Thank you very much, Maura. Hello everyone and welcome to the Puma conference call for the fourth quarter and full year 2025.

Joining me today are our CEO Arthur Hoeld and our CFO Markus Neubrand. Before we start, please take note of the cautionary statement regarding forward-looking information.

Arthur and Markus will guide you through today's presentation covering our business recap, financial update, and outlook for the year ahead. After the presentation, we will open the floor for your questions.

For the Q&A session, we kindly ask that you limit your initial questions to two per person. This will allow as many participants as possible the opportunity to take part in the discussion.

We will begin with a short video and afterwards Arthur will take over. With that, please enjoy the video.

When you've been in this game for over 75 years, it's fair to say we have what it takes. The team at Puma is killing shit right now.

How about that? Come on.

To win and celebrate timeless triumphs. To reshape the future, push performances beyond boundaries, winning medals and breaking records in style.

Creatures of my dreams, arise and dance with me. The truth is, we've also learned that victory never, ever comes easy.

Goals don't live in our comfort zone, and icons aren't just created overnight. Right now, we're facing our biggest challenge yet: to reclaim our position on the court, on the track, the green, the pitch, the floor, the screens, and the streets all around the world.

This meant we had to change and turn things around in 2025. We had to step up our game, raise our own bar, and take that leap to question what works and change what doesn't.

This is how we sharpen our focus, rethink collections, reveal how we bring our brand and products into the hearts and minds of our customers, and reset what we bring to the table while we embrace our history, our innovations, and our DNA. Let's get to it.

Let's rebuild a business that's relevant in another 75 years. Let's be our best team, partner with the people we know, trust the process, and become part of a culture to be proud of again.

Because we know we have what it takes to get back where we belong, as one global sports brand. Done, terrific.

Just remember, this is Puma.

Good afternoon and welcome from my side here from Herzogenaurach as well. I think that video summarized perfectly what a great brand we are, what a great potential we have, but it certainly also highlighted some of the challenges that we have started to attack last year.

Allow me to take you on that journey and the progress that we have made over the last few months. However, starting of course, when we talk about Puma, we want to start with sports, the foundation that we build upon.

Some of the highlights last year were definitely Mondo Duplantis taking the world title and at the same time the world record in pole vaulting at the Tokyo World Championships that also made him the fourth time the Men's Athlete of the Year. Amanal Petros featuring the Fast-R 3 was winning the silver medal in the marathon race and then subsequent to that in Valencia set the third fastest European time ever.

We are very happy that to date we have 10 teams qualified for the FIFA World Cup, and that gives us a strong, strong presence at one of the most prolific sporting events later this year. HYROX, key partnership that we have extended last year, sees increasing popularity, building a community way beyond what we have imagined beforehand, and we have key athletes who are breaking world records almost on a weekly basis.

In Formula 1 last year, we had two out of five teams in the top constructor championships. As you've seen from our recent announcements, we're very proud to add McLaren, the current champion in the team and individual championships, to our roster for 2026.

Then last but not least, with Dennis Schröder and the German team winning the EuroBasket, at the same time we are looking forward to Tyrese Haliburton coming back in the new season. There's a lot of positivity, a lot of great achievements that Puma as a brand has seen in the year 2025.

We also do see our foundation for future success in exactly those areas: first and foremost, providing innovative technologies for our athletes, for our teams, for our high-performing sports people, whether it's apparel technologies like CLOUDSPUN or dryCELL or the best technology in the running world out there with NITRO. We are extremely proud of the developments and of the success stories our teams have achieved in recent months.

Second to that, our brand will be built on community platforms, connecting with consumers around the world, connecting in new, different, and engaging ways to really set the tone in that, set the standard where Puma will be at the forefront of conversations again. Of course, it's also about global reach, a brand that is globally recognized, but globally also connects on the highest level with partnerships that have been either long-lasting or will be added freshly and newly to excite our audience out there.

That all will be built on 77 years of history, of history that was made out of great products, great athletes, and great partnerships that have built Puma into one of the greatest brands on Earth to date. However, we also recognized last year that we have to start to do things differently in our organization and in our brand.

We have called out a three-year transformation journey that was clearly starting middle of last year with the so-called reset. Let me give you a brief update what we have achieved and what we've done in those last 5 to 6 months since we called this out.

So 2025 was not just a year of reset. We have clearly communicated and acted upon key measures and key activities that will take Puma into a different area and allow us to really fulfill our growth ambitions in the years to come.

From a distribution perspective, we have talked about cleaning up undesirable wholesale business, reducing our overstock with wholesale partners, and at the same time reducing our discounts in our own channels, and I'll come to talk a little bit more in detail about that one. From a cash perspective, we have become a much more prolific organization in terms of managing our cash situation.

We have definitely reduced our PO placements in order to avoid a further oversupply, for example, for our 2026 business. At the same time, we have also reset our opex operations.

We have, for example, significantly reduced our range size, our complexity, and also committed to working on our operational inefficiencies as an organization and as a company. When I talk about rightsizing measures across our business, I wanted to give you some details, a bit more flavor what that meant for us.

In the US, for example, when it comes to undesirable wholesale business, we will decrease our business by double digits over the next couple of years until the end of this year. We have already started to reduce our discounting policy in our own e-commerce channels as well in our retail channels.

This has already a significant impact not just on our top line, but more importantly that people and consumers start to see us again as a serious brand and as a brand that commands value. Last but not least, as I've said, both our inline and non-inline product range will decrease double digit.

