Slide 1: Q2 2026 Earnings Call
Q2 2026 EARNINGS CALL JULY 31, 2026
Slide 2: Cautionary Statements Regarding Forward-Looking Information
TOP 3 CAUTIONARY STATEMENTS REGARDING SPORTS FORWARD-LOOKING INFORMATION BRANDThis 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 I
Slide 3: Q2 2026 Earnings Call Agenda
Q2 2026 EARNINGS CALL AGENDA BUSINESS RECAP ARTHUR HOELD FINANCIAL UPDATE MARK LANGER WAY FORWARD ARTHUR HOELD Q2 2026 CALL 3
Slide 4: Business Recap
BUSINESS RECAP Q2 2026 CALL
Slide 5: Q2 2026 Results
-9.4% SALES VS LAST YEAR (CURRENCY ADJUSTED) Q2 2026 RESULTS -53.1 EBIT IN EUR M ON TRACK AGAINST COMMITMENTS 328.8 FCF IN EUR M Q2 2026 CALL 5
Slide 6: Strong Brand Exposure at Football
11 TEAMS PORTUGAL HOME JERSEY STRONG BRAND REPRESENTING PUMA ON PITCH AS KEY COMMERCIAL HIGHLIGHT EXPOSURE AT FOOTBALL WORLD CUP ON & OFF THE PITCH SHOWTIME PACK COMMERCIAL SUCCESS IN EUROPE & THE U.S. TRAVEL WEAR BRINGING STYLE OFF THE PITCH NEYMAR JR RETURNS VIDEO >100M VIEWS ONLINE SHOWTIME PACK
Slide 7: Clear Focus on Running Category
CLEAR FOCUS ON RUNNING CATEGORY PRODUCT INNOVATION AND COMMUNITY BUILDING AS FAST-R NITROTM ELITE 3 SHOWTIME EDITION KEY PILLARS TO ACCELERATE STRONG VISIBILITY AT LONDON MARATHON #4 BRAND AMONG TOP 10% FINISHERS BOLD DESIGN & SPEED GROWTH 60 PROJECT3 RUNNERS IN LONDON ACROSS TOP 100 WOMEN & 100 MEN
Slide 8: HYROX as Key Partner in Training
DEVIATE NITROTM HYROX ELITE HYROX AS KEY NAMED BEST SHOE FOR HYROX PARTNER IN TRAINING STRENGTHEN CREDIBILITY WOMEN’S PRO WORLD RECORD JOANNA WIETRZYK WINS THROUGH HYBRID TRAINING WARSAW MAJOR IN 54:25 & RACING NEW WORLD RECORD 100 DAYS, 100 HYROX RACES HYROX WORLD CHAMPS 2026 HYROX NEW YORK 4 PUMA
Slide 9: Transition in Sportstyle Segment
CONTINUED LOW-PROFILE MOMENTUM TRANSITION IN STRONG SALES OF SPEEDCAT OG SPORTSTYLE SEGMENT ONGOING SPEEDCAT BALLET SURGE IN CONSUMER INTEREST SUSTAINABLE BUILD-UP OF ICON FRANCHISES REQUIRED FOR FUTURE SUCCESS SUEDE H-STREET INCUBATION WITH A$AP ROCKY ROSÉ CAMPAIGN AS BOOSTER Q2 2026 CALL 9
Slide 10: 3-Year Transformation Journey
2025 RESET 2026 TRANSITION 2027 RETURN TO GROWTH 3-YEAR TRANSFORMATION JOURNEY ONGOING WITH 2026 AS A TRANSITION TO BUILD A STRONG FOUNDATION FOR PROFITABLE GROWTH SS27 SEASONAL LINE FREEZE
Slide 11: Recap: Our Objectives for 2026
RECAP: OUR OBJECTIVES CONTINUE OUR 3-YEAR TRANSFORMATION JOURNEY FOR 2026 ACCELERATE PUMA’S BRAND MOMENTUM FOR FOCUS ON DISCIPLINED FUTURE COMMERCIAL SUCCESS EXECUTION IN Q2 2026 SHIFT TOWARDS HIGHER-QUALITY REVENUE WITH AN IMPROVED FOCUS ON PROFITABILITY ELEVATE FINANCIAL DISCIPLINE AND DELIVER REL
Slide 12: Rightsizing of Teams
REDUCTION OF RIGHTSIZING SIZE OF OUR TEAMS GLOBALLY OF TEAMS REDUCTION OF CORPORATE POSITIONS CLOSE TO APPROX. -20% FINALIZATION 500 900 REDUCTION OF 900 CORPORATE POSITIONS AS PART OF RESET MEASURES NEARLY COMPLETED HEADCOUNT COMPLETED IN COMPLETED IN COMPLETED IN HEADCOUNT 01/2025 H1 2025 H2 2025
