PUMA (PUM) Q2 2025 earnings summary

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.