The season where that will come into fruition will be the spring/summer '27 season. A lot of measures that we talked about that are now already in place that will show up in the market in the seasons to come.

We also have committed to focusing on streamlining our organization. The adjustments we've promised was about 20% of our white-collar positions to be reduced between '25 and 2026.

500 of those positions have been reduced in the first half of 2025 within the so-called Next Level program. One-third of the additional 900 positions we have reduced in the second half of last year.

That leaves another two-thirds of those 900 positions that we're actively engaging with at this point in time. We have committed, and we're executing, to become a better, to become a more streamlined, but also more efficient organization going forward.

An organization is of course built on strong leadership, senior leadership that has the capabilities to transform this organization. What you see here on this chart is the already communicated new addition of Andreas Hubert as Chief Operating Officer, as well as the extended responsibilities for Maria Valdes.

Her role was transformed from being in charge in terms of products only to now adding a responsibility for go-to-market and brand marketing to fulfill a new operating model that we as an organization will be carrying in the future. You also see a significant amount of other changes that I will not go into detail today, but they've all been announced over the last 3 to 6 months basically.

Allow me to briefly touch on that new brand and operating model. What is new that we're basically bringing all the elements together that allow us to develop successful and promising and cut-through marketing stories and concepts in the future.

That means brand marketing, product creation, and the go-to-market teams are all united under one team and will in the future develop concepts and propositions right from the get-go and then take them also fully through into sales and into the conversations with our customers and with our DTC colleagues. Under Maria's leadership, we have also restructured our categories with a full ownership proposition moving forward.

We've also clearly called out what we say the four priority, the four DNA categories for Puma in the future. That will be football, running and training now as two separated categories that previously were homed under one leadership, and a focus on Sportstyle, which is the Select and the Prime business, which has been split from the core business.

Clearly a commitment to growth and to growth across a global scale with a dedicated viewpoint on how we will show up as a brand in the future. Also at the same time, we have developed a new go-to-market calendar that will come fully into fruition for the spring/summer 2028 season.

That means we're going to have a more focused approach in terms of alignment internally, an improved sell-in readiness, but also higher efficiencies when as a brand we go to market. The second significant change that we are undergoing at the moment is under the leadership of Matthias as our Chief Commercial Officer.

We are going to transform our home region Europe from an organization that has a very small regional layer with seven almost with seven different competencies in different cluster centers, which led to a very decentralized structure, duplicate a lot of efforts, and ultimately also a pretty inconsistent brand activation. In the future, as of later this year, we're going to increase our regional layer, our European layer.

We're going to have three more streamlined clusters across Central, North, and South, and that also will mean in future we're going to have more consistency, stronger efficiencies. There will be a regional ownership of the key growth levers and also allowing us for faster and more aligned decision-making.

These were some of the measures we talked about last year and the execution that was started, but of course will transition into 2026. With that, I'll hand over to Markus to talk you through the results.

Thank you, Arthur, and hello to everybody from my side. Following Arthur's remarks, I will now walk you through the key financial metrics and explain how the reset measures he outlined impacted Puma's Q4 and full year results.

On the top line, we saw substantial currency-adjusted sales decline of nearly -21% in Q4, leading to a sales decline in full year 2025 of around 8%. The notable reduction in sales of around 8% was primarily attributable to our reset measures initiated during the second half of 2025.

Our reset measures can be split up mainly into three buckets. The largest impact came from cancellations of undesirable business with wholesale partners in the mass merchant space, followed by inventory takebacks and lower DTC promotions to improve brand perception.

From a regional perspective, the reset was particularly pronounced in Americas, especially in the US, EMEA, and China. Now let's have a look at the sales breakdown by channel.

Wholesale saw a decline of around 28% in Q4 due to significant takebacks to clear excess inventory in the channel along with immediate actions to reduce exposure to mass merchants in North America and to phase out undesirable business in Latin America, EMEA, and Asia-Pacific. In full year 2025, wholesale decreased by 13%.

Direct-to-consumer sales dropped 8% in Q4 with owned and operated stores down about 1% and e-commerce falling by 20% due to fewer promotions aimed at strengthening Puma's brand. For the full year, DTC increased 3%, supported by both brick-and-mortar and e-commerce.

Correspondingly, the Q4 DTC share rose substantially to 41.1% from 35.5% in Q4 2024. For the full year, the DTC share increased to 32.4%.

Moving on to the sales breakdown by regions. EMEA sales decreased by around 24% in Q4 and -7% in full year 2025.

Lower sales were driven by a weaker wholesale performance due to the reduction of undesirable business and inventory takebacks, as well as lower DTC business on the back of reduced promotions. In the Americas region, sales fell by 22% in the fourth quarter and by -10% on a full year basis.

The decline was mainly attributable to North America, where sales decreased by slightly more than 33% in Q4 and -19% in the full year as a result of the distribution cleanup in the mass merchant business in the US. Sales in Asia-Pacific dropped by nearly 13% in Q4 and by 7% in full year 2025.

This was mainly driven by decline in the Greater China wholesale business, which was partially offset by robust growth in the direct-to-consumer channel. Overall Greater China sales declined by almost 20% in Q4.

From a product division perspective, footwear sales in Q4 decreased by around 25% due to broad decline across most categories. Within footwear, we saw growth in the Sportstyle Prime and Select segment driven by the Speedcat family with particularly strong performance in the Asia-Pacific region in the past quarter.

