Puma SE

PUM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Puma Earnings: Results Underscore Depth of Problems, but We See an Opportunity for Patient Investors

David Swartz

Oct 31, 2025

Puma reported woeful third-quarter results, including a 10% drop in currency-neutral sales and a 1.5% (2% excluding one-time costs) operating margin, down from 10.3% a year ago. Arthur Hoeld, CEO since July 1, unveiled a turnaround plan that includes 900 corporate layoffs on top of the previous 500.

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Puma SE

Puma Earnings: Results Underscore Depth of Problems, but We See an Opportunity for Patient Investors

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