Slide 1: Q1 Earnings Call April 30, 2026
Q1 EARNINGS APRIL 30, 2026 CALL 2026 MATHIAS GIDSEL WINNING THE EUROPEAN HANDBALL CHAMPIONSHIP WITH DENMARK
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: Q1 2026 Earnings Call Agenda
Q1 2026 EARNINGS CALL AGENDA BUSINESS RECAP FINANCIAL UPDATE WAY FORWARD ARTHUR HOELD MARKUS NEUBRAND ARTHUR HOELD 3 Q1 2026 CALL
Slide 4: Business Recap
BUSINESS RECAP Q1 2026 CALL
Slide 5: Change in CFO Role
THANK YOU! WELCOME TO PUMA! MARKUS NEUBRAND MARK LANGER CHANGE IN CFO ROLE AS OF MAY 1, 2026 5 Q1 2026 CALL
Slide 6: Q1 2026 Results
-1.0% SALES VS LAST YEAR Q1 2026 (CURRENCY ADJUSTED) RESULTS IN LINE WITH EXPECTATIONS 51.9 EBIT IN EUR M 6 Q1 2026 CALL
Slide 7: Great Success of PUMA Athletes in Q1 2026
GREAT SUCCESS OF PUMA ATHLETES IN Q1 2026 HIGH VISIBILITY OF THE BRAND IN KEY SPORT MOMENTS 7 Q1 2026 CALL
Slide 8: Several Product Highlights
HYROX DEVIATE NITROTM ELITE 4 SEVERAL H-STREET PRODUCT ACTIVATION WITH ROSÉ HIGHLIGHTS LAUNCHED RUNNING DEVIATE NITROTM ELITE 4 MATHIAS GIDSEL ACROSS ALL FOCUS ACCELERATE NITROTM SQD CATEGORIES RELEASE OF REVITALISATION WORLD CUP OF SUEDE TEAM KITS FRANCHISE 8
Slide 9: 3-Year Transformation Journey
2025 RESET 2026 TRANSITION 2027 RETURN TO GROWTH 3-YEAR TRANSFORMATION JOURNEY ONGOING WITH 2026 AS TRANSITION TOWARDS PROFITABLE GROWTH SS27 SEASONAL LINE FREEZE
Slide 10: Recap: Our Objectives for 2026
RECAP: OUR CONTINUE OUR 3-YEAR TRANSFORMATION JOURNEY OBJECTIVES ACCELERATE PUMA’S BRAND MOMENTUM FOR FOR 2026 FUTURE COMMERCIAL SUCCESS FOCUS ON DISCIPLINED SHIFT TOWARDS HIGHER-QUALITY REVENUE EXECUTION IN Q1 2026 WITH AN IMPROVED FOCUS ON PROFITABILITY ELEVATE FINANCIAL DISCIPLINE AND DELIVER REL
Slide 11: Continued Execution of Right-Sizing Efforts
CONTINUED EXECUTION OF RIGHT-SIZING EFFORTS SIGNIFICANT PROGRESS ACHIEVED ALONG ALL DISTRIBUTION CASH OPEX INITIATIVES CLEAN-UP MANAGEMENT RESET REDUCTION OF INITIATIVES COMPLETED UNDESIRABLE WHOLESALE BUSINESS PO1 PLACEMENTS FOR 2026 TACTICAL COST ALLOCATION IMPLEMENTATION OF INITIATIVES ONGOING TH
Slide 12: Reduction of Overstock at Wholesale Partners in the U.S.