However, the training category remained resilient and delivered healthy growth. Despite an overall decrease in the running category as a result of the distribution cleanup, performance running showed strong growth driven by the success of the Velocity NITRO 4.

Apparel sales fell 14% in Q4, reflecting widespread declines across categories. This was partially offset by growth in training with continued strong momentum in HYROX.

Accessories decreased by 18% in the past quarter, mainly due to golf. On a full year basis, all product divisions declined in the high single digits.

Moving on to the operating performance in the fourth quarter. Gross profit margin was down -7.5 percentage points, and I will elaborate a bit more on that development in just a minute.

Royalty and commission income was up 36%, mainly due to a transition from a business partnership to a licensing agreement structure with United Legwear. Operating expenses, excluding one-time effects, fell by roughly 8% to €887 million during the quarter.

This decrease was driven by positive results from the cost efficiency program and reduced expenses in the DTC channel, which were a consequence of lower sales compared to the same quarter last year. Driven by lower sales and lower gross profit, adjusted EBIT came in at -€229 million, down €315 million versus Q4 2024.

One-time effects amounted to around €79 million, mainly related to the cost efficiency program and a goodwill impairment. Reported EBIT including one-time effects was around -€308 million, and our loss from continued operations came at -€335 million.

As indicated, let's take a closer look at the gross profit margin in Q4. First and foremost, the drop was primarily attributable to increased promotions in the wholesale channel and inventory reserves resulting from the distribution cleanup, both as a result of the reset measures we commenced in the second half of 2025.

Additionally, we saw headwinds from unfavorable currency effects from Turkish lira, the US dollar, and the Argentine peso, as well as a slightly negative regional mix. These negative effects were partially offset by a favorable channel and product mix and slightly lower freight cost.

In addition, lower sourcing costs including duties were a tailwind, therefore more than offsetting the negative impacts from US tariffs. Now looking at full year 2025 operating performance.

The gross profit margin was down year-over-year by 260 basis points. Also here I will dive deeper into the drivers in a minute.

The royalty and commission income increased by 4.4% to €92 million. Opex, excluding one-time effects, remained flat at around €3.5 billion.

I will give more color on that development shortly. Due to reduced sales and gross profit, adjusted EBIT excluding one-time effects fell to -€166 million.

We incurred one-time effects of around €192 million. Consequently, the reported EBIT came in at -€357 million.

Loss from continuing operations came in at around -€644 million. In light of the net loss recorded in fiscal year 2025 and in order to maintain liquidity, the Management Board and the Supervisory Board of Puma will propose at the 2026 Annual General Meeting that no dividend should be paid out for 2025.

Turning to gross profit margin development in fiscal year 2025. Gross profit margin was down 260 basis points to 45%.

On a full year level, increased promotions in wholesale channel and inventory reserves represented the main headwind. We also saw negative currency effects impacting gross margin, mainly from Turkish lira, Argentine peso, and Mexican peso.

This was partially offset by favorable channel and product mix, as well as reduced sourcing costs including duties. We managed to limit the adverse impact of US tariffs to around €30 million in 2025.

In 2026, we expect a substantial improvement versus 2025, especially due to lower promotions including inventory reserves and a favorable channel mix. Now let's take a closer look at opex and one-time effects respectively.

Opex, excluding one-time effects, was flat at around €3.5 billion. Both channel mix, as the DTC share especially e-commerce increased from 28.9% to 32.4%, and other opex offset lower marketing expenses as well as savings from the efficiency program.

Looking at marketing expenses, I want to highlight that we deliberately did not reduce marketing expenses any further than we did. In consequence, it even remained stable year-over-year as we see this cost position as an essential lever to elevate brand perception.

Other opex includes higher depreciation and amortization costs resulting from investments in DTC and infrastructure, along with approximately €30 million in accounts receivable write-offs precluded an opex decline. Due to significantly lower group sales, the opex ratio increased by 640 basis points to 48.5%.

We recorded material one-time effects, mainly related to the cost efficiency program and goodwill impairments. Personnel expenses accounted for €102 million.

These expenses are linked to our cost efficiency program targeting a global headcount reduction. Impairments were €63 million related to goodwill impairments in Japan, Canada, as well as in digital infrastructure.

Closing unprofitable stores and other non-operating costs reached €27 million. Looking forward, we anticipate significantly less one-time effects than what we saw last year.

These costs will mainly focus on personnel expenses. Overall in 2026, we do not expect materially lower opex in absolute terms as we will continue to invest in our brand as well as marketing and expect stronger growth in DTC versus wholesale.

Let me shed some more light on the drivers of the reported EBIT margin development. Reported EBIT margin was down from 6.5% in fiscal year 2024 to negative 4.9% in fiscal year 2025.

The negative development in gross profit margin had an impact of -2.6 percentage points. The effect of royalty and commission income had a slightly positive impact of 20 basis points.

While opex remained flat in absolute terms, the significant decrease in sales caused the opex ratio to rise by 6.4 percentage points. One-time effects of €192 million also had a negative effect on margin of 2.6 percentage points.

Now I would like to take a closer look at working capital. Inventories rose by 2% reported and 11% currency-adjusted to around €2.1 billion, partly driven by inventory takebacks from wholesale partners to clean up distribution.

This was partially offset by deliberate decrease in purchase volume that we adopted as a strategy to moderate inventory expansions and prevent excess supply. Trade receivables decreased by around 27% to just over €900 million, mainly due to a significant sales decrease in the fourth quarter.

