ANNUAL REPORT
2024
PUMA Annual Report 2024
Table of Contents
TABLE OF CONTENTS
2
YAROSLAVA MAHUCHIKH
TO OUR SHAREHOLDERS
4
CEO Letter
5
Report by the Supervisory Board
7
COMBINED MANAGEMENT REPORT
15
Overview 2024
18
PUMA Group essential information
23
Commercial activities and organisational structure
23
Targets and strategy
24
Product development and design
26
Management system
27
Economic report
29
General economic conditions
29
Sales development
30
Results of operations
34
Development of the segments
38
Dividends and share buy-back
39
Net assets and financial positio
41
Cash flow
44
Statement regarding the business development
and the overall situation of the Group
47
Comments on the financial tatements
of PUMA SE in accordance with the
German Commercial Code (HGB)
48
Results of operations
48
Net assets
50
Financial position
51
Outlook
51
Sustainability Statement
52
General information
52
Preamble
52
ESRS 2 General disclosures
52
Environmental information
80
Disclosures pursuant to article 8 of
regulation (EU) 2020/852 (Taxonomy Regulation)
80
ESRS E1 Climate change
90
ESRS E2 Pollution
114
ESRS E3 Water and marine resources
122
ESRS E4 Biodiversity and ecosystems
127
ESRS E5 Resource use and circular economy
134
Social information
143
ESRS S1 Own workforce
143
ESRS S2 Workers in the value chain
164
ESRS S4 Consumers and end-users
182
Governance information
187
ESRS G1 Business conduct
187
Information concerning takeovers
196
Corporate governance statement
in accordance with section 289f
and 315d HGB
199
Risk and opportunity report
200
Outlook report
217
PUMA Annual Report 2024
CHARLES LECLERC
3
CONSOLIDATED FINANCIAL
STATEMENTS PUMA SE
FOR THE FINANCIAL YEAR 2024
220
Consolidated statement of
financial positio
221
Consolidated income statement
223
Consolidated statement of
comprehensive income
224
Consolidated statement of
cash flows
225
Consolidated statement of
changes in equity
227
Notes to the consolidated
financial tatements
229
Notes to the consolidated
statement of financial positio
249
Notes to the consolidated
income statement
302
Additional information
308
Declaration by the legal
representatives
324
ADDITIONAL INFORMATION
325
Independent auditorΜs report
326
Assurance report of the independent
german public auditor on a limited
assurance engagement in relation
to the group sustainability statement 334
The PUMA share
338
PUMA year-on-year comparison
340
PUMA group development
342
Imprint
345
Table of Contents
To our Shareholders
PUMA Annual Report 2024
TO OUR SHAREHOLDERS
JULIEN ALFRED
4
5
7
CEO Letter
Report by the Supervisory Board
5
CEO LETTER
DEAR SHAREHOLDERS,
In 2024, PUMA’s sales increased in a dynamic market environment by 4.4% currency-adjusted to € 8,817
million. We were able to improve our sales growth from quarter to quarter and grew by 9.8%, currency
adjusted, in the fourth quarter. For the full year 2024, sales in all regions, product areas and distribution
channels improved on a currency-adjusted basis compared to the previous year. This means PUMA has
grown faster than the market, which recorded currency adjusted growth of 1.8% in 2024 according to
Euromonitor.
Despite this solid sales growth and the significant progress we made in 2024 in implementing our brand
elevation strategy, we are not satisfied with our profitability. The operating result (EBIT) of € 622 million
in 2024 was at the level of the previous year. Although this is in line with our outlook, it is below our own
expectations. At € 282 million, the net result was below the previous year's level.
In 2024, we made good progress in implementing our brand elevation strategy, which is the basis for our
long-term growth and further market share gains. The strategy consists of three elements: a distinctive
brand DNA, a strong performance business and strengthening our relevance in Sportstyle Prime.
We used the Year of Sport 2024 and the many major sports events to launch our first brand campaign in
10 years’ time. This campaign helped PUMA deepen its emotional connection with consumers and further
increase its brand equity. As a next step, we have further refined our brand DNA and will we present the
next campaign to our consumers in 2025.
.
↗ ARNE FREUNDT
CHIEF EXECUTIVE OFFICER PUMA
PUMA Annual Report 2024
To our Shareholders
6
By further strengthening our performance business, we are demonstrating our role as an innovation-
orientated company. One example of this is our leading foam technology NITRO
TM, which enabled us to gain
further market share in 2024. After just four years, we have risen to become one of the top 10 running
brands and are one of the fastest growing brands in this segment. In the football category, where we have
been pursuing this performance approach for some time with our FUTURE, ULTRA and KING franchises,
2024 was another record year with further market share growth.
I am also satisfied with our progress in 2024 when it comes to the third pillar of our strategy, to become
more relevant in Sportstyle Prime. We have consistently implemented our new product and marketing stra-
tegy and steadily built up demand for our Sportstyle Prime product range in 2024, especially for low-profile
and progressive running styles. A good example of the low-profile trend is the Speedcat. It has already been
worn by famous actors, musicians and influencers and has been highlighted by many media outlets as one
of the most sought-after products on the market. We expect to maximise our opportunities in the low-profile
sneaker segment with the Speedcat and other models in the summer of 2025.
With an increased focus on translating our sales growth into higher profitability growth, we have initiated
"nextlevel", a comprehensive efficiency programme to optimise costs and make operational improvements
that complement our brand elevation growth strategy. With "nextlevel", we will reduce our direct and
indirect costs to realise savings, particularly in the areas of sourcing, logistics and IT. At the same time, we
will further align our structures and personnel with future growth, with the aim of improving personnel
costs in relation to sales. With "nextlevel", we will strengthen our overall competitiveness and continue to
invest in our brand and employees - the two most important pillars of our success.
We are not satisfied with our share price performance, which does not adequately reflect the solid financial
position and promising outlook of our company. Our strategic investments are focused on the long-term
success and competitiveness of PUMA and we are convinced that this will lead to a better share price
performance in the medium to long term. We are convinced of our brand elevation strategy and will continue
to implement it consistently to realise the great potential of the PUMA brand.
I would like to take this opportunity to thank the PUMA family - our employees, wholesale partners,
suppliers, brand ambassadors and athletes - for their commitment and contribution. I am also very grateful
to our Supervisory Board for their support in implementing our strategy. I would also like to thank you,
our shareholders, for your trust.
Arne Freundt
Chief Executive Officer PUMA
PUMA Annual Report 2024
To our Shareholders
7
REPORT BY THE SUPERVISORY BOARD
DEAR SHAREHOLDERS,
PUMA looks back on the 2024 financial year as a year of sports that was marked by the UEFA Euro 2024 in
Germany and the Olympic Games in Paris. These major events provided the perfect stage for PUMA to
strengthen its credibility as a sports brand. Nevertheless, the year was also marked by an increasingly
challenging market environment and market conditions remained tense. Despite these circumstances, the
PUMA Group was able to maintain its strong growth momentum, and gain market share.
With the Brand Elevation strategy, which aims to strengthen the brand, PUMA wants to ensure sustainable
and profitable growth. 2024 was the first year of implementing this strategy and the PUMA Group was able
to make important progress in implementing it.
This included the first brand campaign in more than 10 years, which was an important step in strengthen-
ing PUMA’s brand value. The campaign was shown to increase brand awareness among our consumers,
and the Management Board will continue to invest in brand campaigns in 2025, which we strongly support.
PUMA proved its credibility as an innovative sports brand in 2024 through the top performances of its ath-
letes and teams at the UEFA Euro 2024 and the Olympic Games. The special focus was on PUMA’s innova-
tive NITRO
TM technology, which enabled the athletes to achieve even better performances.
For Sportstyle Prime, 2024 was a transition year. A new product, marketing and go-to-market strategy was
established, which led to PUMA’s trend styles such as Speedcat, Inhale and Mostro generating enormous
headlines in relevant media. This lays the foundation for Sportstyle Prime to grow again in 2025.
We are also proud of the progress PUMA has made on the road to sustainability. With ‘VISION 2030’, PUMA
has expanded and further developed the current 10FOR25 sustainability goals to achieve an even greater
impact in the areas of climate, circular economy and human rights.
↗ HÉLOÏSE TEMPLE-BOYER
CHAIR OF THE
SUPERVISORY BOARD
PUMA Annual Report 2024
To our Shareholders
8
Despite all the challenges, PUMA has remained true to its ‘People First’ approach. In 2024, the company
was recognized as a Top Employer worldwide, in 24 countries and in four regions. This award proves that
PUMA offers the same high standard as an employer to its employees around the world.
The progress made in 2024 gives us confidence that the PUMA management team is on the right track. We
are particularly pleased that the management board is acting as a team and has been able to adapt quickly
and smoothly to the personnel changes. This team spirit motivates employees and is also widely recognised
and appreciated by external stakeholders.
PERSONNEL CHANGES IN THE EXECUTIVE BOARD AND SUPERVISORY BOARD DURING THE
REPORTING YEAR
For PUMA, 2024 was marked by personnel changes on the Management Board and Supervisory Board. The
Supervisory Board and the former Chief Financial Officer, Hubert Hinterseher (CFO), mutually agreed on his
resignation from office as of September 30, 2024. Markus Neubrand took over as his successor on October
1, 2024. As the Supervisory Board, we are pleased to have gained in Markus a highly competent finance
manager with extensive experience and to have ensured a smooth transition on the Management Board.
Anne-Laure Descours’ (CSO) contract was scheduled to expire at the end of 2024. We are pleased that she
will continue to serve the Management Board as an external consultant on sustainability matters.
With Anne-Laure's departure, the size of the PUMA Management Board will be reduced from four to three
members for the time being. Anne-Laure's responsibilities as CSO have been assumed by our CPO Maria
Valdes, who is now responsible for PUMA's products end-to-end, from product creation to production.
At this point, I would like to thank Anne-Laure and Hubert once again on behalf of the entire Supervisory
Board for their energetic and tireless efforts for PUMA and for their contribution to the company's success
in recent years. We also enthusiastically welcome Markus Neubrand as the new CFO.
There were also personnel changes on the Supervisory Board in the past financial year. Following our first
governance roadshow at the end of 2023 that allowed for an open conversation with some of our sharehold-
ers, we decided to implement several changes in order to improve our governance. After the Annual Gen-
eral Meeting on May 22, 2024, Thore Ohlsson resigned from his position on the Supervisory Board after
more than 30 years. In addition, the Annual General Meeting on May 22, 2024, voted to expand the Supervi-
sory Board from six to seven members and elected Harsh Saini and Roland Krueger as new shareholder
representatives on the Supervisory Board. This enabled the Supervisory Board to expand its expertise in the
areas of sustainability, retail management and marketing. In addition, the personnel changes led to an in-
creased number of representatives who are considered independent by institutional investors on the share-
holder side. Furthermore, a majority of the shareholder representatives on all of the Supervisory Board's
committees are now considered independent by institutional investors.
REMUNERATION SYSTEM
Another focus of the Supervisory Board's work is to continuously optimize the compensation system and
adapt it to current market conditions in order to attract the best talent.
In 2024, our focus was on developing a new remuneration system for the Management Board, which will be
submitted to the Annual General Meeting in 2025 for approval.
We wanted to develop a new remuneration system that creates incentives for prioritizing long-term busi-
ness growth and closely links the remuneration of our Management Board to the success of the company,
but also rewarding the achievement of individual financial and sustainability targets and retaining talent in
the long term. To do this, we worked with external experts. We are convinced that the new remuneration
system meets the expectations of all stakeholders and hope that it will meet your approval at the Annual
General Meeting on May 21, 2025.
PUMA Annual Report 2024
To our Shareholders
9
OUTLOOK
Although the current share price performance does not meet our expectations, I am convinced that it does
not reflect the actual value of our company or its good operating performance. The Supervisory Board and
the Management Board assume that the current challenging market environment is only temporary and are
confident that our Brand Elevation strategy will lead to sustainable growth and further market share gains.
This will be positively reflected on the company’s value in due course.
SUPERVISORY BOARD MEETINGS
The meetings of the Supervisory Board and its committees generally take place in-person with the option of
participation via a video link. Meetings are held exclusively as video conferences in exceptional circum-
stances. In 2024 the Supervisory Board convened to four regular meetings, in which it advised the Manage-
ment Board on the management of the company and supervised its conduct of business. The Supervisory
Board discussed with the Management Board on the Company’s business policies, all relevant aspects of
corporate development and corporate planning, the Company’s economic situation, including its net assets,
financial position and results of operations, the adequacy of capital resources and all key decisions for the
Group. The Management Board informed the Supervisory Board regularly, comprehensively, and in a timely
manner in written and verbal form about the implementation of all decisions and about all major business
transactions. The members of the Management Board took part in meetings of the Supervisory Board and
its committees; the Supervisory Board also met regularly without the Management Board. The Supervisory
Board also held seven extraordinary meetings in the 2024 financial year. At these meetings, the Supervisory
Board discussed the results of the fourth quarter of 2023, the annual result for the 2023 financial year and
the outlook for 2024. At these meetings, the Supervisory Board also discussed the new compensation sys-
tem for the Management Board, which was developed in 2024, the succession in the Executive Board to re-
place the Chief Financial Officer Hubert Hinterseher, and the budget for 2025. Furthermore, a constituent
meeting of the Supervisory Board took place in 2024 following the election of two new members of the Su-
pervisory Board by the Annual General Meeting. Several matters were decided via circular resolutions us-
ing electronic means of communication. All members participated in drawing up the resolutions. Whenever
necessary, representatives of the shareholders and employees held separate preliminary discussions prior
to the meetings.
Plenary Supervisory Board
Attendance at meetings (referring to
regular and extraordinary meetings)
Attendance in %
Héloïse Temple-Boyer
12/12
100
Thore Ohlsson (until May 22, 2024)
5/5
100
Jean-Marc Duplaix
12/12
100
Harsh Saini (since June 13, 2024)
7/7
100
Roland Krueger (since May 22, 2024)
7/7
100
Fiona May
12/12
100
Martin Koeppel
12/12
100
Bernd Illig
12/12
100
The Supervisory Board discussed in detail the Company’s key business transactions, based on the reports
by the Management Board and the Committees, and presented its own ideas. The Management Board pro-
vided the Supervisory Board with detailed information on any deviations of the business performance from
the budgeted figures, both in writing and orally. The Supervisory Board verified these explanations using
the supporting documents, which were always submitted in appropriate time before the meetings. The Su-
pervisory Board was involved in all key decisions at an early stage. In addition, the Chair of the Supervisory
Board maintained, and continues to maintain, regular verbal or written contact with the CEO and keeps her-
self informed of all major developments. Overall, these discussions did not give any indication that the Man-
agement Board was managing the Group in anything other than a lawful and proper manner.
PUMA Annual Report 2024
To our Shareholders
10
The Supervisory Board members took part, on their own initiative, in the educational and training measures
necessary for the performance of their duties. The Company supports the Supervisory Board members in
their training activities, for example by having the Legal Department regularly prepare changes in the legal
framework for the Supervisory Board and report about them in the meetings. In 2024, the Supervisory
Board received an update on the German Supply Chain Akt (“Lieferkettensorgfaltspflichtengesetz”, LkSG)
and the Corporate Sustainability Reporting Directive (CSRD). There is an established onboarding process to
familiarize new Supervisory Board members with the PUMA business model, group structures and special
topics.
MAIN ADVISORY FOCUS
In 2024, the main focus was on the following issues: review and approval of the 2023 consolidated and an-
nual financial statements and the 2023 non-financial report, dividend proposal, setting the agenda for the
Annual General Meeting on May 22, 2024, realization of personnel adjustments on the Management Board
(in particular appointment of Markus Neubrand as member of the Management Board (Chief Financial Of-
ficer (CFO)) from October 1, 2024), development of the new remuneration system for the Management
Board for presentation at the Annual General Meeting in 2025, follow-up of the new Brand Elevation strat-
egy of the Management Board, current business and revenue development, markets and trends, financial
position of the Group, corporate and budget planning 2025 as well as medium-term planning, including in-
vestments, further improvement of the compliance management and the risk management and internal
control system as well as material litigation in the Group. In addition, the Supervisory Board regularly dealt
with the development and implementation of sustainability topics.
As every year, the Personnel Committee and the Supervisory Board determined the degree of achievement
of the targets for the individual Management Board members with regards to 2023. The Supervisory Board
decided on the individual targets for the variable Management Board remuneration for the 2024 financial
year upon recommendation of the Personnel Committee.
CONFLICTS OF INTEREST
The members of the Supervisory Board are required to disclose to its Chair any conflicts of interest without
undue delay. In the past year, no such disclosures were made.
COMMITTEES
The Supervisory Board has established four committees to perform its duties: The Personnel Committee,
the Audit Committee, the Nominating Committee and the Sustainability Committee. Until the Annual Gen-
eral Meeting 2024, the Personnel Committee, the Audit Committee and the Sustainability Committee each
comprised two representatives of the shareholders and one representative of the employees. As a result of
the expansion of the Supervisory Board from six to seven members the composition changed to the effect
shown in the graphic below:
PUMA Annual Report 2024
To our Shareholders
11
The composition of the committees can be found in the notes to the consolidated financial statements. The
Supervisory Board receives regular reports on their work.
PERSONNEL COMMITTEE
The Personnel Committee has the task of preparing the conclusion and amendment of employment con-
tracts with the members of the Management Board, reviewing the remuneration report and establishing
policies for human resources and personnel development. It met in two regular meetings in 2024, decided
on the target achievement for the individual Management Board members and set the targets for 2024. In
addition, the focus of the deliberations in the financial year 2024 was on personnel planning in the Board of
Management as a result of Anne-Laure Descours' resignation from the Management Board at the end of
her appointment contract on December 31, 2024. Corresponding recommendations for resolutions were
made to the Supervisory Board. I personally plan to resign as Chair of the Compensation Committee in
2025, after the review of the compensation system has been completed, so that a Chair of the Compensa-
tion Committee can be appointed who is considered independent by the institutional shareholders.
Personnel Committee
Attendance at meetings
Attendance in %
Héloïse Temple-Boyer (Chair)
2/2
100
Fiona May
2/2
100
Martin Koeppel
2/2
100
Roland Krueger (since May 22, 2024)
0/0
100
AUDIT COMMITTEE
The Audit Committee held four regular meetings in the financial year 2024. In particular, the Audit Commit-
tee is responsible for the accounting review , particularly comprising the consolidated financial statements
and the group management report, group half year report, interim financial information and the single en-
tity financial statements in accordance with the German Commercial Code (HGB). It is furthermore respon-
sible for monitoring the accounting process, the effectiveness of the internal control system, the risk man-
agement system, the internal audit system, compliance and the statutory audit of the financial statements,
with particular regard to the process of selecting an auditor. The Audit Committee is also responsible for
conducting the selection process of the auditor. In addition, the Audit Committee monitors the independ-
ence of the auditor and ensures that the non-audit services of the auditor commissioned by the Manage-
ment Board do not give rise to any grounds for disqualification or partiality or any threat to independence.
The Audit Committee issues the audit mandate on behalf of the Supervisory Board to the auditor elected by
the general meeting, determines the audit areas of the audit, monitors the quality of the audit and the ser-
vices additionally provided by the auditor and agrees the fee with the auditor. Heads of the corporate func-
tions were also available for reports and questions on individual agenda items at the committee meetings.
The Audit Committee meets regularly with the auditor, also without the Management Board.
PUMA Annual Report 2024
To our Shareholders
12
As a result of the new composition, the majority of the members of the Audit Committee are shareholder
representatives who are considered independent by the institutional investors. We also consider the Chair-
man of the Audit Committee, Jean-Marc Duplaix, to be independent because Kering S.A. no longer holds
any shares in PUMA SE.
Audit Committee
Attendance at meetings (referring to
regular and extraordinary meetings)
Attendance in %
Jean-Marc Duplaix (Chair)
4/4
100
Thore Ohlsson (until May 22, 2024)
2/2
100
Roland Krueger (since May 22, 2024)
2/2
100
Harsh Saini (since June 13, 2024)
2/2
100
Fiona May (since May 22, 2024)
2/2
100
Bernd Illig
4/4
100
NOMINATING COMMITTEE
The Nominating Committee has the task of proposing suitable candidates to the Supervisory Board for its
election proposals to the Annual General Meeting. It held one meeting in the last financial year.
Nominating Committee
Attendance at meetings (referring to
regular and extraordinary meetings)
Attendance in %
Héloïse Temple-Boyer
(Chair until May 22, 2024)
1/1
100
Roland Krueger (Member and Chair
since May 22, 2024)
0/0
100
Jean-Marc Duplaix (until May 22, 2024)
1/1
100
Fiona May (until May 22, 2024)
1/1
100
Harsh Saini (since June 13, 2024)
0/0
100
In 2024, the main focus of the Nominating Committee’s work was on the succession planning for Thore
Ohlsson and on finding the right candidates for the recomposition of the Supervisory Board. Roland Krueger
has taken over the chair of the Nominating Committee.
SUSTAINABILITY COMMITTEE
In order to fulfil the responsibility that the Sustainability Committee of a leading global sporting goods man-
ufacturer has, the Supervisory Board decided last year that the Sustainability Committee will meet four
times a year from now on. The frequency of the meetings will also help us as a Supervisory Board to meet
the increasing demands expressed by shareholders that the Supervisory Board further monitors the com-
pany's efforts to fulfil its due diligence in the supply chain. It will also allow us to thoroughly address new
ESG reporting requirements.
The Sustainability Committee met four times in the 2024 financial year to discuss the company's sustaina-
bility strategies. The focus was on the approval of the sustainability targets ‘VISION 2030’, sustainability-
related projects within the company, and relevant upcoming legislation, in particular the Corporate Sustain-
ability Reporting Directive (CSRD). Since the Annual General Meeting on 22 May 2024, the Sustainability
Committee has consisted of four members. It is now chaired by Harsh Saini, who has a broad expertise in
the area of ESG.
PUMA Annual Report 2024
To our Shareholders
13
Sustainability Committee
Attendance at meetings (referring to
regular and extraordinary meetings)
Attendance in %
Harsh Saini (Member and Chair
since June 13, 2024)
2/2
100
Fiona May (Chair until June 13, 2024)
3/4
75
Héloïse Temple-Boyer
(until May 22, 2024)
2/2
100
Martin Koeppel
4/4
100
Bernd Illig (since May 22, 2024)
2/2
100
CORPORATE GOVERNANCE
As in previous years, the Supervisory Board addressed current developments in the financial year 2024 re-
garding the German Corporate Governance Code in the version dated April 28, 2022 (effective as of 27 June
2022) (GCGC). The GCGC contains essential statutory regulations and recommendations for the manage-
ment and supervision of listed companies and standards for responsible corporate governance. The corpo-
rate governance standards have long been a part of the corporate routine.
Pursuant to Principle 23 of the GCGC, the Supervisory Board reports on corporate governance in the Corpo-
rate Governance Statement. The Company satisfies all requirements of the GCGC, to the extent required by
it. The Statement of Compliance of November 9, 2024 is available to our shareholders at any time on the
Company’s website under https://about.PUMA.com/en/investor-relations/corporate-governance at STATE-
MENT OF COMPLIANCE.
ANNUAL FINANCIAL STATEMENTS ADOPTED
The annual financial statements for PUMA SE prepared by the Management Board in accordance with the
German Commercial Code (Handelsgesetzbuch/HGB), the consolidated financial statements for PUMA
group prepared in accordance with Section 315a HGB on the basis of the International Financial Reporting
Standards (IFRS) and the combined management report for PUMA SE and the PUMA Group, each for the
financial year 2024, have been audited by the statutory auditors, KPMG AG Wirtschaftsprüfungsgesellschaft,
Nuremberg, who were appointed at the Annual General Meeting on May 22, 2024 and commissioned by the
Supervisory Board to audit the annual financial statements and the consolidated financial statements and
have been given an unqualified auditor’s opinion. The lead auditor on the KPMG team is Matthias Koeplin
and he has been assigned the role since 2022. PUMA has not paid non-audit related fees in excess of audit
related fees to its auditor.
In their report, the statutory auditors conclude that PUMA’s institutionalized risk management system, in
accordance with Section 91(2) of the German Stock Corporation Act (Aktiengesetz/AktG), is capable of de-
tecting at an early stage and countering any developments that might jeopardize the continuity of the Com-
pany as a going concern. The Supervisory Board has been updated by the Management Board regularly on
all relevant risks in this regard, in particular its assessments of market and procurement risks, financial
risks (including currency risks) and organizational risks.
The accounting records, the audit reports from the statutory auditors and the Management Board’s and Su-
pervisory Board’s recommendation on the appropriation of net profit were made available to all members
of the Supervisory Board in a timely manner. At the meeting of the Audit Committee on March 11, 2025 and
at the subsequent Supervisory Board meeting held on the same day, the statutory auditors reported on the
key results of their audit and discussed them in detail with the Management Board and the members of the
Supervisory Board. No discrepancies were detected.
The Supervisory Board reviewed in detail the annual financial statements, the combined management re-
port for PUMA SE and the PUMA Group, the Management Board’s and the Supervisory Board’s recommen-
dation on the appropriation of net profit and the consolidated financial statements and raised no objections.
PUMA Annual Report 2024
To our Shareholders
14
In accordance with the recommendation of the Audit Committee, the Supervisory Board agreed with the re-
sults of the audit of both statements and approved the annual financial statements of PUMA SE and the
consolidated financial statements for the financial year 2024. The 2024 annual financial statements have
thus been adopted.
The Management Board and the Supervisory Board resolved to propose to the Annual General Meeting a
distribution of a dividend of € 0.61 per dividend entitled share to the shareholders for the financial year
2024. In this context, the liquidity situation of the Company, the financing and the effects on the capital mar-
ket were discussed. The payout is conditional to an overall sound macroeconomic environment. A total
amount of around € 90.8 million will be paid out in dividends from PUMA SE’s retained earnings. The re-
maining retained earnings of around € 419.8 million will be carried forward.
In its meeting on March 5, 2025, the Supervisory Board also approved the non-financial report in accord-
ance with §§ 315c in conjunction with §§ 289c to 289e of the German Commercial Code (HGB).
THANKS
We would like to express our gratitude and recognition to the Management Board, the management teams
at the Group companies, the Works Council and all our employees for their hard work and their outstanding
cooperation in 2024. We look forward to 2025, a year in which PUMA will come to the market with an im-
pressive portfolio of new and innovative products.
Herzogenaurach, March 11, 2025
On behalf of the Supervisory Board
Héloïse Temple-Boyer
Chair
PUMA Annual Report 2024
To our Shareholders
KAI HAVERTZ
15
COMBINED MANAGEMENT REPORT
OF PUMA SE FOR THE FINANCIAL YEAR 2024
Overview 2024
18
PUMA Group essential
information
23
Commercial activities and organisational
structure
23
Targets and strategy
24
Product development and design
26
Management system
27
Economic report
29
General economic conditions
29
Sales development
30
Results of operations
34
Development of the segments
38
Dividends and share buy-back
39
Net assets and financial position
41
Cash flow
44
Statement regarding the business
development and the overall situation
of the Group
47
Comments on the financial
statements of PUMA SE
in accordance with the German
Commercial Code (HGB)
48
Results of operations
48
Net assets
50
Financial position
51
Outlook
51
Combined Management Report:
This report combines the Management Report
of the PUMA Group and the Management Report
of PUMA SE
PUMA Annual Report 2024
Combined Management Report
FRIDOLINA ROLFÖ
16
COMBINED MANAGEMENT REPORT
OF PUMA SE FOR THE FINANCIAL YEAR 2024
Sustainability Statement
52
General information
52
Preamble
52
ESRS 2 General disclosures
52
Environmental information
80
Disclosures pursuant to article 8 of regulation
(EU) 2020/852 (Taxonomy Regulation)
80
ESRS E1 Climate change
90
ESRS E2 Pollution
114
ESRS E3 Water and marine resources
122
ESRS E4 Biodiversity and ecosystems
127
ESRS E5 Resource use and circular economy
134
Social information
143
ESRS S1 Own workforce
143
ESRS S2 Workers in the value chain
164
ESRS S4 Consumers and end-users
182
Governance information
187
ESRS G1 Business conduct
187
Information concerning
takeovers
196
Corporate governance statement
in accordance with
section 289F and 315d HGB
199
Risk and opportunity report
200
Outlook report
217
PUMA Annual Report 2024
Combined Management Report
17
Notes relating to forward-looking statements:
This document contains statements about the future business development and strategic direction of the
Company. The forward-looking statements are based on management's current expectations and
assumptions. They are subject to certain risks and fluctuations as described in other publications, in
particular in the risk and opportunities report of the combined management report. If these expectations
and assumptions do not apply or if unforeseen risks arise, the actual course of business may differ
significantly from the expected developments. We therefore assume no liability for the accuracy of these
forecasts.
┌
These sections contain content or cross-references not required by law, which were not audited by the
auditor, but were merely read critically. In the case of cross-references, the information to which the cross-
references refer was also not audited.
└
PUMA Annual Report 2024
Combined Management Report
18
OVERVIEW 2024
In the Year of Sport 2024, PUMA focused on making progress with its brand elevation strategy to lay the
foundation for accelerated and sustainable growth. The focus of this strategy is on creating a distinctive
brand DNA, strengthening our sport performance credibility and becoming more relevant in Sportstyle
Prime.
Major events such as the Olympic Games, UEFA Euro 2024, CONMEBOL Copa America and the AFCON Africa
Cup of Nations were a good example of how we create visibility for the PUMA brand through strong brand
presence and product innovation. We are convinced that the success of the many athletes who wore PUMA's
performance technologies such as NITRO
TM has helped us gain more credibility as a sports brand.
We also took the Year of Sport as an opportunity to launch our biggest brand campaign ever. The campaign
"FOREVER. FASTER. - See The Game Like We Do" aimed to communicate PUMA's connection with speed
and was communicated across all channels including social media, TV, PR, out-of-home media and points
of sale worldwide.
After the launch in April, we followed up with further campaign chapters over the course of the year,
focussing on the major football tournaments Euro 2024 and Copa America, the Olympic Games and the start
of the NBA season. The brand campaign was supported by our brand ambassadors such as Neymar Jr, Kai
Havertz, Yaroslava Mahuchikh, Armand "Mondo" Duplantis, LaMelo Ball and Breanna Stewart and, based on
our data, increased our brand consideration and awareness.
We believe that the performances of our sponsored teams and athletes in Teamsport have also
strengthened our positioning as a sports brand throughout the year. At Euro 2024, our brand ambassador
Cody Gakpo was joint top scorer and PUMA Team Ivory Coast won the Africa Cup of Nations. In club football,
Manchester City won the Premier League title for the fourth time in a row and Borussia Dortmund reached
the final of the Champions League.
With the Portuguese Football Federation, we have welcomed one of the world's favourite national teams
into the PUMA family. It was a clear example of how we want to elevate our brand by working with
exceptional ambassadors.
Among the exciting new innovations we launched in the Teamsport category was the seventh generation of
the FUTURE football boot, which was developed for creative players such as Neymar Jr, Kai Havertz and
Julia Grosso. We believe we have made our fastest football boot even faster with the launch of the ULTRA 5,
which features a new high-performance outsole design.
In Running and Training, the Olympic Games in Paris were the most successful of all time for us. Our
athletes won 66 medals, including 19 gold medals at the Olympic Games and Paralympics. Among the many
highlights was Julien Alfred, who sprinted to gold in the 100 metres in Paris, becoming the first female
Olympic gold medallist from Saint Lucia. Our athletes even set three new world records: Yaroslava
Mahuchickh broke the 37-year-old world record in the high jump with 2.10 m, pole vaulter Armand "Mondo"
Duplantis improved his own world record for the tenth time by raising the bar to 6.26 m, and sprinter
Devynne Charlton set a new world record in the 60 m hurdles with 7.65 seconds.
With US sprint sensation Christian Miller, who already ran the 100 metres in under 10 seconds at the age of
just 17, we have secured another promising brand ambassador in track and field.
All of our athletes have been able to rely on PUMA's NITRO
TM technology, which we believe is one of the best
foam technologies on the market, offering superior responsiveness and cushioning.
PUMA Annual Report 2024
Combined Management Report
19
NITRO
TM is at the heart of our new road running products, including the third version of our award-winning
Deviate NITRO
TM running shoe. With the Deviate Nitro Elite 3, runners Fiona O'Keeffe and Dakotah Lindwurm
finished first and third at the US Olympic Marathon Trials. At the New York City Marathon, the Deviate Nitro
Elite 3 outpaced the competition as the fastest shoe among the top 20 men and women, as reported by the
running platform Run Outside Online. With the FAST-R2, we wanted to present the ultimate raceday running
shoe. It received the prestigious Spanish CORREDOR award for the best new shoe of the year.
NITRO
TM also played an important role in our new global partnership with HYROX, the world series of fitness
racing, for which we presented a complete collection tailored to the unique needs of athletes in this
extraordinary sport.
In Basketball, we once again demonstrated our approach to the sport, combining performance and
basketball culture. The MB.04, the latest edition of NBA star LaMelo Ball's signature basketball shoe,
continued to be a favourite one, according to our sales figures. This inspired us to launch the LaFrancé
sneaker with LaMelo, his first signature lifestyle product. For WNBA player Breanna Stewart's latest
signature shoe, Stewie 3, we combined eye-catching design with PUMA's latest performance technology.
To invest in the next generation of basketball, we have welcomed NBA All-Star Tyrese Haliburton as a brand
ambassador. Tyrese's style on and off the court makes him a favourite with basketball fans in both the US
and China.
The announcement of the partnership with designer and cultural icon Salehe Bembury was groundbreaking
for us. We are convinced that he knows how to combine performance and culture like no other and are
looking forward to him designing PUMA's next signature basketball shoe.
Next to working with the best in the sport, we also wanted to invest in young talent. Our basketball shoe
All-Pro NITRO™ became the official shoe of the amateur basketball circuit NXTPro Hoops with more than
14,000 players.
In Golf, our athletes Angel Hidalgo, Ewen Ferguson, Jesper Svensson and Chiara Tamburlini achieved
impressive victories. With Norwegian player Viktor Hovland and golf influencers Drew Stoltz and Brice
Butler, we welcomed new ambassadors to the PUMA family. Our long-standing partner Rickie Fowler, one of
our most creative ambassadors for many years, extended his contract with us.
With the needs of our athletes in focus, we continued to work on innovative golf products, including the new
Flexspike technology for our PHANTOMCAT shoes and our new You-V apparel, which offers protection
against the sun’s harmful rays.
Among the many innovations launched by Cobra Golf in 2024 were the DARKSPEED family of drivers and
irons, which feature an aerodynamic design, and the best-selling LIMIT3D, the world's first set of
commercially available 3D-printed irons.
In Motorsport, we aimed to use our partnership with Formula 1 and the teams we sponsor to provide great
coverage throughout the year and to showcase new products and innovations. This was the case with our
first catwalk show at an F1 race at the Chinese Grand Prix, special collections for Scuderia Ferrari HP in
Miami, an event to launch our ULTRA 5 football boot in Milan before the Italian Grand Prix or a Speedcat
event in Las Vegas, which was also attended by many celebrities. At the start of the Formula 1 season, our
flagship store in New York City became the stage for the launch of the new Williams F1 car.
With Scuderia Ferrari HP driver Charles Leclerc and the Aston Martin Aramco Formula 1 team, we were
able to welcome two new partners who we believe emphasise our credibility in this sport.
PUMA Annual Report 2024
Combined Management Report
20
With the aim of promoting excellence in women's racing, PUMA announced a partnership with the F1
Academy, an all-female racing series for young talents. PUMA participated in the series in 2024 with its own
car and became the supplier of six F1 Academy drivers.
In Sportstyle, we introduced important new products across our entire range. We aimed to maximise the
current terrace and skate trends and launched new versions of our Palermo and Suede XL sneakers.
PUMA also wants to invest in the next trends, as we demonstrated with the launch of our low-profile model
Speedcat, which we introduced in various colours in the second half of the year. We were impressed by the
feedback from our partners and the media, and the Speedcat was even included in the top 3 "Hottest
Products" of the Lyst Index in the third quarter, which analyses the most sought-after items in the global
fashion industry.
Based on the sales of the Speedcat in high-end distribution channels, we believe that PUMA can capitalise
on this emerging trend and lead the way with its large archive of low-profile sneakers.
With the Mostro and the Inhale, we have two more styles in our product pipeline that can cater to the low-
profile and progressive running trends. We are convinced that we have created hype for these styles with the
help of musician and designer A$AP Rocky, who presented his interpretation of the two sneakers in limited
edition collections. Our collaboration with A$AP Rocky was even named "Collaboration of the Year" by
Footwear News. A$AP Rocky, renowned fashion designer Kid Super and others also helped PUMA make
headlines at Paris Fashion Week.
With one of the best-known K-pop artists Rosé, we were able to gain a new important brand ambassador
with global relevance. In addition to existing ambassadors such as Dua Lipa, Rosé played a major role in
activating our key models such as Speedcat and Palermo. Our brand ambassador Rihanna was also part of
our strategy to strengthen the brand. Rihanna created buzz in the press and on social media with the back-
to-school editions of her Creeper and Avanti trainers in new colour combinations and materials.
With partners such as the British rapper Skepta, fashion brand Heliot Emil and bestselling anime series
One Piece, we wanted to create collections that inspire our customers with strong storylines and
sophisticated product designs. Our collaborations with high-fashion brands Ottolinger, Coperni and
designer Danielle Guizo focused on our female customers.
PUMA Annual Report 2024
Combined Management Report
21
,n Iinancial year 22, 380$ Zas once again Iacing a diIIicult geoSolitical and macroeconomic marNet
environment TKe conIlict in tKe 0iddle East, tKe Zar in 8Nraine, Sersistent inIlation and ongoing risNs oI
recession Kad a negative imSact on consumer sentiment and led to volatile demand in retail ,n addition,
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groZtK and SroIitability )or tKat reason, in 22, tKe management continued to Iocus on overcoming tKe
sKort-term cKallenges ZitKout comSromising tKe medium and long-term success oI 380$ ,n tKis resSect,
sales groZtK and increasing marNet sKares tooN Sriority over sKort-term SroIitability oStimisation
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s sales
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22 3ositive eIIects Irom a Iavourable regional and distribution cKannel mix more tKan oIIset unIavourable
currency eIIects and KigKer discounts TKe net exSense oI otKer oSerating income and exSenses increased
by a total oI 2 in Iinancial year 22 to υ , million (Srevious year υ , million) TKis increase is
essentially due to tKe continued groZtK oI our 'irect-to-&onsumer ('T&) business and IurtKer investments
into our ZareKouse and digital inIrastructure TKis resulted in a KigKer cost ratio, ZKicK rose Irom in
tKe Srevious year to in 22
TKe oSerating result (E%,T) increased by 1 Irom υ 21 million to υ 22 million ,n sSite oI tKe diIIicult
and volatile marNet environment, tKe oSerating result reacKed tKe loZer end oI tKe Iorecast, ZKicK ranged
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1 in 22 +igKer interest exSenses and KigKer currency-related losses Kad a negative imSact on tKe
Iinancial result comSared ZitK tKe Srevious year TaNing into account a KigKer tax rate and tKe rise in net
earnings attributable to non-controlling interests, consolidated net income amounted to υ 21 million
comSared ZitK υ million in tKe Srevious year TKe consolidated net income Ior 22 Zas tKereIore
beloZ our exSectations and Iell by comSared to tKe Srevious year Earnings Ser sKare tKereIore
decreased Irom υ 2 in tKe Srevious year to υ 1
TKe IolloZing table comSares tKe actual results ZitK tKe Iorecast business develoSment
Ϥ T.01 COMPARISON O) THE ACT8AL B8SINESS DEVELOPMENT WITH THE )ORECAST
B8SINESS DEVELOPMENT
2023
Result
2024
Original forecast
2024
AdMusted forecast
2024
Result
6ales
currency-adMusted
υ ,2 million
0id-single digit
Sercentage increase
0id-single digit
Sercentage increase
&urrency-adMusted
increase oI to
υ ,1 million
2Serating result
(E%,T)
υ 21 million
υ 2 to υ million
υ 2 to υ million
υ 22 million
Net income
υ million
&orresSonding
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oSerating result
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oSerating result
(E%,T)
'ecrease oI to
υ 22 million
P8MA Annual Report 22
&ombined 0anagement 5eSort
22
The positive consolidated net income enables the Management Board and the Supervisory Board of PUMA
SE to propose a dividend of € 0.61 per share for financial year 2024 at the Annual General Meeting on 21 May
2025. This corresponds to a payout ratio of 32.3% in relation to the consolidated net income according to
IFRS. The payout ratio was calculated by reference to the average number of shares outstanding in 2024.
PUMA's dividend policy, which was adjusted by means of its publication dated 29 February 2024, provides for
a dividend payout of between 25% and 40% of consolidated net income. In the previous year, a dividend of
€ 0.82 per share was paid out and the payout ratio was 40.3% of consolidated net income.
PUMA's dividend policy, which was adjusted by means of its publication dated 29 February 2024, also
provides for a further 10% to 25% increase in the dividend payout by means of a share buyback programme,
with a view to increasing the total dividend payout ratio to up to 50% of consolidated net income. In
connection with this, in the period from 6 March 2024 up to and including 31 December 2024, PUMA SE
acquired 1,128,961 shares in the first tranche at a total price of € 49,999,986.41 (excluding ancillary acquisition
costs) and an average purchase price of € 44.29 per share. This corresponded to 0.75% of the subscribed
capital. Of the shares repurchased, 1,126,444 were cancelled in the fourth quarter of 2024.
The PUMA share had a negative performance in the financial year 2024. Based on the previous year's level,
the PUMA share started 2024 at a price of € 50.52. In the following twelve months, the price of the PUMA
share ranged between € 52.50 (May 2024) and € 34.81 (August 2024). At the end of 2024, the price of the
PUMA share was € 44.36, which represents a decline of 12.2% compared to the previous year. At the end of
2024, the market capitalisation of the PUMA Group amounted to € 6.6 billion (previous year: € 7.6 billion).
PUMA Annual Report 2024
Combined Management Report
23
PUMA GROUP ESSENTIAL INFORMATION
COMMERCIAL ACTIVITIES AND ORGANISATIONAL STRUCTURE
PUMA SE operates as a European stock corporation with Group headquarters in Herzogenaurach, Germany.
In the internal reporting, our business activities are divided into three major regions (EMEA, the Americas
and Asia/Pacific) and three product divisions (Footwear, Apparel and Accessories). In addition, we consider
seven segments for internal management purposes, as shown in the segment reporting.
Our revenues are derived in particular from the sale of products from the PUMA and Cobra Golf brands via
the wholesale and retail trade, as well as from sales directly to consumers in our own retail stores and
online stores. We market and distribute our products worldwide primarily via our own subsidiaries. There
are distribution agreements in place with independent distributors in a small number of countries.
As of 31 December 2024, 101 subsidiaries were controlled directly or indirectly by PUMA SE. Our subsidiaries
carry out various tasks at the local level, such as distribution, marketing, product development, sourcing
and administration. A full list of all subsidiaries can be found in Chapter 2 of the Notes to the Consolidated
Financial Statements (in the subsection "Group of consolidated companies").
PUMA Annual Report 2024
Combined Management Report
24
TARGETS AND STRATEGY
With its brand elevation strategy, PUMA aims to strengthen its brand and improve its distribution quality. By
implementing this strategy, we want to realise long-term growth, grow faster than the market and gain
further market share.
Our brand elevation strategy consists of three elements: a distinctive brand DNA, a strong performance
business that gives PUMA the credibility and authenticity it needs as a sports company and strengthening
our relevance in Sportstyle Prime.
By elevating the brand, we want to anchor PUMA even better with our consumers and create an emotional
connection with them. PUMA is already one of the most recognised brands in the industry, with a history of
more than 75 years alongside the world's fastest athletes. Our brand has one of the most recognisable logos
and is synonymous with many historic sporting moments, partnerships with legendary athletes and ground-
breaking innovations. However, we believe PUMA can do even more when it comes to building consumer
engagement and brand loyalty.
In 2024, our first brand campaign in 10 years’ time was an important step in our brand elevation journey.
Encouraged by the positive results we have received, we will continue to invest in brand campaigns that
appeal to our consumers on an emotional level. Our newly established Consumer Insights department
ensures that our brand positioning is underpinned by the relevant data and that we invest in a balanced
media mix at a sufficient level. It also enables us to make our storytelling more consistent across all PUMA
categories and touchpoints, whether through brand campaigns or when promoting individual products.
A strong performance credibility is part of PUMA's history and reflects the vision of our founder Rudolf
Dassler, who wanted to give his athletes the speed and agility of a big cat. PUMA focuses on new innovations
to push the boundaries of performance. By focusing on our athletes, clubs and associations, we can show
how PUMA helps them break records and set new personal bests - proving that our technology performs at
the highest level.
The Paris Olympics was a great example of how PUMA was able to use the global visibility of this event and
enhance its credibility as a sports brand with the great performances of its athletes. We aim to continue
working with relevant and successful brand ambassadors and have signed new partnerships in 2024 with
Formula 1 driver Charles Leclerc, NBA star Tyrese Halliburton and 18-year-old sprint star Christian Miller,
to name just a few.
Innovation is the cornerstone of our performance products. A great example is our NITRO
TM technology,
which is recognised as one of the best foams in the industry and provides our athletes with shoes with
superior responsiveness and cushioning. NITRO
TM is not only part of our running products, but has also been
introduced in other business units, such as basketball with the All-Pro and golf with the Phantomcat.
Innovation is also at the centre of our football franchises FUTURE, ULTRA and KING, for which we launched
new innovative versions in 2024.
As our data shows, we were able to gain market share in the highly competitive football and performance
running markets. This gives us confidence that our positioning and the communication of our innovations
are working.
We see Sportstyle Prime as a great opportunity for PUMA. It is therefore crucial for future growth that we
establish ourselves as a relevant brand in this area.
As part of this strategy, we focus on generating demand before launching our products and then bringing
larger volumes to market to maximise our commercial success. We believe this approach gives us the
opportunity to capitalise on trends for longer. In 2024, we created buzz for our low-profile Speedcat style,
initially with select drops and collections at influential accounts, with two different colourways in red and
black, before introducing the style in more colours for the commercial launch and wider distribution at the
PUMA Annual Report 2024
Combined Management Report
25
end of the year. In the meantime, we focused on maximising the terrace and skate trends in 2024 by
launching new and exciting versions of our key franchises such as the Palermo and Suede XL.
To create a relevant offering, we will ensure that we use a unique design language in all our products that
conveys our sports DNA and is authentic to our brand. The Speedcat, which has its roots in motorsport, is a
good example of this approach.
To inspire our consumers, we not only draw on our impressive portfolio of global entertainment
ambassadors, but also on many other influencers who are locally relevant and have a major impact on their
communities.
In 2024, K-pop sensation Rosé proved to be the perfect ambassador for our Palermo and Speedcat, while
artist and designer A$AP Rocky made a splash and attracted a lot of media attention with limited edition
collections for the new styles Inhale and Mostro.
Strengthening the brand is also important when it comes to improving our distribution quality in
wholesale. We are continuously working to increase our distribution quality by focussing on strategic
wholesale partners. We are committed to our approach of being the best partner for our wholesale partners
and providing the best and fastest service in the industry. While our wholesale partners remain our priority,
we see our DTC business as a complementary channel to deliver a great brand experience to our
consumers.
Improving our distribution quality also plays a key role in our focus market, the USA. In 2024, we opened our
newest flagship store in Las Vegas, which allows us to connect with US consumers and the millions of
international tourists who visit the city every year. To bring products to market that appeal to local
preferences, we set up a creative workshop for our design and marketing teams at the PUMA Studio in Los
Angeles. In addition, we collaborate with key brand ambassadors such as Rihanna, A$AP Rocky and LaMelo
Ball. We are convinced that the increase in our sales growth in the US in the second half of 2024 compared
to the first half of the year proves that our strategy in the US is working.
In China, we were able to improve our distribution quality and increase our turnover by introducing new
store formats and increasing our presence on digital sales channels. These digital channels not only offer
us an interesting opportunity to sell our products to Chinese customers, but also to inspire them with
marketing activities such as the catwalk show at the Formula 1 Grand Prix in Shanghai.
Continuous investment in our infrastructure, for example in distribution centres, offices and IT systems, is
essential for long-term, sustainable growth. In 2024, we opened a new warehouse in Arizona, among other
locations, which will support our growth in the important US market. We have also opened the Studio48
creative hubs in Herzogenaurach and Los Angeles, which give our designers the opportunity to develop new
concepts for products and campaigns across different departments or with external partners.
Our employees are at the centre of PUMA's culture and success. PUMA thrives on diversity, inclusion and
equality, enriched by the many nationalities and different backgrounds of our employees. We believe that
diversity is one of our greatest strengths, and we are delighted to have once again been named a global Top
Employer in 2024.
With our FOREVER.BETTER. sustainability strategy, we have fully integrated sustainability into all core
areas of our business. In 2024, we announced our Vision2030 goals in the areas of climate change,
circularity and human rights. These targets build on the progress we have already made in these areas in
recent years. Over the course of the year, our sustainability strategy was recognised with several awards
and top positions in industry rankings, e.g. in Time Magazine's "World's Most Sustainable Companies" list,
"Climate Leaders" in the Financial Times Europe and the German Sustainability Award.
PUMA Annual Report 2024
Combined Management Report
26
PRODUCT DEVELOPMENT AND DESIGN
Our product development and design process is a central component of our brand elevation strategy.
With our 75-year history as a sports brand, all PUMA products share a 100% sports DNA. While we develop
performance products that can perform at the highest level of competition, we also incorporate our sports
DNA into our Sportstyle range with a clear design language.
Sports culture, the influence of sports on fashion and culture beyond the stadiums, pitches and race tracks,
also plays an important role in our designs. A good example of this is the terrace trend, which originated in
the football stadiums of the 1980s, and the Speedcat, which was inspired by racing shoes in motorsport.
In our performance categories, we continuously bring innovations to the market with the aim of developing
the fastest products for the fastest athletes. A good example of this is our NITRO
TM technology, which has
emerged directly from our work with elite athletes and is recognised as one of the best foam technologies in
the industry. NITRO
TM is at the heart of many of our performance products, not only in our running shoes, but
also in our basketball and golf products.
We have also invested heavily in innovations for our performance apparel. One example of this is our
extremely lightweight ULTRAWEAVE technology, which is already part of our football jerseys worn on the
pitch and our running apparel. Our focus on innovation also extends to sustainability: As part of our
RE:FIBRE programme, we were able to produce millions of replica jerseys with recycled polyester from
textile waste in 2024.
In order to optimise our storytelling and benefit from the entire trend cycle, we want to position our various
franchises as brands. In the case of our performance products, these include the Deviate, Velocity and
ForeverRun running shoes and the FUTURE, ULTRA and KING football boots, as well as our Sportstyle
franchises such as Speedcat, Palermo and Mostro.
In order to capture both global and regional trends, we have set up creation centres and design hubs in key
markets such as the USA, Europe, China, India and Japan as part of our glocal strategy and are present in
regionally relevant sports such as cricket, handball, rugby, Australian Rules Football (AFL) and netball. This
organisational approach gives us the opportunity to combine the strength of a global brand with the agility
of a local organisation.
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Combined Management Report
27
MANAGEMENT SYSTEM
We use a variety of indicators to manage our performance in relation to our top corporate goals. We have
defined growth and profitability as key targets within finance-related areas. Our focus therefore is on
improving our sales and operating result (EBIT). These are the most significant financial performance
indicators. Moreover, we aim to minimise working capital and improve free cash flow. Our Group's Planning
and Management System has been designed to provide a variety of instruments in order to assess current
business developments and derive future strategy and investment decisions. This involves the continuous
monitoring of key financial indicators within the PUMA Group and a monthly comparison with budget
targets. Any deviations from the targets are analysed in detail and appropriate countermeasures are taken
in the event such deviations have a negative impact.
Changes in sales are also influenced by currency exchange effects. This is why we also state any changes
in sales in euros, the reporting currency, adjusted for currency exchange effects in order to provide
information that is relevant to the decision-making process when assessing the revenue position. Currency-
adjusted sales are used for comparison purposes and are based on the values that would arise if the foreign
currencies included in the consolidated financial statements were not converted at the average rates for the
previous year, but were instead translated at the corresponding average rates for the current year. In the
case of countries that are in a hyperinflationary environment, the previous year's amounts are not converted
at the reporting date rates of the previous year, but at those of the current reporting year. As a result,
currency-adjusted figures are not to be regarded as a substitute or as superior financial indicators, but
should instead always be regarded as additional information.
We use the indicator free cash flow in order to determine the change in cash and cash equivalents after
deducting all expenses incurred to maintain or expand the organic business of the PUMA Group. Free cash
flow is calculated from the cash flow from operating activities and investment activities. We also use the
indicator free cash flow before acquisitions, which goes beyond free cash flow and includes an adjustment
for incoming and outgoing payments that are associated with shareholdings.
We use the indicator working capital in order to assess the financial position. Working capital is essentially
the difference between current assets – including in particular inventories and trade receivables – and
current liabilities. Cash and cash equivalents, the positive and negative market values of derivative financial
instruments and current finance and lease liabilities are not included in working capital.
Besides the above mentioned significant indicators, sustainability and creating stakeholder value is an
important aspect of PUMA’s overall business performance. Acting in a responsible manner and continuously
improving PUMAs impacts on the environment and people are not only expected by our employees,
consumers and investors but also supports our financial performance. Since many years, and in line with
our current 10FOR25 sustainability strategy, we use several indicators to assess PUMA’s performance
against environmental and social criteria. Those indicators relate to climate action, human rights (including
occupational health and safety) as well as circularity and are part of the performance bonus of our
leadership team globally. Since a large portion of PUMAs impact on the environment and people is created
in our supply chain, we also include supply chain specific sustainability performance indicators in our
annual reporting. For further details, please refer to the ‘sustainability statement’ section in this combined
management report.
PUMA Annual Report 2024
Combined Management Report
28
The calculation of the financial control parameters that PUMA uses is defined as follows:
The recognition of sales is based on the provisions of IFRS 15 Revenue from contracts with customers.
PUMA's gross profit is calculated as sales minus cost of sales.
PUMA's operating result (EBIT) is the sum of sales and royalty and commission income, minus cost of sales
and other operating income and expenses (OPEX). The EBIT margin is calculated as EBIT divided by sales.
We also use the EBITDA indicator, which represents the operating result before interest (= financial result),
taxes and depreciation and amortisation, to assess the results of operations. EBITDA is calculated based on
the operating result (EBIT) adding depreciation and amortisation, which may also contain any incurred im-
pairment losses relating to non-current assets. The EBITDA margin is calculated as EBITDA divided by
sales.
PUMA's working capital is calculated based on the sum of current assets less the sum of current liabilities.
In addition, cash and cash equivalents and positive and negative market values of derivative financial
instruments are deducted. The market values of derivative financial instruments are recognised in the
balance sheet in the items Other Current Assets and Other Current Liabilities not attributable to working
capital. Current financial and lease liabilities are also not part of working capital.
PUMA Annual Report 2024
Combined Management Report
29
ECONOMIC REPORT
GENERAL ECONOMIC CONDITIONS
GLOBAL ECONOMY
According to the winter forecast published by the Kiel Institute for the World Economy (ifw Kiel) on 12
December 2024, the global economy only expanded at a very moderate pace in 2024. The experts at ifw Kiel
expect global gross domestic product (GDP) to have risen by a total of 3.2% for financial year 2024. The
growth rate over the past year is therefore slightly above the forecast of 2.9% (ifw Kiel winter forecast
published on 13 December 2023). While the United States economy continued to expand strongly in 2024,
production in the other advanced economies recorded only a negligible increase. Expansion also remained
subdued in China in 2024. Although inflation slowed during the course of the year, the decline in inflation
stalled from mid-year onwards.
SPORTING GOODS INDUSTRY
The sporting goods industry was faced with various challenges in 2024, which contributed to a difficult and
volatile market environment. Industry development was therefore impacted by persistent currency
headwinds, a promotional market environment and muted consumer sentiment globally. We assume, based
on the Euromonitor report, that the currency-adjusted growth in the sporting goods industry was 1.8% in
2024.
The major sporting events that took place in 2024, such as the Summer Olympics in Paris, the UEFA
Euro 2024 football championship in Germany and the Copa América, South America's continental football
championship, in the United States, had a positive impact on the sporting goods industry. We also assume
that sporting activities and an increasingly healthy and sustainable lifestyle will continue to gain in
importance for a growing proportion of the world's population. This, among other things, will further boost
the popularity of athletic footwear and leisure/athletic apparel as an integral part of everyday fashion
(‘athleisure’).
PUMA Annual Report 2024
Combined Management Report
30
SALES DEVELOPMENT
ILLUSTRATION OF SALES DEVELOPMENT IN 2024 COMPARED TO THE OUTLOOK
In its combined management report for 2023, PUMA forecasted a currency-adjusted increase of sales in the
mid-single-digit percentage range for financial year 2024. This outlook was confirmed during the year. In a
volatile environment, with persistent currency headwinds, a promotional market and globally muted
consumer sentiment, sales development in financial year 2024 was in line with the outlook. More details on
the sales development in 2024 are provided below.
SALES
PUMA's sales in the reporting currency, the euro, increased by 2.5% to € 8,817.2 million in financial year
2024 (previous year: € 8,601.7 million). Currency-adjusted sales increased by 4.4%. PUMA was therefore able
to achieve record turnover of € 8.8 billion in spite of the difficult market environment.
↗ G.01 SALES (€ million)
In the Footwear division, sales increased in the reporting currency, the euro, by 3.3% to € 4,733.6 million.
Currency-adjusted sales increased by 5.4%. The footwear product division continued to be the growth driver
and the strongest growth was achieved in the Teamsport and Running categories. The share of the Footwear
product division in total sales rose from 53.3% in the previous year to 53.7% in 2024.
Sales in the Apparel product division in the reporting currency, the euro, increased by 1.8% to € 2,813.9
million. Currency-adjusted sales grew by 3.7%. Higher sales in the Teamsport category were largely offset
by lower sales in the Sportstyle category. The share of the Apparel product division decreased to 31.9% of
Group sales (previous year: 32.1%).
The Accessories product division reported an increase in sales in the reporting currency, the euro, of 1.1% to
€ 1,269.7 million. This corresponds to a currency-adjusted sales growth of 2.0%. The sales growth was
achieved particularly in the Teamsport category. By contrast, sales of Cobra golf clubs fell slightly compared
to the previous year. In 2024, the share of the Accessories product division decreased to 14.4% of Group
sales from 14.6% in the previous year.
5,234.4
6,805.4
8,465.1
8,601.7
8,817.2
2020
2021
2022
2023
2024
PUMA Annual Report 2024
Combined Management Report
31
↗ G.02 SALES BY PRODUCT DIVISIONS (€ million)
OWN RETAIL ACTIVITIES
PUMA's own retail activities include direct sales to our consumers ("Direct-to-consumer business"). This
includes selling to our customers in PUMA's own retail stores, the so-called "Full Price Stores" and
"Factory Outlets". Our e-commerce business on our own online platforms and on the platforms of online
retailers, which we refer to as "marketplaces", is also part of the direct sales to our consumers. Our own
retail businesses ensure regional availability of PUMA products and the presentation of the PUMA brand in
an environment suitable to our brand positioning.
PUMA's direct-to-consumer sales increased by 16.6% currency-adjusted to € 2,425.4 million in financial
year 2024. This corresponds to a share of 27.5% of total sales (previous year: 24.8%). Adjusted for currency
effects, sales in PUMA's own full-price stores and factory outlets increased by 14.2% in 2024. In the e-
commerce business, currency-adjusted sales increased by 21.1% in 2024. The continued strong sales growth
in our DTC business was due to higher enforceable prices and the opening of own retail stores with a
corresponding increase in sales quantity.
↗ G.03 DIRECT-TO-CONSUMER SALES
892.7
1,124.5
1,251.0
1,255.3
1,269.7
1,974.1
2,517.3
2,896.3
2,763.0
2,813.9
2,367.6
3,163.6
4,317.9
4,583.4
4,733.6
2020
2021
2022
2023
2024
Accessories
Apparel
Footwear
1,424.5
1,724.8
1,951.4
2,133.0
2,425.4
27.2%
25.3%
23.1%
24.8%
27.5%
2020
2021
2022
2023
2024
Direct-to-consumer sales in € million
in % of sales
PUMA Annual Report 2024
Combined Management Report
32
WHOLESALE
Wholesale is PUMA's largest sales channel. Currency-adjusted sales in PUMA's wholesale business
increased by 0.4% to € 6,391.8 million (previous year: € 6,368.1 million) in the financial year 2024. This
corresponds to a 72.5% share of total sales compared to 75.4% in the previous year. The higher demand and
consequently sold quantities essentially supported the sales growth. Currency-adjusted sales in the
footwear product division increased by 2.1% to € 3,440.2 million. In contrast, currency-adjusted sales in the
apparel product division fell by 1.5% to € 1,868.0 million, and currency-adjusted sales in the accessories
product division declined by 1.8% to € 1,083.6 million.
REGIONAL DEVELOPMENT
In the following explanation of the regional development of sales, the sales are allocated to the customers'
actual region ("customer site"). It is divided into three geographical regions (EMEA, Americas and
Asia/Pacific).
PUMA's sales in the reporting currency, the euro, increased by 2.5% in financial year 2024. This corresponds
to a currency-adjusted sales increase of 4.4% compared to the previous year. All three regions contributed
to this growth with positive currency-adjusted sales development.
In the EMEA region, sales in the reporting currency, the euro, rose by 1.7% to € 3,475.7 million. Adjusted for
currency effects, this corresponds to an increase in sales of 2.1%. The majority of countries in the region
contributed to this development with sales growth. Particularly strong growth came from Germany, Italy, the
UK and Türkiye. In contrast, sales declined in the Middle East, among others. The EMEA region accounted
for 39.4% of Group sales in 2024 compared to 39.7% in the previous year.
With regard to product divisions, sales revenue from Footwear recorded a currency-adjusted decline of
0.9%. Currency-adjusted sales of Apparel increased by 7.5%. Currency-adjusted sales of Accessories
remained at the previous year's level.
↗ G.04 EMEA SALES (€ million)
1,982.9
2,531.7
3,113.8
3,418.4
3,475.7
2020
2021
2022
2023
2024
PUMA Annual Report 2024
Combined Management Report
33
In the Americas region, sales increased in the reporting currency, the euro, by 4.3% to € 3,536.0 million.
Currency-adjusted sales increased by 7.0%. Both North America (+1.8% currency-adjusted) and Latin
America (+16.2% currency-adjusted) contributed to this development with sales growth. In Latin America in
particular, the weakness of the Argentinian peso against the euro resulted in negative currency effects. The
share of the Americas region in Group sales increased from 39.4% in the previous year to 40.1% in 2024.
In terms of product divisions, Footwear (+9.3% currency-adjusted), Apparel (+4.0% currency-adjusted) and
Accessories (+3.7% currency-adjusted) recorded sales growth compared to the previous year.
↗ G.05 AMERICAS SALES (€ million)
In the Asia/Pacific region, sales in the reporting currency, the euro, rose by 0.7% to € 1,805.5 million.
Adjusted for currency effects, this corresponds to an increase in sales of 3.8%. The currency-adjusted
increase in sales in China, Japan and Korea was offset by declining sales in Singapore and Australia. The
share of the Asia/Pacific region in Group sales reduced from 20.8% in the previous year to 20.5% in 2024.
In terms of product divisions, both Footwear (+9.0% currency-adjusted) and Accessories (+3.7% currency-
adjusted) recorded sales growth compared to the previous year. In contrast, currency-adjusted sales in the
Apparel product division fell by 3.5%.
↗ G.06 ASIA/PACIFIC SALES (€ million)
1,775.2
2,636.9
3,685.9
3,389.9
3,536.0
2020
2021
2022
2023
2024
1,476.3
1,636.8
1,665.3
1,793.4
1,805.5
2020
2021
2022
2023
2024
PUMA Annual Report 2024
Combined Management Report
34
RESULTS OF OPERATIONS
↗ T.02 INCOME STATEMENT
2024
2023
€ million
%
€ million
%
+/-%
Sales
8,817.2
100.0%
8,601.7
100.0%
2.5%
Cost of sales
-4,639.2
-52.6%
-4,615.1
-53.7%
0.5%
Gross profit
4,177.9
47.4%
3,986.6
46.3%
4.8%
Royalty and commission income
24.3
0.3%
38.5
0.4%
-37.1%
Other operating income and expenses
-3,580.2
-40.6%
-3,403.5
-39.6%
5.2%
Operating Result (EBIT)
622.0
7.1%
621.6
7.2%
0.1%
Financial result
-159.7
-1.8%
-143.3
-1.7%
11.4%
Earnings before taxes (EBT)
462.3
5.2%
478.3
5.6%
-3.3%
Income taxes
-120.0
-1.4%
-117.8
-1.4%
1.9%
- Tax rate
25.9%
24.6%
Net income attributable to non-controlling
interests
-60.7
-0.7%
-55.7
-0.6%
9.0%
Net income
281.6
3.2%
304.9
3.5%
-7.6%
Weighted average number of outstanding
shares (million shares)
149.32
149.85
-0.4%
Weighted average number of outstanding
shares, diluted (million shares)
149.38
149.87
-0.3%
Earnings per share (€)
1.89
2.03
-7.3%
Earnings per share (€) - diluted
1.89
2.03
-7.3%
PUMA Annual Report 2024
Combined Management Report
35
ILLUSTRATION OF EARNINGS DEVELOPMENT IN 2024 COMPARED TO THE OUTLOOK
In the outlook in the combined management report for 2023, PUMA forecast an operating result (EBIT) in the
range between € 620 million and € 700 million for financial year 2024 (2023: € 621.6 million). At the end of
the second quarter, the outlook was narrowed down within the original range, and an operating result (EBIT)
of between €620 million and €670 million was expected. However, the volatile environment, with persistent
currency headwinds, a promotional market and globally muted consumer sentiment, had a negative impact
on profitability. Nevertheless, PUMA was able to reach the lower end of the outlook for the operating result
for 2024 as a whole.
More details on earnings development in the financial year under review are provided below.
GROSS PROFIT MARGIN
PUMA's gross profit in financial year 2024 increased by 4.8% from € 3,986.6 million to € 4,177.9 million. The
gross profit margin improved by a rounded 100 basis points from 46.3% to 47.4%. Headwinds from
currencies and discounts were more than offset by a favourable product and distribution channel mix. The
negative currency effects on the gross profit margin, including the effects of currency hedging, resulted
primarily from the US dollar due to its strength against the euro and other currencies during 2024. In
addition, the negative currency effects relate to a lesser extent to the Japanese yen, the Mexican peso and
the Turkish lira.
The gross profit margin in the Footwear product division increased from 45.4% in the previous year to 46.9%
in 2024. The gross profit margin for Apparel increased from 47.8% to 48.1%. The gross profit margin for
Accessories also improved, rising from 46.6% to 47.6% in 2024.
↗ G.07 GROSS PROFIT/GROSS PROFIT MARGIN
LICENSING BUSINESS
PUMA grants licences to independent partners for various product divisions, such as glasses, safety shoes,
workwear and gaming accessories. In addition to design, development and manufacture, these companies
are also responsible for product distribution. Income from licence agreements also includes some
distribution licences for different markets. PUMA's royalty and commission income decreased by 37.1% to
€ 24.3 million in financial year 2024 (previous year: € 38.5 million). The main reason for this decline was a
decrease in royalties from the Formula 1 business, as this business was taken over by our subsidiary, stichd.
2,458.0
3,257.8
3,902.7
3,986.6
4,177.9
47.0%
47.9%
46.1%
46.3%
47.4%
2020
2021
2022
2023
2024
Gross profit in € million
Gross profit margin in %
PUMA Annual Report 2024
Combined Management Report
36
OTHER OPERATING INCOME AND EXPENSES
The net expense of other operating income and expenses (OPEX) increased by 5.2% in financial year 2024 to
€ 3,580.2 million (previous year: € 3,403.5 million). This increase is largely due to the continued growth of
our DTC business and further investments into our warehouse and digital infrastructure. The cost ratio
increased from 39.6% in the previous year to 40.6% in 2024.
↗ G.08 OPERATING EXPENSES (as a % of sales)
Within sales expenses, marketing/retail expenses increased by 5.7% to € 1,736.9 million, while the cost ratio
was 19.7% of sales in 2024, compared with a cost ratio of 19.1% in the previous year. Other sales expenses,
which mainly include sales-related costs and costs for warehousing and logistics, increased by 1.6% to
€ 1,174.7 million. The cost ratio of other sales expenses decreased to 13.3% of sales in 2024 compared to a
cost ratio of 13.4% in the previous year.
Research and development/product management expenses increased by 5.7% compared to the previous
year, reaching € 181.3 million, and the cost ratio increased to 2.1% of sales. Research and product
development at PUMA mainly comprise the areas of innovation (new technologies), product design and
model and collection development. The research and product development activities range from the
analysis of scientific studies and customer surveys through the generation of creative ideas to the
implementation of innovations in commercial products. The activities in research and product development
are directly linked to sourcing activities. As of 31 December 2024, a total of 1,438 people were employed in
research and development/product management (previous year: 1,406). In 2024, research and
development/product management expenses totalled € 181.3 million (previous year: € 171.5 million), of
which € 92.0 million (previous year: € 89.0 million) related to research and development alone.
Other operating income in the past financial year amounted to € 8.3 million and includes rental income,
capital gains from finance leases and income from the sale of fixed assets. General and administrative
expenses increased by 9.9% to € 495.6 million in 2024. The cost ratio of general and administrative expenses
increased to 5.6% of sales in 2024. Depreciation and amortisation are included in the relevant costs and total
€ 370.2 million (previous year: € 351.7 million). The increase in depreciation compared to the previous year
is due to investments in IT systems, warehouses and own retail stores. In addition, the respective costs
include impairment losses totalling € 7.9 million and reversals of impairment losses in the amount of
€ 29.4 million, which are related to the valuation of the rights of use of retail stores.
43.3%
40.0%
38.9%
39.6%
40.6%
2020
2021
2022
2023
2024
PUMA Annual Report 2024
Combined Management Report
37
RESULT BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA)
The result before interest (= financial result), taxes, depreciation and amortisation (including impairment
losses and reversals of impairment losses) (EBITDA) increased by 0.4% to € 970.7 million in financial year
2024 (previous year: € 967.1 million). The EBITDA margin, however, decreased from 11.2% in the previous
year to 11.0% in 2024.
OPERATING RESULT (EBIT)
In financial year 2024, the operating result increased by 0.1% from € 621.6 million in the previous year to
€ 622.0 million. The increase in sales and the improvement in the gross profit margin was almost
completely offset by the increase in other operating income and expenses. The EBIT margin decreased from
7.2% in the previous year to 7.1% in 2024.
↗ G.09 OPERATING RESULT
FINANCIAL RESULT
The financial result decreased in 2024 from a net amount of € -143.3 million in the previous year to € -159.7
million. This development is mainly due to the increase in interest expenses in 2024 to a total of
€ - 128.4 million (previous year: € -100.8 million). The decline in interest income in 2024 to a total of € 31.4
million compared to € 37.8 million in the previous year also contributed to this development. In addition,
losses from currency translation differences increased to a total of € -88.5 million in 2024 compared to
€ - 69.4 million in the previous year. In contrast, there were positive effects in 2024 from the improvement in
other financial income and expenses, which include in particular forward or time components in connection
with currency derivatives, from € 12.8 million in the previous year to € 51.7 million in 2024, and expenses
from hyperinflation effects decreased to €-17.4 million (previous year: € -23.7 million). By contrast, the
devaluation of investment property totalling € 8.8 million (previous year: € 0.0 million) as a result of
hyperinflation accounting.
EARNINGS BEFORE TAXES (EBT)
In financial year 2024, PUMA generated earnings before taxes of € 462.3 million. This corresponds to a
decrease of 3.3% compared to the previous year (€ 478.3 million). Tax expenses increased to € 120.0 million,
compared to € 117.8 million in the previous year. The group tax rate increased from 24.6% to 25.9%, mainly
due to a change in the composition of the consolidated net income, increased expenses from withholding
taxes and the effects of the introduction of the global minimum tax.
209.2
557.1
640.6
621.6
622.0
4.0%
8.2%
7.6%
7.2%
7.1%
2020
2021
2022
2023
2024
Operating result in € million
as a % of sales
PUMA Annual Report 2024
Combined Management Report
38
NET EARNINGS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
Net earnings attributable to non-controlling interests relate to companies in the North American market, in
each of which the same shareholder holds a minority stake. The earnings attributable to these interests
increased by 9.0% to € 60.7 million in the 2024 financial year (previous year: € 55.7 million). The companies
affected are PUMA United North America LLC, PUMA United Aviation North America LLC, PUMA United
Canada ULC and Janed Canada LLC. The business purpose of these companies is mainly the sale of socks,
bodywear, accessories and children's apparel in the North American market.
CONSOLIDATED NET INCOME
In financial year 2024, consolidated net income decreased by 7.6% from € 304.9 million to € 281.6 million.
Despite operating result (EBIT) at the previous year's level, the decline in the financial result, the slightly
higher tax expense due to a higher tax rate and the increase in the result attributable to non-controlling
interests led to this development.
Earnings per share and diluted earnings per share decreased from € 2.03 in the previous year to € 1.89 in
financial year 2024, in line with the development of the consolidated net income.
DEVELOPMENT OF THE SEGMENTS
Internal management of the PUMA Group is carried out across seven segments (Europe, EEMEA, North
America, Latin America, Greater China, Asia/Pacific (excluding Greater China) and stichd), based on the
registered office of the respective subsidiaries. The differences from the presented regional development of
sales are essentially down to the separated stichd segment and India, Southeast Asia and Oceania, which
are allocated to the EEMEA segment.
All segments posted sales growth in constant currency in 2024. Negative currency effects were recorded,
particularly in Argentina and Turkey. The strongest constant-currency sales growth came from the Latin
America and Asia/Pacific (excluding Greater China) regions, and stichd. In North America, currency-
adjusted sales growth was in the low single-digit percentage range. In Greater China, currency-adjusted
sales growth was in the mid-single-digit percentage range, and thus stronger than in the PUMA Group.
The operating segments developed in line with the trends already explained in terms of sales and other
earnings figures. Exceptions were the EEMEA segment, which recorded a decline in sales and operating
result in the reporting currency, the euro, due to a significant decline in sales and a lower gross profit
margin in the Middle East and Southeast Asia. In the Latin America segment, the operating result came in
below the previous year despite sales growth. This was mainly due to a decline in sales and lower
profitability in Mexico and Chile, caused by structural changes in logistics and a resulting temporary
restriction in delivery capacity. In the Greater China segment, the ongoing recovery and reopening of the
market led to a significant improvement of the operating result despite moderate sales growth. The stichd
segment recorded a significant decline of the operating result, mainly due to operational challenges
following the introduction of a new ERP system at the end of 2023.
PUMA Annual Report 2024
Combined Management Report
39
DIVIDENDS AND SHARE BUY-BACK
The positive consolidated net income enables the Management Board and the Supervisory Board of PUMA
SE to propose the distribution of a dividend of € 0.61 per share for financial year 2024 at the Annual General
Meeting on 21 May 2025. The payout ratio for financial year 2024 is 32.3% of consolidated net income. The
payout ratio was calculated by reference to the average number of shares outstanding in 2024. PUMA's
dividend policy, which was adjusted by means of its publication dated 29 February 2024, provides for a
dividend payout of between 25% and 40% of consolidated net income. The payment of the dividend is to take
place in the days after the Annual General Meeting at which the decision is made on the payout. In the
previous year, a dividend of € 0.82 per share was paid out and the payout ratio was 40.3% of consolidated net
income.
↗ G.10 EARNINGS/DIVIDEND PER SHARE (in €)
PUMA's dividend policy, which was adjusted by means of its publication dated 29 February 2024, also
provides for a further 10% to 25% increase in the dividend payout by means of a share buyback programme,
with a view to increasing the total payout ratio to up to 50% of consolidated net income.
In connection with this, in the period from 6 March 2024 up to and including 31 December 2024, PUMA SE
acquired 1,128,961 shares in the first tranche at a total price of € 49,999,986.41 (excluding ancillary acquisition
costs) and an average purchase price of € 44.29 per share. This corresponded to 0.75% of the subscribed
capital. Of the shares repurchased, 1,126,444 were cancelled in the fourth quarter of 2024.
0.53
2.07
2.36
2.03
1.89
0.16
0.72
0.82
0.82
0.61
2020
2021
2022
2023
2024
Earnings per share
Dividend per share
PUMA Annual Report 2024
Combined Management Report
40
Further information on the repurchase of treasury shares can be found in the following table.
↗ T.03 REPURCHASE OF TREASURY SHARES IN 2024
Month
Number of
shares
Total price in €
Average
purchase price
per share in €
Share of
subscribed
capital in €
Share of
subscribed
capital in %
March
105,713
4,310,868.52
40.78
105,713
0.07%
April
88,714
3,706,587.20
41.78
88,714
0.06%
May
85,933
4,120,879.78
47.95
85,933
0.06%
June
420,053
19,152,694.86
45.60
420,053
0.28%
July
417,373
18,253,518.89
43.73
417,373
0.28%
August
3,386
133,635.38
39.47
3,386
0.00%
September
2,096
79,852.16
38.10
2,096
0.00%
October
2,198
85,187.58
38.76
2,198
0.00%
November
1,378
61,630.85
44.72
1,378
0.00%
December
2,117
95,131.19
44.94
2,117
0.00%
Year 2024 in total
1,128,961
49,999,986.41
44.29
1,128,961
0.75%
As of the balance sheet date, 31 December 2024, the Company holds a total of 873,783 PUMA shares in
treasury stock, after cancellation of the repurchased treasury shares. This corresponds to 0.58% of the
subscribed capital.
PUMA Annual Report 2024
Combined Management Report
41
NET ASSETS AND FINANCIAL POSITION
↗ T.04 BALANCE SHEET
31/12/2024
31/12/2023
€ million
%
€ million
%
+/-%
Cash and cash equivalents
368.2
5.2%
552.9
8.3%
-33.4%
Inventories *
2,013.7
28.2%
1,804.4
27.2%
11.6%
Trade receivables *
1,246.5
17.5%
1,118.4
16.8%
11.5%
Other current assets *
516.8
7.2%
385.6
5.8%
34.0%
Other current assets
160.0
2.2%
69.8
1.1%
129.3%
Current assets
4,305.2
60.3%
3,931.1
59.2%
9.5%
Deferred tax assets
243.6
3.4%
296.1
4.5%
-17.7%
Right-of-use assets
1,116.8
15.6%
1,087.7
16.4%
2.7%
Other non-current assets
1,475.0
20.7%
1,325.6
20.0%
11.3%
Non-current assets
2,835.4
39.7%
2,709.3
40.8%
4.7%
Total assets
7,140.6
100.0%
6,640.4
100.0%
7.5%
Current borrowings
131.6
1.8%
145.9
2.2%
-9.8%
Trade payables *
1,893.5
26.5%
1,499.8
22.6%
26.2%
Current lease liabilities
220.6
3.1%
212.4
3.2%
3.9%
Other current liabilities *
605.3
8.5%
631.3
9.5%
-4.1%
Other current liabilities
19.9
0.3%
47.7
0.7%
-58.3%
Current liabilities
2,870.9
40.2%
2,537.2
38.2%
13.2%
Non-current borrowings
356.4
5.0%
426.1
6.4%
-16.4%
Deferred tax liabilities
14.2
0.2%
12.4
0.2%
14.4%
Pension provisions
27.3
0.4%
22.5
0.3%
21.3%
Non-current lease liabilities
1,010.0
14.1%
1,020.0
15.4%
-1.0%
Other non-current liabilities
33.3
0.5%
40.0
0.6%
-16.9%
Non-current liabilities
1,441.0
20.2%
1,520.9
22.9%
-5.3%
Equity
2,828.6
39.6%
2,582.3
38.9%
9.5%
Total liabilities and equity
7,140.6
100.0%
6,640.4
100.0%
7.5%
Working Capital
1,278.2
1,177.3
8.6%
- in % of sales
14.5%
13.7%
* included in working capital
PUMA Annual Report 2024
Combined Management Report
42
EQUITY RATIO
According to its own assessment, the PUMA Group has a very solid capital base. As of the balance sheet
date, the equity of the PUMA Group increased by 9.5%, from € 2,582.3 million in the previous year to
€ 2,828.6 million as of 31 December 2024. In addition to the positive consolidated net income, mainly due to
positive currency conversion differences and gains on cash flow hedges, the positive other comprehensive
income that is directly recorded in equity of € 168.2 million also contributed to the increase in Group equity.
As of the balance sheet date, total assets increased by 7.5% from € 6,640.4 million in the previous year to
€ 7,140.6 million. Overall, this resulted in an increase in the equity ratio of 0.7 percentage points from 38.9%
in the previous year to 39.6% as of 31 December 2024.
↗ G.11 BALANCE SHEET TOTAL/EQUITY RATIO
WORKING CAPITAL
As of the balance sheet date, working capital increased by 8.6% from € 1,177.3 million in the previous year to
€ 1,278.2 million as of 31 December 2024. In relation to sales in the respective financial year, this
corresponds to an increase in the working capital ratio from 13.7% in the previous year to 14.5% at the end of
2024. This development was mainly due to the increase in inventories, trade receivables and other current
assets attributable to working capital. In contrast, the increase in trade payables had a positive effect on
working capital.
On the assets side, inventories increased by 11.6% from € 1,804.4 million to € 2,013.7 million as of the
balance sheet date. This development is primarily related to an increase in goods in transit compared to the
previous year. Trade receivables increased by 11.5% from € 1,118.4 million to € 1,246.5 million, largely as a
result of the sales growth in the fourth quarter. Other current assets, which are attributable to working
capital, increased by 34.0% from € 385.6 million to € 516.8 million.
On the liabilities side, trade payables increased by 26.2% to € 1,893.5 million (previous year: € 1,499.8
million) partly as a result of the higher purchasing volume including the increase in goods in transit
compared to the previous year. The other current liabilities and provisions, which are contained in working
capital and include, among other things, customer bonus and warranty provisions, decreased slightly by
4.1% from € 631.3 million to € 605.3 million.
4,684.1
5,728.3
6,772.7
6,640.4
7,140.6
37.7%
39.8%
37.5%
38.9%
39.6%
2020
2021
2022
2023
2024
Total assets in € million
Equity ratio in %
PUMA Annual Report 2024
Combined Management Report
43
↗ G.12 WORKING CAPITAL
OTHER ASSETS AND OTHER LIABILITIES
Other current assets outside of working capital include the positive market value of derivative financial
instruments and current receivables from leases. Other current assets outside working capital increased to
€ 160.0 million (compared to € 69.8 million in the previous year) as a result of higher positive market values
of derivative financial instruments.
Right-of-use assets increased slightly by 2.7% from € 1,087.7 million to € 1,116.8 million compared to the
previous year. The increase was mainly due to additions to right-of-use assets in 2024, mostly in connection
with newly opened own retail stores. The right-of-use assets refer to own retail stores totalling
€ 528.9 million (previous year: € 464.2 million), warehouses and offices totalling € 522.5 million (previous
year: € 557.7 million) and other lease items, mainly technical equipment and machinery and motor vehicles,
totalling € 65.4 million as of 31 December 2024 (previous year: € 65.7 million). The associated current and
non-current leasing liabilities remained virtually unchanged overall.
Other non-current assets, which mainly comprise intangible assets and property, plant and equipment,
increased by 11.3% to € 1,475.0 million (previous year: € 1,325.6 million) in the past financial year. The
increase in other non-current assets is primarily due to investments in IT infrastructure and software, as
well as technical equipment and machinery.
As of 31 December 2024, current financial liabilities include the current proportion of promissory note loans
in the amount of € 70.0 million (previous year: € 125.0 million) and short-term bank liabilities amounting to
€ 61.6 million (previous year: € 20.9 million).
Other current liabilities, which exclusively include the negative market value of derivative financial
instruments, fell from € 47.7 million to € 19.9 million compared to the previous year.
Non-current financial liabilities include promissory note loans totalling € 356.4 million (previous year:
€ 426.1 million).
Pension provisions increased to € 27.3 million (previous year: € 22.5 million).
Other non-current liabilities fell to € 33.3 million as of the balance sheet date (previous year: € 40.0 million).
465.8
727.9
1,086.8
1,177.3
1,278.2
8.9%
10.7%
12.8%
13.7%
14.5%
2020
2021
2022
2023
2024
Working capital in € million
Working capital as a % of sales
PUMA Annual Report 2024
Combined Management Report
44
CASH FLOW
↗ T.05 CASH FLOW STATEMENT
1-12/2024
1-12/2023
€ million
€ million
+/-%
Earnings before taxes (EBT)
462.3
478.3
-3.3%
Financial result and non-cash effected expenses and income
415.9
485.7
-14.4%
Gross cash flow
878.2
964.1
-8.9%
Change in current assets, net
-69.4
-129.2
-46.3%
Dividends received
0.4
0.0
-
Income taxes paid
-114.4
-181.3
-36.9%
Net cash from operating activities
694.8
653.6
6.3%
Payments for investing in fixed assets
-263.0
-300.4
-12.5%
Other investing and divestment activities incl. interest received
32.4
15.8
105.8%
Net cash used in investing activities
-230.5
-284.6
-19.0%
Free cash flow
464.3
369.0
25.8%
Free cash flow (before acquisitions)
464.3
369.0
25.8%
Dividend payments to shareholders of PUMA SE
-122.8
-122.8
0.0%
Dividend payments to non-controlling interests
-89.4
-92.4
-3.3%
Proceeds from borrowings
39.0
299.6
-87.0%
Cash repayments of borrowings
-125.0
-59.1
111.5%
Repayments of lease liabilities
-222.5
-208.0
7.0%
Repurchase of own shares
-50.0
0.0
Interest paid
-127.2
-94.3
34.8%
Net cash used in financing activities
-697.8
-277.1
151.8%
Exchange rate-related changes in cash and cash equivalents
48.8
-2.1
-
Changes in cash and cash equivalents
-184.7
89.8
-305.7%
Cash and cash equivalents at the beginning of the financial year
552.9
463.1
19.4%
Cash and cash equivalents at the end of the financial year
368.2
552.9
-33.4%
NET CASH FROM OPERATING ACTIVITIES
Gross cash flow fell by 8.9% from € 964.1 million to € 878.2 million in financial year 2024. This development
was due to the decrease in earnings before taxes by 3.3% to € 462.3 million and the decrease in non-cash
adjustments in relation to the financial result and other non-cash effected expenses and income by 14.4% to
€ 415.9 million.
PUMA Annual Report 2024
Combined Management Report
45
↗ G.13 GROSS CASH FLOW (€ million)
As a result of the smaller increase in working capital compared to the previous year, there was a lower cash
outflow from the change in net working capital* of € -69.4 million in financial year 2024, compared to a cash
outflow of € -129.2 million in the previous year. The cash outflow from payments for income taxes reduced
from € -181.3 million in the previous year to € -114.1 million in financial year 2024. On a net basis, due to the
reduced cash outflows in connection with working capital and income taxes, net cash flow from operating
activities increased by 6.3% from € 653.6 million to € 694.8 million.
NET CASH USED IN INVESTING ACTIVITIES
In financial year 2024, cash outflow from investing activities decreased from a total of € 284.6 million to
€ 230.5 million. The investments in fixed assets included in this figure decreased from € 300.4 million in the
previous year to € 263.0 million in 2024. As a result, investments in 2024 were below those set out in the
investment plan, which had originally forecast investments at the previous year's level. The investments in
2024 mainly related to our own retail stores and our logistics infrastructure. In addition, investments in the
modernisation of the IT infrastructure continued to be made. The decrease in investments primarily related
to the North America and Latin America segments. By contrast, investments have increased in the
European segment.
____________________________
*
Net current assets include working capital line items plus current assets and liabilities, which are not part of the working
capital calculation. Current lease liabilities are not part of the net current assets.
522.8
821.2
918.9
964.1
878.2
2020
2021
2022
2023
2024
PUMA Annual Report 2024
Combined Management Report
46
FREE CASH FLOW BEFORE ACQUISITIONS
The free cash flow before acquisitions is the balance of the cash inflows and outflows from operating and
investing activities. In addition, an adjustment is made for incoming and outgoing payments that relate to
the purchase or sale of shareholdings, where applicable.
In financial year 2024, free cash flow before acquisitions improved by 25.8% from € 369.0 million in the
previous year to € 464.3 million as a result of increased cash inflows from operating activities and lower
cash outflows from investing activities in 2024. Free cash flow before acquisitions was 5.3% of sales
compared to 4.3% in the previous year.
↗ G.14 FREE CASH FLOW (BEFORE ACQUISITIONS) (€ million)
NET CASH USED IN FINANCING ACTIVITIES
The net cash used in financing activities increased overall from a cash outflow of € 277.1 million in the
previous year to a cash outflow of € 697.8 million in 2024. The increase in cash outflow was largely due to
the repayment of financial liabilities in 2024 compared with the assumption of financial liabilities in the
previous year.
A dividend payment of € 122.8 million was distributed to the shareholders of PUMA SE for financial year
2023. The payment of dividends also amounted to € 122.8 million in the previous year. The repurchase of
treasury shares in 2024 resulted in a cash outflow of € 50.0 million (previous year: € 0.0 million). The net
cash used in financing activities also included payouts to non-controlling interests totalling € 89.4 million in
2024 (previous year: € 92.4 million). Cash outflows for the repayment of financial liabilities amounted to
€ 125.0 million in 2024, compared with € 59.1 million in the previous year. In financial year 2024, cash inflows
from borrowings amounted to € 39.0 million (previous year: € 299.6 million). The cash outflows for the
repayment of lease liabilities and related interest expenses included in the cash outflow from financing
activities increased from a total of € 254.8 million in the previous year to € 273.6 million in 2024.
As of 31 December 2024, PUMA had cash and cash equivalents of € 368.2 million. This represents a
decrease of 33.4% compared to the previous year (€ 552.9 million). In addition, as of 31 December 2024, the
PUMA Group had credit lines totalling € 1,842.9 million (previous year: € 1,552.8 million). The increase of
€ 290.1 million in confirmed credit lines compared to the previous year resulted in particular from the early
repayment of the revolving credit facility of €800.0 million with an original term until December 2025. This
credit facility was replaced in December 2024 by a new revolving credit facility of € 1,200.0 million, with a
term until December 2029 and two further extension options of one year each. The financing partners are
again nine of PUMA's international core banks. The unused credit lines amounted to € 1,360.2 million at the
balance sheet date, compared to € 986.1 million in the previous year.
276.0
276.2
177.5
369.0
464.3
2020
2021
2022
2023
2024
PUMA Annual Report 2024
Combined Management Report
47
STATEMENT REGARDING THE BUSINESS DEVELOPMENT AND THE OVERALL
SITUATION OF THE GROUP
Despite the solid sales growth and our progress in strategic initiatives, we are not satisfied with our
profitability in the past financial year. We have therefore initiated a comprehensive efficiency programme,
'nextlevel', with the aim of optimising costs and translating sales growth into higher profitability growth. The
'nextlevel' programme aims to achieve an EBIT margin of 8.5% by 2027 through optimising direct and
indirect costs. PUMA's strategy, which is aimed at strengthening the brand and increasing PUMA's brand
heat, will therefore be supplemented by the nextlevel programme. The ongoing investments in the brand
and the nextlevel programme are intended to ensure the improvement of the underlying operating result
from 2025 onwards and to form the basis for sustainable and accelerated future growth.
With regard to the consolidated balance sheet, we believe that PUMA continues to have a very solid capital
base. As of the balance sheet date, the PUMA Group's equity amounted to € 2.8 billion and the equity ratio
was 39.6%.
Inventories are at a healthy level at the end of 2024, with a strong increase in goods in transit. Our focus on
working capital management helped to reduce the increase in working capital when compared with the
previous year. This is also reflected in the improvement in the cash flow from operating activities and free
cash flow. Our cash and cash equivalents amounted to € 368.2 million as of the balance sheet date. In
addition, the PUMA Group has unutilised credit lines totalling € 1,360.2 million at its disposal.
The positive net income enables the Management Board and Supervisory Board of PUMA SE to propose a
dividend of € 0.61 per share for the financial year 2024 at the Annual General Meeting on 21 May 2025. This
corresponds to a payout ratio of 32.3% of consolidated net income according to IFRS. PUMA's adjusted
dividend policy for 2024 provides for a payout ratio of 25% to 40% of the consolidated net income. In addition,
the first tranche of the share buyback programme will continue with a remaining volume of € 50 million
until 6 May 2025. The share buyback complements the dividend policy by a further 10% - 25% of the net
income to achieve a total payout ratio of up to 50% of the consolidated net income.
PUMA Annual Report 2024
Combined Management Report
48
COMMENTS ON THE FINANCIAL STATEMENTS OF
PUMA SE IN ACCORDANCE WITH THE GERMAN
COMMERCIAL CODE (HGB)
The annual financial statements of PUMA SE are prepared in accordance with the rules of the German
Commercial Code (German GAAP, HGB), taking into account the SEAG (German SE Implementation Act) and
the German Stock Corporation Act (AktG). PUMA SE is the parent company of the PUMA Group. PUMA SE's
results are to a large extent influenced by the directly and indirectly held subsidiaries and shareholdings.
The business development of PUMA SE is essentially subject to the same risks and opportunities as the
PUMA Group. In addition, the management of earnings before taxes (EBT) is affected by changes in the
financial result.
PUMA SE is responsible for wholesale business in the DACH area, consisting of the home market of
Germany, Austria, and Switzerland. Furthermore, PUMA SE is also responsible for pan-European
distribution for individual key accounts and for sourcing products from European production countries, as
well as global licensing management. In addition, PUMA SE acts as a holding company within the PUMA
Group and, as such, is responsible for international product development, merchandising, international
marketing, the global areas of finance, operations and PUMA's strategic direction.
RESULTS OF OPERATIONS
↗ T.06 INCOME STATEMENT (GERMAN GAAP, HGB)
2024
2023
€ million
%
€ million
%
+/- %
Sales
1,270.2
100.0%
1,243.7
100.0%
2.1%
Other operating income
216.8
17.1%
83.7
6.7%
159.0%
Cost of sales
-397.2
-31.3%
-389.5
-31.3%
2.0%
Personnel expenses
-144.6
-11.4%
-130.8
-10.5%
10.5%
Depreciation
-25.9
-2.0%
-36.1
-2.9%
-28.4%
Other operating expenses
-1,097.9
-86.4%
-898.8
-72.3%
22.2%
Total expenses
-1,665.6
-131.1%
-1,455.2
-117.0%
14.5%
Financial result
351.3
27.7%
258.8
20.8%
35.7%
Income before Tax
172.6
13.6%
131.0
10.5%
31.8%
Income tax
-25.8
-2.0%
-21.2
-1.7%
21.9%
Net income
146.8
11.6%
109.8
8.8%
33.6%
Sales increased by 2.1% to € 1,270.2 million in financial year 2024. The increase was mainly due to higher
product sales, which increased by 5.6% to € 622.7 million in 2024 compared to € 589.4 million in the previous
year. The increase in sales was mainly related to the UEFA Euro 2024 men's football championship in
Germany, the conclusion of new sponsoring agreements and the sales growth resulting from the
intensification of cooperation with individual key accounts. Royalty and commission income included in sales
PUMA Annual Report 2024
Combined Management Report
49
reduced by 3.3% to € 579.6 million (previous year: € 599.3 million). In contrast, other sales, which mainly
consisted of recharges of costs to affiliated companies, increased by 12.9% to € 67.9 million (previous year:
€ 55.0 million).
Other operating income amounted to € 216.8 million in 2024 (previous year: € 83.7 million) and includes, in
particular, realised and unrealised gains from currency conversion related to the measurement of
receivables and liabilities in foreign currencies at the balance sheet date.
The total expenditure from material expenses, personnel expenses, depreciation and other operating
expenses increased by 14.5% to € 1,665.6 million compared to the previous year (previous year: € 1,455.2
million). The increase in material expenses compared to the previous year was due to the increase in sales.
The higher personnel costs reflect a higher number of employees. Other operating expenses increased
compared with the previous year, mainly due to increased administrative, marketing and sales expenses.
Currency losses contributed significantly to the increase in administrative expenses.
Year-on-year, the financial result rose by 35.7% to € 351.3 million. The increase resulted from higher
income from the transfer of income from affiliated companies and a slight increase in income from
dividends from investments in affiliated companies. The interest result decreased compared to the previous
year, largely due to lower interest income from affiliated companies and higher interest expenses in
connection with Group financing. Furthermore, the investment in Borussia Dortmund GmbH & Co. KGaA
(BVB), Dortmund, Germany, was written down in the financial year due to an impairment of € 2.8 million,
which is expected to be permanent.
Income before taxes increased by 31.8% from € 131.0 million in the previous year to € 172.6 million in 2024,
mainly due to increases in other operating income and the improved financial result. Taxes on income
amounted to € 25.8 million (previous year: € 21.2 million). PUMA SE's net income under commercial law
(German GAAP, HGB) increased by 33.7% in the financial year 2024 to € 146.8 million (previous year: €
109.8 million).
