Slide 1: Q3 2025 Earnings Call, 30 October 2025
Slide 2: Cautionary statements regarding forward-looking information
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION This presentation may contain forward-looking statements based on current assumptions and forecasts made by the PUMA management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the
Slide 3: First 100 days, immediate actions, Q3 results, ambition
FIRST IMMEDIATE 100 DAYS ACTIONS Q3 RESULTS AMBITION
Slide 4: First 100 days
FIRST IMMEDIATE 100 DAYS ACTIONS Q3 RESULTS AMBITION
Slide 5: Slide 5
Slide 6: Years of brand history
77 YEARS OF BRAND HISTORY UNIQUE LEGACY IN SPORTS AND SPORTS CULTURE WITH ONE OF THE RICHEST ARCHIVES
Slide 7: Our winning athletes
OUR WINNING ATHLETES GREAT SUCCESS STORIES IN GLOBAL COMPETITIONS
Slide 8: Significant global platforms
SIGNIFICANT GLOBAL PLATFORMS OUR ATHLETES SHOW THEIR INNOVATIVE COMMUNITY GLOBAL BEST PERFORMANCE IN OUR ENVIRONMENT TECHNOLOGIES PLATFORMS REACH
Slide 9: Credibility in multiple sports
CREDIBILITY IN RACKET SPORT BASKETBALL MULTIPLE SPORTS FORMULA 1 FOOTBALL TRAINING RUNNING GOLF COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR COMPETITOR ONE OF FOUR COMPANIES PRESENT ACTIVE PARTIALLY ACTIVE IN SEVERAL MAJOR CATEGORIES
Slide 10: Global footprint
GLOBAL FOOTPRINT NORTH AMERICA EUROPE ASIA PACIFIC EMERGING MARKETS LATIN AMERICA BRAND ESTABLISHED IN ALL MAJOR MARKETS FOR DECADES TOP 5 BRAND TOP 10 BRAND
Slide 11: Brand heat below competition
BRAND HEAT BELOW COMPETITION BRAND 4 BRAND 2 BRAND 5 BRAND 3 BRAND 1 -40% -30% -20% -10% ø +10% +20% +30% +40% BRAND 8 BRAND 6 BRAND 7 LESS RELEVANT (-) MORE RELEVANT (+) CONSUMERS CURRENTLY PERCEIVE PUMA AS LESS RELEVANT THAN OTHER BRANDS Source: internal brand tracker (Q1 2025 results)
Slide 12: Lower share in brand-driven DTC channel
LOWER SHARE IN BRAND-DRIVEN DTC CHANNEL DTC DTC ≈30% ≈40% WHS ≈70% WHS ≈60% INDUSTRY BENCHMARK SHARE OF DIRECT-TO-CONSUMER (DTC) BUSINESS BELOW INDUSTRY BENCHMARK (BASED ON FY 2024)
Slide 13: Distribution too commercial
TOO COMMERCIAL DISTRIBUTION 3 OUT OF 10 CUSTOMERS ARE MASS MERCHANTS TOP 10 GLOBAL WHOLESALE ACCOUNTS (BASED ON FY 2024)
Slide 14: Product offering not cutting through
PRODUCT OFFERING NOT CUTTING THROUGH HIGH RANGE COMPLEXITY LIMITED FRANCHISE MANAGEMENT INEFFECTIVE LIFECYCLE MANAGEMENT HIGH NUMBER OF ICONS NOT SCALING ARTICLES PER SEASON ESTABLISHED TOO EARLY PRODUCTS OFFERED AT LOWER PRICE POINTS AND WITH SIGNIFICANT DISCOUNTS
Slide 15: Limited integrated story-telling
