Puma: Running in the right lane

Research evidence excerpt

Puma: Running in the right lane

3 August 2026

William Woods

+44 20 7676 6806

European General Retail william.woods@bernsteinsg.com

Puma Richard Trainor

+44 20 7762 1050

Rating richard.trainor@bernsteinsg.com

Outperform Alice Buckley

Price Target +44 20 7676 6739

alice.buckley@bernsteinsg.com

PUM.GR 37.00 EUR (35.00 OLD)

Rhea Gudiwala

+44 20 7676 7293

rhea.gudiwala@bernsteinsg.com

Puma reported an overall positive set of H1-26 result, which we think is a step in the right

Close Date 30 Jul 2026

direction, and we continue to gain conviction in the Puma turnaround story. At this stage, we

PUM.GR Close Price (EUR) 28.25

think there continues to be an asymmetric risk-reward profile and reiterate our Outperform.

Price Target (EUR) 37.00

We think H2 will reflect a continuation of improvements seen so far, and Q1/Q2-27 will be an

Upside/(Downside) 31%

inflection point as the brand starts to rebuild heat, and the Anta deal closes towards the end of

52-Week Range 30.31/15.30

FY26, bringing improved governance and optionality in China, enabling a CMD in H1-27.

EDME 1,611.67

Management continue to plough ahead with their strategy, delivering a good cadence in their FYE Dec

inventory clearance & early signs of brand heat. Inventory clearance is on track, gross Div Yield NA

margin increased +180bps YoY and there is good traction in Nitro running & training and Market Cap (EUR) (M) 4,078

the Speedcat. Asia has been the standout performer, seeing +8.6% CC sales growth, EV (EUR) (M) 6,362

where the brand has a cleaner positioning and a stronger traction with the low-profile trend, Performance YTD 1M 6M 12M

which is set to rollover to 2027. We think this is a positive reflection of brand heat, given Absolute (%) 23.5 3.9 27.5 48.0