1 2025
KEY PRODUCT STORIES OF Q1 2025 EXCITING INNOVATION AND DESIGN NEWNESS LAUNCHED IN MARKETPLACE RUNNING FOOTBALL BASKETBALL MOTORSPORT FAST-R NITRO ELITE 3 DEVIATE NITRO 3 FUTURE 8 MB.04 GOLDEN CHILD FERRARI REPLICA 5
Slide 6: Low Profile Trend
LOW PROFILE TREND INCREASING INTEREST IN SPEEDCAT LYST INDEX ASIA CONTINUES TO LEAD THE TREND BIGGEST FRANCHISE IN OWN DTC CHANNEL SPEEDCAT BALLET IN TOP 3 LYST INDEX SEARCH TREND 6
Slide 7: Q1 2025 Sales Breakdown
Q1 2025 SALES BREAKDOWN SALES VS LAST YEAR (IN %, CURRENCY ADJUSTED) BY CHANNEL BY DIVISION BY REGION WHOLESALE -3.6% TOTAL DTC +12.0% FOOTWEAR +2.4% EMEA +5.1% BRICK & MORTAR +8.9% APPAREL -1.5% AMERICAS -2.7% E-COM +17.3% ACCESSORIES -5.7% APAC -4.7% TOTAL +0.1% TOTAL +0.1% TOTAL +0.1% TOTAL: EUR
Slide 8: Sales Breakdown by Quarter
SALES BREAKDOWN BY QUARTER QUARTERLY SALES BY MARKET VS LAST YEAR (IN %, CURRENCY ADJUSTED) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 EEA -3.5% +2.7% +2.2% +10.5% +1.0% EEMEA +15.1% -23.2% -3.8% +26.7% +21.2% NORTH AMERICA -2.7% +1.3% +6.1% +2.4% -11.1% LATIN AMERICA +7.8% +24.3% +20.4% +13.0% +13.1%
Slide 9: Q1 2025 Operating Performance
Q1 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) PUMA GROUP Q1 2024 Q1 2025 DEVIATION SALES 2,102.3 2,076.0 -1.3% +0.1% ca GROSS PROFIT 999.0 975.1 -2.4% % of Sales 47.5% 47.0% -0.6% pts 9
Slide 10: Q1 2025 Operating Performance
Q1 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) PUMA GROUP Q1 2024 Q1 2025 DEVIATION SALES 2,102.3 2,076.0 -1.3% +0.1% ca GROSS PROFIT 999.0 975.1 -2.4% % of Sales 47.5% 47.0% -0.6% pts Q1 CURRENCY EFFECTS SOURCING PRICES FREIGHT Thereof promotions: PROMOTIONS IMPACT Thereof
Slide 11: Q1 2025 Operating Performance
Q1 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) PUMA GROUP Q1 2024 Q1 2025 DEVIATION SALES 2,102.3 2,076.0 -1.3% +0.1% ca GROSS PROFIT 999.0 975.1 -2.4% % of Sales 47.5% 47.0% -0.6% pts OPEX* -840.0 -899.4 +7.1% % of Sales -40.0% -43.3% +3.4% pts 11 * incl. OVC and royalty i
Slide 12: Q1 2025 Operating Performance
Q1 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) PUMA GROUP Q1 2024 Q1 2025 DEVIATION SALES 2,102.3 2,076.0 -1.3% +0.1% ca GROSS PROFIT 999.0 975.1 -2.4% % of Sales 47.5% 47.0% -0.6% pts OPEX* -840.0 -899.4 +7.1% % of Sales -40.0% -43.3% +3.4% pts Q1 MARKETING Timing effect I
Slide 13: Q1 2025 Operating Performance
Q1 2025 OPERATING PERFORMANCE VS LAST YEAR (IN EUR M, REPORTED CURRENCY) PUMA GROUP Q1 2024 Q1 2025 DEVIATION SALES 2,102.3 2,076.0 -1.3% +0.1% ca GROSS PROFIT 999.0 975.1 -2.4% % of Sales 47.5% 47.0% -0.6% pts OPEX1) -840.0 -899.4 +7.1% % of Sales -40.0% -43.3% +3.4% pts ADJUSTED EBIT 159.0 75.7 -5
Slide 14: Inventory Development