LIMITED INTEGRATED STORY-TELLING PRODUCT MARKETING SALES PRODUCT, MARKETING AND SALES TEAMS WORKING INDEPENDENTLY
Slide 16: Integrated story-telling has become too commercial
LIMITED INTEGRATED STORY-TELLING HAS PRODUCT BECOME TOO SALES MARKETING COMMERCIAL PRODUCT, MARKETING AND SALES TEAMS WORKING INDEPENDENTLY
Slide 17: High levels of inventory
HIGH LEVELS OF NET INVENTORIES IN EUR M, WEEKS OF COVER INVENTORY REPORTED CURRENCY IN UNITS (BASED ON CW42) +19.0% 2,151 2,124 2,076 2,014 1,961 1,811 1,786 RETAIL BENCH- MARK: Ø ~10 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 TOO MUCH VOLUME IN OUR OWN WITH SOME OF OUR IN THE MARKETPLA
Slide 18: Sales drop in 2025
SALES DROP 8.5 8.6 8.8 IN 2025 6.8 5.5 5.2 4.6 4.1 3.6 2016-2025 IN EUR BN, REPORTED CURRENCY 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E
Slide 19: Expected EBIT loss in 2025
EXPECTED 8.5 8.6 8.8 EBIT LOSS IN 2025 6.8 5.5 5.2 4.6 4.1 3.6 8.0% 8.2% 7.6% 7.2% 7.1% 5.9% 7.3% 4.0% 3.5% IN % OF SALES 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E
Slide 20: Unsustainable cost base
UNSUSTAINABLE COST BASE 3.3 3.4 3.6 2.7 2.3 2.3 1.9 1.7 1.5 43.3% 40.6% 42.6% 41.7% 41.3% 41.5% 40.0% 39.6% 38.9% OPEX INCL. OVC IN EUR BN AND % OF SALES 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E
Slide 21: Immediate actions
FIRST IMMEDIATE 100 DAYS ACTIONS Q3 RESULTS AMBITION
Slide 22: Immediate actions
IMMEDIATE ACTIONS 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 IMPLEMENTATION OF SHORT-TERM PRIORITIES DISCOUNTS IN DTC CH
Slide 23: Main restructuring measures
MAIN IMMEDIATE REDUCTION OF @EXPLAIN: SLIDE MISSING RESTRUCTURING PRODUCT RANGE MEASURES INTEGRATED OPERATING MODEL BRAND / BUSINESS UNITS / GO-TO-MARKET DOWNSIZING OF 1,400 POSITIONS IN 2025 / 2026 ACROSS ALL OFFICE LOCATIONS GLOBALLY
Slide 24: Changes in senior leadership positions
CHANGES IN SENIOR LEADERSHIP POSITIONS ARTHUR HOELD MARIA VALDES MATTHIAS BÄUMER ANDREAS HUBERT MARKUS NEUBRAND CEO *NEW SCOPE CBO *NEW SCOPE CCO COO NEW ADDITION CFO STRATEGY BRAND & MARKETING* MARKETS SOURCING FINANCE NEW LEADER SPORTS MARKETING* BUSINESS UNITS RETAIL LOGISTICS NEW LEADER INVESTOR
Slide 25: Q3 results
FIRST IMMEDIATE 100 DAYS ACTIONS Q3 RESULTS AMBITION
Slide 26: Q3 2025 and YTD 2025 currency adjusted sales growth
Q3 2025 YTD 2025 -10.4% -4.3% CURRENCY ADJUSTED CURRENCY ADJUSTED SALES GROWTH SALES GROWTH
Slide 27: Breakdown by channel
2025 SALES BREAKDOWN BY Q3 YTD CHANNEL WHOLESALE -15.4% WHOLESALE -8.6% TOTAL DTC +4.5% TOTAL DTC +8.4% BRICK & +3.9% BRICK & +5.2% MORTAR MORTAR E-COM +5.6% E-COM +14.2% SALES VS LAST YEAR (IN %, CURRENCY ADJUSTED)
