Q2 2026 Puma SE Earnings Call Transcript

Jul 31, 2026 / 01:00 PM GMT

Release Date Price: $3.12 (-2.80%)

Transcript

Key Points

Positve

Puma SE (PMMAF) reported a significant improvement in free cash flow, reaching €328.8 million, driven by better working capital management and lower CapEx.
Gross profit margin increased by around 180 basis points to 48.0%, supported by lower sourcing prices, tariff refunds, and a favorable channel mix.
The company saw strong brand exposure during the World Cup, with 11 teams competing and high sellout ratios for national team jerseys, particularly the Portuguese jersey.
Running and training categories showed a visible turnaround, with strong growth in the Nitro franchise and successful partnerships like HYROX, positioning Puma as a top brand in elite events.
The D2C channel showed resilience with sales up 0.4%, and the D2C share increased significantly from 32% to 35%, supported by e-commerce growth and marketplace expansion in APEC.
Inventory levels declined by 15.3% to €1.8 billion, and the company is on track to normalize inventory levels by the end of fiscal year 2026, reducing the need for further clearance.

Negative

Puma SE (PMMAF) experienced a significant sales decline of 9.4% currency adjusted in Q2 2026, driven by reset measures, reduced promotional activity, and subdued consumer demand.
The company faced weaker consumer sentiment, particularly in Europe, and ongoing macroeconomic and geopolitical uncertainties, including the Middle East conflict, negatively impacting demand.
Wholesale sales declined by 14%, mainly due to the reduction of undesirable business with mass merchants and softer underlying demand from wholesale partners, especially in MEA and the Americas.
The Americas region saw a sharp decline of 15.4% currency adjusted, with North America down 16.7%, reflecting weaker consumer demand and continued reduction of undesirable wholesale business.
The company is undergoing a continuous transition in sports style and core categories, with no significant commercial gain from the World Cup in football, and footwear sales declined by 11.7%.
Operating expenses as a percentage of sales increased from 48.6% to 51.6% in Q2, as OpEx decreased less than sales, putting pressure on profitability.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PUMG.DE - Puma SE
Q2 2026 Puma SE Earnings Call
Jul 31, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for standing by.

Welcome and thank you for joining the Q2 2026 earnings call of PMIC.

Throughout today's recorded presentation, all participants will be in listen-only mode.

The presentation will be followed by a question-and-answer session.

If you would like to ask a question, you may press star followed by 1 on your touchstone telephone.

Please press the star key followed by 0 for operator assistance, I would now like to turn the conference over to Manuel Bing, director Investor relations, please go ahead.

Thanks, Moa.

Hello everyone, and welcome to Puma's second quarter 2026 earnings call.

Joining me today are our CEO Arthur Holt and our CFO Mark

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