PUMA Annual Report 2024
Combined Management Report
50
NET ASSETS
↗ T.07 BALANCE SHEET (GERMAN GAAP, HGB)
31.12.2024
31.12.2023
€ million
%
€ million
%
+/- %
Fixed Assets
1,629.1
61.5%
1,648.9
63.3%
-1.2%
Inventory
98.9
3.7%
85.7
3.3%
15.4%
Receivables and other current assets
851.9
32.2%
680.9
26.1%
25.1%
Cash and cash equivalents
49.2
1.9%
165.8
6.4%
-70.3%
Current Assets
1,000.0
37.8%
932.4
35.8%
7.3%
Others
19.0
0.7%
23.7
0.9%
-19.9%
Total Assets
2,648.1
100.0%
2,605.0
100.0%
1.7%
Equity
905.6
34.2%
925.8
35.5%
-2.2%
Accruals/Provision
110.0
4.2%
123.7
4.7%
-11.1%
Liabilities
1,632.1
61.6%
1,555.0
59.7%
5.0%
Others
0.4
0.0%
0.5
0.0%
-7.1%
Total Equity & Liabilities
2,648.1
100.0%
2,605.0
100.0%
1.7%
In 2024, fixed assets decreased by a total of 1.2% to € 1,629.1 million. This reduction is largely attributable to
the sale of ERP software to affiliated companies in the amount of € 35.9 million. In contrast, there were
further investments in IT and financial assets.
The 15.4% increase in inventories in current assets to € 98.9 million is mainly due to a larger inventory of
Teamsport apparel to allow us to fulfil re-orders by customers more quickly. Receivables and other assets
increased by a total of 25.1% compared with the previous year to € 851.9 million. In particular, increased
receivables from the financing of affiliated companies contributed to this development. Cash and cash
equivalents decreased by 70.3% to € 49.2 million compared to the previous year, mainly due to cash outflow
from financing activities.
On the equity and liabilities side, equity fell by 2.2% to € 905.6 million in 2024. In combination with the
increase in total assets due to higher liabilities, this led to a decline in the equity ratio to 34.2% as at the
balance sheet date of 31 December 2024 (previous year: 35.5%).
Provisions decreased by 11.1% compared to the previous year to € 110.0 million. This development was
mainly due to lower provisions for outstanding invoices and personnel costs. Liabilities increased from
€ 1,555.0 million in the previous year to € 1,632.1 million as of 31 December 2024. This increase was mainly
the result of increased liabilities to affiliated companies and the corresponding decreased liabilities to
banks due to the repayment of a promissory note loan.
PUMA Annual Report 2024
Combined Management Report
51
FINANCIAL POSITION
↗ T.08 CASH FLOW STATEMENT (GERMAN GAAP, HGB)
2024
2023
€ million
€ million
+/- %
Cash flow used in operating activities
-72.2
-92.6
-22.1%
Cash flow from investing activities
54.6
66.3
-17.6%
Free Cash Flow
-17.6
-26.3
-33.2%
Cash flow used in/ from financing activities
-99.1
95.6
>-100%
Change in cash and cash equivalents
-116.6
69.3
>-100%
Cash and cash equivalents at beginning of financial year
165.8
96.5
71.8%
Cash and cash equivalents at end of financial year
49.2
165.8
-70.3%
In financial year 2024, cash outflow from operating activities amounted to € 72.2 million, compared to a
cash outflow of € 92.6 million in the previous year. The decrease in cash outflow is mainly due to the
improvement in earnings before taxes when compared with the previous year.
The slight reduction in the cash inflow from investing activities in 2024 is largely due to the sale of ERP
software to affiliated companies and the decrease in payments for investments by PUMA SE. This offsets the
change in receivables from the cash pool and loans to affiliated companies.
In 2024, the cash flow from financing activities showed a total cash outflow of € 99.1 million compared to a
cash inflow of € 95.6 million in the previous year. This outflow of funds is largely related to the repayment of
promissory note loans, the increase in cash outflow as a result of interest and cash outflow for the
repurchase of treasury shares.
OUTLOOK
Due to planned internal structural changes, we expect a significant decline in sales in the annual financial
statements under the German Commercial Code (German GAAP, HGB) of PUMA SE for the financial year
2025. The relocation of business units means that the underlying sales will not be reported by PUMA SE but
by other companies in the PUMA Group. For the financial year 2025, we expect earnings before taxes at the
previous year's level in the German GAAP annual financial statements of PUMA SE, taking into account
dividends from investments in affiliated companies.
PUMA Annual Report 2024
Combined Management Report
52
SUSTAINABILITY STATEMENT
┌
GENERAL INFORMATION
PREAMBLE
PUMA’s sustainability program aims to create a positive impact across the PUMA value chain focusing on
Human Rights, Climate and Circularity. This sustainability statement for the fiscal year 2024 was reviewed
by the Supervisory Board of PUMA SE and, on behalf of the Supervisory Board, by KPMG AG with regard to
the legally required disclosures pursuant to §§ 315b and 315c in conjunction with 289b to 289e German
Commercial Code (HGB) for the purpose of obtaining limited assurance. The review was conducted in
accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised): “Assurance
Engagements other than Audits or Reviews of Historical Financial Information” issued by the International
Auditing and Assurance Standards Board (IAASB).
The Sustainability Statement contains a description of concepts and due diligence processes and their
results. In accordance with the five non-financial aspects pursuant to Sections 315c in conjunction with 289c
HGB: “Environmental matters”, “Employee matters”, “Social matters”, “Respect for Human Rights” and
“Combating corruption and bribery”.
We use the Corporate Sustainability Reporting Directive EU 2022/2464 (CSRD) and its related European
Sustainability Standards (ESRS) as our reporting framework. To prepare this Statement, we conducted a
Double Materiality Analysis (DMA), engaging with our stakeholders to identify the most material Impacts,
Risks and Opportunities (IROs). We report on the IROs’ interaction with our strategy and business model and
how we address them. The first section of the Statement covers our general approach to sustainability
reporting, our sustainability strategy and targets in relation to our business model and value chain. We
detail our material IROs, policies and actions included in the ESRS: ESRS E1 Climate Change, ESRS E2
Pollution, ESRS E3 Water and Marine Resources, ESRS E4 Biodiversity and Ecosystems, ESRS E5 Resource
Use and Circular Economy, ESRS S1 Own Workforce, ESRS S2 Workers in the Value Chain, ESRS S4
Consumers and End-Users and ESRS G1 Business Conduct. We also explain the principles we follow to
ensure transparency in our sustainability performance.
ESRS 2 GENERAL DISCLOSURES
STRATEGY
Strategy, business model and value chain (SBM-1)
PUMA SE is a publicly listed company in the sporting goods industry, headquartered in Herzogenaurach,
Germany. We report our business activities into three major regions: EMEA, the Americas and Asia/Pacific.
These regions are further divided into seven segments: Europe, EEMEA, North America, Latin America,
Greater China, Asia/Pacific (excluding Greater China) and stichd. This is based on the registered offices of
the respective subsidiaries. Our products are categorised into three divisions: footwear, apparel and
accessories.
As of 31 December 2024, the PUMA Group consists of the parent company PUMA SE and 101 subsidiaries,
controlled directly or indirectly by PUMA SE. The subsidiaries handle various tasks at the local level, such as
distribution, marketing, product development, sourcing and administration. A full list of subsidiaries can be
found in the Notes to the Consolidated Financial Statements.
Our value chain includes several stages, from design and development to sourcing and manufacturing,
distribution and retail, up to the product use phase and end of life. PUMA’s main business activities are the
design, development, sourcing, marketing and selling of sports and sports-lifestyle footwear, apparel and
accessories.
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Major inputs for PUMA products include cotton and polyester for apparel and accessories, alongside
polyurethane, ethyl vinyl acetate (EVA) and natural and synthetic rubber and leather for footwear. Product
packaging mainly consists of cardboard (outer cardboards, shoe boxes and hangtags) and polyethylene bags
(primary packaging for apparel and accessories). PUMA purchases finished products from outsourced and
external manufacturing partners based on designs and specifications made by the PUMA design and
development teams. Logistics service providers transport the goods from the country of manufacture to the
final sales destinations.
↗ G.15 PUMA’S VALUE CHAIN OVERVIEW
PUMA is divided into seven Business Units: Sportstyle, Teamsport, Running and Training, Motorsport, Golf,
Basketball and Accessories. Additionally, PUMA’s owned company stichd, is involved in the design,
development, sourcing, marketing and selling of socks and bodywear and the distribution and selling of
licensed products.
Our revenues are derived from the sale of PUMA and Cobra Golf brand products via wholesale and retail
trade, and direct sales to consumers in our own retail and online stores. We market and distribute our
products worldwide, mainly through our own subsidiaries. Our daughter company stichd sells socks and
bodywear and operates fan shops and online stores for a large football club and during Formula 1 races.
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There are distribution agreements with independent distributors in a few countries. PUMA does not sell any
products or services that are banned in certain markets. PUMA is not active in the sectors of fossil fuel
production, chemicals production, weapons production or tobacco products.
A breakdown of net sales can be found in the Sales chapter in the financial statement. A breakdown of
employee figures per main region can be found in the S1 Own workforce section.
Sustainability strategy
PUMA’s sustainability strategy, FOREVER. BETTER., aims for the full integration of sustainability aspects
into core business functions, ensuring sustainability is a key priority across all levels of the organisation.
Our sustainability-related goals have a global scope, covering various aspects of our supply chain and own
operations, all product divisions and customer groups. Our strategy and targets are approved by PUMA’s
Management Board. PUMA also sets specific regional targets. For example, PUMA promotes circularity
through take-back schemes in countries such as the USA, Germany, France, China, and Australia.
Our strategy tackles the key challenges of working with outsourced manufacturers, including raw material
traceability, environmental impacts, Human Rights issues, and the limited visibility of the end of life of
PUMA products after they are sold to our consumers.
The year 2024 marks a transition year for our sustainability strategy. Following a DMA conducted with
external consultation in 2023 and a stakeholder dialogue meeting in April 2024, we developed and published
our new Vision 2030 sustainability targets. These build on the 10FOR25 sustainability strategy and sharpen
the focus on efforts related to our impact sustainability matters under the pillars of Human Rights, Climate
and Circularity. Specific topics under those pillars are covered as follows:
Human Rights
•
Own employees: diversity, employee engagement and development, health and safety and community
engagement
•
Own employees and supply chain: fair labour conditions, living wages and gender equity.
Climate
•
Scope 1 and 2 emissions: greenhouse gas (GHG) emission reductions by using renewable energy,
transitioning to a zero or low-emission car fleet, and avoiding corporate airplane use unless biofuels are
utilised
•
Scope 3 emissions: GHG emission reductions through using renewable energy, phasing out coal boilers,
and using less carbon-intensive materials
•
Biodiversity: set science-based targets for nature (SBTN) and deforestation-free (bovine) leather
•
Water: recycled industrial wastewater at core factories (covering approximately 60-80 % of business
volume).
Circularity
•
Use of recycled materials
•
New business models
•
Elimination of plastic packaging
•
Collaboration with the industry
•
Circular design.
Human Rights targets for own entities relate to all PUMA employees globally, and for the supply chain, while
fair labour condition relate to all PUMA suppliers, living wages and gender equity targets relate to core
PUMA suppliers. Climate and biodiversity targets relate to all our own entities and upstream supply chain,
our water target relates to PUMA core factories. Circularity targets relate to PUMA’s main products
(footwear, apparel and accessories) sold in all markets where PUMA is present and all customer groups.
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PUMA has social and environmental impacts both upstream and downstream in the value chain. PUMA
works closely with suppliers and material organisations like Better Cotton and the Leather Working Group,
to implement better practices and reduce our impact across the supply chain. We collaborate with
environmental expert organisations and United Nations (UN) bodies like the UN Climate Change to align our
goals with international and industry commitments. PUMA engages with workers’ rights organisations,
international trade unions, and our own Works Council to ensure fair labour practices and Human Rights
compliance. Downstream in the value chain, we involve wholesale customers, marketing assets like football
clubs, and second-hand market representatives to promote sustainability and circularity.
PUMA’s efforts to mitigate upstream impacts include sourcing certified and/or recycled materials such as
cotton, polyester, leather, and cardboard. We promote ethical practices and Human Rights compliance
through the PUMA Code of Conduct for vendors. Additionally, we use comprehensive chemical management
systems to ensure safety and compliance, and we aim to reduce Scope 3 emissions. PUMA works with
suppliers to implement these practices and pursue sustainability goals.
PUMA’s approach to mitigate downstream impacts involves continuous innovation in product design and
development, collaboration with wholesale partners, and efficient logistics to ensure timely delivery. We
also aim to enhance brand trust and loyalty by offering high-quality products made with certified or recycled
materials.
Our daughter company stichd has set own sustainability targets, in line with PUMA’s focus areas.
Interests and views of stakeholders (SBM-2)
Our stakeholder engagement is a continuous and comprehensive process aimed at integrating the
perspectives and feedback of various stakeholders into the company’s DMA, decision-making process and
sustainability strategies and targets. This ensures that our projects and priorities align with broader
societal goals and reduces tensions with stakeholders. At PUMA, we organise stakeholder dialogues by
inviting representatives from Civil Society Organisations (CSOs), Non-Governmental Organisations (NGOs),
suppliers, expert organisations, government agencies, and other relevant groups to discuss our
sustainability agenda, as described in the Overview of stakeholder views and interests (SBM-2) table.
Members of the Management and Supervisory Board frequently participate in our stakeholder dialogue
meetings.
These dialogues focus on specific themes such as Human Rights, climate, circularity or traceability. For
example, after consulting stakeholders on PUMA’s 2030 Vision and targets in April 2024, PUMA adjusted its
Vision 2030 circularity targets from individual product take-back towards industry collaboration on take-
back structures and recycling. Another outcome was that PUMA will trial second-hand sales.
Engagement across the value chain takes place year-round through supplier meetings, industry
benchmarks or conferences. PUMA engages with a wide range of stakeholders including material
organisations (e.g., Better Cotton, Leather Working Group), product and material manufacturing partners,
workers’ rights groups, trade unions, environmental and Human Rights experts, customers, marketing
assets, and product sorting and recycling organisations. Continuous stakeholders’ engagement ensures
that their views are included in PUMA’s impact assessment, due diligence, sustainability strategy and
targets.
For instance, by focusing on high-quality, innovative products made from certified or recycled materials, we
aim to have 90 % of our products made from partially or fully certified or recycled sources by 2025, 100 %
polyester from recycled source by 2030 and to achieve carbon neutrality by 2050 at the latest. This approach
meets customer demands and enhances brand trust. Investors benefit from sustained growth and risk
mitigation. Employees enjoy a supportive work environment with fair labour practices and development
opportunities. PUMA maintains transparent and fair relationships with suppliers, improving environmental
and social performance and efficiency. We also support community engagement and environmental
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conservation, to address NGO and community expectations for transparency and responsibility. We work on
implementing advanced data tracking for transparency in sourcing and production.
Overall, PUMA’s stakeholder engagement has resulted in more inclusive sustainability strategies, ensuring
that the company remains accountable and responsive to stakeholders’ needs. PUMA will continue to hold
regular stakeholder dialogue meetings and plans to expand sustainability communication with consumers
to ensure transparency and increase trust. Additionally, PUMA will collaborate with industry peers and
experts to refine its sustainability strategies. Based on feedback and industry standards, PUMA commits to
regularly reviewing its list of material topics and IROs to ensure comprehensive coverage in future reporting
cycles.
↗ T.09 OVERVIEW OF STAKEHOLDER VIEWS AND INTERESTS (SBM-2)
Stakeholder groups, scope
and impacts
Engagement methods (not
exhaustive)
Stakeholder views and
interests (not exhaustive)
Role on the 2024 strategy and
actions (not exhaustive)
Consumers including end-
consumers with individuals
purchasing PUMA products
online and offline,
impacted by product
design, quality and
availability, user-
experience initiatives and
customer services
- Consumer hotline
- Brand perception analysis
- Direct communication with
marketing strategy (targeted
marketing)
- Use of consumer insights
and trend reports
- Use of top athletes as proxy
for performance products
- High-quality products
which are safe to use
- Personalised, innovative
products
- Transparency and honest
communication on
important sustainability-
related topics
- All claims made to
consumers backed up by
solid and scientific evidence
- Accessibility and inclusion
- Product quality standards
- Innovative technologies like
NITRO cushioning
- Ethical Marketing Policy
- Sustainability
Communication Guideline
- Accessibility of the e-com
site and stores
- Leveraging data analytics to
improve product offerings
Customers (e.g. third-party
online and offline stores)
impacted by product
design, quality and
availability and
sustainability-related
aspects
- Direct interaction via
account managers
- Customer satisfaction
surveys and measurements
- Use of consumer insights
and trend reports
- Stakeholder dialogue
meetings
- Brand heat
- Commercial products
- Compliance with all
sustainability regulations
- Products with recycled
and certified materials
- Shared sustainability
initiatives
- Marketing campaigns
- High product safety and
quality standards
- Code of Conduct and Human
Rights Due Diligence
–9 out of 10 products made
with recycled or certified
materials
CSOs, NGOs and
sustainability expert
organisations impacting
PUMA’s sustainability
strategy and reputation
- Stakeholder dialogue
meetings
- Participation in expert
working groups and
conferences
- Participation in multi-
stakeholder initiatives
- Engagement meetings and
participation in
questionnaires/benchmarks
- Contribution to the
Sustainable Development
Goals (SDGs)
- Topic specific per focus
area of CSO/NGO
- Reputational risk
management
- Public disclosure
- Feedback and input on
sustainability strategy and
targets
- Industry collaboration
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Stakeholder groups, scope
and impacts
Engagement methods (not
exhaustive)
Stakeholder views and
interests (not exhaustive)
Role on the 2024 strategy and
actions (not exhaustive)
Shareholders and financial
community (e.g. investors,
financial institutions and
analysts, ESG analysts)
- Annual Shareholder Meeting
- Investor Relations website
- Investor roadshow
- Meetings with investors,
financial analysts and ESG
analysts
- Quarterly statements
- Press releases
- Earning calls
- Investor Days
- Participation in ESG
rankings and ratings
- Return on investment and
value creation (e.g. share
performance, dividends,
share buybacks, etc.)
- Operating performance
- Strategic direction
- Transparency and
communication: access to
accurate, reliable and
timely information
(quarterly releases)
- ESG factors (e.g.
performance in ratings,
legal compliance, etc.)
- Capital Markets Day in 2024
- Initiated share buyback
program
- Roadshows and participation
in industry- and sector-
specific conferences
- Expanded functionalities and
increased transparency on
Investor Relations website
- Recognition in major ESG
indices/ratings
Non-product business
partners affected by
PUMA's business practices
and collaboration (e.g.
marketing assets such as
football clubs, logistic or IT
providers)
- Frequent interaction though
relevant departments
- Inclusion in stakeholder
dialogue meetings
- Collaboration through
sustainability-focused
projects
- Having a reliable business
partner
- Meeting all legal
requirements
- Supporting the business
partner's own sustainability
program and targets
- Collaboration on low carbon
shipping
- Collaboration on product
take back and RE:FIBRE
products for football clubs
- Joint application for awards
and recognitions
Employees in corporate,
retail and warehouses
globally impacted by
PUMA's corporate actions
and policies by having a
contractual relationship
with PUMA
- Employee engagement and
pulse surveys
- Frequent meetings with
Works Council
- Employee representatives in
Supervisory Board
- Coffee talks with new joiners
- Collective bargaining
agreements
- Employee resource groups
- Annual and regular
performance reviews and
feedback meetings
- Internal social and informal
events for special occasions
- Townhall meetings with the
participation of C-level staff
- Respect of labour rights
- Zero tolerance for
violence, discrimination and
harassment at the
workplace
- Increased work-life
balance
- Career development
opportunities and
performance development
mechanisms
- Living wage
- No gender pay gap
- Healthy and safe working
environment
- Diversity and inclusion
- Functioning and available
grievance mechanisms
(training on the tools)
- Human Rights Guideline
- Vision 2030 Human Rights
targets including diversity and
execution of a Diversity
Roadmap
- Wellbeing strategy and
activities
- Employer branding and
People & Organisation (P&O)
Strategy
- Advanced training
opportunities
- Training on Code of Ethics
- Occupational Health and
Safety Policy and
management system
- Remuneration Report
- Whistleblowing Policy and
awareness of Speak Up
Direct business partners,
manufacturers of PUMA
goods (upstream Tier 1
suppliers)
- Supplier meetings (round
tables, summits, etc.)
- Factory visits and audits
- Supplier survey
- Industry conference
- Stakeholder dialogue
-Support on climate change,
pollution, water,
biodiversity, circularity,
workers in the value chain
topics
- Implementation of
responsible purchasing
practices
- Responsible Purchasing
Policy development and
implementation
- Policy development
- Vendor Financing Program
- Human Rights and
Environmental Policies
- Capacity building programs
- Grievance mechanisms
- Target setting
- Implementation of
international and local
regulations
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Stakeholder groups, scope
and impacts
Engagement methods (not
exhaustive)
Stakeholder views and
interests (not exhaustive)
Role on the 2024 strategy and
actions (not exhaustive)
Manufacturers of materials
and components (upstream
Tier 2)
- Supplier meetings
- Factory visits and audits
- Industry conference
- Stakeholder dialogue
-Support on climate change,
pollution, water,
biodiversity, circularity,
workers in the value chain
topics
- Implementation of
responsible purchasing
practices
- Knowledge transfer through
engagement with suppliers
and support for their
sustainability initiatives
- Human Rights and
Environmental Policies
- Capacity building programs
- Grievance mechanisms
- Target-setting
- Implementation of
international and local
regulations
Supply chain workforce
affected by working
conditions, human rights
and labour rights indirectly
leveraged by PUMA
(upstream)
- Workers' survey
- Conferences
- Stakeholder dialogue
- Consultation meetings
- Grievance mechanism
- Zero tolerance on Human
Rights issues
- CSOs Engagement Policy
- Responsible Purchasing
Policy
- Human Rights Policy
- Sustainability Handbooks
- Code of Conduct
- Target setting
- Double materiality
assessment
Raw materials producers
(upstream) including
farmers and foresters
impacted by PUMA's
sourcing strategy and
practices
- Inclusion in stakeholder
dialogue via industry
organisations such as Better
Cotton, the Leather Working
Group or Textile Exchange
- Membership and
partnership with those
organisations
- Participation in conferences,
working groups, etc.
- Stable commitment to
sourcing certified materials
- Target setting
- Double materiality
assessment
- Policy development
- Active membership in sector
organisations
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
Process to identify and assess material impacts, risks and opportunities (IRO-1)
A DMA forms the basis of PUMA’s sustainability strategy and reporting. Our DMA, conducted in 2023, was
adapted in 2024 to fully align with CSRD criteria. It is based on stakeholder inputs, legal requirements,
media reports, industry benchmarks, and the results of PUMA’s ongoing due diligence. It covers our
operations and value chain, focusing on direct supply chain partners (Tier 1 suppliers) and strategic material
and component suppliers (Tier 2 suppliers). We plan to update our double materiality assessment annually.
For this first report following CSRD requirements, PUMA identified and assessed ESG-related IROs through
a DMA process with a stepped approach described below:
Expert consultation: PUMA collaborated with an expert consultancy to conduct a DMA involving both internal
and external stakeholders. This process included analysing media and peer ESG topics, developing a long
list of potentially material topics based on ESRS content, and narrowing it down to a short list through
stakeholder consultations, interviews, and surveys. The results identified material topics based on their
impact on PUMA’s stakeholders (inside-out perspective) and the material risks and opportunities for
PUMA’s financial performance (outside-in perspective). The results of this assessment were published in
PUMA’s Annual Report 2023.
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Stakeholder dialogue: In early 2024, we held a stakeholder dialogue meeting to identify and understand
actual and potential impacts and underlying opportunities. Participants were selected based on their
dependency, responsibility, influence, outreach, and ability to provide diverse perspectives. Internal
stakeholders included departments such as Sustainability, Product Compliance, Finance, Sourcing, Internal
Audit, People and Organisation (P&O), Investor Relations, and Legal/Compliance. External stakeholders
included suppliers, topic experts, NGOs, intergovernmental organisations, business partners, financial
institutions, investors, and ranking agencies.
IRO assessment: PUMA’s sustainability teams thoroughly assessed all sustainability IROs. This involved
examining both actual and potential positive or negative impacts on people and the environment across
short-term (within the reporting period), medium-term (1 to 5 years), and long-term (over 5 years) time
frames. We determined where the gross impact occurs, whether within our own operations or throughout
the value chain (upstream and/or downstream). We considered how this impact relates to our business
model and strategy. PUMA used a scale of 0 (no impact) to 15 (maximum possible impact) to rate impacts
down to the ESRS provided sub-sub-topics-level, considering the scale, scope, and irremediability of each
impact, multiplied by the likelihood (0-1, unlikely to almost certain). Impacts scoring 8 and above were
deemed material. This process did not differentiate based on geography and covered the entire value chain
from farming to product end-of-life.
Supply chain impacts were evaluated based on a due diligence analysis. PUMA used a gross impact
scenario, assessing potential and actual impacts before implementing mitigation measures. An example of
stakeholder consultation and inclusion in the DMA process is the re-evaluation of the microplastics topic as
material, following new evidence from the Microfiber Consortium and media reports.
During the identification of material IROs we considered the whole value chain. Furthermore, PUMA
specifically considered the main sourcing countries in Asia (Bangladesh, Cambodia, China, Indonesia,
Vietnam) and the main potential environmental impact, such as facilities involved in wet processing (fabric
mills, tanneries) and agricultural processes like cotton farming. Assumptions made during the materiality
assessment to cover the supply chain used data from PUMA’s core suppliers (covering approximately 60-
80 % of PUMA’s business volume). We also included long-term industry practices such as the management
of restricted substances or recent media reports into the evaluation.
We used financial materiality to evaluate topics that create risks and opportunities for PUMA, potentially
impacting financial performance, access to finance, or the cost of capital over the short, medium, and long
term. This assessment considers risks and opportunities from current or future events, and those arising
from business relationships. The business dependencies on natural, human, and social resources were
evaluated. The potential magnitude of financial effects, the time horizon, and the likelihood were also
assessed.
PUMA’s sustainability teams, in collaboration with risk management and other internal stakeholders,
defined financial materiality based on the magnitude of financial effects from 0 (no effect) to 5 (very severe
effect) and a likelihood of occurrence factor from 0.65 (low likelihood) to 1 (almost-certain likelihood). A
gross risk perspective was applied, like the assessment of impact. The connections between impacts and
dependencies, along with the associated risks and opportunities, were also considered. During this process,
the following input parameters were used:
•
Regulation on certain aspects and potential financial penalties in the event of non-compliance
•
Results of PUMA’s Due Diligence process, including social compliance audits and environmental
assessments of suppliers
•
ESG benchmark reports and NGO reports on the fashion and sporting goods industry
•
Discussions with expert organisations and industry peers
•
Review of literature and guidance documents on CSRD.
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Only risks or opportunities scoring 3 or higher were deemed material and integrated into PUMA’s risk
management. The resulting list of material risks and opportunities was approved by the relevant topic
owners within the company (e.g., P&O for Human Resource topics) and aligned with PUMA’s overall risk
management system. This process, along with the approval of the IRO list by PUMA’s management and
supervisory boards, ensures that material risks and opportunities are incorporated into PUMA’s overall
management process.
Compared to previous years, the process of identifying risks and opportunities involved more stakeholders
and was executed in 2024 on a more granular basis. As a result, more risks and opportunities were
identified. This was also due to the consideration of gross risks, rather than net risks after mitigation
measures. Consequently, the list of material topics and IROs was expanded to include:
•
Microplastics (ESRS E2)
•
Consumer data protection, ethical marketing practices, and health and safety (ESRS S4)
•
Corporate culture, whistleblowing, and anti-corruption (ESRS G1)
•
For entity-specific disclosures, PUMA identified the community engagement programme as material.
PUMA connects impacts and dependencies with risks and opportunities through a comprehensive Risk
Management System. This system identifies and evaluates potential future developments that could affect
the company’s targets. PUMA continuously monitors its operations and external environment to identify
material risks and opportunities, assessing impacts on stakeholders and dependencies on natural and
human resources. These identified risks and opportunities are integrated into PUMA’s business strategy,
allowing the company to proactively address challenges and leverage opportunities.
Regular stakeholder engagement helps PUMA understand the broader impacts of its operations and refine
its risk management strategies. Sustainability initiatives, such as reducing GHG emissions and promoting
fair labour practices, are directly linked to mitigating risks and capitalising on opportunities.
Material sustainability risks are included in PUMA’s overall risk management system and treated with the
same priority as other, non-sustainability-related risks, using the same risk tools. PUMA’s risk
management system is based on the COSO framework and promotes continuous improvement and risk
awareness. This systematic approach ensures that PUMA’s strategy and business model remain resilient
and adaptable to changing conditions. Topics identified as material within the CSRD do not always have to
be material within the Enterprise Risk Management. However, there is a process in place to evaluate
whether this is the case.
Entity-specific disclosures
As an entity-specific disclosure, we have identified community engagement. This disclosure is covered in S1
Own workforce section. Our 10FOR25 sustainability targets were established in 2019 before the CSRD came
into force. Consequently, many of the KPIs included in these targets cover metrics outside of the scope of
CSRD.
To decide if a target or KPI is entity-specific, we applied a unified methodology to see how far the metric is
connected to a topic covered by the CSRD. If both target and metric are covered in the CSRD, they are
included as part of the normal reporting process. If the target is connected to a topic covered by the CSRD
but CSRD does not include the specific KPI, those are disclosed as entity-specific metrics in the relevant
topical standards. Targets or KPIs with no connection to the CSRD will not be reported in this Sustainability
Statement, but within a separate report.
Our 10FOR25 targets were set as measurable targets, except for commitment-related targets, and
developed according to the policy objectives after consultations with stakeholders. The targets are based on
conclusive scientific evidence or industry standards. For example, PUMA has set science-based targets for
reducing greenhouse gas emissions, which have been approved by the Science Based Targets initiative
(SBTi) to align with the goals of the Paris Agreement. Additionally, PUMA's 10FOR25 targets incorporate
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industry standards such as the ZDHC Wastewater Guidelines and certified or recycled materials according
to Textile Exchange standards. The nature, scope and baseline values of the targets were assigned
specifically to each topic. The baseline year was 2020, and the period in which the targets apply is 2020 to
2025. The performance against each target has been reported annually as part of PUMA’s sustainability
reporting.
PUMA’s 2025 targets (10FOR25) were defined at an earlier stage and therefore differ in scope from the
requirements of the CSRD. As a result, the underlying metrics used to measure progress toward achieving
these targets are classified as entity-specific.
•
Accordingly, for supply chain social targets and corresponding metrics, neither stichd, PUMA United, nor
core Tier 2 suppliers are included in the scope
•
For supply chain environmental targets and corresponding metrics, neither stichd nor PUMA United are
considered. However, an exception applies to stichd, which has been included in the climate Science-
Based Targets since 2023 due to its significant sales contribution.
Going forward, efforts will be made to gradually align the scope with the requirements of the CSRD. In 2024,
we developed our Vision 2030 targets following a DMA and stakeholder dialogue. Some of these goals
extend beyond the scope of the CSRD due to our industry’s outsourced production model. The same logic
applies to the development and reporting of these goals within this statement. Where necessary, we plan to
revise our policies and handbooks to align with our 2030 targets. Unless otherwise stated, the baseline year
will be 2025 and targets are applicable from 2025 to 2030. We will continue to publish performance against
each goal annually as part of our sustainability reporting.
Material impacts, risks and opportunities and their interaction with strategy and business model (SBM-3)
A detailed description of specific IROs per topic, including their time horizon and location in the value chain
as well as potential changes to PUMA’s strategy is provided at the beginning of each topical standard
chapter. PUMA evaluated how material negative and positive impacts affect (or are likely to affect) people or
the environment, and whether and how material impacts originate from or are connected to the strategy
and business model, considering geographical areas, facilities, types of assets, inputs, outputs and
distribution channels. The material IROs identified by PUMA include:
•
Climate actions for own entities and in the value chain: effective climate actions reduce GHG emissions
and mitigate climate change, while inaction can exacerbate environmental degradation and health
issues. Climate action is embedded in PUMA’s strategy of achieving long-term sustainability and
resilience against climate-related risks (ESRS E1)
•
Pollution in the value chain: In our industry, the use of certain chemicals is necessary, but some are
substances of concern or high concern due to their potential adverse effects on humans, animals, or the
environment, and while many major brands adhere to standards like ZDHC MRSL and AFIRM RSL, the
journey towards eliminating these substances is ongoing, making them a material topic (ESRS E2)
•
Water use in the supply chain: efficient water use reduces environmental impact and conserves
resources, while excessive use can lead to water scarcity and pollution. Sustainable water management
is crucial for PUMA’s sustainability goals and compliance with environmental regulations (ESRS E3)
•
Biodiversity, land use, and deforestation in the supply chain: protecting biodiversity and preventing
deforestation helps maintain ecosystems and reduce carbon emissions, while poor practices can lead to
habitat loss and climate change. Sustainable land use practices are integral to PUMA’s commitment to
environmental stewardship and reducing its ecological footprint (ESRS E4)
•
Circularity: the use of certified and recycled materials reduces negative impacts from resource
consumption and material production, while inaction on circularity topics increases dependence on
fossil feedstocks and land use for agricultural processes. Increasing the use of certified and recycled
materials is a key lever of PUMA’s climate action targets. Evaluating new services and business models
such as repair and re-sale ensures PUMA remains prepared for changes in consumer preferences or
upcoming legal requirements (ESRS E5)
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•
Diversity, equity, and inclusion (DEI) of own workforce: promoting DEI fosters a more innovative and
productive workforce, while a lack of diversity can lead to discrimination and reduced employee morale.
Integrating DEI initiatives into PUMA’s strategy enhances organisational culture, attracts top talent, and
aligns with global sustainability standards (ESRS S1)
•
Employee engagement and development of own workforce: high employee engagement leads to better
job satisfaction and productivity, while a lack of engagement can result in high turnover and low morale.
Investing in employee development aligns with PUMA’s strategic goals of fostering a skilled and
motivated workforce, driving long-term business success (ESRS S1)
•
Worker wages in the supply chain: fair wages improve workers’ living standards and reduce poverty,
while inadequate wages can lead to exploitation and poor living conditions. Ensuring fair wages aligns
with PUMA’s commitment to ethical sourcing and sustainable supply chains, enhancing its brand
reputation and compliance with labour standards (ESRS S2)
•
Labor conditions in the supply chain: good labour conditions promote worker health and safety, while
poor conditions can lead to injuries, exploitation, and high employee turnover. Maintaining high labour
standards reduces risks associated with labour disputes, and supply chain disruptions, supporting
PUMA’s sustainability goals (ESRS S2)
•
Ethical marketing practices, product safety and data safety are requirements relevant for consumers
(ESRS S4)
•
Corporate culture, fighting against bribery and corruption, providing whistleblower hotlines and
implementing responsible purchasing practices are part of PUMA governance processes (ESRS G1).
Potential material adjustments are related to remediation, compliance efforts, factory policy changes, and
training initiatives. PUMA’s resilience in addressing IROs is rooted in its FOREVER. BETTER. strategy which
integrates sustainability into all core business functions and is supported by several key elements:
•
PUMA has set targets across different areas, including human rights, climate and circularity. These
targets align with the SDGs and are designed to drive continuous improvement
•
Regular stakeholder dialogue meetings help PUMA gather diverse viewpoints and foster connections
with sustainability experts, industry peers, and other stakeholders. This engagement ensures that
PUMA’s strategies remain relevant and effective
•
PUMA has committed to science-based targets for reducing GHG emissions, aligning its goals with the
Paris Agreement. This commitment demonstrates PUMA’s proactive approach to mitigating climate
risks
•
Sustainability targets are part of the bonus arrangements for all PUMA’s global leadership team,
ensuring accountability and alignment with corporate goals. This integration promotes a culture of
sustainability throughout the organisation
•
PUMA invests continuously in product innovation and design and supply chain management to reduce
environmental impact and enhance resource efficiency. This adaptability allows PUMA to respond
effectively to emerging risks and opportunities
•
Policies and standards on ethical marketing, chemical safety and data privacy for consumers are in
place and are updated as necessary to align with regulations and stakeholder expectations
•
PUMA operates a mature compliance management system to address conflicts of interest and has set
up a responsible purchasing policy.
By embedding sustainability into our strategy and operations, we demonstrate our commitment to address
material impacts and risks while capitalising on opportunities for long-term growth and resilience. A more
detailed resilience analysis for climate and biodiversity is included in the relevant topical standards. For the
reporting year 2024, we do not see any significant impacts of our material impacts, risks and opportunities
on our financial performance and cash-flow.
GOVERNANCE
The role of the administrative, management and supervisory bodies (GOV-1)
PUMA’s governance bodies consist of a Management Board with four members until the end of 2024 and a
Supervisory Board with seven members. Two members of the Supervisory Board are employee
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63
representatives. Five members (71 %) of the Supervisory Board are shareholder representatives and
considered independent based on an assessment of the Supervisory Board. Two shareholder representative
members of the Supervisory Board were replaced during 2024; one male member was replaced by a female
member. PUMA’s governance bodies are diverse in terms of gender, nationality and age. Until the end of
2024, PUMA’s Management Board comprised two women and two men, representing a gender diversity of
50 %. PUMA’s Supervisory Board consists of three women and four men, representing a gender diversity of
43 % women and 57 % men.
Until the end of 2024, PUMA's Management Board included two German nationals, one French national and
one Chilean national, corresponding to a nationality diversity of 75 %. The Supervisory Board consists of two
French nationals, one British national, one British Italian national and three German nationals,
corresponding to a nationality diversity of 57 %.
Age diversity is another key metric PUMA aims to achieve. Currently, 25 % of the Management Board are
older than 50 years old, and 75 % are younger than 50 years old with an age range from 41 to 59. The
Supervisory Board includes one member (14 %) who is younger than 50 and one member (14 %) who is older
than 60. The age range of the Supervisory Board is between 46 and 61. Further details are given in the
Corporate Governance statement, available on PUMA's Corporate Governance website.
At the Supervisory Board level, a Sustainability Committee consisting of four members oversees
sustainability-related aspects including impacts, risks and opportunities attributed to sustainability
matters. It meets four times per year. The Sustainability Committee advises on and monitors sustainability
issues and the sustainability strategy of the Management Board. It prepares the resolutions of the
Supervisory Board related to non-financial reporting. This responsibility is formally defined in Section 5.9 of
the Rules of Procedure for the Supervisory Board.
The Chair of the Sustainability Committee has extensive experience in promoting sustainable development,
ethical practices and corporate social responsibility (IROs related to ESRS E1-E5 and S2) within major
sporting goods and sourcing companies. She has served on the boards of sustainability related industry
organisations within the fashion sector. She has acquired recognised experience in corporate governance,
supply chain management, marketing and stakeholder and media engagement. Two other members of the
Sustainability Committee also hold expertise in sustainability and social and labour topics (IROs related to
ESRS S1 and S2) due to their positions and experience on PUMA’s Supervisory Board.
Four members of PUMA’s Supervisory Board hold leadership experience in the sporting goods or luxury
industry, acquired through their professional experience. Four members have an international corporate
background, and three members know industrial constitutional law and experience in advocating for
employees’ interests. For more information on the experience of the members of the Supervisory Board,
please refer to PUMA’s Corporate Governance Statement, available in PUMA’s Corporate Governance
website.
On the Management Board level, responsibility for sustainability related topics, including material impacts,
risks and opportunities, rests with the full Management Board.
In addition to the Supervisory and Management Board, PUMA has an Executive Sustainability Committee,
comprised of the functional leads for each department (P&O, Legal, Facility Management, Logistics, IT,
Design and Innovation, and others). The committee meets twice per year to discuss sustainability targets
and their implementation within the company.
Two dedicated departments for corporate and supply chain sustainability report indirectly to the
Management Board. These departments include sustainability experts, with expertise covering the
identified material topics of Human Rights, climate action, biodiversity and circular economy. Additional
expertise is available with PUMA’s General Counsel Corporate Governance and Compliance, who has also
been appointed as Human Rights Officer. PUMA’s business units include own sustainability experts, and
PUMA Annual Report 2024
Combined Management Report
64
dedicated functions such as Innovation (circularity) and Facility Management (health and safety) contribute
to specific sustainability topics and targets.
The PUMA risk management team works closely with the sustainability departments to ensure the
availability of dedicated controls and procedures for sustainability related impacts, risks and opportunities.
Regarding dedicated controls and procedures, please refer to Risk management and internal controls over
sustainability reporting (GOV-5) section.
↗ G.16 SUSTAINABILITY ORGANISATION CHART
Sustainability matters addressed by the management and supervisory bodies (GOV-2)
The Management Board and the Sustainability Committee of the Supervisory Board are updated quarterly
on sustainability-related topics by the Senior Directors of the sustainability departments. Updates include
PUMA’s implementation of due diligence, the effectiveness of policies and actions, target achievements, and
legal updates to address material IROs. A summary of PUMA’s material IROs has been shared with and
approved by the Management Board, and the Sustainability Committee.
Members of PUMA’s Management Board and Supervisory Board have been included in PUMA’s materiality
assessment, stakeholder dialogue and the development of PUMA’s proposed set of new sustainability
targets, related to material impacts, risks and opportunities. The existing set of sustainability targets was
approved by PUMA’s Management Board.
Progress on sustainability targets is reported frequently to the Management Board by the Senior Directors
of the sustainability teams. The Management Board then presents this to the Sustainability Committee as
part of its quarterly meetings. Furthermore, progress is reported publicly annually as part of PUMA’s
Sustainability Statements and reports, which are signed off by the Supervisory Board and the Management
Board before publication.
Supervisory Board
(via its Sustainability
Committee)
Chief Executive
Officer
Chief Financial
Officer
Chief Product
Officer*
Sr. Director
Corporate
Sustainability
Sr. Director
Supply Chain
Sustainability
Business Units
and GTM
Sustainability
Leads
SVP
PUMA Group
Sourcing
Corporate
Sustainability
Team
Subsidiary
Sustainability
Leads
Director Social
Sustainability
Head
Sustainability
Due Diligence
Director
Environmental
Sustainability
Environmental
Sustainability
Team
Social
Sustainability
Team
Executive
Sustainability
Committee
Human Rights
Officer
*ordinary board member responsible for sourcing
Management Board
PUMA Annual Report 2024
Combined Management Report
65
Material sustainability IROs are also integrated into PUMA’s overall ERM System. Oversight of PUMA’s ERM
systems rests with PUMA’s Management Board. The Management Board regularly reports to the
Supervisory Board on the effectiveness of the risk management systems in place. The Vice President
Internal Audit, Risk Management and Internal Control, who is mandated to monitor PUMA’s risk
management systems, reports directly to the Chief Financial Officer.
PUMA’s material IROs included in the company’s ERM are:
•
E1: climate change adaptation, climate change mitigation and energy
•
E2: pollution of water, substances of very high concern and microplastics
•
E3: water
•
E4: direct impact drivers of biodiversity loss and impacts on the extent and condition of ecosystems
•
E5: resource inflows and outflows, including resource use and waste
•
S1: working conditions and equal treatment and opportunities for all
•
S2: working conditions, equal treatment and opportunities for all and other work-related rights
•
S4: information-related impacts for consumers and/or end-users and personal safety of consumers
and/or end-users
•
G1: corporate culture, protection of whistleblowers, management of relationships with suppliers
including payment practices and corruption and bribery
Integration of sustainability-related performance in incentive schemes (GOV-3)
Based on the material topics identified by PUMA’s DMA, and PUMA’s existing sustainability targets
(10FOR25), PUMA has been linking the remuneration of its management board and all leaders globally
(team head level and above) to the achievement of sustainability targets for many years.
The bonus-related sustainability targets for 2024 include the areas of Human Rights (3.3 %), Climate (3.3 %)
and Circularity (3.3 %). Separate targets in each area are set for PUMA’s own operations and PUMA’s Group
Sourcing. The sustainability-related bonus targets were approved by PUMA’s Supervisory Board.
Sustainability bonus targets for PUMA Group, including subsidiaries:
•
Reduce Scope 1 and 2 GHG emissions from PUMA’s own entities by 90 % until 2030 compared to 2017
•
Nine out of 10 products made with recycled or certified materials by 2025 as defined by PUMA S-Index
•
All PUMA employees who generate their income with PUMA continue to be paid against a living wage
benchmark (Fair Wage Network).
Sustainability bonus targets for PUMA Group Sourcing:
•
Increase the percentage of renewable energy from core Tier 1 and Tier 2 suppliers to 25 % by 2025
•
75 % recycled polyester used by all product divisions until 2025
•
No child labour, forced labour, or other Zero Tolerance Issues prevailing by the end of each year.
All bonus related interim targets for 2024 were achieved.
Each member of the Management Board has 10 % of their variable compensation component tied to the
achievement of these sustainability targets. They account for 3.3 % of the performance-based remuneration.
For other PUMA leaders globally, the percentage varies from 5 % to 10 % in 2024 and will be aligned to 10 %
in 2025.
Statement on due diligence (GOV-4)
PUMA regularly conducts due diligence on human rights, labour, environmental, and integrity for its
activities and supply chain, following the UN Guiding Principles on Business and Human Rights, the OECD
Guidelines for Multinational Enterprises and German Supply Chain Act guidelines. We integrate responsible
PUMA Annual Report 2024
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66
business conduct into our policies, training, and management systems, identifying actual and potential
harms.
Due diligence is the process by which PUMA identifies, prevents, mitigates, and accounts for how we
address the actual and potential negative impacts on the environment and people connected with our
business. Due diligence is an ongoing practice that both responds to and may trigger changes in PUMA’s
strategy, business model, activities, business relationships, operating, sourcing and selling contexts. The
identification and assessment of negative impacts relate to PUMA’s own operations and value chain,
through our products or services, and business partner relationships. To assess the potential negative
impacts of PUMA on the environment and people, we analyse the input of external sources (NGO reports,
media, country indices, regulations, stakeholder dialogue) and internal sources (audit findings, grievances,
supply chain risk mapping, environmental and social data).
PUMA’s Compliance Management System (CMS) addresses violations related to corruption, money
laundering, conflicts of interest, antitrust law, and fraud. Vendors are encouraged to conduct their own due
diligence. In cases where PUMA cannot address all impacts at once, the due diligence process allows for
action to be prioritised based on the severity and likelihood of the impacts.
•
Severity: scale (how serious the impact is), scope (how many people are or will be affected) and
irremediability
•
Likelihood of the risk occurring based on the operating environment: conflict zone, weak governance;
mismatch between local practices and international standards.
The identification of material impacts also supports the identification of material sustainability risks and
opportunities, which are often a product of such impacts. Material impacts are integrated into PUMA’s risk
management system, with a range of actions, including transition plans, through which impacts are
addressed.
PUMA’s due diligence is embedded into its governance, strategy, and business model. This is addressed by
PUMA’s administrative, management and supervisory bodies and integrated into sustainability-related
performance in incentive schemes.
↗ T.10 SCOPE OF PUMA DUE DILIGENCE (GOV-4)
Human Rights and Labour
Environmental
Integrity
Child labour
Greenhouse gas (GHG) emissions
Bribery and corruption
Equal treatment and opportunities for
all
Substance of very high concern
Supplier relationship management
including payment practices
Forced labour
Water scarcity and pollution
Corporate culture
Occupational health and safety (e.g.,
worker-related injury and ill health)
Microplastic pollution
Consumer data privacy
Violations of the right of workers to
establish or join a trade union and to
bargain collectively
Loss of biodiversity and impact and
dependencies on ecosystems
Consumer health and safety
Non-compliance with minimum wage
laws
Transition to a circular economy
including waste
Protection of whistleblowers
Wages do not meet the basic needs of
workers and their families
Not attracting or retaining talents (own
operations)
PUMA Annual Report 2024
Combined Management Report
7
2ur Srevention, mitigation and remediation measures include risN assessment, a Iactory monitoring
Srogramme, grievance mecKanisms, a suSSlier scorecard, business integration, goal-setting and internal
and external reSorting TKe eIIectiveness oI our measures is evaluated based on Srogress and comSliance
ZitK our Solicies
Ϥ T.11 LIST O) IN)ORMATION PROVIDED ON THE D8E DILIGENCE PROCESS (GOV-4)
Core elements of due diligence
Reference in tKe Sustainability Statement
a) Embedding due diligence in governance, strategy and business model
6tatement on due diligence (*29-)
b) Engaging ZitK aIIected staNeKolders in all Ney steSs oI tKe due
diligence
2vervieZ oI staNeKolder vieZs and interests
(6%0-2)
c) ,dentiIying and assessing adverse imSacts
3rocess to identiIy and assess material
imSacts, risNs and oSSortunities (,52-1)
ToSical standards, ,mSact, risN and
oSSortunity management
d) TaNing actions to address tKose adverse imSacts
ToSical standards, 3olicies and actions
e) TracNing tKe eIIectiveness oI tKese eIIorts and communicating
ToSical standards, 0etrics and targets
RisN management and internal controls over sustainability reporting (GOV-)
To mitigate tKe risN oI incomSleteness, inaccuracy and lacN oI integrity oI data, Ze Kave Iully integrated tKe
Srocess oI sustainability reSorting into our overarcKing ,nternal &ontrol 6ystem (,&6) and EnterSrise 5isN
0anagement 6ystem (E50) oI 380$ $t tKe 380$ *rouS, internal control over sustainability reSorting is
based on tKe internationally recognised &262 IrameZorN, ZitK tKe obMective oI ensuring SroSer reSorting,
imSroving tKe eIIiciency and eIIectiveness oI tKe Srocess and suSSorting comSliance ZitK tKe legal
IrameZorN TKe internal control IrameZorN Ior sustainability reSorting includes core comSonents sucK as
tKe control environment, risN assessment, control activities, inIormation and communication, and
monitoring activities 6ustainability reSorting risNs are Srioritised based on tKe Sotential imSact on tKe
comSleteness and accuracy oI tKe reSorting TKe detailed aSSroacK Ior ,52 assessments is covered in tKe
cKaSter ,52 1 0ain risN identiIied and addressed in our risN control matrix include
Τ
8nclear, mis-aligned or not aSSlied Srocedures and standards Ior sustainability reSorting
Τ
)ailure to comSly ZitK laZs and regulations, including &65' and E656 standards
Τ
$ccuracy and timing oI tKe availability oI inIormation
2ur 380$ sustainability strategy is covered in tKe 6trategy, business model and value cKain (6%0-1)
section 3rocedures and standards Ior reSorting are detailed in 380$Νs 6ustainability 5eSorting 0anual,
ZKicK Srovides comSreKensive guidance on KoZ internal control over sustainability reSorting is
incorSorated into tKe 6ustainability 6tatement oI tKe 380$ *rouS TKe need Ior adMustments in tKe
5eSorting 0anual due to regulatory cKanges is analysed on an ongoing basis by tKe sustainability
deSartment and communicated accordingly to relevant internal staNeKolders TKis ensures tKat
sustainability reSorting is not only accurate but also aligned ZitK broader Iinancial and oSerational controls
TKis integration KelSs to maintain consistency, enKance transSarency, and Ioster accountability across all
reSorting activities )or examSle, to address tKe Iailure to reSort on all relevant material entities or
elements, 380$ Sre-aligns tKe reSorting scoSe ZitK tKe Iinance team and auditors and validates reSorted
data at tKe entity/subsidiary and core Iactories level
$s Sart oI tKe sustainability reSorting Srocess, all assessed ,52s are determined and revieZed by relevant
deSartments annually, using a temSlate in line ZitK tKe &65' reTuirements TKe results oI tKe assessment
Iorm tKe basis oI 380$Νs tKematic sustainability reSorting scoSe 0aterial toSics resulting Irom tKe '0$
and ,52s list are integrated into tKe EnterSrise 5isN $ssessment Srocess by eacK risN oZner TKese toSics
are also Sresented and signed oII in tKe 6ustainability &ommittee oI 380$Νs 6uServisory %oard
P8MA Annual Report 22
&ombined 0anagement 5eSort
68
The Group Internal Audit, Risk Management and Internal Control department coordinates the risk
management process and supports risk topic owners. Regular risk reports are prepared for the Risk
Management Committee, which includes the PUMA SE Management Board and selected managers. The
system identifies and manages material risks early, supporting the achievement of corporate objectives and
compliance with laws and standards. Audit results are shared with PUMA’s Management Board and the
Audit and Sustainability Committee of the Supervisory Board.
This Sustainability Statement has been reviewed and signed off by PUMA’s Management Board and the
Sustainability Committee of the Supervisory Board.
BASIS FOR PREPARATION
General basis for preparation (BP-1)
The Sustainability Statement is prepared to meet the requirements of Directive (EU) 2022/2464 of the
European Parliament and of the Council of 14 December 2022 (Corporate Sustainability Reporting Directive,
CSRD) and Article 8 of Regulation (EU) 2020/852 as well as Sections 315b and 315c of the HGB for a non-
financial Group statement.
We apply the ESRS as the primary framework for the preparation of the Sustainability Statement, in
combination with internal guidelines and developed company-specific criteria of (hereinafter referred to as
"reporting criteria"), and to prepare the report in accordance with this framework.
PUMA has been using the Global Reporting Initiative (GRI) standards for sustainability reporting for over 20
years. The first application of the ESRS as reporting framework can lead to differences in disclosures
compared to previous years. Topics, which are not covered anymore in this sustainability statement will be
reported in a separate voluntary sustainability report.
The overall report is audited by KPMG with limited assurance, insofar as explicit metrics were audited by
other external third parties, this is stated for the respective metric.
The scope of the Sustainability Statement follows the scope of PUMA’s financial reporting, and extends into
PUMA’s supply chain. The companies stichd and Cobra, both part of the PUMA Group, are included in the
reporting scope. PUMA licensees and franchised stores are excluded from the reporting scope. However,
PUMA products made for franchised stores are included in relation to their supply chain. Also excluded are
performance and materials data for products made by United Legwear, a supplier of products to PUMA
United in the USA, over which PUMA has no operational or financial control.
Unless otherwise stated, we used the following time horizons in the Statement:
•
Short-term: within the reporting period (up to one year)
•
Mid-term: 1 to 5 years
•
Long-term: over 5 years
Supply chain information includes data from core manufacturing partners (manufacturers of finished goods,
Tier 1), core suppliers of materials and components (Tier 2), as well as PUMA’s logistic service providers.
Supplier Social Compliance data evaluate factories' compliance with the PUMA Code of Conduct and
workers' grievances at:
•
All Tier 1 factories, including stichd, Cobra, and PUMA United (upstream)
•
Third-party warehouses (downstream)
•
PUMA retail (non-commercial products like store furniture) (own operation)
•
PUMA core Tier 2 factories (textile, leather, PU, labelling and packaging, trims, midsole, outsole),
excluding stichd, Cobra, and PUMA United (upstream)
•
PUMA non-core Tier 2 factories, which were historically core factories (upstream).
PUMA Annual Report 2024
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69
Suppliers' Environmental and Social KPIs track progress towards PUMA’s sustainability targets:
•
Social KPIs are collected at PUMA and stichd core Tier 1 factories, excluding PUMA United (upstream)
•
Environmental KPIs are collected at PUMA core Tier 1 and Tier 2 factories (textile, leather, PU), and
stichd core Tier 1 factories, excluding PUMA United (upstream)
•
Environmental KPIs are also collected from PUMA’s outsourced logistic centres.
Material data (inflows) includes material consumption used in PUMA products and labelling and packaging
data, covering PUMA, stichd, and Cobra Golf. Excluded are PUMA United and licensee products (upstream).
Our suppliers are independent third-party entities, unaffiliated with the PUMA Group. They operate
autonomously with their own management and practices, and some are listed on local stock exchanges.
PUMA does not participate in their management decisions, strategic planning, or daily operations, nor can
we influence their choice of other customers. Therefore, PUMA has no operational control over our
suppliers.
The Sustainability Statement covers PUMA’s downstream value chain only in the areas of products and
waste, where material impacts, risks or opportunities have been identified (ESRS E5, S4 and G1).
Disclosures in relation to specific circumstances (BP-2)
The data collection used for this Statement relies on primary data wherever possible. However, some
exceptions to the collection of primary data have been incorporated to allow for timely and complete
reporting. Where exceptions apply, those are noted on the respective data points in the Statement:
•
Environmental data from own entities (offices, stores and warehouses) has been collected for the first 10
months of the year and extrapolated for the remainder of the year. Data for offices with under 10 full-
time equivalents were excluded from the data collection
•
Environmental and social KPIs data from PUMA’s core suppliers have been collected for the first 10
months of the year and extrapolated for the remainder of the year
•
Material consumption data has been collected through Tier 1 and Tier 2 suppliers, for the first 10 months
of the year and estimated for the remainder of the year
•
The calculation of GHG emissions from the lower Tiers of the supply chain (Tier 3 and Tier 4) was
performed by life cycle assessment (LCA) expert company Sphera on behalf of PUMA. Average emission
factors from the GaBi database of Sphera were used for this purpose due to a lack of primary data
•
The GHG emissions from core Tier 1 and Tier 2 suppliers are calculated based on 10 months of primary
energy data and estimated for the remainder of the year; these represent approximately 80 % of our
sourcing volume and the results are extrapolated to 100 % to cover non-core supplier factories.
There is an inherent uncertainty in non-financial data, reflecting the complexity of the data collection
process that involves multiple variables and sources. This complexity can lead to variations that are a
natural part of gathering comprehensive and detailed information.
Data collection from mainly larger offices can lead to inaccuracies as those sites may have implemented
more activities related to sustainability matters than smaller sites. However, as the extrapolations cover
less than 10 % of PUMA sites based on employee headcount, we anticipate the potential effect of those
estimations on data accuracy to be low (below 5 %).
Data collection and extrapolation related to PUMA’s own sites’ energy data can lead to inaccuracies due to
different weather conditions during summer and winter months. PUMA counters such potential
inaccuracies by capturing 12 months of data (i.e. October to October) where relevant. Therefore, we
anticipate the potential effect of those estimations on data accuracy to be low (below 5 %).
Data collected from stores on waste creation and water consumption are subject to a high level of
uncertainty, since many PUMA stores operate in shopping malls or outlet centres where water and waste
PUMA Annual Report 2024
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70
services are centralised, and no store-specific data is available. For these sites, average data is used to
estimate water consumption and waste creation. This refers to the quantitative metrics of total water
consumption (E3-4 28 a and b) and waste (E5-5 37 a-d).
To further increase the level of data accuracy going forward, PUMA plans to expand the collection of
primary data to selected Tier 3 suppliers.
No material errors have been identified in comparison to PUMA’s previously reported sustainability
information (as part of PUMA’s Annual Report 2023).
This is PUMA’s first Sustainability Statement prepared in accordance with the ESRS. We have kept the
preparation and presentation of previously reported data points consistent unless changes were required by
CSRD. Where changes have been made, they are indicated in the individual sections of the Statement.
In this Sustainability Statement the following sections have been included by reference:
•
Description of business model (ESRS 2)
•
Description of subsidiaries (ESRS 2)
•
Total sales and other financial information (ESRS 2)
•
Pension provisions (ESRS S1).
A list of sustainability information disclosed due to other regulations can be found the ESRS 2 Appendix B.
No exemptions have been applied based on Article 18, paragraph 1 of EU Directive 2013/34/EU. PUMA does
not omit any information due to intellectual property concerns or due to special member state allowances.
PUMA Annual Report 2024
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71
↗ T.12 LIST OF DATAPOINTS IN CROSS-CUTTING AND TOPICAL STANDARDS THAT DERIVE FROM OTHER EU LEGISLATION (ESRS 2 APPENDIX B)
Disclosure Requirement and related datapoint
SFDR reference
1
Pillar 3 reference
2
Benchmark Regulation reference
3
EU Climate Law
reference
4
Materiality
ESRS 2 GOV-1
Board’s gender diversity paragraph 21 (d)
Indicator number 13 of Table #1
of Annex 1
Commission Delegated Regulation (EU)
2020/1816
5), Annex II
Yes
ESRS 2 GOV-1
Board's gender diversity paragraph 21 (d)
Delegated Regulation (EU) 2020/1816,
Annex II
Yes
ESRS 2 GOV-4
Statement on due diligence paragraph 30
Indicator number 10 Table #3 of
Annex 1
Yes
ESRS 2 SBM-1
Involvement in activities related to fossil fuel
activities paragraph 40 (d) i
Indicator number 4 Table #1 of
Annex 1
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453
6) Table 1: Qualitative information
on Environmental risk and Table 2:
Qualitative information on Social risk
Delegated Regulation (EU) 2020/1816,
Annex II
No
ESRS 2 SBM-1
Involvement in activities related to chemical
production paragraph 40 (d) ii
Indicator number 9 Table #2 of
Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II
No
ESRS 2 SBM-1
Involvement in activities related to controversial
weapons paragraph 40 (d) iii
Indicator number 14 Table #1 of
Annex 1
Delegated Regulation (EU) 2020/1818
7),
Article 12(1)
Delegated Regulation (EU) 2020/1816,
Annex II
No
ESRS 2 SBM-1
Involvement in activities related to cultivation and
production of tobacco paragraph 40 (d) iv
Delegated Regulation (EU) 2020/1818,
Article 12(1)
Delegated Regulation (EU) 2020/1816,
Annex II
No
ESRS E1-1
Transition plan to reach climate neutrality by
2050 paragraph 14
Regulation (EU)
2021/1119, Article 2(1)
Yes
Combined Management Report
PUMA Annual Report 2024
72
Disclosure Requirement and related datapoint
SFDR reference
1
Pillar 3 reference
2
Benchmark Regulation reference
3
EU Climate Law
reference
4
Materiality
ESRS E1-1
Undertakings excluded from Paris-aligned
Benchmarks paragraph 16 (g)
Article 449a; Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 1: Banking book –
Climate change transition risk: Credit
quality of exposures by sector, emissions
and residual maturity
Delegated Regulation (EU) 2020/1818,
Article12.1 (d) to (g), and Article 12.2
No
ESRS E1-4
GHG emission reduction targets paragraph 34
Indicator number 4 Table #2 of
Annex 1
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 3: Banking book –
Climate change transition risk: alignment
metrics
Delegated Regulation (EU) 2020/1818,
Article 6
Yes
ESRS E1-5
Energy consumption from fossil sources
disaggregated by sources (only high climate
impact sectors) paragraph 38
Indicator number 5 Table #1
and Indicator n. 5 Table #2 of
Annex 1
Yes
ESRS E1-5
Energy consumption and mix paragraph 37 ESRS
Indicator number 5 Table #1 of
Annex 1
Yes
ESRS E1-5
Energy intensity associated with activities in high
climate impact sectors paragraphs 40 to 43 ESRS
Indicator number 6 Table #1 of
Annex 1
Yes
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG emissions
paragraph 44
Indicator number 1 and 2 Table
#1 of Annex 1
Article 449a; Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 1: Banking book –
Climate change transition risk: Credit
quality of exposures by sector, emissions
and residual maturity
Delegated Regulation (EU) 2020/1818,
Article 5(1), 6 and 8(1)
Yes
ESRS E1-6
Gross GHG emissions intensity paragraphs 53 to
55
Indicator number 3 Table #1 of
Annex 1
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 3: Banking book –
Climate change transition risk: alignment
metrics
Delegated Regulation (EU) 2020/1818,
Article 8(1)
Yes
ESRS E1-7
GHG removals and carbon credits paragraph 56
Regulation (EU)
2021/1119, Article 2(1)
No
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Disclosure Requirement and related datapoint
SFDR reference
1
Pillar 3 reference
2
Benchmark Regulation reference
3
EU Climate Law
reference
4
Materiality
ESRS E1-9
Exposure of the benchmark portfolio to climate-
related physical risks paragraph 66
Delegated Regulation (EU) 2020/1818,
Annex II Delegated Regulation (EU)
2020/1816, Annex II
No
ESRS E1-9
Disaggregation of monetary amounts by acute
and chronic physical risk paragraph 66 (a)
ESRS E1-9
Location of significant assets at material physical
risk paragraph 66 (c)
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 paragraphs 46 and 47; Template
5: Banking book – Climate change physical
risk: Exposures subject to physical risk.
Phase in provision used
ESRS E1-9
Breakdown of the carrying value of its real estate
assets by energy-efficiency classes paragraph 67
(c)
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 paragraph 34; Template 2:
Banking book – Climate change transition
risk: Loans collateralised by immovable
property – Energy efficiency of the
collateral
No
ESRS E1-9
Degree of exposure of the portfolio to climate-
related opportunities paragraph 69
Delegated Regulation (EU) 2020/1818,
Annex II
No
ESRS E2-4
Amount of each pollutant listed in Annex II of the
E-PRTR Regulation (European Pollutant Release
and Transfer Register) emitted to air, water and
soil, paragraph 28
Indicator number 8 Table #1 of
Annex 1 Indicator number 2
Table #2 of Annex 1 Indicator
number 1 Table #2 of Annex 1
Indicator number 3 Table #2 of
Annex 1
No
ESRS E3-1
Water and marine resources paragraph 9
Indicator number 7 Table #2 of
Annex 1
Yes
ESRS E3-1
Dedicated policy paragraph 13
Indicator number 8 Table #2 of
Annex 1
Not applicable
ESRS E3-1
Sustainable oceans and seas paragraph 14
Indicator number 12 Table #2 of
Annex 1
No
ESRS E3-4
Total water recycled and reused paragraph 28 (c)
Indicator number 6.2 Table #2
of Annex 1
No
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Disclosure Requirement and related datapoint
SFDR reference
1
Pillar 3 reference
2
Benchmark Regulation reference
3
EU Climate Law
reference
4
Materiality
ESRS E3-4
Total water consumption in m3 per net revenue
on own operations paragraph 29
Indicator number 6.1 Table #2
of Annex 1
Yes
ESRS 2 – SBM 3 – E4
paragraph 16 (a) i
Indicator number 7 Table #1 of
Annex 1
Yes
ESRS 2 – SBM 3 – E4
paragraph 16 (b)
Indicator number 10 Table #2 of
Annex 1
No
ESRS 2 – SBM 3 – E4
paragraph 16 (c)
Indicator number 14 Table #2 of
Annex 1
No
ESRS E4-2
Sustainable land / agriculture practices or
policies paragraph 24 (b)
Indicator number 11 Table #2 of
Annex 1
Yes
ESRS E4-2
Sustainable oceans / seas practices or policies
paragraph 24 (c)
Indicator number 12 Table #2 of
Annex 1
No
ESRS E4-2
Policies to address deforestation paragraph 24
(d)
Indicator number 15 Table #2 of
Annex 1
Yes
ESRS E5-5
Non-recycled waste paragraph 37 (d)
Indicator number 13 Table #2 of
Annex 1
Yes
ESRS E5-5
Hazardous waste and radioactive waste
paragraph 39
Indicator number 9 Table #1 of
Annex 1
No
ESRS 2 – SBM 3 – S1
Risk of incidents of forced labour paragraph 14 (f)
Indicator number 13 Table #3 of
Annex I
No
ESRS 2 – SBM3 – S1
Risk of incidents of child labour paragraph 14 (g)
Indicator number 12 Table #3 of
Annex I
No
ESRS S1-1
Human rights policy commitments paragraph 20
Indicator number 9 Table #3
and Indicator number 11 Table
#1 of Annex I
Yes
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Disclosure Requirement and related datapoint
SFDR reference
1
Pillar 3 reference
2
Benchmark Regulation reference
3
EU Climate Law
reference
4
Materiality
ESRS S1-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8, paragraph 21
Delegated Regulation (EU) 2020/1816,
Annex II
Yes
ESRS S1-1
Processes and measures for preventing
trafficking in human beings paragraph 22
Indicator number 11 Table #3 of
Annex I
No
ESRS S1-1
Workplace accident prevention policy or
management system paragraph 23
Indicator number 1 Table #3 of
Annex I
Yes
ESRS S1-3
Grievance/complaints handling mechanisms
paragraph 32 (c)
Indicator number 5 Table #3 of
Annex I
Yes
ESRS S1-14
Number of fatalities and number and rate of
work-related accidents paragraph 88 (b) and (c)
Indicator number 2 Table #3 of
Annex I
Delegated Regulation (EU) 2020/1816,
Annex II
Yes
ESRS S1-14
Number of days lost to injuries, accidents,
fatalities or illness paragraph 88 (e)
Indicator number 3 Table #3 of
Annex I
Yes
ESRS S1-16
Unadjusted gender pay gap paragraph 97 (a)
Indicator number 12 Table #1 of
Annex I
Delegated Regulation (EU) 2020/1816,
Annex II
Yes
ESRS S1-16
Excessive CEO pay ratio paragraph 97 (b)
Indicator number 8 Table #3 of
Annex I
Yes
ESRS S1-17
Incidents of discrimination paragraph 103 (a)
Indicator number 7 Table #3 of
Annex I
Yes
ESRS S1-17
Non-respect of UNGPs on Business and Human
Rights and OECD paragraph 104 (a)
Indicator number 10 Table #1
and Indicator number 14 Table
#3 of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II
Delegated Regulation (EU) 2020/1818, Art
12 (1)
Yes
ESRS 2 – SBM3 – S2
Significant risk of child labour or forced labour in
the value chain paragraph 11 (b)
Indicators number 12 and
number 13 Table #3 of Annex I
Yes
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Disclosure Requirement and related datapoint
SFDR reference
1
Pillar 3 reference
2
Benchmark Regulation reference
3
EU Climate Law
reference
4
Materiality
ESRS S2-1
Human rights policy commitments paragraph 17
Indicator number 9 Table #3
and Indicator number 11 Table
#1 of Annex 1
Yes
ESRS S2-1
Policies related to value chain workers
paragraph 18
Indicator number 11 and
number 4 Table #3 of Annex 1
Yes
ESRS S2-1
Non-respect of UNGPs on Business and Human
Rights principles and OECD guidelines paragraph
19
Indicator number 10 Table #1 of
Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II
Delegated Regulation (EU) 2020/1818, Art
12 (1)
Yes
ESRS S2-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU) 2020/1816,
Annex II
Yes
ESRS S2-4
Human rights issues and incidents connected to
its upstream and downstream value chain
paragraph 36
Indicator number 14 Table #3 of
Annex 1
Yes
ESRS S3-1
Human rights policy commitments paragraph 16
Indicator number 9 Table #3
and Indicator number 11 Table
#1 of Annex 1
Yes
ESRS S3-1
Non-respect of UNGPs on Business and Human
Rights, ILO principles or and OECD guidelines
paragraph 17
Indicator number 10 Table #1 of
Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II
Delegated Regulation (EU) 2020/1818, Art
12 (1)
No
ESRS S3-4
Human rights issues and incidents paragraph 36
Indicator number 14 Table #3 of
Annex 1
No
ESRS S4-1
Policies related to consumers and end-users
paragraph 16
Indicator number 9 Table #3
and Indicator number 11 Table
#1 of Annex 1
Yes
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Disclosure Requirement and related datapoint
SFDR reference
1
Pillar 3 reference
2
Benchmark Regulation reference
3
EU Climate Law
reference
4
Materiality
ESRS S4-1
Non-respect of UNGPs on Business and Human
Rights and OECD guidelines paragraph 17
Indicator number 10 Table #1 of
Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II
Delegated Regulation (EU) 2020/1818, Art
12 (1)
Yes
ESRS S4-4
Human rights issues and incidents paragraph 35
Indicator number 14 Table #3 of
Annex 1
Yes
ESRS G1-1
United Nations Convention against Corruption
paragraph 10 (b)
Indicator number 15 Table #3 of
Annex 1
Yes
ESRS G1-1
Protection of whistleblowers paragraph 10 (d)
Indicator number 6 Table #3 of
Annex 1
Yes
ESRS G1-4
Fines for violation of anti-corruption and anti-
bribery laws paragraph 24 (a)
Indicator number 17 Table #3 of
Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II
Yes
ESRS G1-4
Standards of anti- corruption and anti-bribery
paragraph 24 (b)
Indicator number 16 Table #3 of
Annex 1
Yes
1
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317,
9.12.2019, p. 1).
2
Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital
Requirements Regulation “CRR”) (OJ L 176, 27.6.2013, p. 1).
3
Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and
amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).
4
Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European
Climate Law’) (OJ L 243, 9.7.2021, p. 1).
5
Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how
environmental, social and governance factors are reflected in each benchmark provided and published (OJ L 406, 3.12.2020, p. 1).
6
Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental,
social and governance risks (OJ L 324,19.12.2022, p. 1).
7
Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks
and EU Paris-aligned Benchmarks (OJ L 406, 3.12.2020, p. 17).
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↗ T.13 TABLE OF ABBREVIATIONS
AFIRM
Apparel and Footwear International RSL Management Group
BIO
Protection and Restoration of Biodiversity and Ecosystems
CCA
Climate Change Adaptation
CCM
Climate Change Mitigation
CDP
Carbon Disclosure Project
CEO
Chief Executive Officer
CMS
Compliance Management System
COSO
Committee of Sponsoring Organisations of the Treadway Commission
CSO
Civil Society Organisations
CSRD
Corporate Sustainability Reporting Directive
DEI
Diversity, Equity, and Inclusion
DMA
Double Materiality Assessment
DPPA
Direct Power Purchase Agreement
EPR
Extended Producer Responsibility
ESG
Environmental, Social, and Governance
ESPR
Eco-design for Sustainable Product Regulation
FLA
Fair Labor Association
FPI
Fair Pay Innovation Lab
FSC
Forest Stewardship Standard
FTE
Full-Time Equivalent
FWN
Fair Wage Network
GEAR
Gender Equality and Returns
GHG
Greenhouse Gas Emissions
IEA
International Energy Agency
IFC
International Finance Corporation
ILO
International Labor Organisation
ILP
Integrated Leadership Program
IOM
International Organisation for Migration
IPCC
Intergovernmental Panel on Climate Change
IRO
Impacts, Risks, and Opportunities
ISO
International Organisation for Standardisation
KBA
Key Biodiversity Area
KPI
Key Performance Indicator
LCA
Life Cycle Assessment
MMCF
Man-Made Cellulosic Fiber
MRSL
Manufacturing Restricted Substances List
NGO
Non-Governmental Organisation
OECD
Organisation for Economic Co-operation and Development
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OHS
Occupational Health and Safety
PET
Polyethylene Terephthalate
P&O
People & Organisation
PPC
Pollution Prevention and Control
PV
Photovoltaic
RCP
Representative Concentration Pathway
RSL
Restricted Substances List
SBTN
Science-Based Targets for Nature
SDGs
Sustainable Development Goals
SLCP
Social & Labor Convergence Program
SMART
Specific, Measurable, Achievable, Relevant, and Time-bound
SVHC
Substance of Very High Concern
TCFD
Task Force on Climate-Related Financial Disclosures
TMC
The Microfiber Consortium
TPU
Thermoplastic Polyurethane
UN
United Nations
VOC
Volatile Organic Compounds
WWF
World Wide Fund for Nature
ZDHC
Zero Discharge of Hazardous Chemicals
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ENVIRONMENTAL INFORMATION
DISCLOSURES PURSUANT TO ARTICLE 8 OF REGULATION (EU) 2020/852 (TAXONOMY REGULATION)
TAXONOMY REGULATION
The Taxonomy Regulation (EU) 2020/852, effective from 22 June 2020, defines sustainable economic
activities with the aim of redirecting capital flows towards them. Companies must report on
"environmentally sustainable" revenues, investments, and operating expenses. The six environmental
objectives are:
•
Climate change mitigation (CCM)
•
Climate change adaptation (CCA)
•
Sustainable use and protection of water and marine resources (WTR)
•
Pollution prevention and control (PPC)
•
Protection and restoration of biodiversity and ecosystems (BIO)
•
Transition to a circular economy (CE).
Disclosure requirements
Non-financial undertakings must disclose the proportion of Taxonomy-eligible and non-eligible economic
activities in their turnover, capital expenditure, and operational expenditure. From 1 January 2023,
disclosures must include taxonomy alignment, meaning activities that significantly contribute to six
environmental goals, do no significant harm, comply with minimum safeguards, and meet technical
screening criteria.
PUMA's economic activities
The Taxonomy has identified eligible economic activities that substantially contribute to each of these
environmental objectives. Linked to these eligible activities are technical screening criteria as well as do no
significant harm criteria and minimum safeguards that define whether the activity is considered sustainable
or not (aligned). To identify the activities that are covered by the Taxonomy, PUMA reviews its business
activities annually while recognising that Taxonomy is a dynamic classification system, with technical
screening criteria for new activities being added over time. The technical screening criteria in Delegated
Regulations’ Annexes currently do not list any business activities that are directly linked to the design,
marketing and sale of footwear, apparel and accessories. For the transition to a circular economy, activities
related to apparel are listed but are limited to sales generated by services such as repair, remanufacturing
or refurbishment, preparation for reuse, sale of second-hand goods, or product as a service business
models, none of which are part of PUMA’s current revenue generating activities. As mentioned in the ESRS
E5 Resource use and circular economy section of this Statement, PUMA and its partners are piloting fibre to
fibre recycling technology and take-back systems. However, those activities have not generated any
significant Taxonomy-eligible or aligned sales.
This means that PUMA’s business activities so far do not qualify as contributing substantially to
environmental objectives. Therefore, PUMA’s business activities in this regard are not considered
Taxonomy-eligible (so far). As a result, PUMA also cannot report any Taxonomy aligned sales.
Eligible capital expenditure
Some of PUMA’s capital expenditure is Taxonomy eligible as it supports the objective of climate change
mitigation. Those investments in 2024 include two new solar PV stations totalling € 2.7 million (2023:
€ 0.3 million) and fast charging stations for electric cars € 0.1 million (2023: € 0.2 million), as well as
investments into electric cars of € 4.1 million (2023: € 0.4 million) and installation, maintenance and repair
of energy efficiency equipment of € 0.2 million. Investments in the acquisition and ownership of buildings
are also Taxonomy-eligible but have not been considered for alignment due to the unclear technical
screening criteria. The total amount of Taxonomy aligned capital expenditure in 2024 is € 7 million (2023:
€ 0.9 million).
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The increase of taxonomy aligned investment in new solar capacity as well as electric cars is fully in line
with PUMA’s science-based GHG reduction target and new Vision 2030 targets.
Eligible operational expenditure
Since PUMA’s sales activities are not defined as Taxonomy eligible, PUMA's operational expenditure related
to Taxonomy-aligned economic activities is not material. The total Taxonomy eligible operational
expenditure for 2024 is reported based on the denominator derived from the categories “research and
development, building renovation measures, short-term lease, maintenance and repair and any other direct
expenditures related to the day-to-day servicing of assets of property, plant and equipment by the
undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and
effective functioning of such asset” amounting to € 120.6 million (2023: € 113.4 million) for the 2024 financial
year.
The increase in taxonomy eligible operational expenditure follows PUMA overall strategy to invest in
research and development as well as expenditure related to the maintenance and servicing of buildings.
OUTLOOK
PUMA will continue transitioning its car fleet to low or zero emission vehicles and investing in renewable
energy capacity. In addition, we plan to analyse our buildings portfolio based on energy efficiency classes to
prepare for a potential inclusion of buildings into taxonomy aligned CapEx and OpEx. Finally, we plan to
explore activities related to the transition to a circular economy in terms of their technical and financial
viability.
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↗ T.14 PROPORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (2024)
2024
Substantial Contribution Criteria
DNSH criteria ('Does Not Significantly
Harm')
Economic activities
Code
Turnover
Proportion of turnover
CCM
CCA
WTR
CE
PPC
BIO
CCM
CCA
WTR
CE
PPC
BIO
Minimum Safeguards
Proportion of Taxonomy aligned
(A.1.) or eligible (A.2.) turnover,
2023
Category enabling activity
Category transitional activity
in € million
%
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-
aligned)
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0
0
0 %
0 %
0 %
0 %
0 %
0 %
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
Of which Enabling
0
0
0 %
0 %
0 %
0 %
0 %
0 %
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
E
Of which Transitional
0
0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
T
A.2 Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
Taxonomy-eligible environmentally sustainable activities
performed by PUMA
0
0
0
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2024
Substantial Contribution Criteria
DNSH criteria ('Does Not Significantly
Harm')
Economic activities
Code
Turnover
Proportion of turnover
CCM
CCA
WTR
CE
PPC
BIO
CCM
CCA
WTR
CE
PPC
BIO
Minimum Safeguards
Proportion of Taxonomy aligned
(A.1.) or eligible (A.2.) turnover,
2023
Category enabling activity
Category transitional activity
in € million
%
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
Turnover of Taxonomy- eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)
0
0
0 %
0 %
0 %
0 %
0 %
0 %
0
A. Turnover of Taxonomy eligible activities (A.1 + A.2)
0
0
0 %
0 %
0 %
0 %
0 %
0 %
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy- non-eligible activities (B)
8,817.2
100
Total (A + B)
8,817.2
100
1
Y – Yes, Taxonomy-eligible and environmentally sustainable (taxonomy-aligned) activity
N – No, Taxonomy-eligible, but not environmentally sustainable (not taxonomy-aligned) activity
N/EL – (Not eligible) Taxonomy non-eligible activity
2
EL - (Eligible) Taxonomy eligible activity
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↗ T.15 PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (2024)
2024
Substantial Contribution Criteria
DNSH criteria ('Does Not Significantly
Harm')
Economic activities
Code
CapEx
Proportion of CapEx
CCM
CCA
WTR
CE
PPC
BIO
CCM
CCA
WTR
CE
PPC
BIO
Minimum Safeguards
Proportion of Taxonomy aligned
(A.1.) or eligible (A.2.) OpEx, 2023
Category enabling activity
Category transitional activity
in € million
%
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-
aligned)
Installation, maintenance and repair of charging stations for
electric vehicles in buildings (and parking spaces attached to
buildings)
CCM
7.4.
0.05
0.01
Y
N
N/EL
N/EL
N/EL
N/EL
Y
N
N
N
N
N
Y
0.04
E
Installation, maintenance and repair of renewable energy
technologies
CCM
7.6.
2.66
0.55
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.05
E
Transport by motorbikes, passenger cars and light commercial
vehicles
CCM
6.5.
4.06
0.83
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.07
E
T
Installation, maintenance and repair of energy efficiency
equipment
CCM
7.3.
0.21
0.04
Y
N
N/EL
N/EL
N/EL
N/EL
Y
N
N
N
N
N
Y
E
CapEx of environmentally sustainable activities (Taxonomy-
aligned) (A.1)
6.97
1.43
0 %
0 %
0 %
0 %
0 %
0 %
Y
Y
Y
Y
Y
Y
Y
0.16
Of which Enabling
6.97
1.43
0 %
0 %
0 %
0 %
0 %
0 %
Y
Y
Y
Y
Y
Y
Y
0.16
E
Combined Management Report
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2024
Substantial Contribution Criteria
DNSH criteria ('Does Not Significantly
Harm')
Economic activities
Code
CapEx
Proportion of CapEx
CCM
CCA
WTR
CE
PPC
BIO
CCM
CCA
WTR
CE
PPC
BIO
Minimum Safeguards
Proportion of Taxonomy aligned
(A.1.) or eligible (A.2.) OpEx, 2023
Category enabling activity
Category transitional activity
in € million
%
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
Of which Transitional
0
0
0 %
N
N
N
N
N
N
N
0
T
A.2 Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
Acquisition and ownership of buildings
CCM
7.7.
254.99
52.34
EL
N/EL
N/EL
N/EL
N/EL
N/EL
60.01
Transport by motorbikes, passenger cars and light commercial
vehicles
CCM
6.5.
5.94
1.22
EL
N/EL
N/EL
N/EL
N/EL
N/EL
1.34
CapEx of Taxonomy eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)
260.94
53.6
53.6
0 %
0 %
0 %
0 %
0 %
61.36
A. CapEx of Taxonomy eligible activities (A.1+A.2)
267.91
55.0
55.0
0 %
0 %
0 %
0 %
0 %
61.52
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities (B)
219.29
45.0
TOTAL (A + B)
487.20
100
1
Y – Yes, Taxonomy-eligible and environmentally sustainable (taxonomy-aligned) activity
N – No, Taxonomy-eligible, but not environmentally sustainable (not Taxonomy-aligned) activity
N/EL – (Not eligible) Taxonomy non-eligible activity
2
EL - (Eligible) Taxonomy eligible activity
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↗ T.16 PROPORTION OF OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (2024)
2024
Substantial Contribution Criteria
DNSH criteria ('Does Not Significantly
Harm')
Economic activities
Code
OpEx
Proportion of OpEx
CCM
CCA
WTR
CE
PPC
BIO
CCM
CCA
WTR
CE
PPC
BIO
Minimum Safeguards
Proportion of Taxonomy aligned
(A.1.) or eligible (A.2.) OpEx, 2023
Category enabling activity
Category transitional activity
in € million
%
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-
aligned)
Taxonomy-aligned environmentally sustainable
activities performed by PUMA
0
0
Y
Y
Y
Y
Y
Y
Y
0
OpEx of environmentally sustainable activities (Taxonomy-
aligned) (A.1)
0
0
0 %
0 %
0 %
0 %
0 %
0 %
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
Of which Enabling
0
0
0 %
0 %
0 %
0 %
0 %
0 %
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
E
Of which Transitional
0
0
0 %
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
T
A.2 Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
EL
2;
N/EL
Taxonomy-eligible environmentally sustainable activities
performed by PUMA
0
0
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0
OpEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)
0
0
0 %
0 %
0 %
0 %
0 %
0 %
0
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PUMA Annual Report 2024
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2024
Substantial Contribution Criteria
DNSH criteria ('Does Not Significantly
Harm')
Economic activities
Code
OpEx
Proportion of OpEx
CCM
CCA
WTR
CE
PPC
BIO
CCM
CCA
WTR
CE
PPC
BIO
Minimum Safeguards
Proportion of Taxonomy aligned
(A.1.) or eligible (A.2.) OpEx, 2023
Category enabling activity
Category transitional activity
in € million
%
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y; N;
N/EL
1
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. OpEx of Taxonomy eligible activities (A.1+A.2)
0
0
0 %
0 %
0 %
0 %
0 %
0 %
0
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities (B)
120.6
100
TOTAL (A + B)
120.6
100
1
Y – Yes, Taxonomy-eligible and environmentally sustainable (Taxonomy-aligned) activity
N – No, Taxonomy-eligible, but not environmentally sustainable (not Taxonomy-aligned) activity
N/EL – (Not eligible) Taxonomy non-eligible activity
2
EL - (Eligible) Taxonomy eligible activity
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↗ T.17 PROPORTION OF TURNOVER OF TOTAL TURNOVER FOR TAXONOMY-ELIGIBLE AND
TAXONOMY-ALIGNED ACTIVITIES PER ENVIRONMENTAL OBJECTIVE
Proportion of turnover/Total turnover
Taxonomy-aligned per objective Taxonomy-eligible per objective
CCM
0 %
0 %
CCA
0 %
0 %
WTR
0 %
0 %
CE
0 %
0 %
PPC
0 %
0 %
BIO
0 %
0 %
↗ T.18 PROPORTION OF CAPEX OF TOTAL CAPEX FOR TAXONOMY-ELIGIBLE AND TAXONOMY-
ALIGNED ACTIVITIES PER ENVIRONMENTAL OBJECTIVE
Proportion of CapEx/Total CapEx
Taxonomy-aligned per objective Taxonomy-eligible per objective
CCM
1.43 %
54.9 %
CCA
0 %
0 %
WTR
0 %
0 %
CE
0 %
0 %
PPC
0 %
0 %
BIO
0 %
0 %
↗ T.19 PROPORTION OF OPEX OF TOTAL OPEX FOR TAXONOMY-ELIGIBLE AND TAXONOMY-
ALIGNED ACTIVITIES PER ENVIRONMENTAL OBJECTIVE
Proportion of OpEx/Total OpEx
Taxonomy-aligned per objective Taxonomy-eligible per objective
CCM
0 %
0 %
CCA
0 %
0 %
WTR
0 %
0 %
CE
0 %
0 %
PPC
0 %
0 %
BIO
0 %
0 %
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↗ T.20 NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES
Activities
Yes/No
Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to research, development, demonstration and
deployment of innovative electricity generation facilities that produce energy from nuclear processes with
minimal waste from the fuel cycle
No
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear
installations to produce electricity or process heat, including for the purposes of district heating or industrial
processes such as hydrogen production, as well as their safety upgrades, using best available technologies
No
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that
produce electricity or process heat, including for the purposes of district heating or industrial processes
such as hydrogen production from nuclear energy, as well as their safety upgrades
No
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation
facilities that produce electricity using fossil gaseous fuels
No
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
combined heat/cool and power generation facilities using fossil gaseous fuels
No
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat
generation facilities that produce heat/cool using fossil gaseous fuels
No
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ESRS E1 CLIMATE CHANGE
IMPACT, RISK AND OPPORTUNITY MANAGEMENT AND STRATEGY
Material climate-related impacts, risks and opportunities in relation to strategy and business model
(IRO-1, SBM-3)
In collaboration with stakeholders, including the UN Climate Secretariat, and through our long-standing
practice of answering major industry benchmarking questionnaires on climate change such as the Carbon
Disclosure Project (CDP), we have identified the climate change-related material impacts, risks and
opportunities for PUMA, using the same methodology detailed in the General information (IRO-1) section.
In 2024, PUMA engaged in extensive stakeholder consultations to shape its Vision 2030 sustainability
targets. Additionally, a DMA, involving our key stakeholders, was conducted in 2023 to identify material
topics for our long-term strategy and target setting. Detailed information on stakeholder consultation is
provided in the General information (SBM-2) section.
↗ T.21 MATERIAL CLIMATE CHANGE-RELATED IMPACTS AND THE RELATION TO BUSINESS
MODEL (IRO-1, SBM-3)
Impacts
Value chain
location and
time horizon
Connection to impact
Impact on people
or environment
Effects on business
model and strategy and
examples of actions
Material positive impacts
Climate change adaptation
Adaptation
measures on
working
conditions
Own
operations
Short,
medium, long
term
Directly caused
Hot temperatures leading to the
need to provide adequate cooling for
workplaces, particularly in
countries with a hot climate
On people as PUMA
staff impacted by
extreme weather
events and hot
temperatures
- Improvement of
employee working
conditions, particularly
in countries in hot
climate zones
Adaptation
measures on
working
conditions
Upstream
Short,
medium, long
term
Directly linked
Manufacturing textile and footwear
products is central to PUMA’s
business model. It’s crucial for
factories to implement climate
adaptation measures to safeguard
their workforce from climate
change impacts
Factory workers’
health and safety
improvement by
reducing heat
stress and related
disorders
- Install cooling systems
in workplaces, enhanced
ventilation, cooling
systems, and hydration
- Shifting work hours or
flexible schedules during
extreme weather also
helps maintain
productivity
Adaptation
measures for
business
resilience
Upstream
Short,
medium, long
term
Directly linked
Manufacturing textile and footwear
products is central to PUMA’s
business model. It’s crucial for
factories to implement climate
adaptation measures to safeguard
their operations and assets from
climate change impacts
Climate adaptation
measures help
factories handle
extreme weather
events better and
safeguards factory
workers health and
safety and
employment
- Emergency response
plans (evacuation, first
aid) and communication
protocols, reduce risks
to workers and minimise
downtime
- Diversifying supply
chains and securing
alternative sources for
critical materials
prevent production halts
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Impacts
Value chain
location and
time horizon
Connection to impact
Impact on people
or environment
Effects on business
model and strategy and
examples of actions
Climate change mitigation
Reduce or
optimise raw
material
extraction
Whole value
chain
Medium, long
term
Directly linked
Manufacturing textile and footwear
products is central to PUMA’s
business model, and material
extraction for these products is
often energy-intensive and a
significant source of GHG emissions
Environmental
impact of reducing
GHG emissions
- Implementation of
better agricultural
practices to enhance soil
health and increase its
capacity to sequester
carbon
- Consumer engagement
for behaviour change
- Explore circular
business model to
extend the lifecycle of
products through reuse,
repair and recycling
Use of recycled
materials to
avoid land-use
change, water
pollution and
deforestation
Upstream
Short,
medium, long
term
Directly linked
Manufacturing textile and footwear
products is central to PUMA’s
business model, and using recycled
raw materials is a key contributor to
reducing GHG emissions
Environmental
impact from
reduced water
pollution and
consumption, land
use and
deforestation
- Recycled material
strategy and target
setting
Energy
Reducing GHG
emissions by use
of renewable
energy
Upstream and
own
operations
Short,
medium, long
term
Directly linked
PUMA has established public
climate targets, not meeting them
can impact business, and increasing
the use of renewable energy
reduces GHG emissions
Environment and
people benefit from
healthier
ecosystems and
cleaner air
- Renewable energy
targets setting and
strategy
- Promotion of
renewable energy use
both in own operations
and supply chain
- Country-specific
targets and impact on
private sector
New economic
opportunities
and jobs by
transitioning to
renewable
energy
Upstream
Medium, long
term
Contributed
PUMA’s public climate targets are
crucial for business success, and
developing renewable energy
technologies like solar, wind, and
geothermal power requires skilled
labour, leading to higher wages and
better job quality
People can be
upskilled leading to
potentially higher
wages and better
job quality
- Development of Just
Transition Plan
Material negative impacts
Climate change adaptation
Lack of climate
adaptation
measures and
impact on
workers’ health
Upstream
Short,
medium, long
term
Directly linked
Low leverage on adaptation
measures
On people as high
temperatures
cause fatigue,
decreased
concentration, and
slower reaction
times, resulting in
more errors
- Uncomfortable and
unsafe working
conditions, leading to
higher absenteeism and
turnover and reduced
productivity
- Factories may also face
disruptions due to
extreme weather events
- Climate Transition
Plan
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Impacts
Value chain
location and
time horizon
Connection to impact
Impact on people
or environment
Effects on business
model and strategy and
examples of actions
Lack of climate
adaptation plan
and its link to
the
employment
Upstream
Medium, long
term
Directly linked
Extreme weather events can disrupt
production, leading to shutdowns,
reduced work hours, and potential
layoffs. This disruption can
significantly impact PUMA’s
business model, which relies on the
continuous manufacturing of textile
and footwear products
Impact people job
security and
income
- Development of Just
Transition Plan
Climate change mitigation
Global business
with physical
store, offices and
warehouses
Own
operations
Short,
medium, long
term
Directly caused
Global operations by nature, directly
causing GHG emissions
On environment by
causing GHG
emissions
- Emission reduction
strategies and
environmental
investments to avoid use
of fossil fuels
- Development of
Environmental
Management System
applicable to all
operations
GHG emissions
during all
manufacturing
steps as well as
the transport of
goods
Upstream
Short,
medium, long
term
Directly caused
PUMA has established public
climate targets, and failing to meet
them can impact our business.
Therefore, it is crucial to reduce our
GHG emissions
Environment
impacted by
increased GHG
emissions
- Supply chain
decarbonisation strategy
and targets
- Engage to improve
climate political
framework conditions
GHG emissions
due to energy
needs for
remanufacturing
and refurbishing
products
Whole value
chain
Medium, long
term
Directly linked
PUMA has established public
circularity targets, and failing to
meet them could impact our
business. Therefore, it is crucial to
reduce our GHG emissions related
to circular product
On environment by
causing GHG
emissions
- By improving energy
efficiency, using
renewable energy
sources, and optimising
logistics, the GHG
emissions from circular
activities can be further
reduced
Energy
Fossil fuels are
efficient for
energy but are
the largest
source of
greenhouse
gases and
pollutants
Upstream
Short, medium
term
Directly caused
Dependency on country policies
The global energy infrastructure is
heavily built around fossil fuels.
PUMA has established public
climate targets, and failing to meet
them can impact our business.
Therefore, it is crucial to reduce our
GHG emissions
People and
environment are
impacted by global
warming and
significant
economic costs
from health
impacts and
infrastructure
damage
- Supply chain
decarbonisation strategy
and targets
- Engage to improve
renewable energy
political framework
conditions
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↗ T.22 MATERIAL CLIMATE CHANGE-RELATED RISKS AND OPPORTUNITIES AND THE
RELATION TO BUSINESS MODEL (IRO-1, SBM-3)
Risks and
opportunities
Value chain
location and
horizon
Origins, dependencies and relation to
business
Mitigation actions and
measures
Risks
Climate change adaptation
Physical risk from
adaptation and risk of
higher production
costs
Upstream
Medium, long
term
94 % of PUMA production occurs in countries
projected to experience extreme temperature
increases, heat, humidity, and greater exposure
to extreme precipitation and typhoons by 2050.
Physical risks of production interruptions
leading to higher production cost because of the
required investments
- Supplier investments and
PUMA’s leverage to set up
adaptation measures
- Diversifying supply chains
and securing alternative
sources for critical
materials and countries
prevent production halts
Physical risk from
extreme weather
risks at PUMA sites,
offices and
warehouses
Own operations
Short, medium,
long term
Physical risks in own operations in countries
where extreme weather events are happening,
risk of operation interruptions being dependent
on weather pattern changes
- Geographical spread of
global stores and
warehouses
- Flexible working
conditions and increased
digitalisation
Physical risk of
reduced productivity
and employee
satisfaction due to
climate change and
extreme events
Own operations
and upstream
Short, medium
term
Business dependent on changes in weather
patterns, employee dissatisfaction can cause
absenteeism, employee turnover, unrest and
strike, causing delays in orders and creating the
risk of operational disruptions which is followed
by reputational damage
- Supplier investments and
PUMA’s leverage to set up
adaptation measures
- Diversifying supply chains
and securing alternative
sources for critical
materials and countries
prevent production halts
Climate change mitigation
Transition risk from
new regulation on
carbon prices
Whole value
chain
Medium, long
term
Carbon taxes help countries meet climate goals
and transition to a sustainable economy but
depend on countries’ willingness to fulfil their
commitment to the Paris Agreement. Carbon
prices and investments in new technologies to
reduce emissions impact PUMA and its
suppliers’ operational costs
- Policy advocacy
- Role in shaping the future
of market mechanisms
through memberships in
industry organisations
Transition risk from
enhanced reporting
obligations and
current product-
related regulations
Own operations
and upstream
Medium, long
term
Compulsory climate action reporting ensures
reliable disclosures, aiding informed decisions
and supporting emission reduction efforts.
