Slide 1: Q4 / FY 2025 Earnings Call
Q4 / FY EARNINGS FEBRUARY 26, 2025 CALL 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: Q4 / FY 2025 Earnings Call Agenda
Q4 / FY 2025 EARNINGS CALL AGENDA BUSINESS RECAP FINANCIAL UPDATE OUTLOOK 2026 ARTHUR HOELD MARKUS NEUBRAND ARTHUR HOELD 4 Q4 / FY 2025 CALL
Slide 4: Business Recap
BUSINESS RECAP Q4 / FY 2025 CALL
Slide 5: 2025 Was an Exciting Year of Sports
2025 WAS AN EXCITING YEAR OF SPORTS PUMA WAS HIGHLY VISIBLE AS A SPORTS BRAND 6 Q4 / FY 2025 CALL
Slide 6: Our Foundation for Future Success
OUR FOUNDATION FOR FUTURE SUCCESS INNOVATIVE COMMUNITY GLOBAL 77 YEARS OF TECHNOLOGIES PLATFORMS REACH HISTORY 7 Q4 / FY 2025 CALL
Slide 7: 3-Year Transformation Journey
2025 RESET 2026 TRANSITION 2027 RETURN TO GROWTH 3-YEAR TRANSFORMATION JOURNEY ONGOING 8
Slide 8: 2025 Year of Reset
2025 YEAR OF RESET IMMEDIATE ACTIONS INTRODUCED AND COMMUNICATED IN H2 2025 DISTRIBUTION CASH OPEX CLEAN-UP MANAGEMENT RESET REDUCTION OF UNDESIRABLE WHOLESALE BUSINESS* PO PLACEMENTS FOR NEXT YEAR TACTICAL COST ALLOCATION OVERSTOCK AT WHOLESALE PARTNERS ACCOUNTS RECEIVABLES RANGE SIZE & COMPLEXITY*
Slide 9: Right-Sizing Measures Across the Business
REDUCTION OF RIGHT-SIZING UNDESIRABLE DISCOUNTS IN SIZE & COMPLEXITY OF MEASURES WHOLESALE BUSINESS DTC CHANNELS PRODUCT RANGE ACROSS THE PARTICULARLY IN THE U.S. PARTICULARLY ON PUMA.COM INLINE AND NON-INLINE BUSINESS KEY HIGHLIGHTS -DD% CUT -MSD%PTS CUT -DD% CUT 2024 2025 2026E 2024 2025 2026E 202
Slide 10: Continued Focus to Streamline Organization
CONTINUED ADJUSTMENT OF SIZE OF TEAMS GLOBALLY FOCUS TO REDUCTION OF WHITE-COLLAR POSITIONS STREAMLINE ORGANIZATION APPROX. -20% ONGOING HEADCOUNT 500 900 REDUCTION PROGRAM HC 01/2025 H1 2025 H2 2025 2026 HC 12/2026 Illustrative graph 11 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 11: Continued Changes in Senior Leadership
CONTINUED CHANGES IN SENIOR LEADERSHIP TO BUILD A HIGH- ARTHUR HOELD CEO *NEW SCOPE MARIA VALDES CBO *NEW SCOPE MATTHIAS BAEUMER CCO ANDREAS HUBERT COO NEW ADDITION MARKUS NEUBRAND CFO PERFORMING TEAM STRATEGY BRAND MARKETING* MARKETS SOURCING FINANCE NEW LEADER NEW LEADER NEW LEADER NEW LEADER ANNO
Slide 12: New Brand Operating Model
NEW BRAND OPERATING MODEL MAIN CHANGES INTRODUCED TO STRENGTHEN BRAND-FIRST APPROACH BRAND MARKETING, PRODUCT DEDICATED CATEGORY TEAMS NEW GO-TO-MARKET CALENDAR CREATION & GO-TO-MARKET UNITED WITH FULL OWNERSHIP AS OF 2026 ALL REPORTING INTO CHIEF BRAND OFFICER FOOTBALL MORE FOCUSED INTERNAL ALIGNME
Slide 13: New Set Up to Service Home Region Europe
