Puma stock falls 1.09 percent as Q2 sales decline

Published on 09/29/2026 at 16:27 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Puma stock traded at EUR 22.63 on September 29, 2026, down 1.09 percent versus EUR 22.88. Q2 sales fell 9.40 percent, while Berenberg kept its Buy rating.

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Puma (ISIN DE0006969603) was trading at EUR 22.63 at Lang & Schwarz on September 29, 2026 at 4:11 p.m. CEST, down 1.09 percent versus the prior close of EUR 22.88. The company is still working through a sales reset, with Q2 2026 revenue down 9.40 percent currency adjusted to EUR 1,690.6 million.

Q2 sales remain under pressure

According to EQS News on July 31, 2026, Q2 sales fell from EUR 1,871.3 million in Q2 2025 to EUR 1,690.6 million. The comparison shows the scale of the reset: wholesale sales declined 14.00 percent currency adjusted to EUR 1,094.8 million, while direct-to-consumer sales rose 0.40 percent to EUR 595.8 million.

Profitability offered a mixed signal. EBIT improved from a loss of EUR 109.1 million in Q2 2025 to a loss of EUR 53.1 million in Q2 2026, while adjusted EBIT declined from a loss of EUR 24.5 million to a loss of EUR 41.9 million. Gross margin increased to 48.00 percent from 46.20 percent, supported by lower sourcing prices and tariff refund effects.

Cash flow offsets the earnings loss

PUMA reported free cash flow of EUR 328.8 million in Q2 2026, up from EUR 94.9 million a year earlier, as working capital management and lower capital spending supported cash generation. Inventories fell 15.30 percent year over year to EUR 1,821.1 million, giving the turnaround a measurable balance-sheet component.

The full-year outlook remains demanding. The company projects a currency-adjusted sales decline in the low- to mid-single-digit percentage range and an operating result between a loss of EUR 50 million and a loss of EUR 150 million for fiscal year 2026, according to EQS News.

Analysts split on the turnaround

Berenberg kept its Buy rating and EUR 40.00 price target after a September 25, 2026 study, as reported by finanzen.ch. RBC Capital Markets held a Sector Perform rating and EUR 23.00 target on September 22, 2026, creating a sharp contrast between the bullish long-term view and the near-term market valuation.

For investors, that gap is the central issue. The market capitalization was EUR 3.3 billion on September 29, 2026, while the 52-week range stood at EUR 15.30 to EUR 30.31. PUMA's next scheduled checkpoint is the Q3 2026 results date of October 30, 2026, listed on its investor relations page.

Puma stock trades below its yearly high

Puma stock was trading at EUR 22.63 at Lang & Schwarz on September 29, 2026 at 4:11 p.m. CEST, down 1.09 percent versus the prior close of EUR 22.88. The price remains below the 52-week high of EUR 30.31, leaving the Q3 results and the sales recovery as the next concrete tests for the turnaround.