However, it depends on data availability,
product-related laws, and expanding
regulations, which can increase costs and
require readiness for new regulations
- Investment in carbon
footprint calculations
platform
Physical risk of
increased cost of raw
materials
Upstream
Medium, long
term
Dependency on climate scenarios, risks
originating from potential negative physical
effects and weather events in raw materials
(e.g. cotton), risk of increased cost impacting
sourcing prices
- Diversifying supply chains
and securing alternative
sources for critical
materials and countries
prevent production halts
Physical and
transitional risk of
lowered brand heat
and lack of consumer
interest in the brand
Downstream
Medium, long
term
Dependency on consumer sensitivity to the
environmental aspects of products, no initiatives
resulting in a loss of brand reputation and
image
- Sustainability
communication related to
PUMA products and relevant
sustainability initiatives
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Risks and
opportunities
Value chain
location and
horizon
Origins, dependencies and relation to
business
Mitigation actions and
measures
Physical and
transitional risks
related to securing
finance
Upstream
Medium, long
term
Financial institutions are increasingly
considering climate risks in their decisions,
while suppliers depend on country policies for
affordable renewable energy and access to
finance. Brands that do not mitigate these risks
may find it harder to secure financing
- Invest in a mix of
renewable energy sources
to reduce dependency on
specific country policies
- Work closely with
suppliers to ensure they
have access to financing
options
Physical and
transitional risks
related to limited low
carbon material
selections
Upstream
Medium, long
term
Limitations on technical and financial feasibility
impact the large-scale use of new materials,
and dependency on technological developments
can affect PUMA’s ability to reach its climate
goals
- Investments in material
research, durability and
quality of the new materials
Energy
Transitional risks
from increased
energy costs
Whole value
chain
Medium, long
term
Rising energy costs and investments in new
technologies, infrastructure upgrades, and
carbon reduction processes can increase
operational expenses, while dependency on
geopolitical situations can impact PUMA’s ability
to reach its climate goals
- Renewable energy strategy
- Replacement of coal
boilers in suppliers'
facilities
Transitional risk
related to
unavailability of
affordable renewable
energy solutions
Upstream
Medium, long
term
The unavailability of affordable renewable
energy in major sourcing countries, combined
with dependency on policy barriers, can impact
FOB prices and reduce PUMA’s margins,
making it challenging to maintain similar prices
for consumers
- Invest in a mix of
renewable energy sources
to reduce dependency on
specific country policies
- Work closely with
suppliers to ensure they
have access to financing
options
Opportunities
Climate change adaptation
Higher worker
satisfaction and
productivity due to
workplaces with
adequate
infrastructure
(temperature control
and building safety)
Upstream and
downstream
Medium, long
term
Adjusting behaviour and improving
infrastructure create a resilient supply chain,
enabling companies like PUMA to capitalise on
market opportunities, gain market share during
disruptions, and respond to consumer demand
for sustainable products. This depends on
supplier investment in resilient infrastructure to
withstand changing weather patterns and
market demands
- Just transition plan
development
- Supply chain
decarbonisation strategy
and targets
Climate change mitigation
Responding quickly to
environmental
regulations and
climate
impacts provides opp
ortunities from a
capital market
standpoint
Upstream
Short, medium,
long-term
Investors focused on ESG criteria are more
likely to invest in companies with strong climate
strategies, presenting a significant capital
market opportunity. Companies addressing
climate change are better positioned to manage
risks from regulations, climate impacts, and
market shifts, reducing financial losses. These
opportunities and risks depend on global
investment trends
- Supply chain
decarbonisation strategy
and targets
Opportunity to
capture consumer
interest in low carbon
impact products
Downstream
Medium, long
term
Brands that effectively engage consumers in
sustainability initiatives, such as take-back
programs and eco-friendly product lines, can
build strong brand loyalty from consumer but
also depend on policy barriers and technology
development
- Product and material
decarbonisation efforts
- Sustainability
communication and
initiatives
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Risk and opportunity assessment
The following section outlines the process used to identify, assess and manage climate-related risks and
opportunities. This includes a scenario analysis, risk and opportunity assessment and an analysis of the
resilience of our business model and strategy.
Scenario analysis
PUMA used climate-related scenario analysis to evaluate potential physical and transition risks.
To identify physical risks to its own operations, PUMA collaborates with its insurance provider on a physical
climate risk assessment. The assessment is based on three time horizons: short term (1 year) mid-term (3
years) and long term (>10 years). The assessment includes the 28 sites with the highest risk of impacting
the business (total insured value of over 50 million €) when affected, including PUMA’s headquarters and
main distribution centres. It does not include any stores as the loss of a single store does not have a
significant financial impact. The assessment uses the climate scenario RCP8.5, projecting climate-related
physical hazards for different ranges of radiative forcing reached in 2040. This conservative approach relates
to an estimated temperature increase of >4 °C (RCP8.5) by 2100. For mid and long-term projections of
climate-related hazards we use the geospatial coordinates of our locations and the NatCat tool from
SwissRe. For the short-term horizon, the insurance function is responsible given that related risks are
mitigated to insurance markets. Typical assessments applied are site-specific risk-engineering reviews,
business interruption impact analyses and NatCat assessments together with the insurance broker and the
leading insurer for the property program to validate required insurance limits. A detailed physical risk
assessment for supply chain locations is planned for 2025. This is a voluntary action given that PUMA does
not have sites within operational control in the upstream supply chain.
Transition risks were identified using the IEA net-zero emissions by 2050 scenario, which outlines a narrow
pathway towards a 1.5 °C aligned global warming, and the IEA stated policies scenario, which assumes that
stated policies are followed (2.7 °C aligned). The timeframe extends to the year 2040, with intermediate
estimates for 2030 and 2035. Most assumptions of the scenario analysis were applicable on a global scale,
with some exceptions like carbon pricing or utility prices, which were determined at a regional level (e.g., in
the EU).
The climate scenarios used by PUMA are based on plausible and widely used sources, such as the IPCC
report and the IEA. The scenarios are aligned with critical climate-related assumptions in PUMA’s financial
statement by integrating projected regulatory changes, market shifts, and environmental impacts. This
alignment ensures that financial planning and risk assessments account for potential costs and benefits of
climate actions, such as investments in renewable energy and energy efficiency. This approach helps PUMA
manage financial risks and seize opportunities related to climate change.
Physical risk
Physical climate risk includes chronic and acute risks from extreme weather events, such as storms, floods,
heatwaves, droughts, wildfires and flooding, over short-, medium- and long-term periods. Such physical
risks are potential threats to PUMA’s own operations or PUMA’s value chain and become more frequent and
intense due to climate change. Analysing the occurrence and frequency of these risks helps PUMA identify
vulnerabilities in its supply chain, infrastructure, and employee safety, allowing the company to implement
strategies to mitigate these risks and ensure business continuity. The table summarises physical risks that
were included in PUMA’s identification and assessment process strategies to mitigate these risks and
ensure business continuity.
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↗ T.23 CLASSIFICATION OF CLIMATE-RELATED HAZARDS PER DELEGATED REGULATION (EU)
2021/2139 OF THE COMMISSION (ESRS 2 IRO-1)
Temperature-related
Wind-related
Water-related
Solid mass-
related
Chronic
Changing temperature
(air, freshwater, marine
water)
Changing wind patterns
Changing precipitation
patterns and types (rain, hail,
snow/ice)
Coastal erosion
Heat stress
Precipitation or hydrological
variability
Soil degradation
Temperature variability
Sea level rise
Soil erosion
Permafrost thawing
Water stress
Solifluction
Ocean acidification
Saline intrusion
Acute
Heat wave
Cyclones, hurricanes,
typhoons
Drought
Landslide
Wildfire
Storms (including
blizzards, dust, and
sandstorms)
Heavy precipitation (rain, hail,
snow/ice)
Avalanche
Cold wave/frost
Tornado
Flood (coastal, fluvial, pluvial,
ground water)
Subsidence
Glacial lake outburst
The results of the physical climate risk analysis for our own operations confirm that until 2040, 22 of PUMA’s
main sites are at risk of drought, 15 are exposed to risks from heat waves and one from sea level rise. These
risks are covered by our insurance policies.
We consider the likelihood of these risks having a significant financial impact on PUMA as low. Temperature
rise has been occurring over the last decade, and all major PUMA offices and stores are equipped with air
conditioning to ensure appropriate working conditions, even during heat waves. Additionally, PUMA’s major
sites (including the one close to the sea) are insured against extreme weather events. This means that even
if an event like extreme precipitation occurs and leads to damages to PUMA’s buildings or goods, as
happened in 2024 for one warehouse in Poland, these damages are covered by an insurance policy.
Transition risk
Climate-related transition risks can arise in various fields, including policy and law, technology, market and
reputation, over short-, medium- and long-term periods. Transition risks become more material in
scenarios that include a quick transition to renewable energy and various climate-friendly policies to keep
global warming in check. Examples include new regulations like carbon taxes, or the digital product
passport as part of the Eco-Design for Sustainable Products Regulation (ESPR). Material transition risks are
listed at the beginning of the section and are taken from the TCFD-aligned list of transition events in the
table.
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↗ T.24 EXAMPLES OF CLIMATE-RELATED TRANSITION EVENTS (EXAMPLES BASED ON TCFD
CLASSIFICATION) (IRO-1)
Policy and legal
Technology
Market
Reputation
Increased pricing of GHG
emissions
Substitution of existing
products and services with
lower emissions options
Changing customer
behaviour
Shifts in consumer
preferences
Enhanced emissions-
reporting obligations
Unsuccessful investment in
new technologies
Uncertainty in market
signals
Stigmatisation of sector
Mandates on and regulation
of existing products and
services
Costs of transition to lower
emissions technology
Increased cost of raw
materials
Increased stakeholder
concern
Mandates on and regulation
of existing production
processes
Negative stakeholder
feedback
Exposure to litigation
Business activities and transition to carbon neutrality require significant efforts in footwear materials,
thermal energy and transportation to be compatible with a carbon-neutral economy. Developing new
technologies and policies, such as low-carbon materials, scalable thermal energy alternatives and large-
scale low carbon fuel usage, is essential to ensure carbon neutrality. This is crucial for meeting our 2030
targets, as innovations and economic shifts in these areas are necessary to achieve our science-based
emission reduction targets.
Opportunities
Climate change-related opportunities are usually connected to transitions rather than physical hazards. We
screened the transition categories of policy and law, technology, market and reputation for opportunities
and included them in impacts, risks and opportunities. The most prominent opportunities are:
•
Increasing demand from consumers due to a better adoption of climate regulation and simultaneous
climate change mitigation efforts, resulting in low carbon products
•
Increased trust from investors
•
Increased employee satisfaction due to proper adaptation measures.
Resilience analysis
The resilience analysis is performed twice a year as part of the assessment of climate-related risks and
opportunities within our risk management system. It focuses on three key areas of our own operations, our
business model (including outsourced production) and our product portfolio, covering the full extent of
PUMA’s business. The primary impact areas of our risks include physical risks that affect our entities and
supply chain locations, as well as transition risks that influence our business model and product portfolio.
The resilience analysis extends until 2030, in line with the timeframe of long-term impacts, risks and
opportunities and our science-based GHG emission target.
Resilience of PUMA’s own operations
Many of PUMA’s largest assets are exposed to climate-related physical risks, such as droughts or
heatwaves. However, all these assets do not use water on an industrial scale, are equipped with cooling
technology and are insured against climate-related hazards. Most of our locations are leased or rented, and
for offices remote working possibilities exist, further increasing the resilience of PUMA’s overall business.
We will continue to work on climate mitigation and adaptation actions to ensure the resilience of our
operations.
Resilience of PUMA’s business model, with outsourced production
PUMA’s business model relies on outsourced manufacturing mainly from six sourcing countries: China,
Vietnam, Cambodia, Bangladesh, Indonesia and India. Extreme heat, humidity and frequent extreme
weather conditions threaten working conditions, productivity, and infrastructure, leading to business
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disruptions, higher costs and potential negative publicity. Ensuring suppliers’ financial stability and
improving infrastructure reduces disruption risks and enhances supply chain resilience. Climate adaptation
measures protect workers and minimise disruptions. Adjusting behaviour and infrastructure creates a
resilient supply chain, allowing companies to capitalise on market opportunities. Meeting production targets
results in stable revenue and costs, while increased investor confidence positively affects stock values and
capital availability.
PUMA engages in business relationships with its core suppliers on a long-term basis. Trusting relationships
with suppliers ensure a more stable and reliable supply chain, reducing the risk of disruptions and
associated costs. PUMA has set a science-based target implying that core suppliers and the upstream
supply chain need to reduce their GHG emissions. PUMA mitigates risks from over-reliance on a few
suppliers, which can lead to higher costs, production delays, quality issues, financial difficulties,
reputational damage and a loss of trust. Disruption from natural disasters or political instability can halt
production and affect supply chain resilience. To address this, we diversify our sourcing model, ensuring
suppliers develop capabilities to produce a range of products and source materials from different countries.
We are therefore working towards building a resilient supply chain.
Non-core suppliers are partially managed through the Higg Facility Environment Module (FEM), which
includes a section on energy and GHG. This aids supplier facilities in setting climate targets, tracking, and
reducing energy use and GHG emissions by promoting energy efficiency improvements and renewable
energy adoption, thereby mitigating climate risks for non-core suppliers. Non-core suppliers are
geographically diverse, allowing PUMA to shift sourcing in case of natural disasters, ensuring a resilient
supply chain.
PUMA’s business model also relies on transporting finished goods from the main manufacturing hubs in
Asia to customers worldwide. Transporting goods contributes to GHG emissions. To reduce such emissions,
PUMA has included the transport of goods in its science-based GHG reduction target and reduced the
proportion of transport carried out by air freight, the most carbon-intensive mode of transport. PUMA works
with logistic service providers on the use of alternative fuels for marine shipping or road transport.
Therefore, we assume that PUMA’s business model can cope with potential increases in carbon taxes for
international transport or the inclusion of international transportation into carbon reduction and offsetting
schemes.
Resilience of PUMA’s product portfolio
PUMA’s product portfolio comprises athletic and lifestyle footwear, apparel and accessories. Our products
rely on raw materials made from fossil fuels, such as polyester and other synthetic polymers. This reliance
could negatively affect PUMA if the price for the fossil raw materials increases due to carbon taxes or
restrictions on fossil fuels. To balance this potential negative effect, PUMA has started to use recycled
polyester at scale and investing in research and innovation to find recycled or bio-based alternatives.
PUMA’s products do not directly emit GHGs during their use phase. The washing and drying of apparel
contribute to GHG emissions if washing and drying machines are not powered by renewable energy.
However, given the required global transition to renewable electricity, we do not anticipate any negative
effects on the sales of our products based on GHG emissions emitted during the use-phase.
PUMA products may emit GHGs at the end of their useful life, for example when incinerated or during the
decomposition of cotton products. Based on product life cycle assessment data, those emissions are
relatively low compared to emissions released during manufacturing and the product use phase. These
emissions can be avoided when products are recycled into new raw materials. While postconsumer
recycling is not yet the current practice for apparel, footwear and accessories products, upcoming
regulations in the EU are targeting higher recycling rates in future.
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As a result, PUMA can demonstrate sufficient resilience to key transition and physical risks and is capable
of adapting its strategy and business model to climate change in the short, medium, and long term..
Wherever we see potential gaps, such as the recycling of polymers to reduce dependency on fossil fuels, we
have set targets within our sustainability strategy to close those gaps over time.
PUMA’s climate targets and program also help secure access to finance. For example, we use ESG-linked
finance mechanisms, where the interest rate is tied to the achievement of our climate goals. These ESG-
linked finance mechanisms account for approximately 80 % of PUMA’s total financing volume.
Policies related to climate change mitigation and adaptation (E1-2)
PUMA is dedicated to protecting the environment and climate across its operations, suppliers, and partners.
We have published multiple climate-related policies and handbooks including PUMA’s Environmental Policy,
PUMA’s Environmental Handbook for Suppliers and PUMA’s Environmental Handbook for Own Entities.
The Management Board is responsible for the approval and implementation of all policies and handbooks
covering climate-related commitments and activities. Various departments manage implementation and
report progress regularly to the Management Board and leadership team.
The policies endorse internationally recognised environmental and climate conventions and frameworks
such as the Ten Principles of the UN Global Compact, the United Nations Paris Agreement, the OECD Due
Diligence Guidance for Responsible Supply Chains in the Garment and Footwear Sector, the Fashion
Industry Charter for Climate Action and the Fashion Pact.
PUMA’s environmental policies and handbooks are shaped by the interests of key stakeholders, including
employees, suppliers, customers, and industry partners. For instance, PUMA engages employees in
sustainability initiatives, ensuring they understand and contribute to environmental and climate goals. The
company promotes sustainability within its operations and supply chain by using renewable energy and
increasing the use of low-carbon materials. Performance criteria linked to clear sustainability targets are
included in the remuneration of all leaders globally. The Environmental Policy emphasises working closely
with suppliers to meet high environmental standards and improve sustainability practices throughout the
supply chain. PUMA considers customer demand for sustainable products, integrating less carbon-intensive
materials and practices into its offerings.
All policies and handbooks are publicly shared on our website. Due diligence and progress are also shared
in our Annual Reports. This includes governance structures, key partners, and performance indicators like
certified material ratios, CO2 emissions, and renewable energy usage. We also engage with third-party
initiatives for objective feedback to improve our practices.
PUMA’s Environmental Policy covers a wide range of topics to ensure comprehensive sustainability
practices. Regarding climate, it includes the climate change mitigation actions required to achieve our
science-based GHG emission target which is aligned with a maximum of 1.5 °C global warming. Stated
actions consist, but are not limited to energy efficiency measures, the adoption of renewable energy sources
for PUMA’s own entities, the reduction of GHG emissions in our logistics network and supply chain, and the
increased adoption of low carbon materials.
PUMA’s Environmental Handbook for Suppliers and PUMA’s Environmental Handbook for Own Entities
provide guidance on how our suppliers and own operations can effectively decrease their climate change
impact. This includes, for example, adopting LED lighting, switching to renewable electricity, phasing-out of
coal-fired boilers and optimising heating and cooling systems.
Our policies and handbooks are regularly updated. One of the next updates will include climate adaptation
actions, which are not currently reflected in our policies and handbooks.
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STRATEGY
Transition plan for climate change mitigation (E1-1)
In 2019, PUMA set its first science-based emission target (SBT) aligned with a well below 2-degree scenario.
After surpassing initial goals, PUMA updated targets in 2023 to a 1.5 °C scenario, aiming for a 90% absolute
reduction in own operations and a 33% absolute reduction in supply chain emissions by 2030 from the 2017
baseline. Further, we are committed to reaching net zero GHG emissions by 2050 as part of our Fashion
Industry Charter for Climate Action engagement.
In 2023, PUMA published its first climate transition plan, detailing the actions and investments needed to
meet 2030 targets. The plan is communicated internally for alignment with PUMA’s overall strategy and
financial planning. In addition to our SBT, our transition plan also helps us achieve other climate-related
targets mentioned in the Metrics and targets section. We will expand our transition plan in 2025 towards
achieving net-zero GHG emissions by the latest 2050.
PUMA’s climate transition plan focuses on key levers displayed in Decarbonisation levers' expected
reductions until 2030 for Scope 1 and 2 GHG emissions table and emissions below on allocated financial
resources. These tables also include the related capital expenditures (CapEx) and operational expenditures
(OpEx) related investments. These expenditures are significant because they play a crucial role in achieving
our science-based targets and enhancing stakeholder perception, particularly in terms of improved CDP
and other ESG ratings, which are closely monitored by our investors, customers, and civil society.
Additionally, these investments help minimise potential taxes/penalties from upcoming regulations such as
Germany’s Carbon Tax regulation, the EU Corporate Sustainability Due Diligence Directive, and the Carbon
Border Adjustment Mechanism. PUMA also collaborates with industry partners to influence policy in favour
of renewable energy and ensure sustainable sourcing practices.
PUMA has no significant CapEx for coal, oil, or gas-related economic activities. Instead, PUMA focuses on
renewable energy and other sustainability initiatives, such as replacing coal-fired boilers at suppliers and
transitioning to low-carbon fuels for transportation.
PUMA’s key assets and products have potential locked-in GHG emissions due to their reliance on existing
infrastructure and materials. Existing assets are included in the assessment of GHG emissions and related
reduction opportunities. Assets include PUMA’s airplane, leased cars which have not yet been transitioned
to zero emission cars and rented buildings which rely on natural gas for heating. Embedded emissions
related to relevant assets are included in our Vision 2030 strategy and the transition plan to achieve our GHG
emission reduction targets until 2030.
PUMA’s objectives and plans for aligning economic activities with the criteria in Commission Delegated
Regulation 2021/2139 consider the key performance indicators requiring disclosure under Article 8 of
Regulation (EU) 2020/852. PUMA is not exempted from exclusions for EU Paris-aligned Benchmarks based
on the exclusion criteria mentioned in Article 12 of the Paris Agreement.
PUMA’s Climate Transition Plan is integrated into its overall business strategy and financial planning by
aligning climate goals with strategic objectives, such as developing a more resilient supply chain. The plan
is reviewed and approved by PUMA’s Management Board and the Supervisory Board, ensuring it supports
PUMA’s long-term business goals and financial health.
PUMA has made progress towards implementing its transition plan. For our own operations, we have
maintained 100% renewable electricity since 2020, increased the percentage of low- or zero-emission
vehicles in our car fleet from 35% in 2023 to 45% in 2024, improved energy efficiency through the installation
of LED lighting and invested in our own solar PV plants. In 2024, two large scale solar PV plants started
operations at the German headquarters in Herzogenaurach and our largest European Distribution centre in
Geiselwind, also Germany. The total capacity of the two solar PV plants is 2.5 Mwhpeak.
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In our upstream value chain efforts are being made to reduce emissions from the transport of goods by
transitioning to more carbon-efficient modes of transport. The percentage of goods transported by
airfreight has dropped from 3% in 2019 to less than 1% in 2024.
Additionally, we implement multiple supply chain initiatives. PUMA is working with industry peers on
climate action through initiatives like the Fashion Industry Charter for Climate Action and the Fashion Pact.
We are also enrolling core suppliers in energy efficiency and renewable energy programmes in our top
sourcing regions. In 2022, we identified 21 core suppliers with coal-fired boilers and have been working on
their coal-phase-out plans. By the end of 2024, 27 suppliers had agreed to set SBTs, and we launched the
Supplier Leadership on Climate Transition programme with Guidehouse, offering capacity building
opportunities for suppliers to set and achieve SBTs. 13 suppliers joined this program.
PUMA is also gradually transitioning to materials with a lower carbon footprint, such as recycled polyester.
These steps are part of PUMA’s broader commitment to achieving net-zero emissions by 2050 as
established in Regulation (EU) 2021/1119 (European Climate Law) and contribute to global climate goals.
Actions and resources in relation to climate change policies (E1-3)
Own operations
The key actions taken and resources allocated to mitigate Scope 1 and 2 emissions are listed below and
align with the decarbonisation levers described in the Metrics and target section. These actions are
applicable to our own operations globally, contributing to the achievement of our Scope 1 and 2 climate
targets stated in our Environmental Policy and are ongoing until at least 2030.
↗ T.25 ALLOCATED FINANCIAL RESOURCES IN OWN OPERATIONS (IN MILLION €) (E1-3)
1
2024
Until 2030
Action areas
CapEx
OpEx
CapEx
OpEx
Adopt low- or zero-emission vehicles for all own operations
4.1
0.0
20.0
0.0
Substitution of conventional fuels with renewable energy
0.0
0.0
0.5
0.0
Energy efficiency improvements
0.2
0.0
0.5
0.0
Invest in own renewable energy generation
2.7
0.0
5.0
0.0
Maintaining 100 % renewable electricity
0.0
0.1
0.0
0.6
Total
7.0
0.1
26.0
0.6
1
The resources referring to CapEx are included in the Property, Plant and Equipment and Leases chapters of PUMA's
consolidated financial statement. The resources referring to OpEx are included in the Other Operating Income and Expenses
chapter of PUMA's consolidated financial statement.
Upstream value chain
For Scope 3 emissions, PUMA is working on reducing emissions from purchased goods, services, and
upstream transportation by 33 % by 2030 from a 2017 baseline. We collaborate with our core Tier 1 and Tier 2
suppliers and logistics business partners to implement energy efficiency and renewable energy measures.
We aim to phase out coal-fired boilers from our core Tier 1 and Tier 2 suppliers by 2025. We joined the UN’s
Coal Phase Out Action Group in 2022 and included a coal-fired boiler question in our new factory onboarding
checklist. Reducing our Scope 3 emissions is also supported by the increased use of less carbon-intensive
raw materials.
Our key climate actions for Scope 3 Category 1 emissions focus on our upstream value chain, specifically
core Tier 1 and Tier 2 factories in China, Vietnam, Bangladesh, Cambodia, Indonesia, Taiwan, Türkiye,
Mauritius, Brazil, Pakistan and the Philippines. We actively engage with key affected stakeholders such as
our suppliers, by offering training sessions, maintaining communication through regular supplier meetings,
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launching cleaner production and renewable energy programs, and conducting sustainability scorecard
review meetings on a one-to-one basis. These efforts are designed to ensure that our actions effectively
contribute to achieving our climate targets.
We aim to persist with our decarbonisation efforts in the coming years by enhancing energy efficiency
through cleaner production programs, increasing the percentage of renewable energy used by our
suppliers, phasing out coal from our supply chain, sourcing more low-carbon materials and transitioning to
low-carbon fuels for transportation. These initiatives have been instrumental in meeting our policy
objectives and targets related to climate mitigation. For instance, in 2024, PUMA and stichd together
achieved a reduction of 10.2 % in Scope 3 Category 1 and Category 4 emissions, progressing towards our goal
of a 33 % reduction by 2030 from the 2017 baseline.
So far, PUMA has focused on climate action from a mitigation approach. We are developing a strategy for
climate adaptation, looking at how we can make our assets resilient to different chronic and extreme
climate hazards. As projected by the IPCC, examples of actions include installing or upgrading to modern
heating, ventilation, and air conditioning, implementing cooling technologies, shading and reflective
materials on roofs and walls, maintaining optimal indoor temperatures at factories and setting up
emergency plans in case of extreme weather events. We will publish further details on our climate
adaptation strategy in 2025.
As outlined in the Transition plan for climate change mitigation (E1-1), our decarbonisation levers
incorporate nature-based solutions. These include scaling up the use of low-carbon materials, such as
recycled polyester and cotton materials grown with regenerative practices, improving soil health which
helps to store carbon in soil, enhancing recycling technologies, and utilising carbon sinks to offset
unavoidable long-term emissions. Furthermore, we are committed to source deforestation free bovine
leather by 2030, which helps to protect forests that absorb and store large amounts of carbon, helping to
mitigate climate change.
In 2024, we participated in the Unlock Programme, an initiative by The Fashion Pact and sustainability
consultancy 2050, aimed at decarbonising cotton production and promoting regenerative farming practices
in the USA. Through these sustainable farming methods, the cotton sourced from this programme has a
lower emission factor compared to conventional cotton. Our involvement in this programme allowed us to
eliminate 200 tCO2e of GHG emissions, associated with cotton sourced from the regions under the Unlock
Programme in the USA in 2024.
Throughout the reporting period, we did not observe business disruptions due to effects of material climate
impacts, such as extreme weather conditions. Consequently, no specific actions were performed to provide,
cooperate in, or support the provision of remedies for such impacts.
We invest in industry collaborations and expert organisations for sustainability and climate action (totalling
about 1 million € per year). Allocated resources are reflected in our financial statements, ensuring
alignment with overall financial planning. In addition to the 1 million € per year, we have allocated resources
for the following decarbonisation levers to mitigate Scope 3 GHG emissions. All financial resources are
OpEx incurred annually in our supply chain for memberships, product/material certifications, risk
assessments and consulting fees.
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↗ T.26 ALLOCATED FINANCIAL RESOURCES IN UPSTREAM VALUE CHAIN (IN MILLION €) (E1-
3)
1
2024
Until 2030
Action areas
CapEx
OpEx
CapEx
OpEx
Energy efficiency improvement in the supply chain
0
0.12
0
0.45
Use of low carbon materials in PUMA products
0
0.40
0
2.33
Life cycle assessment of products
0
0.15
0
0.60
Climate risk assessment
0
0.00
0
0.35
Support supplier for climate target setting
0
0.06
0
0.41
Supplier financing through impact investment programme
0
0.00
0
0.45
Regenerative cotton project
0
0.03
0
0.63
Scope 3 GHG emission calculation
0
0.05
0
0.27
Total
0
0.82
0
5.48
1
The resources referring to CapEx are included in the Property, Plant and Equipment and Leases chapters of PUMA's
consolidated financial statement. The resources referring to OpEx are included in the Other Operating Income and Expenses
chapter of PUMA's consolidated financial statement.
In 2022, we surveyed our top 20 suppliers on climate investments and recommended setting science-based
targets. In 2024, we reassessed 26 top suppliers, representing majority of the business volumes. 22
suppliers made adequate investments in energy efficiency and renewable energy, while four need additional
investments. We plan to engage these suppliers to improve their climate strategies. Three suppliers have
approved science-based targets, 10 are setting them, and three are working on science-aligned targets
through Cascale’s Manufacturer Climate Action Program. The remaining 10 are asked to set climate goals
within the next two years.
We are currently exploring different sustainable financing options for our suppliers to aid in their
decarbonisation efforts. However, we have not yet finalised any specific scheme or program.
METRICS AND TARGETS (MDR-M, MDR-T, E1-4)
PUMA's climate targets are closely aligned with our Environmental Policy and the SDGs, specifically SDG 13
(Climate Action). In PUMA’s Environmental Policy, we refer to our science-based climate action target and
the actions being taken to stay within a maximum of a 1.5 °C global warming scenario to mitigate the effects
of climate change. We have established time bound and outcome-oriented targets and specific metrics to
measure progress against our policy objectives and targets. The purpose of our climate targets such as
those related to reducing GHG emissions and specific targets for renewable energy, is to manage the
impacts, risks and opportunities detailed in the General information (IRO-1) section.
Our current climate targets are established as part of the 10FOR25 sustainability strategy and science-
based targets. ‘Science-based’ means that there is conclusive scientific evidence that our GHG reduction
pathway is sufficient (when applied globally) to support staying below a 1.5 °C temperature increase until
2100. For our 10FOR25 targets, introduced in 2019, we conducted an extensive materiality assessment and
stakeholder dialogue to identify 10 key areas for improving sustainability performance, with climate
considered a key pillar. This strategy includes the 10FOR25 target cycle until 2025 which remains unchanged
from the previous year. All of PUMA’s climate targets apply globally, covering all regions in which we operate
and where our suppliers are located. With Vision 2030, published in November 2024, we have elevated our
10FOR25 goals to achieve more ambitious targets by 2030 following a double materiality assessment and
stakeholder dialogue in 2024. Our methodology for defining these targets includes assumptions based on
supplier data, current scientific data and industry best practices, ensuring that our goals are both ambitious
and achievable.
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PUMA 1.5 °C aligned science-based GHG emission reduction target
•
Reduce absolute Scope 1 and 2 GHG emissions (market-based) by 90 % by 2030 compared to the base
year of 2017 (baseline value: 47,707 tCO2) (own operations, global)
- In 2024, 86% reduction towards baseline
•
Reduce absolute GHG emissions from purchased goods and services and upstream transportation and
distribution by 33% by 2030 from a 2017 base year (baseline value: 1,609,916 tCO2eq, the target boundary
covers emissions and removals related to land use for bioenergy feedstocks) (upstream, global)
- In 2024, PUMA and stichd together achieved 10.2% reduction in absolute GHG emissions compared to
2017 from purchased goods and services and upstream transportation and distribution
•
Continue achieving annual sourcing of 100% renewable electricity through 2030 at PUMA sites (own
operations, global)
- In 2024, 100% renewable electricity ensured through green tariffs and RECs purchase.
Our GHG baseline and targets are developed and validated by SBTi, ensuring they are representative and
consistent with GHG inventory boundaries. Our climate targets align with the UN’s Fashion Industry Charter
for Climate Action. In developing the climate roadmap to achieve our SBT, we have projected net sales
through 2030 to estimate GHG emissions under a business-as-usual scenario. As part of our
decarbonisation strategy, we have considered the potential integration of emerging technologies and
initiatives, such as solar thermal and green hydrogen, within our supply chain. We have also explored
innovations in low-carbon material development for our products. Additionally, we have evaluated the policy
landscapes in key sourcing countries and considered the adoption of climate-friendly policies to facilitate
the widespread use of renewable energy. Currently, our targets focus on mitigation, without using GHG
removals or carbon credits. We ensured our base year and baseline values for SBTs are representative in
terms of the activities covered and the influences from external factors through validation by SBTi.
Furthermore, the base year of 2017 was a normal year, without any temperature anomalies which could have
influenced energy consumption and related GHG emissions.
Vision 2030 Targets (Baseline year 2025)
•
Car fleet: more than 60 % of cars moved to zero- or low-emission vehicles where charging infrastructure
permits (entity-specific metric, own operations, global)
•
Airplane: no airplane or use biofuels (entity-specific metric, own operations, regional)
•
Heating: move remaining natural gas heating to biogas, hydrogen or electric heating, at least 50% (own
operations, global)
•
Continue 100 % renewable electricity (own operations, global)
•
Over 2 MWp own solar capacity (own operations, global)
•
75 % renewable content district heating at Headquarters (own operations, regional)
•
40 % renewable energy at core factories (upstream, global)
•
40 % GHG emission reduction (Scope 1 and 2) at core factories (upstream, global)
•
No coal-fired boiler at core factories (upstream, global)
•
100 % recycled polyester fabric (upstream, global)
•
30 % Textile-to-Textile Recycled Polyester for apparel (upstream, global)
•
20 % recycled cotton for apparel (upstream, global)
10FOR25 Targets (Baseline year 2020)
•
100% of PUMA’s own entities use renewable electricity (own operations, global)
- In 2024, PUMA kept 100% renewable electricity for its own entities
•
Expand the use of renewable energy at PUMA’s core suppliers to 25 % (upstream, global)
- In 2024, our core suppliers sourced 26.7% of their energy from renewable sources
•
Phase out coal-fired boilers from core suppliers by 2025 (upstream, global)
- Five factories have phased out coal, six have partially replaced it, and four are planning transitions.
Three factories will extend their phase-out to 2030.
PUMA sustainability targets, which include climate targets, are communicated to suppliers during regional
supplier meetings. Progress against the targets and the effectiveness of policies and climate action are
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tracked through the preparation of environmental performance scorecards for each core Tier 1 and Tier 2
supplier at a Group level, with KPIs broken down at a factory level. The scorecards visualise each supplier’s
progress towards our 10FOR25 targets. We followed up with one-to-one meetings to review the 2023
Environmental KPIs for 64 suppliers and discuss their 2024 plans. We also addressed the need for some
factories to participate in cleaner production and renewable energy programmes. Climate-related KPIs in
the scorecard include percentage of renewable energy usage and absolute GHG emissions.
In 2024, PUMA engaged in extensive stakeholder consultations to shape its 2030 sustainability targets.
Detailed information on stakeholder consultation is provided in the chapter General information (SBM-2).
PUMA aligns its reporting on climate-related metrics with recognised standards, including the GHG
Protocol. Our climate targets also include absolute carbon reductions, renewable energy procurement and
the manufacturing of products made from recycled and/or certified materials.
Our science-based target was approved in 2023 and remained unchanged during the reporting period
Therefore, additional requirements such as changes in corresponding metrics, underlying measurement
methodologies, significant assumptions, limitations, sources, and data collection processes within the
defined time horizon, are not applicable.
↗ T.27 SCOPE 1 AND 2 GHG EMISSIONS TARGET (IN T CO2E)
1
2017
baseline
2024
2024
performance
(%)
2025 interim
target
2030 target
2030
reduction
target (%)
Scope 1 and 2 GHG emissions
(market-based)
47,707
6,574
–86.2 %
5,900
4771
–90.0 %
1
Emission data shown is derived from GHG emission table in chapter E1-6. All assumptions for Scope 1 and 2 GHG emissions
presented in the footnotes of this table also apply here.
↗ T.28 DECARBONISATION LEVERS' EXPECTED REDUCTIONS UNTIL 2030
1 FOR SCOPE 1 AND 2
GHG EMISSIONS (IN T CO2E)
2
Decarbonisation levers
Until 2030
Adopt low- or zero-emission vehicles for all own operations
1,000
Substitution of conventional fuels with renewable energy
500
Energy efficiency improvements
500
Lay off or substitution of PUMA airplane
2,000
Maintaining 100% renewable electricity
0
Total
4,000
1
2030 is the target year for our science-based target. A transition plan to reach net-zero GHG emissions by 2050 will be
developed in 2025.
2
Excepted emission reduction until 2030 is defined as the expected annual reduction in the year 2030 from the respective
decarbonization lever.
In 2024, we continued assessing Scope 3 emissions from our supply chain with the expert company Sphera,
following the GHG Protocol. This included emissions beyond Tier 1, covering Tier 2 and Tier 3 suppliers. Our
absolute Scope 3 emissions from purchased goods and services have decreased since 2017, despite
increased material consumption, due to energy efficiency and renewable electricity use. The main sources
of these emissions are raw materials and energy used by Tier 1, 2, and 3 suppliers. Details are available in
PUMA’s Climate Transition Plan.
PUMA Annual Report 2024
Combined Management Report
106
In 2024, we started calculating GHG emissions for our subsidiary company, stichd, using the same
methodology and consultant (Sphera) as for PUMA. However, while PUMA's Tier 2 GHG emissions are
calculated from primary data, stichd's Tier 2 emissions are estimated based on Tier 1 product sourcing data
and emission factors from the GaBi database by Sphera. The stichd scope 3 category 1 emissions for 2017
were estimated based on GHG intensity relative to sales turnover.
We were not able to reduce our Scope 3 Category 4 emissions from transport of goods in 2024. We had seen
a reduction of airfreight from 3% to less than 1% in 2023 and partially switched to biofuels for maritime
shipping. However, as the cost for shipments with biofuels is significantly higher than for conventional
shipments, and we are on track to meet our overall Scope 3 targets, we temporarily reduced the amount of
biofuels in 2024 until those become more cost effective. In addition, during the year 2024 several large
sports events (Olympics, Football Euro Cup) led to a rebound of airfreight compared to 2023. The results are
presented in the tables below.
↗ T.29 SCOPE 3 GHG EMISSIONS TARGET (IN T CO2E)
1,2,3
2017
baseline
2024
2024
performance
(%)
2025 interim
target
2030 target
2030
reduction
target (%)
Scope 3 Category 1 GHG
emissions (PUMA)
1,409,265
1,169,215
–17.0 %
Scope 3 Category 1 GHG
emissions (stichd)
129,581
171,801
32.6 %
Scope 3 Category 4 GHG
emissions (PUMA and stichd)
71,070
104,481
47.0 %
Scope 3 Category 1 and
Category 4 GHG emissions
(PUMA and stichd)
1,609,916
1,445,497
–10.2 %
1,332,899
1,078,644
–33.0 %
1
GHG calculations for scope 3 category 1 are based on energy data collected from January to October 2024 at PUMA core Tier
1 and Tier 2 factories and stichd core Tier 1 factories, excluding PUMA United. Data for November and December 2024 are
estimated from this period to provide full-year data. The core supplier factories include 51 Tier 1 factories (apparel, footwear
and accessories), 40 core Tier 2 factories (leather, PU, and textiles), and 28 stichd core Tier 1 factories (apparel and
accessories). stichd's Tier 2 emissions are estimated based on Tier 1 product sourcing data and emission factors from the
GaBi database by Sphera.
2
Scope 3 category 1 GHG emissions for PUMA and stichd are calculated based on energy consumption data collected from
core factories, extrapolated to cover non-core factories, based on 2023 business volume.
3
Scope 3 category 1 estimation includes GHG emissions associated with goods and services purchased by PUMA and stichd
from its suppliers related to products and associated packaging. This excludes emissions associated with other goods and
services acquired by stichd offices, stores, and warehouses.
By the end of 2024, PUMA had already reduced its combined Scope 3 emissions from purchased goods by
17% compared to a baseline of 2017. In 2024, our core suppliers sourced 26.7% of their energy from
renewable sources from the baseline value of 0.8% in 2020.
We are committed to phasing out coal-fired boilers from our core Tier 1 and Tier 2 suppliers by 2025. In 2022,
we identified 21 suppliers with coal-fired boilers, reducing to 15 by 2024 due to revisions in the core factory
list. Five factories have phased out coal, six have partially replaced it, and four are planning transitions. Due
to challenges, three factories will extend their phase-out to 2030. We continue to track progress and
collaborate with the UN’s Fashion Charter to expedite this transition. Since July 2022, new factories are
screened to ensure they do not use coal-fired boilers.
All financial resources are OpEx incurred annually in our supply chain for memberships, product
certifications, risk assessments, impact incentives, and consulting fees.
PUMA Annual Report 2024
Combined Management Report
107
↗ T.30 DECARBONISATION LEVERS' EXPECTED REDUCTIONS UNTIL 2030
1 FOR SCOPE 3 GHG
EMISSIONS (IN T CO2E)
2
Decarbonisation levers
Until 2030
Energy efficiency improvement in the supply chain
180,000
Adoption of on-site renewable energy (solar and wind) in the supply chain
123,000
Adoption of offsite renewable energy (DPPA/Green Tariff/IREC etc.) in the supply chain
296,000
Fuel switch from coal to biomass, electricity, or natural gas in the supply chain
173,000
Use of low carbon materials in PUMA products
322,000
Adoption of new upcoming technologies and initiatives (solar thermal, green hydrogen
etc.) in the supply chain
345,000
Total
1,439,000
1
2030 is the target year for our science-based target. A transition plan to reach net-zero GHG emissions by 2050 will be
developed in 2025.
2
Excepted emission reduction until 2030 is defined as the expected annual reduction in the year 2030 from the respective
decarbonization lever.
We have not yet established specific climate adaptation targets. However, we are in the process of
developing a comprehensive strategy, which is planned for release in 2025. Following the release of this
strategy, we will set our adaptation targets accordingly.
Energy consumption and mix (E1-5)
Energy is required to power PUMA’s own offices, stores and warehouses, our car fleet and to enable the
production and transport of goods. PUMA uses energy from electricity, natural gas and district heating in its
own operations, and additional types of fuel (e.g., coal, biomass) in the factories in its supply chain. PUMA’s
car fleet uses electricity, hydrogen, diesel and gasoline. PUMA’s airplane uses kerosene.
PUMA reports energy consumed from all processes in our own operations in line with our Scope 1 and 2
GHG reporting boundary. PUMA consumes fuels as feedstocks for electricity generation only in generators
for back up electricity generation in areas with electricity outages (South Africa and Ukraine). We report all
energy-related information as final energy consumption and take a conservative approach when splitting
energy sources between renewable and non-renewable sources. We use grid electricity mixes from IEA
(2019) in line with our market-based Scope 2 GHG emission reporting.
PUMA Annual Report 2024
Combined Management Report
108
↗ T.31 ENERGY CONSUMPTION AND MIX FOR OWN OPERATIONS (IN MWH) (E1-5)
1,2
Energy consumption and mix
2024
2023
Fuel consumption from coal and coal products
0
0
Fuel consumption from crude oil and petroleum products
3
19,011
21,051
Fuel consumption from natural gas
6,378
6,791
Fuel consumption from other fossil sources
0
0
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil
sources
4,832
5,150
Total fossil energy consumption
30,221
32,992
Share of fossil sources in total energy consumption (%)
24 %
27 %
Total energy consumption from nuclear sources
0
0
Fuel consumption for renewable sources, including biomass (also comprising industrial
and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
0
0
Consumption of purchased or acquired electricity, heat, steam, and cooling from
renewable sources
93,663
87,110
Using green tariffs
4
16,061
15,965
Using market instruments (e.g. Energy Attribute Certificates)
5
77,602
71,145
The consumption of self-generated non-fuel renewable energy
39
66
Total renewable energy consumption
93,702
87,176
Share of renewable sources in total energy consumption (%)
76 %
73 %
Total energy consumption
123,923
120,168
1
Data on energy consumption is collected using primary data and estimations. Where primary data is available and does not
cover the full reporting year, the data is extrapolated to 12 months. Where primary data is not available, the data is either
estimated based on sites with similar properties or on average data.
2
Energy consumption is not validated by an external body other than the auditors of this statement.
3
Fuel consumption from crude oil and petroleum products include light fuel oil consumed in our location for heating
purposes, gasoline and diesel consumed by our car fleet and kerosene consumed by our air plane.
4
Green tariff is defined as 100 % renewable electricity purchased from an electricity provider.
5
Energy Attribute Certificates are sourced from various standards (e.g., I-REC). Year of electricity generation is 2024. Where
possible, certificates are issued domestically. If domestic sourcing is not possible, a proxy solution is used.
↗ T.32 ENERGY INTENSITY PER NET REVENUE
1 FOR OWN OPERATIONS (E1-5)
2024
2023
% 2024 /
2023
Total energy consumption from activities in high climate impact sectors
2 (in
MWh)
123,923
120,168
3.1 %
Net revenue from activities in high climate impact sectors (in million €)
8,817
8,602
2.5 %
Total energy consumption from activities in high climate impact sectors
per net revenue from activities in high climate impact sectors (in MWh/€
million)
14.1
14.0
0.6 %
1
Net revenue relates to overall net revenue which can be found in the Sales chapter in PUMA's consolidated financial
statement.
2
PUMA's business operations are allocated to section G of the NACE economic activities classification (Wholesale and retail
trade) which is considered a high-climate impact sector.
PUMA Annual Report 2024
Combined Management Report
109
Gross scopes 1, 2, 3 and total GHG emissions (E1-6)
The emissions shown below are applicable to the PUMA Group. As PUMA owns a 100% or majority stake in all its subsidiaries, our emission reporting covers all
subsidiaries. Exceptions are provided in the footnotes. This reporting scope of our GHG emissions, including those from our upstream and downstream value chain,
remained unchanged during the reporting period.
↗ T.33 GROSS SCOPES 1, 2, 3 AND TOTAL GHG EMISSIONS (IN T CO2E) (E1-6)
1,2,3
2024
2023
% 2024 / 2023
2017
% 2024 / 2017
Scope 1 GHG emissions
4
Gross Scope 1 GHG emissions
5,950
6,709
–11 %
7,678
–23 %
Percentage of Scope 1 GHG emissions from regulated emission trading schemes
5 (%)
0 %
0 %
n/a
0 %
n/a
Scope 2 GHG emissions
4
Gross location-based
6 Scope 2 GHG emissions
44,715
41,675
7 %
40,029
12 %
Gross market-based
7 Scope 2 GHG emissions
624
586
6 %
40,029
–98 %
Significant scope 3 GHG emissions
Total gross indirect (Scope 3) GHG emissions
1,575,252
1,326,791
19 %
1,638,201
–4 %
1) Purchased goods and services
8
1,169,215
991,864
18 %
1,409,265
–17 %
2) Capital goods
9
n/a
n/a
n/a
n/a
n/a
3) Fuel and energy-related activities (not included in Scope 1 or Scope 2)
4
4,515
4,354
4 %
7,433
–39 %
4) Upstream transportation and distribution
10
104,481
70,412
48 %
71,070
47 %
5) Waste generated in operations
4
6,183
4,986
24 %
4,495
38 %
6) Business travel
4
13,096
11,499
14 %
14,394
–9 %
7) Employee commuting
11
33,166
32,020
4 %
20,234
64 %
8) Upstream leased assets
4
13,557
11,180
21 %
5,276
157 %
9) Downstream transportation
9
n/a
n/a
n/a
n/a
n/a
10) Processing of sold products
9
n/a
n/a
n/a
n/a
n/a
Combined Management Report
PUMA Annual Report 2024
110
2024
2023
% 2024 / 2023
2017
% 2024 / 2017
11) Use of sold products
12
n/a
n/a
n/a
n/a
n/a
12) End-of-life treatment of sold products
4
175,349
146,144
20 %
79,909
119 %
13) Downstream leased assets
9
n/a
n/a
n/a
n/a
n/a
14) Franchises
4
55,690
54,332
2 %
26,124
113 %
15) Investments
9
n/a
n/a
n/a
n/a
n/a
Total GHG emissions
Total GHG emissions (location-based)
1,625,917
1,375,175
18 %
1,685,908
–4 %
Total GHG emissions (market-based)
1,581,826
1,334,086
19 %
1,685,908
–6 %
1
PUMA’s GHG reporting is in line with the GHG Protocol Corporate Accounting Standard and Reporting standard (version 2004 and 2015). Fugitive emissions (emissions from unintentional releases or
leaks) are not material to PUMA and therefore not inlcuded in Scope 1 emissions.
2
PUMA applies emission factors from internationally recognised sources. Emission factors from International Energy Agency (IEA) (2019) are used for emissions caused by electricity consumption.
Emission and conversion factors from DEFRA (2020) are used more stationary and mobile fuel combustion. Emission factors from Sphera's GaBi database (2024) are used for emissions from
materials, waste and end-of-life. All emission factors consider all GHGs (CO2, CH4, N2O, HFCs, PFCs, SF6, NF3).
3
Methodological changes between 2017 and 2023 have influenced results. GHG emissions are not validated by an external body other than the auditors of this statement.
4
Data on Scope 1, Scope 2 and Scope 3 Category 3, 5, 6, 8, 12 and 14 GHG emissions is collected using primary data from own operations and estimations. Where primary data is available and does not
cover the full reporting year, the data is extrapolated to 12 months. Where primary data is not available, the data is either estimated based on sites with similar properties or on average data.
5
We do not use the EU emission trading scheme (EU-ETS).
6
A location-based method reflects the average emissions intensity of grids on which energy consumption occurs.
7
A market-based method reflects emissions from electricity that companies have purposefully chosen. It derives emission factors from contractual instruments, which include any type of contract
between two parties for the sale and purchase of energy bundled with attributes about the energy generation, or for unbundled attribute claims. PUMA has purchased such Energy Attribute
Certificates in 2024 (see energy consumption table).
8
Scope 3 Category 1 emissions were calculated with the help of lifecycle expert company Sphera. They conducted a comprehensive assessment of our supply chain emissions beyond Tier 1
manufacturing of products, including Tier 2 manufacturing of fabrics and components, and estimated emissions from Tier 3 suppliers and material production using emission factors from their LCA
database, known as the GaBi database. Tier 1 and Tier 2 emissions are calculated using the actual energy consumption data from 2024 for current core Tier 1 and Tier 2 facilities, and for facilities that
are no longer core in 2024, the emissions are estimated based on their 2023 energy consumption and business volume. Based on 2023 business volume, the business coverage of this emission
calculation is 84 % for Tier 1 and 61 % for Tier 2 and we extrapolate this data to cover all Tier 1 and Tier 2 supplier factories. Tier 3 emissions are estimated by Sphera using its GaBi database. GHG
calculations for scope 3 category 1 are based on energy data collected from January to October 2024 at PUMA core Tier 1 and Tier 2 factories. Data for November and December 2024 are estimated
from this period to provide full-year data. The core supplier factories include 51 Tier 1 factories (apparel, footwear and accessories), 40 core Tier 2 factories (leather, PU and textiles).
9
Scope 3 categories listed as n/a are not considered material to our total GHG emissions.
10
Data on Scope 3 Category 4 is based on inbound and outbound transportation data and uses emission factors from EcoTransIT. All transportation to customers is considered to be paid by PUMA and
therefore included in Category 4 instead of Category 9.
11
Data on Scope 3 Category 7 is based on a global survey of employee commuting habits conducted in 2022 and total number of employees.
12
PUMA does not cause any direct use phase emissions. PUMA causes indirect use phase emissions through the washing of its products. As the reporting of indirect use phase emissions is optional
under GHG protocol, we report this category as n/a.
Combined Management Report
PUMA Annual Report 2024
111
↗ T.34 GHG INTENSITY PER NET REVENUE
1 (IN T CO2E/ MILLION €) (E1-6)
2
2024
2023
% 2024 /
2023
2017
% 2024 /
2017
Total GHG emissions (location-based) per net revenue
184.4
159.9
15.4 %
407.6
–54.8 %
Total GHG emissions (market-based) per net revenue
179.4
155.1
15.7 %
407.6
–56.0 %
1
Net revenue relates to overall net revenue which can be found in the Sales chapter in PUMA's consolidated financial
statement.
2
GHG intensity per net revenue is not validated by an external body other than the auditors of this statement.
↗ T.35 GROSS SCOPE 1 AND 2 GHG EMISSIONS BY SITE TYPE (IN T CO2E) (E1-6)
Gross Scope 1 GHG
emissions
Gross market-based Scope
2 GHG emissions
Gross location-based Scope
2 GHG emissions
Offices and showrooms
2,515
451
7,579
Stores
823
77
33,561
Warehouses
357
97
2,298
Industrial site
5
0
1,276
Air plane
2,250
0
0
Total
5,950
624
44,715
The Scope 3 Category 1 emissions mentioned above encompass GHG emissions from PUMA and Cobra but
exclude stichd due to unavailability of 2023 data. However, stichd’s Scope 3 Category 1 emissions for 2024
are included in the table on Scope 3 GHG emissions targets. Both stichd and Cobra are wholly owned
subsidiaries of PUMA, and their GHG emissions are included in PUMA’s approved science-based target.
However, the Scope 3 emissions from PUMA United, a joint venture between PUMA and United Legwear, are
excluded from the 2024 reporting. The products sold by PUMA United are manufactured, transported, and
stored by United Legwear and its suppliers. Consequently, the Scope 3 Category 1 and Category 4 emissions
from goods sold by PUMA United are not included. Additionally, emissions from PUMA United are less than
5 % of total Scope 3 GHG emissions and therefore are excluded from the scope of the approved science-
based target.
Our absolute Scope 3 emissions from purchased goods and services have decreased by 17% from 2017 to
2024, despite a 44.6% increase in material consumption and a rise in annual sales turnover by 113.2% during
the same period. This overall decrease is due to our efforts in supply chain energy efficiency, phasing out
coal, and increasing share of renewable energy and lower carbon-intensive materials. For a more accurate
calculation, in 2024, we used updated emission factors for key materials and tested heating values for
remaining coal-using factories.
The 18% increase in GHG emissions from 2023 is primarily due to two factors: improved economic condition
resulting in a 31.4% rise in material consumption and a 21.7% rise in volume of products shipped and
extrapolation to calculate emissions in Tier 2, our largest GHG contributor. In 2024, our material strategy
was still under development, which affected our core Tier 2 factories’ list and resulted in a lower percentage
of our business volume being covered. To calculate GHG emission for Tier 2, we used energy consumption
data from core Tier 2 factories covering 60.5% of our business volume in 2023 and extrapolated it to cover all
Tier 2, as compared to 80 % business volume in previous years. With higher emissions from increased
energy consumption and lower business coverage at core Tier 2 facilities, the resulting calculation using the
extrapolation method increased significantly. This highlights the importance of comprehensive data
coverage to ensure consistent emissions reporting.
PUMA Annual Report 2024
Combined Management Report
112
This increase underscores the need to further strengthen decarbonisation efforts in our supply chain as our
business grows. In 2024, we set internal GHG reduction goals by tier and country for our suppliers, along
with lower carbon-intensive material targets for 2030. These measures will accelerate decarbonisation
efforts and help us achieve our SBT by 2030.
In 2024, PUMA calculated its biogenic emissions to understand the GHG emissions from biomass
combustion by our suppliers as some phased out coal and primarily used biomass. Due to the carbon
captured during its lifecycle, biomass can be considered a low-carbon transition energy source, making it a
readily available alternative for producing hot water and steam, substituting fossil fuels like coal, oil, or
natural gas. Biogenic emissions occur when carbon dioxide (CO2), is released during the combustion of
organic materials such as biomass. These emissions are considered temporary because they are part of the
natural carbon cycle; the CO2 released is eventually reabsorbed by new plant growth. This results in a
comparatively lower climate impact than fossil fuels, as CO2 from fossil fuel combustion has been stored
underground for millions of years, adding significant amounts of CO2 to the atmosphere. Other GHGs such
as methane (CH4) and nitrous oxide (N2O) from combustion of biomass, and GHG emissions from processing
and transporting biomass are included in Scope 3 category 1 emissions.
The results indicate that biogenic emissions mainly come from biomass consumption by Tier 2 factories
(97.1%), while Tier 1 factories contribute only 2.9%. We found that biogenic emissions account for 8.8% of
PUMA's total Scope 3 Category 1 emissions. However, while biomass represents an alternative transition
solution for phasing out fossil fuels, its production, transportation and utilisation can also generate direct
and indirect negative environmental and social impacts, such as deforestation, air pollution from biomass
combustion, and competing uses between food and energy purposes.
We are committed to ensuring our suppliers use more sustainable and renewable biomass. We will promote
available guidelines such as the Sustainable Biomass Guidelines & Risk Assessment Tool published by
USAID. We will also engage further within and across industries to identify and implement scalable
alternatives for thermal energy.
↗ T.36 BIOGENIC EMISSIONS IN SCOPE 3 CATEGORY 1 (IN T CO2E) (E1-6)
1
2024
Tier 1
3,035
Tier 2
100,280
Total
103,315
1
Biogenic emission is calculated based on biomass consumption from core factories, extrapolated to cover non-core
factories, based on 2023 business volume.
In 2024, we calculated GHG emissions from our Tier 1 and Tier 2 factories by country to identify priorities
and policy roadblocks in our decarbonisation efforts. The results show that the highest emissions come
from Vietnam (46.2%), followed by China (19.8%) and Bangladesh (10.8%).
There are country-specific risks and opportunities related to our decarbonisation efforts. For instance,
breakthroughs in Vietnam’s direct power purchase agreement (DPPA) regulation and China’s new
sustainability reporting requirements present faster decarbonisation opportunities. Conversely, renewable
energy challenges and political issues in Bangladesh pose risks to our progress. This country-wise GHG
distribution serves as a guide for focusing our efforts on public advocacy, engaging with local stakeholders
and suppliers, and meeting our SBTs.
PUMA Annual Report 2024
Combined Management Report
113
↗ T.37 SCOPE 3 CATEGORY 1 (TIER 1 AND TIER 2) GHG EMISSIONS BY COUNTRY (IN T CO2E)
(E1-6)
1
Country
2024
Vietnam
180,992.9
China
77,547.9
Bangladesh
42,309.1
Taiwan
31,411.7
Cambodia
27,724.8
Indonesia
20,350.8
Türkiye
8,624.4
Mauritius
2,274.0
Pakistan
429.5
Brazil
412.4
Philippines
11.6
1
GHG calculation is done based on energy consumption from core factories in these countries, extrapolated to cover non-core
factories, based 2023 business volume in receptive countries.
↗ T.38 SCOPE 3 CATEGORY 1 (TIER 1 AND TIER 2) GHG EMISSIONS BY OPERATING SEGMENT
(IN T CO2E) (E1-6)
1
2024
Segment
GHG
emissions
%
Footwear (Tier 1)
84,893.1
18.2 %
Apparel (Tier 1)
27,478.0
5.9 %
Accessories (Tier 1)
13,979.6
3.0 %
Textile/fabric (Tier 2)
328,743.4
70.4 %
Leather (Tier 2)
8,729.5
1.9 %
Polyurethane (Tier 2)
3,172.8
0.7 %
Total
466,996.3
1
GHG emissions are calculated based on energy consumption from core factories of PUMA (including Cobra), extrapolated to
cover non-core factories, based on 2023 business volume of respective product divisions.
GHG removals and GHG mitigation projects financed through carbon credits (E1-7)
We plan to use GHG offsets and removals to neutralise 5-10% of residual emissions on the way to achieving
our net-zero target in 2050. We are currently working on a more detailed strategy to meet that goal.
We do not currently use any GHG removal or storage methods in our value chain, nor do we finance any
reductions or removals from climate change mitigation projects outside our value chain through carbon
credits. As a result, these requirements are not material to PUMA.
Internal carbon pricing (E1-8)
PUMA uses the social cost of carbon as a shadow price for calculating the Environmental Profit and Loss
(EP&L) account. The price of 73.4 €/ton of CO2 was determined when setting up the EP&L. The results of the
EP&L are used to inform PUMA’s sustainability strategy. However, this price has not been used beyond the
EP&L calculation so far.
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Combined Management Report
114
ESRS E2 POLLUTION
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
Material pollution-related impacts, risks and opportunities (IRO-1)
PUMA has a long-standing commitment to evaluating and mitigating pollution risks within its global supply
chain. In 2011, PUMA supported Greenpeace's Detox campaign, aiming to eliminate the use of particularly
hazardous chemicals and ensure the proper treatment of industrial wastewater from the textile industry.
To achieve these goals, PUMA co-founded the Zero Discharge of Hazardous Chemicals (ZDHC) Foundation, a
multi-stakeholder organisation working to eliminate hazardous chemicals from the global apparel and
footwear supply chain. PUMA supported the development of industry standards such as the ZDHC
Manufacturing Restricted Substances List (MRSL) and Wastewater Quality Guideline. These standards have
been integrated into PUMA's sustainability strategy and targets, ensuring ongoing adherence and
implementation.
Additionally, PUMA ensures product safety by complying with industry standards, which are guidelines set
by the Apparel and Footwear International RSL Management (AFIRM) Working Group to eliminate the use
and impact of harmful substances in apparel and footwear products.
We assessed PUMA's IROs related to pollution using the same methodology detailed in the General
information (IRO-1) section. This assessment included a screening of both actual and potential greenhouse
gas (GHG) emissions and other pollutants. While GHG emissions are reported under ESRS E1 Climate
change, this section focuses exclusively on other pollutants.
In 2024, PUMA engaged in extensive stakeholder consultations to shape its Vision 2030 sustainability
targets. Additionally, a DMA, involving our key stakeholders was conducted in 2023 to identify material topics
for our long-term strategy and target setting. Detailed information on stakeholder consultation is provided
in the General information (SBM-2) section.
↗ T.39 MATERIAL POLLUTION-RELATED IMPACTS, RISKS AND OPPORTUNITIES (IRO-1)
Impacts
Actual or
potential
Time horizon
Value chain
location
Material positive impacts
Pollution of water
Using safer chemicals in production processes preventing water
pollution and ensuring clean water vital for health, agriculture,
and economic growth
Actual
Short, medium,
long term
Upstream
Water conservation helps preserve habitats, preventing scarcity,
lowering carbon emissions, saving costs, supporting economic
activities, and maintaining community spaces
Potential
Medium, long
term
Upstream
Material negative impacts
Pollution of water
Cotton farming demands high water use and the use of
pesticides and fertilisers, potentially leading to water pollution
Actual
Short, medium,
long term
Upstream
Textile dyeing, leather tanning and viscose production use
harmful chemicals that can pollute water, harming aquatic life
and posing health risks to communities
Actual
Short, medium,
long term
Upstream
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Impacts
Actual or
potential
Time horizon
Value chain
location
Microplastics and substances of concern and very high concern
Synthetic materials like polyester and nylon shed microplastics
in particular during washing process, contaminating water and
air
Actual
Short, medium,
long term
Upstream
Downstream
Substances of concern and very high concern are potentially
harmful chemicals to human health and environment
Potential
Short, medium,
long term
Upstream
PUMA had no major incidents or pollution deposits in the reporting year. Consequently, there were no
operating or capital expenditures related to such incidents, nor were there any provisions for environmental
protection or remediation costs. There were no material incidents that negatively impacted the environment
or financial performance. Additionally, no related products or services were at risk, and no financial
assessments or critical assumptions were necessary.
PUMA’s owned and operated entities are comprised of offices, stores and distribution centres as well as one
footwear facility in Argentina. Our offices, stores and distribution centres do not run large-scale boilers, do
not use water on an industrial scale, do not use significant quantities of hazardous chemicals and do not
produce significant amounts of hazardous waste. Therefore, no material impacts, risks and opportunities
have been identified for our owned and operated entities related to pollution.
Processes such as dyeing, finishing, and adhesive application in footwear production may release Volatile
Organic Compounds (VOCs) and other pollutants. Leather tanning involves chemicals like chromium, which,
if not managed properly, could harm workers. This may impact worker health and safety, identified as a
material topic under ESRS S2 Workers in the value chain. However, these processes generally do not
significantly pollute the air compared to industries like energy or steel production. The textile and footwear
industry's impact is mainly linked to the extraction of natural resources, water pollution, greenhouse gas
emissions, post-consumer textile waste, and low recycling rates, rather than air pollution.
Soil pollution from chemical discharges, solid waste, and microplastics, along with pesticides, fertilisers,
and dyes in cotton production, may harm soil health and fertility, cause erosion, destroy habitats, and
contribute to climate change. Since PUMA facilities with wet process ensure proper wastewater treatment
and cotton farming occupies only 0.6 % of global agricultural land, we concluded that soil pollution does not
pose significant environmental or financial risks for our operations.
In our industry, the use of certain chemicals is necessary, but some of these can be considered substances
of concern due to their potential adverse effects on humans, animals, or the environment. Examples include
formaldehyde used in textile finishing, VOCs from adhesives and dyes, certain azo dyes and certain
phthalates that may arise as impurities from plasticizers. Many major brands in the fashion industry adhere
to the ZDHC MRSL and the AFIRM Restricted Substances List (RSL). These standards include the restricted
substances most relevant to apparel, footwear, and accessory production, as listed in the EU REACH and
other global regulations. Substances of concern can often be substituted or remediated with sufficient
research. Since the journey towards the complete elimination of substances of concern is ongoing and
requires continuous efforts, these substances are considered a material topic.
A substance of very high concern (SVHC) is a chemical identified under the European Union’s REACH
Regulation due to its serious effects on human health or the environment. Examples include DMFa used in
synthetic leather manufacturing, bisphenols, and chromium-based chemicals in leather tanning. These
substances can persist in the environment and be toxic. While some SVHCs lack scalable and suitable
alternatives that meet our quality and performance standards, PUMA has implemented stringent chemical
policies to monitor and control their presence in our manufacturing processes and products. PUMA is
committed to addressing these concerns, which is why SVHC is a material topic for us.
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Potential pollution of living organisms could occur due to untreated wastewater discharge or the
uncontrolled release of chemicals. However, SVHCs that could accumulate in living organisms are already
identified as a material topic. Additionally, water pollution from dyeing and finishing processes, which can
harm aquatic life, is also a material topic. Therefore, PUMA remains committed to addressing potential
pollution of living organisms through stringent monitoring and compliance measures to mitigate water
pollution and comply with industry and regulations standards related to SVHC.
Policies related to pollution (E2-1)
The PUMA Management Board is responsible for the approval and implementation of all pollution-related
policies and handbooks. Various departments handle implementation and report progress to the
Management Board and leadership team.
PUMA’s Environmental Policy includes measures to manage water pollution IROs upstream in its value
chain globally. These measures involve regular wastewater assessments at relevant suppliers,
implementing effective wastewater treatment systems, and transparently reporting on suppliers’
wastewater quality.
PUMA adopts industry standards such as the ZDHC MRSL, ZDHC Wastewater Guidelines and AFIRM RSL,
aiming to meet or exceed environmental legislation requirements. These industry standards cover most
substances listed as REACH SVHCs in our industry.
Our policy outlines actions to mitigate, prevent, and address risks to people and the environment, including
incidents. It details our monitoring practices, such as guidelines for product testing to ensure compliance
with AFIRM RSL, tracking monthly chemical concentration data, and conducting bi-annual wastewater
testing to monitor compliance with ZDHC MRSL. The current policy does not include procedures for
managing pollution-related emergencies, which will be addressed in the future revision.
Through joint multi-stakeholder industry initiatives and stakeholder dialogue, PUMA includes key
stakeholders’ perspectives in the process of developing the policy related to pollution. The policy is publicly
available on our website and accessible to all affected and relevant stakeholders. Detailed information on
stakeholder consultation is provided in the General information (SBM-2) section.
Actions and resources related to pollution (E2-2)
Since adopting the ZDHC MRSL and AFIRM RSL standards in 2015, PUMA has implemented them across its
global supply chain. All wet-processing facilities must upload their test reports to the ZDHC Gateway, and
all materials used in PUMA products must pass the RSL test. PUMA's team, including chemical experts,
collaborates with suppliers to phase out restricted chemicals. We train suppliers on water and wastewater
management and monitor chemical use and wastewater. Our ongoing due diligence process ensures
compliance with ZDHC and AFIRM standards to eliminate hazardous chemicals from our supply chain.
PUMA also supports The Microfibre Consortium (TMC)’s efforts to mitigate fibre fragmentation impacts. We
have no set completion timeline for these actions and will continue to implement industry guidelines,
collaborating with associations to support industry progress.At the end of 2016, ZDHC published the first
official Wastewater Guidelines, which PUMA adopted and has been implementing globally. Since 2017, PUMA
has required wet-processing facilities with industrial wastewater/sludge generation to upload their test
reports to the ZDHC Gateway with ClearStream Report.
PUMA maintains RSL to protect consumers, workers, and the environment. Since 1999, PUMA's RSL has
listed potentially harmful chemicals and specified safe concentration limits, adhering to stringent global
regulations. Upon our adoption of AFIRM RSL, we collaborated with the AFIRM working group and tested
thousands of materials annually for compliance. This approach prevents hazardous chemicals from
entering our supply chain, avoiding costly end-of-pipe solutions and ensuring product safety.
We employ a team of 10 experts, including two chemical experts, to collaborate with suppliers on
environmental pollution protection. This involves phasing out restricted chemicals (SVHC and ZDHC MRSL)
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and implementing advanced techniques like ventilation systems and effluent treatment plants to control
pollution at the source.
During supplier meetings we communicated our targets and reviewed key performance indicators (KPIs)
with core suppliers. We monitor chemical use by our suppliers and their compliance with ZDHC MRSL
monthly, and we check their wastewater test results bi-annually using the ZDHC Wastewater Guideline. To
strengthen our suppliers’ capabilities, we hosted training with ZDHC-approved third-party experts on
chemical procurement and conducted root cause analysis on wastewater testing findings according to ZDHC
frameworks. We train suppliers on improving water and wastewater management scores through Higg FEM
training.
We assess the effectiveness of our supplier programs by tracking key performance indicators (KPIs) focused
on outcomes. These include conformance rates with ZDHC MRSL and AFIRM RSL, wastewater test results
against ZDHC standards, and microfibre shedding test results, along with the mitigation measures taken.
PUMA participates annually since 2014 in the Corporate Information Transparency Index (CITI) by the
Institute of Public & Environmental Affairs (IPE) and the Brands to Zero Assessment of ZDHC. Our
performance is evaluated and scored, helping us benchmark against other brands and identify areas for
improvement.
The expected outcomes of PUMA's actions related to chemicals include ensuring product safety through
stringent compliance with RSL, MRSL, and global regulations while reducing hazardous chemical use and
environmental pollution. Over the past five years, we have maintained compliance over 90 % for both ZDHC
Wastewater Guidelines and RSL. VOC levels have decreased from 14.7 grams per pair of shoes in 2020 to 11.5
grams per pair in 2024. We will continue to implement this strategy to continuously improve chemical
management.
All fibres shed to some extent, and understanding their impacts is crucial. The TMC aims to understand
fibre fragmentation and its effects on health and ecosystems. PUMA joined TMC to address environmental
concerns from fibre fragments in clothing. PUMA conducts microfibre shedding tests on polyester fabrics,
showing a lower level of fibre loss than the TMC average. PUMA continues to support TMC's 2030 roadmap,
focusing on research, mitigation strategies, and industry collaboration.
Currently, we do not have financial instruments to support our suppliers in implementing advanced
pollution control measures beyond compliance with local and industry standards. Our suppliers have been
managing chemical use and pollution control for many years, and the prices we pay for our products already
reflect the costs necessary to meet these standards.
All financial resources are operational expenses (OpEx) incurred annually in our supply chain for
memberships, product/material certifications, risk assessments and consulting fees.
↗ T.40 FINANCIAL RESOURCES ALLOCATED TO POLLUTION-RELATED ACTIONS (IN MILLION €)
(E2-2)
1
Action areas
2024
Until 2030
Industry partnership on pollution and chemicals
0.1
0.4
Raw material and product certification scheme
0.4
2.2
Nature risk assessment
0.0
0.3
Total
0.5
2.9
1
All resources listed here are included in the Other Operating Income and Expenses chapter of PUMA's consolidated financial
statement.
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Metrics and targets (MDR-M, MDR-T, E2-3)
The targets on pollution align with PUMA’s Environmental Policy objective to reduce our impact through
various actions, including controlling pollution and managing the use of substances of concern and very
high concern. PUMA has not set contextual targets and therefore has an overall global target to improve
wastewater quality and eliminate hazardous chemicals upstream and downstream.
PUMA’s 2025 and 2030 targets are primarily driven by our sustainability strategy and alignment with
international standards rather than specific regulatory requirements. These targets are part of PUMA’s
broader commitment to sustainability and are aligned with the SDGs. The 2025 targets were set in 2019 after
materiality assessment and stakeholder consultation. As explained in the General information section, the
2030 goals were established in 2024, following a double materiality assessment, stakeholder consultations
including suppliers and consideration of current technological advancements.
The ZDHC Wastewater Guidelines, which we refer to in our target, aim to minimise the release of hazardous
substances into the environment. Developed by industry experts, these guidelines consider national
standards and sustainable development in pollution control and chemical management. The target is
voluntary and may exceed local standards. The guidelines set limits for various parameters, including
hazardous chemicals listed on the ZDHC MRSL. By following these guidelines, facilities ensure that
substances of concern and very high concern are not present in treated wastewater.
PUMA set a compliance rate target to track the presence of ZDHC MRSL substances in wastewater but does
not quantify pollution load. We have limited visibility of the amounts of chemicals consumed in production,
as not all chemicals in our industry provide substance-level information. For our products, we track the
presence of these substances through RSL tests of all materials used; available data shows the
concentration in the final product, not the total amount.
10FOR25 Targets (Baseline year 2020)
•
90 % compliance with ZDHC Wastewater Guidelines (upstream, global)
- In 2024, we achieved: 98.8 % compliance to ZDHC Wastewater Guidelines
•
Maintain RSL compliance rate above 90 % (up- and downstream, global)
- In 2024, we achieved 98.9 % RSL compliance
•
Reduce VOC below 10 gr/pair (upstream, global)
- In 2024, we achieved 11.5 gr/pair for VOC
•
Support scientific research on microfibers (upstream, global)
- In 2024, we conducted 12 microfiber shedding tests on 100 % polyester fabrics using TMC’s method.
We will uphold our 2025 targets through 2030, while adhering to stricter standards and requirements that
will be developed in the coming years.
These targets are absolute targets. Target results are based on actual material testing or wastewater
quality tests, conducted by third-party laboratories, with no assumptions applied. The RSL is reported as a
compliance rate in percentage within the time interval of January to October from 638 factories of PUMA
core and non-core Tier 1 and Tier 2. The MRSL conformance rate in wastewater is reported as percentage
based on bi-annual tests from 147 wet-processing factories of PUMA core and non-core Tier 1 and core Tier
2. Wastewater tests are conducted by ZDHC-approved laboratories between May to October and November
to April. The VOC percentage is provided by chemical suppliers from 28 PUMA core and non-core Tier 1
footwear factories with random test by PUMA approved third party tests companies annually. These data are
collected from 1 January till 31 December 2024. There is no extrapolation. These metrics are not validated by
third parties other than the assurance provider.
The 2025 wastewater target is an absolute target applying for the upstream supply chain and PUMA owned
footwear facility in Argentina. The target is based on the industry standard ZDHC Wastewater Guideline. The
target was established in 2019. In the baseline year of 2020, we have already achieved a baseline value of
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90 % compliance. The target period is from 2020 to 2025. However, since then, we have increased the
number of facilities covered by wastewater testing from 72 in 2020 to 150 in 2024.
We have the goal of maintaining RSL compliance to be above 90 %. This target was established in 2019. The
baseline year was 2020 along with the baseline value of 98.8 % for RSL test. In 2021 we changed our target
from less than 1 % RSL failure rate to maintaining the RSL compliance rate above 90 %, to allow for
increased new material development and innovation, where each material is tested, and hence more
failures can happen. In any case, no material with a failed RSL test can be used for PUMA products until the
failure has been corrected and the material has successfully passed the test.
VOCs are chemicals that easily evaporate from solid or liquid materials, commonly found in adhesives, and
are released during production processes like footwear assembly; therefore, the VOC reduction goal is to
reduce the number of substances of concern and very high concern within the footwear production. VOC is a
relative goal of grams per pair of shoes produced. The baseline year was 2020 with a value of 14.7 gr/pair.
In 2024, we conducted 12 microfiber shedding tests on 100 % polyester fabrics using TMC’s method. Results
showed PUMA’s fabrics had an average microfiber loss of 0.47 g/kg, lower than the TMC database average
of 0.66 g/kg. In 2024, PUMA joined the TMC Policy Committee to align research with policy, raise industry
awareness, and provide technical expertise. The committee is developing and validating test methods for
microfiber loss and addressing environmental impacts. Efforts are ongoing to scale data collection, address
knowledge gaps, and develop a comprehensive research strategy through the Microfibre Data Portal.
Pollution of air, water and soil (E2-4)
PUMA’s own offices, stores and warehouses do not use any water or substances of concern for industrial
purposes. Therefore, pollution of air, water and soil are considered not material for PUMA’s own operations.
Instead, we are reporting our efforts in the supply chain, where the production of PUMA goods is performed
by independent manufacturing partners. Our suppliers are independent third-party entities, unaffiliated
with the PUMA Group. Therefore, PUMA has no operational control over our suppliers. Further details are in
General basis for preparation (BP-1) section.
Pollution of water
We have performed wastewater testing since 2014 and have measured pollution of water in our upstream
supply chain at our core facilities with wet processes using industry standards. Regarding other facilities
within our value chain, we are ensuring that they meet the applicable local standards on wastewater.
Since 2020, we have more than doubled the coverage of facilities conducting wastewater testing while still
maintaining the level of compliance above 90 %. For the wastewater result, we have improved since 2020 and
reached full compliance in 2023 for chlorobenzene, chlorotoluene, perfluorinated chemicals (PFCs) and
polyaromatic hydrocarbons (PAHs). This improvement is due to advancements in the chemical industry
producing sustainable products and our suppliers' adaptability to new regulations. In the coming years, we
plan to work with high and extremely high-risk facilities that do not have adequate risk mitigation measures
in place. These activities will include providing training and support in terms of improving MRSL
conformance, corrective action plans for ZDHC wastewater failures, improving the Higg FEM water module
score, enrolment in resource efficiency programs where possible, raising awareness of wastewater
recycling and implementing water reduction initiatives. The purpose of wastewater testing is twofold:
•
It ensures PUMA’s vendors and material suppliers apply adequate wastewater treatment methods and
technology to their processes, avoiding negative environmental impact on the receiving body of water
•
It ensures industry-specific priority hazardous chemicals (as defined in the ZDHC’s MRSL) have been
eliminated from PUMA’s supply chain. Testing the water and sludge from different steps of production,
such as incoming, process, or wastewater, is one approach for discerning whether the production
process involves the use of hazardous chemicals.
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Since 2015, we have increased the number of wastewater tests from 33 to 150 facilities. In 2024, we received
282 wastewater test reports for 147 facilities with wet processes both Tier 1 and Tier 2. The results show that
all these facilities have at least a 90 % compliance rate with the ZDHC Wastewater Guidelines.
The overall compliance rates for each category are:
•
Conventional wastewater parameters: 99.0 %
•
Heavy metals: 98.7 %
•
Restricted chemicals (MRSL): 98.6 %.
Conventional wastewater parameters apply only to 69 facilities which discharge the treated wastewater
directly into natural water bodies. Overall, wastewater results in 2024 remained stable as compared to 2023
(98.8 % conventional wastewater parameters, 99.3 % heavy metals and 98.2 % restricted chemicals for 2023
result). Our 2024 results showed over 90 % compliance rate for all parameters (conventional, heavy metals
and restricted chemicals) and align with our 10FOR25 targets.
PUMA also monitors suppliers' wastewater quality via the publicly accessible ZDHC DETOX.Live platform,
which provides summaries of chemical management and wastewater quality. For 27 facilities with non-
compliance in wastewater testing, we support root cause analysis and corrective actions through training by
third-party labs on ZDHC Wastewater Guidelines and individual support from our regional teams. We expect
compliance in the next testing cycle in 2025 and will continue to follow up, obtain corrective action plans,
and monitor implementation through wastewater testing in 2025.
As described in the Metrics and targets section, the wastewater testing is a snapshot result detecting the
presence and concentration of ZDHC MRSL substances in the given wastewater sample. Therefore, data on
the volume and amounts of pollutants at the aggregate supply chain level are not available. The ZDHC
Wastewater Guideline that we implement to measure our metrics and targets is publicly available on the
ZDHC website and validated by industry experts from testing laboratories, brands, suppliers and the
chemical industry.
Microplastics
Microplastics are small plastic particles less than five millimetres in size. These are intentionally produced
and used in products like cosmetics, personal care items, and textiles that contain glitter. s or materials, but
focuses on the release of microplastics, i.e. those which are formed from the breakdown of larger plastic
items such as polyester fabric during industrial washing or domestic laundry.
TMC Test Method assesses fibre loss from fabrics during simulated home laundering, determining the
number of fibre fragments released into water during washing. The method is based on the ISO 105-C06
standard and uses standard laboratory equipment to provide accurate and comparable data.
PUMA plans to support TMC’s development of a shedding rating system to better understand and reduce
microfibre release. This will help us choose fabrics that minimise environmental impact and improve
wastewater treatment plants' ability to capture and remove microplastics. This may involve advanced
filtration systems, specialised enzymes, or other innovative technologies to ensure microplastics are
effectively filtered out before water is released into the environment.
Substances of concern and substances of very high concern (E2-5, E2-6)
Using the industry-standard ZDHC MRSL, we monitor the use of substances of concern and very high
concern in chemical products used in apparel, footwear, and accessory manufacturing, as well as their
presence in wastewater from our facilities. Tests based on AFIRM RSL ensure final product compliance.
While ZDHC MRSL and AFIRM RSL are not identical to REACH SVHC, there is significant overlap, capturing
relevant substances for our production. Our facilities are prohibited from using substances listed in ZDHC
MRSL, but impurities and contamination may result in SVHC findings in wastewater. Some SVHCs may be
used in our supply chain for performance or durability but remain within legal limits in final products.
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Based on chemical risk assessments, we identified 27 out of 76 facilities using non-compliant chemicals. In
2025, we will work with these suppliers to provide action plans for using better alternatives.
We track chemical products used in our core Tier 1 and Tier 2 facilities monthly, measuring substances of
concern (ZDHC MRSL, AFIRM RSL) and very high concern (REACH SVHC). Data is submitted to the ZDHC
database by our facilities and verified by ZDHC-approved third parties. However, limitations in chemical
industry data hinder accurate reporting. We need the CAS number, concentration, and consumption volume
of each substance, which are not consistently available.
Currently, we have data for 57.7 % of our facilities (56 out of 97) from January to October 2024. Due to data
limitations, we aim to report chemical usage data for 2025. To increase transparency, we will engage with
the chemical industry and third-party data platforms. We will also continue to develop our suppliers’
capacity through ZDHC training on chemical management to ensure good data quality.
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ESRS E3 WATER AND MARINE RESOURCES
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
Material water and marine resources-related impacts, risks and opportunities (IRO-1)
PUMA followed the same process to identify and assess our material topics related to water and marine
resources as outlined in the General information (IRO-1) section.
In 2024, PUMA engaged in extensive stakeholder consultations to shape its Vision 2030 sustainability
targets. Additionally, a DMA was conducted in 2023 to prioritise key sustainability issues for our long-term
strategy and identify material topics for target setting. Detailed information on stakeholder consultation is
provided in the General information (SBM-2) section.
↗ T.41 MATERIAL WATER AND MARINE RESOURCES-RELATED IMPACTS, RISKS AND
OPPORTUNITIES (IRO-1)
Impacts
Actual or
potential
Time horizon
Value chain
location
Material negative impacts
Water consumption
Water consumption from PUMA's supply chain could cause regional water
scarcity, leading to higher prices, usage restrictions, and negative impacts
on local communities
Potential
Short, medium,
long term
Upstream
Water withdrawal and discharges
Chemicals from cotton farming could contaminate water, causing health
risks and harming ecosystems
Potential
Short, medium,
long term
Upstream
Cotton's high-water use leads to over-extraction from rivers and
groundwater, depleting local supplies and harming ecosystems
Actual
Short, medium,
long term
Upstream
Chemicals and dyes from textile production contaminate water when
untreated, causing health issues, reducing crop yields, harming fish
populations, and leading to economic hardship and social instability
Actual
Short, medium,
long term
Upstream
Own operations
PUMA’s own operations are limited to offices, stores, distribution centres, and one footwear factory in
Argentina. None of these sites use water for industrial purposes. Wastewater from domestic usage is
discharged into public sewer systems for further treatment. None of PUMA’s owned or operated sites
directly discharge water into natural water bodies.
PUMA’s entities do not actively use significant amounts of marine resources. Therefore, no material IROs
have been identified related to water and marine resources for PUMA’s operations. Nevertheless, PUMA
collects and reports data on water usage from its sites globally and encourages the use of water efficient
technologies.
Downstream
Water is used by consumers of PUMA’s apparel products to wash their clothing. Depending on the methods
used, this washing could lead to the release of detergents or microplastics from washing machines.
However, as PUMA does not influence the washing process, no material impacts, risks or opportunities have
been identified connected to downstream operations.
The potential release of microplastics during the washing process is assessed under ESRS E2 Pollution.
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Upstream
Water consumption in this section refers exclusively to industrial use, which is used in manufacturing
processes. We focus on industrial water because we can implement efficiency programmes to reduce usage
and mitigate environmental impacts. Domestic water consumption, related to workers' daily needs like
drinking and sanitation, increases with the number of workers. Since our factories also supply other brands,
we do not have full control over the number of workers. Therefore, our primary focus remains on industrial
water.
By 2030, 56 % of global water demand may go unmet. The textile industry, a major water consumer,
contributes to water scarcity and pollution. In 2020, the textile sector was the third largest contributor to
water degradation.
Water extraction and discharge present challenges, particularly in the upstream value chain. Cotton
cultivation and wet processes like dyeing and tanning could contribute to regional water scarcity and
pollution. Wastewater from factories, when not properly treated, could contaminate water bodies, impacting
communities around cotton farms and stress marine organisms. These concerns are general industry
challenges. Water pollution, identified as a material topic, is reported in the ESRS E2 Pollution section. This
section (ESRS E3) mainly focuses on water consumption and the potential impact on water scarcity.
PUMA values stakeholder feedback and consulted external stakeholders and core suppliers on
sustainability goals. In December 2023, PUMA finalised its CSO engagement policy and mapped 93 CSOs in
key sourcing countries, focusing on environmental issues. A CSO engagement plan will be implemented
from 2025 onwards.
POLICIES RELATED TO WATER AND MARINE RESOURCES (E3-1)
PUMA’s Environmental Policy aims to meet or exceed all requirements in relevant environmental
legislation. The policy covers actions related to reducing water consumption in our global upstream value
chain, focusing on relevant suppliers (wet-processing facilities in Tier 1 and Tier 2). The Management Board
is responsible for the approval and implementation of all pollution-related policies and handbooks. Various
departments handle implementation and report progress to the Management Board and leadership team.
The policy includes measures for conserving, reusing, and recycling water by implementing water-saving
devices and efficient production processes, particularly in fabric dyeing and washing. It also raises
awareness about water scarcity. PUMA supports industry initiatives to implement water-efficiency
measures.
PUMA tracks, calculates and aims to reduce its environmental impact by collecting data and reporting
progress towards our goal of 15 % water reduction per pair/piece by 2025 (based on the 2020 baseline).
PUMA promotes the use of certified and environmentally preferred raw materials at scale, focusing on
sustainability aspects in the development and procurement of its products. PUMA has 2025 goals to procure
100 % of its cotton, polyester, leather and down from certified or recycled sources, many of these have lower
water consumption in the agriculture process, such as Better Cotton. PUMA also conducts LCA on top-
selling products to understand their impact on water consumption.
Through joint multi-stakeholder industry initiatives and stakeholder dialogue, PUMA includes the
perspective of key stakeholders in the policy related to water, detailed information on stakeholder
consultation is provided in the General information (SBM-2) section. The policy is publicly available on our
website and accessible to all affected and relevant stakeholders.
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ACTIONS AND RESOURCES RELATED TO WATER AND MARINE RESOURCES (E3-2)
Own operation
At PUMA’s headquarters, rainwater is collected to reduce freshwater use and costs. Most PUMA sites are
rented and focus on efficient kitchen and sanitary facilities. In 2022, PUMA identified 164 global owned and
operated sites in water-scarce areas using the WWF Water Risk Filter and published water-saving
recommendations. By 2024, this number increased to 182 sites due to methodological changes in the tool
We followed up on water-saving actions at respective sites.
Upstream
The key focus areas include raising awareness, understanding impact, internal actions, and collaboration.
In the PUMA mitigation hierarchy, water actions and resources can be allocated to the following layers for
continuous progress with no set timeline of completion:
•
Avoid: this involves taking measures to prevent the use of water resources and marine ecosystems from
the outset, e.g. implementing water-efficient technologies and practices to minimise water usage
•
Reduce: this layer focuses on reducing the impact on water resources. Actions might include optimising
water use in industrial processes, reducing water waste and improving water recycling and reuse
systems
•
Restore: this involves actions to restore and regenerate water ecosystems that have been degraded.
Examples include reforestation of watersheds, wetland restoration and improving the health of aquatic
habitats
•
Transform: this layer aims at transforming water management practices to ensure long-term
sustainability. This could involve adopting innovative water management strategies, enhancing water
governance and investing in sustainable water infrastructure.
These layers help to systematically manage water resources to ensure their sustainability and resilience.
We provide training to suppliers on improving water management and supported them through cleaner
production programmes to improve their water efficiency. In 2024, we expanded resource efficiency
programmes in key sourcing countries, including Clean by Design in China-Taiwan, Vietnam, and Pakistan,
and the Resource Efficiency programme in Vietnam. We also launched the Cambodia Decarbonisation
Programme with the International Finance Cooperation (IFC). From 2019 to 2024, 46 core Tier 1 and 44 core
Tier 2 factories engaged in cleaner production programmes, representing significant business volumes,
with a water saving of 2,515,086 m
3 in 2024. We partnered with WWF Vietnam for a Water Stewardship
programme to reduce water footprints in wet processing factories, offer financial solutions, and foster
collective action. We communicate water reduction targets during supplier meetings and review KPIs with
core suppliers to meet our goals on water consumption.
We conduct LCA for top-selling products to understand their environmental footprint and water risk
assessments using the WRI Aqueduct Tool or WWF Water Risk Filter in the supply chain. In 2024, we
engaged with high and extremely high-risk factories identified in our 2023 WRI Aqueduct mapping exercise.
PUMA also uses ELEVATE intelligence tool (EiQ) for comprehensive supply chain risk evaluations to assess
and manage supply chain risks by geography, commodity, and issue. In 2023, water risk assessments were
conducted for 62 wet processing factories across several countries, identifying high-risk areas and
reviewing their water KPIs and compliance. Partnering with Cascale trainers, we delivered Higg FEM 4.0
training to enhance suppliers’ capabilities in water management and wastewater recycling.
In 2023, we mapped water governance for our top three sourcing countries: Vietnam, China, and
Bangladesh, identifying key stakeholders and challenges in water and wastewater management. We
observed stricter regulations and innovative projects on water reduction and recycling. Vietnam has a
comprehensive national water strategy, fiscal incentives, and new regulations enhancing water security and
private investment. China has detailed water regulations but faces uneven water distribution. Bangladesh
promotes water conservation but needs integrated frameworks to address groundwater tables and
PUMA Annual Report 2024
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increased water abstraction, which threatens industrial production. Recent regulations like the Bangladesh
Delta Plan 2100 focus on groundwater quality assessment and resilience against floods and droughts.
All financial resources are operational expenses (OpEx) incurred annually in our supply chain for
memberships, product/material certifications, risk assessments, impact incentives, and consulting fees.
↗ T.42 FINANCIAL RESOURCES ALLOCATED TO WATER-RELATED ACTIONS (IN MILLION €)
(E3-2)
1
Action areas
2024
Until 2030
Industry partnership for water stewardship
0.0
0.2
Raw material and product certification scheme
0.4
2.2
Cleaner production program
0.1
0.5
Nature (including water) risk assessment
0.0
0.3
LCA of products (including water impact)
0.2
0.6
Consulting fee for water-related ESG benchmark
0.0
0.2
Total
0.8
3.8
1
All resources listed here are included in the Other Operating Income and Expenses chapter of PUMA's consoildated financial
statement.
METRICS AND TARGETS (E3-3)
PUMA has an overall global target in upstream value chain to improve water quality and reduce water
consumption and has not set contextual location-based target on water. Suppliers' Environmental KPIs
track progress towards PUMA’s sustainability targets. Environmental data are collected for 10 months from
97 of PUMA core Tier 1 and Tier 2 factories (textile, leather, PU) excluding stichd and PUMA United, with
estimates for the remaining two months. The metrics are based on primary data collected from January to
October 2024. Data for November and December 2024 are then extrapolated based on available measured
data to provide full-year data. The metrics are not validated by third parties other than the assurance
provider.
PUMA’s 2025 and 2030 water targets are primarily driven by our sustainability strategy and alignment with
international standards rather than specific regulatory requirements. These targets are part of PUMA’s
broader commitment to sustainability and are aligned with the SDGs. The 2025 goal was set in 2019 after
materiality assessment and stakeholder consultation. The 2030 water goals were established in 2024,
following a double materiality assessment, stakeholder consultations including suppliers and consideration
of current technological advancements as explained in the General information section. These global
targets fulfil PUMA’s commitment to the protection and preservation of our entire value chain as stated in
our policy, by meeting or exceeding all requirements in relevant environmental legislation and tracking,
calculating and reducing PUMA’s water impact.
Vision 2030 Targets (Baseline year 2025)
•
Achieve 50 % industrial wastewater recycling back into the process by core suppliers (metric, upstream,
global)
10FOR25 Targets (Baseline year 2020)
•
Reduce water consumption at PUMA core suppliers per pair or piece by 15 % (baseline value can be
found below) (upstream, global)
- In 2024, we achieved 41.2 % reduction per pair for footwear, 18.3 % increase per piece for apparel, 8.6 %
increase per square meter for leather and 8.3 % reduction per tonne for textile.
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The baseline year for our 2025 targets was 2020 with baseline values of 4.6 litres/piece for apparel, 15.1
litres/pair for footwear, 68.3 litres/m
2 for leather, 2.2 litres/m
2 for polyurethane and 103.4 m
3/ton for textile.
The target applied to 2020 to 2025. The target is relative per pair or piece, entity-specific and developed by
PUMA itself based on opportunities for improvement in supply chain. Milestone targets are set with a 3 %
incremental reduction each year (2025: 15 %, 2024: 12 %, 2023: 9 %, 2022: 6 %, 2021: 3 %). This metric refers
only to industrial water consumption as domestic water consumption is driven mainly by workers’ daily
needs. In 2024, we separately measured industrial and domestic water consumption. We then recalculated
the 2020 baseline to be 0.4 litres/piece for apparel, 0.2 litres/pair for footwear, 65.8 litres/m
2 for leather and
100.9 m
3/ton for textile based on average ratio between measured industrial and domestic water
consumption in 2024. The reduction achieved in 2024 is a comparison to this recalculated baseline on
industrial water consumption.
Progress against the targets and the effectiveness of policies and water-related actions are tracked through
an environmental performance scorecard for each core Tier 1 and Tier 2 supplier. The scorecards help to
visualise the supplier’s progress towards our 10FOR25 targets.
WATER CONSUMPTION (E3-4)
↗ T.43 WATER WITHDRAWALS AT OWN OPERATIONS (IN M
3) (E3-4)
1
2024
2023
Water withdrawals from public network in areas at water risk
2
18,127
18,116
Water withdrawals from public network in areas not at water risk
100,673
118,989
Total water withdrawals
118,800
137,105
Water recycled and reused from rainwater
3
4,723
4,914
Total water consumption
4
123,523
142,019
Total water discharges
5
123,523
142,019
1
Data on water withdrawals is collected using primary data (approx. 50 %) and estimations (approx. 50 %). Where primary
data is available and does not cover the full reporting year, the data is extrapolated to 12 months. Where primary data is not
available, the data is either estimated based on sites with similar properties or on average data.
