Puma expects another annual loss; cancels dividend in turnaround drive

Puma cancelled its annual dividend on Thursday and said it would post an annual loss in 2026 as Chief Executive Arthur ‌Hoeld tries to ⁠turn ⁠around the German sportswear brand that has lost ground to rivals.

Hoeld said he was "very excited" about China's biggest sportswear brand Anta becoming a strategic investor, after the company last month agreed to buy a 29% stake in Puma.

Puma said it expects an operating loss between 50 million euros and 150 million euros ($59 million-$177 million) in 2026.


It reported a loss of 357.2 million euros in 2025, smaller than the 374.3 ⁠million analysts ‌were expecting according to a company-compiled poll.

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"We're going to accelerate Puma's brand momentum moving forward for future commercial success," Hoeld said on a call ⁠with journalists, adding that sales in China could be hurt in the near term as Anta favours a direct-to-consumer strategy rather than Puma's model of selling through retailers.

Greater China currently accounts for just 7% of Puma's sales, a share Anta has said it would grow once its stake purchase is complete.

Hoeld, formerly a sales chief at Adidas, took the top job at Puma in July.

Revenue will keep declining this year but at a slower pace in the ‌low- to mid-single-digit percentage range, Puma said.

Sales fell 8.1% in currency-adjusted terms to 7.3 billion euros in 2025, while net debt rose to 1.064 billion euros ($1.26 billion) at the end ⁠of 2025.

Debt stood at 119.8 million euros a year earlier.

"Given the elevated debt levels, we are deleveraging, this is a priority and we are targeting reduced debt over the coming years," Chief Financial Officer Markus Neubrand said.

Puma also said it was clearing unsold stock faster than planned, after buying back excess products from retailers to sell through its own factory outlets.

Shares of the company, which have fallen 73% over the last five years, gained 4% on Thursday.