First Read Puma SE Conf call feedback: Turnaround on Track Despite Tougher Environment

Research evidence excerpt

First Read Puma SE Conf call feedback: Turnaround on Track Despite Tougher Environment

Global Research

31 July 2026ab

First Read

EquitiesPuma SE

Conf call feedback: Turnaround on Track Despite Germany

Tougher Environment Footwear

12-month rating Neutral *

12m price target €25.50

Sequential improvement expected in Q3

The key focus of today’s conference call with CEO Arthur Hoeld and CFO Mark Langer

was the company’s ongoing turnaround progress, particularly in the context of an Price (30 Jul 2026) €28.20

increasingly challenging consumer environment. While management highlighted solid RIC: PUMG.DE BBG: PUM GY

progress in reducing Puma’s exposure to mass merchants and normalising inventory

Trading data and key metrics

levels, both of which remain on track, they acknowledged that market conditions have

deteriorated since the initial guidance was provided. Looking ahead, Q3 is still expected 52-wk range €30.00-15.46

to remain in decline, although management anticipates a sequential improvement in Market cap. €4.21b/US$4.85b

sales trends, with EBIT expected to follow a similar trajectory. Shares o/s 149m (ORD)

Free float 72%

Management expects LSD-MSD industry growth in 2027 Avg. daily volume ('000) 734

When asked about the outlook for 2027, management understandably refrained from Avg. daily value (m) €20.1

providing detailed guidance on revenue growth, beyond indicating a return to top-line Common s/h equity (12/26E) €1.87b

growth, or on gross margin progression. Nevertheless, despite the recent deterioration P/BV (12/26E) 2.2x

in the consumer environment, management expressed the view that the industry should Net debt to EBITDA (12/26E) 4.0x

grow low- to mid-single-digit in 2027. Regarding the key growth drivers, management

EPS (UBS, diluted) (EUR)