REDUCTION OF CONTINUED OVERSTOCK AT WHOLESALE PARTNERS IN THE U.S. RIGHT-SIZING INVENTORY LEVELS (IN UNITS) EFFORTS KEY HIGHLIGHTS -MDD% CUT Q1 2025 Q1 2026 Illustrative graph; based on selected Wholesale accounts MDD = mid double-digit 12 Q1 2026 CALL
Slide 13: Continued Range Size & Complexity Reduction
REDUCTION OF CONTINUED RANGE SIZE & COMPLEXITY RIGHT-SIZING DEVELOPED ARTICLE COUNT (IN UNITS) EFFORTS -MDD% CUT KEY HIGHLIGHTS SS25 AH25 SS26 AH26 SS27 AH27 SS28 Illustrative graph MDD = mid double-digit 13 Q1 2026 CALL
Slide 14: Size of Our Teams Globally
REDUCTION OF CONTINUED SIZE OF OUR TEAMS GLOBALLY RIGHT-SIZING REDUCTION OF CORPORATE POSITIONS EFFORTS APPROX. -20% KEY HIGHLIGHTS 500 900 HEADCOUNT COMPLETED IN COMPLETED IN IN PROGRESS HEADCOUNT 01/2025 H1 2025 H2 2025 - Q1 2026 Q2 - Q4 2026 12/2026 Illustrative graph 14 Q1 2026 CALL
Slide 15: Continued Changes in Senior Leadership
CONTINUED CHANGES IN SENIOR LEADERSHIP TO BUILD A HIGH- ARTHUR HOELD CEO MARIA VALDES CBO MATTHIAS BAEUMER CCO ANDREAS HUBERT COO NEW ADDITION MARK LANGER CFO (AS OF MAY 1, 2026) PERFORMING TEAM STRATEGY BRAND MARKETING MARKETS SOURCING FINANCE NEW LEADER NEW LEADER NEW LEADER NEW LEADER ANNOUNCED S
Slide 16: Financial Update
FINANCIAL UPDATE Q1 2026 CALL
Slide 17: Q1 2026 – Solid Start to Transition Year
Q1 2026 – SOLID START TO TRANSITION YEAR SALES DEVELOPMENT SUPPORTED BY INVENTORY CLEARANCE SALES DEVELOPMENT (CA) SALES DEVELOPMENT INFLUENCED BY RESET TRANSITION +0.1% CLEARANCE RESET -1.2% -1.0% c • SELECTED WHOLESALE PARTNERS • UNDESIRABLE BUSINESS OVC) • OWN OUTLET STORES • DTC PROMOTIONS -10.3
Slide 18: Sales Breakdown by Channel Q1
SALES BREAKDOWN Q1 BY CHANNEL WHOLESALE -2.8% SALES VS LAST YEAR (CA) (IN EUR M, IN %) TOTAL DTC 3.8% 28% BRICK & MORTAR 5.7% 1,863.8 E-COM 0.6% 72% PUMA GROUP -1.0% WHOLESALE DTC 18 Q1 2026 CALL
Slide 19: Sales Breakdown by Region Q1
SALES BREAKDOWN Q1 BY REGION EMEA -10.4% SALES VS LAST YEAR (CA) AMERICAS 6.1% (IN EUR M, IN %) NORTH AMERICA 2.3% 23% LATIN AMERICA 10.5% 42% ASIA/PACIFIC 7.9% 1,863.8 GREATER CHINA 9.0% 35% REST OF APAC 7.4% PUMA GROUP -1.0% EMEA AMERICAS ASIA/PACIFIC Q4 19 // FY Q4 FY 2025 2025 CALL CALL Q1 2026
Slide 20: Sales Breakdown by Division Q1
SALES BREAKDOWN Q1 BY DIVISION FOOTWEAR -2.3% SALES VS LAST YEAR (CA) (IN EUR M, IN %) APPAREL 0.9% 12% ACCESSORIES 0.3% 1,863.8 29% 59% PUMA GROUP -1.0% FOOTWEAR APPAREL ACCESSORIES Q4 20 // FY Q4 FY 2025 2025 CALL CALL Q1 2026 CALL
Slide 21: Operating Performance
PUMA GROUP Q1 2026 DEVIATION SALES 1,863.8 -6.3% OPERATING (-1.0% CA) PERFORMANCE GROSS PROFIT MARGIN 47.7% +0.6% pts DEVIATION VS LAST YEAR ROYALTY AND COMMISSION INCOME 23.9 13.0% (IN EUR M, IN %, MARGIN IN % OF SALES) OPEX1) 848.5 -5.5% ADJUSTED EBIT 64.4 5.0% ONE-TIME EFFECTS 12.6 -5.4 EBIT 51.9
Slide 22: Drivers of Q1 Gross Profit Margin Development
DRIVERS OF Q1 GROSS PROFIT 47.7% MARGIN 47.1% DEVELOPMENT DEVIATION VS LAST YEAR (MARGIN IN % OF SALES) Q1 2025 PRODUCT CURRENCY REGIONAL PROMOTIONS FREIGHT CHANNEL Q1 2026 MIX & OTHER EFFECTS MIX AND INVENTORY MIX RESERVES ILLUSTRATIVE CHART Q4 22 / FY 2025 CALL Q1 2026 CALL