2
Owned and operated locations in areas at water risk were determined using the WWF Water Risk Filter Tool. An area
qualifies as being at water risk if the category 'Water Availability' is at very high risk (between 4.2 and 5). 182 of our owned
and operated locations got selected.
3
Water recycled and reused from rainwater is defined as the total amount of water that is consumed from rainwater storage
basins in the reporting year. We do not track the exact amount of water stored.
4
Total water consumption is defined as the sum of water withdrawals from public network and the water recycled from
rainwater. Although it says 'consumption', the water is not actually consumed but is discharged back into the public sewage
network. This differs with the definition of 'water consumption' from the Carbon Disclosure Project (CDP) where water
consumption is defined as water that evaporates or spills and is not led back into the public sewage network.
5
As all of our water is discharged into the public sewage network and is treated by public wastewater treatment plants, we
assume that our water discharges are equal to our water consumption.
↗ T.44 WATER INTENSITY PER NET REVENUE
1 FOR OWN OPERATIONS (IN M
3/MILLION €) (E3-
4)
2024
2023
% 2024 / 2023
Total water consumption per net revenue
14.0
16.5
–15 %
1
Net revenue relates to overall net revenue which can be found in the Sales chapter in PUMA's consolidated financial
statement.
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ESRS E4 BIODIVERSITY AND ECOSYSTEMS
IMPACT, RISK AND OPPORTUNITY MANAGEMENT AND STRATEGY
Material biodiversity and ecosystem-related impacts, risks and opportunities in relation to strategy and
business model (IRO-1, SBM-3)
Biodiversity and ecosystems are closely connected to other environmental matters. The main direct drivers
of biodiversity and ecosystem change are climate change, pollution, land-use change, freshwater-use
change, sea-use change, direct exploitation of organisms and invasive alien species. These drivers are
covered in this section, except for climate change covered in the ESRS E1 Climate change, pollution covered
in the ESRS E2 Pollution and water covered in the ESRS E3 Water and marine resources sections.
In 2024, PUMA engaged in extensive stakeholder consultations to shape its 2030 sustainability targets, as
explained in the General information (SBM-2) section. Additionally, a double materiality assessment was
conducted in 2024 to prioritise key sustainability issues for our long-term strategy and identify material
topics for target setting, further explained in the General information (IRO-1) section.
We do not specify whether a biodiversity or ecosystem-related risk is a physical risk or a transition nature
risk.
↗ T.45 MATERIAL BIODIVERSITY AND ECOSYSTEM-RELATED IMPACTS AND RELATION TO
BUSINESS MODEL (IRO-1, SBM-3)
Impacts
Value chain
location and
time horizon
Connection to
impact
Impact on people or
environment
Effects on business
model and strategy and
examples of actions
Material negative impacts
Direct impact drivers of biodiversity loss
Climate change disrupts
habitats and species through
extreme weather events
Whole value
chain
Short,
medium and
long term
Directly caused
PUMA's value chain
contributes to
climate change
through its GHG
emissions
The environment is
impacted by changed
temperature and
precipitation patterns,
heat waves, water
scarcity, flooding and
other effects related to
climate change
- Climate Transition Plan
The conversion of natural
habitats into agricultural
land, the cultivation of
natural fibres leading to
deforestation and
biodiversity loss
Upstream
Short,
medium, long
term
Directly linked
PUMA's reliance on
natural fibres for
textiles and
footwear leads to
habitat conversion,
deforestation, and
biodiversity loss
Environment as
deforestation through
farming practices
concerns raw material
production of materials
- Climate Transition Plan
- Biodiversity risk
assessment
- Country origin studies
for materials
Textile and cotton processes
pollute water, disrupt
ecosystems, reduce species
diversity, cause algal
blooms, create dead zones,
and harm top predators and
habitats
Upstream
Short,
medium, long
term
Directly linked
PUMA's reliance on
natural fibres for
textiles and
footwear linking to
environmental
impacts
The textile industry
contributes to water
pollution, potentially
contaminating water
sources with dyes,
chemicals, and
pesticides, which affects
both aquatic life and
human health
- Chemical management
standards as part of the
manufacturing
agreements
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Impacts
Value chain
location and
time horizon
Connection to
impact
Impact on people or
environment
Effects on business
model and strategy and
examples of actions
Synthetic materials like
polyester and nylon release
microplastic when washed,
which can transport invasive
microorganisms across
water bodies
Upstream
Short,
medium, long
term
Contributed
PUMA's reliance on
synthetic fibres for
textiles products
contributes to
invasive
microorganism
Consumer washing their
apparel products leads to
microplastic pollution
- Strategic targets on
plastic reduction
- Materials strategy for
reducing synthetic
materials
Postconsumer textile waste
in landfills releases harmful
chemicals, damaging soil,
water, and habitats.
Incineration releases
pollutants, harming
ecosystems and reducing
biodiversity
Downstream
Short,
medium, long
term
Contributed
PUMA's reliance on
synthetic fibres for
textiles products
contributes to
environmental
impacts
Many clothes are made
from non-biodegradable
synthetic fibres like
polyester, which can
persist in the
environment for
hundreds of years
Materials strategy for
reducing synthetic
materials
Impacts on the extend and condition of ecosystems
Forests are cleared for
cotton and livestock, causing
biodiversity loss and
ecosystem disruption
Upstream
Short,
medium, long
term
Directly linked
PUMA's reliance on
natural fibres for
textiles and
footwear leads to
habitat conversion,
deforestation, and
biodiversity loss
Producing natural fibres
like cotton and leather
materials demands
extensive land use,
leading to ecosystem
disruption
- Supplier mapping for
all tiers
- No Deforestation Policy
setting standards for
farming practices
↗ T.46 MATERIAL BIODIVERSITY AND ECOSYSTEM-RELATED RISKS AND OPPORTUNITIES AND
RELATION TO BUSINESS MODEL (IRO-1, SBM-3)
Risks and opportunities
Value chain location and
horizon
Origins, dependencies and
relation to business
Mitigation actions and
measures
Risks
Direct impact drivers of biodiversity loss
Reputational and financial
risk related to post-
consumer waste and
regulations
Downstream
Short, medium, long term
Ensuring compliance with
Extended Producer
Responsibility regulations
can involve administrative
and legal costs, while non-
compliance can lead to
negative media coverage
- Research on
biodegradability and
investments in innovation
- Increased control on waste
management and
introduction of takeback
schemes
The way biodiversity and ecosystem impacts, dependencies, risks and opportunities originate from and
trigger adaptation of our strategy and business model has been described in the table above. PUMA
operates in the textile and footwear industry and is therefore not at risk of systemic risks caused by
spillover effects from other industries. Systemic risks in relation to natural tipping points have not been
assessed.
Consultations with affected communities on sustainability assessments of shared biological resources and
ecosystems have not been conducted, neither for the materiality assessment. We have yet to assess the
impact of specific sites or commodities on these communities and how to avoid negative effects on priority
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ecosystem services. This will be part of our target-setting process for Science-Based Target for Nature
(SBTN) starting in 2026.
PUMA values stakeholder feedback and consulted external stakeholders and core suppliers on
sustainability goals. In December 2023, PUMA finalised its CSO engagement policy and mapped 93 CSOs in
key sourcing countries, focusing on environmental issues. A CSO engagement plan will be implemented
from 2025 onwards.
Own operations
PUMA conducted a location-specific risk assessment for its own operations, using multiple tools. We used
an online tool from the Integrated Biodiversity Assessment Tool to map our offices, warehouses and one
industrial site with Natura 2000 sites, UNESCO World Heritage sites and Key Biodiversity Areas (KBAs).
Stores were excluded from this assessment, as these are always located in urban areas with no impact on
the biodiversity in its vicinity. We identified that 11 of our locations are located within one kilometre of a
Natura 2000 site or KBA. However, there are no impacts on biodiversity in these areas as the impact of our
locations is limited to their spatial boundary.
We also used the WWF biodiversity risk filter tool. Here, none of our global sites has a very high-risk rating
for the categories ‘Protected/Conserved Areas’ and ‘KBAs’ (score between 4.2 and 5 on a scale from 1 to 5).
This confirms our own assessment where we survey whether sites are in protected areas as part of our
environmental reporting campaign and have not identified any sites in protected or conserved areas. There
is one site in South Africa next to a protected area with a rare plant species, Renosterveld Fynbos. This
office location is fenced off from the protected area, ruling out any impact on these plants.
PUMA’s own operations in or near biodiversity-sensitive areas are limited to offices, stores or warehouses,
which have minimal impact on nature. Therefore, no activities negatively affecting biodiversity sensitive
areas have been identified. We also did not identify any material negative impacts regarding land
degradation, desertification, soil sealing or threatened species.
Although mitigation measures are voluntary, we offer additional habitats for insects and local species
through green roofs, wildflower meadows and beehives at our headquarters in Herzogenaurach and the
German central distribution centre in Geiselwind.
Policies related to biodiversity and ecosystems (E4-2)
In 2021, we published the PUMA Biodiversity and Forest Protection Policy. The PUMA Management Board is
responsible for the approval and implementation of the policy. It covers both our operations and upstream
value chain globally and is monitored through metrics and targets. These policies are available for download
on our website for any affected or potentially affected stakeholders.
The PUMA Biodiversity and Forest Protection Policy aims to contribute to SDG 12 (Responsible Consumption
and Production), SDG 13 (Climate Action), SDG 14 (Life Below Water) and SDG 15 (Life on Land). We engaged
with Canopy, a non-profit organisation with the mission to protect the world's critical forests and species,
who helped us to develop our forest protection policy, which includes commitments to:
•
Support the development of science-based targets on biodiversity and implement of these targets within
the apparel and footwear sector as part of our membership with the Fashion Pact
•
Reduce the impact on biodiversity through different actions and report on sourced materials, e.g. viscose
(as a partner of CanopyStyle), leather, paper and paper-based packaging
•
Reduce the risk of sourcing from Ancient and Endangered Forests and promoting next generation
solutions as a partner of Canopy’s Pack4Good and CanopyStyle initiatives
•
Collaborate with peers, experts and key industry stakeholders.
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The PUMA Animal Welfare Policy aims to contribute to SDG 12 (Responsible Consumption and Production),
SDG 14 (Life Below Water) and SDG 15 (Life on Land). Developed in collaboration with an animal welfare
NGO, it includes commitments to:
•
Implement the five provisions and aligned animal welfare aims
•
Not use animal products from inhumanely treated animals
•
Not use skins and hides from exotic species, CITES-listed species, or IUCN Red-listed species.
These policies were adopted to mitigate our material impacts and dependencies as well as physical and
transition risks related to biodiversity and ecosystems that were identified as part of our IRO assessment
identifying our material impacts and relation to business model (IRO-1, SBM-3). PUMA conducted
stakeholder dialogues which includes organisations related to biodiversity, such as land conversion to
develop this policy as explained in the General information (SBM-2) section.
Our policies do not yet cover the traceability of products, components and raw materials with significant
actual or potential impacts on biodiversity and ecosystems along the value chain. They also do not refer to
not sourcing from ecosystems managed to maintain or enhance conditions for biodiversity, nor to the social
consequences of our biodiversity and ecosystems-related impacts. Additionally, they do not cover
sustainable land, ocean or sea practices.
Transition plan and consideration of biodiversity and ecosystems in strategy and business model (E4-1)
The relation of our impacts, dependencies, risks and opportunities to our strategy and business model is
outlined in the General information (IRO-1) section. We have not yet created a formal transition plan for
biodiversity. However, we have a detailed Climate Transition Plan explained in the E1 Climate change
section. We believe transitioning to renewable energy and a low-carbon growth pathway can help address
the biodiversity crisis, as biodiversity loss and climate change are interdependent and mutually reinforcing.
PUMA’s operations depend on a complex network of suppliers, manufacturers, and distributors. Our
suppliers are independent third-party entities, unaffiliated with the PUMA Group. Therefore, PUMA has no
operational control over our suppliers. Further details are in the General basis for preparation (BP-1).
PUMA’s dependencies on biodiversity are primarily linked to its supply chain and the use of agricultural raw
materials. PUMA relies on natural resources like cotton, leather, and viscose, which are sourced from
biodiversity-rich environments. We acknowledge that agriculture can impact biodiversity through soil
degradation, water pollution, and habitat conversion. PUMA has committed to sourcing materials from
certified and recycled sources to minimise its impact on biodiversity. This includes supporting initiatives like
CanopyStyle to protect ancient and endangered forests. PUMA has policies in place to demand that animal-
derived products are sourced from suppliers adhering to high welfare standards.
Beyond raw material production, manufacturing processes may impact biodiversity due to environmental
pollution from textile dyeing and leather tanning and are reported in the ESRS E2 Pollution section.
Currently, we do not have a formal resilience analysis for biodiversity. In 2025, we plan to conduct a
comprehensive assessment of biodiversity and ecosystem-related risks and opportunities, this will include
a resilience analysis of our current business model and strategy, along with the development of a
biodiversity action plan for the upstream value chain to further strengthen our strategy. However, PUMA's
ongoing efforts in addressing climate, chemicals, water, and air issues have been integral to its strategy and
have enhanced its resilience to biodiversity impacts. As a part of this exercise, we will consult and engage
with key stakeholders and affected communities and perform capacity building activities. We aim to publish
a SBTN by 2030 in the categories of freshwater, land use and oceans, focusing on our supply chain,
complementing our existing science-based target for climate. We intend to develop a project timeline for
this target-setting process in 2026 based on our risk analysis.
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Actions and resources related to biodiversity and ecosystems (E4-3)
PUMA's biodiversity initiatives aim to reduce environmental impact and enhance conservation. By
integrating biodiversity into our sustainability strategy, setting science-based targets, and supporting
regenerative agriculture, PUMA seeks to improve soil health, reduce deforestation, and boost ecosystem
resilience. Our commitment to the Fashion Pact and collaboration with organisations like Better Cotton,
Leather Working Group and Canopy promote sustainable sourcing and biodiversity awareness. Developing a
biodiversity vision and setting targets aligned with the Global Biodiversity Framework will help PUMA
address biodiversity risks and support global conservation efforts, fostering a sustainable and responsible
business approach.
We began our actions regarding biodiversity and ecosystems in 2019 when we identified biodiversity as a
material topic in our first materiality analysis and added it as a pillar to our 10FOR25 sustainability strategy.
The scope of our key actions is our global upstream supply chain focusing on raw material sourcing for
cotton, leather, rubber, paper, Man-Made Cellulosic Fiber (MMCF), and paper-based packaging. PUMA aims
to source 100 % cotton, leather, MMCF and paper-based packaging, from certified or recycled sources.
Our own operations, limited to offices, stores and warehouses (with one exception, our footwear production
facility in Argentina), are not material and thus not included in the scope of our actions.
We developed a biodiversity roadmap in 2022 using the Fashion Pact Biodiversity Strategy Tool Navigator. In
2022, PUMA sponsored the Biodiversity Landscape Analysis Report to foster collaboration and knowledge-
sharing in biodiversity. Together with Textile Exchange, Conservation International and the Fashion Pact, the
Biodiversity Landscape Analysis Report aims to provide a common reference point on biodiversity in the
textile industry, and to offer concrete pathways for brands and retailers to deepen their engagement. Key
activities include raising awareness, conducting risk assessments, and setting targets.
In 2023 and 2024, PUMA conducted a biodiversity risk assessment for key raw materials like cotton,
polyester, rubber and leather.
In 2024, we organised in-person training for our Sustainability team and suppliers in Vietnam and China,
covering 16 factories. The training, based on the Biodiversity Landscape Analysis report by Textile Exchange,
emphasised biodiversity conservation, industry impacts, and actions suppliers can take. Feedback showed
strong interest, guiding our next steps in biodiversity initiatives and strategy development for 2025.
PUMA supports regenerative agriculture practices and engages local smallholders through our support of
the Better Cotton Initiative. Cotton farmers follow these principles, among others:
•
Care for the health of soil: this principle requires farmers to develop a Soil Management Plan, including
practices that contribute to maintaining and enhancing soil structure and fertility, and continuously
improving nutrient cycling
•
Enhance biodiversity and use land responsibly: this principle requires Better Cotton farmers to adopt a
Biodiversity Management Plan to conserve biodiversity on and around their farm. This plan includes
regenerative farming practices such as ensuring crop rotation, which helps with soil regeneration.
In 2024, to ensure that the leather used for PUMA products does not contribute to deforestation, we joined
the call to action launched by the Leather Working Group and Textile Exchange to source all bovine leather
from deforestation-free supply chains by 2030 or earlier. We purchased Textile Exchange Impact Partnership
Incentives to directly support cattle farmers in Mato Grosso, Brazil. These incentives aim to improve their
farming practices to achieve animal welfare certification within three years and have their farms third-party
verified as deforestation/conversion-free annually. Our support helped empower four cattle farms to work
towards achieving Textile Exchange’s benchmarked standards for animal welfare and zero deforestation.
Local and indigenous knowledge and nature-based solutions have not been part of PUMA’s actions related
to biodiversity and ecosystems to date.
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In 2025, PUMA plans to develop a biodiversity vision, focusing on priority nature risks. We will define goals
and objectives for this vision and identify strategies to achieve them. Additionally, PUMA will set country-
level goals and objectives based on priority risks, develop biodiversity targets aligned with the Global
Biodiversity Framework and consider further biodiversity offset programmes for the coming year. This will
support the development of our biodiversity transition plan, including local and indigenous knowledge and
nature-based solutions. Future actions in 2025 and beyond include preparing for setting a SBTN.
All financial resources are operational expenses (OpEx) incurred annually in our supply chain for
memberships, product/material certifications, risk assessments, impact incentives, and consulting fees.
↗ T.47 FINANCIAL RESOURCES ALLOCATED TO BIODIVERSITY AND ECOSYSTEM-RELATED
ACTIONS (IN € MILLION) (E4-3)
1
Action areas
2024
Until 2030
Industry partnership
0.1
0.4
Raw material and product certification scheme
0.4
2.5
Risk assessment
0.0
0.3
Impact incentive
0.0
0.1
Consulting fee for biodiversity-related ESG benchmark
0.0
0.2
Total
0.6
3.4
1
All resources listed here are included in the Other Operating Income and Expenses chapter of PUMA's consolidated financial
statement.
METRICS AND TARGETS (MDR-M, MDR-T, E4-4)
The targets on biodiversity align with the policy objective to reduce our impact on biodiversity through
various actions and reporting on sourced materials, as outlined in the PUMA Biodiversity & Forest
Protection Policy. These targets address our business strategy and relate to SDGs, such as SDG 3 (Good
Health and Wellbeing), SDG 6 (Clean Water and Sanitation), SDG 12 (Responsible Consumption and
Production), SDG 14 (Life Below Water) and SDG 15 (Life on Land). Stakeholder dialogue and materiality
assessments were conducted when developing targets for 2025 and 2030 as explained in the General
information section. Progress towards these targets is measured annually, with data collected. Material
data include material consumption (by weight) used in PUMA products and labelling and packaging data.
The scope includes data collected through core and non-core Tier 1 and Tier 2 of PUMA and Cobra Golf
suppliers (excluding PUMA United), for the first 10 months of the year and estimated for the remainder of
the year (as reported in ESRS E5).
All targets apply to PUMA’s global operations and upstream value chain. The targets were not informed by
the 2030 EU Biodiversity Strategy, as they were set before its publication, nor do they include location-
specific ecological thresholds or biodiversity offsets. PUMA has not set contextual targets and therefore has
an overall global target.
Vision 2030 Targets (Baseline year 2025)
•
Set science-based targets for nature (SBTN) (upstream, global)
•
Source all bovine leather from deforestation-free sources (upstream, global)
As part of the 2030 target-setting process for SBTNs, we will develop new and more specific biodiversity
targets focusing on high-risk locations and commodities in our upstream supply chain as well as ecological
thresholds.
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10FOR25 Targets (Baseline year 2020)
•
Support the industry in setting a science-based target for biodiversity (baseline value: Attended Fashion
Pact’s biodiversity webinars) (upstream, global)
- PUMA sponsored an industry guideline, the Biodiversity Landscape Analysis Report, in 2022
•
100 % of the cotton, leather, MMCF, paper-based packaging and down procured should be recycled or
from certified sources (baseline value can be found below) (upstream, global)
- In 2024, PUMA achieved 99.7 % cotton, 99.5 % leather, 71.8 % MMCF, 99.5 % paper packaging and 100 %
down procured from certified or recycled sources, including trims.
We are committed to supporting our economic sector by developing science-based targets related to
biodiversity or ecosystems. A key action was sponsoring the Biodiversity Landscape Analysis Report in 2022,
we consider it as an achieved target. This target relates to the policy objective to collaborate with peers,
experts and stakeholders. It does not relate to a specific step of the mitigation hierarchy but can be seen as
a transformative goal.
The target on sourcing material from certified or recycled sources is considered a reduction target within
the mitigation hierarchy. It is an absolute target for the upstream supply chain, self-developed by PUMA
based on our impact, risks, opportunities and industry trends. The target applies from 2020 to 2025, with a
2020 baseline values of 100 % for cotton (excluding trims), 100 % down (in apparel and accessories) and
97.9 % for leather (footwear).
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ESRS E5 RESOURCE USE AND CIRCULAR ECONOMY
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
Material resource use and circular economy-related impacts, risks and opportunities (IRO-1)
We assess the environmental impact of our activities from raw material production to PUMA stores.
Although PUMA is not using a precise tool, the outcome highlights the value chain stages with the greatest
impact, guiding our IROs' focus. Results indicate that raw material production and processing are the
primary contributors to our environmental impact. GHG emissions, water pollution, and land use account
for over half of the total impact, stemming from the resource inflows from energy, water and land use for
raw material and finished goods production. This approach enables us to refine our IRO management
strategy by identifying hotspots and implementing plans that maximise resource efficiency.
During our DMA, we evaluated resource use and circular economy impacts across our value chain and
product categories. We analysed industry risks such as raw material, energy, and water scarcity. Circularity
topics were identified as material using the same methodology outlined in the General information (IRO-1)
section.
↗ T.48 MATERIAL RESOURCE USE AND CIRCULAR ECONOMY-RELATED IMPACTS AND
RELATION TO BUSINESS MODEL (IRO-1)
Impacts
Value chain location
and time horizon
Connection to
impact
Impact on people or
environment
Effects on business
model and strategy and
examples of actions
Material negative impacts
Resource inflows
GHG emissions due
to energy
consumption, land-
use change and high
water usage derived
from raw materials
production
Upstream
Medium and long term
Connection through
use of resources for
raw and recycled
materials in PUMA
products, including
processes way up to
the supply chain to
cotton farming, oil
extraction etc.
Actual negative
impacts from raw
material production
are land-use change,
water pollution,
deforestation as well
as GHG emissions and
water use
- Environmental Policy,
Circularity Policy,
Biodiversity Policy
- Responsible sourcing
of raw materials
- Environmental targets
Resource outflows
Inappropriate waste
disposal and
subsequent plastic
pollution from
products and plastic
packaging
Downstream
Short, medium and
long term
Directly linked as
recycling of apparel
and footwear items
is still the exception
and consumers
receive goods in
packaging,
especially for sales
via e-commerce
platforms
Actual impact on
environment creating
waste from packaging
or PUMA products at
the end of their useful
product lifecycle
- Circularity Policy
- Research on
biodegradable polymers
- Recycled material
targets
- Packaging targets
Fabric waste or other
waste materials from
manufacturing may
pollute the
environment if
disposed
inappropriately
Upstream
Short, medium and
long term
PUMA production is
outsourced to
independent
manufacturing
partners
Potential negative
impact on
environment due to
waste generation
- Waste disposal
standards for
manufacturing
companies
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↗ T.49 MATERIAL RESOURCE USE AND CIRCULAR ECONOMY-RELATED RISKS AND
OPPORTUNITIES AND RELATION TO BUSINESS MODEL (IRO-1)
Risks and opportunities
Value chain location and
time horizon
Origins, dependencies and
relation to business
Mitigation actions and
measures
Risks
Resource inflows
Financial risks arise from
higher costs linked to
inefficient resource use and
increasing natural material
costs due to scarcity if
circular practices are not
adopted
Upstream
Medium and long term
Dependency on costs of natural
materials and implementation of
circularity initiatives
- Participation in industry
initiatives on take-back and
recycling schemes
- RE:FIBRE program
Resource outflows
Financial risk of increased
cost from Extended Producer
Responsibility (EPR) fees and
reputation risks in the event
of non-compliance
Own operations
Short, medium and
long-term
Dependency on regulatory
developments and consumer
perception. EPR fees will have to
be paid by PUMA as importer of
goods. Negative consumer
perception will affect PUMA's
ability to sell products
- Circularity initiatives
- Engagement with
stakeholders advocating
policy developments on
products
Linear business models (i.e. business as usual), which follow a take-make-waste approach, lead to
inefficient resource use and increased waste, contributing to environmental degradation and resource
depletion. As natural resources become scarcer and more expensive, companies not adopting circular
practices may face rising material costs. Additionally, linear models often result in higher GHG emissions,
water pollution and consumption, land-use change, deforestation and biodiversity loss, exacerbating
climate change. Transitioning to circular models, which emphasise reuse, recycling, and regeneration, is
crucial for reducing these negative impacts. By focusing on textile recycling and using recycled materials,
PUMA can significantly reduce environmental impacts, including GHG emissions and water usage.
The primary resource inflow for PUMA products in its supply chain is raw materials. The main raw materials
used are cotton, polyester (apparel and accessories) EVA, polyurethane, leather and rubber (footwear), as
well as paper and cardboard (footwear) and polyethylene (apparel and accessories) for product packaging.
One of PUMA’s major resources inflows for own operations and upstream supply chain is energy, identified
as material topic and reported in the ESRS E1 Climate change section. Water usage and potential pollution
is reported in the ESRS E2 Pollution and ESRS E3 Water and marine resources, and the effect of our raw
material usage on biodiversity is disclosed in the ESRS E4 Biodiversity and ecosystems sections.
The production process of finished goods at PUMA generates fabric and other waste materials which can
result in harmful substances contaminating soil and water, posing risks to ecosystems and human health, if
not disposed appropriately. Given that material constitutes a significant portion of the finished products
cost, factories usually optimise material usage to minimise material waste.
The major outflows of PUMA’s manufacturing are packaging and products (footwear, apparel and
accessories). A potential negative impact is the generation of waste from packaging as well as the end of
the product lifecycle.
We have engaged with stakeholders to address challenges and opportunities in resource usage, waste
management and recycling. In 2024, PUMA engaged in extensive stakeholder consultations to shape its
Vision 2030 sustainability targets. Additionally, a DMA, involving our key stakeholders was conducted in 2023
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to identify material topics for our long-term strategy and target setting. Detailed information on stakeholder
consultation is provided in the General information (SBM-2) section.
Policies related to resource use and circular economy (E5-1)
The Management Board is responsible for the approval and implementation of Circularity Policy. The policy
has been agreed with internal stakeholders and reviewed by a circularity expert organisation. Our policy is
publicly available to potentially affected stakeholders and aims to support the transition to a circular
economy, responsible consumption and production and contribute to the SDGs. Various departments
manage implementation of the policy and report progress regularly to the Management Board and
leadership team.
Our Circularity Policy addresses upstream activities such as the manufacturing stage of products by scaling
up the use of renewable energy and recycling water by our suppliers and eliminating hazardous chemicals
and waste to landfill. In our own operations, we focus on designing products in line with circularity criteria,
increasing the use of recycled materials in our products and extending their life cycle through high-quality
standards or care recommendations. We also track our own waste and advocate for increased waste
recycling. In downstream, we aim to take responsibility for our products after use and inspire consumers
and business partners to engage with circularity.
PUMA’s Circularity Policy includes a commitment to increasing the use of recycled materials like polyester
and cotton, mainly through product-to-product recycling using chemical and mechanical technologies. For
materials with limited recycled options, we support research and development. PUMA is committed to using
preferred recycled and recyclable materials for packaging. Our policy addresses the negative impacts
derived from raw material production and inappropriate plastic waste disposal and fosters the opportunity
to lower EPR fees by using more recycled content in products. The use of recycled content is regularly
monitored by the sourcing and product teams through materials consumption and product data.
Prolonging the life of a product involves durability, repairability and long-lasting design. PUMA aims to
maintain high product quality and advance repairability through circular design. We plan to support circular
business models like resale and repair to extend product life. Our policy addresses the negative impacts of
waste generation at the end of the useful product lifecycle and fosters the opportunity to enhance public
perception, implementing ESPR requirements in a timely manner. Once in place, circular design aspects
will be monitored through internal product-related KPIs. PUMA also aims to increase its consumer
communication and raise awareness about circularity.
Our long-term plan is to close material loops where products taken back from consumers can be
deconstructed into their main materials, allowing them to enter the production cycle again. We aim to
establish or join product take-back schemes in our major sales markets. This target could enable the
positive impacts of reducing discarded textile waste and address the risk of increased cost of EPR fees. The
number of countries with take-back schemes is monitored regularly through communication between
sustainability and retail teams.
We will continue researching biobased and biodegradable options for polyester and other synthetic
materials, to reduce fossil feedstocks and prevent plastic pollution. For plant-based materials, we aim to
collaborate with organisations active in regenerating natural systems, with the long-term goal of rebuilding
soil quality and natural capital, rather than depleting it.
Actions and resources related to resource use and circular economy (E5-2)
If not otherwise stated, the actions outlined below are already ongoing with a completion target year of 2030
as defined by our Vision 2030 except for circular design principles. Specific actions and timeframes for
circular design principles will be established as part of the Vision 2030 strategy in line with still to be
published EU requirements.
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For our own operations we focus on avoiding waste, for example by eliminating single use plastics (target
date 2025), and increasing the percentage of recycled waste, for example by separate collection of paper,
plastic and other waste. PUMA works on solutions for B2B product packaging for apparel and accessories,
based on polyethylene bags. We switched our transit packaging B2B plastic bags to 100 % recycled content
and optimised the thickness to save on weight. We also switched most B2C plastic primary packaging to
paper. For the few remaining plastic items like hangtag strings, we have been working on non-plastic or
recycled plastic alternatives.
At the design stage, product materials, construction and appearance are determined, which also decides
the product-lifespan potential. Circular design principles can extend products’ use, enhance material
recovery at the end of life, and minimise waste throughout all product life stages (production, use and
disposal or recycling). PUMA focuses on longevity (durability and repairability) and recyclability
(disassembly, recycling, mono-material composition, and compostability).
We encourage our suppliers to reuse and recycle fabric waste from PUMA production, ideally recycling
offcuts into new polyester or cotton yarns. The Circular Fashion Partnership, launched by the Global
Fashion Agenda and the German International Cooperation Society, coordinates brands, manufacturers,
collectors, sorters, and textile recyclers to work together to segregate, digitally trace, and recycle textile
waste into new products. PUMA joined this program in Vietnam and Cambodia in 2024.
To avoid fabric waste in our upstream and downstream value chain and reduce dependency on virgin raw
materials and used PET bottles, we expanded our RE:FIBRE textile-to-textile recycling programme.
Polyester, our most consumed technical material, is recycled from fabric waste and unsellable polyester
items into new textiles through chemical and/or mechanical recycling. We partner with football clubs like
Manchester City or Borussia Dortmund, collecting used polyester products at fan shops. In 2024, we
extended RE:FIBRE to cover jerseys of all major football clubs and federations, scaling up to over 1 million
items.
While focusing on recycling technology, we continue researching biobased and biodegradable polymers. We
will only use biobased polymers that do not compete with food crops, are made from by-products and show
environmental benefits in LCAs.
To demonstrate our responsibility and support circular material flows, we aim to join or offer take-back
schemes in all major markets by 2025. In 2024, we introduced new schemes in Germany, France and India,
adding to those in Australia, China, Switzerland, the UK and the US, and clubs participating in the RE:FIBRE
project.
We also joined meetings of the Accelerating Circularity Initiative, an industry initiative aiming to scale
product to product recycling of apparel, as well as the Closing the Loop on Footwear, an industry initiative
taking the challenges around the recycling of footwear.
EPR policies hold producers accountable for the entire lifecycle of their products, from design to disposal.
The EU has proposed mandatory EPR for textiles by 2025, requiring separate collections and significant
recycling or reuse efforts. PUMA contributed to EPR schemes in 2024 for European countries such as
France and the Netherlands, and the payment of such fees will become a continuous business practice
without a definitive timeframe for completion. As part of our Vision 2030 strategy and targets, PUMA is
aiming to actively shape and participate EPR schemes in selected markets in collaboration with industry
peers, for example in Germany.
Due to contractual restrictions, some unsold products must occasionally be discarded, such as when a
license contract expires. Unsold seasonal products are sold through various channels, and unworn returned
products are resold. Products with minor defects are donated, while only severely damaged returns are
discarded. No new product is destroyed without an explicit demand from an expiring licensing partner.
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Our communication strategy defines PUMA's brand positioning on circularity and outlines the behaviours
we aim to encourage in consumers. The concept is promoted by PUMA ambassadors in a simple way, for
example through the RE:FIBRE activations with football clubs or RE:HACKS from the Voices of a
RE:GENERATION. In 2023 we began publishing care and repair guidelines for consumers to help extend the
lifespan of their products. We focused on the most common reasons for discarding sportswear and provided
simple tips to resolve these issues.
↗ T.50 FINANCIAL RESOURCES ALLOCATED TO RESOURCE USE AND CIRCULAR ECONOMY-
RELATED ACTIONS (IN MILLION €) (E5-2)
1
Action areas
2024
Until 2030
Industry partnerships that enable circularity (i.e. recycling)
0.1
0.6
Raw material and product certification scheme
0.4
2.1
Total
0.5
2.7
1
All resources listed here are included in the Other Operating Income and Expenses chapter of PUMA's consolidated financial
statement.
METRICS AND TARGETS (MDR-M, MDR-T, E5-3)
In our Vision 2030 strategy, we voluntary set new targets in five circularity areas to be met between 2025 and
2030. These areas address the IROs identified as material for our business, helping us achieve the
commitments of our Circularity Policy, such as taking responsibility for our products after use or reducing
the dependency of virgin raw materials by scaling up the use of recycled ones. These efforts contribute to
reducing the depletion of non-renewable resources. Achievement levels of the targets are monitored
regularly through material and product reports, dashboards or internal communication.
The circularity targets, complementing our climate-related goals, were presented and evaluated during the
2024 Sustainability Stakeholder dialogue. Over 40 external organisations, including suppliers, industry
peers, NGOs, and investors, provided feedback on the level of ambition and potential impact, leading to
adjustments in the targets. These targets were then approved by PUMA’s Management Board and the
Sustainability Committee of the Supervisory Board. To the best of our knowledge, there is no science-based
target setting framework which could be used for circularity topics; therefore, we have used our own
methodology. Our circularity targets cover the production phase (recycled material usage), use phase
(durability) as well as end of life (take back and recycling). Besides our Vision 2030 targets, we are also
reporting on our 10FOR25 circularity targets, which were set in 2019 and are still active until the end of 2025.
Vision 2030 Targets (Baseline year 2025)
•
Product design: establish circular design criteria focusing on recyclability, durability, and repairability
based on industry standards. Subsequently, define specific targets for products adhering to these
criteria (own operations, global)
•
Recycled material usage: 100 % recycled polyester fabric, 30 % fibre to fibre recycled polyester fabric for
apparel, 20 % recycled cotton fabric for apparel (upstream, global)
•
New business models: provide access to consumers to re-sell or repair business models in selected
markets (own operations, selected countries)
•
Increase consumer communication to raise awareness on circularity (e.g. podcasts, marketing
campaigns) (own operations, global)
•
Waste management: for post-consumer waste collaborate with industry peers on sorting and recycling
solutions taking EPR schemes into consideration (downstream, selected countries)
•
Primary packaging: 100 % unavoidable plastic packaging made from recycled content. Eliminate plastic
packaging where technically and economically feasible (upstream, global).
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10FOR25 Targets (Baseline year 2020)
•
75 % recycled polyester for apparel and accessories (upstream, global) (baseline value: 17 %)
- In 2024, 74.6 % of the polyester we used in our products was recycled (all product divisions)
•
90 % of apparel and accessories with certified or recycled material (at least 50 % of product weight) 90 %
of all footwear contains at least one component made of certified or recycled materials (upstream,
global) (baseline value: 81 % apparel, 47 % accessories and 24 % footwear)
- In 2024, 89.5 % of our products are made with certified and recycled materials (88.5 % apparel, 58.3 %
accessories and 95.7 % footwear) in line with the PUMA S-Index
•
Set up or join product take-back schemes in major markets (baseline value: no take-back scheme and
this target applies for own operations and downstream in the value chain) (own operations, selected
countries))
- Take-back schemes established in selected stores in Australia, China, India, France, Germany,
Switzerland and the USA
•
Reduce production waste to landfills for footwear and apparel by at least 50 % (baseline value: apparel:
2.6 gr/piece, footwear: 23.7 gr/pair and this target applies for Tier 1 suppliers in upstream of the value
chain) (upstream, global)
- Tier 1 apparel: 66 %, Tier 1 footwear: 88 %, reduction of waste to landfills
We prioritise sourcing certified or recycled raw materials as per industry standards and certification
schemes for cotton, polyester, leather, and cardboard, to reduce the environmental impact of our products.
For example, the conversion of natural habitats into agricultural land and the cultivation of renewable raw
materials could lead to deforestation and biodiversity loss. The use of certified renewable virgin raw
materials (as set below under the PUMA S-Index) could help to reduce potential negative impact on
biodiversity. Our targets related to virgin renewable raw materials and their impact on biodiversity are
explained in ESRS E4. The PUMA S-Index measures whether products contain at least 50 % certified or
recycled materials by weight (apparel and accessories), and footwear to include one or more main
components made from such materials. Main component in the upper includes the visible upper and its
components, linings, sockliner, and strobel as the only non-visible component. They can be made of textile,
leather, synthetic (PU) or TPU. It excludes trims such as eyelets, laces, counters, decorations, etc. Main
components in the bottom includes outsoles, midsoles, and insoles. They can be made of Rubber, PU, TPU,
EVA; excluding trims and decorations. Other materials, such as facilities or equipment, are considered
immaterial due to PUMA’s outsourced manufacturing business model. S-Index data is collected from
January to December 2024 using primary data from a PUMA internal report (excluding stichd) based on the
total sum of all purchase orders by volume.
Suppliers' Environmental KPIs track progress towards PUMA’s sustainability targets. Environmental data
are collected for 10 months from 97 PUMA core Tier 1 and Tier 2 factories (textile, leather, PU) excluding
PUMA United and stichd, with estimates for the remaining two months.
Material data include material consumption (by weight) used in PUMA and stichd products and labelling and
packaging data. The scope includes data collected through core and non-core Tier 1 and Tier 2 from 814
factories for material data and 60 factories for labelling and packaging data of PUMA and Cobra Golf
suppliers (excluding PUMA United), 239 factories for material data and 217 factories for labelling and
packaging data of stichd suppliers, for the first 10 months of the year and estimated for the remainder of the
year. The cascading principle is applied where applicable. For example, returned products which are still fit
for purpose are offered for sale or donated rather than recycling by PUMA’s take-back partners. If no other
use is possible, converting damaged returns into energy is prioritised.
Resource inflows (E5-4)
For biological materials, PUMA uses mainly cotton and leather, along with natural rubber, paper and
cardboard for packaging and office purposes. Preferred biological materials are sourced according to
standards such as the Better Cotton Initiative, the Leather Working Group, Global Recycled Standard and
the Recycled Claim Standard. For paper and carboard, we also accept the Forest Stewardship Standard. The
leather used for our products is a by-product of the meat industry. For technical materials, PUMA mainly
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uses polyester, polyurethane, synthetic rubber and EVA for the soles of shoes. The Global Recycled Standard
and the Recycled Claim Standard are used to certify recycled content.
↗ T.51 RESOURCE INFLOWS (IN T) (E5-4)
1
2024
Amount
%
Biological materials
2
Paper and cardboard
48,381
48.0 %
Cotton
44,321
44.0 %
Leather
5,746
5.7 %
Natural rubber
1,458
1.4 %
Others
830
0.8 %
Biological materials weight
100,736
100 %
Sustainably sourced biological materials (%)
96.9 %
Technical materials
3
Polyester
53,867
36.8 %
Synthetic rubber
45,373
31.0 %
Polyurethane
17,555
12.0 %
EVA
18,164
12.4 %
Others
11,583
7.9 %
Technical materials weight
146,542
100 %
Total weight of materials
247,278
Secondary materials
4
Recycled polyester
38,730
71.9 %
Recycled cardboard
36,034
74.5 %
Recycled cotton
5,073
11.4 %
Other recycled materials
5,159
5.1 %
Secondary materials weight
84,996
Secondary materials (%)
34.4 %
1
Including PUMA and stichd's materials data.
2
Biological materials including virgin and secondary materials.
3
Technical materials including virgin and secondary materials.
4
Percentage recycled material by material type.
To obtain the data on inflow materials, PUMA provides training to its suppliers on material consumption
data reporting. A material consumption data questionnaire is sent to PUMA’s Tier 1 and Tier 2 suppliers,
who report the types of materials used in PUMA products along with the corresponding certifications
recognised by PUMA. Suppliers then upload the completed questionnaire for data consolidation. The
material team validates the data based on the usage confirmed at the development stage to avoid mistakes
such as data duplication. If discrepancies arise, the PUMA material team contacts the suppliers to confirm
the final data. Full-year data is accounted for using the actual material weight data from January to October
and extrapolating the planned material shipments (as of 31 October) that will be delivered between
November and December. This extrapolation assumes that orders placed after the end of October will be
delivered within the same year.
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Resource outflows (E5-5)
Products and packaging
The main output of PUMA’s outsourced production process are footwear, apparel and accessories. Circular
design principles are applied using strict quality criteria for the goods produced and by maximising the
amount and percentage of recycled input materials. In 2024, we used over 10 % recycled cotton and almost
three quarters of all polyester in PUMA products originates from recycled sources The recyclability of
PUMA’s products depends on several factors, including the development of recycling technologies that can
separate blended materials for apparel, or the mixed materials in the production of footwear. In general,
footwear, apparel and accessories are currently not recycled at scale after their use and PUMA goods are no
exception.
For the primary packaging of our goods, we use paper and cardboard for shoe boxes, as well as
polyethylene bags for apparel and accessories. Both our shoeboxes and the polybags (excluding stichd) used
for product packaging use over 90 % recycled input materials and are also recyclable after use. Our
shoeboxes are made from 100 % cardboard and our polybags from 100 % polyethylene. Therefore, depending
on the recycling method used, both packaging items are fully recyclable, with the exception of the colours
used for printing on the surface of the box and the bag.
Most garments we sell are made from polyester, cotton, or a blend of both materials. If PUMA garments are
sorted by material content and forwarded to the appropriate recycling company, garments with over 90 %
polyester content can be chemically or mechanically recycled. All other garments can be downcycled into
products such as painter’s fleece or insulation materials. In the absence of a clear definition or industry
standard on which materials or components can be considered recyclable, we are unable to report a precise
figure on the recyclable content of PUMA footwear and accessories products.
To the best of our knowledge, there is no universally mandated standards specifically for the durability of
footwear, apparel or accessory products. To ensure product quality, PUMA has an internal quality
management system in place for apparel, footwear and accessories. While we cannot precisely predict the
overall durability of our products, as it depends on usage, we assume that under normal wear and care
conditions, 100 % of our products are able to meet and exceed a warranty period of 24 months. Some signs
of wear and tear such as broken stitches, smaller bonding gaps, or worn-out sock liners can be repaired by
artisan shoemakers or cobbler's shops. We are currently awaiting the finalisation of the ESPR on durability
standards for footwear and apparel. Once these regulations are established, we will align our durability
standards to ensure compliance.
At PUMA, we do not offer a formal repairability service for our products. However, our products are made to
be repairable in normal tailor repair shops, for example, broken stitches or buttons. We offer guidance on
product care and washing tips on PUMA.com and RE:HACKS to extend the life of apparel and footwear for
our consumers.
Waste
Due to PUMA’s outsourced production model, waste from own operations relates to packaging waste
(cardboard and plastic) from PUMA’s owned and operated warehouses and stores, as well as paper and
general waste from PUMA’s office locations.
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↗ T.52 WASTE GENERATION IN OWN OPERATIONS (IN T) (E5-5)
1
2024
Non-hazardous waste prepared for reuse
3.3
Non-hazardous waste sent to recycling
4,483.7
Total non-hazardous waste diverted from disposal
4,487.0
Hazardous waste prepared for reuse
0.0
Hazardous waste sent to recycling
4.4
Total hazardous waste diverted from disposal
4.4
Total waste diverted from disposal
4,491.4
Total waste diverted from disposal (%)
66 %
Non-hazardous waste sent to incineration
1,269.1
Non-hazardous waste sent to landfill
852.4
Non-hazardous waste sent to other disposal
2
116.7
Total non-hazardous sent to disposal
2,238.2
Hazardous waste sent to incineration
0.9
Hazardous waste sent to landfill
2.7
Hazardous waste sent to other disposal
34.0
Total hazardous waste sent to disposal
37.6
Total radioactive waste
0.0
Total waste sent to disposal
2,275.8
Total waste sent to disposal (%)
34 %
Total waste
6,767.2
1
Data on waste generation is collected using primary data (approx. 50 %) and estimations (approx. 50 %). Where primary data
is available and does not cover the full reporting year, the data is extrapolated to 12 months. Where primary data is not
available, the data is either estimated based on sites with similar properties or on average data.
2
Disposal method 'other disposal' was selected when method of final disposal was different from incineration or landfill or
could not be identified.
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SOCIAL INFORMATION
ESRS S1 OWN WORKFORCE
IMPACT, RISK AND OPPORTUNITY MANAGEMENT AND STRATEGY
Material own workforce-related impacts, risks and opportunities in relation to strategy and business
model (IRO-1, SBM-3)
PUMA manages its material impacts, risks, and opportunities related to its workforce, covering all directly
employed staff with a contractual employment relationship (part-time, full-time or permanent and fixed
term) with PUMA across all of its global operations. The process of identification of social material topics is
explained in detail in the General information (IRO-1) section. The strategy, metrics and targets are
established for PUMA’s own workforce/employees including office staff, retail employees or employees in
owned warehouses and one factory who fall within this scope. Our People and Organisation (P&O)
department’s strategy-driven efforts and actions in impact, risk, and opportunity areas enable us to achieve
business and growth success while attracting top talent. In the General information (SBM-2) section, we
highlight some examples of the interests of our employees and their representatives, as well as their role in
our strategy. We align our people strategy and priorities with employee needs, take actions aiming to create
positive impacts and mitigate challenges as detailed below. Unless specified otherwise, these IROs are
relevant for all types of employees within PUMA’s own workforce.
↗ T.53 MATERIAL OWN WORKFORCE-RELATED IMPACTS AND THE RELATION TO BUSINESS
MODEL (IRO-1, SBM-3)
Impacts
Value chain
location and
time horizon
Connection to
impact
Impact on people or
environment
Effects on business model and
strategy and examples of actions
Material positive impacts
Working conditions
Secure
employment by
creating secure and
permanent jobs
Own
operations
Short,
medium,
long term
Directly caused
Contribution to
economic
growth and reduced
employee turnover
An impact on society
through economic
growth and job
creations.
Additionally, an
impact on
employees by
increasing employee
engagement
- Resilient human resources
- Better retention through talent
management strategy, talent
attraction and comprehensive talent
connection process
- Strategic workforce planning and
linking the headcount to revenue
developments
Constructive
dialogue culture,
recognition of
freedom of
association and
collective
bargaining rights
for protection of
employee rights
Own
operations
Short,
medium,
long term
Directly caused
Dialogue,
participation in
management,
recognition of
freedom of
association and
unionisation improve
working conditions
and employee rights
Employee
representation to
ensure the
protection of
employees' labour
rights and improve
working conditions
- Implementation of Human Rights
Guideline
- Employee representation at the
Supervisory Board level
- Improved employee rights,
satisfaction and engagement
resulting in talent attraction and
retention
Implementing fair
wage policies and a
living wage-
focused, targeted
compensation
system to ensure
employee wellbeing
Own
operations
Short,
medium,
long term
Directly caused
Ensuring fair
compensation and
employees'
wellbeing
Fair and competitive
wages enhancing
the wellbeing of
employees and their
families
- Living wage target
- Compensation Policy and Report
- Benchmarking studies for
competitive wages
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Impacts
Value chain
location and
time horizon
Connection to
impact
Impact on people or
environment
Effects on business model and
strategy and examples of actions
Fostering a better
work-life balance to
promote employee
wellbeing
Own
operations
Medium,
long term
Directly caused
Promote equality of
employees by
fostering a better
work-life balance
Improved mental
health via wide
range of models
such as flexible and
mobile working
- Wellbeing strategy and initiatives
for better working conditions and
satisfaction
- Flexible and remote/mobile
working strategy
Equal treatment and opportunities for all
Fostering diversity,
equity, and
inclusion (DEI) and
especially women’s
participation in
economy
Own
operations
Short,
medium,
long term
Directly caused
Contribution to the
economic
participation of
women to reduce
discrimination in
society
Fostering inclusive
and equal society
and positive work
culture, removing
recruitment barriers
for people from
diverse backgrounds
- Equal opportunity employer
- Diversity strategy for internal
engagement and hiring
- Inclusion of diverse talents and
innovative skills into the company to
ensure high creativity and business
success
- Benchmarking for best practices
- Tracking of diversity metrics
Training and skills
development to
elevate employee
performance
Own
operations
Short,
medium,
long term
Directly caused
Contribution to
better employee
performance and
development of
skills
Skill development to
increase employee
development and
preparation for
future of work
- Right skill set for business future
- Learning and development strategy
and programs
- Talent management and
development programs
Policy and
measures against
violence and
harassment in the
workplace to create
awareness and a
safe work
environment for
employees
Own
operations
Short,
medium,
long term
Directly caused
Created awareness
around the topic
Wider impact on
society by creating
awareness
- Use of Human Rights Guideline
globally in every country
- Awareness of harassment topics
and use of prevention measures
such as training
Entity-specific disclosure: community engagement
Employee
volunteering
increasing
employees’
development
Own
operations
Short,
medium
term
Directly caused
Employee
volunteering boosts
community
engagement and
strengthens ties
with the brand
People and
environment by the
nature of the
supported projects
- Increased employee engagement
leading to a productive workforce
and better business results
- Engagement projects supporting
the corporate responsibility areas
Material negative impacts
Working conditions
Violations in
occupational health
and safety (OHS)
related issues
causing
consequences for
the wellbeing of
employees
Own
operations
Short,
medium,
long term
Directly caused
The impact is
assessed through
the OHS
Management
System and
concentrated on the
number of
employees in retail
and warehouses due
to inadequate safety
measures and
limited awareness
Impact on own
employees causing
health issues
- Implementation of global safety
standards
- OHS Management System
- Wellbeing strategies
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↗ T.54 MATERIAL OWN WORKFORCE-RELATED RISKS AND OPPORTUNITIES AND THE
RELATION TO BUSINESS MODEL (IRO-1, SBM-3)
Risks and opportunities
Value chain location
and horizon
Origins, dependencies and relation
to business
Mitigation actions and
measures
Risks
Working conditions
Risks around shortfall in
staffing, attracting and
getting the right talents
Own operations
Short, medium, long
term
Dependency in the job market
Any shortfall in talents may lead to
inadequate performance and have a
negative impact on operational
efficiency and talent attraction and
may cause increase of cost of hiring
- A global talent attraction and
retention strategy
- Secure employment and
employee reduction targets
based on benchmarks
- Strategic workforce planning
Risk related to OHS and
wellbeing
Own operations
Short, medium, long
term
The risks related to non-
compliance with OHS laws and
their impact on employee health
causing business interruptions
- OHS Management System
- OHS certifications and
setting policies, codes and
committees
- P&O strategy and initiatives
for wellbeing, mental and
physical health
Equal treatment and opportunities for all
Reputational risks due to
unequal treatment in
employment and
underrepresentation of
women in leadership
Own operations
Short, medium term
Dependency on social norms in
countries
The underrepresentation of women
in the business, and consequently
the absence of the innovative skills,
can lead to reputational and
business risks
- Equal opportunity for all
strategy
- Diversity strategy
- Strategy targets for women
in leadership roles
Risk of lack of right skillset Own operations
Medium, long term
Dependency on the pace of the new
business requirements
Employees could lack the right
skillsets to cope with new
developments
- Talent management strategy,
skills mapping and strategic
workforce planning
- Learning strategy
Reputational risks related
to violence and
harassment in the
workplace
Own operations
Short, medium, long
term
Reputational risks related to
employer and brand image, causing
potential consumer campaigns
- Use of Human Rights
Guideline globally in every
country
- Awareness of harassment
topics and use of prevention
measures such as training
Opportunities
Working conditions
Becoming an employer of
choice
Own operations
Short, medium, long
term
Dependency in business success
and financial performance
Providing secure employment to
attract talents
- Talent connection and
attraction strategy
Attract talents by
implementing fair wage
policies and a living wage-
focused, targeted
compensation system
Own operations
Short, medium, long
term
Fair and competitive wages
ensuring talented workforce
maintenance and reducing
turnover, increasing employee
wellbeing globally
- Living wage target
- Compensation Policy and
Report
- Benchmarking studies for
competitive wages
- Talent attraction and
retention due to fair wages
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Risks and opportunities
Value chain location
and horizon
Origins, dependencies and relation
to business
Mitigation actions and
measures
Fostering a better work-
life balance to attract
better skilled employees
Own operations
Short, medium term
Work-life balance initiatives helping
to attract and retain talents
- Wellbeing strategy and
initiatives for better working
conditions and satisfaction
- Flexible and remote/mobile
working strategy
Equal treatment and opportunities for all
Attracting better talents
and improving brand
reputation through offering
equal opportunities for all
and achieving diversity
Own operations,
downstream
Short, medium, long
term
Equal opportunities for all and
women diversity help to increase
employee loyalty and foster diverse
teams for innovation. This
contributes to business efficiency,
increases talent attraction and
reducing hiring costs, and indirectly
enhances the brand reputation for
women customers
- More talent attraction to
support business success
- Diversity strategy and
targets
- Support of brand image via
P&O strategy
Talent management based
on training and skills
development to retain key
talents and elevate
employee performance
Own operations
Short, medium, long
term
Skill development (including
upskilling and reskilling) to enable
necessary skills to improve
business resiliency, reduce
employee turnover and contribute
to better employee performance
- Talent management,
development and learning
programs
- Ensuring right skill set for
business future
Entity specific topic: community engagement
Employee volunteering
supporting employee
personal skills
development
Own operations
Short, medium term
Opportunity to enable skills
development
- Employee volunteering
programs
- Targets for community
projects
PUMA's employees may face varying levels of risk exposure, with those in warehouses and facilities in
Argentina being at slightly higher risk compared to office environments due to the nature of their work,
which involves physical labour. Given the nature of PUMA’s own operations, such as offices and stores, there
is no significant risk of incidents of child or forced or compulsory labour.
Policies related to own workforce (S1-1)
At PUMA, we have various policies addressing the material IROs related to our own global employees. The
key policies are the Code of Ethics, the Human Rights Policy, the Occupational Health and Safety Policy, and
our Human Rights Guideline, all developed to consider the interests of all our employees. We are aware of
those interests thanks to various engagement methods which are explained in the General information
(SBM-2) section. Those policies are public documents referenced in Annual Reports, and constantly
communicated to the employees through emails and training. In line with our global policies, the retail
operation sets policies and procedures to implement these requirements in stores. The P&O department
monitors the implementation with regular meetings with regions and countries.
We have a zero-tolerance policy against violations of fundamental human rights, including labour rights.
Our commitments articulated in those policies, especially the Human Rights Policy, include, but are not
limited to, the right to an adequate standard of living, freedom of association, access to a safe working
environment, zero tolerance of discrimination or any forms of forced or child-labour, modern slavery, or
human trafficking. Since 2006, PUMA’s Code of Ethics guides our actions and expectations forming part of
mandatory training and the communication campaigns of the Compliance team. We ensure the protection
and promotion of the rights of all our employees.
Our Human Rights Policy endorses internationally recognised standards like the UN Guiding Principles on
Business and Human Rights, the International Bill of Human Rights, which consists of the Universal
Declaration of Human Rights and the two covenants, and the ILO’s Declaration on Fundamental Rights and
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Principles at Work, the Ten Principles of the UN Global Compact and OECD Due Diligence Guidance for
Responsible Supply Chains in the Garment and Footwear Sector. It considers the recommendations given in
those instruments and conventions and explains the due diligence approach and mentions the principles for
the identification, mitigation and prevention of risks, in addition to addressing grievances and remediation
processes.
In 2023, we reworked our existing social standards and introduced a separated global Human Rights
Guideline to ensure measures at PUMA entities globally and mitigate risks and opportunities related to
Human Rights topics. In 2024, the Guideline was published and communicated for global implementation.
The standards that we set are aiming for the best work environment and opportunities for our own
workforce while managing our impact and implementing measures to control risks. This Guideline also
includes a section on preventive measures and remedial actions. PUMA takes all appropriate measures to
prevent such risks and end any potential violations immediately in line with their severity and the principle
of proportionality.
PUMA has a zero-tolerance policy when it comes to discrimination. We prohibit any form of discrimination
based on race, colour, nationality, gender, age, language, pregnancy, religion or belief, marital status, health
status, social or ethnic origin, union membership, political views and affiliation, sexual orientation, birth or
other status such as disability. Equal opportunities and non-discrimination apply in employee management
include hiring, training, promotion, social benefits, work assignments, salary, discipline, termination, and
retirement. We make sure that job requirements are based solely on skills, ability, and experience to do the
job, and set to attract best talents and shape the success of the company. For instance, while indicating job
descriptions, we ensure that we do not disadvantage any groups by giving guidance to subsidiaries and
using inclusive language. To promote ethical behaviours in the workplace, our Compliance team provides
annual training. We adjust the physical environment to ensure that all employees feel secure and safe
without exception. We provide remediation and recourse for any identified discrimination cases.
For more than 10 years, we have an Occupational Health and Safety Policy to ensure a healthy and safe
working environment and prevent workplace accidents, explaining PUMA’s management system in place to
prevent workplace accidents. Human Rights Guideline sets control and measures for all own operations.
In 2023, we reworked our existing social standards for our own employees and introduced a separated
global Human Rights Guideline to ensure measures at PUMA entities globally and mitigate risks and
opportunities related to Human Rights topics. In 2024, the Guideline was published and commenced its
global implementation. The standards that we set are the best work environment and opportunities for our
own workforce while managing our impact and implementing measures to control risks. This Guideline also
includes a section on preventive measures and remedial actions. PUMA takes all appropriate measures to
prevent such risks and end such violations immediately in line with their severity and the principle of
proportionality.
The afore mentioned Policies and Guideline have been adopted by the Management Board on behalf of the
PUMA Group. We also engage with our own employees on our commitment and policies via engagement
mechanisms and grievance procedures.
For talent acquisition, management and employee development, we implement internal policies and
strategies globally. All subsidiaries adapt these to their local business and employee needs. PUMA, ensures
ongoing professional and personal development for employees, tailored to individual needs, while offering
equal opportunities to access a wide range of training programs, both online and offline, including courses,
workshops and coaching. We also track and record employee development and progress.
Strategy
Our people strategy is designed to create positive impact, and address any actual and potential material
impacts, risks and opportunities. With our strategy, our P&O department considers both our employees’
interests and business needs. It underpins PUMA’s unique work environment and organisational culture
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which attracts and retains top talents. In this culture, we listen to our employees and, value their feedback
while taking decisions and empowering them to take initiative. We constantly compare our performance and
practices with other top employers. Our people strategy is based on three main pillars: People First,
Sustainable People Practices and Digitalisation.
The People First pillar puts employees at the centre of our decision making. It means listening and
understanding their needs and values to improve working conditions and fostering flexibility and autonomy.
That helps us to excel in talent management and talent retention. It also creates an inclusive culture that
respects diversity, promotes health and wellbeing, and encourages personal and professional growth.
Sustainable People Practices build a resilient organisation. This pillar creates a workplace culture that
prioritises opportunities for career growth, training and development. PUMA adopts a data-driven approach
to talent acquisition to ensure that the company remains the employer of choice in the minds of external
applicants. We analyse previous recruitment trends, identify the primary sources of talent inflow, and tailor
our talent acquisition approach accordingly. By equipping our employees with the future skills and
leadership qualities necessary, we ensure the long-term success of PUMA. We also focus on upskilling in
talent management.
Digital tools in human resources enhance work experience and keep us competitive and agile in a fast-
changing business landscape. Using digital technology boosts efficiency, data-driven decision making, and
employee experiences. We offer digital literacy programs to ensure all employees are equipped to thrive in a
digital environment.
Engagement with own workforce and workers’ representatives about impacts (S1-2)
PUMA’s company culture prioritises ongoing employee engagement and open dialogue. Various channels
are in place to report any feedback and observations related to workforce issues. We engage directly with
our employees and collaborate with employee representatives. Dedicated employees within the P&O
department work on employee engagement, and budgets are allocated for this purpose.
Our employee listening strategy includes surveys (employee voice and pulse), focus groups, interviews and
sentiment analysis. We gather employee views using digital tools such as Peakon and Workday. These
engagement tools help us manage impacts on our own employees, understand their needs and work on
new initiatives. Our commitment to employee engagement ensures their voices are heard and considered in
our decision-making. For instance, PUMA decided to review a mobile and flexible working policy as an
outcome of employee engagement processes. This decision, informed by survey results, provides our
employees with enhanced flexibility. The P&O department and global Vice President of P&O are responsible
for ensuring that engagement tools are used effectively, and the findings are considered in decision-making.
As a main engagement measurement tool, we have conducted global employee opinion surveys since 2009.
Every year, we conduct these global surveys by email to monitor employee engagement and collect
feedback on various topics mainly on workforce and work-life, but also gender equality, health and safety,
training and learning, etc. We share the survey results globally creating reports with breakdowns of
assessed categories such as gender or demographics. In this way, we can reach diverse and vulnerable
employee groups. In order to engage with retail employees, we use digitalisation so that they can participate
from any mobile device with their employee IDs. We also organise an internal communication campaign with
the participation of the CEO and global Vice President of P&O where the findings are shared in an
understandable way. The input is analysed locally and at a department level. We create action plans and
follow up on the progress.
Other engagement methods such as focus groups, are used even more frequently based on the topic and
targeted employee groups. We measure the effectiveness of our engagement tools by tracking both
employee participation rates and the progress made on action plans. We aim to have the highest
participation rate possible to make sure that the tool is used effectively. Our trust-based and constructive
collaboration with the Works Councils is an important part of our corporate culture. The European Works
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Council of PUMA SE represents employees from 14 European countries and has 18 members. The German
Works Council of PUMA SE consists of 17 members and represents the employees of the PUMA Group in
Germany. A designated member of the Works Council in Germany represents the interests of employees
with disabilities. These two Councils meet regularly and convene based on emerging topics that need to be
consulted.
We have various employee resource groups that foster a collaborative working environment where
employees can learn from each other, share their experiences and be part of cultivating a company culture.
These groups meet in person, but we also use digital tools to facilitate communication and interaction. At
PUMA Headquarters, for instance, there is a Diversity, Equity and Inclusion Group where employees can
engage both in person and digitally via Viva Engage to voice their journeys. We also conduct global townhall
meetings where our employees from different locations can communicate with the Board directly and share
their questions, comments and feedback in person and online.
Our engagement activities are not limited to our own workforce, but also involve potential talents and
candidates. To get suggestions on how to improve the brand, we invite them to digital PUMA events and
listen to them. Reactive engagement occurs when concerns are raised, and grievance mechanisms are also
useful tools that we use for employee engagement and feedback collection.
Remediation of negative impacts and channels to raise concerns (S1-3)
At PUMA, we have a zero-tolerance policy when it comes to violations of fundamental Human Rights and
environmental protection laws as part of PUMA policies as declared in our Code of Ethics, Code of Conduct
and Human Rights Policy. PUMA employees can raise their concerns regarding any issues or violations of
the applicable laws and PUMA policies through various complaint mechanisms at their discretion. They may
choose to file a complaint by contacting their supervisors, staff representative or P&O Business Partner as
well as the Local or Chief Compliance Officer, as described in the Code of Ethics. They can also raise their
concerns via PUMA’s external whistleblowing platform, or the Works Council, if it exists in their country.
PUMA employees may choose to remain anonymous when using SpeakUp, as the encrypted data is
transmitted via the secure and independent, third-party server of our provider.
All investigations are conducted in an impartial manner and comply with the applicable laws and
regulations. PUMA employees who submit a complaint are protected from any form of retaliation or
disciplinary action provided that the complaint was made in good faith. Any acts of retaliation against a
PUMA employee who submit a complaint leads to appropriate disciplinary action. This is further addressed
in our Code of Ethics.
If the investigation confirms a violation or a potential risk of a violation of the law or PUMA policies, all
appropriate measures are taken to prevent, end or minimise such violations or potential risk of violation in
accordance with the severity and the principle of proportionality. Appropriate measures include risk
analysis, audits and/or on-site inspections, preventive measures (such as training programs) and/or the
implementation of a corrective action plan. We maintain thorough documentation for all cases throughout
the investigation process on SpeakUp. This includes recording the results of the investigation and the
measures taken to address any violations or risks. Additionally, Group Compliance tracks all on-going cases
on a regular basis in order to ensure investigations are conducted without undue delay.
PUMA’s complaint mechanisms serve as a way for us to be aware of and capable of remedying potential
risks and violations of applicable laws, regulations and PUMA policies. Therefore, we promote a company
culture which encourages PUMA employees to speak up and ensure that they are aware of our complaint
mechanisms. For corporate employees, we regularly conduct awareness campaigns and communicate with
our employees through in-person training, email, and our internal Sharepoint to promote awareness of the
availability of our complaints mechanisms. For our retail employees, awareness measures are shared on
employee boards in the stores. Furthermore, our Global Compliance team provides regular and mandatory
training on our Code of Ethics to all PUMA employees.
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In assessing the trust in our complaints mechanism, we had conducted a global risk assessment within
PUMA’s own operations covering various compliance risk areas, including compliance culture. The results
showed that 99 % of the participants selected for the global risk assessment expressed that the compliance
culture at PUMA is positive, and 92 % of these participants are aware of our SpeakUp platform, which is an
indicator of trust in our complaint mechanisms. Additionally, our employee opinion surveys indicate that
most PUMA employees feel confident in raising concerns at the workplace and believe their voices are
heard.
To ensure the effectiveness of these channels, PUMA is committed to reviewing the effectiveness of the
complaint procedure at least once a year and/or on an ad hoc basis if PUMA expects a significantly changed
or significantly expanded risk situation. For more information on complaint submission and processing,
confidentiality, non-retaliation, remedial actions, please refer to PUMA’s Rules for the Complaint Procedure.
Actions on material impacts on own workforce, and managing material risks and opportunities related to
own workforce (S1-4, MDR-A)
PUMA takes annual actions to manage its potential or actual negative impacts and enhance positive impacts
on working conditions and equal opportunities for all employees, globally. For all key actions to take, we
consider our strategic priorities and engage with our employees using methods that are explained in the
Engagement with own workforce and workers’ representatives about impacts (S1-2) section. We track the
effectiveness of the actions with various tools such as surveys, tracking data and metrics. In addition, PUMA
seeks consultation with the Works Council when making decisions and taking actions in material impact
areas to ensure that employees are not adversely affected. Our actions for ensuring better working
conditions and equal treatment and opportunities support our policy objectives and SDGs.
Working conditions
In 2024, we took various key actions to manage our impacts in every topic related to working conditions.
They are explained under the sub-topics of secure employment, working time, adequate wages, social
dialogue, freedom of association and collective bargaining, work-life balance and health and safety.
They are explained under the topics of secure employment, working time, adequate wages, social dialogue,
freedom of association and collective bargaining, work-life balance and health and safety.
Secure employment
PUMA ensures secure employment and social protection for its employees, including job security, parental
leave, sick leave, and insurance contributions. Pension provisions are explained in the Notes to the
consolidated financial statements in the chapter on Pension Provision. The Human Rights Guideline which
was introduced in 2024, sets controls and measures for all PUMA’s own operations, sets provisions for the
basis to follow in all countries.
We proactively anticipate developments by linking our headcount to revenue developments, and constantly
apply upskilling and reskilling initiatives to ensure our team's growth and stability, thereby avoiding mass
layoffs.
In 2024, we continued to monitor both permanent and fixed-term contracts, as well as the number of part-
time and full-time employees. We focused on reducing voluntary turnover in both offices and retail
operations. Our overarching goal is to ensure that at least 80 % of our employees hold a permanent
contract. In the future, we will continue to consider this target while offering contracts.
Working time
At PUMA, a regular workweek globally does not exceed 48 hours, most PUMA employees work less than 48
hours due to a 5-day work week and employees are guaranteed one day off for every seven-day period.
Overtime hours are permitted only as long as the overtime hours are within the limits permitted by national,
state or local legislation, or collective agreements. We do not request overtime work on a regular basis, and
consider its compensation at a rate consistent with applicable law. While planning the schedules and shifts
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of store employees, we consider both the needs of the business and the requests of employees. In 2024, we
continued to monitor that all PUMA operations comply with this standard.
Adequate wages
Since 2021, we have used the Fair Wage Network’s living wage database to ensure that all employees
globally are paid a living wage. We have continued our cooperation with the Fair Wage Network, allowing
access to benchmarks for all of our subsidiaries. Since 2022, performance indicators tied to bonuses have
been tracked by the global leadership team to ensure this. In 2024, all employees who generate their living
income with PUMA are earning a living wage or more based on the Living Wage Adjusted Mean benchmark
as defined by the Fair Wage Network.
Social dialogue, freedom of association and collective bargaining
At PUMA, our constructive dialogue culture positively impacts employee rights by allowing participation in
management. We encourage social dialogue, regular information sharing, and consulting with worker
representatives before making employment-related decisions. We recognise the right of freedom of
association of our employees and their rights to unionise or join trade unions, employee representation
bodies or industry-related associations, including the right to strike and bargain collectively, without fear of
discrimination, intimidation, or retaliation. We also respect the right of our employees not to join unions or
other associations. As explained in the Engagement with own workforce and worker’s representatives about
impacts section, our trust-based, constructive collaboration with the Works Councils continued to be an
important part of our corporate culture.
Work-life balance
At PUMA, we offer a range of services and benefits to enhance their health and happiness. Our wellbeing
strategy cover four main areas: Flex, Social, Financial and Athlete. In 2024, we provided a selection of sports
classes and training opportunities in our outdoor and indoor facilities, in addition to organising sports
events and offering gym classes. We continued to promote our “Be Well Weeks” initiatives and included
complementary health checks, nutritional counselling and wellness resources such as ergonomic
evaluations and mental health guidance.
We continued to offer various working models, such as flexible working, mobile office, part-time and
sabbaticals to help our employees balance their work and personal lives and manage stress. All of our
offices around the world have a hybrid working model that offers flexibility in work hours and location. Since
2015, our Headquarters has held the German “audit berufundfamilie” certificate which recognises good
working conditions for working parents, such as having a parent-child office, a nursing room, childcare
facilities and summer camps for children during school holidays.
Health and safety
A central Health and Safety Committee at our Headquarters in Herzogenaurach meets every three months,
including a specialised labour physician, a health and safety technician and employee representatives. They
conduct regular health and safety inspections, complemented by official bodies like the German
Berufsgenossenschaft. This committee also helps to take any required actions to reduce material negative
impacts.
All major offices have designated local health and safety experts, and/or their own health and safety
committees. Our Vice President P&O, as part of our Executive Management Team, reports at least quarterly
on health and safety issues to our Executive Committee. In 2024, we continued mitigating safety risks. As
part of ISO 45001 certification which an international standard demonstrating our commitment to safety and
adherence to regulations, our Headquarters has been audited.
In our pulse survey, we collected feedback from our employees regarding their physical and mental health.
Additionally, we provide an opportunity for employees to offer their recommendations and feedback to
PUMA, ensuring that their insights contribute to the continuous improvement of health and safety. To
increase awareness, we provide training programs such as general safety, fire safety and first aid to equip
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employees with skills to handle emergencies and reduce accidents. In 2024, we promoted our digital OHS
training course to all our sites, which included hygiene and proper mobile office behaviour.
We aim for zero fatalities and lowering the average injury rate year annually. For more than ten years, we
have recorded no work-related fatal accidents, and the rate of occupational diseases was zero at PUMA,
including 2024. In the future, we want to ensure that we have zero fatalities.
Equal treatment and opportunities for all
PUMA is committed to providing a fair work environment and equal opportunities for everyone. We foster
diversity, equality, and inclusion (DEI) in all aspects of our business. Our policy of equal treatment and anti-
discrimination covers every part of the employee relationship, including the promotion of diversity and equal
opportunities for training and skills development. By integrating DEI into our business, we enhance our
international competitiveness. At PUMA, any form of discrimination based on race, colour, nationality,
gender, age, language, pregnancy, religion or belief, marital status, health status, social or ethnic origin,
union membership, political views and affiliation, sexual orientation, birth or other status such as disability
is prohibited.
Diversity
At PUMA, diversity is an essential part of our culture enhancing our corporate culture and strengthening
relationships with consumers, partners, and communities. By embracing diversity in all its forms, we are
better equipped to serve the needs of our consumers, partners and communities. We foster an inclusive
environment where every individual feels valued, respected, and empowered, enhancing business
performance and creating a more equitable future. This commitment is part of our PUMA Code of Ethics
(2005) and the 2010 Diversity Charter that we are part of.
We support people of all genders and believe that diversity drives success. We employ people from 145
countries. Our home base in Germany, employs people from over 84 different nations. “BE YOU” is central to
our culture, promoting a respectful and supportive work environment where each employee can be their
true self. Our employees represent all age groups. The average age of our employees worldwide is 32.
We listen to our employees to address systemic barriers and identify areas for improvement. In 2024, we
revisited our diversity policy and included new targets. We also organised employee training on
discrimination and injustice, intercultural communication, diversity, inclusion and belonging. In addition, we
hosted talks with internal and external speakers and published articles on our internal communication
platforms to raise awareness.
In 2024, we displayed rainbow flags at our Headquarters, lit up the building in rainbow colours and
sponsored the Christopher Street Day (CSD) in Nuremberg during Pride Month to support the LGBTQIA+
community. In 2024, PUMA North America has made progress in advancing its “REFORM the Workplace”
DEI Strategy through several impactful initiatives. To measure and enhance employee experiences, the
"Belonging Survey" is introduced to assess sentiment around belonging and track progress year over year.
Additionally, the "DEI Champion" learning track was introduced to enhance cultural competency and foster
an understanding of diversity within the organisation. In 2024, PUMA’s first Hispanic/Latin Employee
Resource Group, Juntos is created and became one of the ERGs including BBOLD and pumALLiance.
We prioritise an inclusive workplace for people with disabilities, adapting workplaces and training to meet
their needs. In Germany, an elected Works Council member represents the interests of employees with
disabilities. In some countries, legal issues prevent our companies from asking questions about and
recording disability status and severity. Around 1 % of our employees have told us that they have a severe
disability, but the true number is probably higher.
Gender equality and equal pay for work of equal value
Our target is to ensure equal representation of women and men in leadership positions, with at least 45 % of
leadership roles (teamhead and above) held by women and men by 2030. In addition, we aim to foster
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diversity and inclusion on all aspects including culture, ethnicity and sexual orientation measured using a
leading diversity and inclusion score based on employee opinion surveys (top quartile of industry, every year
until 2030).
Ensuring fair and non-discriminatory compensation is one of our strategic priorities. Our gender-neutral
compensation framework is based on analytical job evaluations and a global grading system, ruling out any
gender-specific discrimination. Our performance-based compensation system includes a fixed base salary,
bonus schemes, profit-sharing programs, and various social and intangible benefits. We also offer long-
term incentive programs for senior management, linked exclusively to company goals.
PUMA in Germany is certified as Universal Fair Pay Developer by the Fair Pay Innovation Lab for
successfully having closed the adjusted pay gap (<1 %) as of 2023. In 2024, we have closed the gender pay in
further PUMA subsidiaries. PUMA North America, Canada, Sweden, Italy, France and Spain, are certified as
“Fair Pay Developer” for having closed the adjusted pay gap (<1 %). PUMA’s subsidiaries in South Africa and
the United Arab Emirates were even certified as “Fair Pay Leader” which means that next to having closed
the adjusted gender pay gap, the unadjusted pay gap is below 10 %. In 2025, the gender pay gap analysis will
continue to be conducted and will be introduced to our other regions.
Training and skills development
At PUMA, talent development is at the heart of our training and skill enhancement initiatives. We analyse
employee profiles to align internal talent with career opportunities, thereby building a succession pipeline.
We foster a culture centred around feedback and results, coupled with a self-directed learning mindset
through an integrated talent management approach.
At least once a year, all employees who are employed at PUMA for more than six months are evaluated,
based on their performance and potential. In 2024, PUMA updated the Performance Management Process
by adapting competencies, changing the rating scheme, and streamlining level segmentation to facilitate a
more efficient and transparent evaluation.
Global talent conferences are held to assess PUMA’s workforce, including all levels of management. Criteria
such as individual performance, competencies, potential, career direction, readiness, and mobility are used
for evaluation. During individual appraisal discussions, managers and employees reflect on the past 12
months and formulate personal development plans with specific action steps.
PUMA focuses on internal talent mobility, providing employees with opportunities for professional growth
and cross-cultural experiences, resulting in an enhanced learning curve on both professional and personal
levels. Using digital platforms like Workday's Job Alert and Talent Marketplace, internal talents can easily
find job opportunities. They also have the opportunity to connect with a mentor based on shared skills and
explore new learning opportunities.
Strategic workforce planning and tools like Workday enable us to identify skill gaps effectively. We offer a
wide range of training and development options based on specific needs, both online and offline. In 2024,
employees enriched their Workday profiles by documenting their skills, certifications, trainings and career
aspirations. A targeted analysis of employee profiles allows PUMA to align internal talent with upcoming
career opportunities, helping to build a succession pipeline and address future competency needs.
Our onboarding process ensures that new hires have a positive first-day experience, equipping them with
the necessary skills and knowledge to work effectively. As part of the onboarding training, we align new
team members with PUMA’s culture, values, and mission, while also clarifying their roles. This process not
only boosts productivity and teamwork but also supports better integration for new employees. Internal
talent mobility is crucial for skills development, offering our employees professional growth and cross-
cultural experiences. We use digital platforms to present internal job opportunities to all our employees.
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The learning culture at PUMA is built on self-driven learning, which ensures the most suitable and tailored
way to learn and develop skills for each employee individually. With our needs-based learning portfolio,
which is crafted to align with the specific needs of our organisation, we identify the most relevant topics that
will best support our employees’ growth and development. We deliver targeted learning experiences that
enhance skills, boost productivity and drive success.
Our internal training department offers on-demand training, enhancing our organisation's learning
capabilities. Acting as an internal service provider, it ensures higher coverage of learning and development
requests, addressing the diverse needs of our workforce. We are currently exploring the implementation of
a new training evaluation system to increase training effectiveness and demonstrate return on investment,
and enhance employee satisfaction and engagement.
Our employees can access over 23,000 online training courses in multiple languages. PUMA employees also
contribute to creating product-specific learning content. Localised learning ambassadors as retail trainers
and regional P&O partners are equipped with smart authoring tools to produce local e-learning content. We
run global e-learning campaigns on a regular basis on topics like compliance, cyber security, DEI,
occupational health and safety. These are helping to ensure a safe and stable working environment and are
performing with a significantly high average participation rate on a global level. To support language
education, we offer access to the language learning platform Busuu, allowing our workforce to learn new
languages at their own pace and according to their needs, in both corporate and retail environments. Our
proactive learner engagement strategy includes activations, gamification, and internal learning
competitions.
We share some examples of selected training programs at PUMA:
Agile learning: in 2024, we continued to provide digital agile learning programmes to our employees globally
to establish an agile learning organisation. We focus on need-based training at two levels: Agile Rookie and
Agile Facilitator. The Agile Rookie program serves as an entry level training initiative, allowing employees to
get familiarised with various agile topics and methodologies. Meanwhile, the Agile Facilitator is designed for
those employees who wish to further support their teams by facilitating agile meetings such as sprint
reviews or retrospectives.
Leadership training ILP/ILP²/PLE: we highly value their skills and leadership expertise in mastering
complex challenges in a volatile world while achieving our goal of excellence. Our International Leadership
Programme (ILP & ILP²) provides staff with essential competencies and promotes a shared knowledge of
our leadership culture. PUMA leaders receive comprehensive training and coaching, including interactive
learning, roleplay, best-practice learning, and joint projects. Mindful leadership and agile work are
emphasised. The programme's modular design allows managers to apply their newly acquired knowledge
between seminars.
In 2024, we introduced a hybrid approach to ILP to enhance the learning experience by using diverse
learning styles and providing interactive, engaging sessions. This approach fosters a strong sense of
community and networking opportunities while at the same time being more efficient and providing
flexibility to the participants. To round up the Leadership Training portfolio, we also introduced ILP Focus.
This two-day training has a very practical approach and serves as a follow-up for participants of ILP.
In 2024, we continued to promote PUMA Leadership Expedition program which is designed to teach leaders,
as well as future leaders how to lead well in complexity and ambiguity. Self-driven learning, nugget-
learning, learning sprints and peer-learning, coaches and group assignments underpin this virtual course.
PUMA leaders can voluntarily be part of this program which takes around 100 hours and choose what, when,
and how to learn from over 130 one-hour learning nuggets with a balanced mix of trainer-led virtual
sessions and self-directed learning in 18 months. First-time managers get PUMA-tailored training “from
employee to manager” to prepare them for their new role and ensure a common concept of leadership at
PUMA.
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155
Speed Up/Speed Up
2: retaining talent and speeding up their progress is important for the success of our
business. PUMA's High Potential programs, Speed Up and Speed Up², are designed to engage top
performers by accelerating their development, unlocking new capabilities, and opening doors both
domestically and internationally for a long and fulfilling career at PUMA. These programs offer participants
unparalleled preparation and support for vertical advancement within the company, ensuring they remain
competitive with even the most seasoned external candidates. This way, PUMA cultivates internal talent and
develops responsible and innovative leaders from within the organisation. Cross-functional projects and
tasks, coaching, mentoring, and specialised training prepares employees for their next career steps.
Participants also get to meet top management and build strong networks around the world.
Coaching offer: at PUMA, senior employees and leaders can develop their goals with certified business
coaches. We match employees with coaches based on their needs to ensure maximum impact. This fosters
a culture of continuous improvement, enhancing performance and growth.
Future Talent: future talent management is important for PUMA. We participate in various career fairs and
university initiatives both locally and abroad to approach potential employees and identify suitable
candidates. Within our dual study program, young talents acquire a theoretical grounding through
partnerships with various universities and practical experience in different PUMA teams. Our apprentices
train as industrial clerks, IT specialists or retail sales manager. They work in various departments to build
personal and professional skills and increase their knowledge while attending vocational school.
Internships and working student positions are another way to become familiar with PUMA. Students from
around the world get six months of work experience as well as the opportunity to build their network and
hone their talents. In 2024, 10 apprentices and 6 dual students started working at PUMA’s Headquarters in
Germany, bringing the total number of future talents to 24 apprentices and 16 dual students working for
PUMA.
CAT Talk: CAT Talk is an innovative “edutainment” format designed to support PUMA’s strategic focuses by
presenting 45-minute episodes featuring bite-sized learning content on various topics. This format fosters
internal visibility, allowing talents to share expertise while entertaining and enriching the learning
experience.
Retail development: to support our retail employees’ development, we provide two special programs: PUMA
University for Trainers and PUMA University for Leaders. The PUMA University for Trainers certifies retail
trainers, equipping them with advanced communication, coaching, and training skills to deliver PUMA’s
curriculum, which includes selling, functional, leadership skills, and product and brand knowledge. The
PUMA University Leaders program develops high-potential talents across various roles. Updated in 2024, it
includes key topics such as PUMA’s global strategy, agile project management, emotional intelligence, and
sustainability. Participants are selected through an assessment centre and improve their leadership skills
through a blended learning approach.
METRICS AND TARGETS (MDR-M, MDR-T, S1-5)
As part of our Vision 2030, we established targets for our global own workforce during 2024. All targets are
in line with and support our business strategy and policy objectives. During the target-setting process, we
considered our impact areas and international trends in human resources areas, PUMA’s data trends over
the years and benchmarks from peers. These targets were established after consultations with internal
stakeholders, presentation at the Stakeholder Dialog meeting, and approval from both the Management
Board and Supervisory Board, including the employee representative. All set targets contribute to our
progress in SDGs.
Vision 2030 Targets (Baseline year 2025, own operations, global)
•
Living wage: Continue ensuring that all PUMA employees who earn their living income with PUMA are
paid a living wage every year
•
Diversity and inclusion: Ensure equal representation of women and men in leadership positions with at
least 45 % of leadership roles (teamhead and above) held by women and men by 2030 and foster diversity
PUMA Annual Report 2024
Combined Management Report
156
and inclusion on all aspects including culture, ethnicity and sexual orientation measured using a leading
diversity and inclusion score based on employee opinion surveys (top quartile of industry, every year until
2030)
•
Employee engagement and development: Keep a leading employee engagement score based on
employee opinion surveys above the top quartile of the industry and provide 8-10 training hours per FTE
every year
•
Gender equality: Close the gender pay gap in all countries (externally verified)
•
Health and safety: Zero fatal accidents and keep lost time injury rate below 2 (less than 2 injuries per
1,000,000 hours worked) every year.
10FOR25 Targets (Baseline year 2020, own operations, global)
•
All PUMA employees who earn their living income with PUMA are paid a living wage
- In 2024, all employees are paid a living wage
•
Zero fatal accidents
- In 2024, zero fatal work-related accident happened
•
Injury rate below 0.5 and 80 % of employees trained on OHS
- In 2024, the injury rate was 0.44 and was below 0.5
- 85 % of employees trained on OHS.
Through those targets related to our own workforce, we aim to address fair compensation through an
adequate/living wage target, enhance diversity and inclusion at PUMA and maintain the highest
occupational health and safety standards at PUMA locations. Unless otherwise specified, progress towards
the targets is measured annually, with data collected through a specialised HR software (Workday) and our
social reporting campaign for 12 months, with contributions from all subsidiaries of PUMA. Target year is
2025 and no changes were made to the metrics or underlying methodologies for our 10FOR25 targets.
Additionally, we consider relevant and internationally recognised benchmarks, such as the Fair Wage
Network, for the living wage target.
↗ T.55 CHARACTERISTICS OF WORKFORCE: NUMBER OF EMPLOYEES
1 BY GENDER (S1-6)
Gender
2024
2023
Male
11,188
10,670
Female
11,006
10,522
Other
2
20
22
Not reported
n/a
n/a
Total
22,214
21,214
1
Year-end head count data for global workforce, directly employed by PUMA, same number considered in consolidated
financial statements. It means that all employees performing work for PUMA owned entities are included. Interns are
excluded from own workforce metrics.
2
Gender as specified by employees.
↗ T.56 CHARACTERISTICS OF WORKFORCE: NUMBER OF EMPLOYEES
1 BY COUNTRY
2 (S1-6)
2024
2023
Germany (Europe region)
2,154
2,009
United States of America (North America region)
3,307
3,285
1
Year-end head count data for global workforce, directly employed by PUMA.
2
In countries where PUMA's workforce constitutes at least 10 % of the total employee count. PUMA voluntarily discloses the
number of employees in Germany since it is the location of the Headquarters.
PUMA Annual Report 2024
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157
↗ T.57 CHARACTERISTICS OF WORKFORCE: NUMBER OF EMPLOYEES
1 BY GENDER AND EMPLOYMENT CONTRACT TYPES
2 AND THE NUMBER OF
INTERNS BY GENDER (S1-6)
2024
2023
Female
Male
Other
3
Not disc.
Total
Female
Male
Other
3
Not disc.
Total
Employees
4
11,006
11,188
20
0
22,214
10,522
10,670
22
0
21,214
Permanent employees
9,943
10,285
16
0
20,244
9,573
9,813
20
0
19,406
Temporary employees
1,021
877
4
0
1,902
931
848
2
0
1,781
Non-guaranteed hours employees
5
42
26
0
0
68
18
9
0
0
27
Full-time employees
8,160
9,132
11
0
17,303
7,759
8,707
12
0
16,478
Part-time employees
2,846
2,056
9
0
4,911
2,763
1,963
10
0
4,736
Interns
6
159
127
0
0
286
122
116
1
0
239
Total workforce
11,165
11,315
20
0
22,500
10,644
10,786
23
0
21,453
1
Year-end head count data for global workforce, directly employed by PUMA. Interns are excluded from own workforce metrics.
2
The definitions of contract types are based on the local laws of countries.
3
Gender as specified by the employees.
4
Year-end head count data for global workforce, directly employed by PUMA. Interns are excluded from own workforce metrics.
5
Non-guaranteed hours employees are employees without a guarantee of a minimum or fixed number of working hours.
6
Interns are excluded from own workforce metrics.
Combined Management Report
PUMA Annual Report 2024
158
↗ T.58 CHARACTERISTICS OF WORKFORCE: NUMBER OF EMPLOYEES
1 BY EMPLOYMENT CONTRACT TYPES
2 AND REGIONS (S1-6)
2024
2023
Europe
EEMEA
APAC
LATAM
North
America
Total
Europe
EEMEA
APAC
LATAM
North
America
Total
Employees
5,234
3,881
4,893
4,415
3,791
22,214
5,044
3,872
4,740
3,772
3,786
21,214
Permanent employees
4,468
3,770
4,480
4,415
3,111
20,244
4,304
3,771
4,358
3,771
3,202
19,406
Temporary employees
698
111
413
0
680
1,902
713
101
382
1
584
1,781
Non-guaranteed hours employees
3
68
0
0
0
0
68
27
0
0
0
0
27
Full-time employees
3,843
3,802
4,199
3,896
1,563
17,303
3,742
3,742
4,051
3,386
1,557
16,478
Part-time employees
1,391
79
694
519
2,228
4,911
1,302
130
689
386
2,229
4,736
Employees per region (%)
24 %
17 %
22 %
20 %
17 %
100 %
24 %
18 %
22 %
18 %
18 %
100 %
1
Year-end head count data for global workforce, directly employed by PUMA. Interns are excluded from own workforce metrics.
2
The definitions of contract types are based on the local laws of countries.
3
Non-guaranteed hours employees are employees without a guarantee of a minimum or fixed number of working hours.
Combined Management Report
PUMA Annual Report 2024
159
↗ T.59 CHARACTERISTICS OF WORKFORCE: EMPLOYEE TURNOVER (S1-6)
2024
2023
6
Women
Men
Other
Not
disc.
Women
Men
Other
Not
disc.
Total number of employees who left
PUMA
4,052
4,147
14
67
4,107
4,249
14
80
Voluntary
1
2,918
2,788
12
41
2,907
2,806
13
39
Dismissal
2
571
809
1
13
519
727
0
15
Retirements
17
17
0
0
12
12
0
0
Other
546
533
1
13
669
704
1
26
Voluntary turnover (%)
3
26 %
27 %
Retail (%)
38 %
42 %
Non-retail (%)
9 %
8 %
Involuntary turnover (%)
4
6 %
6 %
Total turnover rate (%)
5
32 %
33 %
Average length of service at PUMA
(in years)
4.28
4.17
1
Voluntary leave includes work contracts terminated by employees.
2
Dismissals include work contracts terminated by employer.
3
Voluntary turnover is calculated based on the data of all employees who left PUMA voluntarily (resignations). The formula
used is the number of employees who left voluntarily divided by total number of employees (year-end head count).
4
Involuntary turnover is calculated based on the data of all employees who left PUMA involuntarily (dismissals). The formula
used is the number of employees who left involuntarily divided by total number of employees (year-end head count).
5
Calculated considering voluntary and involuntary terminations, retirements and deceased employees divided by the total
number of employees (year-end head count).
6
The method for calculating the turnover rate has been adjusted compared to the publication in the Annual Report 2023.
↗ T.60 COLLECTIVE BARGAINING
1 AND SOCIAL DIALOGUE
2 COVERAGE BY PERCENTAGE (S1-8)
2024
Collective bargaining coverage
3
Social dialogue
3
Employees – EEA
4
Employees – Non-EEA
Workplace
representation (EEA)
5
0-19 %
North America, EEMEA
20-39 %
LATAM, APAC
40-59 %
60-79 %
80-100 %
Germany
Germany
1
Number of employees (year-end head count) covered by collective bargaining agreements divided by the number of
employees (year-end head count) multiplied by 100.
2
In PUMA SE, there is a Works Council structure. PUMA is not part of any other international agreements.
3
It is disclosed where employees represent at least 10 % of the total number of employees. Voluntary statement is made for
Germany since it is the location of the Headquarters.
4
EEA: European Economic Area.
5
Number of employees (year-end head count) working in establishments with workers’ representatives divided by number of
employees (year-end head count) multiplied by 100.
PUMA Annual Report 2024
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160
↗ T.61 GENDER DIVERSITY BY MANAGEMENT LEVELS (S1-9)
2024
2023
Women
Men
Other
Women
Men
Other
#
%
#
%
#
%
#
%
#
%
#
%
Number of
employees
1
11,006
50 % 11,188
50 %
20
<1 % 10,522
50 % 10,670
50 %
22
<1 %
Employees in
leadership positions
2
1,674
42 %
2,282
58 %
2
<1 %
1,596
43 %
2,114
57 %
2
<1 %
Employees in junior
management
3
981
45 %
1,222
55 %
2
<1 %
963
46 %
1,126
54 %
2
<1 %
Employees in middle
management
470
42 %
656
58 %
0
0 %
428
42 %
593
58 %
0
0 %
Employees in top
management
4
223
36 %
404
64 %
0
0 %
205
34 %
395
66 %
0
0 %
Employees in non-
management
positions
9,332
51 %
8,906
49 %
18
<1 %
8926
51 %
8,556
49 %
20
<1 %
1
Year-end head count data for global workforce, directly employed by PUMA.
2
Leadership positions refers to managers with at least one direct report.
3
Junior management positions refer to first-line managers (lowest level of management).
4
Top management positions refer to managers a maximum of two levels away from C-suite: (n-1) and (n-2).
↗ T.62 DIVERSITY BY AGE
1 (S1-9)
2024
2023
–30
30-50
+50
–30
30-50
+50
#
%
#
%
#
%
#
%
#
%
#
%
Number of
employees
2
10,246
46 % 10,743
48 %
1,225
6 % 10,027
47 % 10,037
47 %
1,150
5 %
Employees in
leadership positions
3
334
8 %
3,190
81 %
434
11 %
309
8 %
2,992
81 %
411
11 %
Employees in junior
management
306
14 %
1,770
80 %
129
6 %
287
14 %
1,676
80 %
128
6 %
Employees in middle
management
26
2 %
977
87 %
123
11 %
21
2 %
885
87 %
115
11 %
Employees in top
management
2
<1 %
443
71 %
182
29 %
1
<1 %
431
72 %
168
28 %
1
Age grouping is based on under 30 years old (-30), between 30-50 (30-50), over 50 years old (+50).
2
Year-end head count data for global workforce, directly employed by PUMA.
3
Leadership positions refers to managers with at least one direct report.
PUMA Annual Report 2024
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161
↗ T.63 ADEQUATE (LIVING) WAGE METRICS (S1-10)
2024
2023
Employees getting an adequate (living) wage
1 (%)
100
100
Employees paid below the applicable adequate (living) wage (%)
0
0
Countries where employees earn below adequate (living) wage
n/a
n/a
1
According to ESRS S1-10 all employees receive an adequate wage. All employees worldwide earn at least the minimum
wages as defined on national levels. In case minimum wages are not defined on national level, wages of employees meet at
least the living wage benchmark as defined by Fair Wage Network (applicable benchmark according to ESRS S1-10). All
assessments have been performed internally.
↗ T.64 TRAINING AND SKILLS DEVELOPMENT AND PERFORMANCE REVIEW METRICS (S1-13)
2024
2023
Women
Men
Other
Women
Men
Other
Total training hours by gender
1
85,835
85,069
131
80,288
80,064
129
Total training hours
171,035
160,481
Average training hours per employee by gender
2
7.8
7.6
6.6
7.6
7.5
5.9
Average training hours per employee
3
7.7
7.6
Employees participating in regular performance and
career development review
4
8,449
8,435
14
8,187
8,206
19
Percentage of reviews in proportion to the agreed
number of reviews by the management
5
88 %
85 %
93 %
78 %
84 %
89 %
Non-retail (%)
90 %
84 %
100 %
Retail (%)
85 %
86 %
90 %
Percentage of employees participating in regular
performance and career development review
6
77 %
75 %
70 %
78 %
77 %
86 %
Non-retail (%)
91 %
83 %
100 %
91 %
82 %
100 %
Retail (%)
67 %
70 %
63 %
69 %
72 %
84 %
Average amount spent on training per FTE (€)
250
234
1
Includes all training hours given to employees, globally.
2
The average training hours are calculated by dividing the total training hours (by gender) by the number of employees (by
gender, year-end head count).
3
The average training hours are calculated by dividing the total training hours by the number of employees (year-end head
count).
4
PUMA has a formal and regular talent and performance management process that supports employees in their
development. The performance review includes self-assessments and evaluations by the manager based on criteria known
to employees that are consequently discussed in appraisal talks. Additionally, employees can request a 360-degree
feedback.