Slide 13: More Selective Distribution
REDUCTION OF MORE BUSINESS WITH MASS-MERCHANT ACCOUNTS SELECTIVE TOP 10 PUMA CUSTOMER RANKING BY NET SALES (IN M, REPORTED CURRENCY) DISTRIBUTION JUNE 2025 YTD JUNE 2026 YTD NETWORK SIGNIFICANT REDUCTION OF MASS-MERCHANT EXPOSURE OVER THE LAST 12 MONTHS Mass Merchant Illustrative graph Q2 2026 CALL
Slide 14: Solid Foundation to Rebuild Our Brand
SOLID FOUNDATION TO REBUILD OUR BRAND KEY MEASURES ONGOING TO STRENGTHEN BRAND-LED APPROACH SHARPENING OF BRAND OPTIMIZATION OF MARKETING STRENGTHENING OF KEY IDENTITY AND POSITIONING BUDGET ALLOCATION PRODUCT FRANCHISES Q2 2026 CALL 14
Slide 15: Changes in Senior Leadership
CHANGES IN SENIOR LEADERSHIP TO BUILD A HIGH- ARTHUR HOELD MARIA VALDES MATTHIAS BAEUMER ANDREAS HUBERT MARK LANGER CEO CBO CCO COO CFO NEW LEADER PERFORMING TEAM NEW LEADER ANNOUNCED SINCE JANUARY 2026 STRATEGY BRAND MARKETING MARKETS SOURCING FINANCE NEW LEADER NEW LEADERS NEW LEADER ANNOUNCED SIN
Slide 16: Financial Update
FINANCIAL UPDATE Q2 2026 CALL
Slide 17: Q2 2026 Sales Declined in Line with Expectations
Q2 2026 SALES DECLINED IN LINE WITH EXPECTATIONS PUMA TRANSITION YEAR ON TRACK SALES DEVELOPMENT (CA) SALES DEVELOPMENT MAINLY INFLUENCED BY RESET TRANSITION RESET MEASURES +0.1% • UNDESIRABLE BUSINESS • DTC PROMOTIONS -1.2% -1.0% WEAKER CONSUMER DEMAND • MIDDLE EAST CONFLICT ADDING TO UNCERTAINTY -
Slide 18: Sales Breakdown by Channel Q2
SALES BREAKDOWN Q2 BY CHANNEL SALES VS LAST YEAR (CA) WHOLESALE -14.0% (IN EUR M, IN %) TOTAL DTC 0.4% 35% RETAIL STORES (OWNED & OPERATED) -0.5% 1,690.6 E-COM 1.8% 65% PUMA GROUP -9.4% WHOLESALE DTC Q2 2026 CALL 18
Slide 19: Sales Breakdown by Region Q2
SALES BREAKDOWN Q2 BY REGION SALES VS LAST YEAR (CA) EMEA -12.9% AMERICAS -15.4% (IN EUR M, IN %) NORTH AMERICA -16.7% 25% LATIN AMERICA -13.8% 40% ASIA/PACIFIC 8.6% 1,690.6 GREATER CHINA 0.9% 36% REST OF APAC 12.5% EMEA AMERICAS ASIA/PACIFIC PUMA GROUP -9.4% Q2 2026 CALL 19
Slide 20: Sales Breakdown by Division Q2
SALES BREAKDOWN Q2 BY DIVISION SALES VS LAST YEAR (CA) FOOTWEAR -11.7% (IN EUR M, IN %) APPAREL -4.3% 12% ACCESSORIES -12.0% 1,690.6 33% 55% PUMA GROUP -9.4% FOOTWEAR APPAREL ACCESSORIES Q2 2026 CALL 20
Slide 21: Operating Performance
OPERATING PUMA GROUP Q2 2026 DEVIATION PERFORMANCE DEVIATION VS LAST YEAR SALES 1,690.6 -9.7% (-9.4% CA) (IN EUR M, IN %, MARGIN IN % OF SALES) GROSS PROFIT MARGIN 48.0% +1.8% pts ADJUSTED EBIT -41.9 -17.4 ONE-TIME EFFECTS -11.2 +73.4 EBIT -53.1 +56.0 Q2 2026 CALL 21
Slide 22: Gross Profit Margin
GROSS PROFIT IMPACT ON GROSS PROFIT MARGIN DEVELOPMENT MARGIN (MARGIN IN % OF SALES) SOURCING PRICES INCL. TARIFF REFUND 48.0% CURRENCY EFFECTS CHANNEL MIX 46.2% PRODUCT MIX & OTHERS Q2 2025 Q2 2026 Q2 2026 CALL 22
