PUMA (PUM) Q2 2026 earnings summary

Executive summary

• Q2 2026 marked a transition year with a 9.4% currency-adjusted sales decline to €1,690.6 million, reflecting reset measures and softer demand in EMEA and Americas, but strong brand exposure and product innovation in running and hybrid training.

• Gross profit margin improved by 180 basis points to 48.0%, aided by lower sourcing prices, tariff refunds, and favorable channel mix.

• EBIT improved to €-53.1 million from €-109.1 million in Q2 2025, including €11.5 million in tariff refund effects.

• Free cash flow surged to €328.8 million, mainly due to improved working capital management and lower CAPEX.

• Management transition included senior leadership changes and the appointment of Mark Langer as CFO effective May 2026.

Financial highlights

• Group sales for H1 2026 declined 5.2% currency-adjusted to €3,554.4 million, with EMEA and Americas down double digits and Asia/Pacific up 8.6%.

• Gross profit margin rose to 48.0% in Q2 2026 from 46.2% in Q2 2025.

• Adjusted EBIT (excluding one-time effects) was €-41.9 million; reported EBIT at €-53.1 million.

• Free cash flow reached €328.8 million, supported by working capital improvements and lower CAPEX.

• Net debt at €1,103.9 million, up year-over-year but down sequentially, with cash and credit lines providing sufficient headroom.

Outlook and guidance

• FY 2026 outlook confirmed: currency-adjusted sales expected to decline low- to mid-single digits, with sequential improvement in H2.

• EBIT guidance between €-50 million and €-150 million, including one-time effects and positive tariff impacts.

• CAPEX planned at around €200 million, focused on digital infrastructure and DTC channels.

• Outlook does not factor in further deterioration from Middle East conflict or additional tariff effects.