5
Every employee is supposed to have a performance review. Reported are digitally traceable performance reviews in Workday.
Seasonal workers, employees in a terminated employment relationship, on leave or with a tenure of less than 3 months do
not have a performance plan in Workday. No gender breakdown by Retail/Non-retail for 2023 available.
6
The ratio is calculated by the number of performance reviews divided by number of employees (year-end head count).
PUMA Annual Report 2024
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162
↗ T.65 OCCUPATIONAL HEALTH AND SAFETY (S1-14)
2024
2023
Number of employees trained on OHS
18,859
17,234
Percentage of employees trained on OHS
85 %
81 %
Total work-related fatalities
0
0
Total work-related injuries (accidents)
1
89
98
Number of recordable work-related ill health
2
2
n/a
Number of days lost to work-related injuries and ill-health
3
1,687
n/a
Rate of work related injuries
4
Lost time injury (frequency) rate per 200,000 working hours
0.44
0.46
Lost time injury (frequency) rate per 1,000,000 working hours
2.21
2.29
Percentage of employees who are covered by occupational health and safety management
system (internal) related to legal requirements
100 %
100 %
Percentage of employees who are covered by occupational health and safety management
system (ISO 45001 Health and Safety Management System)
5
8 %
8 %
1
Accidents at work occurring at the place of work or during movement in the course of work (i.e. excluding accidents
occurring between home and the workplace) resulting in a work stoppage of at least one day.
2
Work related ill health cases include diseases of mental and physical health.
3
No data for 2023 is available.
4
Calculated based on the number of accidents divided by the number of employees (year-end head count).
5
The coverage is calculated based on the number of employees (year-end head count) working in offices which are covered by
ISO 45001 divided by the total number of employees (year-end head count).
↗ T.66 WORK-LIFE BALANCE METRICS (S1-15)
2024
Women
Men
Other
Employees entitled to take parental leave (%)
1
100 %
Percentage of employees that took parental leave
2
28 %
3 %
0 %
1
According to PUMA's Global Parental Leave Policy, all PUMA employees are entitled to take parental leave.
2
The percentage is calculated by the number of employees who took parental leave divided by the total number of employees
in the same gender category (year-end head count).
PUMA Annual Report 2024
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163
↗ T.67 COMPENSATION METRICS (S1-16)
2024
Gender pay gap
Unadjusted gender pay gap
1
2 %
Total remuneration ratio
2
Annual total remuneration ratio of the highest paid individual to the median annual total
remuneration of all employees
168
Annual total remuneration ratio of the highest paid individual to the median annual total
remuneration of all employees, adjusted by local differences in purchasing power as
well as differences in tax and social security deductions by country
3
110
Annual total remuneration ratio of the highest paid individual to the median annual total
remuneration of all employees in Germany
4
73
1
Unadjusted gender pay gap is calculated by subtracting the average gross hourly pay level of female employees from the
average gross hourly pay level of male employees, then dividing the result by the average gross hourly pay level of male
employees, multiplied by 100.
2
The total remuneration is calculated by dividing the total annual remuneration in € for the highest paid individual by the
median employee’s gross annual total remuneration in € (excluding the highest paid individual). For the ratio the annual
total direct compensation is applied, which includes base salary, bonus, car and long-term incentives. The total
remuneration ratio is not validated by any external body other than the assurance provider.
3
Total remuneration ratio considering differences by country in tax and social security deductions, adjusted for differences in
purchasing power.
4
Total remuneration ratio for Germany, considering that the highest paid individual is based in Germany.
↗ T.68 GENDER PAY METRICS BY EMPLOYEE CATEGORIES (S1-16)
2024
Women to men ratio
1
Executive level (base salary only)
4.0 %
Executive level (base salary and other cash incentives)
3.3 %
Management level (base salary only)
3.3 %
Management level (base salary and other cash incentives)
3.6 %
Non-management level (base salary only)
0.5 %
Incidents, complaints and severe human rights impacts (S1-17)
In the reporting period, PUMA resolved four cases of minor harassment issues related to improper
comments or behaviour in the workplace. All four cases have been duly investigated and documented. For
each incident, appropriate remedial and disciplinary measures were implemented. The four cases are part
of a total of 109 internal complaints related to work-related issues that were either reported through or
recorded in SpeakUp in 2024. No severe human rights incidences have occurred at PUMA. None of these
incidents have resulted in PUMA paying any fines, penalties, or compensation. Detailed information on
SpeakUp and PUMA’s methodology for compiling data, conducting investigations and handling cases can be
found in Business conduct policies and corporate culture (G1-1) section.
COMMUNITY ENGAGEMENT (ENTITY-SPECIFIC DISCLOSURE)
The community engagement through employee volunteering fosters a sense of connection to the brand
Impact related to community engagement is explained in Material impacts, risks and opportunities in
relation to strategy and business model (IRO-1, SBM-3). As part of our people strategy, we encourage all of
our employees around the world to participate and record projects for employee engagement. PUMA’s P&O
department is responsible for implementation of the initiatives in the areas of sports and health,
environment, education and equality and non-discrimination. By actively participating in community
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initiatives, our employees not only contribute to their company engagement and social good but also
develop a deeper understanding of diverse perspectives and challenges.
Since the start of our community engagement program in 2016, we have recorded over 240,000 community
engagement hours globally. These ranged from beach clean-ups and tree planting to organising and
participating in charity runs, helping underprivileged people, especially children, by donating food and
school supplies.
Metrics and targets (MDR-M, MDR-T)
Vision 2030 Targets (Baseline year 2020)
•
Community engagement: 500,000 hours of community engagement donated by 2030
10FOR25 Targets (Baseline year 2020)
•
2 hours community engagement per FTE
- In 2024, PUMA employees spent 43,913 hours (3,233 hours for PUMA SE) on community engagement.
Considering the number of full-time employees (FTEs) in 2024 (18.668), we exceeded our target, and
employees spent 2.4 hours on community engagement. The measurement of the target is performed
through our specialised HR software (Workday) based on 12 months data, and covering all subsidiaries
of PUMA.
ESRS S2 WORKERS IN THE VALUE CHAIN
IMPACT, RISK AND OPPORTUNITY MANAGEMENT AND STRATEGY
Material value chain related impacts, risks and opportunities in relation to strategy and business model
(IRO-1, SBM-3)
PUMA manages its material impacts, risks and opportunities related to workers in the value chain. We
followed the same process to identify and assess our material topics as outlined in the General information
(IRO-1) section.
The value chain workers covered in this report include are farmers, foresters, primary sector producers,
employees in supply chain factories and external warehouses, and local communities around raw material
extraction and manufacturing sites. At PUMA, we are dedicated to respecting Human Rights and protecting
the environment across our Group companies, suppliers, and business partners. Safeguarding Human
Rights is integral to all our business functions.
PUMA has a comprehensive management program for material issues related to workers in the value chain.
We evaluate these issues by considering Human Rights violations or social non-compliance, including child
labour, excessive overtime, forced labour, unsafe work environments, low income, breaches of freedom of
association, unsecured employment, lack of workers’ representation, and insufficient training.
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↗ T.69 MATERIAL VALUE CHAIN WORKERS-RELATED IMPACTS AND THE RELATION TO
BUSINESS MODEL (IRO-1, SBM-3)
Impacts
Value chain location
and time horizon
Connection to impact
Impact on people or
environment
Effects on business
model and strategy
and examples of
actions
Material positive impacts
Working conditions
Secured employment
boosts local economies
through increased
consumer spending,
supporting businesses
and creating jobs
Upstream
Downstream
Medium, long term
Contributed
Local economic
stability encourages
worker participation
in community
activities and
governance, ensuring
a stable and
prosperous supply
chain for PUMA
When parents have
secure jobs, they
invest more in their
children’s education,
leading to better job
opportunities and a
cycle of prosperity
- Ensure all workers
are paid fair wages
that meet or exceed
local living wage
standards
- Promote workers’
rights, including
freedom of
association and
collective bargaining
- Provide enough
information about the
planned business for
suppliers to plan the
workforce that is
needed
Not working excessive
working hours
improves workers
wellbeing
Upstream
Downstream
Short, medium, long
term
Contributed
Ensuring no excessive
overtime maintains a
healthy and
productive workforce,
leading to higher job
satisfaction, lower
turnover, improved
efficiency, better
product quality, and
reduced costs,
securing PUMA’s
business
Employees in the
supply chain could
benefit from
increased mental
health by reducing
stress and depression
- Promote workers’
rights, including
freedom of
association and
collective bargaining
- Provide enough
information about the
planned business for
suppliers to set a
better production plan
Social dialogue and
freedom of association
for better working
conditions, wages and
gender equality
Upstream
Downstream
Medium-term
Directly linked
Social dialogue
improves working
conditions, as issues
can be raised and
resolved, helping to
maintain a healthy
and productive
workforce, leading to
higher job
satisfaction, lower
turnover, improved
efficiency, better
product quality,
reduced costs, and
securing PUMA’s
business
Social dialogue
improving working
conditions, enabling
poverty reduction,
gender equality and
reduced inequalities
- Set up workers-
management
committee at factory
level
- Promote workers’
rights, including
freedom of
association and
collective bargaining
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Impacts
Value chain location
and time horizon
Connection to impact
Impact on people or
environment
Effects on business
model and strategy
and examples of
actions
Equal treatment and opportunities for all
Measures against
violence and
harassment for a safe
workplace
Upstream
Downstream
Short, medium, long
term
Contributed
Measures against
violence and
harassment ensure a
safe and productive
workforce, supporting
PUMA’s business
model
These measures
enhance the overall
wellbeing and mental
health of employees in
the supply chain,
foster an inclusive
workspace, and
provide opportunities
for skill development
and career growth
- Set up workers-
management
committee at factory
level
- Train factory staff
Material negative impacts
Working conditions
Job insecurity
Upstream
Downstream
Short, medium term
Directly linked
Job insecurity in the
supply chain can lead
to higher turnover and
lower productivity,
potentially disrupting
the manufacture of
textile and footwear
products, which is
central to PUMA’s
business model
On people
Job insecurity causes
workers to worry
about their future,
negatively impacting
mental health,
increasing turnover,
and reducing
productivity
- Set up workers
grievance channels
- Provide enough
information about the
planned business for
suppliers to have a
better production plan
Excessive working
hours
Upstream
Downstream
Short, medium, long
term
Directly linked
Excessive working
hours lead to an
unhealthy and less
productive workforce,
jeopardising PUMA’s
business
On people
Excessive overtime
increases the risk of
heart disease, stroke,
mental health issues,
workplace accidents
and injuries, reducing
productivity
- Set up workers
grievance channels
- Set up and
implement policy and
standards
- Provide enough
information about the
planned business for
suppliers to plan the
workforce that is
needed
Inadequate wages
Upstream
Downstream
Short, medium, long
term
Directly linked
Inadequate wages
reduce productivity
and morale, increase
turnover and costs,
lower product quality,
and can damage
PUMA’s reputation
Inadequate wages can
lead workers to debt,
reliance on high-
interest loans,
negative health
impacts, and
vulnerability to
exploitation
- Set up workers
grievance channels
- Set workers-
management
committee at factory
level
- Promote workers’
rights, including
freedom of
association and
collective bargaining
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Impacts
Value chain location
and time horizon
Connection to impact
Impact on people or
environment
Effects on business
model and strategy
and examples of
actions
Lack of social dialogue
and ability to organise
Upstream
Downstream
Short, medium term
Directly linked
Unaddressed worker
grievances can
escalate into protests
and strikes, disrupting
production, increasing
costs, and potentially
damaging PUMA’s
reputation and
business
Lack of social
dialogue and ability to
organise and
collectively bargaining
may frustrate workers
and increase their
vulnerability to
exploitative conditions
- Set up workers
grievance channels
- Set up workers-
management
committee at factory
level
- Promote workers’
rights, including
freedom of
association and
collective bargaining
Widespread health and
safety issues
Upstream
Downstream
Short, medium and
long term
Directly linked
Health issues among
factory workers lead
to higher
absenteeism, lower
productivity, disrupted
production and
increased costs, and
affect PUMA’s
business
Widespread health
and safety issues
increase the
likelihood of workers
taking sick leave,
resulting in higher
absenteeism, lower
productivity, and
potential income loss
- Set up workers
grievance channels
- Set up and
implement OHS policy
and standards
Equal treatment and opportunities for all
Widespread practices
of unequal pay and
opportunities
Upstream
Downstream
Short, medium and
long term
Contributed
Unequal pay and
opportunities increase
vulnerability and can
lead to gender-based
violence, an unsafe
work environment,
high turnover, low
productivity and legal
issues, and potentially
damage PUMA’s
reputation and
business
Unequal pay and
opportunities
reinforce gender
power imbalances,
leading to more
gender-based
violence, harm
workers’ health and
job satisfaction, while
lower income limits
women’s access to
essential resources
- Set up workers
grievance channels
- Target setting,
regularly review and
analyse pay data to
identify and address
any gender pay gaps
- Establish and
implement policies
and standards that
ensure equal pay for
equal work,
regardless of gender
Lack of measures
against violence
Upstream
Downstream
Short, medium and
long term
Directly linked
Lack of measures
against violence and
harassment creates
an unsafe work
environment, leading
to high turnover, low
productivity,
absenteeism,
reputational damage,
legal issues, and loss
of consumer trust,
ultimately affecting
PUMA’s business
Lack of measures
against violence can
cause workers to
suffer from physical
and mental health
issues, and women
may face reproductive
health complications
- Set up workers
grievance channels
- Set up workers-
management
committee at factory
level
- Train factory staff
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Impacts
Value chain location
and time horizon
Connection to impact
Impact on people or
environment
Effects on business
model and strategy
and examples of
actions
Other work-related rights
Child labour
Upstream
Downstream
Long term
Directly linked
Potential child labour
in PUMA’s supply
chain can severely
damage its reputation,
leading to a loss of
consumer trust,
boycotts, legal
consequences, and
financial penalties
Hiring child labour in
the supply chain
restricts their
education
opportunities, earning
potential, and
perpetuates poverty.
This delays economic
development and
increases social
inequality
- Establish and
implement clear
policies and standards
- Zero tolerance
approach
- Set up workers
grievance channels
- Engage in industry
initiatives to mitigate
the risk of child labour
upstream in the
supply chain
Forced labour
Upstream
Downstream
Short, medium, long
term
Directly linked
Forced labour in the
supply chain can lead
to legal issues and
reputational damage
and can severely
impact PUMA’s
business
Forced labour can
lead workers to
mental and physical
health issues like
chronic anxiety and
sleep disorders
- Implement policies
and standards
- Zero tolerance
approach
- Set up workers
grievance channels
↗ T.70 MATERIAL VALUE CHAIN WORKERS-RELATED RISKS AND OPPORTUNITIES AND THE
RELATION TO BUSINESS MODEL (IRO-1, SBM-3)
Risks and opportunities
Value chain
location and
time horizon
Origins, dependencies and relation to
business
Mitigation actions and
measures
Risks
Working conditions
Unsecured employment
can lead to reputational
and regulatory risks
Upstream
Downstream
Short, medium,
long term
Rising wage costs, fluctuating material
prices, and evolving regulations impact
sourcing markets, leading to unstable
employment, labour shortages, production
delays and higher costs, potentially
affecting PUMA’s sales due to late
deliveries and quality issues
- Promote workers’ rights,
including freedom of
association and collective
bargaining
- Provide enough
information about the
planned business for
suppliers to plan the
workforce that is needed
Reputational risks
related to excessive
working hours
Upstream
Downstream
Short, medium,
long term
Inaccurate sales forecasts and local
minimum wage can lead to excessive
working hours. Low productivity, inefficient
suppliers, and reports of excessive working
hours increase costs, cause delays,
damage PUMA’s brand image and erode its
competitive advantage
- Promote workers’ rights,
including freedom of
association and collective
bargaining
- Provide enough
information about the
planned business for
suppliers to set a better
production plan
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Risks and opportunities
Value chain
location and
time horizon
Origins, dependencies and relation to
business
Mitigation actions and
measures
Reputational risks due to
inadequate wage
Upstream
Downstream
Short, medium,
long term
Low legal minimum wages result in
inadequate pay, potentially harming
PUMA’s brand image through negative
publicity, loss of consumer trust, and
decreased sales
- Set up workers grievance
channels
- Set up workers-
management committee at
factory level
- Promote workers’ rights,
including freedom of
association and collective
bargaining
Reputational and
regulatory risks due to
freedom of
association breach
Upstream
Downstream
Short, medium,
long term
In countries that have not ratified the ILO
Convention on freedom of association or
which do not comply with international
standards, workers face union restrictions,
while breaches at PUMA suppliers can
harm its brand image, decrease trust and
sales, and deter investors. PUMA could
also face financial legal penalties
- Set up workers grievance
channels
- Set up workers-
management committee at
factory level
- Promote workers’ rights,
including freedom of
association and collective
bargaining
Reputational and
regulatory risks due to
health and safety issues
Upstream
Downstream
Medium term
Non-compliance with health and safety
regulations can lead to fines, legal actions,
and harm PUMA’s reputation. PUMA could
also face financial legal penalties
- Set up climate adaptation
plan including reskilling and
upskilling for new
technologies or green jobs
Equal treatment and opportunities for all
Reputational risks arise
from inadequate training
and development
programs for adopting
new climate adaptation
technologies
Upstream
Downstream
Medium term
Climate adaptation plan implementation
depends on the level of education. Without
upskilling for new green jobs, suppliers
lacking climate adaptation skills could face
extreme weather vulnerabilities, causing
supply chain disruptions, higher costs,
inefficiencies, and harming PUMA's
sustainability targets and reputation
- Set up climate adaptation
plan including reskilling and
upskilling for new
technologies or green jobs
Other work-related rights
Regulatory and
reputation risks related
to child labour
Upstream
Medium term
One of the root causes of child labour is
poverty. Despite strict policies and audits
by PUMA, without supply chain traceability,
child labour could persist in deeper supply
chain tiers, leading to potential legal
penalties and reputational damage that can
decrease customers and investors’ trust,
sales and revenue
- Establish and implement
clear policies and standards
- Zero tolerance approach
- Set up workers grievance
channels
- Engage in industry
initiatives to mitigate the
risk of child labour
upstream in the supply
chain
Regulatory and
reputation risks related
to forced labour
Upstream
Medium term
Lack of supplier traceability, low local
wages, and poverty can lead to forced
labour, resulting in fines, reputational
damage, loss of customer trust, and
reduced investment opportunities
- Zero tolerance approach in
sourcing
- Supply chain traceability
- Implementation of Code of
Conduct and Social
Standards setting measures
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Risks and opportunities
Value chain
location and
time horizon
Origins, dependencies and relation to
business
Mitigation actions and
measures
Opportunities
Equal treatment and opportunities for all
Competitiveness in the
market due to job
security
Upstream
Downstream
Short, medium,
long term
Lower employee turnover reduces costs,
fosters innovation, minimises supply chain
disruptions and enhances PUMA’s
competitiveness. Success hinges on the
local government’s strategy for maintaining
stable employment
- Set up workers grievance
channels
- Provide enough
information about the
planned business for
suppliers to have a better
production plan
Diverse teams unlocking
innovation and new
revenue streams
Upstream
Downstream
Long term
Companies with above-average diversity
generate more revenue from innovation
due to diverse teams bringing unique
perspectives and ideas and enhances
PUMA’s competitiveness. Local cultural
barriers might hinder efforts to achieve
diversity
- Set up workers grievance
channels
- Target setting, regularly
review and analyse pay data
to identify and address any
gender pay gaps
- Establish and implement
clear policies and standards
that ensure equal pay for
equal work, regardless of
gender
Driving innovation via
training and skills
development
Upstream
Downstream
Medium term
Skilled workers are essential for driving
innovation and climate adaptation, which in
turn creates new markets and ensures
supply chain stability. However, this relies
on local education systems to provide the
necessary upskilling for green jobs
- Set up climate adaptation
plan, including reskilling
and upskilling for new
technologies or green jobs
Safeguarding Human Rights is integral to our operations, with zero tolerance for violations as outlined in
our Code of Ethics, Code of Conduct, and Human Rights Policy.
As a responsible business partner, we recognise that our business practices and trading terms can impact
our suppliers' factories. To ensure the interests, views, and rights of workers in our value chain are
protected, factories producing for PUMA are regularly monitored for compliance with the PUMA Code of
Conduct. Workers can raise their concerns through the various channels PUMA provides. We consider
workers vulnerable if they face poor working conditions and job insecurity, including self-employed, unpaid
family workers, informal, low-skilled, migrant workers, and women and minorities facing discrimination
and limited opportunities.
In 2024, PUMA engaged in extensive stakeholder consultations to shape its 2030 sustainability targets.
Additionally, a double materiality assessment was conducted to prioritise key sustainability issues for our
long-term strategy and identify material topics for target setting. Stakeholder consultation details are
explained in the General information (SBM-2) section.
PUMA’s 2030 sustainability strategy aligns with our business model by prioritising people and sustainability.
By embedding these principles into our operations, we aim to meet the growing demand for responsible and
ethical products. We are committed to integrating worker rights into our business strategy, mitigating
negative impacts, and adapting our business model to address key issues.
PUMA adopted the ELEVATE intelligence (EiQ) tool to assess supply chain risks and manage material risks
for suppliers, factories and sites. The scope of the current risk assessment is only PUMA. We plan to
include stichd in 2025 for our risk assessment and develop appropriate countermeasures. We also
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evaluated the social risks of key materials like cotton, polyester, leather, and rubber at the commodity level.
We found risks of child and forced labor in cotton, leather, and rubber.
Policies related to value chain workers (S2-1)
The Management Board is responsible for the approval and implementation of Human Rights Policy. Various
departments manage implementation of the policy and report progress regularly to the Management Board
and leadership team.
PUMA’s policies address material topics identified in its double materiality assessment, focusing on
financial, societal, and environmental impacts. Our Human Rights Policy commits to respecting Human
Rights and protecting the environment across our operations, suppliers, and business partners. This
includes upholding the Universal Declaration of Human Rights and ensuring rights such as adequate living
standards, freedom of association, access to clean water, and a safe working environment free from
discrimination, forced labour, or child labour. We have zero tolerance for Human Rights violations, as
outlined in our Codes of Conduct and Ethics.
The policy applies to our entire value chain, including sourcing, production, procurement, logistics, sales,
and other business activities. It also covers ethical advertising and consumer rights in all business
locations.
Our policy aligns with international standards such as the UN Guiding Principles on Business and Human
Rights, the International Bill of Human Rights, which consists of the Universal Declaration of Human Rights
and the two Covenants that implement it, the ILO’s Declaration on Fundamental Rights and Principles at
Work, the Ten Principles of the UN Global Compact, and OECD Due Diligence Guidance for Responsible
Supply Chains in the Garment and Footwear Sector.
We conduct due diligence to identify and mitigate Human Rights risks, including regular audits and
assessments. Training is provided to employees and suppliers on Human Rights principles, and we have
grievance mechanisms for confidential reporting of human rights violations, ensuring prompt and effective
resolution.
PUMA engages with value chain workers and stakeholders to gather feedback and incorporate their
interests into the policy. This includes exploring impact measurements, strengthening industry
collaborations, and developing communication strategies to make our Human Rights efforts meaningful to
consumers. The policy is available to all stakeholders through our website and other communication
channels, ensuring transparency and accessibility.
Our Code of Conduct includes provisions addressing worker safety, precarious work, human trafficking, and
the use of forced labour or child labour, in line with applicable ILO standards. Key commitments specifically
relevant to value chain workers include:
•
Fair wages and reasonable working hours, in compliance with local laws and international standards
•
Safe and healthy working environments, free from hazards and risks
•
Support for the right of workers to form and join trade unions and engage in collective bargaining
•
Strict prohibition of forced labour, human trafficking, and child labour
•
Equal opportunities and prohibition of discrimination based on race, gender, age, religion, or any other
status
•
Access to effective grievance mechanisms to report and resolve Human Rights violations.
All suppliers must display our Code of Conduct, which includes contact details for our Sustainability team
as a whistleblower hotline. Grievances received and resolved are reported. In 2024, we updated our Code of
Conduct to clarify definitions of child labour, slavery, supply chain traceability, use of security forces,
chemical and waste management, and land rights. The update also emphasises our commitment to
remediation and provides guidance on using the PUMA hotline for grievances.
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We disclose cases of non-adherence to the UN Guiding Principles on Business and Human Rights, the ILO
Declaration on Fundamental Principles and Rights at Work, or OECD Guidelines for Multinational
Enterprises involving value chain workers. Issues identified during our auditing and hotline activities are
classified as zero tolerance, critical, or other issues in our Sustainability Handbooks. Zero tolerance issues
result in immediate audit failure. New factories with these issues cannot produce PUMA goods, and
established suppliers must address them immediately. If a factory fails to cooperate, the business
relationship may be terminated. Other issues related to PUMA Code of Ethic are monitored by our
Compliance team.
Engagement with value chain workers about impacts (S2-2)
PUMA integrates the perspectives of value chain workers into its decision-making processes to manage
actual and potential impacts effectively. This is achieved through several key practices:
•
Feedback from value chain workers is collected through annual surveys, grievance mechanism
interviews, and dialogue sessions. This feedback is crucial for assessing the effectiveness of PUMA’s
sustainability initiatives and targets and making necessary adjustments
•
PUMA’s due diligence processes include evaluating the working conditions and rights of value chain
workers every 6 – 24 months, based on the level of risk. Insights gained from these evaluations are used
to mitigate risks and enhance worker welfare.
PUMA collaborates with industry peers and expert organisations to benchmark best practices and
incorporate value chain workers’ perspectives into broader industry standards.By systematically
incorporating the views of value chain workers, PUMA ensures that its decisions and activities are aligned
with the needs and expectations of those directly affected by its operations.
Stakeholder dialogue was conducted to review PUMA’s Vision 2030 strategy and targets. Representatives
from the trade union IndustriAll, the multi-stakeholder organisation Fair Labor Association (FLA), the Non-
Governmental Organisation (NGO) Better Cotton, which works with cotton farmers, and various Human
Rights experts representing affected stakeholders provided their perspectives.
In 2023, PUMA developed a CSOs engagement policy, which was approved by the FLA. This policy formalises
PUMA’s commitment to engage with CSOs for information sharing and consultation purposes. This can lead
to collaboration on specific challenges or remediation. Criteria for engagement are based on high-risk and
high-production volume countries, severity and likelihood of violations or risks, knowledge gaps regarding
new or upcoming risks, persistent issues identified through factory monitoring or risk assessment, and
concerns raised through PUMA grievance mechanisms and third-party reports. This policy ensures that
PUMA remains transparent and responsive to the concerns of CSOs and other stakeholders and will be
implemented in the coming years.
Since February of 2024, PUMA engaged in a project called Access to Remedy for (Refugee) Workers under
The Partnership for Sustainable Textiles (PST). The main goal is to improve working conditions for refugees
in the Turkish textile industry. This is to be achieved by strengthening access to the grievance mechanism
and remedies for (refugee) workers in the Turkish textile supply chain of PST member companies and
enabling them to be aware of their workplace-related rights and know how to assert those rights.
Remediation of negative impacts and channels for value chain workers to raise concerns (S2-3)
PUMA is working towards providing access to functioning grievance channels throughout its supply chain.
Where we do not have direct operations, we seek partners who can run such complaints mechanisms, in
accordance with the UN Guiding Principles. At the cotton farm level, the Better Cotton Grievance procedure
provides a system for anyone engaged with its activities, people, or programmes to raise a complaint
relating to any aspect of Better Cotton and its activities, including third parties.
PUMA and its suppliers offer different grievance channels to any worker as well as third parties, including
CSOs, to raise their concerns regarding Human Rights, environmental protection, and violations of PUMA’s
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policies. Such concerns can be raised through workers’ voice platforms, the PUMA hotline, and FLA third-
party complaints. We operate multiple worker voice channels to reach more than half a million workers at
our Tier 1 and core Tier 2 factories. Third-party engagement platforms cover 97 factories, representing over
79.7 %% of our production volume. In 2024, PUMA’s subsidiary stichd, which produces bodywear and socks,
piloted MicroBenefits CIQ in Vietnam and plans to expand it to more factories in 2025.
PUMA has published its Rules for the Complaints Procedure, explaining how PUMA’s employees and the
employees of PUMA’s business partners, as well as external stakeholders, can submit complaints related to
Human Rights, environmental risks and violations, or breaches of PUMA’s policies. It explains the complaint
submission process, confidentiality, non-retaliation, remedial actions, and how we assess the procedure's
effectiveness.
PUMA aims for a safe environment free from harassment, intimidation, discrimination, and retaliation for
those who submit complaints. PUMA works with business partners to protect the complainants’ identity and
ensure they do not face violence, threats, or harassment. In 2023, we reviewed our grievance system,
surveying 14,823 workers across 45 factories in eight countries. The PUMA hotline was deemed legitimate
by 94 % of workers, accessible by 80 %, and available in their language by 92 %.
Out of 12 allegation cases related to freedom of association breaches received in 2024. 11 were resolved
through active engagement with factories, unions, and stakeholders. In Cambodia, union representatives
were reinstated, and the factory joined the Better Factory Cambodia Industrial Relations programme.
Another case involved union concerns about factory management monitoring their activities, which was
resolved by providing a private space for union meetings. One case in Türkiye regarding a union's request
for a Collective Bargaining Agreement is still under the FLA Third Party Complaint process.
As we observed several allegations related to freedom of association breach in Cambodia, in 2024, we
partnered with Better Factories Cambodia to host training for 204 participants from 32 factories, covering
topics like Freedom of Association and labour dispute resolution. All factories submitted CAPs, which we
will verify in 2025. CENTRAL, a local NGO, released a report on Freedom of Association in Cambodia, leading
to government-aligned unions calling for an investigation into CENTRAL. PUMA and other brands urged the
Cambodian government to cancel the audit and respect civil society.
Actions on material impacts on value chain workers, and managing material risks and opportunities
related to value chain workers (S2-4, MDR-A)
PUMA has several internal functions dedicated to managing impacts, ensuring negative impacts are
mitigated and positive impacts are advanced. Key functions and their actions include:
•
Sustainability department develops and implements PUMA’s sustainability strategy, conducts
sustainability audits, and collaborates with external stakeholders to improve sustainability practices
•
Human Rights Officer and Compliance team monitor PUMA’s risk management system, conducts risk
analysis relating to Human Rights, and ensures compliance with Human Rights due diligence
regulations
•
Risk management function conducts formal interviews with selected risk owners on a semi-annual
basis to identify, evaluate, and report risks
•
Internal audit provides independent assurance on the effectiveness of PUMA’s risk management and
internal controls, conducts audits of various departments, reviews compliance with policies, and
recommends improvements.
Mitigation measures include factory monitoring, grievance mechanisms, supplier scorecards, business
integration, goal setting, and reporting. The effectiveness of these measures is evaluated based on
compliance and progress. PUMA’s social monitoring programme, accredited by the FLA, ensures fair labour
standards and the remediation of violations. Frequent audit findings are publicly reported, and social KPIs
on working hours, wages, and injury rates are published.
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PUMA will take all appropriate measures to prevent, end, or minimise such violations or potential risks
immediately, in accordance with the severity and the principle of proportionality. Appropriate measures
include risk analysis, audits and/or on-site inspections, preventive measures such as training, and/or
implementation of a Corrective Action Plan (CAP). PUMA expects full collaboration from its business
partners throughout the remediation process. In the case of unresolved violations due to a lack of
collaboration, PUMA reserves the right to terminate the business relationship with the business partner
involved.
PUMA has established a comprehensive process to identify actual or potential negative impacts on value
chain workers:
•
PUMA conducts regular audits and assessments of its suppliers to identify risks related to labour
practices, working conditions, and Human Rights
•
When issues are identified, PUMA performs a root cause analysis to understand the underlying factors
contributing to the problem
•
PUMA engages with stakeholders, including workers, suppliers, and NGOs, to gather insights and
feedback on potential impacts and appropriate actions
•
Based on the findings, PUMA collaborates with suppliers to develop and implement action plans aimed
at mitigating the identified risks and improving conditions.
PUMA ensures effective remedy processes for material negative impacts on value chain workers through
the following approach:
•
PUMA provides accessible grievance mechanisms for workers to report issues. These mechanisms are
designed to be confidential and protect workers from retaliation
•
PUMA continuously monitors the implementation of corrective actions through regular audits and
follow-up assessments to ensure that issues are resolved effectively
•
PUMA engages with various stakeholders, including workers, NGOs, and local communities, to gather
feedback and ensure that the remedies are effective and meet the needs of those affected
•
PUMA provides training for suppliers and workers to build capacity and ensure they understand their
rights and the available grievance mechanisms.
PUMA is actively pursuing several initiatives to enhance opportunities for value chain workers:
•
Fair wage initiatives: PUMA is working towards fair wages across its core factories by collaborating with
suppliers to meet or exceed local wage standards
•
Training and development: PUMA provides training programmes to improve workers’ skills and
productivity, which can lead to better job security and career advancement
•
Health and safety improvements: PUMA is working to implement better health and safety standards in
factories to create safer working environments
•
Responsible sourcing practices: PUMA is focusing on responsible sourcing practices that not only
protect the environment but also improve working conditions and job stability for workers
•
Stakeholder engagement: PUMA engages with various stakeholders, including workers, suppliers, and
NGOs, to gather feedback and continuously improve their practices.
The expected outcomes of PUMA's actions on Human Rights include improved working conditions, fair
wages, and enhanced safety for workers throughout their supply chain. PUMA aims to resolve worker
complaints effectively, increase transparency, and ensure compliance with international Human Rights
standards. These efforts contribute to a more ethical and sustainable business model, fostering trust and
collaboration with stakeholders.
Social monitoring program
At PUMA, we manage our material impacts on supply chain workers from all Tier 1 and core Tier 2 suppliers
through regular audits. We track the effectiveness of our actions to improve working conditions using tools
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such as audits, training, surveys, and metrics. Our actions support the Sustainable Development Goals.
PUMA actively involves value chain workers and their legitimate representatives in the design and
implementation of its programmes and processes through several key approaches.
Since 1999, all direct PUMA Tier 1 factories have been frequently audited for compliance with ILO Core
Conventions and environmental standards. Each year, 500–600 audits or assessment reports are collected.
The audit programme also includes key Tier 2 suppliers and priority warehouses. PUMA’s social compliance
programme, accredited by the FLA, plays a crucial role in addressing Human Rights issues in several ways:
the programme ensures that all factories producing PUMA goods adhere to the most stringent standards of
fair labour practices. This includes compliance with local labour laws, fair wages, reasonable working
hours, and safe working conditions.
In 2022, over 200 non-core Tier 2 suppliers were mapped, with only 13 having social audits. These reports
were converted into PUMA’s grading system. In 2024, we used a risk-based approach to set up a roll out
audit plan to 82 non-core Tier 2 factories. We used EiQ to map social risks evaluating risks based on
geography, product, and audit results. We will expand our social monitoring programme to these factories,
starting audits in 2025 for 12 extremely risky factories, in 2026 for 48 high-risk, and in 2027 for 22 medium-
risk. The main risks include freedom of association, forced labour, working hours, and occupational safety.
We have a team of compliance experts in all our major sourcing regions who regularly visit our core
manufacturing partners. We work with external compliance auditors and with the ILO’s Better Work
Programme. Each PUMA supplier factory must undergo a regular compliance audit every six to 24 months
based on their audit rating. All issues identified need to be remedied as part of a CAP.
We believe in using industry collaborations to introduce sustainable processes and find impactful solutions.
PUMA has been a long-term member of various industry groups addressing environmental and social
issues collectively. PUMA collaborates with organisations like Better Work, the FLA, and the Fair Wage
Network (FWN). These partnerships help PUMA understand and address the needs and concerns of value
chain workers.
To avoid duplication and audit fatigue, we increased shared assessments to 70.9 % in 2024 (up from 67 % in
2023). We plan to use assessments based on the Social & Labor Convergence Program (SLCP), a universal
social assessment tool aimed at reducing the burden of redundant and resource-intensive social audits, for
370 factories in 2025. SLCP is ideal for building long-term supplier relationships and supporting them in
managing their social and labour data. PUMA uses Better Work assessment reports and FLA-accredited
brands' reports in lieu of our compliance programme. We aim to use external reports for up to 80 % of our
factories by the end of 2025.
Our Sustainability Handbook for Social Standards details our supplier compliance programme, including
grievance mechanisms and case studies. In 2023, 1,035 participants from 557 factories completed e-learning
training based on our social handbook, and in 2024, 601 participants from 587 factories passed the refresher
course, covering 78.2 % of PUMA’s active factories.
In 2023, we developed supplier scorecards to better visualise our strategic performance towards 2025
targets, and in 2024, we included our 2030 targets. The scorecards cover Social KPIs such as audit ratings,
worker training, injury rates, and fair wage performance. In 2024, PUMA held individual meetings with 38
suppliers to review the performance of 57 core Tier 1 factories using a scorecard.
In 2023 and 2024, suppliers were reminded that using undeclared subcontractors is a Zero Tolerance issue.
They were asked to self-declare their Tier 1 subcontractors. In 2024, audits were conducted for Tier 1 and
Tier 2 suppliers and warehouses, safeguarding the rights of over 671,000 workers.
PUMA used EiQ Sentinel tool to monitor near-real-time alerts on labour, health, safety, environment, ethics,
and management systems in our supply chain. In 2024, four potential new factories had alert cases; three
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were onboarded after resolving issues, while one was not due to unresolved fire safety concerns. For
existing factories, four alert cases were found, including a factory closure in Indonesia, a workers’ protest in
Argentina, and two payment issues in Bangladesh, all resolved with PUMA’s intervention.
In April 2024, we uploaded 698 audit results to the EiQ platform, identifying 14 high-risk factories due to
issues like working hours management and missing safety or environmental permits. We followed up, with
71.4 % obtaining safety certificates and improving practices. One factory is under review, and three were
deactivated due to non-compliance.
We also evaluated the social risks of key materials like cotton, polyester, leather, and rubber using the EiQ
platform. The assessment covered risks such as child labour, forced labour, chemical exposure, unfair
treatment, wages, and working hours. Results showed cotton has the highest social risks, followed by
natural rubber and leather, with polyester having the lowest.
We do not make estimations or assumptions regarding audit-related KPIs, including any limitations. The
audit findings are identified by an external third-party auditor other than the assurance provider. Each audit
finding is labelled and defined with clear and precise names and descriptions.
PUMA’s commitment to transparency includes public reporting on its sustainability efforts and Human
Rights initiatives. This transparency allows value chain workers and their representatives to hold PUMA
accountable and provide feedback on its programmes. Frequent audit findings at 258 active factories (tier 1
and Tier 2 excluding new factories) are publicly reported in the table below.
Excessive overtime is a common audit finding, despite PUMA’s Code of Conduct limiting workweeks to 48
hours with one day off every seven days. Total weekly hours, including overtime, should not exceed 60 hours
or local labour laws.
PUMA provided working hours management training for all Tier 1 factories and held root cause analysis
workshops with core suppliers in 2022 and 2023. Factory management improved policies and monitoring
systems, and action plans were developed to address overtime causes. PUMA also tracks the weekly
average overtime of core Tier 1 suppliers annually.
↗ T.71 NUMBER OF MOST FREQUENT AUDIT FINDINGS
1
Findings
2024
2023
Working hours management
72
77
Social security benefit
60
62
Legal obligation
41
46
Systematic excessive overtime
31
40
Fire safety equipment
25
18
Insufficient overtime wage
14
9
Chemical safety management
11
5
Dismissing and downsizing
10
9
OHS risk management
8
9
No pay slip
7
3
1
Only active factories audited in both 2023 and 2024 are included for a year-to-year comparison
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Working conditions
Job security
Workers may face job insecurity due to weak labour protections and informal employment. PUMA’s
Purchasing Practice Policy, developed in 2019, aims to minimise negative impacts on workers, promote fair
labour practices, and secure jobs by avoiding drastic order reductions or irresponsible business relationship
terminations.
In 2023, we added a clause to PUMA’s Purchasing Practice Policy requiring a minimum six-month notice for
ending partnerships or downscaling orders, published in January 2024. In 2024, 333 staff members
participated in refresher training on responsible sourcing practices, emphasising the link between
purchasing practices, working conditions, and Human Rights.
We track permanent employee percentages and turnover rates of core Tier 1 factories to develop
improvement plans.
Freedom of association and social dialogue
PUMA is committed to effective social dialogue and industrial relations. We encourage suppliers to join the
ILO Better Work Programme, which supports factories setting up participating committee to facilitate
communication and building trust between workers and management. PUMA ask suppliers to join Better
Work program in Bangladesh, Cambodia, Indonesia, Pakistan, Egypt and Vietnam. We have partnered with
Timeline Consultancy to train our Sustainability Team in promoting Worker Representative Committees in
factories not enrolled in the Better Work Programme.
Since 2022, all 19 core Tier 1 factories in China have established Worker Representative Committees, with
52.8 % of representatives being female. Surveys showed increased trust, awareness, and productivity. The
programme expanded in 2023 to include factories in Vietnam, Indonesia, the Philippines, and Pakistan. By
the end of 2024, 91.4 % of our core Tier 1 factories had freely elected worker representation, up from 66 % in
2023.
To ensure workers’ voices are heard, we signed the Indonesia Freedom of Association (FoA) Protocol, aiming
to eliminate union busting, foster healthy industrial relationships, and set fair rules for FoA. By the end of
2024, 10 Tier 1 factories had agreed to apply the protocol with 21 unions, resolving FoA cases internally
without escalation.
The Americas Group is a multi-stakeholder forum promoting socially responsible apparel and footwear
industries in the Americas. The Mexico Committee focuses on FoA and collective bargaining, hosting
webinars and developing guidance for compliance with labour laws. Representatives from one Tier 1 and
one Tier 2 PUMA factory attended both webinars. In June 2024, the Mexico Committee approved the
Employer Guidance on FoA and Collective Bargaining. The next step is to follow up on its implementation at
Mexico factories producing for PUMA in 2025.
Fair wages
To ensure fair wages, PUMA has a zero tolerance policy for failing to pay at least the minimum wage.
Suppliers must fully comply with local wage regulations to become or remain active PUMA partners. Since
2018, we have collaborated with the FWN to assess and improve wage practices at our factories.
The FWN assessment evaluates wage practices, identifying strengths and areas for improvement. FWN
collaborates with factories to set up remediation plans to address issues like wage structures and
communication strategies to enhance working conditions. Positive outcomes include strong factory
performance in on-time wage payment, compliance with wage laws, and non-discriminatory practices.
However, some factories need to adjust wages for inflation and involve worker representatives in wage
discussions. Overall, worker satisfaction with wages and conditions has been high, with over 80 % of
surveyed workers being satisfied.
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In 2024, we conducted Fair Wage Assessments with 10 factories in Bangladesh, Indonesia, Vietnam, the
Philippines, and China. Eight factories started Fair Wage Remediation due to gaps in meeting the living
wage benchmark.
Since 2018, we have collected annual wage data from our core Tier 1 factories. In 2024, we used the FLA’s
Fair Compensation Dashboard to analyse 2023 wage data for 57 strategic Tier 1 factories, covering 136,097
workers:32 factories paid a living wage on average to 70,602 workers in Cambodia, China, Indonesia,
Pakistan, Türkiye, and Vietnam, covering 45.9 % of PUMA’s global production volume. These 70,602 workers
represent 11.6 % of our total supply chain workforce.
Health and Safety
PUMA conducts regular occupational health and safety (OHS) assessments and building safety inspections
in high-risk countries.
PUMA signed the ACCORD agreement for Bangladesh and Pakistan, a legally binding agreement designed
to improve safety in the garment industry in these countries. It respects human rights by ensuring safe
working conditions for garment workers, thereby protecting their right to a safe and healthy work
environment. It also empowers workers by involving them in safety initiatives and providing mechanisms to
report safety concerns without fear of retaliation. Through the mechanism, we received a few cases of
delayed payments and managerial abuse, all of which have been addressed.
In 2021, we updated our OHS Handbook and provided training to core Tier 1 and Tier 2 suppliers on OHS risk
assessments. In 2024, accident reporting violations in trained factories decreased from four in 2023 to two in
2024. We will continue to emphasise accident reporting in 2025 training sessions. In 2024, we developed Fire
Safety training for 72 factories and machinery safety training for 38 footwear factories. We will follow up on
improvements during on-site visits in 2025.
In 2024, we used the EiQ risk assessment tool to assess building safety risks in sourcing countries. Four
factories in India and one in Indonesia underwent Fire Safety Assessments, identifying several issues, with
45.8 % resolved by August. The remaining issues are expected to be addressed by mid-2025. In Türkiye, we
reviewed 26 factories for earthquake compliance, with 10 submitting valid permits and 15 requiring
inspections. Five factories completed inspections, with two needing building reinforcements. New factories
must provide valid occupancy permits or inspection reports.
Equal treatment and opportunities for all
Gender equity and measures against violence and harassment at the workplace
Training women about their rights and empowering them is crucial for gender equality. At PUMA partner
factories, 59.7 % of workers are women, 48.5 % of managerial positions at core Tier 1 suppliers are held by
women, and 7.9 % of core Tier 1 suppliers are owned by women.
Since 2021, 290,226 participants have completed Sexual Harassment Prevention training.
In 2023, we partnered with the China National Textile and Apparel Council to launch the Family-Friendly
Factories project at three core factories in China, benefiting 5,747 workers in 2024. The project developed
and implemented policies on maternity protection, caregiving support, and flexible work arrangements. By
2024, the factories achieved significant milestones, including forming Family-Friendly Committees and
establishing Mother and Baby Care Rooms. These efforts reduced employee turnover by 18.9 % on average.
We expanded the programme to three more factories in September 2024 and will continue to monitor
progress.
The Ready-Made Garment sector has driven Bangladesh’s economic growth, with women making up 60 % of
the workforce but only 5 % of line supervisors. The Gender Equality and Returns programme, a collaboration
between the IFC and ILO, aims to improve this by promoting women’s career progression in the garment
industry through comprehensive training in soft and technical skills. In June 2024, PUMA launched the
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Gender Equality and Returns programme in a Bangladesh factory, selecting 10 female workers for training.
The factory completed all sessions in 2024, and PUMA plans to expand the programme to three more
factories in 2025.
Other work-related rights
Forced labour
Since signing the Fair Labor Association/American Apparel and Footwear Association Commitment to
Responsible Recruitment in 2018, PUMA has actively collaborated with suppliers, industry peers, and the
UN’s International Organisation for Migration (IOM) to protect the rights of foreign and migrant workers in
our supply chain. We annually assess if our factories employ foreign migrant workers whether they have
paid recruitment fees, since it can lead to debt bondage or risk of forced labour. We then work with our
sourcing leaders, supplier top management, and sometimes other brands to agree on a repayment timeline
for migrant workers. Repayments are sometimes made in instalments to avoid misunderstandings among
workers, as not all are eligible for this payment.
From 2020 to 2024, 284 workers across 14 factories were reimbursed approximately USD 178,000. In 2024, we
identified and addressed recruitment fee issues in Taiwan, Japan, and Mauritius, and conducted training on
responsible recruitment. We also signed a three-year partnership with IOM to eliminate recruitment fees
and sustain progress.
↗ T.72 FINANCIAL RESOURCES ALLOCATED TO VALUE CHAIN WORKERS RELATED ACTIONS
(IN MILLION €) (S2-4)
1
Action areas
2024
Until 2030
Social monitoring program
0,72
3,92
Grievance mechanism
0,04
0,15
Health and safety
0,14
0,72
Fair wage
0,07
0,25
Risk assessment
0,04
0,21
Supplier training
0,14
0,22
Total
1,16
5,48
1
All resources listed here are included in the Other Operating Income and Expenses chapter of PUMA's consolidated financial
statement.
All financial resources are operational expenses (OpEx) incurred annually in our supply chain for
memberships, factories programs, and consulting fees. As part of our commitment to respecting human
rights, we ensure that social projects are fully or partly funded from our own budget. We do not currently
use external sustainable finance instruments, such as social bonds. Our action plan depends on local
policies, when countries have gaps in labor laws, we apply international standards defined under ILO core
conventions.
METRICS AND TARGETS (MDR-M, MDR-T, S2-5)
PUMA's sustainability targets apply upstream in the value chain and align closely with its Human Rights
Policy objectives. Both aim to ensure ethical practices throughout the company's operations and supply
chain.
As part of our Vision 2030, we have set specific targets for upstream value chain workers. These targets
align with and support our business strategy and policy objectives. During the target-setting process, we
considered our impact areas, international trends in human resources, PUMA’s data trends over the years,
and benchmarks from peers. These targets were established after consultations with internal stakeholders,
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presentation at the Stakeholder Dialogue meeting, and approval from both the Management Board and
Supervisory Board, including employee representatives.
PUMA organises regular meetings with expert stakeholders, including NGOs, labour unions, and industry
experts. These meetings help identify lessons learned, refine sustainability targets, making them more
measurable and ensuring that no key themes are missing. Stakeholder dialogues were held to review
PUMA’s 2030 strategy and targets, with trade union representatives (IndustriAll), a multi-stakeholder
organisation (FLA), an NGO working with cotton farmers (Better Cotton), and human rights experts providing
their perspectives. PUMA’s commitment to transparency includes publishing detailed reports on its
sustainability targets and progress. These reports are shared with stakeholders, who can then provide
feedback and hold PUMA accountable.
All defined specific, measurable, achievable, relevant, and time-bound (SMART) targets were developed by
PUMA and are global and are set for five years. Progress towards targets is as initially planned.
Vision 2030 Targets (Baseline year 2025)
•
400,000 workers trained on Human Rights (forced labour, freedom of association, OHS) (upstream,
global)
•
Progressive salary increase towards living wage at core factories (upstream, global)
•
No recruitment fees for foreign migrant workers (upstream, global)
•
Zero gender pay gap at core factories (upstream, global)
•
100 % core Tier 1 CEOs sign the UN Women Empowerment Principles (entity specific, upstream, global)
Through these targets, we aim to improve working conditions in supplier factories, ensure fair
compensation by setting a living wage target, protect foreign migrant workers from recruitment fees to
mitigate forced labour risks, and enhance gender equity in our strategic Tier 1 factories. Progress towards
the targets is measured annually, with data collected through social audits and the social reporting
campaign, with contributions from upstream value chain factories. Additionally, we consider relevant and
internationally recognised benchmarks, such as the Global Living Wage Coalition, for the living wage target.
All set targets contribute to our progress in SDGs.
10FOR25 Targets (Baseline year 2020)
•
Train 100,000 direct and indirect staff members on women’s empowerment (baseline value: 0)
(upstream, global)
- In 2024, the accumulated number of participants in sexual harassment prevention training came to
290,226
•
Zero fatal accidents in suppliers (baseline value: Zero fatal accidents since 2018) (upstream, global,
including stichd)
- In 2024, we unfortunately had one fatality at one of our factories in China. An employee suffered a
heart stroke in the workshop during working hours. By law, this is considered a work-related fatality
•
Reduce accident rate to 0.5 in suppliers (baseline value: injury rate reduced from 0.5 to 0.4) (upstream,
global)
- In 2024, the average injury rate in our core Tier 1 factories 0.2 %
•
Ensure effective and freely elected worker representation at all core Tier 1 suppliers (baseline value:
33 % core Tier 1 factories have elected workers' representative) (upstream, global)
- In 2024, 91.4 % of our core Tier 1 factories have freely elected worker representation, from 66.1 % in
2023
•
No zero tolerance issue remains open (upstream, global)
- No zero tolerance issue open.
Social data on sexual harassment prevention training is primary data from 152 core and non-core PUMA Tier
1 factories, accumulated from January 2021 to December 2024 with no extrapolation. Fatalities and injury
rate are primary data for 57 PUMA core Tier 1 factories, covering 12 months, January to December 2024 with
no extrapolation. Effective and freely elected worker representation is primary data from 57 PUMA core Tier
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1 factories, accumulated from January 2022 to December 2024 with no extrapolation. Zero tolerance issue is
primary data from 446 of core and non-core PUMA Tier 1, 89 core and non-core T2 factories, 3 warehouses
and 14 non-commercial goods factories, covering 12 months, January to December 2024 with no
extrapolation. These metrics are not validated by third parties other than the assurance provider.
Zero tolerance issues are severe breaches of PUMA’s Code of Conduct that result in the immediate failure of
an audit. Established suppliers must remedy all zero tolerance issues immediately by conducting a root
cause analysis and implementing preventive measures to prevent recurrence. As a last resort, a business
relationship can be terminated if the factory fails to cooperate. New suppliers identified with these issues
cannot produce any PUMA goods. These issues include child labour, forced labour and all modern forms of
slavery, non-compliance with basic government licensing regulations, payment below the legal minimum
wage, falsified records, unauthorised subcontracting, imminent danger to life, and the illegal discharge of
wastewater and hazardous waste.
At PUMA, we link performance criteria in the remuneration of all leaders globally with clear and defined
sustainability targets. The resolution of zero tolerance issues prevailing at year-end is a bonus target for all
sourcing leaders.
In 2024, we identified 25 zero tolerance issues and remedied 13 related to workers’ compensation,
transparency, unauthorised subcontracting, and illegal wastewater discharge. 12 factories were not
onboarded or deactivated. The increase in issues is due to more Tier 1 subcontractors being audited, often
unaware of the need to declare their subcontractors. We will continue to remind Tier 1 factories during 2025
training sessions.
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ESRS S4 CONSUMERS AND END-USERS
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
Material consumers-related impacts, risks and opportunities in relation to strategy and business model
(IRO-1, SBM-3)
As a consumer brand, PUMA is dedicated to maintaining business practices that protect the health, safety,
and privacy of consumers and end-users. We reach our consumers via wholesalers, online platforms selling
PUMA products and our own stores. Consumers and end-users of PUMA products include athletes and
individuals purchasing and using PUMA products globally. We consider our consumers within the scope of
our IROs’ analysis. Interests and views of stakeholders are explained in the General information (SBM-2)
section.
↗ T.73 MATERIAL CUSTOMERS AND END CONSUMERS-RELATED IMPACTS AND THE RELATION
TO BUSINESS MODEL (IRO-1, SBM-3)
Impacts
Value chain
location and
time horizon
Connection to impact
Impact on people or
environment
Effects on business model and
strategy and examples of actions
Material positive impacts
Personal safety of consumers
Promotion of
physical activity
and sports
Downstream
Short,
medium, long
term
Contributed and
widespread impact
PUMA’s business
inherently supports a
healthy lifestyle by
encouraging physical
activity through the use of
its products
Consumers by
motivating them to
be active and
reducing health-
related problems
due to physical
inactivity
- Business fundamentally connected
to sports, emphasising the value of
its products and their positive
influence on more active, healthier
lifestyles
- Brand strategy promoting
partnerships and collaborations with
inspiring athletes and sport clubs
Material negative impacts
Information-related impacts for consumers
Potential data
breaches
leading to
reputational
and regulatory
damages
Downstream
Short,
medium, long
term
Directly linked and
isolated incidents
Potential impact
especially due to online
sales and business
partners
selling products via DTC
channels, collection and
storage of consumer
sensitive data by PUMA
and third-party vendors
On consumers who
are shopping for
PUMA products,
online
Operational costs related to:
- Developing and implementing
global consumer Data Privacy
policies and procedures to process
data safely
- Privacy protection measures to
enhance consumers’ confidence in
making purchases
Personal safety of consumers
Potential
neglected
product safety
features
Downstream
Short,
medium, long
term
Directly linked and
potential isolated
incidents on health and
safety
On consumers
potential effects
related to
inappropriate
product design,
material choice or
chemical use
- PUMA’s business responsibility as
importer of the goods
- Ensuring compliance with product
safety regulations
- Product recall policies
We do not consider that any consumers, including those working in particular contexts or undertaking
particular activities may be at any risk of harm. We protect vulnerable market segments such as children
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and impaired audiences. Therefore, PUMA works with respect for the advertising of our children’s and
impaired target groups.
PUMA sells goods to consumers via wholesalers but also via direct-to-consumer channels (own physical
stores and online). We recognise the potential impacts of our data processing activities on consumers and
end-users’ privacy and consent spheres. Breaches of privacy regulations could lead to a negative impact on
any consumer, such as the leaking of private information. Such breaches could also lead to fines by market
authorities.
Policies related to consumers and end-users (S4-1)
PUMA commits to respecting Human Rights across its global value chain, including consumers. We will also
uphold Human Rights to ensure ethical advertisement and shopping experiences to avoid discriminatory
behaviour, ensure consumers are safe when using PUMA products and respect consumers’ data privacy
rights in the locations where we conduct our business. We have established regular testing for product
safety and grievance mechanisms that allow consumers and Human Rights defenders to report any
potential issues without fear.
PUMA’s Human Rights Policy aligns with several internationally recognised standards, including the UN
Guiding Principles on Business and Human Rights, the ILO’s Declaration on Fundamental Principles and
Rights at Work, and the OECD Due Diligence Guidance for Responsible Supply Chains in the Garment and
Footwear Sector. Any cases of non-compliance are documented and addressed through the SpeakUp
platform which is publicly available on PUMA’s website. No cases of involving violations of Human Rights
involving consumers have been reported during the reporting year. In the case of a severe Human Rights
violation, PUMA would search for an adequate and tailored remedy together with the affected parties the
same way it handles Human Rights topics in the supply chain, which is explained in the ESRS S2 Workers in
the value chain section. The Management Board is responsible for the approval and overall implementation
of this policy. PUMA’s Human Rights Officer oversees the policy.
PUMA promotes physical activity through diverse communication channels, adhering to an Ethical
Marketing Policy that avoids exploitation, appropriation, and stereotyping. We work with multicultural
models and ambassadors to reflect our diverse audience. Our campaigns ensure safety and positivity,
especially for children and impaired groups, who participate voluntarily with guardian approval and PUMA’s
supervision. Advertising is directed at caregivers, not vulnerable segments. Adherence to this policy is
monitored regularly by the marketing team through a content approval process. The most senior person
responsible for the implementation of the policy is PUMA’s VP Brand and Marketing.
To address potential neglected product safety features PUMA established a Product Safety Policy and RSL
Implementation Manual for chemical management to layout the requirements, process, roles and
responsibilities, and procedures in managing product mechanical and chemical safety. The documents are
developed based on global product safety legislation and industrial best practice to ensure products do not
pose a safety risk to consumers and end-users. The Management Board is responsible for the approval and
implementation of these policies which are reviewed annually to benchmark and incorporate the latest
requirements and best industrial practice.
In terms of potential data breaches, PUMA has established Data Privacy Policies that govern the collection,
processing, storage, and sharing of personal data. These policies are designed to protect the rights of
consumers and end-users and are regularly updated to reflect changes in legislation and best practices.
PUMA’s privacy policy outlines how the company collects, uses, stores, and protects personal data. The
policy is published on PUMA’s corporate website and the local e-com pages of our subsidiaries and it is
monitored by local teams. The most senior person responsible for the implementation of the policy is
PUMA’s General Counsel.
These policies have been in place for several years and there have not been any changes during the
reporting year. Consumers have not been directly involved in the design of these policies.
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Engagement with consumers and end-users about impacts (S4-2)
PUMA actively tracks its consumers brand perception through various methods, including brand and
sustainability perception surveys. These tools help PUMA understand how consumers view PUMA’s overall
brand image and its products. For instance, PUMA's brand tracker includes questions on product and
marketing-related features, allowing the company to gauge consumer agreement. These insights are
considered by different business units and sourcing teams.
In addition, PUMA is in constant contact with its main athletic ambassadors to receive direct feedback on
the PUMA products under high performance conditions. No further engagements with consumers have
taken place to influence the management of potential impacts.
Remediation of negative impacts and channels for consumers and end-users to raise concerns (S4-3)
To get valuable direct inputs from end-users regarding the brand, PUMA provides contact channels for all
consumers on the PUMA website and contact information is also available on the product or product
packaging. Consumers or end-users can reach out via email, telephone or social media channels to give us
feedback about our products or raise complaints.
When a comment is received from consumers or end-users, the customer service team processes the
request and directs it to the relevant parties. Any issues related to product safety are forwarded to the
Product Compliance team for investigation and followed up by internal teams and suppliers as necessary.
Upon receiving a complaint from consumers or end-users, the customer service team directs it to the
appropriate parties. Complaints concerning product safety follow the Product Quality claim section under
PIT – Sourcing Guidelines. The Product Compliance team is responsible for arranging a root cause analysis
with the PUMA Product Line Manager, PUMA Product Development, PUMA Production team, and suppliers.
This includes, but is not limited to, processes such as product design and material review, document review,
and third-party testing. A corrective action plan is then submitted to ensure remediation is completed and to
prevent the recurrence of similar issues. As of December 2024, no product safety complaints had been
received during the reporting period.
PUMA collects personal data from customers, employees, and partners through various channels, including
online forms, purchases and customer service interactions. The collected data is used for purposes such as
processing orders, improving customer service, marketing, and complying with legal obligations. We
respect the rights of our consumers and end-users regarding their personal data. This includes the right to
access, correct, delete, and restrict the processing of their data. Consumers can exercise these rights
through our dedicated data privacy email address. Consumers are also informed about all processed data
by PUMA and the company’s Data Privacy Policy can be found on PUMA’s corporate website and PUMA e-
commerce. As of December 2024, one data privacy complaint was received during the reporting period.
Communication channels between PUMA and consumers are managed by third-party service providers.
Consumers are made aware of the available communication channels on PUMA’s corporate website and e-
commerce contact section. All grievances are treated confidentially and respect the rights of privacy and
data protection. Consumers can use the telephone to raise concerns anonymously, other channels such as
email and chat cannot be anonymised. No specific policies regarding protection against retaliation for
individuals that use channels to raise concerns or needs are in place yet. We are able to assess that
communication channels are used by consumers, we receive their concerns and questions on a regular
basis and depending on the scale of the request the timeframe for resolving them will vary. We require
external service providers to answer all inquiries received via telephone and email.
Actions on material impacts on consumers, and managing material risks and opportunities related to
consumers (S4-4, MDR-A)
PUMA is committed to ensuring the well-being of its consumers and end-users through a comprehensive
approach. To prevent and mitigate material negative impacts, PUMA has implemented comprehensive
safety assessments and data protective policies and continuously tracks their effectiveness. In cases of
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actual material impacts, PUMA provides or enables remedies to address these issues effectively depending
on their scale.
PUMA ensures its own practices do not cause negative impacts by adhering to a strict code of conduct and a
code of ethics and conducting regular internal audits to maintain high ethical standards. PUMA also focuses
on delivering positive impacts through additional initiatives and processes, aligning them with the SDGs.
Examples include employees engaging with local communities through various programs aimed at
improving education, health, and well-being.
PUMA conducts an annual review of its product safety and RSL policies, aligning them with the latest global
legislation and industry best practices. We engage with external organisations such as the Federation of the
European Sporting Goods Industry (FESI) and the Apparel and Footwear International Restricted Substances
List Management Group (AFIRM) to stay informed about the latest legislative developments in product
safety and incorporate relevant requirements into our safety policies. PUMA has adopted the AFIRM RSL as
the foundation for our RSL management. We also arrange annual training sessions with suppliers to update
them on the latest PUMA requirements. All PUMA products must adhere to the design guidelines outlined in
the PUMA Product Safety Policy to ensure they do not pose any mechanical safety risks to consumers and
end-users.
Children’s products and their components are required to undergo mechanical safety testing in PUMA-
nominated third-party laboratories to ensure there are no mechanical safety risks. Additionally, all products
and materials must be certified under the Oekotex 100 or bluesign® standards, or tested according to
PUMA’s RSL policy in nominated third-party laboratories, to ensure chemical safety.
Personal Protective Equipment (PPE), including shin guards and protective goalkeeper gloves, are tested
and certified by third-party laboratories in accordance with EU PPE regulations. Products or materials that
do not comply with PUMA’s requirements must be remediated before shipment. Suppliers are required to
provide a corrective action plan, which is verified by the PUMA team to prevent recurrence of the issue. All
corrective action plans are recorded and maintained on PUMA’s Sharepoint. As part of our due diligence
process, a number of products are randomly selected from suppliers and tested against PUMA’s RSL in
third-party laboratories.
PUMA involves consumers and end-users in decision-making processes related to sustainability, ensuring
their voices are heard. PUMA has an initiative called Voices of a RE:GENERATION. This initiative aims to
make PUMA’s sustainability efforts more transparent and engaging, particularly for younger generations. It
is designed to empower Gen Z sustainability advocates from different backgrounds by giving them a
platform to influence PUMA’s sustainability strategy and communication. These consumer ambassadors
meet frequently with PUMA’s sustainability senior management to discuss their views on how the topic can
be addressed in a simpler and honest way.
PUMA‘s FOREVER. BETTER. sustainability program helps to transparently report the positive outcomes of
programs and processes and highlights the tangible benefits for consumers and end-users, reinforcing the
company’s dedication to responsible business practices. PUMA actively pursues material opportunities to
enhance the experience of its consumers and end-users by focusing on innovation and sustainability. For
instance, PUMA has launched initiatives related to biodegradable shoes and apparel made from recycled
materials, which cater to the growing demand for fashion made from certified and/or recycled materials. To
manage material negative impacts, PUMA leverages its business relationships by collaborating closely with
suppliers to ensure ethical practices and improve working conditions throughout its supply chain. This
includes regular audits and providing training programs to help suppliers meet PUMA’s high standards.
PUMA employs technical and organisational measures to protect personal data, including encryption,
access controls, and regular security audits. Personal data may be shared with third-party service providers
for specific purposes, such as payment processing and shipping. PUMA ensures that these providers adhere
to strict data protection standards.
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In case of a data breach, PUMA has a response plan that includes immediate containment, the notification
of affected individuals and authorities, and a thorough investigation to prevent future incidents. The Data
Protection Officer is informed and has to investigate what happened, within 72 hours needs to decide if the
data protection authority has to be informed, also depending on the individual costumer, what exactly
happen, and which measures have been taken to minimise the breach.
Resources, staff and monitoring tools, are allocated to manage the effectiveness of the actions mentioned
above. Product related impacts are managed by the Product Compliance team, Data Protection by the Legal
team and encouragement of physical activity by the Marketing team.
During 2024, no severe human rights issues or incidents connected to consumers and/or end-users have
been reported.
METRICS AND TARGETS (MDR-M, MDR-T, S4-5)
For the IROs identified as material in this chapter, PUMA has set a target focused on product safety. This
target supports sustainable consumption and production and contributes to meeting the industry RSL
standards. It also contributes to SDGs. It applies to global production activities, with the baseline being the
products and materials used in the calendar year. The performance against this target is reported annually
in PUMA’s sustainability reports and can be tracked regularly through a database. Consumers have neither
been engaged to set up, identifying opportunities, nor tracking performance against this target. It was
developed by internal stakeholders. No targets or metrics have been set for the other material IROs.
10FOR25 Targets (Baseline year 2020, Target year 2025)
•
Ensure that 100 % of all products are safe to use and achieve a compliance rate of over 90 % for RSL
testing of products and materials (upstream, global)
- In 2024, the RSL testing compliance rate was 98.9 %.
Only materials which pass an RSL test and/or are certified to comparable chemical standards such as
Oekotex 100 or bluesign can be used to produce PUMA goods. The RSL compliance target has been in place
for more than five years and its calculation methodology has not been modified to enable comparability. The
RSL is reported as a compliance rate in percentage within the time interval of January to October from 638
factories of PUMA core and non-core Tier 1 and Tier 2. There is no extrapolation. All non-compliance cases
are followed up with corrective action plans to remediate and avoid recurrence.
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GOVERNANCE INFORMATION
ESRS G1 BUSINESS CONDUCT
IMPACT, RISK AND OPPORTUNITY MANAGEMENT AND STRATEGY
Material business conduct-related impacts, risks and opportunities (IRO-1)
PUMA regularly performs assessments to confirm existing risks or identify new risks and their impact when
it comes to business conduct. In considering the nature of our business, the locations of our sales entities
and sourcing facilities, we focus on the following compliance risks areas: bribery, corruption, money
laundering, fraud, conflicts of interest, anti-competitive behaviour, Human Rights violations and
environmental damages. When we examine the impact of risks, we look at the impact on our business
operations, financial performance, and reputation. The result of each risk assessment is a risk matrix that
we use to prioritise identified risks based on their likelihood and impact. This helps us focus resources on
managing the most critical risks. Not only risks are spotted in this process opportunities are also
addressed.
In relation to our business partners with whom we source our core products, we identify risks by conducting
thorough due diligence, which involves sanctions and reputational checks, sanity checks and examination of
their sustainability policies and ethical practices. The level of scrutiny applied to each business partner
varies and we prioritise the country risk, the industry risk and the volume of the business.
The details of the process of identification of business conduct-related material topics are explained in the
General information (IRO-1) section.
↗ T.74 MATERIAL BUSINESS CONDUCT-RELATED IMPACTS, RISKS AND OPPORTUNITIES (IRO-
1)
Impacts
Actual or
potential Time horizon
Value chain
location
Material negative impacts
Corporate culture
Undervaluing the influence of corporate culture on employees and
business outcome
Potential Short, medium,
long term
Own operations
Protection of whistleblowers
Insufficient measures to protect whistleblowers leading to a lack of trust Potential Short, medium,
long term
Own operations
Management of relationships with suppliers including payment practices
Suppliers may cut corners to meet low-cost demands and tight
deadlines, leading to unsafe working conditions
Potential Short, medium,
long term
Upstream
Delayed payments or unfair terms can strain suppliers' finances, hinder
timely worker payments, and worsen working conditions. Lack of long-
term commitments can also lead to job insecurity
Potential Short, medium,
long term
Upstream
Risks and opportunities
Risks
Management of relationships with suppliers including payment practices
Financial risk arises from delays in raw material procurement and
production, impacting sales, due to inefficient payment practices
straining suppliers' finances
n/a
Short, medium,
long term
Upstream
Suppliers under financial pressure may cut corners, leading to products
that do not meet brand quality standards and resulting in rework,
returns, and reputational damage
n/a
Short, medium,
long term
Upstream
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Impacts
Actual or
potential Time horizon
Value chain
location
Poor relationship management can make suppliers less willing to offer
favorable terms, share cost-saving opportunities, or accommodate
urgent orders if they feel undervalued or insecure, leading to financial
risks
n/a
Short, medium,
long term
Upstream
Over-reliance on a few suppliers can result in higher costs, production
delays, quality issues, and disruptions, ultimately damaging the brand's
reputation, customer trust, and revenue stability
n/a
Short, medium,
long term
Upstream
Poor supplier relationships lead to inadequate communication and
transparency, which may hinder brands to adhere to trade compliance
standards and monitoring practices, resulting in non-compliance and
financial risks
n/a
Short, medium,
long term
Upstream
Corruption and bribery
Reputational risks associated with being linked to corruption cases
n/a
Short, medium,
long term
Upstream
Own operations
Opportunities
Management of relationships with suppliers including payment practices
Fair and timely payments build trust, encouraging suppliers to innovate
and invest in new technologies, while long-term relationships give them
the confidence to pursue innovative solutions
n/a
Medium, long
term
Upstream
Ensuring suppliers' financial stability and maintaining regular,
transparent communication reduces disruption risks and enhances
supply chain resilience
n/a
Medium, long
term
Upstream
The role of the administrative, supervisory and management bodies (GOV-1)
As a company listed in Germany, PUMA adheres to the German Stock Corporation Act and the German
Corporate Governance Code. PUMA has a dual management system featuring strict personal and functional
separation between the Management Board and the Supervisory Board (two-tier board). Accordingly, the
Management Board manages the company while the Supervisory Board monitors and advises the
Management Board. PUMA has three bodies: the Management Board, the Supervisory Board, and the
Annual General Meeting. The Management Board of PUMA manages the Company on its own responsibility
with the goal of sustainable value creation. It develops PUMA's strategic orientation and coordinates it with
the Supervisory Board. In addition, it ensures Group-wide compliance with legal requirements and an
effective risk management and internal control system.
The members of the Management Board are appointed by the Supervisory Board. The Supervisory Board of
PUMA consists of seven members, five of whom are shareholder representatives and two of whom are
employee representatives. Shareholder representatives are being elected individually.
The Supervisory Board supervises and advises the Management Board on the implementation of the
strategy. Supervision and advice also include, core compliance and sustainability issues, which are covered
as a cross-sectional task in the Audit Committee and the Sustainability Committee. The Management Board
informs the Supervisory Board regularly, promptly, and comprehensively about all issues of relevance to
PUMA relating to strategy, planning, business development, the risk situation, risk management and the
compliance management system. PUMA’s sustainability strategy is approved by the Sustainability
Committee and the Supervisory Board. It deals with deviations during business from the established plans
and targets, stating the reasons. The Supervisory Board is involved by the Management Board in decisions
of paramount importance for the Company and the Supervisory Board needs to approve those decisions.
The Management Board has put in place a Compliance Management System (CMS) to ensure good business
conduct. It has implemented a Code of Ethics that defines the expectations of the Company regarding good
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business conduct towards its employees, business partners and stakeholders. The Code of Ethics is part of
every employee’s contract and is thus binding for all employees. Through clear tone from the top the CEO
regularly delivers clear messages on how important it is to follow the principles of the Code of Ethics. The
Supervisory Board is informed in its regular quarterly meetings and, if necessary, on an ad-hoc basis about
the status of the implementation of the CMS.
The members of the Management Board and the shareholder representatives on the Supervisory Board
bring a wealth of experience when it comes to expertise in business conduct matters. All aforementioned
members are seasoned executives in C-level positions of international corporations who have been
responsible for building structures on good corporate governance throughout their career. On top every
training that employees are asked to conduct on a mandatory basis, must be finished by the members of the
Management Board.
Business conduct policies and corporate culture (G1-1)
PUMA has established a comprehensive set of policies to guide business conduct at a Group-wide level.
These policies are designed to ensure that all employees, at every level, uphold the highest standards of
integrity, transparency, and ethical behaviour. The PUMA Code of Ethics, previously referred to in the
sections on Policies related to own workforce (S1-1) and Remediation of negative impacts and channels to
raise concerns (S1-3), outlines our commitment to ethical behaviour, Human Rights, and transparency. It
applies globally and is relevant to various stakeholders, including employees and business partners in the
supply chain. It promotes brand values and ethical conduct, protects Human rights and maintains
transparency and accountability. Key areas covered by the Code of Ethics and the Group internal policies
include: Human Rights protection, occupational health and safety, learn from mistakes, intellectual
property, protection of PUMA assets, sustainability, quality and safety, business partners, conflicts of
interest, insider trading, anti-money laundering, trade compliance, fair competition, anti-corruption,
financial integrity, tax compliance, confidentiality, data privacy, animal welfare and SpeakUp.
The PUMA Code of Ethics helps mitigate several risks like bribery, anti-competitive behaviour, violations of
Human Rights, tax evasion, money laundering etc. It is the basic document employees are asked to turn to
educate themselves about the values of PUMA. More detailed internal policies complement the main
principles of the Code of Ethics. In incorporating the Code of Ethics into the agreements with the business
partners and suppliers, a strong relationship is built, and a transparent communication is ensured. The
Code's anti-corruption measures ensure that PUMA and its partners operate with integrity and
transparency, protecting the brand's reputation.
The policy framework defines zero tolerance issues within the organisation. PUMA is committed to adhering
to the UN Global Compact principles related to governance. The Management Board and especially the CEO
is responsible for the implementation of compliance policies. Each compliance policy is approved by all
members of the Management Board and communicated by the CEO via email to all local General Managers
responsible for implementation to all employees. All awareness measures on the core compliance risk
areas are pre-aligned with the CEO.
To foster a positive corporate culture, we actively promote these values through regular trainings according
to a training plan agreed with the Management Board, cascading awareness initiatives through posters,
leaflets, emails, CEO messaging and a leadership team that leads by example. By embedding these
principles into our daily operations, we aim to create an environment that encourages trust, accountability,
and mutual respect.
The Management Board and the Supervisory Board are informed quarterly about compliance cases and the
implementation status of our CMS.
PUMA behaves in a law-abiding, fair, respectful, and ethical manner towards its employees, consumers and
business partners. The Compliance Organisation, Group Compliance in the headquarters and Local
Compliance Officers in each and every PUMA entity, works together as a team to ensure that all PUMA
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employees comply with PUMA's values. While PUMA Group Compliance at the headquarters sets the
baseline, stricter local requirements take precedence, ensuring the highest standards are always met.
PUMA has developed a comprehensive risk assessment framework that incorporates key policies to
address various identified risks. The framework aligns with our business objectives and regulatory
requirements to ensure that all potential risks are identified, assessed, and mitigated effectively. Depending
on their exposure to the identified risks, target groups of employees are built who receive more intensive
training than others. Where external parties are involved, measures are taken to ensure that the risk
associated with these parties is mitigated. This includes contractual clauses, onboarding, due diligence or
training. After a policy has been released, related communication and training materials are developed to
reinforce the understanding of the rules of the policy.
Internal controls and procedures ensure efficient operations and minimise errors, fraud and misconduct.
Our Code of Ethics, Anti-corruption and Anti-bribery Policy, and all other policies are in place to ensure we
comply with local and international laws and regulations. PUMA’s Anti-bribery and Anti-corruption Policy is
consistent with the United Nations Convention Against Corruption. Employees are trained on these policies
to ensure a thorough understanding of legal obligations. These policies mitigate risks related to legal
penalties, financial loss, and reputational damage by ensuring that all activities comply with applicable laws
and regulatory standards.
Breaches of law or our internal policies are not tolerated. Through the whistleblowing channel SpeakUp,
PUMA can be informed about such breaches. PUMA’s Whistleblowing Policy protects whistleblowers
globally from retaliation and guarantees a confidential and fair treatment of the case.
In case violations occur, those are remediated, a new risk analysis is performed, and measures are taken to
close potential gaps in the control system.
Tone from the top is key in PUMA’s corporate culture, leadership demonstrates commitment through
transparent communication, and by modelling the behaviours that align with our core values. This
commitment is cascaded down to all levels in the organisation, ensuring a consistent culture framework.
PUMA is dedicated to continuously developing a positive and inclusive corporate culture. We invest in
training programs and workshops that focus on our values, ethics and leadership development. These
programs are designed to help employees at all levels understand and embody the company culture.
During the onboarding process, new employees are introduced to PUMA’s culture through orientation
sessions that cover our values, mission and expectations. This ensures that from day one, employees are
aware of and engaged with the company’s culture.
Leadership development is another critical component of our culture-building efforts. We provide ongoing
support and training for our leaders to ensure they act as role models and reinforce the desired culture
within their teams. PUMA has developed a variety of communication channels, including regular townhall
meetings and compliance awareness initiatives. Through the intranet culture stories, achievements and
updates are shared with all employees. Compliance policies are communicated by the Management Board
member responsible for the topic via email and are available on the intranet. Compliance awareness
initiatives are communicated via multiple channels, like hardcopy, email and videos.
Compliance awareness initiatives are structured to echo a training plan, a new policy or a policy update, or
to educate after a compliance incident.
Corporate culture is evaluated by regular employee feedback mechanisms, e.g. employee survey, open-door
policy, that encourage employees to voice their opinions and concerns. Such feedback is analysed to identify
trends, strengths and areas of improvement. The survey is conducted every three months. Culture
alignment is also assessed during performance reviews, where employees are evaluated not only on their
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job performance but also on how well they embody the company’s core values. This approach ensures that
cultural fit is a key component of overall performance. To maintain and improve our corporate culture, we
regularly conduct internal audits to assess compliance with our values and standards. Action plans are
developed to address any identified gaps, ensuring that our culture continues to evolve in a positive
direction.
At PUMA, we act in accordance with the law and self-imposed standards of conduct in all business activities.
PUMA’s CMS is designed to systematically prevent, detect at an early stage and sanction violations of rules
in the areas of corruption, money laundering, conflicts of interest, antitrust law, fraud or embezzlement.
Violations of the law or internal policies are not tolerated.
As part of the CMS, PUMA has a Group-wide electronic whistleblower platform, operated by an external
provider, to which employees and third parties can report illegal or unethical behaviour. Reporting is also
possible to the P&O department or to the Local Compliance Officers. All cases in core compliance areas are
documented and managed in the same way, no matter the reporting channel. Reporting from external
stakeholders is enabled via a link to the whistleblower system on our website.
Violations from all risk areas can be reported. Reports of violations that do not fall within the core
compliance risk areas are forwarded to the relevant departments, which are then responsible for
investigating and implementing appropriate measures in the respective cases.
We have Case Handling Rules and Investigation Guidelines to support the members in our investigation
team. All major cases in the whistleblowing platform are reported quarterly to the Management Board and
Supervisory Board.
PUMA’s whistleblowing platform SpeakUp fulfils all requirements of German and European whistleblowing
law. Education on SpeakUp is a mandatory part of compliance trainings and is regularly communicated via
Compliance Awareness Initiatives, e.g. SpeakUp poster in all PUMA buildings worldwide. PUMA has
implemented Case Handling Rules and Investigation Guidelines to support the staff receiving the reports
and investigating the cases. They are trained regularly and exchange on lessons learned from the case
investigations in catch-up sessions.
PUMA protects all whistleblowers from retaliation. No employee will be subject to disciplinary or retaliatory
actions due to reporting a concern or an incident in good faith. Every report is treated as strictly
confidential. This is stated in our Whistleblowing Policy and is the mindset that we display in the course of
every investigation.
PUMA takes every report seriously and investigates every substantiated compliance case. The investigation
process is free from any undue influence and the standards applied are objective. If a violation has not been
proven, the presumption of innocence applies. Incriminating and exculpating facts are equally included in
the investigation. All investigations are conducted in a confidential manner and comply with the applicable
laws. Disciplinary measures are taken in accordance with the principle of proportionality. In the event of
misconduct by a business partner, appropriate consequences will also be taken in accordance with the
principle of proportionality.
The PUMA Compliance Training Strategy resolved by the Management Board stipulates that two short
trainings on core business conduct topics like preventing bribery, anti-money laundering, anti-trust, ethical
behaviour, business partner due diligence, keeping information confidential etc. will be held every second
year for all employees worldwide and one deep dive training on selected topics from the above listed ones
will be held every three years for target groups based on their risk exposure to the topic.
The functions in PUMA that are most at risk of corruption and bribery, are typically those that involve
interaction with external governmental bodies or business partners. Those are facility management,
logistics, sourcing and procurement, sales, sports marketing, and marketing.
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Prevention and detection of corruption or bribery and incidents (G1-3, G1-4)
CMS helps us to operate within legal and regulatory boundaries while fostering ethical behaviour and good
corporate governance, with a focus on the compliance risk areas including anti-corruption and anti-bribery.
PUMA’s CMS in this regard consists of three pillars including prevent, detect and respond.
•
In “Prevent”, we identify and assess the compliance risks via regular risk assessments, then formulate
related policies and training to mitigate the related risks especially in areas like anti-corruption, bribery,
anti-money laundering and fraud. A regular Tone from the Top is an important tool in preventing
compliance violations
•
We have established different whistleblowing channels to “Detect” violations against the law or our
internal policies that we described above
•
We “Respond” to compliance violations with actions that counter the severity of the case. Consequences
can be warnings or other disciplinary measures, remediation action plans, awareness measures or an
adaptation of the training content and cycle to the new evaluated risk situation. We include case studies
and clear guidance on best practices and prohibited behaviours to prevent incidents of corruption or
bribery.
Anti-corruption is a standard training module in our Compliance in-person training program, as well as in
our e-learning training program. The whistleblowing channel SpeakUp is available on the internet page and
available for both employees and external business partners. Information on SpeakUp and how allegations
are handled are a standard training module in all our Code of Ethics e-learning and Compliance in-person
trainings. We include a module on anti-corruption and anti-bribery in each training for our suppliers.
The PUMA Compliance Training Strategy resolved by the Management Board stipulates that two short
trainings on core business conduct topics like preventing bribery, anti-money-laundering, anti-trust, ethical
behaviour, business partner due diligence, keeping information confidential etc. will be held every second
year for all employees worldwide and one deep dive training on selected topics from the above listed ones
will be held every three years for target groups based on their risk exposure to the topic.
Our Code of Ethics communicates our expectations regarding the prevention of corruption and bribery in
business. A more detailed Anti-bribery and Anti-corruption Policy helps employees to comply with the
expectations and is communicated by the CEO to all PUMA employees worldwide. It lays out approval
processes for risky business transactions. Implemented internal controls like the segregation of duties and
four-eyes principle limit opportunities for corrupt activities. The screening process established via the
Business Partner Due Diligence policy ensures that business partners are carefully selected and the
corresponding compliance clauses in the agreements request them to meet anti-corruption standards.
Regular Code of Ethics e-learnings and in-person compliance training programs as well as awareness
measures make sure that the key messages are properly communicated to all the employees.
We have established a whistleblowing channel for employees and external partners to report corruption and
bribery allegations. With the help of Internal Audit, suspicious activities in terms of corruption and bribery
are identified. Cross department screening in SAP also helps to monitor financial transactions for red flags.
Once PUMA is aware of corruption or bribery cases, the Case Handling Rules and Investigation Guidelines
are in place to enable every case manager in each entity to conduct investigations properly and all cases are
documented in a case management system and reported to the Management Board and Supervisory Board
on a quarterly basis.
Corruption and bribery are zero tolerance issues at PUMA. Disciplinary consequences and remediation
plans are mandatory for each confirmed corruption or bribery case. Annual Compliance e-learning is
conducted targeting each PUMA employee with a business email account. Anti-corruption/bribery is subject
at all in-person compliance trainings. Additional training is provided to executive/senior management with
tailored case studies. All compliance training materials are developed by the Compliance team in order to
be very relevant to the PUMA teams and to speak the language of the fairly young employee base. The
compliance training strategy is approved by the Management Board.
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At PUMA we ensure that the investigators are completely independent from the management chain or
department that is involved in the matter. This includes:
•
When appointing an investigator (case manager), Group Compliance makes sure that there no conflict of
interests and they are from an unrelated entity or department, normally the local compliance officer or,
where necessary, an external investigator
•
PUMA has established clear and separate reporting lines for the investigators, ensuring they report the
case solely to the compliance department, rather than to anyone involved in the matter
•
Investigation Guidelines are in place, which clearly state that if a conflict of interest arises, e.g. if the
responsible compliance officer is too close to the accused or the reporter, the case will be handled by
Group Compliance, to ensure the case is impartially handled
•
For particularly sensitive cases, we may engage external investigators or forensic auditors to further
distance the investigation from internal influence.
The investigation is overseen by Group Compliance to ensure adherence to protocols, and fairness. The
Compliance function reports all corruption/bribery cases and all other major cases to the Management
Board and to the Audit Committee of the Supervisory Board on a quarterly basis. The content of this report
includes the quarterly summary/analysis of cases, comparisons to previous quarters, percentage of closed
cases, key case summaries with follow-up measures, actions or learnings/recommendations derived from
the key cases.
PUMA Compliance Policies are written in easy language that can be well understood by the staff. They are
translated into the local languages and can be adapted to local needs. Compliance Policies are always
released by the CEO to all employees worldwide to ensure the right Tone from the Top. In the CEO email, a
copy of the policy is provided with a link to the intranet for easy access. Each compliance policy names a
contact person to answer questions related to the understanding and implementation of the policy. The
contact person can also bring back the latest information and feedback on the policy, ensuring that PUMA is
prepared for possible updates. In all compliance training, including e-learnings and in-person trainings, the
related policies are repeatedly communicated.
PUMA has a compliance training strategy that illustrates which compliance training is provided to whom at
which frequency in which format. Every new joiner receives onboarding training about compliance culture,
introduction of risk areas and policies, expectations and the whistleblowing channel SpeakUp. Existing
employees receive basic and deep-dive compliance training. Basic training educates about the
fundamentals of the most relevant risk areas. They are covered by short annual e-learnings. Deep-dive
training provides deeper knowledge in certain risk areas and is designed for targeted employees with bigger
risk exposure. This deep-dive compliance training is covered by longer e-learnings and face-to-face
compliance trainings. All training on anti-corruption/anti-bribery is mandatory. Training modules on anti-
corruption are standard parts of all compliance trainings.
A hundred percent of function-at-risk are covered by training programs. Each Code of Ethics e-learning is
mandatory for all employees and aims at a 100 % completion rate. Such e-learnings are communicated and
launched via the CEO of PUMA to all employees worldwide. All e-learnings are also conducted by the
members of the Management Board and the Supervisory Board. On top of that the members of the
Management Board and the Supervisory Board receive regular tailor-made compliance trainings, depending
on the topics that are relevant for the fulfilment of their tasks.
In 2024, PUMA did not have confirmed cases on corruption or bribery.
PUMA is dedicated to fostering a culture of integrity by offering global anti-corruption and anti-bribery e-
learnings every two years. The last session of e-learnings on anti-corruption and anti-bribery was
conducted in 2023 and is due again in 2025.
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Management of relationships with suppliers (G1-2)
PUMA has several practices to minimise supply chain disruptions, aligning with its strategy and risk
management:
•
Vendor Financing Program: Established in 2016, this program offers suppliers attractive financing terms
through partnerships with banks like BNP Paribas, Standard Chartered Bank, and HSBC, ensuring
liquidity during disruptions
•
Collaborative adjustments: During the COVID-19 pandemic, PUMA worked with retail partners and
manufacturers to adjust order placements, sharing the burden and maintaining continuity
•
Continuous Communication: PUMA maintains ongoing dialogue with suppliers to assess risks related to
factory work suspensions, layoffs, wage payments, and working conditions, addressing issues
proactively
•
Responsible purchasing: PUMA ensures orders are paid in full and materials compensated even if
orders are cancelled, building trust and reliability
•
Health and Safety Guidelines: PUMA guides manufacturers to follow government and ILO guidelines to
protect workers’ health, ensuring safe operations during crises
•
Sustainability strategy: PUMA’s FOREVER. BETTER. strategy, informed by the SDGs focuses on human
rights, climate action, and circularity, ensuring long-term resilience and adaptability.
PUMA recognises the impact of its business practices on suppliers and aims to reduce negative effects
through its Responsible Sourcing Policy.
Established in 2019, the Responsible Purchasing Practice Policy guides decisions and ensures consistency.
PUMA trains its sourcing staff and suppliers on this policy, referencing the UN Guiding Principles on
Business and Human Rights to highlight the link between purchasing practices, working conditions, and
human rights risks.
We ask strategic Tier 1 suppliers to participate in the Better Buying survey to gather feedback on PUMA’s
responsible purchasing practices. This survey collects anonymous ratings from suppliers based on five
principles of responsible purchasing, helping us improve our practices. We share the survey results with our
sourcing team and suppliers.
In 2023, PUMA added a responsible disengagement clause to its purchasing practices. Following Fair Labor
Association guidelines, PUMA commits to providing at least six months’ notice before significantly
downscaling orders or ending business relationships. A longer notice period may be granted based on
average production capacities over the past two to three years to mitigate impacts on workers and allow
suppliers time to find new buyers.
PUMA’s Code of Conduct is integral to our manufacturing agreements. As part of the manufacturing
agreements all suppliers sign a legally binding Declaration of Principles specifying the principles and
standards to be observed by the suppliers, including annexes on Anti-corruption, Building safety, Animal
protection, PUMA sustainability audit, restricted substances, and PUMA cotton sourcing policies. The
supplier acknowledges the importance of adhering to social and environmental standards and guarantees
these rights to all employees and affected stakeholders. Additionally, the supplier commits to respecting
internationally recognised human rights, complying with all applicable laws to prevent slavery, servitude,
forced labour, and human trafficking, and avoiding any activities that would constitute an offense.
PUMA uses a Supplier Scorecard to evaluate and manage supplier performance based on several key
criteria including environmental compliance, waste management and effluent treatment. PUMA conducts
regular reviews and meetings with suppliers to discuss scorecard results, address any issues, and identify
areas for improvement. Suppliers needing improvement get support and guidance to meet PUMA’s
standards.
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PUMA extends its local supply chain initiatives in markets such as China, India, Latin America and Türkiye.
By sourcing materials and products regionally, PUMA fosters closer relationships with local suppliers.
Payment practices (G1-6)
PUMA has digitised its supply chain to create transparency and operational efficiency, ensuring timely
payments to suppliers. Consequently, all payments to vendors are automated and paper-free, ensuring
timely payments as per our terms.
PUMA’s standard contract payment terms require payment upon receipt of invoice within a specified
number of days from the actual handover date. In 2024, approximately 76 % of annual invoices were paid
according to these standard terms. The remaining invoices were paid based on local terms agreed upon
between the sales subsidiary and the supplier. In 2024, there were no outstanding legal proceedings for late
payments, as this process is automated.
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INFORMATION CONCERNING TAKEOVERS
The following information, valid 31 December 2024, is presented in accordance with Art. 9 p. 1 c) (ii) of the SE
Regulation in conjunction with Sections 289a, 315a German Commercial Code (HGB). Details under Sections
289a, 315a HGB which do not apply at PUMA SE are not mentioned.
Composition of the subscribed capital (Sections 289a [1][1], 315a [1][1] HGB)
On the balance sheet date, subscribed capital totaled € 149,698,196.00 and was divided into 149,698,196 no-
par value shares with a proportional amount in the statutory capital of € 1.00 per share. As of the balance
sheet date, the Company held 873.783 treasury shares.
Shareholdings exceeding 10% of the voting rights (Sections 289a [1][3], 315a [1][3] HGB)
As of 31 December 2024, there was one shareholder in PUMA SE that exceeded 10% of the voting rights. It
was held by the Pinault family via several companies controlled by them (ranked by size of stake held by the
Pinault family: Financière Pinault S.C.A., Artémis S.A.S. and Kering S.A.). The shareholding of Kering S.A. in
PUMA SE amounted to 0.0% of the share capital on 31 December 2024, according to Kering’s own
information. The shareholding of Artémis S.A.S. amounted to 28.7% of the share capital on 31 December
2024 (after the capital reduction resulting from the share buy-back programme).
Statutory provisions and regulations of the Articles of Association on the appointment and
dismissal of the members of the Management Board and on amendments to the Articles of Association
(Sections 289a [1][6], 315a [1][6] HGB)
Regarding the appointment and dismissal of the members of the Management Board, reference is made to
the applicable statutory requirements of Section 84 German Stock Corporation Act (AktG). Moreover, Section
7[1] of PUMA SE’s Articles of Association stipulates that Management Board shall consist of two members in
the minimum; the Supervisory Board determines the number of members in the Management Board. The
Supervisory Board may appoint deputy members of the Management Board and appoint a member of the
Management Board as chairperson of the Management Board. Members of the Management Board may be
dismissed only for good cause, within the meaning of Section 84[3] of the AktG or if the employment
agreement is terminated, for which in each case a resolution must be adopted by the Supervisory Board
with a simple majority of the votes cast.
Amendments to the Articles of Association of the Company require a resolution by the Annual General
Meeting. Resolutions of the Annual General Meeting require a majority according to Art. 59 SE Regulation
and Sections 133[1], 179 [2] [1] AktG (i.e. a simple majority of votes and a majority of at least three quarters of
the share capital represented at the time the resolution is adopted). The Company has not made use of
Section 51 SEAG.
Authority of the Management Board to issue or repurchase shares (Sections 289a [1][7], 315a [1][7] HGB)
The authority of the Management Board to issue shares result from Section 4 of the Articles of Association
and from the statutory provisions:
Authorized Capital
By resolution of the Annual General Meeting on 5 May 2021, the Management Board is authorized, with
approval of the Supervisory Board, to increase the share capital of the Company by up to EUR 30,000,000.00
by issuing, once or several times, new no par-value bearer shares against contributions in cash and/or kind
until 4 May 2026 (Authorized Capital 2021). In case of capital increases against contributions in cash, the new
shares may be acquired by one or several banks, designated by the Management Board, subject to the
obligation to offer them to the shareholders for subscription (indirect pre-emption right).
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The shareholders shall generally be entitled to pre-emption rights. However, the Management Board shall
be authorized with approval of the Supervisory Board, to partially or completely exclude pre-emption rights
•
to avoid peak amounts;
•
in case of capital increases against contributions in cash if the pro-rated amount of the share capital
attributable to the new shares for which pre-emption rights have been excluded does not exceed 10% of
the share capital and the issue price of the newly created shares is not significantly lower than the
relevant exchange price for already listed shares of the same class, Section 186 (3) sentence 4 of the
German Stock Corporation Act (Aktiengesetz, AktG). The 10% limit of the share capital shall apply at the
time of the resolution on this authorization by the Annual General Meeting as well as at the time of
exercise of the authorization. Shares of the Company (i) which are issued or sold during the term of the
Authorized Capital 2021 excluding shareholders’ pre-emption rights directly or respectively applying
Section 186 (3) sentence 4 AktG or (ii) which are or can be issued to service option and convertible bonds
applying Section 186 (3) sentence 4 AktG while excluding shareholders’ pre-emption rights during the
term of the Authorized Capital 2021, shall be counted towards said limit of 10%;
•
in case of capital increases against contributions in cash insofar as it is required to grant pre-emption
rights regarding the Company’s shares to holders of option or convertible bonds which have been or will
be issued by the Company or its direct or indirect subsidiaries to such an extent to which they would be
entitled after exercising option or conversion rights or fulfilling the conversion obligation as a
shareholder;
•
in case of capital increases against contributions in kind for carrying out mergers or for the direct or
indirect acquisition of companies, participation in companies or parts of companies or other assets
including intellectual property rights and receivables against the Company or any companies controlled
by it in the sense of Section 17 AktG.