Slide 23: Operating Expenses (OPEX)
OPERATING IMPACT ON OPEX1) DEVELOPMENT EXPENSES (OPEX) SAVINGS 909.0 FX EFFECTS (IN EUR M) MARKETING 872.6 Q2 2025 Q2 2026 1) EXCL. ONE-TIME EFFECTS Q2 2026 CALL 23
Slide 24: Working Capital
WORKING PUMA GROUP 30 JUN 2026 30 JUN 2025 DEVIATION CAPITAL INVENTORIES 1,821.1 2,151.1 -15.3% (IN EUR M, IN %) TRADE RECEIVABLES 1,061.1 1,308.8 -18.9% TRADE PAYABLES 1,198.7 1,513.8 -20.8% WORKING CAPITAL1) 1,544.7 1,864.8 -17.2% 1) INCLUDES ALSO OTHER CURRENT ASSETS AND OTHER CURRENT LIABILITIES
Slide 25: Inventories
INVENTORIES MAJORITY OF TAKEBACKS CLEARANCE (IN EUR M) PURCHASING VOLUME 2,151.1 2,124.1 2,076.1 2,060.0 EXPECTED AT 2,013.7 NORMALISED 1,961.1 LEVELS AT THE 1,898.0 END OF 2026 1,808.9 1,821.1 1,785.6 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 E Q4 2026
Slide 26: Free Cash Flow
FREE CASH SUBSTANTIALLY ABOVE PRIOR-YEAR LEVEL FLOW (IN EUR M) 329 LOWER PURCHASING VOLUME INVENTORY CLEARANCE IMPROVED PROFITABILITY LOWER CAPEX 95 Q2 2025 Q2 2026 Q2 2026 CALL 26
Slide 27: Net Debt Development
NET DEBT NET DEBT LEVEL STILL ELEVATED… …BUT SUFFICIENT FINANCIAL HEADROOM DEVELOPMENT (IN EUR M) 1,358 1,205 1,104 373 1,183 1,051 1,064 811 995 31 MAR 30 JUN 30 SEP 31 DEC 31 MAR 30 JUN CASH POSITION UNUTILISED CREDIT LINES 2025 2025 2025 2025 2026 2026 Q2 2026 CALL 27
Slide 28: Way Forward
WAY FORWARD Q2 2026 CALL
Slide 29: FY 2026 Outlook Confirmed
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 CONFIRMED EBIT BETWEEN EUR -50 M AND EUR -150 M UPDATED ASSUMPTIONS ON • SUBSTANTIAL IMPROVEMENT IN GROSS PROFIT MARGIN MIDDLE E
Slide 30: Top 3 Sports Brand
TOP 3 SPORTS BRAND OUR NORTH STAR RETURN TO ABOVE INDUSTRY GROWTH RETURN TO HEALTHY PROFITS Q2 2026 CALL 30
Slide 31: Summary Q2 2026
SUMMARY Q2 2026 THANK YOU BRAND MOMENTUM ONGOING TRANSITION FY 2026 OUTLOOK FOUNDATION TO GAIN AS OUTLINED IN OUR 3-YEAR CONFIRMED AS ANNOUNCED RELEVANCE IN KEY CATEGORIES TRANSFORMATION JOURNEY DURING Q4 / FY 2025 RELEASE Q2 2026 CALL 31
Slide 32: Questions & Answers
QUESTIONS & ANSWERS Q2 2026 CALL
Slide 33: Slide 33
Slide 34: Appendix
APPENDIX Q2 2026 CALL
Slide 35: Drivers of Q2 EBIT Margin Development
DRIVERS OF Q2 EBIT MARGIN DEVELOPMENT DEVIATION VS LAST YEAR 3.9% (MARGIN IN % OF SALES) 1.8% 0.0% -3.1% -5.8% -3.0% Q2 2025 GROSS ROYALTY AND OPEX ONE-TIME Q2 2026 PROFIT COMMISSION INCOME EFFECTS Q2 2026 CALL 35
Slide 36: Sales Overview
SALES OVERVIEW DEVIATION VS LAST YEAR (IN %; IN EUR M) DEVIATION DEVIATION Q2 2026 Q2 2025* IN % IN % (ca) GROUP SALES 1690.6 1871.3 -9.7% -9.4% BY REGION EMEA 674.1 771.7 -12.6% -12.9% AMERICAS 600.4 709.0 -15.3% -15.4% ASIA/PACIFIC 416.0 390.5 6.5% 8.6% BY PRODUCT DIVISION FOOTWEAR 935.6 1,061.1 -