Trade payables decreased by 33% to €1.3 billion, mainly reflecting reduced purchasing volume in the fourth quarter. Working capital overall exceeded €1.5 billion, increasing by 20% against last year, and accounted for 21% of group sales compared to about 15% in fiscal year 2024.

Staying with the working capital, let's take a closer look at inventory development. Our inventory cleanup is slightly ahead of plan.

We completed the majority of targeted takebacks, and you can see that Q4 inventory started to decline slightly against the level seen in Q3. The decline was mainly driven by active inventory reduction measures, including clearance through factory outlets and selected wholesale partners, as well as the restatement effect related to United.

We aim to further reduce inventories this year through our own factory outlets and wholesale partners, supported by targeted promotions and disciplined purchasing. We remain firmly committed to restoring inventories to normalized levels by the end of 2026.

Let's move on to cash flow and the change in our cash position. We ended the year 2024 with around €370 million of available cash.

Due to negative earnings before taxes and increased net working capital, we ended fiscal year 2025 with a negative operating cash flow of around €320 million. Investing cash flow, through the capex of €206 million, focused on digital infrastructure, investments in our DTC channels, and initiatives to strengthen long-term competitiveness.

Our operating cash flow and investing cash flow summed up to a negative free cash flow of -€530 million. Financing cash flow amounted to around €400 million and included around €1 billion proceeds from additional financial liabilities to support the operating business and finance working capital.

Overall, the cash flow development led to a decline in cash against last year to €290 million. In 2026, we expect our free cash flow to be positive.

This brings us to net debt development. The additional financial liabilities resulted in an increase in net debt to just over €1 billion.

End of 2025, we saw a financial headroom of €1.5 billion, including a cash position of €290 million as shown before and unutilized credit lines of around €1.2 billion to invest in our strategic priorities. In February 2026, we were able to secure another private placement of €100 million.

With this additional financing instrument, we reduced the bridge facility from €500 to €350 million and secured slightly more favorable financing conditions. The bridge facility was fully syndicated with our core banks.

Given the currently elevated level of net debt, deleveraging is a clear priority, and we target to reduce net debt over the coming years. This concludes my remarks on the financials, and I will now hand back to Arthur for the outlook for fiscal year 2026.

Markus, thank you very much. Let's look forward into 2026, and I want to explain to you again why this year is a year of transition before company then will enter a growth period again.

It's very important to realize that the reset measures will now need to be executed throughout the year of 2026. That means, for example, first and foremost, our ongoing efforts to clean up the marketplace and to be diligently working on the inventory liquidation will have a high priority for us.

I've briefly talked about the new brand operating model that between brand, product, and go-to-market will fully show the effects in 2027, and to remain in sporting goods terms, that muscle needs to be trained throughout the 2026 calendar year. We are also, of course, working on our high share of budgets allocated to long-term commitments.

Reshaping our marketing working budget to be most effective from a consumer and from a brand proposition perspective remains a high priority for us. The organizational changes that I've alluded to will of course need to be executed and then reshaped throughout the year of 2026.

Then last but not least, you've notified that at the end of January, we do have a new strategic investor with ANTA joining us throughout the year. That of course will mean a further transition, a further elaboration on how we're going to set ourselves up as a brand, as a business moving forward.

What remains constant, however, is that our commitment, our North Star to become a top three sports brand remains unchallenged. We're very clear that is our ambition: return to above-industry growth rates as of 2027 and to return to healthy profits in the same manner.

Being a sports brand also means that we have a very clear idea, a very clear outlook in terms of how we want to be perceived and how we want to do this. It's important to say we're going to be one global sports brand.

Our brand has a global footprint, a brand has a global priority, and a brand that activates itself globally within the same manner and tone. We will play this with two different or two distinct pillars: of course, an elevated proposition when it comes to our heritage office, the 77 years of the archive, the great stories that we have achieved over the many decades in the sporting goods industry; and at the same time, high attention to our innovations, to driving performance with athletes and teams alike across the globe, and making sure that Puma is going to be seen as a sports brand that can help to innovate and can help to push boundaries in sports.

For '26, I'm incredibly excited of course about the sports moments that are there to come and which we've achieved already. At the very beginning of the year, we had an all-Puma final at the African Cup of Nations, where Senegal and Morocco were playing the final, and Senegal for the second time in a row took the championship.

Just a couple of weeks later in Denmark, at the European Handball Championships, we had another all-Puma final with Germany and Denmark playing in that game. The title was won by Denmark, led by Mathias Gidsel, who is a key ambassador for Puma in this sport.

We're also extremely excited about our future propositions, our opportunities when it comes to running, long-distance running, and marathons. Just a couple of days ago, there was a new European record set by Yann Schrub in a 10k race.

That was the fifth fastest ever time globally recorded, actually. Moving on to HYROX, as I said already a couple of times, a key partnership for us that we extended in October for another 5 years.

We have a massive event happening in May in New York, and we're also equally excited about the World Championships in Stockholm later on this year. The comeback of Tyrese Haliburton in the NBA performing and outperforming what he started until end of last year.

Then of course, the pending start of the Formula 1 season again, with McLaren as a new addition partner to our roster. To support that, we've had already several very exciting launches, product launches at the beginning of the year.

Full sellout of the first ever handball personalized proposition with Mathias Gidsel. The HYROX family has finally gotten its own dedicated piece of footwear.

For the first time ever, we have created a dedicated shoe, a dedicated piece of footwear that has started to sell last week already. The sellout ratios and the response is absolutely phenomenal.