Slide 28: Breakdown by region
2025 SALES BREAKDOWN BY Q3 YTD REGION EMEA -7.1% EMEA -1.9% AMERICAS -15.2% AMERICAS -6.2% NORTH -19.8% NORTH -13.3% AMERICA AMERICA APAC -9.0% APAC -5.5% GREATER -19.7% GREATER -14.2% CHINA CHINA SALES VS LAST YEAR (IN %, CURRENCY ADJUSTED)
Slide 29: Breakdown by division
2025 SALES BREAKDOWN BY Q3 YTD DIVISION FOOTWEAR -9.9% FOOTWEAR -1.1% APPAREL -12.8% APPAREL -8.7% ACCESSORIES -6.1% ACCESSORIES -6.1% SALES VS LAST YEAR (IN %, CURRENCY ADJUSTED)
Slide 30: Operating performance
OPERATING {& PERFORMANCE
Slide 31: Q3 2025 operating performance
Q3 2025 PUMA GROUP Q3 2025 Q3 2024 DEVIATION OPERATING SALES 1,955.7 2,308.2 -15.3% PERFORMANCE (In EUR M) (-10.4% ca) GROSS PROFIT 884.9 1,105.5 -20.0% (% of Sales) (45.2%) (47.9%) (-2.6% pts) VS LAST YEAR (IN EUR M, REPORTED CURRENCY)
Slide 32: Q3 2025 operating performance: gross profit margin impact
Q3 2025 PUMA GROUP Q3 2025 Q3 2024 DEVIATION OPERATING SALES 1,955.7 2,308.2 -15.3% PERFORMANCE (In EUR M) (-10.4% ca) GROSS PROFIT 884.9 1,105.5 -20.0% (% of Sales) (45.2%) (47.9%) (-2.6% pts) IMPACT CURRENCY EFFECTS GPM SOURCING PRICES FREIGHT PROMOTIONS PRODUCT MIX CHANNEL MIX REGIONAL MIX VS LAS
Slide 33: Q3 2025 operating performance: OPEX
Q3 2025 PUMA GROUP Q3 2025 Q3 2024 DEVIATION OPERATING SALES 1,955.7 2,308.2 -15.3% PERFORMANCE (In EUR M) (-10.4% ca) GROSS PROFIT 884.9 1,105.5 -20.0% (% of Sales) (45.2%) (47.9%) (-2.6% pts) OPEX* 845.4 868.5 -2.7% (% of Sales) (43.2%) (37.6%) (+5.6% pts) VS LAST YEAR (IN EUR M, REPORTED CURRENCY
Slide 34: Q3 2025 operating performance: OPEX impact
Q3 2025 PUMA GROUP Q3 2025 Q3 2024 DEVIATION OPERATING SALES 1,955.7 2,308.2 -15.3% PERFORMANCE (In EUR M) (-10.4% ca) GROSS PROFIT 884.9 1,105.5 -20.0% (% of Sales) (45.2%) (47.9%) (-2.6% pts) OPEX* 845.4 868.5 -2.7% (% of Sales) (43.2%) (37.6%) (+5.6% pts) IMPACT ON MARKETING OPEX AS % OF SALES CH
Slide 35: Q3 2025 operating performance: adjusted EBIT
Q3 2025 PUMA GROUP Q3 2025 Q3 2024 DEVIATION OPERATING SALES 1,955.7 2,308.2 -15.3% PERFORMANCE (In EUR M) (-10.4% ca) GROSS PROFIT 884.9 1,105.5 -20.0% (% of Sales) (45.2%) (47.9%) (-2.6% pts) OPEX* 845.4 868.5 -2.7% (% of Sales) (43.2%) (37.6%) (+5.6% pts) ADJUSTED EBIT 39.5 237.0 -83.3% (% of Sal
Slide 36: Q3 2025 operating performance: one-time costs
