Puma’s operating loss reached €357.2 million in 2025 amid a transitional year
Key Facts
Puma reported an operating loss of €357.2 million for fiscal 2025, compared with a profit of €548.7 million in 2024, according to its annual results. The loss came after currency-adjusted sales fell 8.1% to €7,296.2 million. The company attributed the sales decline mainly to strategic reset initiatives. It had described 2025 as a year to reset the business and said 2026 would be a transitional year. The company is targeting a return to growth above the sector from 2027, according to its announcement in February 2026.
In its outlook published in February, Puma kept its 2026 EBIT loss forecast within a range of €50 million to €150 million. It also forecast currency-adjusted sales to decline in the low-to-mid single-digit percentage range. The company said the expected decline was mainly linked to lower sales in North America as part of efforts to streamline its distribution network. It added that growth in Latin America, the Middle East, Africa and India would not fully offset that. The forecast puts North American performance at the center of the annual sales trajectory, alongside continued business reset measures.
In the second quarter of 2026, currency-adjusted sales fell 9.4% to €1,690.6 million, which Puma attributed to reset measures and weak consumer demand in key regions. In the same period, the EBIT loss narrowed to €53.1 million from €109.1 million in the second quarter of 2025. Free cash flow rose to €328.8 million, compared with €94.9 million a year earlier. The company confirmed its full-year outlook without changes on July 31, after pointing to a gradual improvement in sales in the second half. It said the outlook included its assessment at the time of the impact of the conflict in the Middle East and tariffs, two factors that had not previously been included.
On October 30, 2026, Puma set the date for announcing its third-quarter results, according to its investor relations calendar. The date follows the confirmation of its full-year outlook in July and comes in a year the company described as transitional after resetting the business in 2025. It had linked the expected sales decline in 2026 in particular to lower sales in North America and efforts to streamline its distribution network. It also said growth in other regions would not fully offset that. A return to growth above the sector remains a stated target for 2027.