NEW SET UP TO SERVICE HOME REGION EUROPE CENTRALIZED OPERATING MODEL GOING LIVE IN Q2 2026 FROM TO RESULTING CHANGES LOCALIZED PROCESSES & DECISION RIGHTS STRONGER BRAND CONSISTENCY • FROM DECENTRALIZED TO DUPLICATED STRUCTURES BETTER SELL-IN READINESS CENTRALIZED STEERING INCONSISTENT BRAND ACTIVAT
Slide 14: Financial Update
FINANCIAL UPDATE Q4 / FY 2025 CALL
Slide 15: Sales
SALES Q4 2025 FY 2025 VS LAST YEAR CURRENCY ADJUSTED (CA) -20.7% -8.1%
Slide 16: 2025 – A Reset Year for PUMA
2025 – A RESET YEAR FOR PUMA SALES DEVELOPMENT IN 2025 SIGNIFICANTLY IMPACTED BY RESET MEASURES SALES DEVELOPMENT (CA) IN 2025 IMPACT OF RESET MEASURES ON SALES DEVELOPMENT RESET INITIATED FY 2025 RESET IMPACT WITHOUT RESET +0.1% IN Q3 -1.2% -8.1% -10.3% -8.1% RESET MEASURES UNDESIRABLE BUSINESS -20
Slide 17: 2025 Sales Breakdown by Channel
Q4 FY 2025 SALES WHOLESALE -27.7% -12.8% BREAKDOWN BY CHANNEL TOTAL DTC -8.0% +3.4% SALES VS LAST YEAR (CA) BRICK & MORTAR -0.9% +3.4% E-COM -19.7% +3.4% PUMA GROUP -20.7% -8.1% 18 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 18: 2025 Sales Breakdown by Region
Q4 FY 2025 SALES EMEA -24.3% -6.9% BREAKDOWN BY REGION AMERICAS -22.2% -10.0% SALES VS LAST YEAR (CA) NORTH AMERICA -33.3% -18.7% ASIA/PACIFIC -12.6% -7.4% GREATER CHINA -19.6% -15.5% PUMA GROUP -20.7% -8.1% 19 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 19: 2025 Sales Breakdown by Division
Q4 FY 2025 SALES FOOTWEAR -25.4% -7.1% BREAKDOWN BY DIVISION APPAREL -13.7% -9.7% SALES VS LAST YEAR (CA) ACCESSORIES -18.2% -8.5% PUMA GROUP -20.7% -8.1% 20 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 20: Q4 Operating Performance
PUMA GROUP Q4 2025 DEVIATION FY 2025 DEVIATION Q4 OPERATING SALES 1,564.9 -27.2% 7,296.2 -13.1% PERFORMANCE (-20.7% ca) (-8.1% ca) GROSS PROFIT MARGIN 40.2% -7.5% pts 45.0% -2.6% pts DEVIATION VS LAST YEAR (IN EUR M, MARGIN IN % OF SALES) ROYALTY AND 30.0 36.2% 92.4 4.4% COMMISSION INCOME OPEX1) 887
Slide 21: Drivers of Q4 Gross Profit Margin Development
47.7 DRIVERS OF Q4 GROSS PROFIT MARGIN 40.2 DEVELOPMENT DEVIATION VS LAST YEAR (MARGIN IN % OF SALES) Q4 2024 PROMOTIONS CURRENCY REGIONAL FREIGHT SOURCING CHANNEL, Q4 2025 AND EFFECTS MIX (INCL. DUTIES) PRODUCT MIX INVENTORY & OTHER RESERVES 22 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 22: FY Operating Performance
PUMA GROUP Q4 2025 DEVIATION FY 2025 DEVIATION FY OPERATING SALES 1,564.9 -27.2% (-20.7% ca) 7,296.2 -13.1% (-8.1% ca) PERFORMANCE GROSS PROFIT MARGIN 40.2% -7.5% pts 45.0% -2.6% pts DEVIATION VS LAST YEAR ROYALTY AND 30.0 36.2% 92.4 4.4% (IN EUR M, MARGIN IN % OF SALES) COMMISSION INCOME OPEX1) 887