Q3 2025 PUMA GROUP Q3 2025 Q3 2024 DEVIATION OPERATING SALES 1,955.7 2,308.2 -15.3% PERFORMANCE (In EUR M) (-10.4% ca) GROSS PROFIT 884.9 1,105.5 -20.0% (% of Sales) (45.2%) (47.9%) (-2.6% pts) OPEX* 845.4 868.5 -2.7% (% of Sales) (43.2%) (37.6%) (+5.6% pts) ADJUSTED EBIT 39.5 237.0 -83.3% (% of Sal
Slide 37: Q3 2025 operating performance: reported EBIT
Q3 2025 PUMA GROUP Q3 2025 Q3 2024 DEVIATION OPERATING SALES 1,955.7 2,308.2 -15.3% PERFORMANCE (In EUR M) (-10.4% ca) GROSS PROFIT 884.9 1,105.5 -20.0% (% of Sales) (45.2%) (47.9%) (-2.6% pts) OPEX* 845.4 868.5 -2.7% (% of Sales) (43.2%) (37.6%) (+5.6% pts) ADJUSTED EBIT 39.5 237.0 -83.3% (% of Sal
Slide 38: Q3 2025 operating performance: net loss
Q3 2025 PUMA GROUP Q3 2025 Q3 2024 DEVIATION OPERATING SALES 1,955.7 2,308.2 -15.3% PERFORMANCE (In EUR M) (-10.4% ca) REPORTED EBIT1) 29.4 237.0 -87.6% (% of Sales) (1.5%) (10.3%) (-8.8% pts) FINANCIAL RESULT -43.8 -46.7 +6.3% (% of Sales) (-2.2%) (-2.0%) (-0.2% pts) TAX RESULTS -37.9 -47.8 +20.8%
Slide 39: YTD 2025 operating performance
YTD 2025 PUMA GROUP YTD 2025 YTD 2024 DEVIATION OPERATING SALES 5,973.9 6,527.8 -8.5% PERFORMANCE (In EUR M) (-4.3% ca) GROSS PROFIT 2,754.6 3,095.1 -11.0% (% of Sales) (46.1%) (47.4%) (-1.3% pts) OPEX* 2,652.6 2,581.9 +2.7% (% of Sales) (44.4%) (39.6%) (-4.9% pts) ADJUSTED EBIT 102.0 513.2 -80.1% (
Slide 40: Inventory development
INVENTORY INVENTORY LEVELS EXPECTED TO PEAK …AND WILL BE BACK AT A NORMALIZED LEVEL DEVELOPMENT IN Q4 2025… AT THE END OF 2026 TAKEBACKS CLEARANCE PURCHASING VOLUME INVENTORY TAKEBACKS WILL BE OFFSET BY CLEARANCE ACTIONS AND REDUCED PURCHASING VOLUME Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q
Slide 41: Balance sheet KPIs
BALANCE PUMA GROUP 30 SEP 2025 30 SEP 2024 DEVIATION SHEET KPIS INVENTORIES 2,124.1 1,811.3 +17.3% (+24.3% ca) TRADE RECEIVABLES 1,241.2 1,515.6 -18.1% TRADE PAYABLES 1,270.6 1,297.9 -2.1% WORKING CAPITAL 1,924.6 1,883.5 +2.2% VS LAST YEAR (IN EUR M, REPORTED CURRENCY)
Slide 42: Free cash flow
FREE CASH FREE CASH FLOW IMPACTED BY RESET ACTIVITIES IN 2025… …AND WE TAKE DECISIVE STEPS FLOW TO MITIGATE THE DECLINE 9M 2025 Q4 2025 E FY 2025 E CONTINUED FOCUS ON TIGHT WORKING CAPITAL MANAGEMENT INVENTORIES REDUCE PURCHASING VOLUMES BASED ON DEMAND FORECAST AND EXISTING INVENTORY LEVELS RECEIVA
Slide 43: One-time costs by quarter
ONE-TIME Q4 2025E ONE-TIME COSTS COSTS BY RELATED TO: QUARTER COST EFFICIENCY PROGRAMME PERSONNEL EXPENSES Q3 2025 EUR 10 M CLOSURE OF UNPROFITABLE STORES OTHER NON-OPERATING COSTS Q2 2025 EUR 85 M GOODWILL IMPAIRMENT IN Q2 FURTHER ONE-TIME COSTS EXPECTED FOR Q4 Q1 2025 EUR 18 M
Slide 44: PUMA United