Then last but not least, in running, we continue to innovate with the Deviate NITRO Elite 4. Three propositions that were all launch-ready or are being launched in the first quarter of the year, which will also give me a lot of confidence that NITRO as the best running platform, as the best running proposition, really start to break through in the world of sports.

At the same time, we're of course also very concerned and very continuously working on connecting ourselves to culture and celebrating sports culture around the globe. We continue to believe in the prosperity of the Speedcat.

We have had a really great activation period throughout the Paris Fashion Week with the suede, which we believe will be the next iconic pillar in our roster for Puma in the sports lifestyle area. We've also in the background continued to excite and innovate with collaborations that we believe will excite consumers around the globe.

Many things have started to happen already to make sure with our brand moving forward we're going to elevate our game. The objectives for 2026 are pretty simple and pretty straightforward on this page.

First and foremost, a continuation of that three-year transformation journey that we embarked upon last year. We will transform our company and our brand to succeed in the future with the measures that were outlined previously.

It's our foremost goal to accelerate Puma's brand momentum in order to achieve commercial success. The first step here really has to be to drive our brand through the multitude of product launches, integrated storytelling, and a much more succinct go-to-market process to subsequently achieve commercial success.

We also will shift towards a higher quality of revenue with an improved focus on profitability. That also means that we operate in channels which allow for better profitability, which also allow for better pricing, and in our very own channels, reduce discounting policy.

We're going to elevate the financial discipline and will deliver reliable results as we've promised already in 2025. Last but not least, in order to win, we're going to continue to build a high-performing team around the world not just from a structural perspective as I've outlined, but also by getting the best people into the jobs to do the job for Puma moving forward.

Let's take a look at 2026 and the outlook. What are the expectations and the underlying assumptions for this year?

From a sales perspective, as for top line, we expect a constant-currency sales decline in the low to mid-single-digit percentage range. FX headwinds are expected of around 3 percentage points.

From a regional perspective, the primary driver for the sales decline will be reduced sales in North America, which is a further consequence of our strategy to streamline the distribution that we've already initiated in 2025. On the other, more positive side, sales will grow in Latin America, the Middle East, Africa, and India.

ANTA's recent acquisition of 29% stake in our company will most likely negatively impact our business in Greater China in 2026. Nevertheless, we believe that this partnership will deliver substantial mid to long-term benefits for our brand and our company.

With regards to sales channels, we anticipate a decrease in wholesale sales, while our direct-to-consumer business is expected to grow currency-adjusted. We also do expect that the second half of '26 will be stronger than the first half.

Additionally, sales in the first quarter of '26 should align with our full year outlook. Due to expected sales decline, our reported EBIT is forecasted to range between -€50 million to -€150 million.

This includes one-time effects, which are projected to be significantly lower compared to last year. As Markus already mentioned, we also anticipate a substantial improvement in our gross margin, while opex are not expected materially lower in absolute terms as we continue to invest and strengthen our DTC channels.

Finally, our capex is expected to come in at around €200 million and will focus mainly on our digital infrastructure and investments in our own channels. I trust you've seen from us that we are engaged in building a strong foundation for this business and for this brand to then return to profitable growth in 2026, and that year of transition is absolutely required for us to make the appropriate adjustments and to execute the promises which we've given in '25.

That being that, we're at the end of the presentation, and I want to hand back to Manuel. Thank you.

Thank you, Arthur. Thank you, Markus.

We are now ready to start the Q&A session. Operator, please open the lines for questions.

Hi, good afternoon. The first question's on inventory and inventory clearance.

When you look at how much inventory is still out there in wholesale channels, how much do you think is out there and do you think there's still a way to go to clear some of that wholesale inventory? Then the second one is on kind of kick-starting the brand heat and brand growth again.

I suppose how do you think about doing that over the next 6 months? Is this something that you're going to start doing in kind of H2, and what do you think we should be looking for in terms of seeing that inflection into H2 and into 2027?

Thanks.

Thank you, William, for your questions. I will start with the first part and then Arthur will answer on the brand momentum.

Regarding inventory, I shared also in my prepared remarks, with the reset in 2025, we've completed the majority of the targeted takebacks from the wholesale accounts. That's where we've been making very good progress.

On top of it, as you've seen, I think that we are slightly ahead of plan. Also with the development from Q3 to Q4, we've been making good progress as we reduced our purchase orders, as also Arthur outlined in the presentation.

Of course, are targeting to further reduce the excess inventory to our own factory outlets and also selected wholesale partners. Rest assured, I think we are firmly committed also to come back to normalized inventory levels at the end of 2026.

Thanks, Markus. Yes, William, allow me to talk about the plans how to increase our brand heat.

We have not just reorganized our teams for future success in spring/summer '27, but of course we're taking immediate measures when it comes to '26. The platforms that are provided for us are the World Cup in North America, of course our partnership with HYROX, a much better communication, a much more succinct conversation about NITRO as a platform, and then engaging with our style audience differently.

Some of those things you've seen already happening around Paris, where we ignited a conversation around the suede. We're going to be continuously focused on Speedcat as a second pillar when it comes to our style proposition.

What you can expect also from a consumer perspective is a shift away from conventional above-the-line media purchasing to a much more grassroots, to a much more personal conversation that will help us to also engage with consumers more in the long term and more frequently than just sporadically popping up. You'll also see a highlighted conversation around products to make sure our consumers do understand what, for example, a great technology like NITRO will mean for them in the future and what benefit it can provide versus just having a very generic conversation about running as a proposition.

