Puma posts smaller-than-expected losses during 'reset' year
By Abigail Townsend
Date: Thursday 26 Feb 2026
(Sharecast News) - Puma posted better-than-expected annual numbers on Thursday, sending shares in the embattled sportswear brand higher, even as it scrapped the dividend amid a company-wide turnaround.
The German firm saw sales fall 8.1% in 2025 on a currency adjusted basis, to €7.3bn, while adjusted operating losses, including one-off charges associated with the overhaul, ballooned to €357.2m. In 2024, earnings before interest and tax came in at €548.7m.
However, the losses were smaller than expected, with most analysts looking for a loss closer to €374m.
Puma also proposed paying no dividend for 2025.
Looking to the current year, however, and Puma struck a cautiously upbeat note. It said 2026 would be a year of transition following 2025's "pivotal reset", which included tackling brand challenges, improving inventory balance and laying the groundwork for "a stronger, more focused future".
It forecast sales would continue to decline, but at slower pace of between low to mid-single digit precentage. The operating loss was also predicted to narrow, to between €50m and €150m.
Chief executive Arthur Hoeld, a former sales executive at rival Adidas, has been tasked with turning the business around since joining last July. He said: "2025 was as reset year for us.
"It is crucial to make the Puma brand less commercial and ensure we once again excite our consumers.
"I am satisfied with the progress we have made so far. We cleaned up most of our distribution by reducing promotions in own channels, and cutting channels that damage our brand's desirability."
As at 1000 GMT, the Frankfurt-listed stock was up 7%.
Puma and Adidas were founded by two feuding brothers in the late 1940s, with both still based in the same German town of Herzogenaurach.
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