Investors in Puma SE are bracing for another challenging year as the sportswear company outlines a difficult path to recovery. Following a loss-making period it termed a “reset year,” management has signaled that financial pressure will persist before a targeted turnaround in 2027.
Financial Performance and Bleak Forecast
The company’s results for 2025 presented a sobering picture. On a currency-adjusted basis, Puma’s revenue declined, with the slowdown gaining momentum in the fourth quarter. A notable weak spot was the Direct-to-Consumer (DTC) segment, where e-commerce revenues fell. For the full year, the group reported a negative operating result (EBIT).
Leadership has cautioned that the lowest point has not yet been reached. For the ongoing 2026 fiscal year, Puma anticipates a further currency-adjusted revenue drop in the low to mid-single-digit percentage range. More significantly, the operating result is forecast to be deeply negative, projected to land between a loss of 50 million and 150 million euros.
The 2027 Roadmap: Streamlining for Future Growth
These disappointing figures are tied to a fundamental strategic shift. The corporation is embarking on a radical simplification, choosing to concentrate exclusively on four core categories: Football, Running, Training, and Sportstyle Prime & Select.
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This narrowed focus is intended to build a stronger foundation. Management’s stated objective is to return to a sustainable growth trajectory from 2027 onward, aiming to outpace the industry average. Consequently, 2026 is framed as an additional transition year dedicated to streamlining operational structures.
Market Reaction and Investor Sentiment
Despite the forecast for continued losses, Puma’s share price has demonstrated resilience. Recently trading at 24.54 euros, the equity sits well above its 52-week low of 15.48 euros recorded in November. The stock added over 6% in value in just the past week. Market observers interpret this strength as an indication that the negative news was largely already priced in, and that investors are initially approving management’s transparent “clean slate” approach.
The strategy’s ultimate success now hinges on its consistent execution over the next twelve months. Shareholders must prepare for an additional year of losses before 2027 reveals whether a leaner, more focused Puma can return to profitable growth.
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