Germany · Delayed Price · Currency is EUR PUMA SE Earnings Call Transcripts
Fiscal Year 2026
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Q3 sales and reported EBIT remained under pressure, while gross margin, cash flow and inventory improved. FY2026 sales guidance was confirmed, with a narrower EBIT range and lower CapEx outlook; the 2027 recovery is expected to be gradual.
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Q2 2026 saw a 9.4% sales decline year-over-year, but EBIT and gross margin improved due to cost efficiencies and higher direct-to-consumer share. The outlook for 2026 is confirmed, with sequential improvements expected in H2, despite ongoing macroeconomic and geopolitical headwinds.
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Q1 2026 results met expectations with a 1% currency-adjusted sales decline, improved gross margin, and higher EBIT. Inventory and cost efficiency measures progressed well, while the outlook for 2026 remains cautious amid macroeconomic and geopolitical risks.
Fiscal Year 2025
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2025 saw a major Reset with sales down 8% and a net loss, driven by wholesale cleanup and operational streamlining. 2026 will be a transition year with further inventory reduction, a focus on DTC, and expected gross margin improvement, before returning to growth in 2027.
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Q3 2025 saw a strategic reset with sales down 10.4% currency-adjusted and a net loss of €62M, driven by inventory cleanup and restructuring. DTC grew, but wholesale declined sharply. The company targets a return to growth and profitability by 2027, with further transition in 2026.
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Q2 2025 saw a 2% sales decline, with weakness in key regions and wholesale, while DTC and e-commerce grew. Full-year guidance was cut, with expected sales and EBIT declines, and further one-off charges anticipated as the new CEO plans a strategic reset.
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Q1 2025 sales were flat in constant currency at EUR 2.1 billion, with D2C up 12% and wholesale down 4%. Adjusted EBIT dropped 52% to EUR 76 million due to lower gross margin and higher OPEX. 2025 outlook is maintained, with U.S. tariff impacts still under review.
Fiscal Year 2024
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Record 2024 sales and improved gross margin were offset by lower net income due to higher OpEx and FX headwinds. 2025 guidance anticipates modest sales growth, significant cost-saving measures, and continued investment in brand elevation and infrastructure.