PUMA UNITED BUSINESS CURRENT EXPECTED MODEL SET UP FUTURE SET UP SALE OF SOCKS AND BODYWEAR PARTNERSHIP BETWEEN LICENSING IN U.S. AND CANADA PUMA AND UNITED LEGWEAR AGREEMENT FULLY INTEGRATED IN THE NO LONGER CONSOLIDATED INTO OPERATING SEGMENT "REGION PUMA’S FINANCIAL STATEMENTS NORTH AMERICA" PUMA
Slide 45: U.S. tariffs
U.S. TARIFFS SUPPLY CHAIN OPTIMIZATION DIVERSIFYING SUPPLY CHAIN MULTI-COUNTRY SOURCING REDUCING CHINA-BASED PRODUCTION FOR THE U.S. PRICING STRATEGY SELECTIVE PRICE INCREASES IN Q4 PARTNER COLLABORATION LONG STANDING SUPPLIER & WHOLESALE PARTNER RELATIONSHIPS MITIGATED NEGATIVE IMPACT ON GROSS PROF
Slide 46: FY 2025 outlook confirmed
CONFIRMED SALES (CURRENCY ADJUSTED) FY 2025 LOW DOUBLE-DIGIT DECLINE OUTLOOK Unchanged EBIT REPORTED EXPECT A LOSS Unchanged CAPEX AROUND EUR 250 M 2025 IS A RESET YEAR FOR PUMA CURRENCY TRANSLATION HEADWINDS OF APPROX. 5%PTS Unchanged
Slide 47: Ambition
FIRST IMMEDIATE 100 DAYS ACTIONS Q3 RESULTS AMBITION
Slide 48: Top sports brand: our north star
TOP 3 SPORTS BRAND RETURN TO ABOVE INDUSTRY GROWTH RETURN TO HEALTHY PROFITS OUR NORTH STAR
Slide 49: One Global Sports Brand
¥-ONEGLOBALSPORTS BRAND *Y
Slide 50: Winning principles of One Global Sports Brand
THE WINNING PRINCIPLES OF ONE GLOBAL SPORTS BRAND BECOMING MORE RELEVANT FOR OUR CONSUMERS CREATING CONSUMER-CENTRIC STORIES
Slide 51: Approach to strengthen the brand
CLEAR FOCUSED MARKETING APPROACH TO INVESTMENT STRENGTHEN THE BRAND INTEGRATED STORY-TELLING APPROACH CAPTURED BRAND HALO EFFECTS THINKING BRAND FIRST
Slide 52: Our product approach
OUR PRODUCT APPROACH INNOVATION ARCHIVE FRANCHISES
Slide 53: On and off the pitch
ON AND OFF THE PITCH BUILT FOR INSPIRED BY PERFORMANCE, SPORT, WORN IN WORN FOR SPORTS. STYLE. PERFORMANCE FIRST APPROACH EXTENDED INTO SPORTSTYLE
Slide 54: Clear focus categories
CLEAR FOCUS CATEGORIES FOOTBALL RUNNING TRAINING SPORTSTYLE SELECT / PRIME OTHER SPORTS CATEGORIES MAIN PRIORITIES TO DRIVE FUTURE GROWTH BACKBONE CATEGORIES
Slide 55: Evolving our channel mix
EVOLVING OUR HIGHER CHANNEL MIX GROWTH DTC HEALTHIER GROWTH WHS 2025 MID-TERM SALES DEVELOPMENT BY CHANNEL ILLUSTRATIVE GRAPH
Slide 56: New London flagship store
NEW LONDON FLAGSHIP STORE OPENING SOON ON OXFORD STREET
Slide 57: Our journey: reset, transition, growth
OUR JOURNEY 2025 2026 2027+ RESET TRANSITION GROWTH 3-YEAR PATH FORWARD
Slide 58: Top sports brand: our north star
TOP 3 SPORTS BRAND RETURN TO ABOVE INDUSTRY GROWTH RETURN TO HEALTHY PROFITS OUR NORTH STAR
Slide 59: Slide 59
Slide 60: Q&A