Slide 23: Opex Drivers
OPEX DRIVERS (IN EUR M) IMPACT ON OPEX1) DEVELOPMENT 897.9 CHANNEL MIX FX EFFECTS 848.5 OTHER OPEX SAVINGS MARKETING Q1 2025 Q1 2026 1) EXCL. ONE-TIME EFFECTS Q4 23 / FY 2025 CALL Q1 2026 CALL
Slide 24: Drivers of Q1 EBIT Margin Development
DRIVERS OF Q1 EBIT MARGIN 0.2% DEVELOPMENT 2.2% 0.6% -0.4% 0.2% 2.8% DEVIATION VS LAST YEAR (MARGIN IN % OF SALES) Q1 2025 GROSS ROYALTY AND OPEX ONE-TIME Q1 2026 PROFIT COMMISSION INCOME EFFECTS Q4 24 / FY 2025 CALL Q1 2026 CALL
Slide 25: Working Capital
WORKING PUMA GROUP 31 MAR 2026 31 MAR 2025 DEVIATION CAPITAL INVENTORIES 1,898.0 2,076.1 -8.6% DEVIATION VS LAST YEAR (IN EUR M, DEVIATION IN %) TRADE RECEIVABLES 1,210.2 1,517.6 -20.3% TRADE PAYABLES 1,058.9 1,434.9 -26.2% WORKING CAPITAL1) 1,879.2 2,081.6 -9.7% 1) INCLUDES ALSO OTHER CURRENT ASSET
Slide 26: Inventory Development
INVENTORY MAJORITY OF TAKEBACKS CLEARANCE DEVELOPMENT PURCHASING VOLUME INVENTORY LEVELS HAVE PEAKED AND EXPECTED AT NORMALISED LEVELS AT THE END OF 2026 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 E Q3 2026 E Q4 2026 E ILLUSTRATIVE CHART Q4 26 / FY 2025 CALL Q1 2
Slide 27: Free Cash Flow Materially Improved YoY
FREE CASH FLOW MATERIALLY IMPROVED YOY MAINLY DRIVEN BY EFFICIENT WORKING CAPITIAL MANAGEMENT § FREE CASH FLOW NEGATIVE IN- LINE WITH SEASONAL PATTERN -201 § SIGNIFICANTLY IMPROVED FROM: • LOWER PURCHASING VOLUME • INVENTORY CLEARANCE • HIGHER PROFITABILITY • LOWER CAPEX -738 Q1 2025 Q1 2026 IN EUR
Slide 28: Net Debt Development
NET DEBT DEVELOPMENT SUFFICIENT FINANCIAL HEADROOM FOR OUR TRANSFORMATION JOURNEY NET DEBT INCREASED AS EXPECTED... …BUT SUFFICIENT FINANCIAL HEADROOM 1,358 FINANCIAL 1,105 HEADROOM 995 UNUTILISED 779 CREDIT LINES 326 CASH POSITION 31 MAR 2025 31 MAR 2026 31 MAR 2026 IN EUR M 28 Q1 2026 CALL
Slide 29: Way Forward
WAY FORWARD ~ Q1 2026 CALL
Slide 30: FY 2026 Outlook Confirmed
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 CONFIRMED EBIT BETWEEN EUR -50 M AND EUR -150 M • SUBSTANTIAL IMPROVEMENT IN GROSS PROFIT MARGIN SOLID Q1 PERFORMANCE • OPEX NOT
Slide 31: Exciting Key Sport Events Coming Up
FOOTBALL HYROX FORMULA 1 EXCITING WORLD CUP WITH BERLIN MIAMI KEY SPORT EVENTS 11 TEAMS QUALIFIED NEW YORK MONACO STOCKHOLM SILVERSTONE COMING UP SS27 SEASONAL LINE FREEZE
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 32 Q1 2026 CALL
Slide 33: Summary of Q1 2026
SUMMARY OF Q1 2026 THANK YOU Q1 2026 RESULTS TRANSFORMATION FY 2026 OUTLOOK IN LINE WITH PROGRESSING AS PLANNED IN CONFIRMED AS INTRODUCED EXPECTATIONS THE YEAR OF TRANSITION DURING Q4 / FY 2025 RELEASE 33 Q1 2026 CALL
Slide 34: Questions & Answers
QUESTIONS & ANSWERS Q1 2026 CALL
Slide 35: Slide 35
Slide 36: Appendix
APPENDIX 36 Q4 / FY 2025 CALL Q1 2026 CALL
Slide 37: Sales Overview
SALES OVERVIEW DEVIATION VS LAST YEAR (IN EUR M) DEVIATION DEVIATION Q1 2026 Q1 2025* IN % IN % (ca) GROUP SALES 1,863.8 1,989.8 -6.3% -1.0% BY REGION EMEA 774.5 891.7 -13.1% -10.4% AMERICAS 655.6 667.6 -1.8% 6.1% ASIA/PACIFIC 433.8 430.5 0.8% 7.9% BY PRODUCT DIVISION FOOTWEAR 1,089.6 1,186.0 -8.1%