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Company Research20 May 2024
Swoosh: The Nike Story
The Nike story and how the company rose to the top of its industry, as well as insights into the company philosophy and way of doing business.
PUMA (PUM) investor relations material
PUMA Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
H1 2025 sales declined 4.8% year-over-year to €4,018M, with Q2 2025 sales down 2.0% to €1,942M; currency headwinds impacted results.
Gross profit margin fell to 46.5% in H1 2025 (from 47.2%); Q2 2025 margin at 46.1%.
Adjusted EBIT in H1 2025 dropped 77.4% to €62.5M; Q2 2025 adjusted EBIT was €-13.2M.
Net loss in H1 2025 reached €246.6M (Q2 2025: €-97.8M); prior year H1 net income was €129.3M.
Significant one-time costs from cost efficiency programs and goodwill impairments impacted results.
Financial highlights
H1 2025 net loss was €246.6M; EPS at €-1.67 (H1 2024: €0.86).
Free cash flow before acquisitions was €-642.8M, down from €-204.4M year-over-year.
Market capitalization at period end was €3,411M, down 46.7% year-over-year.
Investments in property, plant, equipment, and intangibles totaled €104.9M, a 16.3% decrease.
Q2 2025 group sales fell 2.0% year-over-year; H1 2025 sales down 1.0%.
Outlook and guidance
FY 2025 sales now expected to decline by low double digits (previously guided for low-to-mid single digit growth).
EBIT now expected to be negative for FY 2025 (previously €445M–€525M).
CAPEX guidance reduced to €250M from €300M.
U.S. tariffs expected to negatively impact gross profit by ~€80M in 2025.
Global economic growth forecast reduced to 2.9% for 2025, with ongoing uncertainty from U.S. tariff policy.
Why did Puma revise its 2025 capital expenditure?
Assess impact of US tariffs on 2025 gross profit.
Explain the write-down of deferred tax assets.
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Q3 202530 Oct, 2025
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Frequently asked questions
The Leaping Cat
Puma is a brand that has etched its presence in the minds of sports enthusiasts and fashion aficionados alike. Founded in Germany in 1948, Puma has catapulted itself into a premier position in the sportswear industry, offering products that range from football to running, golf, and lifestyle accessories. Its distinctive leaping cat logo is synonymous with the brand is instantly recognizable.
Born From a Sibling Rivalry
The birth of the company is a tale deeply interwoven with family competition and innovation, and one can’t mention Puma without also mentioning their bitter rival: Adidas. Rudolf Dassler, along with his brother Adolf, initially worked together to create athletic footwear, such as those worn by Jesse Owens during the 1936 Olympics. Following a bitter fallout, Rudolf founded Puma, while his brother created Adidas. Both situated in Herzogenaurach, Germany, this rivalry ignited a battle for athletic supremacy that lasted decades, transforming the small German town into the world's center for sportswear innovation. Even if the bad blood has cooled down from the most intense periods of the companies' rivalry, they’re still fierce competitors and both Adidas and Puma headquarters are still located in Herzogenaurach.
An Iconic Logo
Just as the three stripes define Adidas, Puma's leaping cat has become an integral emblem of the brand. Meant to symbolize dynamism and elegance, the logo was first introduced in 1968 and quickly became an iconic image. Today, the leaping cat is synonymous with the Puma brand and identity and it’s an incredibly recognizable symbol.
Extensive Product Offerings
Puma's range of products is expansive and tailored to meet the demands of various sports and lifestyle needs. From football boots crafted for precision and control to athletic wear designed for performance and comfort, Puma’s selection serves both professional athletes and everyday individuals. The brand reaches its customers through its own retail stores, e-commerce platforms, and collaborations with other online and physical retailers. Just like their competitors like Nike and Under Armour, the company today isn’t just producing sportswear and equipment. They also produce sneakers and clothes meant to be worn outside of athletic circumstances, such as regular T-shirts, accessories, sweatshirts, and similar products.
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