These are some of the things consumers can expect from us now already, but definitely heading into the second half of this year.

Understood. Thank you.

Thanks. Good afternoon, everyone.

Two questions for me, please. Firstly, you're reducing your dependence on the undesirable wholesale, as you've described, but actually through this inventory cleanup process, you're having to use mass merchants to help you clear.

Does that hurt the brand in the short term? Then second question is actually around ANTA.

Does it still make sense to hold a strategy update in Q2 given that you've got a new partner coming on board? Actually, if you don't mind a sort of subset to that, you made a comment about China in your outlook and ANTA, and I didn't quite understand that.

Perhaps you could elaborate. Thank you.

Okay. Thank you very much for those questions.

I'll start with the inventory cleaning. We have taken a significant amount of inventory back.

That doesn't mean we then going to relaunched them in the market with mass merchants. We have of course engaged with wholesale partners on those inventories on those packs, and we have a dedicated plan in place with our very own channels to gradually throughout the year liquidate that inventory to fulfill the promise that Markus was alluding to that our inventories by the end of this year will be on a level playing field again.

Secondly, very good question regarding the strategy update. Yes, we have initially talked about having a full strategy update for Q2, but as you've alluded to, with a new partner coming on board, it is more than prudent for us to fully assess the new factors, the new opportunities that this partnership will bring to us, and therefore, instead of giving you a full strategy update, we are committed to updating you on our progress as we go through the upcoming quarterly reports, but we'll of course discuss with our future partner more long-term ambition, a more long-term strategy as we go along.

Thank you very much. Then to your third question, the impact on China that I was alluding to, let me just put this into perspective.

Our business in China is just shy of around about €500 million in 2025. The split of our business in China is reverse than it is globally.

About 70% of our business we do in DTC channels and 30% is in wholesale, primarily with franchise partners. Our Greater China wholesale business, we do of course have ongoing commitments with our wholesale partners.

Now as ANTA enters as a strategic partner, and we're very grateful for that, it does bring a unique DTC approach. Our partners do anticipate that Puma's distribution model might shift in the future towards a more DTC-led share versus where we are today.

This anticipated results might lead to commitments with our wholesale partners not being extended, such, for example, as new store openings, renovations, or even their ordering. We expect this to lead to a negative impact in our Greater China business in 2026 as these commitments might not be extended.

However, we do anticipate that the medium to long-term benefits for us are significantly outweighing those short-term volatility. The collaboration with the strategic partner, we're also possessing unparalleled expertise in the region.

We are positioned to access one of the largest sports markets globally and differentiate ourselves over the medium to long term. In our outlook in '26, a potential short-term impact on our wholesale business is assumed and affecting both sales and profitability.

That's really helpful. Thank you so much.

Yes, hi. Good afternoon.

Thank you for taking my two questions. I will start with a first one about the fact that you used to be the go-to brand for the Formula 1 or the lifestyle basketball.

Given the increase in the competition, particularly in Formula 1, on which category can you differentiate yourself versus the competition? My second question is about the rightsizing of the wholesale distribution.

How far are you in the process? You talk about a double-digit decline in the US, but will you also rightsize wholesales in other region?

What do you see as a healthy balance between DTC and wholesale for the group going forward? Thank you very much.

Thanks for the question, Anne-Laure. Let let me start with our focus and which categories we are going to differentiate ourselves.

First and foremost, as I said, NITRO as the best platform in performance running is a key differentiator for us. From a results perspective, from a testing perspective, we are far outpacing competition there at the moment.

We'll definitely also differentiate ourselves in the space of training with a unique partnership that is HYROX, an exclusive partnership that we've extended over the last 5 years and that will be unrivaled, and no one else in the sporting goods industry can compete and match against that. I would also like to point out because you said Formula 1 that we're of course not just giving us our giving up our competitive advantage because we will add with McLaren the winning, the defending champion both in constructors, but also individual titles next to Ferrari and Aston Martin, I would say, an unrivaled positioning.

In the other categories that I don't now dwell deeper on, of course we're looking at competitive advantages versus other sporting goods players in there. I'm very confident, specifically with the three platforms I've mentioned previously, that we have a very promising roster for us to differentiate ourselves as a brand and to create a brand heat moving forward.

Second question was about rightsizing of wholesale in other regions. The effort that we have started was not just focusing on North America, where we most likely have the highest exposure to mass merchants, but the effort was started everywhere across the globe.

We are working with Matthias's team on a very clear and globally consistent pyramid, a segmentation pyramid when it comes to wholesale customers. We're also making sure that with our future efforts, our wholesale business remains healthy.

That means we have, as we've communicated last time, proactively reduced purchase orders for the early half of 2026. At the same time, with the measures I've just mentioned a few minutes ago, we are keen to grow in the better wholesale channels, the branded wholesale channels, where we can also appear as a premium brand and command full price sell-throughs.

The last question I think was relating to an ideal or healthy mix. I think the proximity of what the industry overall at the moment is positioned in, i.e., a 60/40 split, 60% wholesale, healthy wholesale business, and 40% DTC, will also be the areas we will be landing on as a brand in the future.

Thank you.

Yes, very good. Thanks very much.

Two questions really. First one on the previous question really, the breakdown.

Arthur, you mentioned 60/40. Within this 40%, where do you see the digital contribution?

