PUMA (PUM) Q3 2026 earnings summary

Executive summary

• Q3 sales fell 6.3% currency-adjusted to €1,776.2m amid reset measures and softer demand; performance improved sequentially from Q2, while APAC grew 10%.

• The transition plan remains on track, with a gradual return to growth expected in 2027; no quantified 2027 guidance was provided.

Financial highlights

• Q3 reported sales declined 5.0% to €1,776.2m; currency movements added ~130 bps to the currency-adjusted decline.

• Reported EBIT was -€11.4m versus €16.2m a year earlier; adjusted EBIT was €0.4m versus €26.3m.

• Q3 net loss was €54.9m versus €62.3m; continuing-operations EPS was -€0.37 versus -€0.42.

• Free cash flow was €92.0m versus -€43.0m a year earlier, supported by working capital, lower tax payments and lower capex.

Outlook and guidance

• FY2026 currency-adjusted sales outlook remains a low- to mid-single-digit decline; Q4 sales performance is expected to improve versus Q3.

• FY2026 EBIT guidance narrowed to -€80m to -€130m from -€50m to -€150m; substantial gross-margin improvement and lower one-time effects are expected.

• FY2026 capex is expected below €150m, versus prior guidance of ~€200m, focused on digital infrastructure and DTC.

• Positive free cash flow is expected for FY2026, with inventory normalization targeted by year-end.

• The ambition to grow above industry remains; Asian markets, running and training are expected to support Q4, while seasonality and investment weigh on OpEx leverage.