Solid start to the year for PUMA, supported by inventory clearance - Outlook for transition year 2026 confirmed

Currency-adjusted sales declined by 1.0% to €1,863.8 million in Q1 2026 (Q1 2025: €1,989.8 million). Currency effects, especially the U.S. Dollar, Turkish Lira, and Argentine Peso, contributed to a reported sales decline of 6.3%. Overall, inventory clearance—particularly through wholesale and DTC channels—supported growth. Wholesale sales decreased by 2.8% (ca) to €1,335.7 million, driven by lower demand in EMEA. DTC sales grew by 3.8% (ca) to €528.1 million, with owned & operated retail stores increasing by 5.7% (ca) due to inventory clearance and targeted promotions. E-commerce saw a modest 0.6% (ca) increase, supported by expanded marketplaces in APAC. The DTC share rose to 28.3% in Q1 2026 (up from 27.5% in Q1 2025). Regionally, EMEA sales fell by 10.4% (ca) to €774.5 million, due to weaker demand and reduced wholesale performance. Americas sales grew by 6.1% (ca) to €655.6 million, despite currency effects, with Latin America up 10.5% (ca) and North America up 2.3% (ca). Asia/Pacific sales rose by 7.9% (ca) to €433.8 million, benefiting from inventory clearance. Greater China saw a 9.0% (ca) increase, driven by DTC growth and strong demand for Speedcat. Footwear sales decreased by 2.3% (ca) to €1,089.6 million, but Running and Training categories grew, supported by NITRO™ and HYROX products. Apparel sales increased by 0.9% (ca) to €546.3 million, with Golf and Training categories performing well, including FIFA World Cup 2026 jerseys. Core, Sportstyle, and Kids apparel saw declines, while accessories remained stable at €227.9 million.