EMEA sales decreased by 12.9% CA to €674.1 million, while the Americas fell by 15.4% CA to €600.4 million, including declines of 16.7% in North America and 13.8% in Latin America. In contrast, Asia/Pacific sales increased by 8.6% CA to €416 million, including growth of 0.9% in Greater China and 12.5% across the rest of the region.
Wholesale sales declined by 14% CA to €1.09 billion, while direct-to-consumer (DTC) sales edged up 0.4% CA to €595.8 million. E-commerce grew by 1.8% CA and the DTC share increased to 35.2%, from 32.1% in Q2 2025.
Footwear sales declined by 11.7% CA to €935.6 million, despite strong growth in Running and Training, while apparel fell by 4.3% to €552.1 million and accessories by 12% to €202.8 million.
Despite lower sales, Puma’s gross profit margin improved points to 48%, while its operating loss (EBIT) narrowed to €53.1 million from €109.1 million. Loss from continuing operations also narrowed to €72.8 million from €247.1 million.
Free cash flow surged by approximately 246% to €328.8 million, from €94.9 million in Q2 2025, driven by improved working capital management, profitability and lower capital expenditure. Inventories fell by 15.3% to €1.82 billion.
For the first half, sales declined by 5.2% CA to €3.55 billion, with Asia/Pacific growth of 8.3% offset by declines of 11.6% in EMEA and 5.4% in the Americas.
Puma confirmed its 2026 outlook for a low- to mid-single-digit CA sales decline and an operating result of between -€50 million and -€150 million, with capital expenditure of around €200 million.