INVENTORY DEVELOPMENT IN EUR M / IN % OF SALES (LAST 12 MONTHS), REPORTED CURRENCY +16.3% REPORTED CURRENCY +20.5% CURRENCY ADJUSTED 2.147 2.146 2.076 1.961 2.014 1.874 1.804 1.786 1.811 GOODS IN TRANSIT 24.6% 24.2% 23.0% 22.8% 23.6% 21.3% 21.0% 21.0% 21.3% ON HAND Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1
Slide 15: Working Capital
WORKING CAPITAL VS LAST YEAR (IN EUR M, REPORTED CURRENCY) PUMA GROUP 31 MAR 2024 31 MAR 2025 DEVIATION INVENTORIES 1,785.6 2,076.1 +16.3% TRADE RECEIVABLES 1,432.5 1,517.6 +5.9% TRADE PAYABLES 1,222.8 1,434.9 +17.3% OPERATING WORKING CAPITAL* 2,286.0 2,446.7 +7.0% WORKING CAPITAL 1,845.7 2,081.6 +1
Slide 16: Operational Update
OPERATIONAL UPDATE
Slide 17: Nextlevel Cost Efficiency Programme
NEXTLEVEL COST EFFICIENCY PROGRAMME BUILDING BLOCKS TO STRENGTHEN COMPETITIVENESS IMPROVE GROSS- DECREASE IMPROVE FREE PROFIT MARGIN OPEX RATIO CASH FLOW LOGISTICS PRICING / PROMOTIONS IT RETURN ON CAPITAL EMPLOYED FOB IMPROVEMENT MARKETING CASH CONVERSION CYCLE PRODUCT COMPLEXITY REDUCTION RETAIL G
Slide 18: Nextlevel Cost Efficiency Programme
ONGOING REDUCTION OF NEXTLEVEL 500 CORPORATE & REGIONAL POSITIONS GLOBALLY ON TRACK COST EFFICIENCY PROGRAMME KEY INITIATIVES TO DECREASE COSTS IDENTIFIED & IN EXECUTION IN VARIOUS COST AREAS EBIT CONTRIBUTION OF UP TO EUR 100M IN 2025 EXPECTED STARTING TO REALIZE FIRST IMPROVEMENTS IN SOURCING EFFI
Slide 19: Phasing of One-Time Costs & Additional EBIT
PHASING OF ONE-TIME COSTS & ADDITIONAL EBIT SUBJECT TO UPDATES IN COURSE OF 2025 ILLUSTRATIVE CHART UP TO EUR 75M ONE-TIME COSTS UP TO EUR 100M ADDITIONAL EBIT 18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 OPEX GPM 19
Slide 20: PUMA Group U.S. Exposure
PUMA GROUP U.S. EXPOSURE ONGOING EFFORTS TO MITIGATE EXPOSURE OF U.S. BUSINESS SOURCED IN CHINA SHARE OF SALES GENERATED IN THE U.S. SHARE OF SOURCING VOLUME FROM CHINA ILLUSTRATIVE CHART BASED ON FY2024 SALES ILLUSTRATIVE CHART BASED ON 2025 PROJECTION UNITED STATES CHINA REST OF WORLD REST OF WORL
Slide 21: Key Measures to Mitigate Impact
ACCELERATED AND CUSTOM CLEARED DELIVERIES TO THE U.S. BEFORE 9TH APRIL KEY MEASURES IMMEDIATE FOCUS TO TO MITIGATE OPTIMIZE SOURCING FOR AUTUMN/WINTER 2025 IMPACT OF U.S. TARIFFS IN HIGHLY VOLATILE ENVIRONMENT EVALUATION OF FINANCIAL SCENARIOS REVIEW OF PRICING 21
Slide 22: Outlook 2025
OUTLOOK! 2025
Slide 23: FY 2025 Outlook
SALES (CURRENCY ADJUSTED) FY 2025 LOW- TO MID-SINGLE DIGIT GROWTH OUTLOOK ASSUMPTIONS: ADJUSTED EBIT (BEFORE ONE-TIME COSTS) BETWEEN EUR 520M – 600M VOLATILE MARKET ENVIRONMENT CURRENCY TRANSLATION HEADWINDS OF APPROX. 3%PTS (EUR/USD 1.11) ONE-TIME COSTS (RELATED TO NEXTLEVEL COST EXCLUDING IMPACT O
Slide 24: Summary
LEVERAGING MOMENTUM ACROSS RUNNING AND SPORTSTYLE CATEGORIES EXECUTING Q1 2025 EARNINGS CALL NEXTLEVEL PROGRAMME TO SUMMARY RIGHTSIZE COST BASE CLOSELY MONITORING TARIFF SITUATION AND TAKING DECISIVE ACTIONS CEO APPOINTMENT OF ARTHUR HOELD AS OF 1ST JULY 24
Slide 25: Q&A
Q1 2025 EARNINGS CALL Q&A