Puma SE

PUM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Puma Earnings: Poor 2025 Ends With Expected Loss, but Focus Shifts to Turnaround; Shares Attractive

David Swartz

Feb 26, 2026

Puma closed a tough 2025 with constant-currency fourth-quarter sales down 20% on ongoing efforts to clear slow-selling merchandise in weak channels through discounting and inventory takebacks. The firm's gross margin fell 750 basis points to 40.2%, and its adjusted EBIT loss was EUR 229 million.

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Puma SE

Puma Earnings: Poor 2025 Ends With Expected Loss, but Focus Shifts to Turnaround; Shares Attractive

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