Slide 23: Drivers of FY Gross Profit Margin Development
47.6 DRIVERS OF FY GROSS PROFIT MARGIN 45.0 DEVELOPMENT DEVIATION VS LAST YEAR (MARGIN IN % OF SALES) FY 2024 PROMOTIONS CURRENCY REGIONAL FREIGHT SOURCING CHANNEL, FY 2025 AND EFFECTS MIX (INCL. DUTIES) PRODUCT MIX INVENTORY & OTHER RESERVES 24 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 24: Opex Drivers & One-Time Effects
OPEX DRIVERS & ONE-TIME EFFECTS OPEX EXCL. ONE-TIME EFFECTS FLAT MATERIAL ONE-TIME EFFECTS DUE TO DUE TO INCREASED FOCUS ON DTC-BUSINESS EFFICIENCY MEASURES & IMPAIRMENTS DTC SHARE IN % OF SALES 28.9% +3.5% pts 32.4% STORE CLOSURES PERSONNEL & OTHERS EXPENSES 27 3,537.7 IMPACT ON OPEX DEVELOPMENT 3,
Slide 25: Drivers of FY EBIT Margin Development
DRIVERS OF FY 6.5 -2.6 EBIT MARGIN +0.2 -6.4 DEVELOPMENT DEVIATION VS LAST YEAR (MARGIN IN % OF SALES) -2.6 -4.9 FY 2024 GROSS ROYALTY AND OPEX ONE-TIME FY 2025 PROFIT COMMISION EFFECTS INCOME 26 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 26: Working Capital
PUMA GROUP 31 DEC 2025 31 DEC 2024 DEVIATION WORKING INVENTORIES 2,060.0 2,013.7 +2.3% CAPITAL (+10.7% ca) DEVIATION VS LAST YEAR TRADE RECEIVABLES 913.4 1,246.5 -26.7% (IN EUR M) TRADE PAYABLES 1,271.4 1,893.5 -32.9% WORKING CAPITAL1) 1,536.6 1,278.2 +20.2% (IN % OF SALES) 21.1% 15.2% +5.9% pts 1)
Slide 27: Inventory Development
MAJORITY OF TAKEBACKS CLEARANCE INVENTORY PURCHASING VOLUME DEVELOPMENT INVENTORY LEVELS HAVE PEAKED AND EXPECTED AT NORMALIZED LEVELS AT THE END OF 2026 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2026 E ILLUSTRATIVE CHART 28 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 28: Free Cash Flow Significantly Down in FY 2025
FREE CASH FLOW SIGNIFICANTLY DOWN IN FY 2025 3 FREE CASH FLOW 1 DOWN DUE TO NEGATIVE EBT -530 AND INCREASED NWC 2 INVESTMENT FOCUSSED ON DIGITAL INFRASTRUCTURE & 55 DTC CHANNELS 368 -319 290 3 DOWN BY EUR -995 M VS. FY 2024 (EUR 464 M) 1 397 -211 4 INCLUDED EUR 1,006 M PROCEEDS FROM FINANCIAL LIABIL
Slide 29: Net Debt Development
NET DEBT DEVELOPMENT NET DEBT INCREASED …BUT SUFFICIENT FINANCIAL HEADROOM TO AS EXPECTED… INVEST IN STRATEGIC PRIORITIES FINANCIAL 1,492 HEADROOM 1,064 UNUTILISED 1,202 CREDIT LINES 120 290 CASH POSITION FY 2024 FY 2025 FY 2025 IN EUR M 30 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 30: FY 2026 Outlook
FY 2026 OUTLOOK Q4 / FY 2025 CALL
Slide 31: 2026 Year of Transition
2026 YEAR OF TRANSITION 32 Q4 / FY 2025 CALL
Slide 32: Top 3 Sports Brand: Our North Star