The total amount of shares issued or to be issued based upon this authorization while excluding
shareholders’ pre-emption rights may neither exceed 10% of the share capital at the time of the
authorization becoming effective nor at the time of exercising the authorization; this limit must include all
shares which have been disposed of or issued or are to be issued during the term of this authorization
based on other authorizations while excluding pre-emption rights or which are to be issued because of an
issue of option or convertible bonds during the term of this authorization while excluding pre-emption
rights. The Management Board shall be entitled, with approval of the Supervisory Board, to determine the
remaining terms of the rights associated with the new shares as well as the conditions of the issuance of
shares. The Supervisory Board is entitled to adjust the respective version of the Company’s Articles of
Association with regard to the respective use of the Authorized Capital 2021 and after the expiration of the
authorization period.
The Management Board of PUMA SE did not make use of the existing Authorized Capital in the current
reporting period.
Conditional Capital
The Annual General Meeting of 11 May 2022 has authorized the Management Board until 10 May 2027 with
the approval of the Supervisory Board to issue once or several times, in whole or in part, and at the same
time in different tranches bearer and/or registered convertible bonds and/or options and profit-participation
rights and/or profit bonds or combinations thereof with or without maturity restrictions in the total nominal
amount of up to € 1,500,000,000.00.
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The share capital is conditionally increased by up to € 15,082,464.00 by issue of up to 15,082,464 new no-par
value bearer shares (Conditional Capital 2022). The conditional capital increase shall only be implemented
to the extent that conversion/option rights are exercised, or the conversion/option obligations are
performed, or tenders are carried out and to the extent that other forms of performance are not applied.
No use has been made of this authorization to date.
Authorization to acquire treasury shares
The Annual General Meeting of 7 May 2020 resolved under agenda item 6 to authorize PUMA SE to acquire
and utilize treasury shares until 6 May 2025, including the authorization to sell treasury shares while
excluding shareholders' pre-emption rights and the authorization to offer and transfer treasury shares to
third parties against non-cash consideration. The authorization from 2020 was extended by resolution of the
Annual General Meeting on 5 May 2021 to the effect that the Supervisory Board was authorized to issue
treasury shares to members of the Management Board as a component of Management Board
remuneration, while excluding shareholders' pre-emption rights. In addition, the authorization from 2020
was extended by resolution of the Annual General Meeting on 11 May 2022 to the effect that the Management
Board was authorized to issue shares acquired, excluding shareholders' subscription rights, in connection
with share-based payment or employee share programs of the Company or its affiliated companies to
persons who are or were employed by the Company or one of its affiliated companies or are a member of
the management of a company affiliated with the Company. In all other aspects, the authorization from 2020
remained unchanged.
On the basis of the aforementioned authorization of 7 May 2020/5 May 2021, the Management Board of PUMA
SE approved a share buyback program on 29 February 2024. The first tranche provides for the repurchase of
treasury shares with a total purchase price of up to € 100 million and began on 6 March 2024 for the period
until 6 May 2025. In accordance with the authorization granted by the Annual General Meeting 2020, the
repurchased shares will be cancelled.
By resolution of the Annual General Meeting on 22 May 2024, the aforementioned authorization to acquire
and use treasury shares was revoked and the company was again authorized to acquire treasury shares up
to ten percent of the share capital until 21 May 2029. In addition, the Supervisory Board was authorized to
issue the acquired shares to members of the company's Executive Board, excluding shareholders'
subscription rights. Furthermore, the Management Board was authorized to issue the acquired shares to
persons who are or were employed by the company or one of its affiliated companies or are members of the
management of one of its affiliated companies, excluding shareholders' subscription rights in connection
with share-based compensation and employee share ownership programs of the company or its affiliated
companies. If the shares are purchased on the stock exchange, the purchase price per share may not
exceed 10% or fall short of 20% of the average closing price of the same class of company shares in XETRA
(or a comparable successor system) on the last three trading days prior to the obligation to purchase. No
use was made of this authorization to purchase treasury shares during the reporting period.
Significant agreements of the Company which are subject to a change of control as a result of a takeover
bid and the resulting effects (Section 289a [1][8], 315a [1][8] HGB)
Material financing agreements of PUMA SE with its creditors contain the standard change-of-control
clauses. In the case of change of control the creditor is entitled to termination and early calling-in of any
outstanding amounts.
For more details, please refer to the relevant disclosures in Chapter 17 of the Notes to the Consolidated
Financial Statements.
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CORPORATE GOVERNANCE STATEMENT IN
ACCORDANCE WITH SECTION 289F AND 315D HGB
┌
The corporate governance statement (in accordance with Sections 289f and 315d HGB) includes the
declaration of compliance, information on corporate governance practices and a description of the working
methods of the Management Board and Supervisory Board. It is available at
https://about.puma.com/en/investor-relations/corporate-governance
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RISK AND OPPORTUNITY REPORT
PUMA operates in a competitive, fast-paced, and international sport and lifestyle industry, continuously
facing both risks and opportunities. The risk strategy is therefore to take business risks in a calculated
manner in order to implement the corporate strategy with all its opportunities. For this purpose, effective
risk and opportunity management is required so that opportunities can be recognised and capitalised, and
risks can be identified and managed at an early stage. We define risks as potential future developments or
events that may lead to a negative deviation from targets for the company (see the "Risk Management
System" section). Similarly, opportunities are potential future developments or events that may result in a
positive deviation from targets.
RISK MANAGEMENT SYSTEM
The risk management system aims to identify and manage material risk at an early stage, including those
that could even jeopardise the company's existence, thus supporting the achievement of the company's
objectives. In addition, compliance with related laws, regulations and standards must be ensured, as well as
transparency in relation to the risk situation from the perspective of partners such as customers, suppliers
and investors. Therefore, PUMA has established an appropriate and effective risk management organisation
which is able to identify risks at an early stage and manage them in accordance with the corporate strategy
and promote risk awareness within the PUMA Group to facilitate risk-based decisions. As part of the
organisation, risks are looked at Group-wide, unless explicitly stated to the contrary. As in the previous year,
PUMA's risk management system is based on a comprehensive, interactive, and management-oriented
approach to risks that is integrated into the company's organisation and is based on the globally recognised
COSO standard (Committee of Sponsoring Organizations of the Treadway Commission). Opportunity
management, however, is not part of the risk management system and is the responsibility of operational
management teams in the respective regions, markets, and departments (see the "Opportunities" section).
The Management Board of PUMA SE bears overall responsibility for the risk management system in
accordance with Section 91(3) AktG. The Management Board regularly updates the Audit Committee of the
Supervisory Board of PUMA SE. In addition, pursuant to Section 107(4) AktG., the Audit Committee has a
direct right to information from the operational management departments. The Risk Management
Committee, which consists of the PUMA SE Management Board and selected managers, is responsible for
the design, review, and adaptation of the risk management system. For the operational coordination of the
risk management process and support of the risk officers, the risk management function of the Group
Internal Audit, Risk Management & Internal Control department has been assigned to prepare the regular
risk reporting to the Risk Management Committee. The responsibilities, tasks and processes of the risk
management system are defined in PUMA’s enterprise risk guidelines. The structure and design of the risk
management system are as follows:
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↗ G.17 RISK MANAGEMENT SYSTEM
The risk owners are primarily the managers of the functional areas and the managing directors of
subsidiaries. Risks are identified company-wide by performing a bottom-up analysis within the risk owner's
area of responsibility. These risks are regularly reported to the risk management function and/or the local
monitoring bodies in structured interviews that take place every six months or during the year using
established internal reporting channels. As a part of the PUMA’s risk culture, general information for risk
management as well as training materials are made available to all employees.
The risks are evaluated and assessed based on their probability of occurrence and potential damage using
quantitative criteria with the help of a systematic methodology. The quantitative criteria are represented in
the form of risk classification ranges on a four-level scale: Low, Medium, Significant and High. While the
risk assessment of the probability of occurrence is measured as a percentage rate, the extent of damage is
based on the planned operating result for the upcoming financial year. PUMA follows a net risk approach,
addressing the risks that remain after existing control measures have been implemented. The resulting risk
assessments are presented as an aggregated risk group ("overall risk situation"). Thus, for the purpose of
assessing materiality, the quantified risks arising from the extent of damage and the probability of
occurrence are combined and classified in a comprehensive risk matrix with regard to their significance
level (‘low’, ‘moderate’, ‘material’, ‘critical’) for internal monitoring and to assess their viability (see the
following risk matrix chart).
For example, a risk may be classified as critical, in the case that its assessment reflects a combination of
highest bandwidth for extent of damage (“High > € 50 million”) and probability (“High > 50%”). The overview
of risk groups is summarised in tabular form in the following table ‘Overview of risk groups’ in the order of
their relative importance and their change during the year.
Supervisory Board / Audit Committee
Management Board / Risk Management Committee
Risk Strategy
Internal Audit
Monitoring
Risk Owner
Subsidiaries
Functions
Identification
Management
Assessment
Reporting
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↗ G.18 RISK MATRIX
Regular risk identification and assessment is carried out by the risk management function every six months
with all major functional areas. The risks recorded and assessed are also reviewed with a top-down
approach by the Risk Management Committee. This ensures that adequate consideration is given to
interdependencies and the overall risk situation.
The risk owners are responsible for the operational management of identified risks. Risks can be managed
by avoiding, reducing, diversifying, or transferring them to achieve the targeted and acceptable residual
risk. Within the reporting process, material risks or those which could even jeopardise the company’s
existence are coordinated with and managed by the Risk Management Committee or the Management
Board, considering the risk-bearing capacity, which is also based on the planned operating result.
The methodology and structure of the risk management system are continuously monitored in terms of
their appropriateness and effectiveness and adapted or improved when required. This is carried out on the
one hand by the Internal Audit department, as an independent audit body within the PUMA Group, and on
the other hand through the utilization of the results of the auditor of PUMA SE, which assesses the early
risk identification system annually for its fundamental suitability to be able to identify risks that endanger
the company’s existence at an early stage.
Likelihood in %
low
moderate
material
critical
high
significant
medium
low
>50
≤50 ≥20
<20 ≥10
<10
Significance level
Impact in € million
≥5 <20
medium
≥20 <50
significant
≥2 <5
low
≥50
high
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RISKS
The following explanations of risk groups are presented based on their relative importance for the financial
year 2024.
MACROECONOMIC DEVELOPMENTS
As an internationally operating enterprise, PUMA is exposed to challenges and uncertainties that affect the
global economy. These risks may impact our sales and sourcing markets. For example, macroeconomic
risks because of economic recessions, changes in interest rates, or inflation and cost pressures, might
influence consumer behavior, production costs, revenues, and profit margins. Additionally, global events like
political changes, social developments, geopolitical tensions, natural disasters and diseases can disrupt
supply chain activities or affect consumer sentiment, are also reflected in macroeconomic conditions.
In 2024, macroeconomic risks are significantly influenced by global and regional economic, political and
geopolitical instability. The geopolitical environment including the Middle East conflict, the ongoing conflicts
between Russia and Ukraine, and the Red Sea Crisis remains challenging. The macroeconomic environment
and volatile demand in key markets, particularly in North America and Europe, also continue to pose
difficulties. Recession risks continue to weigh on consumer sentiment, which has not improved significantly.
Additionally, the market environment in China remains uncertain, and competition with both local and global
brands remain high.
Overall, we manage these challenges by maintaining close alignment and communication with regions and
key markets to monitor and address critical developments affecting PUMA’s business environment (e.g.,
price increases, supply chain interruptions, geopolitical tensions). We also develop alternative scenarios to
analyse the possible occurrence of events. PUMA continues to make progress on its strategic initiatives of
brand elevation, product excellence and distribution quality with special focus on the U.S. and China and
focused on strong sell-through and the best possible service to its retail partners, brand ambassadors and
consumers. Moreover, the Management Board is regularly updated about country and macroeconomic
developments and defines action plans to quickly adapt to changing economic conditions.
BUSINESS PARTNERS
As a global enterprise, managing sourcing and supply chain risks is crucial for PUMA. Our products are
predominantly produced in Asian countries, including China, Vietnam, Cambodia, Bangladesh, Indonesia,
and India. Production in these countries presents significant risks, including changes in sourcing, wage, and
logistic costs, supply bottlenecks for raw materials or components, quality issues, and potential
overdependence on individual suppliers. In 2024, global sourcing markets were impacted by ongoing
geopolitical tensions, which affected supply chains and created risks for business operations. In addition,
increasing state protectionism, trade conflicts, higher tariffs and stricter regulatory requirements -
particularly in economic relations between America, Europe and Asia as a result of the recent US election -
will have a significant impact on global trade and economic growth. These developments could have a
negative impact on PUMA's business operations and financial condition.
To mitigate risks related to business partners, we have implemented a robust framework for sourcing and
supply chain processes. Our sourcing portfolio is regularly reviewed and adjusted to avoid dependence on
individual suppliers and sourcing markets. Long-term master framework agreements are established to
secure future production capacities. Regular communication with PUMA entities allows us to anticipate
price increases and strengthen our forecasting activities. A quality control process and the direct and
partnership-like collaboration with suppliers ensure the quality and availability of our products. Additionally,
we continuously analyse political, economic, and legal conditions and have enhanced our cooperation with
suppliers and logistics partners to react to supply chain changes early and strengthen the supply chain.
Collaboration with warehouse and logistics service providers is secured through selection processes,
consistent contractual terms, and permanent monitoring of relevant indicators.
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CURRENCY RISKS
PUMA, as an internationally operating corporation, is exposed to transactional foreign currency risks. These
currency risks arise to the extent that the exchange rates of currencies in which purchasing and sales
transactions, as well as credit transactions and receivables, are conducted fluctuate against the functional
currency of the PUMA Group – the euro.
PUMA's largest procurement market is the Asian market, where payment flows are primarily conducted in
US dollars (USD), while the PUMA Group's revenues are largely invoiced in other currencies. PUMA
manages currency risk in accordance with an internal policy. In line with the Group policy, significant risks
are hedged up to a coverage ratio of 95% of the estimated foreign currency risks arising from expected
purchasing and sales transactions over the next twelve to fifteen months. To hedge foreign currency risk,
foreign exchange forward contracts and currency options are typically used, with a maturity of
approximately twelve months from the balance sheet date. For significant risks subject to high hedging
costs, high coverage ratios can only be achieved over shorter time periods.
PUMA exclusively enters into standard foreign exchange forward contracts and currency options with
renowned international financial institutions to hedge already concluded or anticipated contracts. As of the
end of 2024, the net exposure for the planning period of 2025 was adequately hedged against currency
fluctuations, where possible.
Furthermore, foreign currency risks may arise from intra-group loans issued for financing purposes. To
hedge currency risks associated with converting intra-group loans denominated in foreign currencies into
the functional currencies of the Group companies (EUR), currency swaps and foreign exchange forward
contracts are used.
In addition, as an international corporation with its own presence in numerous countries, PUMA is also
exposed to translation risks. These arise during consolidation when the financial statements of foreign
subsidiaries that do not report in euros are converted into the functional currency of the PUMA Group, the
euro.
In high-interest and high-inflation countries, both transaction and translation risks can arise to a significant
extent. PUMA does not hedge these risks, as the cost of hedging in high-interest countries—if hedging is
even possible—often significantly exceeds the benefits of risk mitigation. Instead, the negative effects of
currency fluctuations and inflation are primarily offset through price adjustments of products in the
respective market.
To represent market risks, IFRS 7 requires sensitivity analyses that show the effects of hypothetical changes
in relevant risk variables on earnings and equity. The periodic effects are determined by applying
hypothetical changes in risk variables to the portfolio of financial instruments as of the reporting date. It is
assumed that the portfolio as of the reporting date is representative of the entire year.
Currency risks in the sense of IFRS 7 arise from financial instruments that are denominated in a currency
other than the functional currency and are of a monetary nature. Exchange rate differences resulting from
the conversion of individual financial statements into the group currency are not considered. The relevant
risk variables are generally all non-functional currencies in which the group uses financial instruments.
The currency sensitivity analysis is based on the net balance sheet risk denominated in foreign currencies.
This also includes intra-group monetary assets and liabilities. In addition, outstanding currency derivatives
are revalued as part of the sensitivity analysis. It is assumed that all other influencing factors, including
interest rates and commodity prices, remain constant. Furthermore, the effects of projected operational
cash flows are disregarded.
The foreign exchange forward contracts used to hedge currency-related payment fluctuations are included
in an effective cash flow hedge relationship according to IFRS 9. Exchange rate changes of the currencies
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underlying these transactions impact the hedging reserve in equity and the fair value of these hedging
transactions.
PRODUCT AND MARKET ENVIRONMENT
The sport and lifestyle industry is characterised by intense competition, constant innovation, frequent trend
changes, and evolving consumer preferences. PUMA faces the challenge of continuously innovating and
differentiating its products to capture consumer interest and gain an edge over its competitors. Product and
market environment risks can arise from unanticipated, late, or insufficient responses to consumer
demand. Constant changes in sport and lifestyle trends and long product lifecycles bear the risk of creating
products that may not fully resonate with consumers, launching them at the wrong time, with the wrong
marketing support or placing them in the wrong distribution channels. As a result, these risks could lead to
a loss in market share, sales shortfalls, and diminished brand attractiveness. PUMA’s brand image is
significantly influenced by our media presence and coverage. For example, reports about law infringements,
non-compliance with internal/external requirements or workplace standards, negative coverage associated
to inferior product quality or recalls, and social media exposure can severely damage the brand image,
ultimately resulting in lost sales and profit.
To mitigate these risks, we conduct systematic market research to identify relevant consumer trends as
early as possible. Through targeted investments in product design and development, we ensure that our
product range appeals to consumers around the world and aligns with our brand positioning, further
building our distinctive brand DNA. PUMA's brand image is also strengthened through collaborations with
celebrity brand ambassadors who embody PUMA's brand values and have great potential to influence
PUMA's target audience. These ambassadors are carefully selected according to the requirements and
needs of the brand and the company. In addition, careful press, social media and public relations work and
monitoring of the media and social media environment is carried out to counter potential risks.
PROJECTS
PUMA’s strategic program portfolio includes important and critical projects to ensure that the flow of goods
and information is sufficiently supported by modern warehouse, logistics and IT infrastructure. These
include but are not limited to the implementation of IT systems to enhance operations, such as core value
systems, e-commerce platforms, warehouses and supply chain. Risk associated with projects include
ineffective change management, lack of resources, high costs, budget overruns, extended time frames,
non-acceptance of users due to weak communication, increased vulnerability to potential data breaches and
disruption to business processes. In particular, investments in warehouse-, logistics-, and IT-infrastructure
are associated with risks, such as changes in market conditions or technological advancements that require
adjustments.
In order to effectively manage project-related risks, e.g. in the area of warehouse-, logistics- and IT-
infrastructure, PUMA has established Group project teams and regional project teams as well as guidelines
to manage the introduction of new and existing projects that have a significant impact on the core value
chain. In addition, as part of project management, a steering committee ensures that strategic projects and
programs are efficiently managed, monitored and supported. This approach enables project risks to be
identified at an early stage and measures to be taken in good time. Through clear prioritization and close
coordination with stakeholders, project control is maintained beyond implementation to ensure success and
alignment with business needs, including the continuous re-evaluation of projects and the resulting lower
prospects of success or possible reversal.
LEGAL
As an internationally operating group, PUMA is exposed to various legal risks. These risks could arise from
Intellectual Property (IP) infringements, such as the unauthorized use of trademarks, patents or copyright
potentially resulting in legal disputes, brand damage or loss of exclusivity rights. Contractual risks,
including the possibility of third parties asserting claims and litigations for trademark infringements are
also considered. Additionally, counterfeit products are often of inferior quality and may not meet safety
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standards which can undermine a PUMA’s brand reputation, reduce consumer trust and lead to legal
disputes.
Continuous monitoring of contractual obligations and the integration of internal and external legal experts
in contractual matters are essential to minimize legal risks. The legal team is responsible for protecting our
intellectual property in order to act against brand piracy. This not only ensures a robust global portfolio of
property rights, such as trademarks, designs and patents, but also involves close collaboration with
customs, police and other authorities and provides input to legislators regarding the implementation of
effective measures to protect intellectual property.
INFORMATION TECHNOLOGY
The ongoing digitalization of business environments brings new challenges to PUMA in the field of
information technology which, – in case of incidents - may have an impact on our operations, data security
and privacy, as well as overall performance. Key business procedures and processes, such as supply chain
management, e-commerce, and financial reporting depend on digital services, infrastructure, and their
unimpaired availability. Interruptions in service availability can disrupt essential processes and cause
operational problems. Increasing sophistication of cyber-attacks, including the use of AI-based models,
enables exposure to attacks using phishing, ransomware and malware that could compromise sensitive
data and disrupt operations. Moreover, information security is of outmost importance for PUMA; the risk of
a data breach might lead to financial loss, brand damage, legal claims, and loss of customer trust.
To mitigate these risks, we continuously implement technical and organizational measures. Key business
procedures, processes and infrastructure related to information technology and security are established
based on best-practice frameworks, regularly updated and controlled. These processes are subject to
internal and external audits to ensure their reliability and the appropriateness of control mechanisms.
Appropriate procedures and guidelines related to IT-incident response are in place and updated regularly. In
addition, training and information campaigns are conducted regularly to increase awareness and knowledge
on information security-related issues.
DEFAULT RISKS
Due to its business activities, PUMA is exposed to default risk on trade receivables. These risks consider
delayed payments and losses of accounts receivables (e.g., default of a customer) as well as default risks
from counterparty's other contractual financial obligations (e.g., bank deposits, derivative financial
instruments). This could lead to bad debt expenses and reduced liquidity and could have a negative impact
on cash flow and profitability, as trade receivables are one of the most significant financial assets. In 2024,
the risk of payment defaults increased as the amount of outstanding payments from business partners
increased in line with the sales trend in various markets.
The risk of default is countered by continuous monitoring of outstanding receivables and payment targets as
well as sufficient value adjustments. The default risk is limited, if possible, by credit insurance. The
maximum default risk is reflected by the carrying amounts of the financial assets recognized in the balance
sheet. In addition, default risks also arise to a lesser extent from other contractual financial obligations of
the counterparty, such as bank balances and derivative financial instruments.
MONITORING OF WORKING CONDITIONS
An important aspect of corporate responsibility is maintaining and monitoring good working conditions
compliance with human rights in PUMA’s own operations and throughout the supply chain to ensure that
employee’s rights and well-being are protected. This risk considers the potential event of human rights
violation, social non-compliance or poor factory HR practices (such as child labour, excessive overtime,
forced labour, unsafe work environment, low income, unsecured employment lack of workers and lack of
training and skill development) in PUMA’s supply chain.
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To mitigate these risks, PUMA has implemented clear policies that are aligned with all relevant legislation
on sustainability like the German Supply Chain Due Diligence Act, United Nations’ (UN) Declaration of
Human Rights, the UN Guiding Principles (UNGPs) on Business and Human Rights, the International Labor
Organization’s Core Labor Conventions, and the ten principles of the UN Global Compact (UNGC). Regular
audits and human rights/environmental risk assessments are conducted at the corporate and the supply
chain level to evaluate compliance with applicable standards. Stakeholder dialogue with NGOs and
partnerships with organizations (e.g., Fair Labor Association, German Partnership for Sustainable Textiles)
enable transparent communication channels to address concerns and share best practices regarding
human rights and environmental standards.
TAX
As a global company PUMA is exposed to a complex tax environment with main challenges arising from
cross-border transactions involving intercompany transfer of goods, services, and intellectual property. To
minimize tax exposure, it is essential to optimize tax planning activities and ensure compliance with local
and international laws and reporting requirements. In addition to compliance with national tax regulations
applicable to individual group companies, there are increasing risks related to intra-group transfer pricing
requirements. These must be applied for various internal business transactions in accordance with the
arm's length principle between related parties. Different countries have implemented laws and guidelines
for international taxes in alignment with the Organization for Economic Cooperation and Development
(OECD) recommendations to standardize transfer pricing requirements.
In order to manage tax-related risks effectively, PUMA has established a solid tax governance framework.
This includes an adequate tax organization with internal and external tax experts to comply with the relevant
tax regulations and to react to changes in the constantly evolving tax environment. For the group-internal
transfer pricing, corresponding documentation and policies are in place and aligned with international and
national requirements and standards. Guidelines and regulations for determining transfer pricing for intra-
group transactions apply to foreign subsidiaries. They comply with the applicable internal procedures and
are binding for employees acting on behalf of the Group. By means of internal tax reporting, external and
internal tax experts can control and monitor tax developments at PUMA on an ongoing basis. Training and
awareness activities are performed on a regular basis to ensure relevant stakeholders are informed about
current tax developments and acquire further expertise for tax treatment activities. Both the Management
Board, and the Supervisory Board, are regularly informed about ongoing tax developments at PUMA to
identify and avoid tax-related risks as early as possible.
COMPLIANCE
As an international group, PUMA is exposed to compliance risks resulting from the potential non-adherence
to corporate governance rules, legal and regulatory requirements, or industry standards. These risks
include fraud, conflict of interest, money laundering, corruption, violations of human rights, environmental
protection and antitrust law, as well as deliberate misrepresentations in financial reporting which may lead
to significant penalties, legal consequences, reputational damage and disruption to business operations.
PUMA has implemented various tools to manage such risks. This includes a functioning compliance
management system, an internal control system, group controlling and internal audit departments to
prevent, detect and sanction compliance-related topics at an early stage. Through the compliance
management system, clear roles and responsibilities are assigned to group and local compliance functions.
To ensure PUMA employees comply with PUMA‘s values, ongoing trainings, communication and awareness
campaigns for policies and procedures are carried out. PUMA employees also have access to PUMA’s
electronic whistleblowing system (SpeakUP) for reporting illegal or unethical behavior, and violation of laws
and PUMA policies.
DISTRIBUTION STRUCTURE
PUMA relies on diversified distribution channels, including the Wholesale business with our retail partners
and the Direct-to-Consumer (DTC) business with our PUMA-owned and operated retail stores and e-
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commerce platforms. This strategy enables PUMA to reduce its dependency on individual distribution
channels and/or retail partners.
The wholesale business accounts for the largest share of total revenue and is characterized by strong and
long-term partnerships. The DTC business has a complementary role and is intended to ensure a better and
more comprehensive presentation of PUMA products in a controlled brand environment, direct interaction
with our end consumers and higher gross profit margins.
In the wholesale business, the competitive pressure from other sports brands, poses risks such as
intensified market share competition, price pressure and reduced profit margins. Consumer purchase
behavior is also changing, focusing more on e-commerce and a combination of stationary and digital trade.
This requires continuous adjustment of the distribution structure. Distribution through our retail stores and
e-commerce platforms is, however, also associated with various risks including required investments in
expansion and infrastructure, store setup and refurbishment, higher fixed costs, and long-term lease
obligations. These factors can have an adverse impact on profitability in the event of a business decline.
To mitigate risks, we conduct continuous monitoring of distribution channels and regular reporting by
dedicated functions. We maintain strong collaborations with all our retail partners aligned with our
wholesale-focused strategy. Our reporting and controlling system allow us to detect negative trends early
on, and to take the countermeasures required to manage individual stores and overall to monitor the
evolution of the distribution landscape. In the retail business, detailed location and profitability analyses are
conducted before investment decisions to develop new store formats and concepts. In e-commerce, global
activities are being standardized, and investments are being made in IT infrastructure to further enhance
the shopping experience for our consumers. One example is our latest initiatives in China, where tailored
digital services are specifically designed to meet local consumer needs. This enables more effective
fulfillment of the individual and diverse demands of Chinese customers, fostering sustainable growth in a
dynamic market.
SUSTAINABILITY
Sustainability topics are highly important for PUMA, extending from corporate strategies and workforce
considerations to sourcing and the entire value chain. The climate crisis, increasing pressure and
dependencies on natural resources, changing consumer and customer expectations, and an evolving
regulatory landscape concerning environmental and social aspects have led to a strong commitment to
sustainability in our business practices. This includes the selection of certified/recycled materials, as well
as the broader management of environmental and social topics, such as compliance with environmental
management standards, responsible sourcing, reduction of greenhouse gas emissions, strategies for
renewable energy use, chemical management and upholding human rights. It also includes addressing
workforce topics like talent management, diversity and inclusion, which are assessed comprehensively in
other risk groups mentioned in this report.
All potential impacts, risks and opportunities are assessed with a comprehensive process at PUMA
resulting in a detailed materiality assessment and focus on key areas. The risk of not implementing an
effective sustainability strategy to our products, sourcing or corporate practices could lead to serious brand
damage, loss of customer loyalty, supply chain disruptions, increased costs, and non-compliance with
sustainability regulations.
PUMA’s sustainability strategy, known as FOREVER.BETTER. reflects our commitment to managing material
sustainability-related impacts, risks and opportunities. This strategy integrates sustainability targets into
core business functions, ensuring that sustainability is a key priority across all levels of the organisation.
There are measurable targets and key performance indicators which are regularly monitored and reported
to Supervisory Board and Management Board, and stakeholders. Our strategy focuses on ten key areas for
improving sustainability performance: Human Rights, Climate Action, Circularity, Products, Water and Air,
Biodiversity, Plastics and the Oceans, Chemicals, Health and Safety, and Fair Income. These areas are
aligned with the UN Sustainable Development Goals (SDGs). In 2024, after consulting with stakeholders,
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PUMA developed new Vision 2030 sustainability targets, which build on these key areas and sharpen the
focus under three main themes: Human Rights, Climate Action, and Circularity. Additionally, risk
assessments and audits are conducted to ensure both PUMA entities and suppliers adhere to sustainability
standards. PUMA also engages stakeholders through different initiatives like formal Stakeholder Dialogue
meetings bringing all relevant external and internal parties in one room, or "Voices of a RE:GENERATION"
allowing to discuss sustainability topics with generation Z representatives, industry peers, experts and
activists.
As emerging risks, we have identified Climate Change Adaptation as well as PUMA’s Impacts on
Biodiversity.
The PUMA sustainability statement is part of the combined management report. Additional sustainability-
related information can be found in the preceding chapter, "Sustainability Statement."
PERSONNEL DEPARTMENT
The creative potential, commitment, and performance of PUMA employees are crucial for achieving our
strategic and financial goals. Personnel-related risks include workforce management, talent management,
employee engagement, and compliance with employment laws. Any staffing shortfall may lead to
inadequate task performance and negatively impact operational efficiency. Moreover, strong global
competition for highly qualified personnel persists. Therefore, the loss of key personnel and challenges in
identifying, attracting, and retaining key talent could result in a loss of know-how and decreased business
performance. Non-compliance with health and safety laws and regulations could result in accidents,
penalties, employee dissatisfaction, business interruptions, and reputational damage at the Group level.
Our human resources strategy encourages independent thinking and action, which are key in maintaining
an open corporate culture with flat hierarchies on a long-term and sustainable basis. To achieve this goal,
we have implemented a control process to identify and assess human-resource risks. PUMA focuses on
talent management by identifying key positions and talent, ensuring this talent is optimally trained and
positioned, and planning for succession. We have also instituted additional national and global regulations
and guidelines to ensure compliance with legal provisions and safeguard employee health, wellbeing and
safety. Moreover, employee surveys are conducted to obtain feedback and measure engagement (e.g.,
“Great Place to Work”, “Diversity Leader”). In 2024, PUMA received several awards recognizing our efforts to
create a diverse, inclusive, and equal workforce (e.g., “Top Employer”). We will continue to make targeted
investments in the human resource needs of functions or regions to meet the future requirements of our
corporate strategy.
LIQUIDITY AND INTEREST RATE RISKS
PUMA continually analyses short-term capital requirements by rolling cash flow planning at the level of the
individual companies in coordination with the central Treasury department. In order to ensure the
company's solvency, financial flexibility and a strategic liquidity buffer, PUMA maintains a liquidity reserve in
the form of cash and confirmed credit facilities. In this respect, as of December 31, 2024, the PUMA Group
had unused credit lines totaling € 1.360,2 million.
Medium and long-term funding requirements that cannot be directly covered by net cash from operating
activities are financed by taking out medium and long-term loans. For this purpose, various promissory note
loans were issued in several tranches with fixed and variable coupons and different remaining terms. The
utilized promissory note loans amount to a total of € 426,4 million as of December 31, 2024, and have a
remaining term of between/up to one and four years.
Changes in market interest rates around the world have an impact on future interest payments for variable
interest liabilities. As PUMA only has a limited amount of variable interest-bearing liabilities, interest rate
hedging instruments are used to a limited extent.
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RISK OVERVIEW TABLE
The following table summarizes the risk groups described above based on their relative importance
(significance level) and any changes during the year:
↗ T.75 OVERVIEW OF RISK GROUPS
Risk Groups
Classification
Description
Significance
level
Change
compared to
previous year
Macroeconomic
Developments
Strategic
e.g., economic developments, political
situation, geo-political tensions,
natural disasters and diseases
Critical
↗
Business Partners
Operational
e.g., raw material bottlenecks, supply
chain disruptions, trade conflicts,
duties, sourcing and logistic costs,
quality problems
Critical
↗
Currency Risks
Financial
e.g., exchange rate fluctuations
Critical
→
Product and Market
Environment
Strategic
e.g., trends, customer requirements,
brand image, media reports
Material
→
Projects
Strategic
e.g., warehouse-, logistics- and IT-
infrastructure
Material
→
Legal
Regulatory
e.g., trademark law, patent law,
counterfeit products
Material
→
Information
Technology
Operational
e.g., cyberattacks, network and
system failures, data protection
Material
→
Default Risks
Financial
e.g., payment claims against
customers
Material
↗
Monitoring of Working
Conditions
Regulatory
e.g., labor law, human rights, German
Supply Chain Due Diligence Act
Material
→
Tax
Financial
e.g., transfer prices
Material
→
Compliance
Regulatory
e.g., fraud, corruption
Material
→
Distribution Structure
Strategic
e.g., change in the distribution
landscape
Material
→
Sustainability
Regulatory
e.g., climate change, biodiversity,
water resources, pollution,
environmental standards
Material
→
Personnel Department Operational
e.g., key positions, employee
retention, health & safety
Moderate
→
Liquidity and Interest
Rate Risks
Financial
e.g., cash, credit lines, custody fees,
interest rate developments
Moderate
→
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OPPORTUNITIES
Opportunities should be recognised, assessed and, where possible, exploited by PUMA at an early stage.
Opportunity management is a company-wide responsibility that starts at the strategic level and extends
through operational management to every single person in the company. As part of the annual strategic
planning, budget and medium-term process, the opportunities identified are integrated into PUMA's overall
planning approach. PUMA has identified and defined several key opportunity categories for the planning
period and beyond.
PUMA's corporate strategy aims to strengthen our brand. With this overarching framework, we particularly
want to create an even stronger foundation for growth, above-average success in the market, the acquisition
of additional market share and sustainable profitability.
To strengthen the brand, we have defined three pillars that open up important opportunities: Establishing a
distinctive brand DNA, strengthening our credibility and authenticity through a strong performance business
and reinforcing our relevance in the Sportstyle prime segment.
PUMA will continue to invest in the brand and sees significant opportunities to increase market share in all
key markets. To further increase brand equity, we relaunched our “See The Game Like We Do” campaign in
April 2024 for the first time in ten years. The improvement in brand awareness in key markets and the
positive KPI development following the campaign support the increase in popularity of the brand and the
acquisition of additional market share.
In the second pillar, perception as an authentic and credible sports brand is further promoted through
innovation, strong performances by our brand ambassadors and a strong presence at our sales partners'
points of sale. In recent years, we have made great progress in our key sports categories and significantly
strengthened our market position in soccer, running, fitness, basketball, golf and motorsports. In the
running segment in particular, which we only re-entered a few years ago, we continue to see considerable
potential for increasing our market share. Our product offering is continuously optimized and further
developed across all categories, with a particular focus on innovation, technology (e.g. NITRO) and franchise
management. In 2025, several international sporting events will provide an important platform to underline
our performance and further strengthen our brand presence. We will build on the visibility and brand
popularity we achieved at the 2024 Olympic Games.
The third pillar of our strategy focuses on increasing relevance in the Sportstyle Prime business. The prime
segment and the success of our franchises offer PUMA a significant opportunity to increase our market
share in a very large and relevant market segment. We will continue to focus on trends in the low profile
segment, launch new products and expand distribution with key partners.
In terms of distribution, PUMA will continue to focus on the wholesale channel. Strong partnerships with
our wholesale customers offer opportunities for future market share gains and business growth. However,
we also see significant opportunities in our Direct-to-Consumer (DTC) business with a particular focus on
PUMA's e-commerce channels. In line with our overall brand development strategy, we will continue to
improve the consumer experience in all e-commerce channels and invest in the underlying technology
infrastructure. New store formats and improvements to the overall shopping experience in our own retail
stores can and should also lead to additional business opportunities. In the distribution area, ensuring
delivery through new, state-of-the-art multi-channel distribution centres in key markets continues to
support business development.
In the area of information technology, we identify opportunities both in the strategic realignment of our
global organization and in the next phase of our Enterprise Business Planning (EBP) transformation, which
will provide best practices and governance structures in all regions and thus contribute to a strengthened
global structure. Furthermore, advances in generative artificial intelligence are driving new digital use
cases that will impact almost all areas of work and offer significant potential for innovation and increased
efficiency. In addition, modern technology platforms with a flexible, modular architecture will increase the
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speed at which new functions are implemented and ensure an agile and scalable IT landscape that can
quickly adapt to new requirements. We also see the integration of digital teams with comprehensive end-to-
end responsibility as an opportunity to implement digital projects more efficiently and successfully. In
summary, by creating a global Digital & Technology organization, we aim to support PUMA's growth and
drive digital transformation to become faster and more efficient. Through innovation and close collaboration
with our business partners, we will create seamless digital experiences for our employees and customers.
At the same time, we have a responsibility to protect PUMA's data and assets through the use of cutting-
edge technologies and targeted training for our employees.
At PUMA, we are committed to people and our planet in all areas of our business. We take responsibility and
are constantly finding new ways to become even more sustainable. As sustainability becomes increasingly
more relevant to our end consumers and external stakeholders, the importance of sustainability-related
communication, recycled and certified products and sustainability disclosures is growing. PUMA's strategic
approach to sustainability is focused on maximizing impact within the company itself, within the supply
chain and with the end customer. Numerous initiatives are currently underway. In 2024, for example, PUMA
manufactured eight out of ten products in accordance with its sustainability index, thus reaching another
milestone. The sustainable products are made from materials that are classified as preferred by Textile
Exchange or come from certified sources. PUMA has launched the “Voices of a RE:GENERATION” initiative,
which aims to continuously communicate with activists and environmentalists of today's generation and
provide feedback to our leadership on how PUMA can further strengthen its sustainability initiatives and
communicate its sustainability efforts to young audiences. Through these initiatives, we can further develop
sustainability at PUMA, capitalize on resulting business opportunities, increase productivity, drive
innovation, further strengthen the brand's reputation and ensure compliance with regulatory standards.
To achieve the goals of our corporate strategy, PUMA complements it with “nextlevel”, a comprehensive
efficiency program targeting cost optimization and operational improvement, which puts an increased focus
on translating top-line growth into increased profitability growth. The “nextlevel” programme aims to
achieve an EBIT margin of 8.5% by 2027 by optimizing direct and indirect costs. In combination with our
brand elevation strategy, we are committed to achieve a 10% EBIT margin in the long term. PUMA will
continue to strategically invest in the brand, innovative products, wholesale and retail, productive
warehouses, advanced technologies and our people, which are the foundation for sustainable growth.
OVERALL ASSESSMENT OF THE RISK AND OPPORTUNITY SITUATION
The assessment of the overall risk and opportunity situation of the Group and PUMA SE is the result of a
consolidated view of the risk and opportunity categories described above for the financial year 2024. In line
with the description in our economic report, our assessment of PUMA's overall risk situation this year is
significantly influenced by geopolitical tensions, trade conflicts, a volatile environment with persistent
currency headwinds and subdued consumer sentiment in key markets. Even though individual risks have
increased, we see the overall risk situation as unchanged compared to the previous year. The Management
Board is currently not aware of any material risks that, either individually, on an aggregated basis or in
combination with other risks, could jeopardize the continued existence of the Group and PUMA SE.
However, we cannot exclude the possibility that in the future influencing factors, of which we are currently
unaware or which we currently do not consider to be material, could have a negative impact on the continued
existence of the Group or PUMA SE or individual consolidated companies. Also due to the extremely solid
balance sheet and the positive business outlook, the Management Board does not see any significant threat
to the continued existence of the PUMA Group and PUMA SE.
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MAIN FEATURES OF THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM
PUMA's internal control and risk management systems are designed to manage risks in a targeted manner
instead of eliminating them completely. Although they do not guarantee absolute security, they help to
support the achievement of our corporate goals and to identify, assess and limit significant risks at an early
stage. These include the protection of company assets, reliable financial reporting and compliance with
relevant legal and regulatory requirements. The internal control and risk management system is designed
as an ongoing process that aims to identify potential risks to business objectives at an early stage, prioritize
them according to their relevance and manage them effectively through targeted measures. This includes
the definition of specific control objectives, the continuous monitoring of risks and countermeasures and
the evaluation of the effectiveness and appropriateness of the controls implemented to reduce risk.
The core elements on which our internal control and risk management system is based include:
•
Risk management system (RMS): Our risk management system provides a standardized method for
identifying and assessing significant corporate risks, including their impact and probability of
occurrence. It defines clear responsibilities and processes for risk management, which is integrated into
daily business management. The system is based on the COSO standard. A description of our RMS can
be found in the previous chapter “Risk management system”.
•
Internal Control System (ICS): PUMA's Internal Control System is a structured, consistent and ongoing
process that is applied throughout the company and is based on the COSO principles and guidelines. The
aim is to continuously optimize the internal control system by identifying control weaknesses and
assessing specific risks in the areas of strategy, operations, finance, sustainability and compliance. The
established process ensures that recommendations for action are formulated precisely and
implemented promptly by the process owners. A description of our ICS can be found in the “Internal
control system” section below.
•
Compliance Management System (CMS): PUMA has implemented a Compliance Management System to
systematically prevent, detect and remedy violations of the law. It is based on risk assessments,
guidelines, training and a strong compliance culture. The PUMA Code of Ethics is a central component
and defines binding values and standards of conduct for all employees. The whistleblowing platform
“SpeakUp” can be used to anonymously report violations worldwide, whereby PUMA guarantees strict
protection against reprisals. Complaints are investigated confidentially, and appropriate action is taken
immediately in the event of confirmed violations.
•
Internal Audit System (IAS): Internal Audit supports the improvement of management and the
monitoring of processes within the PUMA Group. This is ensured through the systematic and consistent
performance of independent audits, objective consulting services and targeted initiatives. In December
2024, PUMA's internal audit was audited by an independent third party to ensure compliance with the
requirements of Domain III of the DIIR (German Institute of Internal Auditors) and the standards of the
International Professional Practices Framework (IPPF) of the Institute of Internal Auditors (IIA). This
independent audit confirmed that the internal audit creates added value for the Group, improves its
operational processes and contributes to the achievement of the Group's objectives through a
systematic, disciplined approach to assessing and optimizing the effectiveness and efficiency of risk
management and internal control systems.
The Management Board receives ongoing support in assessing the effectiveness and appropriateness of the
internal control and risk management system through regular reports from the Group Internal Audit, Risk
Management & Internal Control and Group Compliance departments. Identified weaknesses are analyzed
and remedied through targeted countermeasures. In addition, the managers of the respective departments
are responsible for ensuring compliance with relevant control mechanisms and guidelines and for
implementing and continuously monitoring an effective internal control and risk management system within
their area of responsibility.
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INTERNAL CONTROL SYSTEM
PUMA's internal control system applies to all employees throughout the Group. It includes the principles,
procedures and measures defined by the management of the PUMA Group. All key business processes that
support the organizational implementation of management decisions must be taken into account. In
addition, processes and controls in connection with financial and sustainability reporting are integrated in
accordance with PUMA's internal control framework.
The methodology of the PUMA Group's internal control system is based on the COSO framework. This
framework describes internal management and monitoring elements for central processes within the
company, including sustainability reporting. It supports the goal of proper reporting, improving the
efficiency and effectiveness of processes and compliance with legal requirements.
The PUMA control framework is applicable for all one hundred percent subsidiaries. The main goal here is
to manage significant risks through appropriate control activities. The objective is to continuously improve
the internal control system and to identify specific risks and potential improvements in the control
environment at process level in order to define appropriate recommendations for action and to
systematically track their timely implementation. Independent monitoring bodies such as the Supervisory
Board and the Audit Committee help to ensure that the control environment remains up-to-date. The
Management Board of PUMA SE bears overall responsibility for the internal control system. The
Management Board regularly updates the Audit Committee of the Supervisory Board of PUMA SE. The
internal control function of the Group Internal Audit, Risk Management & Internal Control Department has
been tasked with preparing regular reports for the Management Board in order to help coordinate the
internal control system from an operational perspective. The responsibilities, tasks and processes of the
internal control system are defined in guidelines.
With regard to the PUMA control framework, the following five core components must be kept in mind:
control environment, risk assessment, control activities, information and communication, and monitoring
activities.
↗ G.19 INTERNAL CONTROL SYSTEM
Control
Activities
Risk
Assessment
Information &
Communication
Monitoring
Activities
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The internal control system is based on the control environment established within the PUMA Group, in that
it lays out principles for employee and management behavior within the company. The standards practiced
are underpinned by internally formalized procedures and by clear guidelines on giving instructions and
authorizations. Together with external regulations, these internal standards form a control environment
that applies to all employees of the PUMA Group, supported by the relevant management and the process
manager in the entities.
As described in the previous section headed "Risk Management," the PUMA Group is also subject to a large
number of risks that may potentially impact on company goals. Risk identification and assessment is
carried out every six months in order to present material risks at Group level. In this respect, the internal
control system is designed to ensure that all identified risks are compensated for by appropriate control
measures. In addition, the internal control system's risk assessment also includes a large number of more
detailed risks in day-to-day operations – for example, operational activities in accordance with compliance
regulations.
Control activities serve to counteract the identified business risks. In order to ensure that the control
framework is continuously up-to-date and monitor its application in business processes, an annual
"Internal Control Self-Assessment" (ICSA) is completed by the key business units of the PUMA Group. The
internal control function ensures that the key business units - at parent and subsidiary company level - are
included in the ICSA. The managers of these business units evaluate the specified control objectives of the
PUMA Group in relation to their business area. When doing so, the existing control framework is assessed
based on internal and external guidelines and best-practice standards. Based on the responses, a level of
implementation of the controls is determined, which undergoes independent verification by the Internal
Control function and is then communicated to the Management Board using established reporting channels.
The results of the ICSA are also reported to the Audit Committee and the statutory auditors and are used by
the internal audit function of the Group Internal Audit, Risk Management & Internal Control Department in
risk-oriented audit planning.
The purpose of informing and communicating potential business risks and control activities is to help make
sound business decisions, with the information required to do so being accessible within an appropriate and
timely framework. Established communication channels are continuously used in the PUMA Group to
achieve this. The internal control function coordinates awareness training and regular coordination
meetings in order to continuously guarantee, and also strengthen, its cooperation with the Management
Board and other managers of business units.
The use of a standardized software system as the basis for monitoring activities is intended to ensure the
systematic and uniform implementation of ICSA across the entire company. The internal control function
analyses the results of the ICSA and derives recommended actions, which are coordinated with the
managers of the business units and the implementation status of which is reviewed and monitored
continuously.
MAIN FEATURES OF THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM AS IT
RELATES TO THE GROUP'S ACCOUNTING PROCESS
The Management Board of PUMA SE is responsible for the preparation and accuracy of the annual financial
statements, the consolidated financial statements and the combined management report of PUMA SE. The
consolidated financial statements were prepared in accordance with the International Financial Reporting
Standards that apply in the EU, the requirements of the German Commercial Code (HGB), the German Stock
Corporation Act (AktG) and the German SE Implementation Act (SEAG). Certain disclosures and amounts
are based on current estimates by the Management Board and the management.
The Management Board is responsible for establishing and regularly monitoring an adequate internal
control and risk management system concerning the consolidated financial statements and the disclosures
in the combined management report. This control and risk management system is designed to ensure the
PUMA Annual Report 2024
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216
accuracy and reliability of internal and external financial reporting, as well as the presentation and
correctness of the consolidated financial statements and the combined management report. It is based on a
series of process-integrated monitoring measures and includes necessary actions such as internal
directives, organizational and authorization policies, system and access authorizations, relevant corporate
guidelines and manuals, segregation of duties within the Group, and the four-eyes principle. These
measures are regularly reviewed for adequacy and effectiveness by the Group Internal Audit, Risk
Management & Internal Control department. There are areas for improvement in the further development
of access and roles management for our IT systems, especially for migration projects; any control
weaknesses are analysed in detail and appropriate countermeasures are undertaken.
For monthly financial reporting and consolidation, PUMA has a group-wide reporting and controlling system
that makes it possible to regularly and quickly detect deviations from projected figures and accounting
irregularities and, where necessary, to take countermeasures.
By means of established internal reporting channels, the risk management system can regularly identify
events that could affect the Group's economic performance and its accounting process so that it can analyse
and evaluate the resulting risks and take the necessary actions to counter them.
The Audit Committee of the Supervisory Board meets on a regular basis with the independent statutory
auditors, the Management Board and the Group Internal Audit, Risk Management & Internal Control
Department to discuss the results of the internal audits and statutory audits with reference to the internal
control and risk management system as it relates to the accounting process. At the annual meeting on the
financial statements, the auditor reports to the Supervisory Board (including the Audit Committee) on the
results of the audit of the annual and consolidated financial statements.
STATEMENT ON THE ADEQUACY AND EFFECTIVENESS OF THE SYSTEMS
┌
The Management Board also monitors the effectiveness of the risk management and internal control
system as a whole. Accordingly, key aspects of the systems are reviewed on a quarterly basis as part of
cyclical reporting. This is intended to ensure the following: the management of material risks with
appropriate transparency, the discussion of individual issues in a suitable form and their traceability as well
as the consideration of possible further developments of the systems. Supported by an established control
environment, the continuous monitoring and improvement of the systems reflect the PUMA Group's open
risk culture approach. For the time being, PUMA SE is not aware of any relevant circumstances beyond
those described above that would essentially conflict with the appropriateness and effectiveness of the
overall risk management and internal control system. Nevertheless, it should be noted that even systems
that have been commented on as appropriate and effective are subject to inherent limitations. Accordingly,
no complete prevention of any process violations and/or risks that actually occur can be guaranteed.
└
PUMA Annual Report 2024
Combined Management Report
217
OUTLOOK REPORT
GLOBAL ECONOMY
According to the winter forecast published by the Kiel Institute for the World Economy (ifw Kiel) on 12
December 2024, the global economy is facing increased economic policy uncertainty in a phase of already
moderate momentum. The announcements of the new US administration are decisive in this regard.
However, it is unclear what measures will actually be taken. Experts at the ifw Kiel expect global gross
domestic product (GDP) to increase by 3.1% in 2025, following growth of 3.2% in 2024. The expected decline
in inflation towards the 2% target is likely to be slow. In the opinion of the experts at the ifw Kiel, the main
risks to the economic forecast for 2025 are that monetary policy will remain restrictive for longer than
expected. Furthermore, there are still major risks to the global economy due to a possible escalation of
geopolitical conflicts. Trade conflicts could also escalate further, although they could also be less severe
than expected.
In addition to the economic forecast by the ifw Kiel, we would like to refer in the following to the
International Monetary Fund (IMF) outlook published in January 2025. IMF experts expect global gross
domestic product (GDP) to increase by 3.3% in 2025, with global growth expected to remain stable, though
not particularly strong. This means that the growth outlook is below the historical average of 3.7% from
2000 to 2019. According to IMF experts, global inflation is still continuing its downward trend, but there are
signs that progress is slowing in some countries and that higher inflation is persisting in a small number of
cases. In those places where inflation is more persistent, central banks are more cautious in the easing
cycle, keeping a close eye on economic and labour market indicators and exchange rate developments.
Some central banks are raising interest rates, marking a point of divergence in monetary policy.
SPORTING GOODS INDUSTRY
Unless the geopolitical environment has any significant negative impact on the overall economic
environment, we expect growth in the sporting goods industry in 2025. Based on the Euromonitor report, we
expect currency-adjusted growth in the sporting goods industry of around 2.9% in 2025. We expect demand
for sporting goods to increase in 2025 as the trend towards increased sports activities and healthier
lifestyles continues and becomes even more significant. This applies equally to the increasing popularity of
athletic footwear and leisure/athletic apparel as an integral part of everyday fashion ("athleisure"). We also
assume that major sporting events in 2025, such as the UEFA Euro 2024 women's football championship in
Switzerland and the World Athletics Championships in Japan, will help to support growth in the sporting
goods industry.
PUMA Annual Report 2024
Combined Management Report
218
OUTLOOK 2025
In 2024, PUMA achieved sales growth across all regions and product divisions and improved its gross profit
margin while the operating result (EBIT) remained stable. PUMA focused on its strategic priorities of brand
elevation to improve its full price realisation in the future and on building the foundation for sustainable
growth by strengthening its performance business and building consumer relevance in the Sportstyle Prime
market.
In 2025, PUMA anticipates that geopolitical tensions and macroeconomic challenges will continue,
especially trade disputes and currency volatility, which is expected to weigh on consumer sentiment and
demand in key markets. Against this backdrop, PUMA expects currency adjusted sales to grow in the low-
to mid-single-digit percentage range. But Latin America segment will grow faster than the general
forecast in terms of currency-adjusted sales. While the environment remains volatile and challenging, the
company will continue to focus on its controllables, executing its brand elevation strategy and taking
decisive actions to address its cost basis with its nextlevel programme.
The nextlevel cost efficiency programme is expected to incur one-time costs of up to € 75 million in 2025,
which are related to the closure of unprofitable owned & operated retail stores, restructuring expenses and
other one-time non-operating costs. In return, the company expects to generate additional EBIT of up to
€ 100 million in 2025. The net contribution from the nextlevel cost efficiency programme to EBIT in 2025 is
projected to be up to € 25 million.
In order to provide a reliable outlook for the underlying performance of the business, the company provides
an adjusted EBIT outlook for 2025, excluding one-time costs. Considering the one-time costs and net
contribution from the nextlevel programme, continued investments in marketing, retail stores and
infrastructure, PUMA expects an adjusted EBIT in the range of € 520 million to € 600 million for the
financial year 2025 (2024: € 622.0 million).
PUMA plans to continue investing in its retail store network and e-commerce business, along with
warehouse and digital infrastructure, to enable its long-term growth objectives and therefore anticipates
capital expenditures (CAPEX) of around € 300 million in 2025 (2024: € 263.0 million).
↗ T.76 OUTLOOK 2025
Outlook for 2025
Sales growth (currency adjusted)
low- to mid-single digit
Adjusted operating result (EBIT)*
€ 520 million to € 600 million
CAPEX
around € 300 million
*
Excluding one-time costs such as restructuring expenses and other one-time non-operating costs
PUMA is committed to addressing short-term challenges while continuing to prioritise investments into the
brand and infrastructure as foundation for mid to long term success.
PUMA Annual Report 2024
Combined Management Report
219
FOUNDATION FOR LONG-TERM GROWTH
The Management Board and Supervisory Board have set the long-term strategic priorities. The
implementation of the action plans is being carried out in a targeted and value-oriented manner. PUMA's
brand-strengthening strategy is complemented by the ‘nextlevel’ efficiency programme, which will create
the basis for positive medium and long-term development.
Herzogenaurach, 11 March 2025
The Management Board
Freundt
Neubrand
Valdes
This is a translation of the German version. In case of doubt, the German version shall apply.
PUMA Annual Report 2024
Combined Management Report
220
CONSOLIDATED FINANCIAL STATEMENTS
PUMA SE FOR THE FINANCIAL YEAR 2024
Consolidated statement of
financial position
221
Consolidated income statement
223
Consolidated statement of
comprehensive income
224
Consolidated statement of
cash flows
225
Consolidated statement of
changes in equity
227
Notes to the consolidated
financial statements
229
Notes to the consolidated
statement of financial position
249
Notes to the consolidated
income statement
302
Additional information
308
Declaration by the
legal representatives
324
The following translation is based upon the
German original submitted for translation into
English. In the event of any conflict between the
interpretation of the German original wording and
the present English translation, the original
German wording shall prevail over the wording of
the English version.
BREANNA STEWART
PUMA Annual Report 2024
Consolidated Financial Statements
221
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
↗ T.01 CONSOLIDATED STATEMENT OF FINANCIAL POSITION OF PUMA SE
31/12/2024
31/12/2023
Notes
€ million
€ million
Assets
Cash and cash equivalents
3
368.2
552.9
Inventories
4
2,013.7
1,804.4
Trade receivables
5
1,246.5
1,118.4
Income tax receivables
22
87.6
90.1
Other current financial assets
6
328.3
94.9
Other current assets
7
260.9
270.4
Current assets
4,305.2
3,931.1
Deferred tax assets
8
243.6
296.1
Property, plant and equipment
9
765.7
685.6
Right-of-use assets
10
1,116.8
1,087.7
Intangible assets
11
585.8
530.8
Other non-current financial assets
12
95.4
83.6
Other non-current assets
12
28.1
25.6
Non-current assets
2,835.4
2,709.3
Total assets
7,140.6
6,640.4
PUMA Annual Report 2024
Consolidated Financial Statements
222
31/12/2024
31/12/2023
Notes
€ million
€ million
Liabilities and equity
Current borrowings
13
131.6
145.9
Trade payables
13
1,893.5
1,499.8
Income tax liabilities
22
69.1
79.3
Current lease liabilities
10
220.6
212.4
Other current provisions
16
39.0
27.7
Other current financial liabilities
13
47.1
78.6
Other current liabilities
13
470.0
493.4
Current liabilities
2,870.9
2,537.2
Non-current borrowings
13
356.4
426.1
Non-current lease liabilities
10
1,010.0
1,020.0
Deferred tax liabilities
8
14.2
12.4
Pension provisions
15
27.3
22.5
Other non-current provisions
16
29.3
27.3
Other non-current financial liabilities
13
2.9
11.4
Other non-current liabilities
13
1.1
1.3
Non-current liabilities
1,441.0
1,520.9
Subscribed capital
17
149.7
150.8
Capital reserve
17
94.8
93.8
Other reserves
17
2,602.5
2,330.4
Treasury stock
17
-19.3
-21.6
Equity attributable to the shareholders of PUMA SE
2,827.7
2,553.4
Non-controlling interests
17, 28
0.9
28.9
Total equity
2,828.6
2,582.3
Total liabilities and equity
7,140.6
6,640.4
PUMA Annual Report 2024
Consolidated Financial Statements
223
CONSOLIDATED INCOME STATEMENT
↗ T.02 CONSOLIDATED INCOME STATEMENT OF PUMA SE
2024
2023
Notes
€ million
€ million
Sales
19, 24
8,817.2
8,601.7
Cost of sales
24
-4,639.2
-4,615.1
Gross profit
24
4,177.9
3,986.6
Royalty and commission income
24.3
38.5
Other operating income and expenses
20
-3,580.2
-3,403.5
Thereof impairment losses on trade receivables and other financial
assets
-1.9
-12.2
Operating result (EBIT)
622.0
621.6
Financial income
21
137.3
112.7
Financial expenses
21
-297.0
-256.0
Financial result
-159.7
-143.3
Earnings before taxes (EBT)
462.3
478.3
Income taxes
22
-120.0
-117.8
Consolidated net income of the year
342.3
360.6
Attributable to:
Non-controlling interests
17, 28
60.7
55.7
Net income attributable to the shareholders of PUMA SE
281.6
304.9
Earnings per share (€)
23
1.89
2.03
Earnings per share (€) - diluted
23
1.89
2.03
Weighted average number of outstanding shares (million shares)
23
149.32
149.85
Weighted average number of outstanding shares, diluted (million shares)
23
149.38
149.87
PUMA Annual Report 2024
Consolidated Financial Statements
224
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
↗ T.03 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME OF PUMA SE
2024
2023
Notes
€ million
€ million
Consolidated net income of the year
342.3
360.6
Currency translation differences
84.2
-87.6
Net gain/ loss on cash flow hedges, net after tax
14
94.4
-18.0
Net gain/ loss on cost of hedging reserve - options, net after tax
14
11.3
0.0
Net gain/ loss on cost of hedging reserve - forward contracts, net after tax
14
-16.3
0.0
Items expected to be reclassified to the income statement in the future
173.7
-105.6
Remeasurements of the net defined benefit liability, net after tax
15
-2.8
-0.8
Neutral effects financial assets through other comprehensive income
(FVOCI), net after tax
14
-2.8
-0.5
Items not expected to be reclassified to the income statement in the
future
-5.5
-1.3
Other comprehensive income
168.1
-106.9
Comprehensive income
510.5
253.7
attributable to:
Non-controlling interests
61.3
54.2
Shareholders of PUMA SE
449.2
199.6
PUMA Annual Report 2024
Consolidated Financial Statements
225
CONSOLIDATED STATEMENT OF CASH FLOWS
↗ T.04 CONSOLIDATED STATEMENT OF CASH FLOWS OF PUMA SE
2024
2023
Notes
€ million
€ million
Operating activities
Earnings before taxes (EBT)
462.3
478.3
Adjustments for:
Depreciation and impairment losses
9, 10, 11
386.9
357.5
Reversal of impairment losses
9, 10, 11
-29.4
-11.9
Non-realized currency gains/losses, net
-57.4
60.1
Financial income
21
-31.7
-37.8
Financial expenses
21
128.4
100.7
Gains/losses from the sale of fixed assets
0.2
-3.9
Changes to pension provision
15
0.2
-1.5
Other non cash effected expenses/income
18.7
22.5
Gross cash flow
25
878.2
964.1
Changes in receivables and other current assets
5, 6, 7
-231.5
-153.4
Changes in inventories
4
-218.2
352.1
Changes in trade payables and other current liabilities
13
380.3
-327.9
Net cash from operational business activities
808.9
834.9
Dividends received
12
0.4
0.0
Income taxes paid
22
-114.4
-181.3
Net cash from operating activities
25
694.8
653.6
PUMA Annual Report 2024
Consolidated Financial Statements
226
2024
2023
Notes
€ million
€ million
Investing activities
Purchase of property and equipment
9, 11
-263.0
-300.4
Proceeds from sale of property and equipment
8.7
14.3
Payments for other assets
12
-7.6
-36.3
Interest received
21
31.4
37.8
Net cash used in investing activities
-230.5
-284.6
Financing activities
Repayment of lease liabilities
10
-222.5
-208.0
Repayment of current borrowings
13
-125.0
-59.1
Raising of current borrowings
13
39.0
0.0
Raising of non-current borrowings
13
0.0
299.6
Dividend payments to shareholders of PUMA SE
17
-122.8
-122.8
Dividend payments to non-controlling interests
17, 28
-89.4
-92.4
Repurchase of own shares
17
-50.0
0.0
Interest paid
21
-127.2
-94.3
Net cash used in financing activities
25
-697.8
-277.1
Exchange rate-related changes in cash and cash equivalents
48.8
-2.1
Change in cash and cash equivalents
-184.7
89.8
Cash and cash equivalents at the beginning of the financial year
552.9
463.1
Cash and cash equivalents at the end of the financial year
3, 25
368.2
552.9
PUMA Annual Report 2024
Consolidated Financial Statements
227
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
↗ T.05 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY OF PUMA SE (IN € MILLION)
Other reserves
Subscribed
capital
Capital
reserve
Revenue
reserves incl.
retained
earnings
Difference
from currency
conversion
Cash flow
hedging
reserve
Reserve for
hedging costs
- options
Reserve for
hedging costs
- forward
contracts
Treasury
stock
Shareholders'
equity
Non-
controlling
interests
Total equity
1 January 2023
150.8
90.8
2,496.2
-256.8
14.2
0.0
0.0
-23.5
2,471.7
67.1
2,538.8
Consolidated net income of the year
304.9
304.9
55.7
360.6
Other comprehensive income
-1.3
-85.9
-18.1
-105.3
-1.5
-106.9
Comprehensive income
0.0
0.0
303.6
-85.9
-18.1
0.0
0.0
0.0
199.6
54.2
253.7
Dividend payments to shareholders of
PUMA SE / non-controlling interests
-122.8
-122.8
-92.4
-215.3
Share-based payment and
utilization/issue of treasury stock
3.0
1.9
4.9
4.9
Transaction with shareholders
0.0
0.1
0.1
31 December 2023
150.8
93.8
2,677.0
-342.7
-3.9
0.0
0.0
-21.6
2,553.4
28.9
2,582.3
Consolidated Financial Statements
PUMA Annual Report 2024
228
Other reserves
Subscribed
capital
Capital
reserve
Revenue
reserves incl.
retained
earnings
Difference
from currency
conversion
Cash flow
hedging
reserve
Reserve for
hedging costs
- options
Reserve for
hedging costs
- forward
contracts
Treasury
stock
Shareholders'
equity
Non-
controlling
interests
Total equity
31 December 2023
150.8
93.8
2,677.0
-342.7
-3.9
0.0
0.0
-21.6
2,553.4
28.9
2,582.3
Transition effect IFRS 9 (hedge
accounting), net after tax
-4.9
-1.3
6.2
0.0
0.0
1 January 2024
150.8
93.8
2,672.1
-342.7
-3.9
-1.3
6.2
-21.6
2,553.4
28.9
2,582.3
Consolidated net income of the year
281.6
281.6
60.7
342.3
Other comprehensive income
-5.5
83.5
94.5
11.3
-16.3
167.5
0.6
168.1
Comprehensive income
0.0
0.0
276.1
83.5
94.5
11.3
-16.3
0.0
449.2
61.3
510.5
Hedging gains and losses transferred
to cost of inventory
-4.3
-4.3
-4.3
Dividend payments to shareholders of
PUMA SE / non-controlling interests
-122.8
-122.8
-89.4
-212.1
Share-based payment and
utilisation/issue of treasury stock
-0.1
2.4
2.3
2.3
Repurchase of treasury shares
-50.0
-50.0
-50.0
Cancellation of treasury shares
-1.1
1.1
-49.9
49.9
0.0
0.0
Changes in the consolidation scope
-0.1
-0.1
-0.1
31 December 2024
149.7
94.8
2,775.6
-259.3
86.4
10.0
-10.1
-19.3
2,827.7
0.9
2,828.6
Consolidated Financial Statements
PUMA Annual Report 2024
229
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
1. GENERAL
Under the PUMA and Cobra Golf brand names, PUMA SE and its subsidiaries are engaged in the
development and sale of a broad range of sports and sports lifestyle products, including footwear, apparel
and accessories. The company is a European stock corporation (Societas Europaea/SE) and parent company
of the PUMA Group; its registered office is on PUMA WAY 1, 91074 Herzogenaurach, Germany. The competent
registry court is in Fürth (Bavaria), the register number is HRB 13085.
The consolidated financial statements of PUMA SE and its subsidiaries (hereinafter referred to in short as
the "Group" or "PUMA") were prepared in accordance with the "International Financial Reporting Standards
(IFRS)" accounting standards issued by the International Accounting Standards Board (IASB), as they are to
be applied in the EU, and the supplementary accounting principles to be applied in accordance with Section
315e(1) of the German Commercial Code (HGB). All of the IASB standards and interpretations, as they are to
be applied in the EU, which are mandatory for financial years as of 1 January 2024, have been applied.
The items contained in the financial statements of the individual Group companies are measured based on
the currency that corresponds to the currency of the primary economic environment in which the Company
operates. The consolidated financial statements are prepared in euros (EUR or €). The presentation of
amounts in millions of euros with one decimal place may lead to rounding differences since the calculation
of individual items is based on figures presented in thousands.
The cost of sales method is used for the consolidated income statement.
The following new or amended standards and interpretations have been used for the first time in the
current financial year:
↗ T.06 NEW AND AMENDED STANDARDS AND INTERPRETATIONS
Standard
Title
First-time adoption in the current financial
year
Amendments to IFRS 16
Lease liabilities as part of a sale and leaseback transaction
Amendments to IAS 1
Classification of liabilities as current or non-current
Amendments to IAS 1
Non-current liabilities with covenants
Amendments to IAS 7 und IFRS 7
Supplier financing agreements
PUMA Annual Report 2024
Consolidated Financial Statements
230
The amendments to the standards and interpretations described below, which were to be initially adopted
as of 1 January 2024, did not materially affect the PUMA consolidated financial statements.
The amendments to IFRS 16 incorporate regulations for the subsequent measurement of a lease liability in
the event of a sale and leaseback transaction into the standard. The amendment of IFRS 16 requires that the
lease liability be measured in such a way that no profit or loss arises upon its subsequent measurement in
relation to the right of use that has been reacquired. This change has no material effect on PUMA’s
consolidated financial statements.
The amendments to IAS 1 regarding the classification of liabilities as current or non-current only affect the
presentation of liabilities as current or non-current in the balance sheet, but not the amount or the timing of
the recognition of assets, liabilities, income or expenses or the information provided on these items. The
amendments clarify that the classification of liabilities as current or non-current is based on rights existing
at the end of the reporting period. The amendments stipulate that the classification is not affected by
expectations as to whether an entity will exercise its right to defer settlement of a liability. The amendments
explain that rights exist when the obligations are met at the end of the reporting period and introduce a
definition of "fulfilment" to clarify that fulfilment relates to the transfer of cash, equity instruments, other
assets or services to the counterparty. These amendments had no material effect on PUMA’s consolidated
financial statements.
The amendments to IAS 1 relating to non-current liabilities with covenants determine that only those
obligations that must be met by an entity on or before the reporting date affect the entity's right to defer
settlement of a liability by at least twelve months after the reporting date and must therefore be taken into
account in the assessment of the liability as current or non-current. Such obligations affect whether the
right exists at the end of the reporting period, even where compliance with the obligation is not assessed
until after the balance sheet date (e.g. an obligation based on the financial position of the entity as at the
balance sheet date and its compliance is not assessed until after the balance sheet date). These
amendments had no effect on PUMA’s consolidated financial statements.
The amendments to IAS 7 and IFRS 7 concern additional mandatory disclosures in the notes relating to
supplier financing agreements. The additional disclosures in the notes are intended to increase the
transparency of reverse factoring agreements and their impact on liabilities, cash flows and liquidity risk in
the financial statements. These changes had no effect on PUMA's net assets, financial position or earning
position, but led to an increase in the number of disclosures in the notes to the consolidated financial
statements.
PUMA Annual Report 2024
Consolidated Financial Statements
231
NEW, BUT NOT YET MANDATORY, STANDARDS AND INTERPRETATIONS
The following standards and interpretations have been released but will only become effective in later
reporting periods and are not applied earlier by the Group:
↗ T.07 NEW, BUT NOT YET MANDATORY, STANDARDS AND INTERPRETATIONS
Standard
Title
Date of adoption*
Planned first-time
application
Endorsed
Amendments to IAS 21
Lack of exchangeability
01/01/2025
01/01/2025
Endorsement pending
Amendments to IFRS 9 and
IFRS 7
Contracts relating to nature-dependent
electricity
01/01/2026
01/01/2026
AIP Volume 11
Annual improvements to IFRS
01/01/2026
01/01/2026
Amendments to IFRS 9 and
IFRS 7
Changes in the classification and
measurement of financial instruments
01/01/2026
01/01/2026
IFRS 18
Presentation and disclosure in the financial
statements
01/01/2027
01/01/2027
IFRS 19
Subsidiaries without public accountability:
information
01/01/2027
01/01/2027
*
Adjusted by EU endorsement, if applicable
With the exception of IFRS 18, PUMA does not expect that these amendments will have any significant
effects on the net assets, financial position and results of operations.
IFRS 18 will replace the previous standard, IAS 1 Presentation of Financial Statements. Many IAS 1
requirements remain unchanged and have been supplemented with additional requirements. IFRS 18 aims
to improve the presentation of financial information and to make financial statements more transparent and
comparable. The main new features of IFRS 18 are that two mandatory subtotals have been introduced in
the income statement: operating profit or loss and profit or loss before financing and income taxes. These
subtotals are based on the classification of income and expenses in the following categories: the operating
category, the investing category and the financing category. Furthermore, the income taxes category and the
income from discontinued operations category are presented. The requirements of IFRS 18 also introduce
additional notes disclosures, for example on management-defined performance measures (MPMs). These
are key performance indicators publicly communicated by management separately from the consolidated
financial statements that are not specified by IFRS accounting standards. In addition, IFRS 18 contains new
guidelines aimed at improving the aggregation and disaggregation of items presented in the financial
statements. PUMA assumes that the application of IFRS 18 may have an impact on the consolidated
financial statements in future periods.
PUMA Annual Report 2024
Consolidated Financial Statements
232
2.
SIGNIFICANT CONSOLIDATION, ACCOUNTING AND VALUATION PRINCIPLES
CONSOLIDATION PRINCIPLES
The consolidated financial statements were prepared as of 31 December 2024, the reporting date of the
annual financial statements of the PUMA SE parent company, on the basis of uniform accounting and
valuation principles according to IFRS, as applied in the EU.
GROUP OF CONSOLIDATED COMPANIES
In addition to PUMA SE, the consolidated financial statements include all subsidiaries in which PUMA SE
directly or indirectly holds existing rights that give it the current ability to direct the relevant activities. At
present, control of all Group companies is based on a direct or indirect majority of voting rights.
Associated companies are generally accounted for in the Group using the equity method. As of
31 December 2024, however, the Group does not hold any investments in associated companies.
The changes in the number of Group companies (including the parent company PUMA SE) in the financial
year 2024 were as follows:
↗ T.08 CHANGE IN GROUP OF CONSOLIDATED COMPANIES
As of
31/12/2023
100
Formation of companies
4
Disposal of companies
-2
As of
31/12/2024
102
The additions to the group of consolidated companies relate to the founding of PUMA Sports Vietnam Co
Ltd, Vietnam, PUMA Central Europe GmbH, Germany, stichd sportmerchandising general trading L.L.C. –
O.P.C., United Arab Emirates, and stichd sportmerchandising sports trading WLL, Qatar.
The disposals in the group of consolidated companies relate to the merger of PUMA SPORTS
DISTRIBUTORS (PTY) LTD, South Africa within the group of consolidated companies and the liquidation of
Puma Sport Israel Ltd. In Liq, Israel.
The changes in the group of consolidated companies did not have a significant effect on the net assets,
financial position and results of operations.
PUMA Annual Report 2024
Consolidated Financial Statements
233
The Group companies are allocated to regions as follows:
↗ T.09 LIST OF SHAREHOLDINGS OF PUMA SE AS OF 31 DECEMBER 2024
2
No.
Companies/Legal entities
Country
City
Shareholder
Share of capital
Parent company
1.
PUMA SE
Germany
Herzogenaurach
EMEA
2.
Austria Puma Dassler Gesellschaft m.b.H.
Austria
Salzburg
direct
100%
3.
stichd austria gmbh
Austria
Salzburg
indirect
100%
4.
Puma Czech Republic s.r.o.
Czech Republic
Prague
indirect
100%
5.
PUMA DENMARK A/S
Denmark
Aarhus
indirect
100%
6.
PUMA Estonia OÜ
Estonia
Tallinn
indirect
100%
7.
PUMA Finland Oy
Finland
Helsinki
indirect
100%
8.
PUMA FRANCE SAS
France
Strasbourg
indirect
100%
9.
stichd france SAS
France
Boulogne Billancourt
indirect
100%
10.
PUMA International Trading GmbH
Germany
Herzogenaurach
direct
100%
11.
PUMA Europe GmbH
Germany
Herzogenaurach
direct
100%
12.
PUMA Central Europe GmbH
Germany
Herzogenaurach
indirect
100%
13.
PUMA Sprint GmbH
Germany
Herzogenaurach
direct
100%
14.
PUMA Mostro GmbH
Germany
Herzogenaurach
indirect
100%
15.
PUMA Blue Sea GmbH
Germany
Herzogenaurach
indirect
100%
16.
stichd germany gmbh
Germany
Düsseldorf
indirect
100%
17.
PUMA UNITED KINGDOM LTD
Great Britain
Castleford
indirect
100%
18.
PUMA PREMIER LTD
Great Britain
Castleford
indirect
100%
19.
STICHD UK LTD
Great Britain
Mansfield
indirect
100%
Consolidated Financial Statements
PUMA Annual Report 2024
234
No.
Companies/Legal entities
Country
City
Shareholder
Share of capital
20.
STICHD SPORTMERCHANDISING UK LTD
Great Britain
London
indirect
100%
21.
GENESIS GROUP INTERNATIONAL LIMITED
Great Britain
Manchester
direct
100%
22.
Sport Equipment Hellas S. A. of Footwear, Apparel and Sportswear u.Li.
Greece
Athens
direct
100%
1)
23.
PUMA ITALIA S.R.L.
Italy
Assago
indirect
100%
24.
STICHD ITALY SRL
Italy
Assago
indirect
100%
25.
Puma Benelux B.V.
Netherlands
Leusden
direct
100%
26.
PUMA International Sports Marketing B.V.
Netherlands
Leusden
direct
100%
27.
stichd group B.V.
Netherlands
's-Hertogenbosch
direct
100%
28.
stichd international B.V.
Netherlands
's-Hertogenbosch
indirect
100%
29.
stichd sportmerchandising B.V.
Netherlands
's-Hertogenbosch
indirect
100%
30.
stichd B.V.
Netherlands
's-Hertogenbosch
indirect
100%
31.
stichd logistics B.V.
Netherlands
's-Hertogenbosch
indirect
100%
32.
stichd licensing B.V.
Netherlands
's-Hertogenbosch
indirect
100%
33.
PUMA NORWAY AS
Norway
Fornebu
indirect
100%
34.
PUMA POLSKA sp. z o.o.
Poland
Warsaw
indirect
100%
35.
PUMA SPORTS ROMANIA SRL
Romania
Bucharest
indirect
100%
36.
PUMA-RUS o.o.o.
Russia
Moscow
indirect
100%
37.
PUMA SPORTS S A (PTY) LTD
South Africa
Cape Town
indirect
100%
38.
PUMA IBERIA SLU
Spain
Madrid
indirect
100%
39.
STICHDIBERIA S.L.
Spain
Cornella de Llobregat
indirect
100%
40.
Nrotert AB
Sweden
Helsingborg
direct
100%
41.
PUMA Nordic AB
Sweden
Solna
indirect
100%
42.
Nrotert Sweden AB
Sweden
Helsingborg
indirect
100%
43.
stichd nordic AB
Sweden
Helsingborg
indirect
100%
Consolidated Financial Statements
PUMA Annual Report 2024
235
No.
Companies/Legal entities
Country
City
Shareholder
Share of capital
44.
MOUNT PUMA AG
Switzerland
Oensingen
direct
100%
45.
Puma Retail AG
Switzerland
Oensingen
indirect
100%
46.
stichd switzerland ag
Switzerland
Egerkingen
indirect
100%
47.
PUMA Spor Giyim Sanayi ve Ticaret A.S.
Türkiye
Istanbul
indirect
100%
48.
PUMA UKRAINE LIMITED LIABILITY COMPANY
Ukraine
Kiew
indirect
100%
49.
PUMA Middle East FZ-LLC
United Arab Emirates
Dubai
indirect
100%
50.
PUMA UAE (L.L.C)
United Arab Emirates
Dubai
indirect
100%
51.
stichd sportmerchandising general trading L.L.C. - O.P.C.
United Arab Emirates
Abu Dhabi
indirect
100%
52.
stichd sportmerchandising sports trading WLL
Qatar
Doha
indirect
100%
Americas
53.
PUMA Sports Argentina S.A. (former Unisol S.A.)
Argentina
Buenos Aires
indirect
100%
54.
PUMA Sports Ltda.
Brazil
Sao Paulo
indirect
100%
55.
PUMA Canada, Inc.
Canada
Toronto
indirect
100%
56.
PUMA United Canada ULC
Canada
Vancouver
indirect
51%
57.
PUMA CHILE SpA
Chile
Santiago
direct
100%
58.
PUMA SERVICIOS SpA
Chile
Santiago
indirect
100%
59.
PUMA México Sport, S.A. de C.V.
Mexico
Mexico City
direct
100%
60.
Importaciones RDS, S.A. de C.V.
Mexico
Mexico City
direct
100%
61.
GLOBAL LICENSE STICHD GROUP MEXICO S.A. de C.V.
Mexico
Mexico City
indirect
100%
62.
Importationes Brand Plus Licensing S.A. de C.V.
Mexico
Mexico City
indirect
100%
63.
Distribuidora Deportiva PUMA S.A.C.
Peru
Lima
indirect
100%
64.
Distribuidora Deportiva PUMA Tacna S.A.C.
Peru
Tacna
indirect
100%
65.
PUMA Sports LA S.A.
Uruguay
Montevideo
direct
100%
Consolidated Financial Statements
PUMA Annual Report 2024
236
No.
Companies/Legal entities
Country
City
Shareholder
Share of capital
66.
PUMA Suede Holding, Inc.
USA
Wilmington
indirect
100%
67.
PUMA North America, Inc.
USA
Wilmington
indirect
100%
68.
Cobra Golf Incorporated
USA
Wilmington
indirect
100%
69.
PUMA United Aviation North America LLC
USA
Wilmington
indirect
70%
70.
PUMA United Canada Holding, Inc.
USA
Wilmington
indirect
100%
71.
PUMA United North America LLC
USA
Dover
indirect
51%
72.
Janed Canada, LLC
USA
Dover
indirect
51%
73.
stichd NA, Inc.
USA
Wilmington
indirect
100%
74.
PUMA Card Services NA, LLC.
USA
Plantation
indirect
100%
Asia/Pacific
75.
PUMA Australia Pty. Ltd.
Australia
Melbourne
indirect
100%
76.
White Diamond Australia Pty. Ltd.
Australia
Melbourne
indirect
100%
77.
White Diamond Properties Pty. Ltd.
Australia
Melbourne
indirect
100%
78.
PUMA China Ltd. (彪马（上海）商贸有限公司)
China
Shanghai
indirect
100%
79.
stichd Trading (Shanghai) Co., Ltd. (斯梯起特贸易（上海）有限公司)
China
Shanghai
indirect
100%
80.
Guangzhou World Cat Information Consulting Services Company Ltd.
(广州寰彪信息咨询服务有限公司)
China
Guangzhou
indirect
100%
81.
World Cat Ltd. (寰彪有限公司)
China
Hong Kong
direct
100%
82.
Development Services Ltd.
China
Hong Kong
direct
100%
83.
PUMA International Trading Services Ltd.
China
Hong Kong
indirect
100%
84.
PUMA ASIA PACIFIC LTD (彪馬亞太區有限公司)
China
Hong Kong
direct
100%
85.
PUMA Hong Kong Ltd. (彪馬香港有限公司)
China
Hong Kong
indirect
100%
86.
stichd Limited
China
Hong Kong
indirect
100%
87.
PUMA Sports India Private Ltd.
India
Bangalore
indirect
100%
88.
PT PUMA Cat Indonesia
Indonesia
Jakarta
indirect
100%
Consolidated Financial Statements
PUMA Annual Report 2024
237
No.
Companies/Legal entities
Country
City
Shareholder
Share of capital
89.
PT PUMA Sports Indonesia
Indonesia
Jakarta
indirect
100%
90.
PUMA Japan K.K. (プーマ ジャパン株式会社)
Japan
Tokyo
indirect
100%
91.
PUMA Korea Ltd. (푸마코리아 유한회사)
(South) Korea
Seoul
direct
100%
92.
Stichd Korea Ltd
(South) Korea
Incheon
indirect
100%
93.
PUMA Sports Goods Sdn. Bhd.
Malaysia
Petaling Jaya
indirect
100%
94.
STICHD SOUTHEAST ASIA SDN. BHD.
Malaysia
Kuala Lumpur
indirect
100%
95.
PUMA New Zealand Ltd.
New Zealand
Auckland
indirect
100%
96.
PUMANILA IT SERVICES INC.
Philippines
City of Makati
indirect
100%
97.
PUMA Sports Philippines Inc.
Philippines
City of Makati
indirect
100%
98.
PUMA SOUTH EAST ASIA PTE. LTD.
Singapore
indirect
100%
99.
PUMA Taiwan Sports Ltd. (台灣彪馬股份有限公司）
China (Taiwan)
Taipei
indirect
100%
100.
PUMA Sports (Thailand) Co., Ltd.
Thailand
Bangkok
indirect
100%
101.
World Cat Vietnam Sourcing & Development Services Company Limited
(CÔNG TY TNHH DỊCH VỤ PHÁT TRIỂN & NGUỒN CUNG ỨNG WORLD CAT
VIỆT NAM)
Vietnam
Ho Chi Minh City
indirect
100%
102.
PUMA Sports Vietnam Co Ltd
Vietnam
Ho Chi Minh City
indirect
100%
1)
subsidiaries which are assigned to be economically 100% PUMA Group
2)
This list is part of PUMA's 2024 Sustainability Statement in accordance with ESRS 2 SBM-1
PUMA Mostro GmbH, PUMA Blue Sea GmbH, PUMA Sprint GmbH and PUMA Central Europe GmbH have made use of the exemption provision under Section 264(3) of the
German Commercial Code (HGB). PUMA Europe GmbH and PUMA International Trading GmbH have also made use of the exemption provision under Section 264(3) HGB,
but waive the exemption from the third subsection.
In accordance with Article 403 of the second book of the Dutch Civil Code (Article 2:403 BW), with effect from 1 January 2023, PUMA SE shall be jointly and severally liable
for debts arising from legal transactions of the following Dutch subsidiaries with registered office in 's-Hertogenbosch (De Waterman 2, 5215 MX): stichd group B.V., stichd
sport merchandising B.V., stichd licensing B.V., stichd international B.V., stichd logistics B.V. and stichd B.V.
Consolidated Financial Statements
PUMA Annual Report 2024
238
CURRENCY CONVERSION
In general, monetary items in foreign currencies are converted in the individual financial statements of the
Group companies at the exchange rate valid on the balance sheet date. Any resulting currency gains and
losses are immediately recognised in the income statement. Non-monetary items are converted at
historical acquisition and manufacturing cost.
The assets and liabilities of foreign subsidiaries, whose functional currency is not the euro, have been
converted to euros at the exchange rates valid on the balance sheet date. Expenses and income have been
converted at the annual average exchange rates. Any differences resulting from the currency conversion of
net assets relative to exchange rates that had changed in comparison with the previous year were adjusted
directly in other comprehensive income.
The significant conversion rates per euro are as follows:
↗ T.10 SIGNIFICANT CONVERSION RATES
2024
2023
Currency
Exchange rate
on 31 December
Average
exchange rate
Exchange rate
on 31 December
Average
exchange rate
USD
1.0389
1.0824
1.1050
1.0813
CNY
7.5833
7.7875
7.8509
7.6600
JPY
163.0600
163.8519
156.3300
151.9903
MXN
21.5504
19.8314
18.7231
19.1830
ARS*
1,070.9281
-
892.9166
-
*
Due to the application of accounting for hyperinflationary economies in Argentina, all items in the financial
statements are converted at the exchange rate applicable on the reporting date.
Argentina and Türkiye are in a hyperinflation environment. In 2022, the subsidiaries whose functional
currency is the Argentine peso or the Turkish lira applied the accounting for hyperinflation economies in
accordance with IAS 29 for the first time, with retroactive effect from 1 January 2022. The carrying amounts
of non-monetary assets and liabilities, shareholders' equity and other comprehensive income are translated
into the unit of measurement applicable at the balance sheet date and thus adjusted to reflect price
changes. The financial statements are based on the concept of historical acquisition and/or production
costs. The exchange rate as of 31 December 2024 was used for conversion into the reporting currency, the
euro, for all items.
Gains and losses on the net monetary position are included in the financial result. In the financial year 2024,
the net profit from the monetary items amounted to € 2.1 million (previous year: € 7.7 million). The amount
also includes interest income from invested cash and cash equivalents in accordance with IAS 29.28.
The price index used for Türkiye as of 31 December 2024 was 2,684.6 (31 December 2023: 1,859.4) and is
based on the consumer price index. The general price index used for Argentina as of 31 December 2024 was
7,686.2 (31 December 2023: 3,500.4).
PUMA Annual Report 2024
Consolidated Financial Statements
239
ACCOUNTING AND VALUATION PRINCIPLES
FINANCIAL INSTRUMENTS
Financial instruments are classified and recognised in accordance with IFRS 9. Acquisitions and disposals of
financial assets, with the exception of trade receivables, are initially recognised on the settlement date and
are recorded at fair value.
For investments (equity instruments), IFRS 9 allows a measurement at fair value through other
comprehensive income (FVOCI) under certain conditions. If these investments, however, are disposed of or
adjusted in value, the gains and losses from these investments which were not realised up to this point are
reclassified to retained earnings in accordance with IFRS 9.
DERIVATIVE FINANCIAL INSTRUMENTS/HEDGE ACCOUNTING
PUMA is applying the provisions of IFRS 9 for phase 3 hedge accounting for the first time as of
1 January 2024. Previously, the option of continuing to apply IAS 39 for hedge accounting was exercised. For
reasons of materiality, PUMA does not restate comparative information for previous periods. Consequently,
an adjustment was made to the opening balance sheet as of 1 January 2024. For existing cash flow hedge
relationships, the hedging cost approach was applied retrospectively on a mandatory basis for options held
as at the opening date and voluntarily for the components of forward exchange contracts excluded from the
designation. This resulted in a correction of the opening balance sheet in a high single-digit million euro
amount, with the amount being withdrawn from retained earnings and allocated to other comprehensive
income.
Derivative financial instruments are recognised at fair value at the time a contract is entered into and
thereafter. At the time a hedging instrument is concluded, PUMA classifies the derivatives as hedges of a
planned transaction and hedging variable interest flows from the promissory note loans (cash flow hedge
accounting).
At the time when the transaction is concluded, the hedging relationship between the hedging instrument
and the underlying transaction as well as the purpose of risk management and the underlying strategy are
documented. In addition, assessments as to whether the derivatives used in the hedge accounting
compensate effectively for a change in the cash flow of the underlying transaction are documented at the
beginning of the hedging relationship and continuously thereafter.
As under IAS 39, the PUMA Group now also generally designates the spot component of currency forwards
and the intrinsic value of currency and interest rate options in a hedging relationship under IFRS 9. The
effective cumulative changes in fair value resulting from the spot component or the intrinsic value are
initially recognised directly in equity in the cash flow hedging reserve in other comprehensive income, taking
into account deferred taxes.
When accounting for currency hedges as cash flow hedges, the time values of the option contracts as well
as the forward components and the currency basis spreads of the forward exchange contracts are excluded
from designation in a hedging relationship. For these components excluded from designation, the hedging
cost approach is applied mandatorily for options and voluntarily for currency forwards.
When accounting for interest rate hedges as cash flow hedges, the time values of the option transactions
are excluded from designation in a hedging relationship. The hedging cost approach is mandatory for these
components excluded from designation. The effective cumulative changes in market value of the non-
designated components are recognised as hedging costs in other comprehensive income as a separate
item, taking into account deferred taxes.
In general, the changes in market value of the components designated in hedging relationships for foreign
currency hedges accumulated in other comprehensive income are included in the acquisition costs when
hedged non-financial assets are initially recognised or, in other cases, are reclassified to the income
PUMA Annual Report 2024
Consolidated Financial Statements
240
statement in the same period as the hedged item affects profit or loss. The adjustment of non-financial
assets affects profit or loss in the same way and in the same periods as the affected non-financial items
affect profit or loss. A corresponding disclosure is made both in the consolidated statement of
comprehensive income and in the consolidated statement of changes in equity. In the case of interest rate
hedges, the changes in market value accumulated in accumulated other equity are reclassified to interest
expense. The components excluded from the designation are reclassified from other comprehensive income
to the financial result.
In the unusual case for the PUMA Group that derivative financial instruments are not designated as hedging
instruments, they continue to be classified and measured at fair value through profit or loss.
The Group documents the existence of an economic relationship between the hedging instrument and the
hedged underlying transaction on the basis of the key valuation parameters, such as the reference interest
rate, the currency, the amount and the time of their respective cash flows (critical terms match method).
The Group uses the cumulative dollar offset method to assess whether the derivative designated in each
hedging relationship is expected to be prospectively effective and whether it was retrospectively effective in
relation to offsetting changes in the cash flows of the hedged underlying transaction. All derivatives
classified as hedging instruments are therefore linked to specific, committed and planned transactions. The
economic relationship between the hedging instrument and the hedged underlying transaction can be
determined qualitatively and quantitatively.
The main reason for ineffectiveness is the decline or loss of hedged transactions in these hedging
relationships. A change in credit risk may also result in ineffectiveness.
The fair values of the derivative instruments are shown under Other current and non-current financial
assets or liabilities.
PUMA AS LESSEE
The leases for which PUMA acts as a lessee are identified at the individual contract level. For these leases,
PUMA recognises a right-of-use asset and a respective lease liability, with the exception of short-term
leases (defined as leases with a term of no more than 12 months) and low-value lease agreements (with a
value of less than € 5,000 at contract conclusion). In the case of a short-term lease or low-value lease, the
Group recognises the lease payments on a straight-line basis over the term of the lease agreement as other
operating expense.
In addition, right-of-use assets are not recognised for intangible assets. PUMA has made use of the option
and decided not to apply IFRS 16 with regard to leases for intangible assets.
The lease liability at initial recognition is measured at the present value of the not yet paid lease payments
at the beginning of the lease agreement. The present value is calculated using the incremental borrowing
rate, as the interest rate implicit in the lease is usually not known.
A number of lease agreements, particularly for real estate properties, contain extension and termination
options. When determining agreement terms, all facts and circumstances are taken into account that offer a
financial incentive to exercise the extension option or not to exercise the termination option. The changes in
the term of a lease due to the exercise or non-exercise of such options are only taken into account for the
agreement term if they are sufficiently certain.
The lease liability is recognised as a separate line item on the consolidated balance sheet.
The right-of-use assets comprise the respective lease liability as part of initial valuation. Lease instalments
that are paid before or at the beginning of the lease are added. Lease incentives received from the lessor
are deducted and initial direct costs are included. If dismantling obligations exist with regard to the leased
PUMA Annual Report 2024
Consolidated Financial Statements
241
assets, they are included in the valuation of the right-of-use assets. The subsequent valuation of the right-
of-use assets is at acquisition cost less accumulated depreciation and impairment losses.
The right-of-use assets are generally depreciated over the term of the lease. If the useful life of the asset
underlying the lease is shorter, this limits the depreciation period accordingly. Depreciation starts with the
commencement of the lease.
As part of the practical expedient, IFRS 16 permits dispensing with a separation between non-lease
components and lease components. With regard to land and buildings, PUMA generally does not apply the
practical expedient, meaning that the right-of-use assets relating to land and buildings only contain leasing
components. With regard to other right-of-use assets (comprising technical equipment & machines and
motor vehicles), the practical expedient is generally applied, the result of which is that the leasing
components and non-leasing components are both recognised.
The right-of-use assets are recognised as a separate line item in the consolidated balance sheet.
The right-of-use assets are subject to the impairment regulations pursuant to IAS 36. As a general rule, the
right-of-use assets are tested for impairment (impairment test) if there is any indication that the value of
the asset could be impaired. The right-of-use assets, in particular in connection with the Group's own retail
stores, are subjected to an impairment test if there are indicators or changes in planning assumptions that
suggest that the carrying amount of the assets may not be recoverable. To this end, a triggering event test
of all retail stores, each of which is a separate cash-generating unit, is carried out after preparation of the
annual budget planning or on an ad-hoc basis.
For the purposes of the triggering event test, the recoverable amount of the respective retail stores is
determined as a value in use using a simplified discounted cash flow method, taking partial account of cash
flows attributable to other cash-generating units. The value in use is determined on the basis of the planned
cash flows for the retail stores according to the budget, which is prepared on a bottom-up basis and
approved by management. The forecast period is derived from the expected useful lives of the respective
retail store and is reviewed annually. Following the bottom-up budget, revenue and cost developments are
used as a basis for the remaining useful life, the growth rate of which is based on expected nominal retail
growth. Growth rates in the single-digit percentage range are expected for all retail stores over the three-
year detailed planning period. In calculating the value in use of retail stores, cash flows in non-inflationary
countries were measured at a weighted cost of capital rate of between 8.1% and 33.0% (previous year:
between 8.8% and 38.0%) and the cash flows of retail stores in the two hyperinflation countries with a
weighted cost of capital between 35.8% and 54.4% (previous year: between 31.2% and 145.0%). This was
based on a risk-free interest rate on equivalent term structures of 2.6% (previous year: 3.1%) and a market
risk premium of 6.8% (previous year: 7.0%).
If, in the triggering event test, the carrying amount of the retail store assets exceeds the simplified value in
use, the recoverable amount of this cash-generating unit is calculated with the discounted cash flow
method using the above cost of capital rates. This is based on the individual planning of cash flows for the
retail store. In some exceptional cases, the recoverable amount corresponds to a higher fair value less costs
to sell, assuming alternative subletting, which is determined according to Level 3 of IFRS 13 "Fair value
measurement". If an impairment arises, the right-of-use asset is impaired first.
If there are indications that retail stores for which impairment has been recorded in the past have been able
to achieve a turnaround or that their fair value has increased and that their right-of-use assets are
therefore recoverable, the impairment is reversed up to a maximum of the amount of amortised costs.
