PUMA reported a sharp downturn in Q4 and FY 2025 results, reflecting strategic “reset” actions launched in Q3 2025 to reduce inventory and recalibrate distribution. In Q4 2025, sales fell to EUR 1.6 billion (-27.2%), with wholesale sales at EUR 921.4 million and direct-to-consumer (DTC) sales at EUR 643.5 million; DTC represented 41.1% of Q4 sales. Q4 gross margin declined to 40.2% (down 750 basis points). Adjusted EBIT was EUR -228.8 million, while reported EBIT was EUR -307.7 million, including one-off effects of EUR 78.9 million. Loss from continuing operations was EUR -335.0 million and EPS from continuing operations was EUR -2.27. For FY 2025, sales declined to EUR 7.3 billion (-13.1%). Gross margin was 45.0% (down 260 basis points). Adjusted EBIT was EUR -165.6 million and reported EBIT was EUR -357.2 million, including one-off effects of EUR 191.6 million. Loss from continuing operations was EUR -643.6 million and EPS from continuing operations was EUR -4.37. Free cash flow was EUR -530.3 million; cash and cash equivalents were EUR 290.0 million, inventories were EUR 2.1 billion, and net debt rose to EUR 1.1 billion. PUMA ended 2025 with unused credit lines of EUR 1.2 billion after securing additional financing in December. PUMA said 2026 will be a transition year, guiding for a low- to mid-single-digit percentage decline in currency-adjusted sales and EBIT of EUR -50 million to EUR -150 million, with planned CAPEX of around EUR 200 million. Strategically, PUMA is focusing its 2026 brand and product agenda on four categories: football, running (driven by Nitro technology), training (supported by the HYROX partnership) and Sportstyle Prime & Select, while continuing channel optimization, inventory reduction and its cost-efficiency program, including completing the reduction of around 1,400 administrative roles initiated in early 2025. The company also noted that Anta Sports announced an agreement to buy a 29.06% PUMA stake from Artémis, subject to conditions, and detailed post-year-end financing steps including a EUR 100.0 million Schuldschein and resizing/syndication of a EUR 350.0 million bridge facility.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Puma SE published the original content used to generate this news brief via EQS News, a service of EQS Group AG (Ref. ID: corporate_2281852_de), on February 26, 2026, and is solely responsible for the information contained therein.