TOP 3 SPORTS BRAND OUR NORTH STAR RETURN TO ABOVE INDUSTRY GROWTH RETURN TO HEALTHY PROFITS 33 Q4 / FY 2025 CALL
Slide 33: We Are One Global Sports Brand
WE ARE ONE GLOBAL SPORTS BRAND HERITAGE PERFORMANCE A LEGACY OF FIRSTS A FUTURE OF INNOVATION 34 Q4 / FY 2025 CALL
Slide 34: Building Momentum as a Global Sports Brand in 2026
BUILDING MOMENTUM AS A GLOBAL SPORTS BRAND IN 2026 ON WORLD STAGES EURO CHAMPS AFCON HANDBALL FIFA WORLD CUP TM KEY CITY COMEBACK OF MARATHONS TYRESE HALIBURTON BOSTON LONDON FORMULA 1 35 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 35: Exciting Product Launches
EXCITING PRODUCT LAUNCHES INNOVATIVE NEWNESS IN MATHIAS GIDSEL HYROX RUNNING PERFORMANCE ACCELERATE NITROTM SQD 4 DEVIATE NITROTM ELITE 4 DEVIATE NITROTM ELITE 4 36 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 36: Celebrating the Culture Around Sports
CELEBRATING AFCON THE CULTURE LAUNCH SUEDE AROUND SPORTS SPEEDCAT CONTINUED DEDICATION TO IMPROVE STYLE PROPOSITION THROUGHOUT 2026 PUMA X REPRESENT COLLAB PUMA X NAHMIAS COLLAB 37
Slide 37: Our Objectives for 2026
OUR CONTINUE OUR 3-YEAR TRANSFORMATION JOURNEY OBJECTIVES ACCELERATE PUMA’S BRAND MOMENTUM FOR FOR 2026 FUTURE COMMERCIAL SUCCESS 5 FOCUS AREAS TO DRIVE SHIFT TOWARDS HIGHER-QUALITY REVENUE EXECUTION OF OUR WITH AN IMPROVED FOCUS ON PROFITABILITY STRATEGIC DIRECTION ELEVATE FINANCIAL DISCIPLINE AND
Slide 38: FY 2026 Outlook
SALES (CA CHANGE IN %) LOW- TO MID-SINGLE DIGIT PERCENTAGE RANGE DECLINE FY 2026 • CURRENCY TRANSLATION HEADWINDS OF APPROX. 3% pts • H2 2026 STRONGER THAN H1 2026 OUTLOOK REPORTED EBIT EXPECTATION AND BETWEEN EUR -50 M AND EUR -150 M UNDERLYING ASSUMPTIONS • SUBSTANTIAL IMPROVEMENT IN GROSS PROFIT
Slide 39: Building a Strong Foundation for a Return to Profitable Growth in 2027
BUILDING A STRONG FOUNDATION FOR A RETURN TO PROFITABLE GROWTH IN 2027 40 Q4 / FY 2025 CALL
Slide 40: Slide 40
Slide 41: Appendix
APPENDIX 42 Q4 / FY 2025 CALL Q4 / FY 2025 CALL
Slide 42: Sales Overview
SALES OVERVIEW DELTA VS LAST YEAR (IN EUR M) Delta Delta Delta Delta Q4 2025 Q4 2024 FY 2025 FY 2024 in % in % (ca) in % in % (ca) GROUP SALES 1,564.9 2,150.5 -27.2% -20.7% 7,296.2 8,398.0 -13.1% -8.1% BY REGION EMEA 569.1 796.5 -28.5% -24.3% 3,143.2 3,475.7 -9.6% -6.9% AMERICAS 589.2 847.4 -30.5% -
Slide 43: Maturity Profile
MATURITY PROFILE (IN EUR M) REMAINING TERM BEYOND TOTAL 2026 2027 2028 2029 2030 2031 BORROWINGS PROMISSORY NOTE LOANS 630.7 206.5 64.2 150.0 147.0 0.0 63.0 BORROWINGS FROM BANKS 722.8 722.81) TOTAL 1,353.5 929.3 1) THEREOF EUR 650 M AS A UTILISATION OF THE RCF, WHICH ITSELF MATURES IN DEC. 2029 ONL