In this respect as well, I think you were targeting to hire a dedicated manager for your digital business. Has that already been done?

The second thing is yeah, maybe a little bit longer term out, as you and the whole team has obviously gone through the numbers and the strategies and what have you, longer-term view, gross profit margin potential, what do you think is possible for this group when you target more the better distribution channels, less discounting, maybe a little bit better distribution mix? When we're talking about a stronger focus on higher priced products, just your thoughts as to what do you think could be possible in a longer-term perspective?

Thank you.

Thank you very much, Jürgen. I'll take the first part, and then Markus will elaborate a little bit on the second part.

Of course, as he said, those are connected to each other. From a DTC and specifically from an e-commerce perspective, yes, we do anticipate significantly higher growth rates in our e-commerce business.

That's why we also said from a capex perspective, we are going to invest and overinvest in our digital capabilities as a company, which to a large degree will of course benefit our digital platforms and our digital business moving forward. We do see Puma at the moment underpenetrated versus competition, but also underpenetrated within our own ecosystem.

The position of the Global VP of E-commerce, a role that we've split recently, we are making significant progress. I'm pretty confident that in the next few weeks we can also give you an update in that regard.

Jürgen, thank you for your second question. Let me start with walking you through what are the gross profit margin drivers also for 2026.

We're expecting, as we shared earlier, a substantial improvement in our gross profit margin in 2026, mainly driven by of course lower promotions and of course also the change in inventory reserves. In terms of the overall and I think your question was also going beyond 2026 looking at the mid-term development, we will provide more information on mid-term targets in due course and take of course the recent developments, nothing then also now on the shareholder side, I think as Arthur also mentioned earlier, into account and include this in our discussion.

Coming out of the reset, I think in 2025, it's not prudent to provide a mid-term target or ambitions at this point in time.

Got it. Thank you very much.

Welcome.

Yes, good afternoon, gentlemen. Thank you very much for taking my questions.

First, on the takebacks, please. Could you give us the amount of takebacks that were realized last year in million euros in the second half?

What was the organic growth rate ex takebacks in Q4? Secondly, Arthur, I didn't fully understand what you said regarding '27 targets.

When you said healthy profitability should evolve in the same manner, I'm quoting what you said, I think you've been extremely clear on the growth and the idea of growing faster than the industry, which I think you put last time we talked at about 5% growth, above that. On healthy profitability, where do you place it for next year and going forward, please?

Thank you.

Thank you for your questions. Looking at and the first chart, nothing going back to the inventory takebacks and also that you understand the magnitude of the reset, in the financial part, the first chart that I shared also give you an illustrative indication that our sales decline on a currency-adjusted basis for the full year 2025 is mainly driven by the reset initiatives.

From the reset initiatives, the reduction of the undesirable business has the biggest impact, then followed by the takebacks, and of course reduced promotions. These three of course also factors and those key drivers also of the reset of course impacted also our 20 our fourth quarter results in 2025.

Let me allude to the 2027 comments I've made. We do expect to grow above the industry average at that point in time.

That, without having a crystal ball, should be something in the low single digits to mid-single digits. We're committed to develop our plans and therefore also guide around that one.

From a profitability perspective, yes, we will be turning into a healthy company again as of '27 and beyond. However, at this point in time, I would not make any comments in terms of where that will be exactly, and I hope and I trust you would understand that at this point in time.

Thank you.

Okay. Good afternoon.

Thank you for taking my questions as well. Two, please.

The first is just on the product offer. I think you talked about rationalizing the range.

Could you maybe just elaborate a bit on which categories you've had to cut down on in particular? Is it more footwear or apparel, and within which category, if possible?

Going forward, do you expect to run this kind of range size, or should we expect it to maybe grow in the future as the product pipeline starts to populate? Just in relation to the price positioning, you've given us a lot in terms of what you've done in terms of inventory clearance, how do you view the current Puma price positioning in the marketplace relative to your competitors and the brand equity, and is there any scope for change there?

Then secondly, just on wholesale, could you maybe just give us a flavor as to what the type of conversations you're having with your partners is like? Are they encouraged by the reset actions that you're taking?

Are they giving you indications that they will support the expansion of your market share? Do you have a sales team on the ground in your major markets to help to develop those relationships, or do you need to invest in that capability?

Thank you.

Thank you very much, Piral. Let me start with the product range and the size of that range.

We have across the board investigated in which categories, footwear, apparel, but also in which sports we're going to reduce. Overall, I can say in every category that is out there, we have started to reduce our range and we have decomplexified our offer basically.

That should allow us across the board in each and every area to be more pointed, to be better from a storytelling perspective, and to be more streamlined towards our consumers and also our customers. I do not anticipate that that will bounce back in the very near term because I'm very convinced we have a very sufficient product offering across all categories, across all sports, and also to cater for the short to mid-term opportunities for Puma as a brand.

Should we decide to go into other sports, other categories in the future, that of course would need to be revised. From a current price positioning of Puma, I think we've alluded to that.

Of course, our first and foremost concern is to reduce the discounting of our very own products, starting in our DTC channels, and then also figuring out a way how to play in the better, in the more ambitious sales channels in the future. I am, however, very, very encouraged by our success that I've just alluded to.

The running and the training footwear franchise I've mentioned that had tremendous sellouts at the beginning of the year already are commanding price points of around about €250 each. That is very much at the top of the pyramid from an industry perspective.

As a brand, we're absolutely capable and competent with our products at those high and premium price points at very good ratios. Last but not least, you talked about the sentiment of our wholesale partners.

