2Q to feel impact of reset strategy

Research evidence excerpt

2Q to feel impact of reset strategy

Deutsche Bank

Research

Rating Company Date

Hold PUMA SE 23 June 2026

Europe Reuters Bloomberg Rating Hold

Germany PUMG.DE PUM GR Price target (EUR) 25.00 Price at 22 Jun 26 28.13

52-week range 30.00 – 15.46

Consumer Discretionary &

Luxury Valuation & Risks

Sporting Goods

Adam Cochrane

DB View Research Analyst

+44-20-754-17812 Puma is still in the early stages of its brand reset and after a better-than-expected

1Q cFX sales performance there will be more evidence of the change in strategy Benjamin Yokyong-Zoega

in the quarter. Bigger picture, the strategy is to increase the full price sell through Research Analyst

and move away from the off price and mass merchant channels to rebuild brand +44-20-754-12338

heat. In 1Q there was a significant degree of clearance activity that bolstered the

Do-Hyun Yoo sales performance but this is set to be less in 2Q. Accordingly we maintain our Research Associate

-9% cFX sales performance but increase our gross margin forecast given the +44-20-754-19487

lower promotional intensity. We forecast €-65m EBIT in 2Q including €15m of

one-offs costs with EPS of €-0.57. Shwetha Ramachandran

Research Associate

There is still a long way to go for Puma and we see the strategic actions as

sensible, although we believe we may have to wait until 2027 before we move into

the delivery phase. We increase our FY26e EBIT forecast by 2.5% to €101m (from

€-104m and guidance €-50 to €-150m) with FY cFX sales at -2.5% (guidance -

MSD% to LSD%) and retain our Hold recommendation and €25 price target.

2Q expectations

We forecast 2Q group cFX of -9.1% with EMEA -10%, Americas -18% and Asia

Pacific +8%. The FX impact is likely to be c.-1.5% to give total sales down -10.6%

to €1,635m.