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Puma reports deficit after reset year

27/02/2026
Puma reports deficit after reset year
Sports group Puma has cancelled its dividend after reporting an operating loss of €357.2 million for FY2025, compared with a €548.7 million profit a year earlier, as the German sportswear group continues a strategic reset.

Currency-adjusted sales fell 8.1% to €7.3 billion, with declines across regions and product divisions, including Footwear. The company said it has been reducing discounting, narrowing its product range and cleaning up distribution as it seeks to strengthen the brand in a competitive market.

Net debt increased to €1,063.5 million at the end of 2025, up from €119.8 million a year earlier, as PUMA secured additional financing to support its turnaround.

For 2026, the company expects another operating loss of between €50 million and €150 million, with sales projected to decline at a low- to mid-single-digit rate.

PUMA may receive support in China after sportswear group Anta Sports agreed to acquire a 29% stake from investment firm Artémis, becoming its largest shareholder. Anta has said it plans to help PUMA grow sales in the Chinese market.

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