Yes, I'm not just traveling frequently. I was in the US recently around the All-Star Weekend.

I've pretty much met, as my team has, all major wholesale partners. They do believe in our story.

They are supporting the reset of our brand, and they do believe in a significantly brighter future for the Puma brand. That of course entails the hard work I was alluding to in 2026 and us convincing them with better propositions as of spring/summer 2027.

Yes, of course, in all markets, not just the major markets, in all markets, we have sales teams on the ground. Those sales teams, however, are also reorganized and adjusted to make sure they're going to cater for our opportunities, first and foremost, for example, in the specialist channels that are catering for the running consumers, where we as a brand have started to invest already significantly as of the end of 2025.

Thank you.

Thank you.

Afternoon. Thanks, guys.

First questions I've got is, do you think that, given the balance sheet and the cash position, that there's any constraints that have been put on your plan because of the sort of current financial position, or is everything that you wanted to do able to do within the current resources given the available liquidity that you've pointed out? The second question is really one in terms of the sort of shape of sales throughout 2026.

I know that you talked about the second half being stronger than the first half, but given that sort of Q3, Q4 split, there's some quite big moving parts within that. What I'm trying to sort of get to grips with is how bad could Q1 be?

I think you answered earlier, but I didn't quite work out exactly what you're trying to say. What was the organic growth rate in Q4 without the takebacks, and is that the way we should think about Q1?

Then the other bit I was thinking about is these products that you've bought back, does that actually boost your sales growth next year, or is it a risk that it dilutes it because people purchase the discounted product rather than full price product? That's just getting an idea of how you think about that.

Thanks.

Thank you, Adam, for your questions. On the balance sheet, as we've worked through, especially the fourth quarter, and you've seen also the press release we issued in December where we secured additional financing, and if I look also and what I shared in my prepared remarks, at the end of 2025, we had total €1.5 billion of financial headroom available between our cash and also the unutilized credit lines.

In terms of the additional financing, nothing then also and providing additional financial flexibility to support also the investments into strategic priorities, we've completed, I think, what we planned. Arthur will take you through the facing of 2026.

I think your question was specifically on the first half, and I just want to reiterate, maybe that wasn't clear enough what I said during the presentation. We do expect our sales in the first quarter to align with our full year outlook.

That full year outlook, just to remind again, was a constant-currency sales decline in the low to mid-single digits. Let's just not forget, we have taken a significant amount of purchase orders out of the first half in '26 last year already.

We've been collaborating and working with our wholesale partners primarily in order to avoid a further overstock situation, and that will of course then have an impact on our top-line results in the first half. That is all baked, however, in our outlook.

Then at the same time, you've asked about the organic performance in the fourth quarter. A similar answer to that: with us taking significant stock out of the market, that of course has reduced our top-line performance in the third, but more specifically as Markus pointed out, in the fourth quarter.

Will those takeback products materially impact our performance in '26? No, not really, because that is exactly the purpose why we took those products out of the market, why we've put them into our own inventory positions, and why we have developed plans both with wholesale customers and within our own DTC channels to liquidate them in a more responsible and in a more planned manner throughout the year of 2026.

I would like to point out at this moment as well, however, when we talk about a significantly reduced discounting policy, we will at the appropriate moments in time when the entire industry is going into discount mode of course do the same from a Puma perspective. These will be the windows that allow us as a brand then to liquidate overstock and residual products like competition will be doing in the future.

Thank you.

Two questions from me, please. The first one will be on gross margin.

We heard that there is going to be a substantial improvement to gross margin, and you mentioned specifically the promotion activity. Are there any other positives that we should be thinking about gross margin, maybe specifically the FX hedging in the second half?

How material can it be for 2026? The second one will be just clarification on the industry growth, because now we heard that it's going to be low-single-digit to mid-single-digit potentially in 2027.

I think previously it was roughly 5%. What has realistically changed in the last few months?

Is there anything new that you realized, or what basically is driving the change in the view, if you could share any more details? Thanks.

Thank you, Robert, for your questions. Let me guide you through the gross margin drivers for 2026.

We expect, I think as we shared earlier, a substantial improvement in our gross profit margin, and the drivers are mainly promotions as we continue with the efforts to reduce promotions for our DTC channels and inventory reserves. In addition, also we expect some tailwind from the channel mix, nothing as we also talked about.

I think we expect a stronger growth in the DTC channel compared to wholesale, and I think this deliberate shift in the distribution mix, I think, contributes also to the gross profit margin development. As you pointed out, and of course also given the weaker US dollar, the weaker US dollar is with our hedging policy a tailwind in the second half of 2026, but it's a slight tailwind.

That's why we didn't call it out earlier when we talked about the key gross profit margin drivers.

Thank you. Yes.

Robert, to your second point, let me just clarify. I did not fully give you an outlook of the perceived industry growth.

I was exemplarily saying, of course we expect a mid-single-digit, 5% roughly growth in the market. However, it would not be prudent at this point in time to commit to such a growth.

What we are committing to of course is that should the industry average be that 5% or mid-single-digit, Puma will grow above that industry standard in '27 again. We'll update you later in the year as we have more transparency also on how the year '26 as an industry unfolds to then project that growth for the next year.

Thank you.

Thank you very much, Maura, and thanks to everyone for your questions. We appreciate your interest in Puma, and we look forward to speaking with you again soon.

This concludes our call for Q4 and full year 2025. Thank you everyone and goodbye.