If there is an impairment loss or a reversal of an impairment loss, this is allocated to the central area in the
segment reporting under IFRS 8. However, the impaired assets are reported in the relevant operating
segments.
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PUMA AS LESSOR
If PUMA acts as a lessor, it is determined at the beginning of the lease whether it is a finance lease or an
operating lease. In order to classify the lease agreement, PUMA makes an overall assessment of whether
the lease essentially transfers all the risks and benefits associated with ownership of the underlying asset.
If this is the case, it is classified as a finance lease. If not, it is classed as an operating lease. Various
indicators are taken into account as part of this assessment, such as whether the lease agreement is for the
majority of the economic useful life of the underlying asset. At our discretion, the leases in which PUMA
acts as an intermediate lessor are in most cases finance leases, as subletting always covers most of the
term of the main lease. If PUMA acts as an interim lessor, the shares in the main lease contract and the
sub-lease contract are accounted for separately.
In the case of finance leases, a net investment (receivable) equal to the discounted future rental payments
to be received is recognised in the balance sheet and reported under other assets (without inclusion in
working capital). The incremental borrowing rate is used to determine the discount rate, as the interest rate
underlying the lease is generally unknown. Interest income from finance leases is reported in cash flow
from investing activities.
If the lease is classified as an operating lease, the lease payments are immediately recognised in profit or
loss as rental income.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash and bank balances. This also includes free cash and cash
equivalents that are invested as a fixed-term deposit with a term of up to three months. The total amount of
cash and cash equivalents is consistent with the cash and cash equivalents stated in the cash flow
statement.
Cash and cash equivalents are measured at amortised cost. They are subject to the impairment
requirements in accordance with IFRS 9 “Financial Instruments”. PUMA monitors the credit risk of these
financial instruments taking into account the economic situation, external credit rating and/or premiums for
credit default swaps (CDS) of other financial institutions. The credit risk from cash and cash equivalents is
classified as immaterial, due to the relatively short terms and the investment-grade credit rating of the
counterparties, which signals a low probability of default for the financial instruments.
INVENTORIES
The Group procures inventories primarily from third parties and these are reported as goods within
inventories. To a small extent, footwear and golf clubs are produced in-house, which are reported as
finished goods together with the goods within the inventories.
Inventories are measured at acquisition or manufacturing cost or at the lower net realisable values derived
from the selling price at the balance sheet date. The acquisition cost of merchandise is determined using an
averaging method. Value adjustments are adequately recorded, depending on age, seasonality and
realisable market prices.
TRADE RECEIVABLES
Trade receivables are initially measured at the transaction price and subsequently at amortised cost with
deduction of value adjustments, in the form of a provision for risks.
When determining the provision for risks for trade receivables, PUMA uniformly applies the simplified
method in order to determine the expected credit losses over the remaining lifetime of the trade receivables
(called "lifetime expected credit losses") in accordance with the provisions of IFRS 9 “Financial
Instruments”. For this, trade receivables are classified by geographic region into suitable groups with
shared credit risk characteristics. The expected credit losses are calculated using a matrix that presents
PUMA Annual Report 2024
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the age structure of the receivables and depicts a likelihood of default for the individual maturity bands of
the receivables on the basis of historic credit default events and future-based factors. The percentage rates
for the probabilities of default are checked regularly to ensure they are up to date. If objective indications of
a credit impairment are found regarding the trade receivables of a certain customer, a detailed analysis of
this customer's specific credit risk is conducted and an individual provision for risks is established for the
trade receivables with respect to this customer. If credit insurance is in place, it is taken into account when
determining the amount of the risk provision.
The Group assumes that the default risk of a financial asset has increased significantly if it is more than
30 days overdue.
OTHER FINANCIAL ASSETS
Other financial assets are classified based on the business model for control and the cash flows of the
financial assets. In the Group, financial assets are generally held under a business model that provides for
"holding" the asset until maturity, in order to collect the contractual cash flows. The second condition is that
the terms and conditions of the financial asset result in cash flows at specified times, which exclusively
represent repayments and interest payments on the outstanding nominal amount.
The "trading" business model is used for financial assets in the form of derivatives without a hedging
relationship. These are valued at fair value through profit or loss (FVPL).
Non-current financial assets include rental deposits and other assets. Non-interest-bearing non-current
assets are discounted to the present value if the resulting effect is significant.
INVESTMENTS
The investment recognised under non-current financial assets belongs to the category measured at "fair
value through other comprehensive income" (FVOCI), since these investments are held over the long term
for strategic reasons.
All purchases and disposals of investments are recorded on the settlement date. Investments are initially
recognised at fair value plus transaction costs. They are also recognised at fair value in subsequent periods.
Unrealised gains and losses are recognised in other comprehensive income, taking into account deferred
taxes. The gain or loss on disposal of investments is transferred to retained earnings.
The category measured at "fair value through profit or loss" (FVPL) is not used with regard to investments.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are measured at acquisition cost, net of accumulated depreciation. The
depreciation period depends on the expected useful life of the respective item. The straight-line method of
depreciation is applied. The useful life depends on the type of the assets involved. Buildings are subject to a
useful life of between ten and fifty years, and a useful life of between three to ten years is assumed for
movable assets.
Repair and maintenance costs are recorded as an expense as of the date on which they were incurred.
Substantial improvements and upgrades are capitalised to the extent that the criteria for recognition of an
asset item apply.
INVESTMENT PROPERTY
Investment property is accounted for in the same way as property, plant and equipment in accordance with
the cost model, with their acquisition or production costs less scheduled depreciation and any necessary
impairment losses. Depreciation is carried out on a straight-line basis and the useful lives are generally
equivalent to those of property, plant and equipment used in-house.
PUMA Annual Report 2024
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OTHER INTANGIBLE ASSETS (NOT INCLUDING GOODWILL)
Acquired intangible assets largely consist of concessions, intellectual property rights and similar rights.
These are measured at acquisition cost, net of accumulated amortisation. The useful life of intangible
assets is between three and ten years. Scheduled depreciation is done on a straight-line basis.
There are also trademark rights acquired for a fee in relation to Cobra Golf. Cobra Golf, founded in 1978, has
a brand history spanning over 40 years in golf. The Cobra brand represents the core of the Golf business
area and is continued through ongoing marketing investments by the PUMA Group in the Cobra brand. Due
to the stability of the golf market and the continuation of the brand by PUMA, an indefinite useful life is
assumed for the Cobra brand.
IMPAIRMENT OF ASSETS
Intangible assets with an indefinite useful life are not amortised according to schedule but are subjected to
an annual impairment test. Property, plant and equipment, right-of-use assets, and other intangible assets
with finite useful lives are tested for impairment if there is any indication of impairment in the value of the
asset concerned. In order to determine whether there is a requirement to record the impairment of an
asset, the recoverable amount of the respective asset (the higher amount of the fair value less costs to sell
and value in use) is compared with the carrying amount of the asset. If the recoverable amount is lower than
the carrying amount, the difference is recorded as an impairment loss. The test for impairment is
performed, if possible, at the level of the respective individual asset, otherwise at the level of the cash-
generating unit. Goodwill, on the other hand, is tested for impairment only at the level of a group of cash-
generating units. If it is determined within the scope of the impairment test that an asset needs to be
impaired, then the goodwill, if any, of the group of cash-generating units is written down initially and, in a
second step, the remaining amount is distributed proportionately over the remaining assets within the
application scope of IAS 36. If the reason for the recorded impairment no longer applies, a reversal of
impairment loss is recorded to the maximum amount of the amortised costs. There is no reversal of an
impairment loss for goodwill.
The recoverable amount is primarily calculated using the discounted cash flow method. For determining the
fair value less costs to sell and value in use, the expected cash flows are based on corporate planning data.
Expected cash flows are discounted using an interest rate in line with market conditions. As part of the fair
value determination less cost to sell, no special synergies of cash-generating units are taken into account,
and corporate planning data is adjusted to the assumptions of market participants, if required. Moreover,
there is a difference between the fair value less costs to sell and the value in use because the costs to sell
are also taken into account.
Trademarks with an indefinite useful life are subjected to an impairment test based on the relief from
royalty-method during the financial year or when the occasion arises. If there is evidence that the
underlying Cobra business is insufficiently profitable, the trademark is not only valued individually using the
relief-from-royalty method, but the recoverable amount of the cash-generating units to which the
trademark is attributable is determined.
See Chapter 11 for further details, in particular regarding the assumptions used for the calculation.
BORROWINGS, OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
In general, these items are recognised at fair value, taking into account transaction costs, and subsequently
recognised at amortised cost. Non-interest or low-interest-bearing liabilities with a term of at least one
year are recognised at present value, taking into account an interest rate in line with market conditions, and
are compounded until their maturity at their repayment amount.
The "trading" business model is used for financial liabilities in the form of derivatives without a hedge
relationship. These are valued at fair value through profit or loss (FVPL).
PUMA Annual Report 2024
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Current borrowings also include those long-term loans that have a maximum residual term of up to one
year.
PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS
In addition to defined benefit plans, some companies apply defined contribution plans, which do not result in
any additional pension commitment other than the current contributions. The pension provision under
defined benefit plans is generally calculated using the projected unit credit method. This method takes into
account not only known pension benefits and pension rights accrued as of the reporting date, but also
expected future salary and pension increases. The defined benefit obligation (DBO) is calculated by
discounting expected future cash outflows at the rate of return on senior, fixed-rate corporate bonds. The
currencies and maturity periods of the underlying corporate bonds are consistent with the currencies and
maturity periods of the obligations to be satisfied. In some of the plans, the obligation is accompanied by a
plan asset. In that case, the pension provision shown is reduced by the plan asset.
Details regarding the assumed life expectancy, the mortality tables used and other assumptions are shown
in Chapter 15.
OTHER PROVISIONS
Provisions for the expected expenses from warranty obligations pursuant to the respective national sales
contract laws are recognised at the time of sale of the relevant products, according to the best estimate in
relation to the expenditure needed in order to fulfil the Group's obligation.
Provisions are also made to account for onerous contracts. An onerous contract is assumed to exist where
the unavoidable costs for fulfilling the contract exceed the economic benefit arising from this contract.
MANAGEMENT INCENTIVE PROGRAMMES
PUMA uses cash-settled share-based payments, share-based payments settled in cash or equities, and key
performance indicator-based long-term incentive programmes. The share-based payments settled in cash
or equities are accounted for in the same way as cash-settled share-based payments.
Detailed information on the management incentive programmes is presented in Chapter 18.
RECOGNITION OF SALES
The Group recognises sales from the sale of sporting goods. The sales are measured at fair value of the
consideration to which the Group expects to be entitled from the contract with customers, taking into
account returns, discounts and rebates. Amounts collected on behalf of third parties (such as VAT) are not
included in sales. The Group records sales at the time when PUMA fulfils its performance obligation to
customers and has transferred the right of disposal over the product to customers.
The Group sells footwear, apparel and accessories both to wholesalers and directly to customers through its
own retail activities and online sales channels. Meanwhile, the sales-related warranty services cannot be
purchased separately and do not lead to services that go beyond the assurance of the specifications at the
time of the transfer of risk. Accordingly, the Group records warranties in the balance sheet in accordance
with IAS 37 “Provisions, contingent liabilities and contingent assets”.
In the case of sales of products to wholesalers, the sales revenue is recorded at the date on which the right
of disposal over the products is transferred to customers, in other words, when the products have been
shipped to the specific location of the wholesaler (delivery). After delivery, the wholesaler bears the
inventory risk and has full right of disposal over the manner and means of distribution and the selling price
of the products. In the case of sales to end customers in the Group's own retail stores, the sales are
recorded at the date when the right of disposal over the products is transferred to the end customer, in
other words, the date on which the end customer buys the products in the retail store. The payment of the
PUMA Annual Report 2024
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purchase price is due as soon as the customers purchase the products. In the case of sales of goods
through our own online sales channels, sales are realised when the end customers have accepted the goods
and the power of disposal over the goods has been passed to the end customer. The payment terms applied
correspond to the standard industry payment terms for each country.
Under certain conditions and according to the contractual stipulations, customers have the option to
exchange products or return them for a credit. The amount of the expected returns is estimated on the basis
of past experience and is deducted from sales in the form of a liability based on refund obligations. The
asset value of the right arising from the product return claim is recorded under inventories and leads to a
corresponding reduction of cost of sales.
ROYALTY AND COMMISSION INCOME
The Group recognises license and commission income from the out-licensing of trademark rights to third
parties in accordance with IFRS 15 Revenue from contracts with customers. Income from royalties is
recognised in the income statement in accordance with the invoices to be submitted by the licensees. In
certain cases, values must be estimated in order to permit accounting on an accrual basis. Commission
income is invoiced if the underlying purchase transaction is classified as realised.
ADVERTISING AND PROMOTIONAL EXPENSES
Advertising expenses are recognised in the income statement at the time they are incurred. In general,
promotional expenses stretching over several years are recognised as an expense over the contractual term
on an accrual basis. Any expenditure surplus exceeding the economic benefit that results from this
allocation of expenses after the balance sheet date is recognised in the financial statements in the form of
an impairment of assets and, if necessary, a provision for anticipated losses. If promotional and advertising
contracts provide for additional payments when predefined targets are achieved (e.g. medals,
championships), which cannot be predicted exactly in terms of time and amount, they are recognised in full
in profit or loss at the relevant date.
FINANCIAL RESULT
The financial result includes interest income from financial investments and interest expenses from loans,
along with interest income and expenses in connection with derivative financial instruments. The financial
result also includes interest expenses from lease liabilities as well as discounted, non-current liabilities
associated with acquisitions and those arising from the valuation of pension commitments, in addition to
interest income from finance leases.
Exchange rate effects that can be directly allocated to an underlying transaction are shown in the respective
income statement item.
INCOME TAXES
Current income taxes are determined in accordance with the tax regulations of the respective countries
where the individual Group companies conduct their operations.
PUMA management regularly assesses individual tax issues to determine whether there is scope for
interpretation in view of existing tax regulations. If appropriate, these issues are taken into account in
income tax liabilities or deferred taxes. The income tax assessment is generally carried out at the level of
the individual case, taking into account any possible interactions. Appropriate balance sheet provisions have
been made for potential risks from uncertain tax positions, taking into account IFRIC 23.
DEFERRED TAXES
Deferred taxes resulting from temporary valuation differences between the IFRS and tax balance sheets of
individual Group companies and from consolidation procedures, which are levied by the same taxation
PUMA Annual Report 2024
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authority and can be netted, are charged to each taxable entity and recognised either as deferred tax assets
or deferred tax liabilities.
Deferred tax assets may also include claims for tax reductions that result from the expected utilisation of
existing losses carried forward to subsequent years and which is likely to materialise. Deferred tax assets
or liabilities may also result from accounting treatments that do not affect the income statement.
Deferred tax assets are recognised only to the extent that the respective tax advantage is likely to
materialise.
ESTIMATION UNCERTAINTY
The preparation of the consolidated financial statements requires some assumptions and estimates that
have an impact on the measurement and presentation of the recognised assets and liabilities, income and
expenses, and contingent liabilities. The assumptions and estimates are based on premises, which in turn
are based on currently available information. In individual cases, the actual values may deviate from the
assumptions and estimates made. Consequently, future periods involve a risk of adjustment to the carrying
amount of the assets and liabilities concerned. If the actual development differs from the expectation, the
premises and, if necessary, the carrying amounts of the relevant assets and liabilities are adjusted with an
effect on profit or loss.
All assumptions and estimates are continuously reassessed. They are based on historical experiences and
other factors, including expectations regarding future global and industry-related trends that appear
reasonable under the current circumstances. Assumptions and estimates mainly relate to the valuation of
goodwill and trademarks, inventories, liabilities from refund obligations, taxes and leases in which PUMA is
the lessee. The most significant forward-looking assumptions and sources of estimation and uncertainty as
of the reporting date concerning the above-mentioned items are discussed below.
Goodwill and brands
A review of the impairment of goodwill is based on the calculation of the value in use as a leading valuation
concept. In order to calculate the value in use, the Group must estimate the future cash flows from those
cash-generating units to which the goodwill is allocated. To this end, the data used were from the three-
year plan, which is based on forecasts of the overall economic development and the resulting industry-
specific consumer behaviour. Another key assumption concerns the determination of an appropriate
interest rate for discounting the cash flow to the present value (discounted cash flow method). The relief-
from-royalty method is used to value brands. See Chapter 11 for further details, in particular regarding the
assumptions used for the calculation.
Inventories
Inventories are measured at acquisition or manufacturing cost or at the lower net realisable values derived
from the selling price at the balance sheet date. Value adjustments are adequately recorded, depending on
age, seasonality and realisable market prices. Further details on the inventory valuation are provided in
Chapter 4.
Liabilities from refund obligations
The Group recognises sales from the sale of sporting goods. The sales are measured at fair value of the
consideration to which the Group expects to be entitled from the contract with customers, taking into
account returns, discounts and rebates. As customers have the opportunity to exchange goods under
certain conditions and in accordance with the contractual agreements, the amount of expected return
deliveries is estimated on the basis of experience. The accrual of sales takes place via the liability from
refund obligations.
Taxes
Tax items are determined taking into account the various prevailing local tax laws and the relevant
administrative opinions and, due to their complexity, may be subject to different interpretations by persons
PUMA Annual Report 2024
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248
subject to tax on the one hand and the tax authorities on the other hand. Differing interpretations of tax laws
may result in subsequent tax payments for past years; these are included based on the assessment of the
management, using the most probable amount or the expected value for the individual case.
The recognition of deferred taxes requires that estimates and assumptions be made concerning future tax
planning strategies as well as expected dates of occurrence and the amount of future taxable income. The
taxable income from the relevant corporate planning is derived for this assessment. It takes into account
the past financial position and the business development expected in the future. Deferred tax assets are
recorded in the event of companies incurring a loss only if it is highly probable that future positive results
will be achieved. See Chapter 8 for further information.
PUMA as lessee
The measurement of lease liabilities under leases in which PUMA is the lessee is based on assumptions for
the discount rates used, the lease term and the determination of fixed lease payments. To determine the
present value of future minimum lease payments, PUMA uses country- and currency-specific interest rates
on borrowings with compatible terms. The fixed lease payments also include firmly agreed upon minimum
amounts for agreements with a predominantly variable lease amount.
Significant assumptions are made in the subsequent valuation of rights of use for retail stores in the context
of assessing the existence of an impairment and determining the impairment requirement. Among other
things, assumptions are made about the duration of the lease, the future economic development and
profitability of the retail stores, and also the underlying interest rate. See Chapter 10 for further information.
DISCRETIONARY DECISIONS
The preparation of the consolidated financial statements requires discretionary decisions relating to the
application of accounting methods and the amounts of assets, liabilities, income and expenses reported.
Information on the application of accounting policies that have the most material impact on the amounts
recorded in the financial statements can be found in the following notes:
Evaluation of the control of companies with non-controlling interests
The determination as to whether the Group controls the companies with non-controlling interests is
presented in Chapter 28, Information on non-controlling interests.
PUMA as lessee
The accounting for leases in which PUMA is the lessee includes discretionary decisions, in particular in
relation to the term of the lease agreements with regard to determining whether the exercise of extension
options is sufficiently certain. In addition to the basic lease period, the Group includes extension options in
the determination of the lease term if management is sufficiently certain that such options will be exercised
after taking into account all facts and circumstances.
Some real estate leases contain extension options that can only be exercised by PUMA and not by the lessor.
If possible, the Group seeks to include extension options when concluding new leases in order to ensure
operational flexibility. On the date of provision, the Group assesses whether it is sufficiently certain that the
extension options will be exercised. The assessment is carried out individually for each contract and takes
into account the amount of the company's own investments and the possibility of changing macroeconomic
conditions in the future. If significant events or significant changes occur during the term of the contract
that are within PUMA's control, it will be reassessed as to whether it is sufficiently certain that the extension
option will be exercised.
PUMA Annual Report 2024
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NOTES TO THE CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
3.
CASH AND CASH EQUIVALENTS
As of 31 December 2024, the Group has € 368.2 million (previous year: € 552.9 million) in cash and cash
equivalents. This includes bank balances, including short-term financial investments with an original term
of up to three months. The average effective interest rate of financial investments was 1.8% (previous year:
1.1%) for countries without hyperinflation. In countries with hyperinflation, the average effective interest rate
of financial investments was 62.4% (previous year: 40.9%). There are no cash and cash equivalents subject
to transfer restrictions in the current year (previous year: € 45.6 million).
4.
INVENTORIES
Inventories are allocated to the following main groups:
↗ T.11 INVENTORIES (IN € MILLION)
2024
2023
Goods/inventory and finished goods
Footwear
672.4
625.9
Apparel
473.2
420.8
Accessories/Others
211.2
216.0
Raw materials, consumables and supplies
34.5
34.9
Prepayments made
0.3
2.9
Goods in transit
576.0
458.7
Inventory adjustments related to returns
46.1
45.2
Total
2,013.7
1,804.4
The raw materials, consumables and supplies mainly relate to raw materials for the production of golf clubs
and footwear.
The table shows the carrying amounts of the inventories net of value adjustments. Of the value adjustments
in the amount of € 111.4 million (previous year: € 157.1 million) approx. 67.2% in financial year 2024 (previous
year: approx. 64.3%) were recognised in profit or loss in cost of sales.
The volume of inventories recorded as an expense during the period mainly includes the cost of sales shown
in the consolidated income statement.
The inventory adjustments related to returns represents the historical acquisition or production costs of the
inventories for which a return is expected.
PUMA Annual Report 2024
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5.
TRADE RECEIVABLES
The trade receivables are broken down as follows:
↗ T.12 TRADE RECEIVABLES (IN € MILLION)
2024
2023
Trade receivables, gross
1,308.5
1,183.4
Less provision for risks
-61.9
-65.0
Trade receivables, net
1,246.5
1,118.4
The change in the provision for risks for financial assets in the "trade receivables" class measured at
amortised cost relates to receivables in connection with revenues from contracts with customers and has
developed as follows:
↗ T.13 CHANGE OF RISK PROVISIONS FOR TRADE RECEIVABLES (IN € MILLION)
2024
2023
Status of provision for risks as of 1 January
65.0
57.9
Exchange rate differences
-0.6
-1.6
Additions
15.0
26.7
Utilisation
-4.3
-3.8
Reversals of unused provision for risks
-13.1
-14.3
Status of provision for risks as of 31 December
61.9
65.0
The age structure of the trade receivables is as follows:
↗ T.14 AGE STRUCTURE 2024 (IN € MILLION)
Overdue
2024
Total
Not due
0-30
days
31-90
days
90-180
days
Over 180
days
Trade receivables, gross
1,308.5
1,053.2
84.5
79.6
28.6
62.6
Provision for risks
-61.9
-16.2
-2.3
-3.8
-3.5
-36.2
Trade receivables, net
1,246.5
1,037.0
82.2
75.9
25.0
26.4
Expected loss rate
1.5%
2.7%
4.7%
12.4%
57.8%
PUMA Annual Report 2024
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↗ T.15 AGE STRUCTURE 2023 (IN € MILLION)
Overdue
2023
Total
Not due
0-30
days
31-90
days
90-180
days
Over 180
days
Trade receivables, gross
1,183.4
952.3
92.4
83.4
14.1
41.4
Provision for risks
-65.0
-16.4
-4.0
-8.2
-4.5
-31.9
Trade receivables, net
1,118.4
935.8
88.4
75.2
9.6
9.5
Expected loss rate
1.7%
4.3%
9.8%
32.0%
77.1%
With respect to the net carrying amounts of trade receivables, PUMA assumes that the debtors will satisfy
their payment obligations or that, in the event of a default, the net carrying amount will be covered by
existing credit insurance. There are no significant risk concentrations as the customer base is very broad
and there are no correlations.
Trade receivables are derecognised when, in the context of factoring agreements, essentially all risks and
opportunities relating to these receivables have been transferred to a third party. As of 31 December 2024,
receivables in the amount of € 269.7 million (previous year: € 141.7 million) were derecognised as a result of
factoring agreements. The cash flows are categorised as cash inflow from operating activities in the
consolidated statement of cash flows.
6.
OTHER CURRENT FINANCIAL ASSETS
Other current financial assets are broken down as follows:
↗ T.16 OTHER CURRENT FINANCIAL ASSETS (IN € MILLION)
2024
2023
Fair value of derivative financial instruments
147.1
34.5
Lease receivables
12.4
14.9
Remaining financial assets
168.8
45.6
Total
328.3
94.9
The amount shown is due within one year. The fair value corresponds to the carrying amount.
PUMA Annual Report 2024
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252
7.
OTHER CURRENT ASSETS
Other current assets are broken down as follows:
↗ T.17 OTHER CURRENT ASSETS (IN € MILLION)
2024
2023
Prepaid expense relating to the subsequent period
102.1
98.3
Other receivables
158.7
172.1
Total
260.9
270.4
The amount shown is due within one year. The fair value corresponds to the carrying amount.
Other receivables mainly comprise receivables relating to VAT of € 100.0 million (previous year:
€ 98.9 million) and other taxes of € 35.3 million (previous year: € 25.6 million).
8.
DEFERRED TAXES
Deferred taxes relate to the items shown below:
↗ T.18 DEFERRED TAXES (IN € MILLION)
2024
2023
Tax loss carry-forwards
56.3
76.9
Inventories
62.0
74.5
Remaining current assets
12.8
13.5
Non-current assets
48.4
56.3
Lease liabilities (current and non-current)
286.9
290.8
Provisions and other liabilities
124.4
118.1
Deferred tax assets (before netting)
590.7
630.1
Current assets
47.3
17.4
Intangible assets
41.7
42.1
Right-of-use assets
243.5
258.2
Remaining non-current assets
26.9
24.6
Provisions and other liabilities
1.8
4.1
Deferred tax liabilities (before netting)
361.2
346.4
Deferred tax assets, net
229.5
283.7
As of 31 December 2024, tax losses carried forward amounted to a total of € 417.2 million (previous year:
€ 447.9 million). Deferred tax assets were recognised for these items in the amount at which the associated
tax advantages are likely to be realised in the form of future profits for income tax purposes. In financial
year 2024, no deferred tax items were recognised for the losses carried forward in the amount of
€ 143.6 million (previous year: € 102.9 million), of which € 136.4 million (previous year: € 94.5 million) are
PUMA Annual Report 2024
Consolidated Financial Statements
253
vested. The remaining tax losses carried forward, for which no deferred tax items were recognised, in the
amount of € 7.2 million (previous year: € 8.3 million) will expire within the next six years.
In addition, no deferred tax items were recognised for temporary differences in the amount of € 20.7 million
(previous year: € 27.0 million) because they were not expected to be realised as of the balance sheet date.
For Group companies that achieved a negative tax result in this or the previous financial year, a total of
deferred tax assets in the amount of € 190.5 million were recognised after deduction of any deferred tax
liabilities (previous year: € 157.1 million) as sufficiently positive tax results can be expected in the future on
the basis of the relevant projections. Of this amount, € 56.3 million is attributable to the sales units in the
USA. The approach was based on a projection that deviates from the general corporate planning and
completely disregards potential future business opportunities and market share gains. A further share of
€ 15.5 million is attributable to the United Kingdom distribution unit. The assumption of sufficient future
positive tax profits is based on the expectation of higher sales volumes (supported by the current order
book) and the initiation of a range of measures aimed at optimising costs.
No deferred taxes on retained profits at subsidiaries were recognised where these gains are to be
reinvested on an ongoing basis and there is no intention to make a distribution in this respect.
Deferred tax assets and liabilities are netted if they relate to a taxable entity and can in fact be netted.
Accordingly, they are shown in the balance sheet as follows:
↗ T.19 DEFERRED TAX ASSETS AND LIABILITIES (IN € MILLION)
2024
2023
Deferred tax assets
243.6
296.1
Deferred tax liabilities
14.2
12.4
Deferred tax assets, net
229.5
283.7
The changes in deferred tax assets (net) were as follows:
↗ T.20 MOVEMENT OF DEFERRED TAXES (IN € MILLION)
2024
2023
Deferred tax assets, net as of 1 January
283.7
253.1
Recognition in the consolidated income statement
-15.0
22.8
Adjustment related to remeasurements of the net defined benefit liability,
recognised in other comprehensive income
0.7
0.2
Adjustment related to the cash flow hedge reserve,
recognised in other comprehensive income
-35.0
10.1
Adjustment related to the reserve for hedging costs - options,
recognised in other comprehensive income
-0.2
0.0
Adjustment related to the reserve for hedging costs - forward contracts,
recognised in other comprehensive income
1.3
0.0
Currency exchange effects
-6.2
-2.5
Deferred tax assets, net as of 31 December
229.5
283.7
PUMA Annual Report 2024
Consolidated Financial Statements
254
9.
PROPERTY, PLANT AND EQUIPMENT
The development of property, plant and equipment is shown in the following tables:
↗ T.21 MOVEMENTS OF PROPERTY, PLANT & EQUIPMENT 2024 (IN € MILLION)
Real estate
Technical
equipment and
machines
Other
equipment,
furniture and
fixture
Assets under
construction
Total
Purchase costs as of
1 January 2024
189.5
222.5
753.2
94.8
1,260.0
Additions*
2.5
30.4
112.8
40.3
185.9
Disposals
-3.3
-3.9
-64.9
-2.2
-74.3
Transfers
9.4
56.9
23.7
-94.6
-4.7
Currency changes
22.5
10.0
17.8
3.4
53.7
As of 31 December 2024
220.6
315.9
842.6
41.7
1,420.7
Accumulated depreciation as of
1 January 2024
-56.0
-49.7
-468.7
-0.0
-574.4
Depreciation
-6.5
-17.9
-97.8
0.0
-122.3
Disposals
1.9
3.4
61.1
0.0
66.4
Transfers
0.0
-0.3
0.4
0.0
0.1
Impairment losses
-8.8
0.0
-0.6
0.0
-9.4
Currency changes
-0.9
-4.5
-10.0
0.0
-15.3
As of 31 December 2024
-70.4
-69.0
-515.6
0.0
-655.0
Net carrying amount as of
31 December 2024
150.2
246.9
326.9
41.7
765.7
* This information is part of PUMA's 2024 Sustainability Declaration in accordance with ESRS E1-3.
PUMA Annual Report 2024
Consolidated Financial Statements
255
↗ T.22 MOVEMENTS OF PROPERTY, PLANT & EQUIPMENT 2023 (IN € MILLION)
Real estate
Technical
equipment and
machines
Other
equipment,
furniture and
fixture
Assets under
construction
Total
Purchase costs as of
1 January 2023
175.2
170.8
706.3
75.1
1,127.4
Additions*
23.9
16.6
118.4
66.5
225.4
Disposals
-4.8
-0.4
-41.0
-2.8
-49.0
Transfers
0.1
39.7
2.2
-42.3
-0.4
Currency changes
-5.0
-4.1
-32.6
-1.8
-43.4
As of 31 December 2023
189.5
222.5
753.2
94.8
1,260.0
Accumulated depreciation as of
1 January 2023
-54.5
-37.3
-443.2
-0.1
-535.2
Depreciation
-6.2
-15.0
-84.4
0.0
-105.7
Disposals
3.5
0.4
38.6
0.0
42.5
Transfers
0.0
-0.3
-0.0
0.0
-0.3
Currency changes
1.2
2.5
20.3
0.1
24.2
As of 31 December 2023
-56.0
-49.7
-468.7
-0.0
-574.4
Net carrying amount as of
31 December 2023
133.5
172.8
284.6
94.8
685.6
* This information is part of PUMA's 2024 Sustainability Declaration in accordance with ESRS E1-3.
Investment properties have a carrying amount of € 27.7 million as of 31 December 2024 (previous year:
€ 21.1 million) and are reported as real estate under property, plant and equipment. The fair value of
investment properties as of 31 December 2024 is € 20.9 million (previous year: € 23.3 million). This was
determined by external, independent experts who have relevant professional qualifications and current
experience with the location and type of properties to be valued. The fair value was determined on the basis
of the market-comparative approach, which reflects the most recent transaction prices for similar
properties. In the current financial year, impairment losses of 8.8 million (previous year: € 0.0 million) were
recognised in financial expenses for investment properties. The affected asset is reported in the segment
reporting in the Latin America region. The calculation was based on the value in use, taking into account a
cost of capital rate of 3.8%.
The rental income generated by the Group from investment properties amounted to € 1.4 million in the
financial year (previous year: € 0.6 million). Direct operating expenses for investment properties, which
generated rental income in the financial year, amounted to € 0.0 million (previous year: € 0.0 million).
PUMA Annual Report 2024
Consolidated Financial Statements
256
10. LEASES
PUMA AS LESSEE
The Group rents and leases offices, warehouses, facilities, technical equipment and machinery, motor
vehicles and sales rooms for its own retail business. As a rule, the lease agreements have a term of
between one and fifteen years. Some agreements include renewal options and price adjustment clauses.
The carrying amounts for right-of-use assets recognised in the balance sheet relate to the following asset
classes:
↗ T.23 RIGHT-OF-USE ASSETS 2024 (IN € MILLION)
Real estate –
retail stores
Real estate –
warehouses & offices
Others
Total
Depreciation
117.4
87.9
13.5
218.7
Additions*
147.6
67.5
11.9
227.0
Net carrying amount as of
31 December 2024
528.9
522.5
65.4
1,116.8
↗ T.24 RIGHT-OF-USE ASSETS 2023 (IN € MILLION)
Real estate –
retail stores
Real estate –
warehouses & offices
Others
Total
Depreciation
107.1
89.7
12.2
209.0
Additions*
174.1
71.9
14.3
260.3
Net carrying amount as of
31 December 2023
464.2
557.7
65.7
1,087.7
* This information is part of PUMA's 2024 Sustainability Declaration in accordance with ESRS E1-3.
The item "Others" includes technical equipment and machinery, as well as motor vehicles.
The following lease liabilities result:
↗ T.25 LEASE LIABILITIES (IN € MILLION)
2024
2023
Current lease liabilities
220.6
212.4
Non-current lease liabilities
1,010.0
1,020.0
Total
1,230.6
1,232.4
PUMA Annual Report 2024
Consolidated Financial Statements
257
The amounts recognised in the consolidated income statement are as follows:
↗ T.26 RECOGNISED IN INCOME STATEMENT (IN € MILLION)
2024
2023
Depreciation of right-of-use assets incl. impairment losses and reversal of impairment
losses (included in operating expenses)
196.6
202.8
Interest expenses
(included in financial expenses)
51.1
46.8
Expenses for short-term leases
(included in operating expenses)
10.0
11.3
Expenses for leases of low-value assets
(included in operating expenses)
1.0
1.2
Expenses for variable lease payments
(included in operating expenses)
36.6
35.4
Total
295.3
297.5
Variable lease payments are incurred in connection with the Group's own retail stores. These are based on
the sales amount and are therefore dependent on the overall economic development.
Total cash outflows from lease liabilities in 2024 amounted to € 273.6 million (previous year: € 254.8 million).
Due to reduced earnings prospects based on updated financial planning and estimates, impairment losses
in the total amount of € 7.3 million were recorded for the rights of use of assets in connection with PUMA's
own retail stores in financial year 2024 (previous year: € 5.7 million). To determine the impairment, the
recoverable amount was calculated for the individual retail stores. The recoverable amount for the impaired
retail stores is € 16.7 million (previous year: € 65.3 million), of which € 15.4 million was determined on the
basis of the value in use (previous year: € 65.3 million) and € 1.3 million on the basis of the fair value
(previous year: € 0.0 million). In the financial year under review, reversals of impairment losses amounting
to a total of € 29.4 million (previous year: € 11.9 million) were recorded for retail stores. There were no
impairment losses or impairment reversals in the other categories of right-of-use assets.
In 2024, PUMA entered into lease agreements that had not yet commenced by year-end. As a result, no
lease liabilities and corresponding right-of-use assets had been recognised as of 31 December 2024. Future
lease payments in connection with these agreements amount to € 16.0 million (previous year: € 2.0 million)
for the next year, € 75.9 million for years two to five (previous year: € 28.2 million) and € 97.1 million for the
subsequent period (previous year: € 48.5 million). The lease terms for these are up to 12 years (previous
year: 15 years).
PUMA Annual Report 2024
Consolidated Financial Statements
258
The maturity analysis of lease liabilities is as follows:
↗ T.27 MATURITY ANALYSIS OF LEASE LIABILITIES (IN € MILLION)
2024
2023
Due within one year
265.0
255.8
Due between one and five years
678.9
679.6
Due after five years
502.5
510.4
Total (undiscounted)
1,446.5
1,445.8
Interest expense (not yet realised)
-215.9
-213.4
Total
1,230.6
1,232.4
PUMA AS LESSOR
PUMA rents out properties owned and leased as a lessor. From the lessor's point of view, these (sub)leases
are classified as operating or finance leases.
The net investments from finance leases are shown as receivables in the balance sheet and are reduced by
the repayment portion included in the lease payment. The interest portion included in the lease payment is
reported as interest income in the financial result.
The maturities of the existing receivables on lease payments against third parties classified as finance
leases are as follows:
↗ T.28 MATURITY ANALYSIS OF LEASE RECEIVABLES (IN € MILLION)
2024
2023
Due within one year
13.9
16.8
Due between one and five years
16.5
24.8
Due after five years
2.1
4.5
Total (undiscounted)
32.5
46.1
Interest income (not yet realised)
-4.0
-5.4
Provision for risks
-0.3
-0.5
Total
28.2
40.2
PUMA Annual Report 2024
Consolidated Financial Statements
259
The following income was recognised in the consolidated income statement in connection with leases:
↗ T.29 RECOGNISED IN INCOME STATEMENT (IN € MILLION)
2024
2023
Operating leases
Fixed rental income
1.8
1.0
Finance leases
Variable rental income
1.6
0.4
Total rental income (included in other operating income)
3.4
1.4
Selling profit (included in other operating income)
2.5
8.0
Interest income (included in financial income)
2.5
1.2
Future lease payments from operating leases for the coming year amount to € 1.8 million (previous year:
€ 1.6 million) and to € 7.4 million for years two to five (previous year: € 5.1 million).
PUMA Annual Report 2024
Consolidated Financial Statements
260
11. INTANGIBLE ASSETS
Intangible assets mainly include goodwill, intangible assets with indefinite useful lives (e.g. brands), assets
associated with the Company's own retail activities and software licenses.
The development of intangible assets is shown in the following table:
↗ T.30 MOVEMENTS OF INTANGIBLE ASSETS 2024 (IN € MILLION)
Goodwill
Intangible assets
with an indefinite
useful life
Other
intangible assets
Total
Purchase costs as of
1 January 2024
285.3
146.3
397.5
829.1
Additions
0.0
0.0
74.2
74.2
Disposals
0.0
0.0
-67.8
-67.8
Transfers
0.0
0.0
4.2
4.2
Currency changes
-1.7
8.2
0.5
6.9
As of 31 December 2024
283.5
154.5
408.4
846.5
Accumulated depreciation as of
1 January 2024
-46.3
-17.6
-234.5
-298.2
Amortisation
0.0
0.0
-29.2
-29.2
Disposals
0.0
0.0
67.0
67.0
Transfers
0.0
0.0
0.3
0.3
Currency changes
-0.1
0.0
-0.5
-0.5
As of 31 December 2024
-46.3
-17.6
-196.7
-260.7
Net carrying amount as of
31 December 2024
237.2
136.9
211.7
585.8
PUMA Annual Report 2024
Consolidated Financial Statements
261
↗ T.31 MOVEMENTS OF INTANGIBLE ASSETS 2023 (IN € MILLION)
Goodwill
Intangible assets
with an indefinite
useful life
Other
intangible assets
Total
Purchase costs as of
1 January 2023
289.3
151.0
341.0
781.2
Additions
0.0
0.0
74.2
74.2
Disposals
0.0
0.0
-16.8
-16.8
Transfers
0.0
0.0
0.6
0.6
Currency changes
-4.0
-4.6
-1.5
-10.1
As of 31 December 2023
285.3
146.3
397.5
829.1
Accumulated depreciation as of
1 January 2023
-46.6
-17.6
-210.5
-274.7
Amortisation
0.0
0.0
-37.0
-37.0
Disposals
0.0
0.0
11.9
11.9
Transfers
0.0
0.0
-0.1
-0.1
Currency changes
0.4
0.0
1.3
1.6
As of 31 December 2023
-46.3
-17.6
-234.5
-298.2
Net carrying amount as of
31 December 2023
239.0
128.7
163.0
530.8
The item Other intangible assets includes advance payments in the amount of € 20.7 million (previous year:
€ 21.6 million).
The current amortisation of intangible assets in the amount of € 29.2 million (previous year: € 37.0 million) is
included in the other operating expenses. Of this, € 7.7 million relate to sales and distribution expenses
(previous year: € 11.5 million), € 0.0 million to expenses for product management/merchandising (previous
year: € 0.1 million), and € 21.5 million to administrative and general expenses (previous year: € 25.3 million).
INFORMATION ON PLANNING ASSUMPTIONS FOR IMPAIRMENT TESTS
Goodwill and intangible assets with indefinite useful lives are not amortised according to schedule.
Impairment tests with regard to goodwill were performed in the past financial year using the discounted
cash flow method. The data from the three-year plan for the respective cash-generating unit or group of
cash-generating units was used as a basis for this. Planning on the level of the cash-generating units was
thereby derived from the PUMA Group's three-year plan. The following key assumptions have been made for
the PUMA Group plans:
Based on the basic assumptions regarding overall economic development, planning at Group level assumes
that geopolitical tensions will not increase any further. Under these conditions, we expect our business to
continue to grow profitably.
Planned sales growth is based on the good future growth prospects in the sporting goods industry and on
market share gains by PUMA. This is to be achieved, in particular, via the continued consistent
implementation of the Forever Faster corporate strategy and the increase in PUMA's brand heat.
The improvement in EBIT margin in the planning period is the result of a slight increase in gross profit
margin due to, for example, a higher share of own retail sales as a result of above-average growth of the e-
commerce distribution channel. Furthermore, the slightly weaker percentage increase of other operating
PUMA Annual Report 2024
Consolidated Financial Statements
262
income and expenses compared to sales growth is also expected to contribute to the improvement of the
EBIT margin; for example, the operating requirements for planned sales growth over the coming years have
essentially been met, meaning that economies of scale can be realised. In addition, the "nextlevel"
efficiency programme is intended to help achieve cost savings and operational leverage.
The planning of investments and working capital is based on historical experience and is carried out in
accordance with strategic objectives.
The future tax payments are based on current tax rates in the respective country.
For periods beyond the three-year plan, an annual growth rate is determined and used to forecast future
cash flows beyond the three-year period. The assumed growth rate is based on long-term expectations of
inflation rates and does not exceed the long-term average growth rates for the business area in which the
respective cash-generating unit, or group of cash-generating units, operates.
The recoverable amount for the respective cash-generating unit or group of cash-generating units was
determined on the basis of the value-in-use. This did not result in impairment losses for any cash-
generating units.
INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE
In connection with the Golf business unit (CPG – Cobra PUMA Golf), the Cobra brand exists as an intangible
asset with an indefinite useful life amounting to € 136.9 million (previous year: € 128.7 million). The carrying
amount of the Cobra brand is significant in comparison to the overall carrying amount of the intangible
assets with an indefinite useful life. It was assigned to the North America business segment, where the
headquarters of Cobra PUMA Golf is located. The recoverable amount of the Cobra brand was determined
using the relief-from-royalty method (level 3 – see explanation in Chapter 14). A discount rate of 10.0% p.a.
(previous year: 10.6% p.a.), a royalty rate of 6.0% (previous year: 6.0%) and a sustainable 2.0% growth rate
(previous year: 2.0%) was used. Cobra or CPG's three-year plan shows average revenue growth in the mid-
to-high single-digit percentage range. The management's key assumptions about improvement in the EBIT
margin in Cobra's or CPG's three-year plan are essentially in line with the fundamental assumptions in the
plans at Group level. The estimated recoverable amount of the Cobra brand exceeds its carrying amount by
approximately € 19.9 million (previous year: approx. € 15.4 million).
A reduction of the royalty rate to approximately 5.2% (previous year: approx. 5.4%) or a reduction of the
average planned sales revenues by approximately 13.2% (previous year: approx. 10.3%) would not result in
any impairment requirement for the Cobra brand, and the recoverable amount would correspond to the
carrying amount.
If there is evidence that the underlying Cobra business is insufficiently profitable, the trademark is not only
valued individually using the relief-from-royalty method, but the recoverable amount of the cash-generating
units to which the trademark is attributable is determined. In 2024, there were no indications of this.
PUMA Annual Report 2024
Consolidated Financial Statements
263
GOODWILL
Goodwill is allocated to the Group's identifiable groups of cash-generating units (CGUs) according to the
countries where the activities are carried out. Summarised by regions, goodwill is allocated as follows:
↗ T.32 COMPOSITION OF GOODWILL (IN € MILLION)
2024
2023
PUMA UK
1.7
1.6
Genesis
7.4
7.0
Subtotal Europe
9.1
8.7
PUMA Canada
9.5
9.7
PUMA United NA
2.1
2.0
Subtotal North America
11.6
11.7
PUMA Argentina
16.8
15.8
PUMA Chile
0.5
0.5
PUMA Mexico
10.6
12.2
Subtotal Latin America
27.9
28.5
PUMA China
2.5
2.5
PUMA Taiwan
13.2
13.3
Subtotal Greater China
15.6
15.8
PUMA Japan
33.6
35.0
Subtotal Asia/Pacific (excluding Greater China)
33.6
35.0
stichd
139.4
139.4
Total
237.2
239.0
Assumptions used in conducting the impairment tests in 2024:
↗ T.33 ASSUMPTIONS IMPAIRMENT TEST 2024
Tax rate
(range)
WACC before tax
(range)
WACC after tax
(range)
Europe
25.0%
13.3%-13.4%
10.4%
North America *
26.2%
12.7%
9.8%
Latin America
27.0%-35.0%
15.2%-56.0%
11.7%-50.8%
Greater China
20.0%-25.0%
12.6%-12.7%
9.9%-10.3%
Asia/Pacific (excluding Greater China) *
38.1%
15.6%
10.1%
stichd *
25.0%
12.5%
9.7%
*
The information for North America, Asia/Pacific (excluding Greater China) and stichd relates in each case to only one cash-
generating unit (CGU)
PUMA Annual Report 2024
Consolidated Financial Statements
264
The tax rates used for the impairment test correspond to the actual tax rates in the respective countries.
The weighted average cost of capital (WACC) was derived on the basis of the weighted average cost of total
capital, taking into account a standard market capital structure (ratio of debt to equity) and including the
most important listed competitors (peer group).
In addition, a growth rate of 2.0% (previous year: 2.0%) is generally assumed. A growth rate of less than
2.0% (previous year: less than 2.0%) was applied only in justified exceptional cases, where the long-term
expectations on inflation rate for the country in which the cash-generating unit operates were lower than
the assumed growth rate; this applies, in particular, to the UK, China, Japan and Taiwan.
The cash-generating unit stichd includes goodwill of € 139.4 million (previous year: € 139.4 million), which is
significant in comparison to the overall carrying amount of goodwill. The recoverable amount was
determined by a value-in-use calculation with a discount rate of 9.7% p.a. (previous year: 10.2% p.a.) and a
growth rate of 2.0% (previous year: 2.0%). The three-year plan of stichd shows sales growth in the mid-to-
high single-digit percentage range. The three-year plan of stichd illustrates that the company expects a
stronger improvement in the EBIT margin compared to the Group, something that stichd has already
achieved in the past, as well as a return to its historical profitability.
The cash-generating unit PUMA Japan includes goodwill of € 33.6 million (previous year: € 35.0 million),
which is significant in comparison to the overall carrying amount of goodwill. The recoverable amount was
determined by a value-in-use calculation with a discount rate of 10.1% p.a. (previous year: 10.5% p.a.) and a
growth rate of 1.5% (previous year: 1.2%). PUMA Japan's three-year plan provides for sales growth in the
mid-to-high single-digit percentage range. PUMA Japan's three-year plan shows that the company expects
a strong improvement in the EBIT margin and a return to the historical profitability level of PUMA Japan.
The estimated recoverable amount of the cash-generating unit PUMA Japan exceeds its carrying amount by
approximately € 19.4 million (previous year: approx. € 20.0 million).
An increase in the discount rate to around 11.4% or a reduction in the average planned operating result
(EBIT) over the three-year period of around 12.5% would not result in an impairment of the goodwill of
PUMA Japan and the recoverable amount would correspond to the carrying amount.
The following table contains the assumptions for the performance of the impairment tests in the previous
year:
↗ T.34 ASSUMPTIONS IMPAIRMENT TEST 2023
Tax rate
(range)
WACC before tax
(range)
WACC after tax
(range)
Europe
19.0%
13.3%
11.1%
North America *
26.2%
12.7%
10.3%
Latin America
27.0%-35.0%
16.5%-64.1%
12.1%-51.7%
Greater China
20.0%-25.0%
12.9%-14.0%
10.5%-11.2%
Asia/Pacific (excluding Greater China) *
38.1%
16.4%
10.5%
stichd *
25.0%
13.1%
10.2%
*
The information for North America, Asia/Pacific (excluding Greater China) and stichd relates in each case to only one cash-
generating unit (CGU)
PUMA Annual Report 2024
Consolidated Financial Statements
265
12. OTHER NON-CURRENT ASSETS
Other non-current financial and non-financial assets consist of:
↗ T.35 OTHER NON-CURRENT ASSETS (IN € MILLION)
2024
2023
Investments
18.5
21.2
Fair value of derivative financial instruments
28.0
1.4
Lease receivables
15.8
25.3
Remaining financial assets
33.1
35.7
Total of other non-current financial assets
95.4
83.6
Other non-current non-financial assets
28.1
25.6
Other non-current assets, total
123.5
109.1
The investments relate to the 5.32% shareholding in Borussia Dortmund GmbH & Co.
Kommanditgesellschaft auf Aktien (BVB) with registered office in Dortmund, Germany. According to the
audited IFRS consolidated financial statements 2023/2024 of Borussia Dortmund GmbH & Co.
Kommanditgesellschaft auf Aktien, equity as of 30 June 2024 amounted to € 327.0 million (30 June 2023:
€ 282.7 million) and the result of the last financial year was € 44.3 million (previous year: € 9.6 million).
Other financial assets mainly include rental deposits in the amount of € 29.8 million (previous year:
€ 31.9 million). The other non-current non-financial assets mainly include accruals and deferrals in
connection with promotional and advertising agreements.
PUMA Annual Report 2024
Consolidated Financial Statements
266
13. LIABILITIES
The residual terms of liabilities are as follows:
↗ T.36 LIABILITIES (IN € MILLION)
2024
2023
Residual term of
Residual term of
Total
up to 1 year
1 to 5 years
over 5 years
Total
up to 1 year
1 to 5 years
over 5 years
Borrowings
488.0
131.6
356.4
0.0
572.0
145.9
426.1
0.0
Trade payables
1,893.5
1,893.5
0.0
0.0
1,499.8
1,499.8
0.0
0.0
Other liabilities *
Liabilities from other taxes
111.2
111.2
0.0
0.0
110.0
110.0
0.0
0.0
Liabilities relating to social security
12.0
12.0
0.0
0.0
10.6
10.6
0.0
0.0
Payables to employees
121.8
121.8
0.0
0.0
123.6
123.6
0.0
0.0
Liabilities from refund obligations
213.5
213.5
0.0
0.0
236.9
236.9
0.0
0.0
Liabilities from derivative financial instruments
21.8
19.9
1.9
0.0
58.2
47.7
10.5
0.0
Remaining other liabilities
40.9
38.8
2.1
0.1
45.4
43.2
2.0
0.2
Total
2,902.5
2,542.2
360.3
0.1
2,656.5
2,217.7
438.5
0.2
*
The maturity analysis on lease liabilities is presented in Chapter 10.
The liabilities from refund obligations result from contracts with customers and essentially comprise obligations from customer return rights.
Consolidated Financial Statements
PUMA Annual Report 2024
267
INFORMATION REGARDING SUPPLIER FINANCING AGREEMENTS
PUMA offers its suppliers a programme to finance supplier invoices. The largest programme, the PUMA
Vendor Financing Programme (PVFP), enables suppliers to pre-finance their invoices to PUMA from one of
the partner banks significantly before the agreed payment date in return for an interest discount. The
financing terms are linked to the achievement of sustainability targets by the suppliers. Participation in this
programme is voluntary. This supplier financing programme has no impact on PUMA; the payment date,
payment methods and the original contractual conditions remain unchanged. In the balance sheet, liabilities
are accordingly still shown as trade payables and cash outflows are included in the cash flow statement
under cash flow from operating activities.
There are also some individual programmes with local suppliers. These too are intended to give suppliers
the opportunity to pre-finance their invoices prior to the agreed payment dates, and in return, PUMA is
granted partially extended payment periods; however, this is at the sole discretion of the financing partners.
As PUMA does not incur any additional interest for the payment of supplier liabilities to the partner banks
and, from the Group's point of view, the extended payment periods do not differ significantly from normal
payment periods in the countries concerned, the liabilities are still reported as trade payables in the
balance sheet and cash outflows are included in the cash flow statement under cash flow from operating
activities in this case.
↗ T.37 INFORMATION ON SUPPLIER FINANCING AGREEMENTS
2024
2023
PVFP
Other
programmes
PVFP
Other
programmes
Carrying amount of trade payables subject to supplier
finance arrangements (in € million)
Presented as trade payables
352.3
42.9
362.0
35.0
Of which suppliers have received payment from the bank
139.1
17.7
-
-
Range of payment due dates (in days) *
Trade payables that are part of supplier finance
arrangements
90
90-120
-
-
Trade payables that are not part of supplier finance
arrangements
90
60-120
-
-
*
The above-mentioned ranges of payment dates for the other programmes include ranges from multiple different countries.
Under a supplier financing agreement, payment periods are extended by a maximum of 30 days, with the extended payment
periods still not differing significantly from normal payment periods in the countries concerned.
PUMA Annual Report 2024
Consolidated Financial Statements
268
14. FINANCIAL INSTRUMENTS
CARRYING AMOUNTS OF FINANCIAL INSTRUMENTS AND ALLOCATION TO VALUATION CATEGORIES
↗ T.38 CARRYING AMOUNTS OF FINANCIAL INSTRUMENTS AND THEIR FAIR VALUE (IN € MILLION)
Measurement
categories
under IFRS 9
Carrying
amount
Fair value
Level 1
Level 2
Level 3
Carrying
amount Fair value
Level 1
Level 2
Level 3
2024
2024
2023
2023
Financial assets
Cash and cash equivalents
1)AC
368.2
552.9
Trade receivables
AC
1,246.5
1,118.4
Other current financial assets
Derivatives - hedge accounting
n/a
102.9
102.9
102.9
22.8
22.8
22.8
Derivatives - no hedge accounting
2)FVPL
44.1
44.1
44.1
11.6
11.6
11.6
Lease receivables
n/a
12.4
14.9
Remaining current financial assets
AC
168.8
45.6
Other non-current financial assets
Derivatives - hedge accounting
n/a
28.0
28.0
28.0
1.4
1.4
1.4
Investments
3)FVOCI
18.5
18.5
18.5
21.2
21.2
21.2
Lease receivables
n/a
15.8
25.3
Remaining non-current financial assets
AC
33.1
35.7
Financial liabilities
Current borrowings
Bank liabilities
AC
61.6
15.2
Promissory note loans (PNL)
AC
70.0
69.9
69.9
130.8
124.9
124.9
Consolidated Financial Statements
PUMA Annual Report 2024
269
Measurement
categories
under IFRS 9
Carrying
amount
Fair value
Level 1
Level 2
Level 3
Carrying
amount Fair value
Level 1
Level 2
Level 3
2024
2024
2023
2023
Trade payables
AC
1,893.5
1,499.8
Current lease liabilities
n/a
220.6
212.4
Other current financial liabilities
Derivatives - hedge accounting
n/a
13.7
13.7
13.7
22.6
22.6
22.6
Derivatives - no hedge accounting
FVPL
6.2
6.2
6.2
25.1
25.1
25.1
Remaining current financial liabilities
AC
27.2
30.9
Non-current borrowings (PNL)
AC
356.4
361.0
361.0
426.1
427.4
427.4
Non-current lease liabilities
n/a
1,010.0
1,020.0
Other non-current financial liabilities
Derivatives - hedge accounting
n/a
1.9
1.9
1.9
10.5
10.5
10.5
Remaining non-current financial liabilities
AC
1.0
0.9
Total financial assets at amortised cost
1,816.6
1,752.6
Total financial liabilities at amortised cost
2,409.6
2,103.6
Total financial assets at fair value through profit
or loss
44.1
11.6
Total financial liabilities at fair value through
profit or loss
6.2
25.1
Total financial assets at FVOCI
18.5
21.2
1) AC = at amortised cost
2) FVPL = fair value through PL
3) FVOCI (fair value through OCI) = equity instruments at fair value through other comprehensive income
Consolidated Financial Statements
PUMA Annual Report 2024
270
Financial instruments that are measured at fair value in the balance sheet were determined using the
following hierarchy:
Level 1: Use of prices quoted on active markets for identical assets or liabilities.
Level 2: Use of input factors that do not involve the quoted prices stated under level 1, but can be observed
for the asset or liability either directly (i.e. as the price) or indirectly (i.e. derived from the price).
Level 3: Use of factors for the valuation of the asset or liability that are based on non-observable market
data.
Reclassification between different levels of the fair value hierarchy are recorded at the end of the reporting
period in which the change occurred.
The fair value of the investments held for strategic reasons only refers to equity instruments of the category
"fair value through OCI" (FVOCI) and is determined on the basis of level 1. The market values of the
derivative assets and liabilities as well as the fair value of the promissory note loans were determined in
accordance with level 2.
PUMA Annual Report 2024
Consolidated Financial Statements
271
The following table shows the measurement techniques used for determining Level 2 fair values for
financial instruments.
↗ T.39 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE - LEVEL 2
Type
Measurement technique
Material, non-
observable input
factors
Connection between
material, non-
observable input
factors and fair value
measurement
Forward exchange
contracts
The fair values are determined on the basis of
current market parameters, i.e., reference prices
observable on the market, taking into account
forward premiums and discounts. The discounted
result of the comparison of the forward price on
the reporting date with the forward price of the
valuation date is included in the measurement.
The fair values are also checked for the
counterparty's non-performance risk. In doing this,
PUMA calculates credit value adjustments (CVA) or
debt value adjustments (DVA) on the basis of an
up/down method, taking current market
information into account, in particular the
creditworthiness of the company's business
partners. No material deviations were found, so
that no adjustments were made to the fair value
determined.
Not applicable
Not applicable
Currency options
The valuation is based on Garman Kohlhagen
model, an extended version of the Black Scholes
model.
Not applicable
Not applicable
Promissory note
loans
The valuation takes into account the cash value of
expected payments, discounted using a risk-
adjusted discount rate.
Not applicable
Not applicable
Interest options
The valuation is based on the Black Scholes model. Not applicable
Not applicable
Of the fair value of the derivatives with a hedge relationship with positive market values of € 131.0 million
(previous year: € 24.2 million), € 125.4 million (previous year: € 24.5 million) related to the valuation of the
spot component. Of the fair value of the derivatives with a hedge relationship with negative market values of
€ 15.5 million (previous year: € 33.1 million), € 13.0 million (previous year: € 40.7 million) related to the
valuation of the spot component.
Cash and cash equivalents, trade receivables and other receivables have short maturities. Accordingly, as of
the reporting date, the carrying amount approximates fair value. Receivables are stated at nominal value,
taking into account deductions for default risk.
The fair values of other financial assets correspond to their carrying amount, as the interest calculation
occurs at the prevailing market interest rates on the balance sheet date. Other (current and non-current)
financial assets include € 38.9 million (previous year: € 40.3 million) that were pledged as rental or other
deposits at usual market rates.
Trade payables have short residual maturities; their carrying amounts therefore approximate fair value.
The remaining financial liabilities have short residual maturities; the recognised amounts therefore
approximate fair value.
PUMA Annual Report 2024
Consolidated Financial Statements
272
NET RESULT BY VALUATION CATEGORY
The following table shows the net result by valuation category:
↗ T.40 NET GAINS/LOSSES FROM FINANCIAL INSTRUMENTS (IN € MILLION)
2024
2023
Financial assets at amortised cost (AC)
2.9
5.8
Financial liabilities at amortised cost (AC)
-148.6
-89.3
Derivatives without hedging relationship measured at fair value through profit or loss
(FVPL)
63.4
7.7
Financial assets measured at fair value through other comprehensive income (FVOCI)
-2.4
-0.5
The net result was determined by taking into account interest income and expense, dividends, currency
exchange effects, changes in provisions for risks as well as gains and losses from disposals. It also includes
effects from the fair value measurement of derivatives without a hedging relationship.
The net result includes interest income of € 29.4 million (previous year: € 36.6 million) and interest expenses
of € 75.2 million (previous year: € 47.7 million) according to the effective interest method.
General administrative expenses include changes in risk provisions for receivables.
DISCLOSURES RELATING TO FINANCIAL RISKS
The PUMA Group is exposed to the following risks from the use of financial instruments:
•
Default risk
•
Liquidity risk
•
Market risk
These risks and the principles of risk management are explained below.
PRINCIPLES OF RISK MANAGEMENT
The Management Board of PUMA SE is responsible for developing and monitoring risk management in the
PUMA Group. To this end, the Management Board has set up a Risk Management Committee that is
responsible for designing, reviewing and adapting the risk management system. The Risk Management
Committee regularly reports to the Management Board on its work.
The guidelines for the risk management system define the responsibilities, tasks and processes of the risk
management system. The guidelines for the risk management system and the risk management system
itself are reviewed regularly in order to be able to pick up on any changes in market conditions and PUMA's
activities and incorporate them accordingly.
The Audit Committee, on the one hand, monitors the Management Board's compliance with the guidelines
and the Group risk management processes. On the other hand, the Audit Committee monitors the
effectiveness of the risk management system with regard to the risks to which the PUMA Group is exposed.
The Internal Audit department supports the Audit Committee in its monitoring tasks. To this end, regular
audits and ad hoc audits are also carried out by the Internal Audit department. Their results are reported
directly to the Audit Committee.
PUMA Annual Report 2024
Consolidated Financial Statements
273
DEFAULT RISK
Default risk is the risk of financial losses if a customer or party to a financial instrument fails to meet its
contractual obligations. Default risk arises in principle from trade receivables and from other contractual
financial obligations of the counterparty, such as bank deposits and derivative financial instruments.
Without taking into account any existing credit insurance policies or other guarantees received, the
maximum default risk is equal to the carrying amount of the financial assets.
At the end of financial year 2024, there was no relevant concentration of default risk by customer type or
region. Default risk is mainly influenced by individual customer characteristics. In accordance with our
credit guidelines, new customers are checked for creditworthiness before we offer them our regular
payment and delivery terms. In addition, we set specific receivables limits for each customer. In particular,
the international credit insurance programme that PUMA has concluded for all major subsidiaries
contributes to risk mitigation. The creditworthiness of our customers and the limits on receivables are
monitored on an ongoing basis, which also includes requests for individual credit limits from credit
insurance providers for all customers who have external accounts that exceed a certain value limit. The
credit insurer's response to such credit limit requests always includes information on the creditworthiness.
Customers with a credit rating that does not meet the minimum requirements set may, as a rule, only
acquire products against advance payment.
Further activities to reduce default risk include retention of title clauses, and also in individual cases the
selective sale of trade receivables (without recourse) and the obtaining of bank guarantees or parent
company guarantees for our customers.
At the end of the financial year 2024, no individual customers accounted for more than 10% of trade
receivables.
The central Treasury department has a comprehensive overview of the banks involved in currency hedging
instruments and the management of cash and cash equivalents. Business with banks is focused on core
banks with the appropriate credit rating (currently a minimum rating of BBB+ or better), while maximum
risk amounts are specified for banks that have also been engaged in addition to this. The counterparty risks
resulting from this are reviewed at least once every six months.
PUMA held derivative financial instruments with a positive market value of € 175.1 million in 2024 (previous
year: € 35.8 million). The maximum default risk for an individual bank from such assets amounted to
€ 34.6 million (previous year: € 7.5 million).
In accordance with IFRS 7, the following table contains further information on the offsetting options for
derivative financial assets and liabilities. Most agreements between financial institutions and PUMA include
a mutual right to offsetting; the right to offsetting is only enforceable in the event of the default of a business
partner. Therefore, the criteria for offsetting in the balance sheet are not met.
PUMA Annual Report 2024
Consolidated Financial Statements
274
The carrying amounts of the derivative financial instruments affected by the aforementioned offsetting
agreements are shown in the following table:
↗ T.41 OFFSETTING POSSIBILITIES OF DERIVATIVE FINANCIAL INSTRUMENTS (IN € MILLION)
2024
2023
Assets
Gross amounts of financial assets recognised in the balance sheet
175.1
35.8
Financial instruments that qualify for offsetting
0.0
0.0
= Net book value of financial assets
175.1
35.8
Offsettable on the basis of framework agreements
-21.7
-34.5
Total net value of financial assets
153.5
1.3
2024
2023
Liabilities
Gross amounts of financial liabilities recognised in the balance sheet
21.8
58.2
Financial instruments that qualify for offsetting
0.0
0.0
= Net book value of financial liabilities
21.8
58.2
Offsettable on the basis of framework agreements
-21.7
-34.5
Total net value of financial liabilities
0.1
23.7
LIQUIDITY RISK
Liquidity risk is the risk that the Group may not be able to meet its financial liabilities by delivering cash or
other financial assets in accordance with the agreement. The objective of the Group in managing liquidity is
to ensure that, as far as possible, sufficient cash and cash equivalents are always available in order to meet
the payment obligations upon maturity, under both normal and strained conditions.
PUMA aims to maintain the amount of cash, cash equivalents and fixed loan commitments at a level that
covers the effects of an assumed worst-case scenario. This scenario is based on the events and financial
impact of the COVID-19 crisis in Q2 2020, which must be covered accordingly.
PUMA has confirmed credit lines totalling € 1,842.9 million (previous year: € 1,552.8 million), of which
€ 1,360.2 million (previous year: € 986.1 million) had not been utilised as of 31 December 2024. The increase
of € 290.1 million in confirmed credit lines compared to the previous year resulted in particular from the
early repayment of the syndicated revolving credit facility of € 800.0 million with an original term until
December 2025. This credit facility was replaced in December 2024 by a new syndicated revolving credit
facility of € 1,200.0 million with a term until December 2029 and two extension options of one year each. The
financing partners are again nine of PUMA's international core banks.
No financial liabilities were utilised from credit lines granted only until further notice.
The effective interest rate of the current and non-current financial liabilities was 4.7% (previous year: 3.9%).
PUMA Annual Report 2024
Consolidated Financial Statements
275
PUMA also participates in supplier financing agreements (for further explanations see Chapter 13), the main
purpose of which is to allow suppliers to pre-pay their invoices via a bank on a voluntary basis. Programmes
are offered by PUMA's central sourcing company (PUMA International Trading GmbH) for suppliers
exporting goods to PUMA subsidiaries worldwide and by individual local PUMA subsidiaries for local
deliveries from local suppliers. The financing partners involved in all of these programmes are international
banks from among the PUMA’s international core banks with an appropriate credit rating. From the Group's
point of view, the supplier financing agreements do not extend the payment terms or do not extend them
significantly. Any extension of payment periods is at the sole discretion of the financing partners. For this
reason, and in view of the balanced distribution of the programmes across five of the Group's core banks,
PUMA faces no additional liquidity risk.
The following table shows the future cash outflows from the financial liabilities existing as at the reporting
date, as well as the contractual cash flows in connection with derivatives with a negative market value.
These are non-discounted gross amounts including expected interest payments, but exclude presentation of
the effects of offsetting:
↗ T.42 CONTRACTUAL CASH FLOWS FROM FINANCIAL LIABILITIES 2024 (IN € MILLION)
Total
2025
2026
2027 et seq.
Non-derivative financial liabilities
Borrowings
-523.7
-144.7
-217.9
-161.1
Trade payables
-1,893.5
-1,893.5
Other liabilities
-28.2
-27.2
-0.9
-0.1
Derivative financial liabilities
-29.8
-25.6
-3.9
-0.3
Cash inflow derivative financial liabilities
798.0
726.9
71.1
Cash outflow derivative financial liabilities
-827.8
-752.5
-75.0
-0.3
The following values were determined for the previous year:
↗ T.43 CONTRACTUAL CASH FLOWS FROM FINANCIAL LIABILITIES 2023 (IN € MILLION)
Total
2024
2025
2026 et seq.
Non-derivative financial liabilities
Borrowings
-634.0
-166.9
-85.1
-382.0
Trade payables
-1,499.8
-1,499.8
Other liabilities
-31.8
-30.9
-0.5
-0.4
Derivative financial liabilities
-47.0
-43.8
-2.2
-1.0
Cash inflow derivative financial liabilities
2,876.6
2,397.1
479.5
Cash outflow derivative financial liabilities
-2,923.6
-2,440.8
-481.8
-1.0
PUMA Annual Report 2024
Consolidated Financial Statements
276
MARKET RISK
Market risk is the risk that market prices, such as exchange rates, share prices or interest rates, may
change, thereby affecting the income of the Group or the value of the financial instruments held.
The aim of market risk management is to manage and control market risk within acceptable margins while
optimising returns.
To manage market risks, PUMA acquires and sells derivatives and also enters into financial liabilities. All
transactions are carried out within the framework of the Group's risk management regulations.
CURRENCY RISK
PUMA is exposed to transactional foreign currency risks such that the quoted currencies used for
acquisition, disposal and credit transactions and for receivables do not match the functional currency of the
Group companies.
In financial year 2024, PUMA designated currency hedges in the cash flow hedge accounting in order to
hedge the amount payable of purchases denominated in USD, and converted to EUR, as well as for other
currency risks resulting from internal resale to PUMA subsidiaries.
Furthermore, currency swaps and forward exchange contracts are used to hedge foreign exchange risks
when measuring intra-group loans denominated in foreign currencies.
The estimated foreign currency risks are initially subjected to a quantitative materiality test, while
simultaneously taking hedging costs into account. Material risks are then hedged, in accordance with the
Group directive, up to a hedging ratio of up to 95% of the estimated foreign currency risks from expected
acquisition and disposal transactions over the next 12 to 15 months. Forward exchange contracts and
currency options, usually with a term of around 12 months from the reporting date, are used to hedge the
foreign currency risk. For significant risks that are subject to large hedging costs, high hedging ratios can
only be achieved over shorter terms.
The summarised quantitative information about the Group's currency risk is as follows:
↗ T.44 EXPOSURE TO FOREIGN CURRENCY RISK 2024 (IN € MILLION)
As of 31 December 2024
USD
MXN
JPY
Risk from forecast transactions
-1,698.5
248.4
185.7
Balance sheet risk
-753.9
87.4
8.1
Gross risk
-2,452.4
335.7
193.8
Hedged with currency options
221.4
0.0
-39.9
Hedged with forward exchange contracts
2,318.2
-155.2
-112.2
Net risk
87.2
180.5
41.7
PUMA Annual Report 2024
Consolidated Financial Statements
277
↗ T.45 EXPOSURE TO FOREIGN CURRENCY RISK 2023 (IN € MILLION)
As of 31 December 2023
USD
MXN
JPY
Risk from forecast transactions
-1,716.4
269.1
190.0
Balance sheet risk
-628.3
78.8
13.4
Gross risk
-2,344.7
347.9
203.4
Hedged with currency options
18.1
0.0
-51.5
Hedged with forward exchange contracts
1,933.1
-211.1
-110.3
Net risk
-393.5
136.7
41.6
Forward exchange contracts and the risk from forecast transactions were calculated on a one-year basis.
The nominal amounts of open exchange rate-hedging transactions refer primarily to forward exchange
contracts in a total amount of € 4,135.4 million (previous year: € 3,745.0 million).
The market values of open exchange rate-hedging transactions on the balance sheet date consist of:
↗ T.46 MARKET VALUE OF EXCHANGE RATE HEDGING CONTRACTS (IN € MILLION)
2024
2023
Forward exchange contracts
161.0
35.5
Currency options
14.1
0.3
Currency hedging contracts, assets
175.1
35.8
Forward exchange contracts
21.0
56.0
Currency options
0.0
1.2
Currency hedging contracts, liabilities
21.0
57.2
Net
154.1
-21.4
PUMA Annual Report 2024
Consolidated Financial Statements
278
The net risk position and the average hedging rates are broken down as follows:
↗ T.47 AVERAGE HEDGING RATES
2024
2023
Current
Non-current
Current
Non-current
Currency risk
Net risk position (€ million)
1,403.8
496.1
1,076.5
504.2
Forward exchange contracts
Average EUR/USD exchange rate
1.113
1.117
1.108
1.110
Average EUR/MXN exchange rate
21.969
-
19.978
-
Average EUR/JPY exchange rate
157.814
155.475
138.560
148.736
Currency options
Average EUR/USD exchange rate (Put/Call)
1.060/1.126
1.110/1.162
1.050/1.144
1.039/1.131
Average EUR/MXN exchange rate (Put/Call)
-
-
-
-
Average EUR/JPY exchange rate (Put/Call)
145.990/159.979
-
140.198/157.850
143.733/161.366
Currency sensitivity analysis
In order to disclose market risks, IFRS 7 requires sensitivity analyses that show the effects of hypothetical
changes in relevant risk variables on earnings and equity. The periodic effects are determined by relating
the hypothetical changes caused by the risk variables to the balance of the financial instruments held as of
the balance sheet date. The underlying assumption is that the balance as of the balance sheet date is
representative for the entire year.
Currency risks as defined by IFRS 7 arise on account of financial instruments that are denominated in a
currency which differs from the functional currency and are monetary in nature. Differences resulting from
the conversion of the individual financial statements to the group currency are not taken into account. All
non-functional currencies in which PUMA employs financial instruments are generally considered to be
relevant risk variables.
The currency sensitivity analysis is based on the net balance sheet risk denominated in foreign currencies.
This also includes intra-company monetary assets and liabilities. Outstanding currency derivatives are also
reassessed as part of the sensitivity analysis.
PUMA Annual Report 2024
Consolidated Financial Statements
279
The following table shows the increase or decrease of profit or loss or cash flow hedging reserve in equity in
the event of a 10% appreciation or depreciation against the euro spot price. It is assumed that all other
influencing factors, including interest rates and commodity prices, remain constant. The effects of the
forecasted operating cash flows are also ignored.
↗ T.48 SENSITIVITY ANALYSIS FOR FOREIGN EXCHANGE RATE CHANGES 2024 (IN € MILLION)
As of 31 December 2024
USD
MXN
JPY
Nominal amounts of outstanding hedge contracts
2,710.0
-155.2
-161.9
EUR +10%
EUR +10%
EUR +10%
Equity
-286.1
10.1
10.7
Profit or loss
2.5
-1.0
-0.1
EUR -10%
EUR -10%
EUR -10%
Equity
99.6
-16.8
-23.8
Profit or loss
-3.1
1.2
0.1
↗ T.49 SENSITIVITY ANALYSIS FOR FOREIGN EXCHANGE RATE CHANGES 2023 (IN € MILLION)
As of 31 December 2023
USD
MXN
JPY
Nominal amounts of outstanding hedge contracts
2,413.7
-211.1
-123.7
EUR +10%
EUR +10%
EUR +10%
Equity
-151.3
17.9
-1.0
Profit or loss
2.0
-0.6
-0.1
EUR -10%
EUR -10%
EUR -10%
Equity
218.9
-11.0
-23.7
Profit or loss
-2.4
0.8
0.1
Currency risks and other risk and opportunity categories are discussed in greater detail in the Combined
Management Report in the Risk and Opportunity Report.
INTEREST RATE RISK
The interest rate risk in the PUMA Group is primarily attributable to variable-interest borrowings. Interest
rate management is carried out centrally by the Treasury division on the basis of specified limits. Within this
framework, the division manages and monitors interest rate risk through the use of interest rate
derivatives. Transactions are only concluded with counterparties that are creditworthy. Derivative financial
instruments must not be used for speculative purposes, but only to hedge risks related to underlying
transactions.
As of 31 December 2024, € 153.0 million (previous year: € 207.5 million) of the financial liabilities were
subject to variable interest.
Interest rate collars were also concluded at the same amount and with the same maturity to hedge the risk
of interest rate changes for the variable interest rate promissory note tranches in the amount of
€ 150.0 million in May 2023.
PUMA Annual Report 2024
Consolidated Financial Statements
280
There is an economic relationship between the underlying and hedging transactions, since the terms of the
interest rate collars correspond to those of the floating rate loans. This applies to the nominal amount,
maturity, payment and interest adjustment dates. The underlying risk of interest rate collars is identical to
that of the hedged risk components. A hedge ratio of 1:1 has therefore been established for the hedging
relationship.
The net risk position and the average hedged interest rate are as follows:
↗ T.50 AVERAGE HEDGED INTEREST RATE
2024
2023
Current
Non-current
Current Non-current
Interest rate risk
Net risk position (€ million)
3.0
54.5
3.0
Average hedged interest rate in % based on current fixing
(Cap/Floor)
4.7%/1.5%
4.7%/1.5%
Interest sensitivity analysis
The result in the Group depends on the development of the market interest rate level. A change in the
interest rate level would have an impact on the Group's income and equity. The analysis carried out includes
all interest-bearing financial instruments that are subject to interest rate risk.
A change in the interest rate level of 100 basis points would have the following effects on profit or loss and
the cash flow hedging reserve in equity:
↗ T.51 SENSITIVITY ANALYSIS FOR INTEREST RATE RISK (IN € MILLION)
2024
2023
+1.0%
-1.0%
+1.0%
-1.0%
Equity
0.0
0.0
0.8
0.0
Profit or loss
0.4
-1.5
0.4
-1.9
PUMA Annual Report 2024
Consolidated Financial Statements
281
INFORMATION ON HEDGING INSTRUMENTS THAT ARE IN A HEDGING RELATIONSHIP
On the balance sheet date, the amounts relating to items designated as hedged underlying transactions were as follows:
↗ T.52 DESIGNATED HEDGE ITEMS (IN € MILLION)
Change in value used for
calculating
hedge ineffectiveness
Cash flow hedge reserve
Reserve for hedging costs
Balance remaining in the
cash flow hedge reserve
from hedging relationships
for which hedge accounting
is no longer applied
As of 31 December 2024
Currency risk –
sales transactions
-13.1
5.3
-4.3
0.0
Currency risk –
sourcing transactions
175.3
81.1
4.4
0.0
Interest rate risk
0.0
0.0
-0.3
0.0
As of 31 December 2023
Currency risk –
sales transactions
-8.2
19.6
0.0
0.0
Currency risk –
sourcing transactions
-5.4
-23.5
0.0
0.0
Interest rate risk
0.0
0.0
0.0
0.0
Consolidated Financial Statements
PUMA Annual Report 2024
282
The amounts relating to items designated as hedging instruments have the following effects on the consolidated statement of financial position and consolidated income
statement:
↗ T.53 DESIGNATED HEDGE INSTRUMENTS (IN € MILLION)
Nominal value
Carrying amount
Assets
Liabilities
Line item in the
balance sheet
where the
hedging
instrument is
included
Changes in the
value of the
hedging
instrument,
recognised in
other
comprehensive
income
Amount from
hedging reserve
transferred to
cost of inventory
Amount
reclassified from
the cash flow
hedge reserve to
the income
statement
Line item in the
income statement
affected by the
reclassification
As of 31 December 2024
in the financial year 2024
Currency risk –
sales transactions
1,139.7
14.3
-13.0
other current/
non-current
financial assets/
liabilities
13.1
-
29.3
Sales
Currency risk –
sourcing transactions
2,374.3
111.0
0.0
-175.3
-5.9
-
Cost of sales
Interest rate risk
150.0
0.0
0.0
0.0
-
0.0
Financial
expenses
As of 31 December 2023
in the financial year 2023
Currency risk –
sales transactions
1,082.2
22.3
-6.2
other current/
non-current
financial assets/
liabilities
8.2
-
29.8
Sales
Currency risk –
sourcing transactions
1,996.4
2.3
-34.5
5.4
-12.9
-5.1
Cost of sales
Interest rate risk
150.0
0.0
0.0
0.0
-
0.0
Financial
expenses
Consolidated Financial Statements
PUMA Annual Report 2024
283
The following table shows the reconciliation of the changes in equity in relation to hedging reserves:
↗ T.54 CHANGES IN THE HEDGING RESERVES (IN € MILLION)
2024
2023
Cash flow
hedging
reserve
Reserve for
hedging
costs
Cash flow
hedging
reserve
Reserve as of 31 December
-3.9
0.0
14.2
Transition effect IFRS 9
4.9
Reserve as of 1 January
-3.9
4.9
14.2
Change in fair value
Thereof currency risk*
162.2
12.3
-13.6
Thereof interest rate risk
0.0
0.6
0.0
Amount included in the acquisition cost of non-financial assets
-5.9
0.0
12.9
Amount reclassified to the income statement
Thereof currency risk**
-29.3
-20.3
-27.5
Thereof interest rate risk
0.0
0.0
0.0
Tax effect
-36.8
2.4
10.1
Reserve as of 31 December
86.4
-0.2
-3.9
*
The change in the fair value of the hedging reserve of € 12.3 million relates to sales transactions in the amount of € -
22.4 million and sourcing transactions in the amount of € 34.7 million.
** Of the amounts reclassified from the hedging reserve to the income statement, € 25.8 million were incurred in connection
with sales transactions and € -46.1 million in connection with sourcing transactions.
The change in the fair values of options or the change in the forward components and the currency basis
spreads of the forward exchange contracts are recorded as cost of a transaction-related hedging separately
under equity in the reserve for hedging costs and are recognised in the financial result through profit or loss
when the underlying transaction occurs.
A small portion of the originally planned sourcing and sales volume in foreign currencies did not transpire,
leading to an excess of hedging transactions. Hedge accounting was terminated for those sourcing and
sales transactions that were no longer expected to transpire, and the fair value was transferred as a profit
or loss from the cash flow hedging reserve to the consolidated income statement. As soon as any highly
likely sourcing or sales transaction is no longer expected to transpire, an offsetting transaction is
concluded. Across all currency pairs, an amount of € 0.1 million (previous year: € 5.5 million) was recorded
in the financial result through profit or loss (see also Chapter 21).
PUMA Annual Report 2024
Consolidated Financial Statements
284
15. PENSION PROVISIONS
Pension provisions result from employees' claims and, if applicable, their survivors, for benefits which are
based on the statutory or contractual regulations applicable in the respective country in the event of
invalidity, death or when a certain retirement age has been reached. Pension commitments in the PUMA
Group include both benefit- and contribution-based pension commitments and include both obligations
from current pensions and rights to pensions payable in the future. The pension commitments are partially
financed by external plan assets.
The risks associated with the pension commitments mainly concern the usual risks of benefit-based
pension plans in relation to possible changes in the discount rate and inflation trends, and recipient
longevity. In order to limit the risks of changed capital market conditions and demographic developments,
plans with the maximum obligations were agreed or insured for new hires a few years ago in Germany and
Great Britain. The specific risk of obligations based on salary is low within the PUMA Group. The
introduction of an annual cap for pensionable salary in the Great Britain plan in 2016 covers this risk for the
highest obligations. The Great Britain plan is therefore classified as a non-salary obligation.
↗ T.55 PRESENT VALUE OF PENSION OBLIGATION 2024 (IN € MILLION)
Germany Great Britain
Other
companies PUMA Group
Present value of pension obligation as of
31 December 2024
Salary-based obligations
Annuity
0.0
0.0
11.5
11.5
One-off payment
0.0
0.0
10.9
10.9
Non-salary based obligations
Annuity
50.4
31.4
0.0
81.8
One-off payment
8.3
0.0
0.0
8.3
Total
58.7
31.4
22.4
112.5
PUMA Annual Report 2024
Consolidated Financial Statements
285
The following values were determined in the previous year:
↗ T.56 PRESENT VALUE OF PENSION OBLIGATION 2023 (IN € MILLION)
Germany Great Britain
Other
companies PUMA Group
Present value of pension obligation as of
31 December 2023
Salary-based obligations
Annuity
0.0
0.0
8.8
8.8
One-off payment
0.0
0.0
9.1
9.1
Non-salary based obligations
Annuity
49.3
31.9
0.0
81.2
One-off payment
8.2
0.0
0.0
8.2
Total
57.5
31.9
17.9
107.3
The main pension arrangements are described below:
The general pension scheme of PUMA SE essentially provides for pension payments to a maximum amount
of € 127.82 per month and per eligible employee. It was closed for new members beginning in 1996. In
addition, PUMA SE provides individual commitments (fixed sums in different amounts) as well as
contribution-based individual benefits (in part from salary conversion). The contribution-based individual
benefits are insured plans. There are no statutory minimum funding requirements. The volume of domestic
benefit obligations amounts to € 58.7 million as of the end of 2024 (previous year: € 57.5 million) and thus
accounts for 52.2% (previous year: 53.6%) of the total obligation. The fair value of the plan assets for the
domestic obligations is € 51.0 million (previous year: € 50.4 million), while the corresponding pension
provision amounts to € 7.7 million (previous year: € 7.1 million).
The defined benefit plan in Great Britain has been closed to new entrants since 2006. These are salary- and
service-dependent commitments for retirement, disability and surviving dependents' pensions. In 2016, a
growth cap of 1% p.a. on the pensionable salary was introduced. Partial capitalisation of the retirement
pension is permitted. Statutory minimum funding requirements apply. The liability for the benefit
entitlements under the defined benefit plan in the Great Britain amounted to € 31.4 million at the end of 2024
(previous year: € 31.9 million) and represents 27.9% (previous year: 29.7%) of the total liability. The liability is
covered by assets of € 28.9 million (previous year: € 29.7 million). The provision amounts to € 2.5 million
(previous year: € 2.2 million).
PUMA Annual Report 2024
Consolidated Financial Statements
286
The present value of the pension obligation has developed as follows:
↗ T.57 DEVELOPMENT OF PRESENT VALUE OF PENSION OBLIGATION (IN € MILLION)
2024
2023
Present value of pension obligation as of 1 January
107.3
104.3
Cost of the pension obligation earned in the reporting year
2.1
2.0
Interest expense on pension obligation
4.8
4.4
Employee contributions
0.8
0.6
Benefits paid
-4.3
-4.5
Effects from transfers
0.1
0.0
Actuarial gains (-) and losses
0.5
0.1
Currency exchange effects
1.2
0.5
Present value of pension obligation as of 31 December
112.5
107.3
The changes in the plan assets are as follows:
↗ T.58 DEVELOPMENT OF PLAN ASSETS (IN € MILLION)
2024
2023
Plan assets as of 1 January
85.2
82.4
Interest income on plan assets
3.8
3.5
Actuarial gains and losses (-)
-3.0
-0.9
Employer contributions
0.8
1.2
Employee contributions
0.8
0.6
Benefits paid
-3.2
-2.2
Currency exchange effects
1.2
0.6
Plan assets as of 31 December
85.6
85.2
PUMA Annual Report 2024
Consolidated Financial Statements
287
The pension provision for the Group is derived as follows:
↗ T.59 PENSION PROVISION (IN € MILLION)
2024
2023
Present value of pension obligation from benefit plans
112.5
107.3
Fair value of plan assets
-85.6
-85.2
Financing status
26.9
22.1
Pension provision as of 31 December
26.9
22.1
Thereof assets
0.4
0.4
Thereof liabilities
27.3
22.5
In 2024, the benefits paid amounted to € 4.3 million (previous year: € 4.5 million). Payments of € 3.1 million
are expected for 2025. Of this, € 1.0 million is expected to be paid directly by the employer. The employer
contributions to external plan assets in 2024 amounted to € 0.8 million (previous year: € 1.2 million).
Employer contributions of € 2.2 million are expected in 2025.
The changes in pension provisions are as follows:
↗ T.60 DEVELOPMENT OF THE PENSION PROVISION (IN € MILLION)
2024
2023
Pension provision as of 1 January
22.1
21.9
Pension expense
3.1
2.8
Actuarial gains (-) and losses recorded in other comprehensive income
3.5
1.0
Employer contributions
-0.8
-1.2
Direct pension payments made by the employer
-1.1
-2.3
Transfer values
0.1
0.0
Currency exchange differences
0.0
-0.2
Pension provision as of 31 December
26.9
22.1
Thereof assets
0.4
0.4
Thereof liabilities
27.3
22.5
PUMA Annual Report 2024
Consolidated Financial Statements
288
The expenses in financial year 2024 are structured as follows:
↗ T.61 EXPENSES FOR DEFINED BENEFIT PLANS (IN € MILLION)
2024
2023
Cost of the pension obligation earned in the reporting year
2.1
2.0
Interest expense on pension obligation
4.8
4.4
Interest income on plan assets
-3.8
-3.5
Administration costs
0.0
0.0
Expenses for defined benefit plans
3.1
2.8
Thereof personnel costs
2.1
1.9
Thereof financial costs
1.0
0.9
In addition to the defined benefit pension plans, PUMA also makes contributions to contribution plans.
Payments for financial year 2024 amounted to € 21.3 million (previous year: € 19.8 million).
Actuarial gains and losses recorded in Other comprehensive income:
↗ T.62 GAINS AND LOSSES RECORDED IN OTHER COMPREHENSIVE INCOME (IN € MILLION)
2024
2023
Revaluation of pension commitments
0.5
0.1
Actuarial gains (-) and losses resulting from changes in demographic assumptions
-0.1
-0.7
Actuarial gains (-) and losses resulting from changes in financial assumptions
-0.5
0.0
Actuarial gains (-) and losses due to adjustments based on experience
1.1
0.8
Revaluation of plan assets
3.0
0.9
Amounts not recorded due to the maximum limit applicable to assets
0.0
0.0
Adjustment of administration costs
0.0
0.0
Total revaluation amounts recorded directly in other comprehensive income
3.5
1.0
PUMA Annual Report 2024
Consolidated Financial Statements
289
Plan assets investment classes:
↗ T.63 PLAN ASSETS INVESTMENT CLASSES (IN € MILLION)
2024
2023
Cash and cash equivalents
1.2
0.3
Equity instruments
6.1
6.0
Bonds
7.0
7.4
Investment funds
3.5
3.2
Derivatives
7.8
10.0
Real estate
3.2
2.9
Insurance
51.3
50.6
Other
5.5
4.9
Total plan assets
85.6
85.2
Of which, investment classes with a quoted market price:
↗ T.64 PLAN ASSETS WITH A QUOTED MARKET PRICE (IN € MILLION)
2024
2023
Cash and cash equivalents
1.2
0.3
Equity instruments
6.1
6.0
Bonds
7.0
7.4
Investment funds
3.5
3.2
Derivatives
7.8
10.0
Real estate
2.4
2.1
Insurance
0.0
0.0
Other
5.4
4.7
Plan assets with a quoted market price
33.4
33.7
Plan assets still do not include the Group's own financial instruments or real estate used by Group
companies.
The plan assets are used solely to fulfil the defined benefit obligations. In some countries, there are legal
requirements for the type and amount of funds to be selected, while in others (e.g. Germany), the financing
of pension obligations is on a voluntary basis. In Great Britain, a trustee board comprising representatives of
the company and employees is responsible for asset management. The investment strategy aims for long-
term gains with tolerable volatility. It was last revised in 2022 to reduce the risk profile. In 2023 and 2024, the
trustees continued to monitor the investment strategy.
PUMA Annual Report 2024
Consolidated Financial Statements
290
The following assumptions were used to determine pension obligations and pension expenses:
↗ T.65 ASSUMPTIONS USED TO DETERMINE THE PENSION OBLIGATIONS
2024
2023
Discount rate
4.17%
4.55%
Future pension increases
2.00%
1.93%
Future salary increases
2.24%
2.05%
The indicated values are weighted average values. A standard interest rate of 3.50% was applied for the
eurozone (previous year: 4.45%).
The 2018 G Heubeck guideline tables were used as mortality tables for Germany. For Great Britain, the
mortality was assumed based on basic table series S4 taking into account life expectancy projections in
accordance with CMI2023 with a long-term trend of 1%.
The following overview shows how the present value of pension obligations from benefit plans would have
been affected by changes to significant actuarial assumptions.
↗ T.66 SENSITIVITY ANALYSIS FOR PENSION OBLIGATION (IN € MILLION)
2024
2023
Effect on present value of pension obligations if
the discount rate were 50 basis points higher
-3.9
-3.7
the discount rate were 50 basis points lower
4.3
4.2
Salary and pension trends have only a negligible effect on the present value of pension obligations due to
the structure of the benefit plans.
The weighted average duration of pension obligations is around 12 years (previous year: around 12 years).
This disclosure is part of PUMA's 2024 sustainability statement in accordance with ESRS S1-4.
PUMA Annual Report 2024
Consolidated Financial Statements
291
16. OTHER PROVISIONS
↗ T.67 OTHER PROVISIONS (IN € MILLION)
2023
2024
2023
Currency
changes,
transfers
Additions
Utilisation
Reversals
Thereof
non-current
Thereof
non-current
Provisions for:
Warranties
2.1
0.0
0.7
-0.3
-0.5
2.1
0.0
0.0
Purchasing risks
7.4
0.0
0.8
-1.7
-2.6
3.9
0.0
0.0
Litigation risks
13.9
-0.2
4.5
-3.4
-0.9
14.0
6.0
7.5
Dismantling obligations
16.9
0.2
3.2
-2.1
-1.9
16.4
13.4
13.9
Personnel provisions
5.9
8.4
5.5
-0.4
-0.2
19.2
9.9
5.9
Other
8.7
0.2
7.3
-3.3
-0.1
12.8
0.0
0.0
Total
55.0
8.6
22.1
-11.1
-6.3
68.2
29.3
27.3
The warranty provision is determined on the basis of the historical value of sales generated during the past six months. It is expected that the majority of these expenses
will fall due within the first six months of the next financial year. Purchasing risks relate primarily to materials and moulds that are required for the manufacturing of
shoes and result in cash outflows in the subsequent period.
The provisions relating to dismantling obligations are predominantly long-term and are incurred in connection with the retail stores, warehousing areas and office space
rented by the Group. They are established on the basis of the expected settlement values and the agreed rental periods. Estimates are made in relation to costs and the
actual amount of time that such properties are in use.
Personnel provisions mainly relate to non-current variable compensation components. The litigation risks relate to any form of legal dispute, including those relating to
trademark and patent rights. The other provisions relate to other risks, in particular those associated with sourcing.
Consolidated Financial Statements
PUMA Annual Report 2024
292
Current provisions are expected to be paid out in the following year, non-current provisions are expected to
be paid out in a period of up to ten years. There are no significant compounding effects. The recognition and
valuation of provisions is based on past experience of similar transactions. All events until the preparation
of the consolidated financial statements are taken into account here.
17. EQUITY
SUBSCRIBED CAPITAL
The subscribed capital corresponds to the subscribed capital of PUMA SE.
The subscribed capital as at the balance sheet date pursuant to the Articles of Association amounted to
€ 149,698,196.00 (previous year: € 150,824,640.00) and is divided into 149,698,196 (previous year: 150,824,640)
no-par value shares with voting rights. This corresponds to a proportional amount of € 1.00 per share.
In financial year 2024, the registered share capital was reduced by € 1,126,444.
All shares grant the same rights. The shareholders are entitled to receive the agreed dividends and have
one voting right per share at the Annual General Meeting. This does not apply to treasury shares held by the
Company, which do not grant the Company any rights.
Changes in the outstanding shares:
↗ T.68 CHANGE IN OUTSTANDING SHARES
2024
2023
Outstanding shares as of 1 January, share
149,844,544
149,758,644
Repurchase of treasury stock, share
-1,128,961
0
Issue of treasury stock, share*
108,830
85,900
Outstanding shares as of 31 December, share
148,824,413
149,844,544
*
The issue of treasury stock relates to compensation in connection with promotional and advertising agreements.
AUTHORISED CAPITAL
As of 31 December 2024, the Company's Articles of Association provide for authorised capital totalling
€ 30,000,000.00:
Pursuant to Section 4.2. of the Articles of Association, the Management Board is authorised, with the
consent of the Supervisory Board, to increase the Company's share capital until 4 May 2026 by up to
€ 30,000,000.00 (Authorised Capital 2021) by issuing up to 30,000,000 new no-par value bearer shares
against cash and/or non-cash contributions on one or more occasions. In the case of capital increases
against contributions in cash, the new shares may be acquired by one or several banks, designated by the
Management Board, subject to the obligation to offer them to the shareholders for subscription (indirect
subscription right). The shareholders shall generally be entitled to subscription rights. However, the
Management Board is authorised, with the consent of the Supervisory Board, to exclude shareholders'
subscription rights in whole or in part in the cases specified in Section 4.2. of the Articles of Association.
The Management Board of PUMA SE did not make use of the existing authorised capital in the current
reporting period.
PUMA Annual Report 2024
Consolidated Financial Statements
293
CONDITIONAL CAPITAL
By resolution of the Annual General Meeting of 11 May 2022, the Management Board was authorised until 10
May 2027, with the consent of the Supervisory Board, through one or more issues, altogether or in parts and
in various tranches at the same time, to issue bearer or registered convertible and/or option bonds, profit-
sharing rights or participation bonds or a combination of these instruments with or without a term
limitation in a total nominal amount of up to € 1,500,000,000.00.
