PUMA SE Q3 2026 Earnings Recap

PUMA’s shares rose 7.3% after earnings, with the quarter showing signs of sequential improvement and momentum in running and Asia Pacific. However, sales remained down 6.3% year over year, and higher operating expenses more than offset gross-margin improvement.

Key Takeaways

• Currency-adjusted sales fell 6.3% year over year, improving versus Q2; management attributed the decline mainly to ongoing reset measures and weaker consumer demand.
• Asia Pacific and e-commerce each delivered double-digit growth, while running grew by double digits and training by single digits.
• Reported EBIT was down 11.4%; the gross-profit-margin improvement versus last year was more than offset by a higher OpEx ratio.
• Q3 cash flow was €92 million despite lower profitability, supported by improved working-capital management.
• Management said PUMA remained on track with its plans for the year, while describing recovery as gradual and 2023 as a transition year toward a return to growth in 2027.