Puma reports narrower 2025 loss
Sportswear maker warns of operating loss in 2026
German sportswear maker Puma reported a narrower-than-expected operating loss for 2025 and issued a cautious profit outlook for the current year, forecasting an operating loss of between €50 million and €150 million for 2026. The company posted an operating loss before interest and tax of €357.2 million for 2025, compared with an operating profit of €548.7 million a year earlier; the result was slightly better than the company’s own analyst-sourced consensus loss forecast of €374.3 million.
Puma attributed the projected 2026 loss to persistent margin pressure, elevated operating costs and softer consumer demand in key markets. Management highlighted weaker sales growth, discounting in wholesale channels and higher logistics and marketing expenses as immediate drags on profitability. Currency volatility and an uneven recovery across regions, notably parts of Europe and North America, also factored into the cautious guidance.
The company said it is continuing restructuring efforts aimed at stabilizing performance, including cost-control measures, efficiency initiatives and inventory optimization after recent supply-chain volatility. At the same time, Puma plans to maintain strategic investments in product innovation, direct-to-consumer channels and digital platforms to support longer-term growth and brand momentum.
Executives framed the 2026 outlook as part of a transitional phase intended to restore competitiveness and return the business to sustainable profitability beyond the projected loss period. Investors are watching Puma’s restructuring execution and sales trajectory closely amid intense competition in the global sportswear market and shifting consumer spending patterns. Management reiterated its focus on operational discipline and brand development as the company navigates the near-term headwinds.