The share capital was conditionally increased by up to € 15,082,464.00 by issuing up to 15,082,464 new no-par
value bearer shares (Conditional Capital 2022). The conditional capital increase shall only be implemented
to the extent that conversion/option rights are exercised, or the option/conversion obligations are met or
tenders are carried out and to the extent that other forms of performance are not applied.
No use has been made of this authorisation to date.
TREASURY STOCK
The resolution adopted by the Annual General Meeting on 7 May 2020 authorised the Company to purchase
treasury shares up to a value of 10% of the share capital until 6 May 2025. By resolution of the Annual
General Meeting of 5 May 2021, the Supervisory Board was authorised to issue the acquired shares to the
members of the Management Board of the Company, excluding the shareholders' subscription rights. By
resolution of the Annual General Meeting of 11 May 2022, the Management Board was, moreover, authorised
to issue the acquired shares, excluding the shareholders' subscription rights, as part of the Company's or
its affiliated companies' share-based payments or employee share programmes to individuals currently or
formerly in an employment relationship with the Company or one of its affiliated companies or to members
of the management of one of the Company's affiliated companies. If purchased through the stock exchange,
the purchase price per share must not exceed 10% or fall below 20% of the average closing price for the
Company's shares with the same attributes in the XETRA trading system (or a comparable successor
system) during the last three trading days prior to the date of purchase.
Based on the aforementioned authorisation dated 7 May 2020/5 May 2021, the Management Board of
PUMA SE approved a share buyback programme on 29 February 2024. The first tranche provides for the
buyback of treasury shares with a total purchase price of up to € 100 million and began on 6 March 2024 for
the period until 6 May 2025. The repurchased shares will be redeemed in accordance with the authorisation
granted by the 2020 Annual General Meeting.
By resolution of the Annual General Meeting on 22 May 2024, the aforementioned authorisation to acquire
and utilise treasury shares was revoked and the Company was again authorised to acquire treasury shares
of up to ten percent of the share capital until 21 May 2029. Furthermore, the Supervisory Board was
authorised to issue the acquired shares to the members of the Management Board of the Company,
excluding the shareholders' subscription rights. In addition, the Management Board was authorised to issue
the acquired shares, excluding the shareholders' subscription rights, as part of the Company's or its
affiliated companies' share-based payments or employee share programmes to individuals currently or
formerly in an employment relationship with the Company or one of its affiliated companies or to members
of the management of one of the Company's affiliated companies. If purchased through the stock exchange,
the purchase price per share must not exceed 10% or fall below 20% of the average closing price for the
Company's shares with the same attributes in the XETRA trading system (or a comparable successor
system) during the last three trading days prior to the date of purchase.
As of the balance sheet date, the Company holds a total of 873,783 PUMA shares in its own portfolio, which
corresponds to 0.58% of the subscribed capital.
PUMA Annual Report 2024
Consolidated Financial Statements
294
REPURCHASE OF TREASURY SHARES
On 29 February 2024, the Management Board of PUMA SE approved a share buyback programme on the
basis of the authorisation granted by the Annual General Meeting on 7 May 2020/5 May 2021. The first
tranche provides for the buyback of treasury shares with a total purchase price of up to € 100 million and
begins in March 2024 for the period until 6 May 2025.
In the period from March 2024 up to and including 31 December 2024, PUMA SE acquired 1,128,961 shares in
the first tranche at a total price of € 49,999,986.41 (excluding acquisition costs) and an average purchase
price of € 44.29 per share. This corresponded to 0.75% of the subscribed capital.
The repurchased shares serve the purposes stated in the aforementioned authorisation, in particular
redemption. PUMA SE has withdrawn 1,126,444 units of the repurchased shares by resolution of the Board of
Management dated 26 November 2024.
Further information on the repurchase of treasury shares can be found in the following table.
↗ T.69 REPURCHASE OF TREASURY SHARES IN THE FINANCIAL YEAR
Month
Number of
shares
Total price
in €
Average
purchase price
per share in €
Amount in the
nominal capital
in €
Amount in the
nominal capital
in %
January
-
-
-
-
-
February
-
-
-
-
-
March
105,713
4,310,868.52
40.78
105,713
0.07%
April
88,714
3,706,587.20
41.78
88,714
0.06%
May
85,933
4,120,879.78
47.95
85,933
0.06%
June
420,053
19,152,694.86
45.60
420,053
0.28%
July
417,373
18,253,518.89
43.73
417,373
0.28%
August
3,386
133,635.38
39.47
3,386
0.00%
September
2,096
79,852.16
38.10
2,096
0.00%
October
2,198
85,187.58
38.76
2,198
0.00%
November
1,378
61,630.85
44.72
1,378
0.00%
December
2,117
95,131.19
44.94
2,117
0.00%
Total
1,128,961
49,999,986.41
44.29
1,128,961
0.75%
PUMA Annual Report 2024
Consolidated Financial Statements
295
DIVIDENDS
The amounts eligible for distribution relate to the retained earnings of PUMA SE, which is determined in
accordance with German commercial law.
The Management Board and the Supervisory Board will propose to the Annual General Meeting that, from
the retained earnings of PUMA SE for financial year 2024, a dividend of € 0.61 (previous year: € 0.82) per
circulating share, or a total of € 90.8 million (with respect to the circulating shares as of 31 December 2024),
be distributed to the shareholders.
Proposed appropriation of the retained earnings of PUMA SE:
↗ T.70 PROPOSED APPROPRIATION OF THE RETAINED EARNINGS OF PUMA SE
2024
2023
Retained earnings of PUMA SE as of 31 December, € million
510.5
486.4
Retained earnings available for distribution, € million
510.5
486.4
Dividend per share, €
0.61
0.82
Number of outstanding shares*, share
148,824,413
149,719,682
Total dividend*, € million
90.8
122.8
Carried forward to the new accounting period*, € million
419.8
363.7
*
Previous year's values adjusted to the outcome of the Annual General Meeting
RESERVES
The equity reserves are broken down as follows:
Capital reserve
The capital reserve includes the premium from issuing shares, as well as amounts from the grant,
conversion and expiry of share options.
Revenue reserves incl. retained earnings
The revenue reserves incl. retained earnings include the net earnings of the financial year as well as the
earnings achieved in the past by the companies included in the consolidated financial statements to the
extent that it was not distributed. In addition, the valuation effects from the pension provision recognised in
other comprehensive income are recognised in retained earnings, together with fees paid for the
repurchase of treasury shares that exceed the nominal amount.
Difference from currency conversion
The equity item for currency conversion serves to record the foreign exchange differences from the
conversion of the financial statements of subsidiaries with non-euro accounting.
Cash flow hedging reserve
The position of “cash flow hedging reserve” comprises the fair value of cash flow hedges (intrinsic value for
options and the spot component for forward contracts) in relation to hedged transactions that have not yet
occurred.
Reserve for hedging costs – options
The position includes the fair value of costs of hedging for cash flow hedges according to the “cost of
hedging” approach (time value component).
PUMA Annual Report 2024
Consolidated Financial Statements
296
Reserve for hedging costs – forward contracts
The item includes the fair value of costs of hedging for cash flow hedges according to the ‘cost of hedging
approach for forward transactions (forward component).
NON-CONTROLLING INTERESTS
This item comprises non-controlling interests. The composition is shown in Chapter 28.
CAPITAL MANAGEMENT
The Group's objective is to retain a strong equity base in order to maintain both investor and market
confidence, and to strengthen future business performance.
Capital management relates to the consolidated equity of PUMA. This is presented in the consolidated
statement of financial position and in the consolidated statement of changes in equity.
PUMA Annual Report 2024
Consolidated Financial Statements
297
18. MANAGEMENT INCENTIVE PROGRAMMES
Virtual shares with cash settlement and other global long-term incentive programmes are used at PUMA to
tie the management to the Company with a long-term incentive effect.
The current programmes are described below:
EXPLANATION OF "VIRTUAL SHARES", TERMED "MONETARY UNITS" (FULL TERM: MONETARY UNITS
PLAN – MUP)
Monetary units were granted on an annual basis to members of the Management Board beginning in 2013 as
part of a management incentive programme. Monetary units are based on the PUMA share performance.
Each of these monetary units entitles the holder to a cash payment at the end of the term. The entitled cash
payment compares the performance using the average virtual appreciation rights of the last thirty trading
days before the start of the year of issue with the virtual appreciation rights of the last thirty trading days
before the exercise date. The maximum increase in value (cap) is limited to 300% of the amount allocated.
Monetary units are subject to a vesting period of three years. After that, there is an exercise period
beginning 30 days after each quarterly publication date for a period of two years which can be freely used by
participants for the purposes of execution. Virtual shares are reduced on a pro rata basis in the event of
withdrawal during the vesting period. This programme will expire and be replaced by the Performance
Share Plan. As a result, no more shares were issued from this programme in financial year 2024.
EXPLANATION OF "VIRTUAL SHARES" (FULL TERM: PERFORMANCE SHARE PLAN – PSP)
Virtual shares were granted on an annual basis to members of the Management Board beginning in 2021 as
part of a management incentive programme. The virtual shares are based on the PUMA share performance.
Each of these virtual shares entitles the holder to a cash payment at the end of the term. However, the
Supervisory Board reserves the right to make the payment in PUMA shares instead of cash. This cash
payout is based on the PUMA closing prices for the last thirty trading days before the exercise date. The final
number of virtual shares is between 50% and 150%, depending on the relative Total Shareholder Returns
(TSR) compared to the MDAX index. The PUMA and MDAX index TSRs are calculated using the arithmetic
means of each of the TSR values on the 30 trading days before the start and end of the performance period.
The averages calculated in this way for PUMA and the MDAX index are then compared with each other. The
difference in percentage points between the PUMA TSR and the MDAX index TSR is then calculated (= TSR
outperformance in percentage points). The maximum increase in value (cap) is limited to 300% of the
amount allocated. Virtual shares are subject to a vesting period of four years. They are generally paid out
within the first quarter of the fifth year after their issue. Virtual shares are reduced on a pro rata basis in the
event of withdrawal during the vesting period. For the programmes issued in financial years 2021 and 2022,
the DAX acts as the basis for calculating virtual shares, while the MDAX index is used starting financial year
2023.
PUMA Annual Report 2024
Consolidated Financial Statements
298
In financial year 2024, expenses of € 1.3 million were recorded for this purpose on the basis of the employment contract commitments to the Management Board members
(previous year: expenses of € 2.4 million).
↗ T.71 VIRTUAL SHARES, MEMBERS OF THE MANAGEMENT BOARD
Plan
MUP
PSP
MUP
PSP
PSP
PSP
Issue date
1/1/2021
1/1/2021
1/1/2022
1/1/2022
1/1/2023
1/1/2024
Term
5
4.25
5
4.25
4.25
4.25
Years
Vesting period
3
4
3
4
4
4
Years
Base price PUMA share at issue
86.23
86.23
106.95
106.95
51.86
54.92
EUR/share
Reference value PUMA share at the end of the financial year
45.21
45.21
45.21
44.80
46.76
45.58
EUR/share
Weighted share price at the time of exercise
40.84
0.00
0.00
0.00
0.00
0.00
EUR/share
Participants in the year of issue
3
2
1
3
4
5
Persons
Participants at the end of the financial year
3
2
1
3
4
5
Persons
Number of monetary units/virtual shares as of 1 January 2024
34,548
7,070
10,323
16,458
81,279
81,382
Shares
Number of monetary units/virtual shares exercised in the financial year
-8,942
0
0
0
0
0
Shares
Number of monetary units/virtual shares expired in the financial year
0
0
0
-2,829
-12,197
-9,014
Shares
Final number of monetary units/virtual shares as of 31 December 2024
25,606
7,070
10,323
13,629
69,082
72,368
Shares
This commitment consisting of share-based remuneration transactions with cash compensation is recorded as personnel provisions and remeasured at fair value on
every balance sheet date, provided it has not been exercised yet. The expenses are recorded pro rata over the vesting period. Based on the valuation of external experts at
fair value and taking into account exercises during the year in 2024, the provision for these programmes amounts to € 5.3 million at the end of the fiscal year (previous
year: € 4.4 million).
Consolidated Financial Statements
PUMA Annual Report 2024
299
EXPLANATION OF THE "GAME CHANGER 2.0" PROGRAMME
In 2018, the Long-Term Incentive Programme (LTIP) "Game Changer 2.0" was launched. Participants in this
programme consist mainly of top executives reporting to the Management Board and individual key positions in
the PUMA Group. The objective of this programme is to retain these employees in the Company on a long-term
basis and to allow them to share in the medium-term success of the Company.
The LTIP "Game Changer 2.0" consists of two plan parts, a Performance Cash Plan and a Performance Share
Plan, each with a 50% share. The Performance Cash Plan gives a reward for the PUMA Group's financial
performance, while the Performance Share Plan gives a reward for the performance of the PUMA SE share in
the capital market.
The performance period of the Performance Cash Plan is three years and is based on the average medium-
term targets of the PUMA Group in terms of EBIT, sales and cash flow or working capital as a percentage of
sales. Payment is made in cash and is limited to a maximum of 200% of the granted proportionate target
amount (cap).
The Performance Share Plan uses virtual shares to manage the incentive. The term is up to five years. This is
divided into a three-year performance period and a two-year exercise period in which the virtual shares are
paid out in cash. A payout is only possible at the four exercise times (6, 12, 18 or 24 months after the end of the
performance period). The average share price of the last 30 trading days before the exercise date determines
the value of a virtual share. The payout is limited to a maximum of 300% of the pro-rata Target Amount granted
and will only be paid out if the defined exercise hurdle (if applicable) has been reached at least once during the
Performance Period.
The payment is subject to the condition that the individual participants are in an active, unterminated
employment relationship with a PUMA Group company on the specified date.
EXPLANATION OF THE "GAME CHANGER 2.0 – 2023" PROGRAMME
In 2020, the global "Game Changer 2.0 – 2023" programme, as outlined above, was launched. The Performance
Cash Plan is based on the following targets: EBIT (70%), cash flow (15%) and sales (15%). As part of the
Performance Share component, payment is limited to a maximum of 300% of the granted proportionate target
amount (cap). In the reporting year, an amount of € 0.3 million (of which, € 0.3 million from the Performance
Share Plan) was paid out to the participants. € 0.0 million was released for this programme in the year under
review (previous year: release of € 0.1 million). This resulted in a provision for this programme at the end of the
financial year of € 0.1 million (previous year: € 0.5 million). The Performance Share Plan portion accounted for
€ 0.1 million (previous year: € 0.5 million).
EXPLANATION OF THE "GAME CHANGER 2.0 – 2024" PROGRAMME
In 2021, the global "Game Changer 2.0 – 2024" programme, as outlined above, was launched. The Performance
Cash Plan is based on the following targets: EBIT (45%), working capital as a percentage of sales (15%), and
sales (40%). As part of the Performance Share component, payment is limited to a maximum of 300% of the
granted proportionate target amount (cap). An employment relationship until 31 December 2023 is required. In
the reporting year, an amount of € 2.2 million (of which, € 0.8 million from the Performance Share Plan) was
paid out to the participants. In addition, € 0.8 million was released as a provision for this programme (previous
year: € 0.2 million) and a prorated amount of € 0.0 million (previous year: € 1.1 million) was set aside for this
programme. This resulted in a provision for this programme at the end of the financial year of € 0.3 million
(previous year: € 3.4 million). The Performance Share Plan portion accounted for € 0.3 million (previous year:
€ 1.2 million).
PUMA Annual Report 2024
Consolidated Financial Statements
300
EXPLANATION OF THE "GAME CHANGER 2.0 – 2026" PROGRAMME
In 2023, the global "Game Changer 2.0 – 2026" programme, as outlined above, was launched. The Performance
Cash Plan is based on the following targets: EBIT (70%), cash flow (15%) and sales (15%). As part of the
Performance Share component, payment is limited to a maximum of 300% of the granted proportionate target
amount (cap). An employment relationship until 31 December 2025 is required. In the reporting year, a prorated
amount of € 1.5 million (previous year: € 1.8 million) was set aside and € 0.1 million was released as a provision
for this programme (previous year: € 0.0 million). This resulted in a provision for this programme at the end of
the financial year of € 3.1 million (previous year: € 1.8 million). The Performance Share Plan portion accounted
for € 1.5 million (previous year: € 1.0 million).
EXPLANATION OF THE "GAME CHANGER 2.0 – 2027" PROGRAMME
In 2024, the global "Game Changer 2.0 – 2027" programme, as outlined above, was launched. The Performance
Cash Plan is based on the following targets: EBIT (70%), cash flow (15%) and sales (15%). As part of the
Performance Share component, payment is limited to a maximum of 300% of the granted proportionate target
amount (cap). An employment relationship until 31 December 2026 is required. In the reporting year, a prorated
amount of € 1.0 million (previous year: € 0.0 million) was set aside for this programme. This resulted in a
provision for this programme at the end of the financial year of € 1.0 million (previous year: € 0.0 million). The
Performance Share Plan portion accounted for € 0.4 million (previous year: € 0.0 million).
EXPLANATION OF THE "ROAD 2 10B" PROGRAMME
In 2022, the “Game Changer 2.0” programme was replaced by the one-time “Road 2 10B” long-term incentive
programme (LTIP). The participants in this programme consist of key specialists and managers of the PUMA
Group. The aim of this programme is to retain these employees in the long term and to allow them to
participate in the medium-term success of the company.
The LTIP "Road 2 10B" consists of two plan parts, a Performance Cash Plan and a Performance Share Plan,
each with a 50% share. The Performance Cash Plan gives a reward for the PUMA Group's financial
performance, while the Performance Share Plan gives a reward for the performance of the PUMA SE share in
the capital market.
The Performance Cash Plan is focused on the following targets: EBIT, sales and working capital as a
percentage of sales based on the three-year plan set by the Management Board of PUMA SE. For participants
in the programme with an employment relationship at Group level, the target achievement is based on the
following Group targets: EBIT (45%), sales (40%), and working capital as a percentage of sales (15%). For
participants in the programme with an employment relationship at the national or regional level, 50% of the
target achievement is based on achieving the Group targets. The remaining 50% is based on achieving the
following targets at the national or regional level: EBIT (22.5%), sales (20%) and working capital as a percentage
of sales (7.5%). Payment is limited to a maximum of 200% of the granted proportionate target amount (cap).
The Performance Share Plan is based on the performance of the PUMA share price. The term is up to five
years, divided into a three-year performance period and a subsequent two-year exercise period, in which the
virtual shares are paid out in cash. A payout is only possible at the four exercise times (6, 12, 18 or 24 months
after the end of the performance period). The average share price of the last 30 trading days before the exercise
date determines the payout value of a virtual share. The payout is limited to a maximum of 300% of the granted
prorated target amount (cap) and is only made if an exercise hurdle of +10% share-price appreciation is
exceeded once during the performance period.
In the reporting year, € 0.5 million was released for this programme (previous year: € 0.6 million) and
€ 2.0 million was added on a pro-rata basis (previous year: € 0.8 million). This results in a provision for this
programme of € 7.6 million at the end of the financial year (previous year: € 6.0 million). The performance share
plan accounts for € 0.0 million (previous year: € 0.4 million).
PUMA Annual Report 2024
Consolidated Financial Statements
301
↗ T.72 VIRTUAL SHARES, NON-MANAGEMENT BOARD MEMBERS
Plan
Game Changer
2023
Game Changer
2024
Road 2 10b
Game Changer
2026
Game Changer
2027
Issue date
1/1/2020
1/1/2021
1/1/2022
1/1/2023
1/1/2024
Term
5
5
5
5
5
Years
Vesting period
3
3
3
3
3
Years
Basis price at program start
67.69
86.23
106.95
51.86
54.92
EUR/share
Reference value at the end of the financial year
45.21
45.21
0.00
45.21
29.03
EUR/share
Weighted share price at the time of exercise
53.45
54.37
0.00
0.00
0.00
EUR/share
Participants in the year of issue
60
76
486
84
59
Persons
Participants at the end of the financial year
8
24
428
77
59
Persons
Number of virtual shares as of 1 January 2024
8,991
21,440
95,559
55,167
44,838
Shares
Number of virtual shares expired in the financial year
0
0
-7,532
-4,624
0
Shares
Number of virtual shares added in the financial year (new participants)
0
0
0
241
0
Shares
Number of virtual shares exercised in the financial year
-5,675
-14,061
0
0
0
Shares
Final number of virtual shares as of 31 December 2024
3,316
7,379
88,027
50,784
44,838
Shares
Consolidated Financial Statements
PUMA Annual Report 2024
302
NOTES TO THE CONSOLIDATED INCOME
STATEMENT
19. SALES
Sales result from contracts with customers. The following tables show the breakdown by distribution
channel and product division:
↗ T.73 BREAKDOWN BY DISTRIBUTION CHANNEL (IN € MILLION)*
2024
2023
Wholesale
6,391.8
6,468.6
Direct-to-consumer (DTC)
2,425.4
2,133.0
Total
8,817.2
8,601.7
↗ T.74 BREAKDOWN BY PRODUCT DIVISION (IN € MILLION)*
2024
2023
Footwear
4,733.6
4,583.4
Apparel
2,813.9
2,763.0
Accessories
1,269.7
1,255.3
Total
8,817.2
8,601.7
*
This information is part of PUMA's 2024 Sustainability Declaration in accordance with ESRS 2 SBM-1, ESRS E1-5, ESRS E1-6
and ESRS E3-4.
20. OTHER OPERATING INCOME AND EXPENSES
According to the respective functions, other operating income and expenses include personnel, advertising,
sales and distribution expenses as well as rental and leasing expenditure, travel costs, legal and consulting
expenses and other general expenses. Rental and lease expenses associated with the Group's own retail
stores include revenue-based rental components.
PUMA Annual Report 2024
Consolidated Financial Statements
PUMA Annual Report 2024
Consolidated Financial Statements
303
Other operating income and expenses are allocated based on functional areas as follows:
↗ T.75 OTHER OPERATING INCOME AND EXPENSES (IN € MIO.)*
2024
2023
Sales and distribution expenses
2,911.6
2,799.0
Product management/merchandising
89.3
82.5
Research & development
92.0
89.0
Administrative and general expenses
495.6
450.9
Other operating expenses
3,588.4
3,421.3
Other operating income
-8.3
-17.8
Total
3,580.2
3,403.5
Thereof personnel expenses
967.6
894.4
Thereof depreciation and amortisation
370.2
351.7
Thereof impairment losses
7.9
5.7
Thereof reversals of impairment losses
-29.4
-11.9
*
This information is part of PUMA's 2024 Sustainability Declaration in accordance with ESRS E1-3, ESRS E2-2, ESRS E3-2,
ESRS E4-3, ESRS E5-2, ESRS S2-4.
Within the sales and distribution expenses, marketing/retail expenses account for a large proportion of the
operating expenses. In addition to advertising and promotional expenses, they also include expenses
associated with the Group's own retail activities. Other sales and distribution expenses include logistics
expenses and other variable sales and distribution expenses.
The expenses for product management/merchandising consist of personnel and material costs for the
preparation of product range plans, provision of product guidelines and market research.
Research and development expenses include all costs incurred in connection with global or local
development activities.
Administrative and general expenses mainly include personnel and material costs from the human
resources, IT, finance, law and general administration/management functional areas.
Impairment losses in the reporting year amounted to € 7.3 million for right-of-use assets (previous year:
€ 5.7 million) and € 0.6 for property, plant and equipment (previous year: € 0.0 million). In contrast, there
were reversals of impairment losses on right-of-use assets amounting to € 29.4 million (previous year:
€ 11.9 million).
In the consolidated financial statements of PUMA SE, fees of € 2.7 million) (previous year: € 2.0 million) are
recorded as operating expenses for the auditor of the consolidated financial statements, KPMG AG
Wirtschaftsprüfungsgesellschaft, Nuremberg, Germany. The audit fee is divided into fees for audit services
for the annual and consolidated financial statements as well as the audit review of the half-year financial
report in the amount of € 2.1 million (previous year: € 1.8 million) and other assurance services amounting to
€ 0.4 million (previous year: € 0.2 million) mainly for the audit of non-financial (consolidated) reporting (with
full application of the first sentence of ESRS as a framework) and other services in the amount of
€ 0.2 million (previous year: € 0.0 million), which related to services rendered in connection with CSRD/ESG
sustainability readiness in anticipation of a future audit of sustainability reporting and, to a lesser extent, to
quality assurance in the implementation of regulatory requirements. In addition to expenses for PUMA SE,
the fees also include the fees of the domestic and foreign subsidiaries audited directly by the Group auditor.
PUMA Annual Report 2024
Consolidated Financial Statements
304
In financial year 2024, government grants amounted to a mid-single-digit million amount. Government
grants are deducted from the corresponding expenses.
Other operating income comprises income from the sale of fixed assets in the amount of € 2.3 million
(previous year: € 8.5 million), capital gains from finance leases totalling € 2.5 million (previous year:
€ 8.0 million), and rental income totalling € 3.4 million (previous year: € 1.4 million).
Overall, other operating expenses include personnel costs, which consist of:
↗ T.76 PERSONNEL COSTS (IN € MILLION)
2024
2023
Wages and salaries
740.6
688.7
Social security contributions
107.7
101.2
Expenses from share-based payments with cash compensation
4.4
5.2
Expenses for retirement pension and other personnel expenses
114.9
99.3
Total
967.6
894.4
In addition, cost of sales includes personnel costs in the amount of € 17.7 million (previous year:
€ 6.2 million).
The average number of employees for the year was as follows:
↗ T.77 EMPLOYEES
2024
2023
Marketing/retail/sales
13,564
13,092
Research & development/product management
1,435
1,360
Administrative and general units
3,669
3,570
Total annual average
18,668
18,023
As of the end of the year, a total of 19,599 individuals were employed (previous year: 18,681).
PUMA Annual Report 2024
Consolidated Financial Statements
305
21. FINANCIAL RESULT
The financial result consists of:
↗ T.78 FINANCIAL RESULT (IN € MILLION)
2024
2023
Interest income
28.9
36.6
Interest income - lease receivables
2.5
1.2
Other financial income
105.9
74.9
Financial income
137.3
112.7
Interest expense
-76.3
-53.1
Interest expense - lease liabilities
-51.1
-46.8
Interest expense of valuation of pension plans
-1.0
-0.9
Loss from foreign currency-conversion, net
-88.5
-69.4
Other financial expenses
-80.1
-85.9
Financial expenses
-297.0
-256.0
Financial result
-159.7
-143.3
Interest income comprises interest income from bank balances in the amount of € 24.5 million (previous
year: € 34.7 million) and other interest income in the amount of € 4.5 million (previous year: € 1.9 million).
The item ‘Other financial income’ of € 105.9 million (previous year: € 74.9 million) includes, income from
forward components and the time value in connection with currency derivatives recognised in profit or loss
in the amount of € 65.8 million (previous year: € 65.4 million), but also hedging gains from free standing
derivatives totalling € 39.8 million (previous year: € 9.6 million), as well as dividend income of € 0.4 million
(previous year: € 0.0 million) from the investment in Borussia Dortmund GmbH & Co. KGaA (BVB).
The item ‘interest expense’ includes € 40.0 million (previous year: € 28.2 million) in interest expense in
connection with borrowings and € 36.3 million (previous year: € 24.8 million) in interest expense for
factoring and other items.
The item ‘Other financial expenses’ includes expenses from the forward component and the time value in
connection with currency derivatives of € 51.7 million (previous year: € 58.1 million), hedging losses from
free standing derivatives of € 2.2 million (previous year: € 4.1 million), the loss on net monetary position in
connection with hyperinflation of € 17.4 million (previous year: € 23.7 million), and the impairment of
investment property of € 8.8 million (previous year: € 0.0 million).
PUMA Annual Report 2024
Consolidated Financial Statements
306
22. INCOME TAXES
↗ T.79 INCOME TAXES (IN € MILLION)
2024
2023
Current income taxes
105.0
140.6
Deferred taxes
15.0
-22.8
Total
120.0
117.8
Current income taxes include € 4.6 million in out-of-period income (previous year's income: € 0.8 million).
Deferred taxes include tax income of € 5.0 million (tax income in previous year: € 0.3 million), which is
attributable to the occurrence or reversal of temporary differences.
In general, PUMA SE and its German subsidiaries are subject to corporate income tax, plus a solidarity
surcharge and trade tax. Thus, a weighted mixed tax rate of 27.22% continued to apply for the financial year.
Reconciliation of the theoretical tax expense with the effective tax expense:
↗ T.80 TAX RATE RECONCILIATION (IN € MILLION)
2024
2023
Earnings before income tax
462.3
478.3
Theoretical tax expense
Tax rate of the SE = 27.22% (previous year: 27.22%)
125.8
130.2
Tax rate difference with respect to other countries
-1.7
-21.0
Other tax effects:
Income tax for previous years
-7.3
3.7
Losses and temporary differences for which no tax claims were recognized
11.0
6.4
Changes in tax rates
3.0
-0.4
Current tax expense related to global minimum top-up tax
5.4
0.0
Non-deductible expenses for tax purposes and non-taxable income and other effects
-16.2
-1.1
Effective tax expense
120.0
117.8
Effective tax rate
25.9%
24.6%
For financial year 2024, the total tax advantage from previously uncapitalised tax losses, tax credits or
temporary differences from previous years which led to a reduction in deferred tax expenses, amounted to
€ 0.0 million (previous year: € 7.5 million). Deferred tax expenses due to an impairment of deferred tax
assets amounted to € 10.7 million in the financial year (previous year: € 11.3 million).
The PUMA Group falls within the scope of application of the global minimum taxation under the Pillar 2 tax
legislation. The PUMA Group makes use of the exemption for the recognition of deferred taxes that result
from the introduction of global minimum taxation and recognises it as a current tax as soon as it is incurred.
PUMA Annual Report 2024
Consolidated Financial Statements
307
Hong Kong and the United Arab Emirates have adopted new tax legislation that provides for the introduction
of local minimum taxation from 1 January 2025. As a result, from 2025, the PUMA Hong Kong Ltd. and PUMA
Middle East FZ-LLC subsidiaries will be responsible for the minimum tax on their business activities rather
than the parent company, PUMA SE.
The tax effect resulting from items that were directly included in other comprehensive income can be found
in Chapter 8.
23. EARNINGS PER SHARE
The earnings per share are determined in accordance with IAS 33 by dividing the consolidated annual
surplus (consolidated net earnings) attributable to the shareholders of the parent company by the weighted
average number of outstanding shares.
The calculation is shown in the table below:
↗ T.81 EARNINGS PER SHARE
2024
2023
Net income (€ million)
281.6
304.9
Weighted average number of outstanding shares (shares)
149,320,990
149,852,251
Earnings per share (€)
1.89
2.03
Net income for calculating the diluted earnings per share (€ million)
281.6
304.9
Weighted average number of outstanding shares (shares)
149,320,990
149,852,251
Dilutive effect from share-based payments
54,858
19,651
Weighted average number of outstanding shares, diluted (shares)
149,375,847
149,871,901
Earnings per share (€) - diluted
1.89
2.03
PUMA Annual Report 2024
Consolidated Financial Statements
308
ADDITIONAL INFORMATION
24. SEGMENT REPORTING
Segment reporting is based on geographical areas of responsibility in accordance with the PUMA internal
reporting structure, with the exception of stichd. The geographical area of responsibility corresponds to the
business segment. Sales, the operating result (EBIT), earnings before taxes (EBT) and other segment
information are allocated to the corresponding geographical areas of responsibility according to the
registered office of the respective Group company.
The internal management reporting includes the following reporting segments: Europe, EEMEA (Eastern
Europe, Middle East, Africa, India, Southeast Asia and Oceania), North America, Latin America, Greater
China, rest of Asia/Pacific (excluding Greater China, Southeast Asia and Oceania) and stichd. These are
reported as reportable business segments in accordance with the criteria of IFRS 8.
The reconciliation includes information on assets, liabilities, expenses and income in connection with
centralised functions that do not meet the definition of business segments in IFRS 8. Central expenses and
income include in particular central sourcing, central treasury, central marketing, impairment losses on
non-current assets and other global functions of the Company headquarters.
The Company’s main decision-maker is defined as the entire Management Board of PUMA SE.
The external sales presented in the segment reporting are generated in each segment by the sale of
footwear, apparel and accessories. They include both wholesale revenues and revenues from own retail
activities. The percentage breakdown of sales revenues by wholesale business and own retail activities per
segment essentially corresponds to the group-wide breakdown (see Chapter 19). The Greater China
segment is an exception, with wholesale revenue accounting for around 50% of its sales. In the previous
year, the stichd segment generated revenue almost exclusively from wholesale customers.
Business relations between the companies of the segments are based on prices that would also be agreed
with third parties. With the exception of stichd's sales of goods in the amount of € 57.8 million (previous
year: € 37.1 million), there are no significant internal revenues, which is why they are not included in the
presentation.
The most important earnings indicator for the management and allocation of resources by the Management
Board is the operating result (EBIT) of the business segments, which is defined as gross profit less
attributable other operating expenses plus licence and commission income and other operating income, but
excluding central costs and central marketing expenses.
The external sales, operating result (EBIT), inventories and trade receivables of the business segments are
regularly reported to the main decision-maker. Amounts recognised by the Group from the intra-group
profit elimination on inventories in connection with intra-group sales are not allocated to the business
segments in the way that they are reported to the main decision-maker. Investments, depreciation and non-
current assets at the level of the business segments are not reported to the main decision-maker.
Intangible assets are allocated to the business segments in the manner described in Chapter 11. Liabilities,
the financial result and income taxes are not allocated to the business segments and are therefore not
reported to the main decision-maker at the business segment level.
Non-current assets and depreciation comprise the carrying amounts and depreciation of property, plant and
equipment, right-of-use assets and intangible assets during the past financial year. The investments
comprise additions to property, plant and equipment and intangible assets.
PUMA Annual Report 2024
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309
Since PUMA is only active in the sporting goods industry business field, a further breakdown is made
according to the footwear, apparel and accessories product divisions in accordance with the internal
reporting structure.
BUSINESS SEGMENTS
↗ T.82 BUSINESS SEGMENTS (IN € MILLION)
Sales (third parties)
EBIT
Capital expenditure
1-12/2024
1-12/2023
1-12/2024
1-12/2023
1-12/2024
1-12/2023
Europe
2,061.0
2,016.0
268.9
251.4
41.5
25.8
EEMEA*
1,742.1
1,757.5
363.3
396.6
33.5
30.3
North America
2,124.9
2,095.9
323.6
295.0
49.4
75.5
Latin America
1,342.4
1,239.9
254.0
285.3
51.8
75.8
Greater China
604.0
582.2
98.0
84.5
13.8
10.3
Asia/Pacific (excluding Greater
China)*
424.7
420.5
57.4
56.7
4.6
4.3
stichd
497.1
459.4
66.8
89.5
24.3
22.1
Total business segments
8,796.2
8,571.3
1,432.0
1,458.9
218.7
244.1
*
Due to a change in the structure of the internal organisation, Oceania was assigned to the EEMEA region and the previous
year's figures were adjusted accordingly
Depreciation and
amortisation
Inventories
Trade receivables
(third parties)
1-12/2024
1-12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
Europe
67.3
61.7
541.8
498.5
218.4
196.4
EEMEA*
65.3
62.2
463.3
371.2
340.1
298.8
North America
87.2
83.3
468.0
466.1
214.1
204.9
Latin America
50.7
39.2
314.7
306.9
227.0
223.7
Greater China
30.5
29.3
150.4
109.6
71.6
40.6
Asia/Pacific (excluding Greater
China)*
21.9
21.5
56.4
65.0
75.5
79.3
stichd
15.3
11.2
134.0
104.8
93.8
72.1
Total business segments
338.2
308.3
2,128.7
1,922.0
1,240.6
1,115.7
*
Due to a change in the structure of the internal organisation, Oceania was assigned to the EEMEA region and the previous
year's figures were adjusted accordingly
PUMA Annual Report 2024
Consolidated Financial Statements
310
Non-current assets
31/12/2024
31/12/2023
Europe
521.3
477.4
EEMEA*
225.0
211.7
North America
815.5
741.8
Latin America
256.0
221.5
Greater China
87.9
91.8
Asia/Pacific (excluding Greater China)*
97.8
96.2
stichd
238.3
226.0
Total business segments
2,241.9
2,066.4
*
Due to a change in the structure of the internal organisation, Oceania was assigned to the EEMEA region and the previous
year's figures were adjusted accordingly
↗ T.83 PRODUCT NET SALES (THIRD PARTIES IN € MILLION, GROSS PROFIT MARGIN IN %)
Sales (third parties)
Gross profit margin
1-12/2024
1-12/2023
1-12/2024
1-12/2023
Footwear
4,733.6
4,583.4
46.9%
45.4%
Apparel
2,813.9
2,763.0
48.1%
47.8%
Accessories
1,269.7
1,255.3
47.6%
46.6%
Total
8,817.2
8,601.7
47.4%
46.3%
PUMA Annual Report 2024
Consolidated Financial Statements
311
RECONCILIATIONS
↗ T.84 RECONCILIATIONS (IN € MILLION)
Sales (third parties)
1-12/2024
1-12/2023
Total business segments
8,796.2
8,571.3
Central areas
20.9
30.4
Total
8,817.2
8,601.7
EBIT
1-12/2024
1-12/2023
Total business segments
1,432.0
1,458.9
Central areas
-323.4
-344.6
Central expenses marketing
-486.6
-492.7
Consolidation
0.0
0.0
Operating result (EBIT)
622.0
621.6
Financial result
-159.7
-143.3
Earnings before taxes (EBT)
462.3
478.3
Capital expenditure
Depreciation and
amortisation
1-12/2024
1-12/2023
1-12/2024
1-12/2023
Total business segments
218.7
244.1
338.2
308.3
Central areas
41.4
55.5
32.0
43.4
Consolidation
0.0
0.0
0.0
0.0
Total
260.2
299.6
370.2
351.7
Inventories
Trade receivables
(third parties)
Non-current assets
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
Total business segments
2,128.7
1,922.0
1,240.6
1,115.7
2,241.9
2,066.4
Central areas
3.7
1.6
6.0
2.8
226.3
237.7
Consolidation
-118.6
-119.3
0.0
0.0
0.0
0.0
Total
2,013.7
1,804.4
1,246.5
1,118.4
2,468.3
2,304.1
PUMA Annual Report 2024
Consolidated Financial Statements
312
GEOGRAPHICAL INFORMATION
Sales revenue (with third parties) is reported in the geographical market in which it arises. Non-current
assets are allocated to the geographical market based on the registered office of the relevant subsidiary,
regardless of the segment structure.
↗ T.85 GEOGRAPHICAL INFORMATION BY REGIONS (IN € MILLION)
25. NOTES TO THE CASH FLOW STATEMENT
The cash flow statement was prepared in accordance with IAS 7 and is structured based on cash flows from
operating, investing and financing activities. The indirect method is used to determine the cash
outflow/inflow from operating activities. The gross cash flow, derived from earnings before income tax and
adjusted for non-cash income and expense items, is determined within cash flow from operating activities.
Cash outflow/inflow from operating activities less investments in property, plant and equipment as well as
intangible assets is referred to as free cash flow.
The cash and cash equivalents reported in the cash flow statement include all cash and cash equivalents
shown in the statement of financial position under the item "Cash and cash equivalents", i.e. cash on hand,
checks and current bank balances including short-term financial investments.
Sales (third parties)
Non-current assets
1-12/2024
1-12/2023
31/12/2024
31/12/2023
Germany, Europe
682.7
631.6
536.9
507.0
USA, North America
1,982.7
1,933.7
653.8
604.5
Other countries
6,151.7
6,036.5
1,277.6
1,192.6
Total
8,817.2
8,601.7
2,468.3
2,304.1
PUMA Annual Report 2024
Consolidated Financial Statements
313
The following table shows the cash and non-cash changes in financial liabilities in accordance with
IAS 7.44A:
↗ T.86 RECONCILIATION OF FINANCIAL LIABILITIES TO THE CASH INFLOW/ OUTFLOW FROM
FINANCING ACTIVITIES 2024 (IN € MILLION)
Non-cash changes
Notes
Balance
1/1/2024
Effect of
exchange
rates
IFRS 16
Lease
obligations
Transfer
within
financial
liabilities
Other
Cash
changes
Balance
31/12/2024
Lease liabilities
10
1,232.4
19.2
201.4
0.0
0.0
-222.5
1,230.6
Current
borrowings
13
145.9
1.0
0.0
70.0
0.6
-86.0
131.6
Non-current
borrowings
13
426.1
0.0
0.0
-70.0
0.3
0.0
356.4
Total
1,804.4
20.3
201.4
0.0
0.9
-308.5
1,718.6
↗ T.87 RECONCILIATION OF FINANCIAL LIABILITIES TO THE CASH INFLOW/ OUTFLOW FROM
FINANCING ACTIVITIES 2023 (IN € MILLION)
Non-cash changes
Notes
Balance
1/1/2023
Effect of
exchange
rates
IFRS 16
Lease
obligations
Transfer
within
financial
liabilities
Other
Cash
changes
Balance
31/12/2023
Lease liabilities
10
1,230.4
-44.9
254.9
0.0
0
-208.0
1,232.4
Current
borrowings
13
75.9
-0.6
0.0
125.0
4.8
-59.1
145.9
Non-current
borrowings
13
251.5
0.0
0.0
-125.0
0.0
299.6
426.1
Total
1,557.8
-45.6
254.9
0.0
4.8
32.5
1,804.4
The lease liabilities totalling € 1,230.6 million (previous year: € 1,232.4 million) comprise short-term lease
liabilities of € 220.6 million (previous year: € 212.4 million) and long-term leasing liabilities of
€ 1,010.0 million (previous year: € 1,020.0 million).
PUMA Annual Report 2024
Consolidated Financial Statements
314
26. OTHER FINANCIAL COMMITMENTS AND CONTINGENT LIABILITIES
OTHER FINANCIAL OBLIGATIONS
The Company has other financial obligations associated with license, promotional and advertising
agreements, which give rise to the following financial obligations as of the balance sheet date:
↗ T.88 COMMITMENTS FROM LICENSE, PROMOTIONAL AND ADVERTISING AGREEMENTS
(IN € MILLION)
2024
2023
From license, promotional and advertising agreements:
Due within one year
491.6
402.4
Due between one and five years
1,346.9
1,203.5
Due after five years
929.9
314.2
Total
2,768.4
1,920.2
As is customary in the industry, the promotional and advertising agreements provide for additional
payments on reaching pre-defined goals (e.g. medals, championships). These are contractually agreed, but
by their nature cannot be predicted exactly in terms of their timing and amount.
In addition, there are other financial obligations amounting to € 278.8 million (previous year: € 246.5 million),
of which € 153.3 million (previous year: € 146.5 million) are long-term. In addition to service contracts
totalling € 276.7 million (previous year: € 234.2 million), these also include other obligations amounting to
€ 2.2 million (previous year: € 12.3 million).
CONTINGENT LIABILITIES
Individual PUMA companies are involved in legal disputes arising from normal operating activities, e.g.
relating to intellectual property rights and employee matters. If an outflow of resources from these legal
disputes is classified as probable and the amount of the obligation can be reliably estimated, the risks
arising from these legal disputes are included in the other provisions. However, if the probability of
occurrence is classified as low, these legal disputes are recognised as contingent liabilities, which are
estimated at € 0.3 million in this financial year (previous year: € 0.8 million).
Contingent liabilities also exist due to uncertainties in the appraisal of the facts by the tax and customs
authorities in India and the tax authorities in the Netherlands. Based on external reports, management
currently assumes that the receivables of the Indian and Dutch tax and customs authorities will not result in
any cash outflow.
Overall, the PUMA management considers that the impact of the total of the contingent liabilities on the net
assets, financial position and results of operations of the Company is immaterial.
PUMA Annual Report 2024
Consolidated Financial Statements
315
27. COMPENSATION OF THE MANAGEMENT BOARD AND SUPERVISORY BOARD
Disclosures pursuant to Section 314(1) 6 HGB (German Commercial Code [Handelsgesetzbuch]) in
conjunction with Section 315e HGB.
COMPENSATION OF THE MEMBERS OF THE MANAGEMENT BOARD
The total compensation of the members of the Management Board in financial year 2024 was € 10.2 million
(previous year: € 10.3 million).
The total remuneration of the Management Board includes the share-based remuneration granted for the
financial year with a fair value of € 4.5 million (previous year: € 4.2 million) and 81,382 performance shares
issued (previous year: 81,279).
TOTAL COMPENSATION OF FORMER MEMBERS OF THE MANAGEMENT BOARD
The total compensation of former members of the Management Board and their surviving dependants
amounted to € 5.6 million in financial year 2024 (previous year: € 0.7 million).
In addition, there were defined benefit pension obligations to former members of the Management Board
and their widows/widowers amounting to € 2.5 million (previous year: € 2.4 million) as well as defined
contribution plans from deferred compensation of former members of the Management Board and
managing directors amounting to € 47.3 million (previous year: € 47.2 million). Both items are recognised
accordingly within pension provisions to the extent they were not offset against plan assets of an equal
amount.
COMPENSATION OF THE SUPERVISORY BOARD
The compensation paid to the Supervisory Board comprised fixed compensation and additional
compensation for committee activities, and amounted to a total of € 0.5 million (previous year: € 0.4 million).
28. DISCLOSURES RELATING TO NON-CONTROLLING INTERESTS
The summarised financial information about subsidiaries of the Group in which non-controlling interests
exist is presented below. This financial information relates to all companies with non-controlling interests in
which the identical non-controlling shareholder holds an interest. The figures represent the amounts before
intercompany eliminations.
Evaluation of the control of companies with non-controlling interests:
The Group holds a 51% capital share in PUMA United North America LLC, PUMA United Canada ULC and
Janed Canada LLC (inactive company). With these companies, there are profit-sharing arrangements in
place which differ from the capital share for the benefit of the respective identical non-controlling
shareholder. PUMA receives higher license fees in exchange.
In addition, there is a shareholding in the capital and the result, amounting to 70%, in the company PUMA
United Aviation North America LLC.
The contractual agreements with these companies respectively provide PUMA with a majority of the voting
rights at the shareholder meetings, and thus the right of disposal regarding these companies. PUMA is
exposed to fluctuating returns from the sales-based license fees and from variable earnings. The Group
also controls the key activities of these companies. The companies are accordingly included in the
consolidated financial statements as subsidiaries with full consolidation with recognition of non-controlling
interests.
PUMA Annual Report 2024
Consolidated Financial Statements
316
The non-controlling interests existing on the balance sheet date relate to PUMA United North America LLC,
PUMA United Canada ULC, Janed Canada, LLC (inactive) and PUMA United Aviation North America LLC at
€ 0.9 million (previous year: € 28.9 million).
The following tables show a summary of the financial information for subsidiaries with non-controlling
interests:
↗ T.89 ASSETS AND LIABILITIES (IN € MILLION)
2024
2023
Current assets
235.5
112.9
Non-current assets
7.9
8.6
Current liabilities
235.5
85.3
Non-current liabilities
0.0
0.0
Net assets
7.9
36.3
Net assets attributable to non-controlling interests
0.9
28.9
↗ T.90 INCOME STATEMENT (IN € MILLION)
2024
2023
Sales
427.9
411.8
Net income
61.7
56.8
Profit attributable to non-controlling interests
60.7
55.7
Other comprehensive income of non-controlling interests
0.6
4.3
Total comprehensive income of non-controlling interests
61.3
54.2
Dividends paid to non-controlling interests
89.4
92.4
↗ T.91 CASH (IN € MILLION)
2024
2023
Net cash from operating activities
80.3
101.8
Net cash used in investing activities
0.0
-0.3
Net cash used in financing activities
-80.3
-101.4
Changes in cash and cash equivalents
0.0
0.0
29. RELATED PARTY RELATIONSHIPS
In accordance with IAS 24, relationships with related companies and persons that control or are controlled
by the PUMA Group must be reported. All natural persons and companies that can be controlled by PUMA,
that can exercise relevant control over the PUMA Group or that are under the relevant control of another
PUMA Annual Report 2024
Consolidated Financial Statements
317
related party of the PUMA Group are considered to be related companies or persons within the meaning of
IAS 24.
As of 31 December 2024, there was one shareholder in PUMA SE that held more than 20% of the voting
rights. This shareholder was the Pinault family, through several companies controlled by them (in order of
proximity to the Pinault family: Financière Pinault S.C.A., Artémis S.A.S. and Kering S.A.). According to
information provided by Kering S.A., Kering S.A.'s interest in PUMA SE amounted to 0.0% of the share
capital on 31 December 2024. Artémis S.A.S. held 28.7% of the share capital of PUMA SE on
31 December 2024 (after the capital reduction as a result of the share buyback programme). Since Artémis
S.A.S. and Kering S.A. thus hold more than 20% of the voting rights in PUMA SE, there is a presumption of
significant influence in accordance with IAS 28.5 and IAS 28.6. They and all other companies directly or
indirectly controlled by Financière Pinault S.C.A. and which are not included in the consolidated financial
statements of PUMA SE, are considered to be related parties in the following.
In addition, the disclosure obligation pursuant to IAS 24 extends to transactions with associated companies
as well as transactions with other related companies and persons.
Transactions with related companies and persons largely concern sales of goods and licensing agreements
under normal market conditions.
The following overview illustrates the scope of the business relationships:
↗ T.92 DELIVERIES AND SERVICES RENDERED AND RECEIVED (IN € MILLION)
Deliveries and services
rendered
Deliveries and services
received
2024
2023
2024
2023
Companies included in the Artémis Group
0.8
2.1
0.0
0.0
Other related companies and persons
0.0
0.0
0.0
0.0
Total
0.8
2.1
0.0
0.0
↗ T.93 NET RECEIVABLES AND LIABILITIES (IN € MILLION)
Net receivables from
Liabilities to
2024
2023
2024
2023
Companies included in the Artémis Group
0.2
0.3
0.0
0.0
Other related companies and persons
0.0
0.0
0.0
0.0
Total
0.2
0.3
0.0
0.0
Receivables from related companies and persons are not subject to value adjustments.
PUMA Annual Report 2024
Consolidated Financial Statements
318
CLASSIFICATION OF THE REMUNERATION OF KEY MANAGEMENT PERSONNEL IN ACCORDANCE WITH
IAS 24.17:
The members of key management personnel in accordance with IAS 24 are the Management Board and the
Supervisory Board. These are counted as related parties.
In financial year 2024, the remuneration of the members of the Management Board of PUMA SE for short-
term benefits amounted to € 5.7 million (previous year: € 6.1 million), for termination benefits to € 4.1 million
(previous year: € 0.0 million) and the share-based payment € 2.4 million (previous year: € 1.4 million).
Furthermore, just like in the previous year, no remuneration was granted in the form of other long-term
benefits or in the form of post-employment benefits in the reporting year. Accordingly, the total expenditure
for the reporting year amounted to € 12.2 million (previous year: € 7.5 million).
In financial year 2024, the remuneration of the members of the Supervisory Board of PUMA SE for short-
term benefits amounted to € 0.5 million (previous year: € 0.4 million).
30. CORPORATE GOVERNANCE
The Management Board and the Supervisory Board submitted the required compliance declaration with
respect to the recommendations issued by the Government Commission German Corporate Governance
Code pursuant to Section 161 of the German Stock Corporation Act (Aktiengesetz – AktG) and published it on
the Company's website (https://about.puma.com/en/investor-relations/corporate-governance).
31. EVENTS AFTER THE BALANCE SHEET DATE
As already announced in the publication of 22 January 2025, PUMA has initiated the comprehensive
efficiency programme ‘nextlevel’, with the aim of translating sales growth into higher profitability growth in
the future through cost optimisation. To this end, direct and indirect costs are to be optimised and personnel
costs aligned with the strategic growth areas. The programme is expected to result in one-time costs, which
will be offset by cost savings in 2025 and subsequent years.
No further events took place after the balance sheet date that had a material impact on the net assets,
financial position and results of operations of the PUMA Group.
PUMA Annual Report 2024
Consolidated Financial Statements
319
32. DATE OF RELEASE
The Management Board of PUMA SE released the consolidated financial statements on 11 March 2025 for
distribution to the Supervisory Board. The task of the Supervisory Board is to review the consolidated
financial statements and state whether it approves them.
Herzogenaurach, 11 March 2025
The Management Board
Freundt
Neubrand
Valdes
This is a translation of the German version. In case of doubt, the German version shall apply.
PUMA Annual Report 2024
Consolidated Financial Statements
320
APPENDIX 1 OF THE CONSOLIDATED FINANCIAL STATEMENT
MEMBERS OF THE MANAGEMENT BOARD AND SUPERVISORY BOARD AND THEIR MANDATES
STATUS: 31 DECEMBER 2024
MEMBERS OF THE MANAGEMENT BOARD AND THEIR MANDATES
Arne Freundt
Chief Executive Officer (CEO)
Hubert Hinterseher (until 30 September 2024)
Chief Financial Officer (CFO)
Markus Neubrand (since 1 October 2024)
Chief Financial Officer (CFO)
Anne-Laure Descours (until 31 December 2024)
Chief Sourcing Officer (CSO)
Maria Valdes
Chief Product Officer (CPO)
MEMBERS OF THE SUPERVISORY BOARD AND THEIR MANDATES
Héloïse Temple-Boyer (first elected on 18 April 2019)
(Chair)
Paris, France
Deputy CEO of ARTÉMIS S.A.S., Paris/France
Membership in other statutory supervisory boards in Germany: None
Membership in comparable domestic and foreign controlling bodies of commercial enterprises (Information
according to the requirements of Section 285 no. 10 German Commercial Code (Handelsgesetzbuch, HGB))*:
•
Kering S.A., Paris/France**
•
Christie’s International Plc., London/ United Kingdom**
•
CAA LL.C., Los Angeles/USA**
•
Giambattista Valli S.A.S., Paris/France
•
Société d’exploitation de l’hebdomadaire le Point S.A., Paris/France
•
Pinault Collection, Paris/France
•
Royalement Vôtre Editions S.A.S., Paris/France
*
All mandates are mandates within the ARTÉMIS/KERING-Group. Only Kering S.A. is a listed company.
** Mandates at non-group listed companies or comparable functions within the meaning of recommendation C.4 of the GCGC.
PUMA Annual Report 2024
Consolidated Financial Statements
321
Thore Ohlsson (first elected on 21 May 1993, until 22 May 2024)
(Deputy Chair until 22 May 2024)
Falsterbo, Sweden
President of Elimexo AB, Falsterbo/Sweden
Membership in other statutory supervisory boards in Germany: None
Membership in comparable domestic and foreign controlling bodies of commercial enterprises (Information
according to the requirements of Section 285 no. 10 German Commercial Code (Handelsgesetzbuch, HGB)):
•
Tomas Frick AB, Vellinge/Sweden
•
Orrefors Kosta Boda AB, Kosta/Sweden
•
Infinitive AB, Malmö/Sweden
•
Friskvårdcenter AB, Malmö/Sweden
•
Totestories AB, Vellinge/Sweden
Jean-Marc Duplaix (first elected on 24 May 2023)
(Deputy Chair since 22 May 2024)
Paris, France
Deputy CEO of Kering S.A., Paris/France
Membership in other statutory supervisory boards in Germany: None
Membership in comparable domestic and foreign controlling bodies of commercial enterprises (Information
according to the requirements of Section 285 no. 10 German Commercial Code (Handelsgesetzbuch, HGB))*
•
Balenciaga S.A.S., Paris/France
•
Yves Saint Laurent S.A.S., Paris/France
•
Balenciaga Operations S.A.S., Paris/France
*
The mandates are mandates within the Kering-Group. Kering S.A. is a listed company. Balenciaga S.A.S., Yves Saint Laurent
S.A.S., and Balenciaga Operations S.A.S. are not listed.
Harsh Saini (first elected on 22 May 2024)
London, United Kingdom
Independent Management Consultant for non-profit organisations
Membership in other statutory supervisory boards in Germany: None
Membership in comparable domestic and foreign controlling bodies of commercial enterprises: None
PUMA Annual Report 2024
Consolidated Financial Statements
322
Roland Krüger (first elected on 22 May 2024)
Singapore
Member of the Board of Directors of Weybourne Holdings Pte. Ltd. (note: The Dyson Family Office),
Singapore
Membership in other statutory supervisory boards in Germany: None
Membership in comparable domestic and foreign controlling bodies of commercial enterprises (Information
according to the requirements of Section 285 no. 10 German Commercial Code (Handelsgesetzbuch, HGB)):
•
Weybourne Holdings Pte. Ltd.*
* Mandate at non-group listed company or comparable function within the meaning of recommendation C.4 of the GCGC.
Fiona May (first elected on 18 April 2019)
Calenzano, Italy
Independent Management Consultant
Membership in other statutory supervisory boards in Germany: None
Membership in comparable domestic and foreign controlling bodies of commercial enterprises: None
Martin Köppel (first elected on 25 July 2011)
(Employees‘ Representative)
Adelsdorf, Germany
Chair of the Works Council of PUMA SE
Membership in other statutory supervisory boards in Germany: None
Membership in comparable domestic and foreign controlling bodies of commercial enterprises: None
Bernd Illig (first elected on 9 July 2018)
(Employees‘ Representative)
Bechhofen, Germany
Teamhead IT Endpoint Management of PUMA SE
Membership in other statutory supervisory boards in Germany: None
Membership in comparable domestic and foreign controlling bodies of commercial enterprises: None
PUMA Annual Report 2024
Consolidated Financial Statements
323
SUPERVISORY BOARD COMMITTEES
Personnel Committee
•
Héloïse Temple-Boyer (Chair)
•
Roland Krüger (since 22 May 2024)
•
Fiona May
•
Martin Köppel
Audit Committee
•
Jean-Marc Duplaix (Chair)
•
Thore Ohlsson (until 22 May 2024)
•
Roland Krüger (since 22 May 2024)
•
Harsh Saini (since 13 June 2024)
•
Fiona May (since 22 May 2024)
•
Bernd Illig
Nominating Committee
•
Roland Krüger (Member and Chair since 22 May 2024)
•
Héloïse Temple-Boyer (Chair until 22 May 2024)
•
Fiona May (until 22 May 2024)
•
Jean-Marc Duplaix (until 22 May 2024)
•
Harsh Saini (since 13 June 2024)
Sustainability Committee
•
Harsh Saini (Member and Chair since 13 June 2024)
•
Fiona May (Chair until 13 June 2024)
•
Héloïse Temple-Boyer (until 22 May 2024)
•
Martin Köppel
•
Bernd Illig (since 22 May 2024)
PUMA Annual Report 2024
Consolidated Financial Statements
324
DECLARATION BY THE LEGAL REPRESENTATIVES
We state to the best of our knowledge that the consolidated financial statements give a true and fair view of
the net assets, financial position and results of operations of the Group in accordance with the applicable
accounting principles, and that the Group management report, which is combined with the Management
report of PUMA SE for the financial year 2024, provides a true and fair view of the course of the development
and performance of the business and the position of the Group, together with a description of the principal
risks and opportunities associated with the expected performance of the Group.
Herzogenaurach, 11 March 2025
The Management Board
Freundt
Neubrand
Valdes
PUMA Annual Report 2024
Consolidated Financial Statements
325
ADDITIONAL INFORMATION
Independent auditor's report
326
Assurance report of the
independent german public
auditor on a limited assurance
engagement in relation to the
group sustainability statement
334
The PUMA share
338
PUMA year-on-year comparison 340
PUMA group development
342
KARSTEN WARHOLM
PUMA Annual Report 2024
Additional Information
326
INDEPENDENT AUDITOR'S REPORT
To PUMA SE, Herzogenaurach
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATE-MENTS AND OF THE
COMBINED MANAGEMENT REPORT
OPINIONS
We have audited the consolidated financial statements of PUMA SE, Herzogenaurach, and its subsidiaries
(the Group), which comprise the consolidated statement of financial position as of December 31, 2024, and
the consolidated income statement, the consolidated statement of comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash flows for the financial year from
January 1 to December 31, 2024, and notes to the consolidated financial statements, including significant
information on the accounting policies. In addition, we have audited the management report of the Company
and the Group (combined management report) of PUMA SE for the financial year from
January 1 to December 31, 2024.
In accordance with German legal requirements, we have not audited the content of those components of the
combined management report specified in the 'Other Information' section of our auditor's report.
In our opinion, on the basis of the knowledge obtained in the audit,
•
the accompanying consolidated financial statements comply, in all material respects, with the IFRS
Accounting Standards issued by the International Accounting Standards Board (IASB) (hereinafter
referred to as “IFRS Accounting Standards”) as adopted by the EU, and the additional requirements of
German commercial law pursuant to Section 315e (1) HGB [Handelsgesetzbuch: German Commercial
Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and
financial position of the Group as of December 31, 2024, and of its financial performance for the financial
year from
January 1 to December 31, 2024, and
•
the accompanying combined management report as a whole provides an appropriate view of the Group's
position. In all material respects, this combined management report is consistent with the consolidated
financial statements, complies with German legal requirements and appropriately presents the
opportunities and risks of future development. Our opinion on the combined management report does
not cover the content of those components of the combined management report specified in the 'Other
Information' section of the auditor's report.
Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations
relating to the legal compliance of the consolidated financial statements and of the combined management
report.
BASIS FOR THE OPINIONS
We conducted our audit of the consolidated financial statements and of the combined management report in
accordance with Section 317 HGB and the EU Audit Regulation No 537/2014 (referred to subsequently as 'EU
Audit Regulation'), and in compliance with German Generally Accepted Standards for Financial Statement
Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our
responsibilities under those requirements and principles are further described in the 'Auditor's
Responsibilities for the Audit of the Consolidated Financial Statements and of the Combined Management
Report' section of our auditor's report. We are independent of the group entities in accordance with the
requirements of European law and German commercial and professional law, and we have fulfilled our
PUMA Annual Report 2024
Additional Information
327
other German professional responsibilities in accordance with these requirements. In addition, in
accordance with Article 10 (2)(f) of the EU Audit Regulation, we declare that we have not provided non-audit
services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the evidence we have
obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated financial
statements and on the combined management report.
KEY AUDIT MATTERS IN THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the consolidated financial statements for the financial year from
January 1 to December 31, 2024. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, we do not provide a
separate opinion on these matters.
REVENUE RECOGNITION CUT-OFF FOR WHOLESALE CUSTOMERS
Please refer to Sections 2 and 19 in the notes to the consolidated financial statements for further
information on the accounting policies applied.
THE FINANCIAL STATEMENT RISK
The consolidated financial statements of PUMA SE for financial year 2024 report revenue of
EUR 8,817.2 million. Revenue includes revenue of EUR 6,391.8 million from the sale of goods to wholesale
customers.
The Group recognizes revenue from the sale of goods to wholesale customers when it fulfils a performance
obligation through the transfer of a promised asset to a customer. An asset is transferred when (or as) the
customer obtains control of that asset. In accordance with the transfer of control, revenue from wholesale
customers is recognized at a point in time in the amount to which the Group is entitled.
The Management Board of PUMA SE has defined the criteria for the recognition of revenue at a point in time
in a group-wide accounting policy and implemented processes for correct recognition and cut-off.
In the final weeks prior to the reporting date, a range of transactions with wholesale customers take place
with individual contractual agreements on the transfer of risk. In addition, there are internally defined and
externally communicated revenue targets for the financial year, which represent a key benchmark for
measuring corporate success.
There is the risk for the consolidated financial statements that revenue in the reporting year is overstated
due to it being recognized in the wrong period, meaning that it is not recorded on an accrual basis.
OUR AUDIT APPROACH
In order to audit revenue recognition cut-off for wholesale customers, we assessed the design, setup and
effectiveness of the internal controls relating to outgoing goods and the acceptance of goods and invoicing,
in particular the determination and verification of the correct transfer of control. In addition, we reviewed
the presentation of revenue recognition in the group-wide accounting policy to ensure compliance with
IFRS 15.
Furthermore, we assessed revenue recognition cut-off for wholesale customers by reconciling invoices with
the related orders, underlying contracts and external delivery records. This was based on revenue
recognized at the end of December 2024 and selected using a mathematical/statistical procedure.
OUR OBSERVATIONS
PUMA SE's approach to revenue recognition cut-off with wholesale customers is appropriate.
PUMA Annual Report 2024
Additional Information
328
IMPAIRMENT TESTING OF RIGHT-OF-USE ASSETS FOR RETAIL STORES
For information on the accounting policies applied, please refer to Sections 2 and 10 in the notes to the
consolidated financial statements.
THE FINANCIAL STATEMENT RISK
As of December 31, 2024, right-of-use assets of EUR 1,116.8 million are recognized in the consolidated
financial statements of PUMA SE. A significant portion of the right-of-use assets is attributable to retail
stores (EUR 528.9 million). Right-of-use assets amount to 15.6% of the group's total assets and thus have a
material influence on the Group's net assets.
Owing to the large number of leases and the resulting transactions, the Parent Company has set up group-
wide processes and controls for the measurement of leases.
Right-of-use assets for retail stores are tested for impairment at the level of the individual retail stores as
cash-generating units. The impairment test compares the carrying amount of the cash-generating unit with
its recoverable amount. The Parent Company determines the recoverable amount for the retail stores
indicating potential impairment by routinely using the discounted cash flow method. If the carrying amount
exceeds the recoverable amount, an impairment loss is recognized for the right-of-use asset of the cash-
generating unit. The recoverable amount is the higher of an asset's fair value less costs to sell and its value
in use.
Impairment testing of right-of-use assets for retail stores based on the value in use is complex and based
on a range of assumptions that require judgment. Among others, these include the business and earnings
performance of the retail store for the next year, the assumed growth rates, the applied discount rate and
the use of extension options. The Group recognized impairment losses in the amount of EUR 7.3 million for
right-of-use assets for retail stores during the financial year.
In particular, due to the judgments for measuring right-of-use assets for retail stores based on the value in
use, there is the risk for the consolidated financial statements that an impairment of right-of-use assets
may not be identified.
OUR AUDIT APPROACH
Using the information obtained during our audit, we assessed whether there were any indicators of
impairment for right-of-use assets for retail stores. In doing so, we thoroughly examined the Parent
Company's approach to determining the need to recognize impairment losses and, based on the information
obtained in the course of our audit, assessed whether there were any indications of impairment that had not
been identified by the Parent Company.
With the involvement of our valuation specialists, we then assessed (among other elements) the
appropriateness of the Parent Company's calculation method for a sample of retail stores selected based on
risk. For this purpose we discussed the expected business and earnings development for the retail stores
selected in this sample and the assumed growth rates with those responsible for planning. Where
accounting judgments were made for determining the lease term, we examined these judgments to
determine whether the underlying assumptions were comprehensible in light of the prevailing market
conditions and risks in the industry.
We also assessed the accuracy of the Parent Company's previous forecasts for the affected right-of-use
assets by comparing the budgets from the previous financial year for the selected retail stores in the
sample with the actual results, and we analyzed any deviations. Further, we compared the assumptions and
data underlying the discount rates with our own assumptions and publicly available data. We also assessed
whether the calculation method for the discount rate was appropriate.
We verified the computational accuracy of the carrying amount of the right-of-use assets determined by
PUMA SE for the retail stores included in the sample.
PUMA Annual Report 2024
Additional Information
329
In order to take forecast uncertainty into account, we examined the impact of potential changes in the
discount rate, earnings performance and long-term growth rates on the value in use by calculating
alternative scenarios for the selected sample and comparing these with the values stated by the Group
(sensitivity analysis).
OUR OBSERVATIONS
The calculation method used for impairment testing of right-of-use assets for retail stores is appropriate
and in line with the accounting policies to be applied.
The Parent Company's assumptions and data used for the measurement of the right-of-use assets for retail
stores are appropriate.
OTHER INFORMATION
The Management Board and/or the Supervisory Board are/is responsible for the other information. The
other information comprises the following components of the combined management report, whose content
was not audited:
•
the combined non-financial statement for the Company and the Group, which is contained in the
combined management report, and
•
the combined corporate governance statement for the Company and the Group referred to in the
combined management report.
The other information also includes the remaining parts of the annual report. The other information does
not include the consolidated financial statements, the combined management report information audited
for content and our auditor's report thereon.
Our opinions on the consolidated financial statements and on the combined management report do not
cover the other information, and consequently we do not express an opinion or any other form of assurance
conclusion thereon.
In connection with our audit, our responsibility is to read the other information and, in so doing, to consider
whether the other information
•
is materially inconsistent with the consolidated financial statements, with the combined management
report information audited for content or our knowledge obtained in the audit, or
•
otherwise appears to be materially misstated.
RESPONSIBILITIES OF THE MANAGEMENT BOARD AND THE SUPERVISORY BOARD FOR THE
CONSOLIDATED FINANCIAL STATEMENTS AND THE COMBINED MANAGEMENT REPORT
The Management Board is responsible for the preparation of consolidated financial statements that comply,
in all material respects, with IFRS Accounting Standards as adopted by the EU and the additional
requirements of German commercial law pursuant to Section 315e (1) HGB and that the consolidated
financial statements, in compliance with these requirements, give a true and fair view of the assets,
liabilities, financial position, and financial performance of the Group. In addition, the Management Board is
responsible for such internal control as it has determined necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to fraud (i.e.,
fraudulent financial reporting and misappropriation of assets) or error.
In preparing the consolidated financial statements, the Management Board is responsible for assessing the
Group's ability to continue as a going concern. It also has the responsibility for disclosing, as applicable,
matters related to going concern. It also has the responsibility for disclosing, as applicable, matters related
to going concern. In addition, it is responsible for financial reporting based on the going concern basis of
PUMA Annual Report 2024
Additional Information
330
accounting unless there is an intention to liquidate the Group or to cease operations, or there is no realistic
alternative but to do so.
Furthermore, the Management Board is responsible for the preparation of the combined management
report that, as a whole, provides an appropriate view of the Group’s position and is, in all material respects,
consistent with the consolidated financial statements, complies with German legal requirements, and
appropriately presents the opportunities and risks of future development. In addition, the Management
Board is responsible for such arrangements and measures (systems) as they have considered necessary to
enable the preparation of a combined management report that is in accordance with the applicable German
legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the
combined management report.
The Supervisory Board is responsible for overseeing the Group's financial reporting process for the
preparation of the consolidated financial statements and of the combined management report.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF
THE COMBINED MANAGEMENT REPORT
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and whether the combined
management report as a whole provides an appropriate view of the Group’s position and, in all material
respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit,
complies with the German legal requirements and appropriately presents the opportunities and risks of
future development, as well as to issue an auditor’s report that includes our opinions on the consolidated
financial statements and on the combined management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally
Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW)
will always detect a material misstatement. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements and this combined
management report.
We exercise professional judgment and maintain professional skepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the consolidated financial statements and of
the combined management report, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than
the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal controls.
•
Obtain an understanding of internal control relevant to the audit of the consolidated financial statements
and of arrangements and measures relevant to the audit of the combined management report in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal control or of these arrangements and measures.
•
Evaluate the appropriateness of accounting policies used by the Management Board and the
reasonableness of estimates made by the Management Board and related disclosures.
•
Conclude on the appropriateness of the Management Board's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's
report to the related disclosures in the consolidated financial statements and in the combined
management report or, if such disclosures are inadequate, to modify our respective opinions. Our
PUMA Annual Report 2024
Additional Information
331
conclusions are based on the audit evidence obtained up to the date of our auditor's report. However,
future events or conditions may cause the Group to cease to be able to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements present the underlying
transactions and events in a manner that the consolidated financial statements give a true and fair view
of the assets, liabilities, financial position and financial performance of the Group in compliance with
IFRS Accounting Standards as adopted by the EU and the additional requirements of German
commercial law pursuant to Section 315e (1) HGB.
•
Plan and perform the audit of the consolidated financial statements to obtain sufficient appropriate audit
evidence regarding the financial information of the entities or business segments within the Group to
provide a basis for our opinions on the consolidated financial statements and on the combined
management report. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our opinions.
•
Evaluate the consistency of the combined management report with the consolidated financial
statements, its conformity with [German] law, and the view of the Group's position it provides.
•
Perform audit procedures on the prospective information presented by the Management Board in the
combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in
particular, the significant assumptions used by the Management Board as a basis for the prospective
information, and evaluate the proper derivation of the prospective information from these assumptions.
We do not express a separate opinion on the prospective information and on the assumptions used as a
basis. There is a substantial unavoidable risk that future events will differ materially from the
prospective information.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the relevant
independence requirements, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, the actions taken or safeguards
applied to eliminate independence threats.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation
precludes public disclosure about the matter.
OTHER LEGAL AND REGULATORY REQUIREMENTS
REPORT ON THE ASSURANCE ON THE ELECTRONIC RENDERING OF THE CONSOLIDATED FINANCIAL
STATEMENTS AND THE COMBINED MANAGEMENT REPORT PREPARED FOR PUBLICATION PURPOSES IN
ACCORDANCE WITH SECTION 317 (3A) HGB
We have performed assurance work in accordance with Section 317 (3a) HGB to obtain reasonable assurance
about whether the rendering of the consolidated financial statements and the combined management
report (hereinafter the 'ESEF documents') contained in the electronic file „PUMA KA 2024.zip“ (SHA256-
Hashwert: 044183bc89c3223ae4b8b1dd9f21047f37c5c010ff731cbd7ecb35e3e284d95b) made available and
prepared for publication purposes complies in all material respects with the requirements of
Section 328 (1) HGB for the electronic reporting format ('ESEF format'). In accordance with German legal
requirements, this assurance work extends only to the conversion of the information contained in the
consolidated financial statements and the combined management report into the ESEF format and
therefore relates neither to the information contained in these renderings nor to any other information
contained in the file identified above.
PUMA Annual Report 2024
Additional Information
332
In our opinion, the rendering of the consolidated financial statements and the combined management
report contained in the electronic file made available, identified above and prepared for publication
purposes complies in all material respects with the requirements of Section 328 (1) HGB for the electronic
reporting format. Beyond this assurance opinion and our audit opinion on the accompanying consolidated
financial statements and the accompanying combined management report for the financial year from
January 1 to December 31, 2024, contained in the 'Report on the Audit of the Consolidated Financial
Statements and the Combined Management Report' above, we do not express any assurance opinion on the
information contained within these renderings or on the other information contained in the file identified
above.
We conducted our assurance work on the rendering of the consolidated financial statements and the
combined management report contained in the file made available and identified above in accordance with
Section 317 (3a) HGB and the IDW Assurance Standard: Assurance Work on the Electronic Rendering of
Financial Statements and Management Reports Prepared for Publication Purposes in Accordance with
Section 317 (3a) HGB (IDW AsS 410 (06.2022)). Our responsibility in accordance therewith is further described
below. Our audit firm applies the IDW Standard on Quality Management 1: Requirements for Quality
Management in Audit Firms (IDW QMS 1) (09.2022).
The Company's Management Board is responsible for the preparation of the ESEF documents including the
electronic rendering of the consolidated financial statements and the combined management report in
accordance with Section 328 (1) sentence 4 item 1 HGB and for the tagging of the consolidated financial
statements in accordance with Section 328 (1) sentence 4 item 2 HGB.
In addition, the Company's Management Board is responsible for such internal control that they have
considered necessary to enable the preparation of ESEF documents that are free from material intentional
or unintentional non-compliance with the requirements of Section 328 (1) HGB for the electronic reporting
format.
The Supervisory Board is responsible for overseeing the process of preparing the ESEF documents as part
of the financial reporting process.
Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material
intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB. We exercise
professional judgment and maintain professional skepticism throughout the assurance work. We also:
•
Identify and assess the risks of material intentional or unintentional non-compliance with the
requirements of Section 328 (1) HGB, design and perform assurance procedures responsive to those
risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our
assurance opinion.
•
Obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to
design assurance procedures that are appropriate in the circumstances, but not for the purpose of
expressing an assurance opinion on the effectiveness of these controls.
•
Evaluate the technical validity of the ESEF documents, i.e. whether the file made available containing the
ESEF documents meets the requirements of Commission Delegated Regulation (EU) 2019/815, as
amended as of the reporting date, on the technical specification for this electronic file.
•
Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the
audited consolidated financial statements and the audited combined management report.
•
Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance
with the requirements of Articles 4 and 6 of the Commission Delegated Regulation (EU) 2019/815, as
amended as of the reporting date, enables an appropriate and complete machine-readable XBRL copy of
the XHTML rendering.
PUMA Annual Report 2024
Additional Information
333
FURTHER INFORMATION PURSUANT TO ARTICLE 10 OF THE EU AUDIT REGULATION
We were elected as auditor of the consolidated financial statements at the Annual General Meeting on
May 22, 2024. We were engaged by the Supervisory Board on November 7, 2024. We have been the auditor of
the consolidated financial statements of PUMA SE without interruption since financial year 2022.
We declare that the opinions expressed in this auditor's report are consistent with the additional report to
the Audit Committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).
OTHER MATTER – USE OF THE AUDITOR'S REPORT
Our auditor's report must always be read together with the audited consolidated financial statements and
the audited combined management report as well as the examined ESEF documents. The consolidated
financial statements and combined management report converted to the ESEF format – including the
versions to be entered in the German Company Register [Unternehmensregister] – are merely electronic
renderings of the audited consolidated financial statements and the audited combined management report
and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are
to be used solely together with the examined ESEF documents made available in electronic form.
GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT
The German Public Auditor responsible for the engagement is Matthias Koeplin.
Nuremberg, March 11, 2025
KPMG AG
Wirtschaftsprüfungsgesellschaft
Koeplin
Wirtschaftsprüfer
[German Public Auditor]
Sanetra
Wirtschaftsprüfer
[German Public Auditor]
PUMA Annual Report 2024
Additional Information
334
ASSURANCE REPORT OF THE INDEPENDENT
GERMAN PUBLIC AUDITOR ON A LIMITED
ASSURANCE ENGAGEMENT IN RELATION TO THE
GROUP SUSTAINABILITY STATEMENT0F
1
To the PUMA SE, Herzogenaurach
ASSURANCE CONCLUSION
We have conducted a limited assurance engagement on the Group Sustainability Statement, included in
section Sustainability Statement of the combined management report, of PUMA SE for the financial year
from January 1 to December 31, 2024. The Group Sustainability Statement was prepared to fulfil the
requirements of Directive (EU) 2022/2464 of the European Parliament and of the Council of 14
December 2022 (Corporate Sustainability Reporting Directive, CSRD) and Article 8 of Regulation (EU)
2020/852 as well as Sections 315b and 315c of the HGB (Handelsgesetzbuch: German Commercial Code) for
a Group non-financial statement and Sections §§ 289b to 289e of the HGB for a non-financial statement of
the company.
External references and the reports of other assurance practitioners in relation to the assurance of
information, from sources within the value chain, contained in the Group Sustainability Statement and as
referred to in the Group Sustainability Statement are not subject to our assurance engagement.
Based on the procedures performed and the evidence obtained, nothing has come to our attention that
causes us to believe that the accompanying Group Sustainability Statement is not prepared, in all material
respects, in accordance with the requirements of the CSRD and Article 8 of Regulation (EU) 2020/852,
Sections 315b and 315c for a Group non-financial statement, Sections §§ 289b to 289e of the HGB for a non-
financial statement of the company and the supplementary criteria presented by the executive directors of
the Company. This assurance conclusion includes that nothing has come to our attention that causes us to
believe that:
•
the accompanying Group Sustainability Statement does not comply, in all material respects, with the
European Sustainability Reporting Standards (ESRS), including that the process carried out by the entity
to identify information to be included in the Group Sustainability Statement (the materiality assessment)
is not, in all material respects, in accordance with the description set out in section Sustainability
Statement of the combined management report, or
•
the disclosures in the Group Sustainability Statement do not comply, in all material respects, with Article
8 of Regulation (EU) 2020/852.
We do not express an assurance conclusion on external references and on references in the Group
Sustainability Statement to assurance reports or reports of other assurance practitioners (see appendix to
this Assurance Report).
1 Our engagement related to the German version of the Group Sustainability Statement 2024. This text is a translation of the
assurance report of the independent German Public Auditor in German, with the German version being authoritative.
PUMA Annual Report 2024
Additional Information
335
BASIS FOR THE ASSURANCE CONCLUSION
We conducted our assurance engagement in accordance with International Standard on Assurance
Engagements (ISAE) 3000 (Revised): Assurance Engagements Other Than Audits or Reviews of Historical
Financial Information issued by the International Auditing and Assurance Standards Board (IAASB).
The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent
than for, a reasonable assurance engagement. Consequently, the level of assurance obtained is
substantially lower than the assurance that would have been obtained had a reasonable assurance
engagement been performed.
Our responsibilities under ISAE 3000 (Revised) are further described in the section “German Public
Auditor’s Responsibilities for the Assurance Engagement on the Group Sustainability Statement”.
We are independent of the entity in accordance with the requirements of European law and German
commercial and professional law, and we have fulfilled our other German professional responsibilities in
accordance with these requirements. Our audit firm has applied the requirements for a system of quality
control as set forth in the IDW Quality Management Standard issued by the Institut der Wirtschaftsprüfer
(Institute of Public Auditors in Germany) (IDW): Requirements for Quality Management in the Audit Firm
(IDW QMS 1 (09.2022)) and International Standard on Quality Management (ISQM) 1 issued by the IAASB. We
believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our assurance
conclusion.
RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE SUPERVISORY BOARD FOR THE GROUP
SUSTAINABILITY STATEMENT
The executive directors are responsible for the preparation of the Group Sustainability Statement in
accordance with the requirements of the CSRD and the applicable German legal and other European
requirements as well as with the supplementary criteria presented by the executive directors of the
Company and for designing, implementing and maintaining such internal control that they have considered
necessary to enable the preparation of a Group Sustainability Statement in accordance with these
requirements that is free from material misstatement, whether due to fraud (i.e., fraudulent sustainability
reporting in the Group Sustainability Statement) or error.
This responsibility of the executive directors includes establishing and maintaining the materiality
assessment process, selecting and applying appropriate reporting policies for preparing the Group
Sustainability Statement, as well as making assumptions and estimates and ascertaining forward-looking
information for individual sustainability-related disclosures.
The Supervisory Board is responsible for overseeing the process for the preparation of the Group
Sustainability Statement.
INHERENT LIMITATIONS IN PREPARING THE GROUP SUSTAINABILITY STATEMENT
The CSRD and the applicable German legal and other European requirements contain wording and terms
that are subject to considerable interpretation uncertainties and for which no authoritative, comprehensive
interpretations have yet been published. Therefore, the executive directors have disclosed their
interpretations of such wording and terms in the respective sections of the Group Sustainability Statement.
The executive directors are responsible for the reasonableness of these interpretations. As such wording
and terms may be interpreted differently by regulators or courts, the legality of measurements or
evaluations of sustainability matters based on these interpretations is uncertain. As further set forth in
section ESRS 2 BP-1 of the Group Sustainability Statement, the quantification of the non-financial
performance indicator is also subject to inherent uncertainties due to limited data availability and the need
for estimates.
These inherent limitations also affect the assurance engagement on the Group Sustainability Statement.
PUMA Annual Report 2024
Additional Information
336
GERMAN PUBLIC AUDITOR’S RESPONSIBILITIES FOR THE ASSURANCE ENGAGEMENT ON THE GROUP
SUSTAINABILITY STATEMENT
Our objective is to express a limited assurance conclusion, based on the assurance engagement we have
conducted, on whether any matters have come to our attention that cause us to believe that the Group
Sustainability Statement has not been prepared, in all material respects, in accordance with the CSRD, the
applicable German legal and other European requirements and the supplementary criteria presented by the
company’s executive directors, and to issue an assurance report that includes our assurance conclusion on
the Group Sustainability Statement.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise
professional judgment and maintain professional skepticism. We also:
•
obtain an understanding of the process used to prepare the Group Sustainability Statement, including
the materiality assessment process carried out by the entity to identify the disclosures to be reported in
the Group Sustainability Statement.
•
identify disclosures where a material misstatement due to fraud or error is likely to arise, design and
perform procedures to address these disclosures and obtain limited assurance to support the assurance
conclusion. The risk of not detecting a material misstatement resulting from fraud is higher than the
risk of not detecting a material misstatement resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations or the override of internal control. In addition, the risk
of not detecting a material misstatement in information obtained from sources not within the entity’s
control (value chain information) is ordinarily higher than the risk of not detecting a material
misstatement in information obtained from sources within the entity’s control, as both the entity’s
executive directors and we as practitioners are ordinarily subject to restrictions on direct access to the
sources of the value chain information.
•
consider the forward-looking information, including the appropriateness of the underlying assumptions.
There is a substantial unavoidable risk that future events will differ materially from the forward-looking
information.
SUMMARY OF THE PROCEDURES PERFORMED BY THE GERMAN PUBLIC AUDITOR
A limited assurance engagement involves the performance of procedures to obtain evidence about the
sustainability information. The nature, timing and extent of the selected procedures are subject to our
professional judgment.
In performing our limited assurance engagement, we:
•
evaluated the suitability of the criteria as a whole presented by the executive directors in the Group
Sustainability Statement
•
inquired of the executive directors and relevant employees involved in the preparation of the Group
Sustainability Statement about the preparation process, including the materiality assessment process
carried out by the entity to identify the disclosures to be reported in the Group Sustainability Statement,
and about the internal controls relating to this process
•
evaluated the reporting policies used by the executive directors to prepare the Group Sustainability
Statement
•
evaluated the reasonableness of the estimates and related information provided by the executive
directors. If, in accordance with the ESRS, the executive directors estimate the value chain information to
be reported for a case in which the executive directors are unable to obtain the information from the
value chain despite making reasonable efforts, our assurance engagement is limited to evaluating
whether the executive directors have undertaken these estimates in accordance with the ESRS and
assessing the reasonableness of these estimates, but does not include identifying information in the
value chain that the executive directors were unable to obtain
•
performed analytical procedures and made inquiries in relation to selected information in the Group
Sustainability Statement
PUMA Annual Report 2024
Additional Information
337
•
conducted site visits remote and onsite
•
considered the presentation of the information in the Group Sustainability Statement
•
considered the process for identifying taxonomy-eligible and taxonomy-aligned economic activities and
the corresponding disclosures in the Group Sustainability Statement.
RESTRICTION OF USE / CLAUSE ON GENERAL ENGAGEMENT TERM
This assurance report is solely addressed to PUMA SE.
The engagement, in the performance of which we have provided the services described above on behalf of
PUMA SE, was carried out on the basis of the General Engagement Terms for Wirtschaftsprüferinnen,
Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften (Allgemeine Auftragsbedingungen für
Wirtschaftsprüferinnen, Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften) dated as of January 1,
2024 (www. kpmg.de/AAB_2024). By taking note of and using the information as contained in our report each
recipient confirms to have taken note of the terms and conditions stipulated in the aforementioned General
Engagement Terms (including the liability limitations of EUR 4 Mio. specified in item No. 9 included therein)
and acknowledges their validity in relation to us.
Nuremberg, 11 March 2025
KPMG AG
Wirtschaftsprüfungsgesellschaft
Koeplin
Wirtschaftsprüfer
[German Public Auditor]
Stauder
Wirtschaftsprüfer
[German Public Auditor]
PUMA Annual Report 2024
Additional Information
338
THE PUMA SHARE
The PUMA share had a negative performance in financial year 2024. The closing price of the PUMA share on the last trading day in 2024 (30 December) was € 44.36 and
thus 12.2% lower than the closing price of the previous year. The market capitalisation of the PUMA Group fell accordingly from € 7.6 billion at the end of 2023 to
€ 6.6 billion at the end of 2024. The PUMA share started 2024 at a price of € 50.52 and fluctuated between € 52.50 (May 2024) and € 34.81 (August 2024) in the following
twelve months. The daily trading volume of PUMA shares increased from an average of 423 thousand shares in the previous year to an average of 571 thousand shares in
financial year 2024.
↗ T.01 KEY DATA PER SHARE*
2024
2023
2022
2021
2020
2019
2018
End of year price
€
44.36
50.52
56.70
107.50
92.28
68.35
42.70
Highest price listed
€
52.50
67.22
108.00
114.70
92.28
72.95
52.50
Lowest price listed
€
34.81
44.36
43.85
80.42
42.14
43.00
31.70
Daily trading volume (Ø)
amount in
thousands
571
423
519
281
423
387
444
Earnings per share
€
1.89
2.03
2.36
2.07
0.53
1.76
1.25
Gross cashflow per share
€
5.88
6.43
6.14
5.49
3.50
4.71
2.66
Free cashflow (before acquisitions) per
share
€
3.11
2.46
1.19
1.85
1.85
2.22
1.00
Shareholders' equity per share
€
19.01
17.23
16.97
15.23
11.79
12.84
11.52
Dividend per share
€
0.61
0.82
0.82
0.72
0.16
0.50
0.35
*
Disclosures for the prior periods were adjusted retroactively to the 1:10 stock split carried out in the second quarter of 2019
Additional Information
PUMA Annual Report 2024
339
↗ G.01 PUMA SHARE PERFORMANCE / TRADING VOLUME
↗ G.02 SHARE DEVELOPMENT - REBASED
The PUMA share has been registered for the regulated market on German stock exchanges since 1986. It is
listed in the Prime Standard Segment and the Mid-Cap Index MDAX of the German Stock Exchange
(Deutsche Börse). Moreover, membership in the FTSE4Good index was once again confirmed.
160
100
60
20
0
80
40
4.500
3.500
2.500
1.000
500
0
3.000
2.000
120
4.000
140
Trading volume
PUMA share
Share price in €
Trading volume in thousands of shares
160
100
60
20
0
80
40
120
140
MDAX
PUMA share
%
PUMA Annual Report 2024
Additional Information
340
PUMA YEAR-ON-YEAR COMPARISON
↗ T.02 PUMA YEAR-ON-YEAR COMPARISON (IN € MILLION)
2024
2023
Deviation
Sales
Consolidated sales
8,817.2
8,601.7
2.5%
- Footwear
4,733.6
4,583.4
3.3%
- Apparel
2,813.9
2,763.0
1.8%
- Accessories
1,269.7
1,255.3
1.1%
Result of operations
Gross profit
4,177.9
3,986.6
4.8%
EBIT
622.0
621.6
0.1%
EBT
462.3
478.3
-3.3%
Net earnings attributable to shareholders of PUMA SE
281.6
304.9
-7.6%
Profitability
Gross profit margin
47.4%
46.3%
1.0%pt
EBT margin
5.2%
5.6%
-0.3%pt
Net earnings margin
3.2%
3.5%
-0.3%pt
Return on capital employed (ROCE)
23.0%
25.1%
-2.1%pt
Return on equity (ROE)
10.0%
11.8%
-1.8%pt
Balance sheet
Total equity
2,828.6
2,582.3
9.5%
- Equity ratio
39.6%
38.9%
0.7%pt
Working capital
1,278.2
1,177.3
8.6%
- in % of consolidated sales
14.5%
13.7%
0.8%pt
Cash flow and investments
Gross cash flow
878.2
964.1
-8.9%
Free cash flow
464.3
369.0
25.8%
Investments (before acquisitions)
263.0
300.4
-12.5%
PUMA Annual Report 2024
Additional Information
341
2024
2023
Deviation
Employees
Number of employees (annual average)
18,668
18,023
3.6%
Sales per employee (k€)
472.3
477.3
-1.0%
PUMA share
Share price (in €)
44.36
50.52
-12.2%
Average outstanding shares (in million)
149.32
149.85
-0.4%
Number of shares outstanding as of 31 December (in million shares)
148.82
149.84
-0.7%
Earnings per share (in €)
1.89
2.03
-6.9%
Market capitalisation
6,602
7,570
-12.8%
Average trading volume (amount/day)
570,863
423,200
34.9%
PUMA Annual Report 2024
Additional Information
342
PUMA GROUP DEVELOPMENT
↗ T.03 PUMA GROUP DEVELOPMENT (IN € MILLION)
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Sales
Consolidated sales
8,817.2
8,601.7
8,465.1
6,805.4
5,234.4
5,502.2
4,648.3
4,135.9
3,626.7
3,387.4
- Change in %
2.5%
1.6%
24.4%
30.0%
-4.9%
18.4%
12.4%
14.0%
7.1%
14.0%
- Footwear
4,733.6
4,583.4
4,317.9
3,163.6
2,367.6
2,552.5
2,184.7
1,974.5
1,627.0
1,506.1
- Apparel
2,813.9
2,763.0
2,896.3
2,517.3
1,974.1
2,068.7
1,687.5
1,441.4
1,333.2
1,244.8
- Accessories
1,269.7
1,255.3
1,251.0
1,124.5
892.7
881.1
776.1
719.9
666.5
636.4
Result of operations
Gross profit
4,177.9
3,986.6
3,902.7
3,257.8
2,458.0
2,686.4
2,249.4
1,954.3
1,656.4
1,540.2
- Gross profit margin
47.4%
46.3%
46.1%
47.9%
47.0%
48.8%
48.4%
47.3%
45.7%
45.5%
Royalty and commission income
24.3
38.5
33.8
23.9
16.1
25.1
16.3
15.8
15.7
16.5
EBIT
622.0
621.6
640.6
557.1
209.2
440.2
337.4
244.6
127.6
96.3
- EBIT margin
7.1%
7.2%
7.6%
8.2%
4.0%
8.0%
7.3%
5.9%
3.5%
2.8%
EBT
462.3
478.3
551.7
505.3
162.3
417.6
313.4
231.2
118.9
85.0
- EBT margin
5.2%
5.6%
6.5%
7.4%
3.1%
7.6%
6.7%
5.6%
3.3%
2.5%
Net earnings attributable to shareholders of PUMA SE
281.6
304.9
353.5
309.6
78.9
262.4
187.4
135.8
62.4
37.1
- Net margin
3.2%
3.5%
4.2%
4.5%
1.5%
4.8%
4.0%
3.3%
1.7%
1.1%
Additional Information
PUMA Annual Report 2024
343
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Expenses
Marketing/retail
1,736.9
1,643.2
1,578.5
1,309.1
1,050.2
1,112.1
931.2
822.9
732.3
697.6
Personnel
985.3
900.6
846.5
712.4
583.7
640.5
553.8
549.1
493.1
483.8
Balance sheet
Total assets
7,140.6
6,640.4
6,772.7
5,728.3
4,684.1
4,378.2
3,207.2
2,853.8
2,765.1
2,620.3
Total equity
2,828.6
2,582.3
2,538.8
2,278.5
1,763.9
1,902.3
1,722.2
1,656.7
1,722.2
1,619.3
- Equity ratio
39.6%
38.9%
37.5%
39.8%
37.7%
43.4%
53.7%
58.1%
62.3%
61.8%
Working capital
1,278.2
1,177.3
1,086.8
727.9
465.8
549.4
503.9
493.9
536.6
532.9
- thereof: inventories
2,013.7
1,804.4
2,245.1
1,492.2
1,138.0
1,110.2
915.1
778.5
718.9
657.0
Cash flow
Free cash flow
464.3
369.0
177.5
276.2
276.0
330.0
172.9
128.5
49.7
-98.9
Investments (incl. acquisitions)
263.0
300.4
263.6
202.4
151.0
218.4
130.2
122.9
91.1
79.5
Profitability
Return on equity (ROE)
10.0%
11.8%
13.9%
13.6%
4.5%
13.8%
10.9%
8.2%
3.6%
2.3%
Return on capital employed (ROCE)
23.0%
25.1%
28.4%
31.9%
15.1%
29.6%
25.8%
20.7%
10.3%
7.9%
Additional Information
PUMA Annual Report 2024
344
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Additional information
Number of employees (year-end)
19,599
18,681
18,071
16,125
14,374
14,332
12,894
11,787
11,495
11,351
Number of employees (annual average)
18,668
18,023
16,669
14,846
13,016
13,348
12,192
11,389
11,128
10,988
PUMA share*
Share price (in €)
44.36
50.52
56.70
107.50
92.28
68.35
42.70
36.30
24.97
19.87
Earnings per share (in €)
1.89
2.03
2.36
2.07
0.53
1.76
1.25
0.91
0.42
0.25
Average outstanding shares (in million)
149.32
149.85
149.65
149.59
149.56
149.52
149.47
149.43
149.40
149.40
Number of shares outstanding as of 31 December
(in million shares)
148.82
149.84
149.76
149.61
149.58
149.55
149.51
149.46
149.40
149.40
Market capitalisation
6,602
7,570
8,491
16,083
13,804
10,222
6,384
5,426
3,730
2,968
*
Disclosures for the prior periods were adjusted retroactively to the 1:10 stock split carried out in the second quarter of 2019
Additional Information
PUMA Annual Report 2024
345
IMPRINT
PUBLISHER
PUMA SE
PUMA Way 1
91074 Herzogenaurach
Germany
+49 (0)9132 81-0
www.about.puma.com
CORPORATE COMMUNICATIONS
Kerstin Neuber
Senior Director Corporate Communications
kerstin.neuber@puma.com
INVESTOR RELATIONS
Gottfried Hoppe
Director Investor Relations
gottfried.hoppe@puma.com
PEOPLE & ORGANIZATION
Dietmar Knoess
Vice President People & Organization
dietmar.knoess@puma.com
SUSTAINABILITY
Stefan Seidel
Senior Director Corporate Sustainability
stefan.seidel@puma.com
Veronique Rochet
Senior Director Sustainability
veronique.rochet@puma.com
DESIGN AND LAYOUT
3st kommunikation GmbH
www.3st.de
REALISATION
Produced inhouse with firesys
www.firesys.de
MATHIAS GIDSEL
PUMA Annual Report 2024
Imprint