Puma : Press Release

QUARTERLY STATEMENT Q3 2022

PUMA achieves another record Quarter in Sales and EBIT despite Geopolitical Tensions and Lockdown Measures

Herzogenaurach, October 26, 2022

2022 Third Quarter Facts

• Sales increase by 16.9% currency adjusted (ca) to € 2,354 million (+23.9% reported / Q3 2021: € 1,900 million)
• Gross profit margin decreases to 46.8% (Q3 2021: 47.4%)
• Operating expenses (OPEX) increase by 25.8% to € 853 million (Q3 2021: € 678 million)
• Operating result (EBIT) improves by 12.6% to € 258 million (Q3 2021: € 229 million),
  resulting in an EBIT margin of 10.9% (Q3 2021: 12.0%)
• Net earnings improve by 1.8% to € 146 million (Q3 2021: € 144 million)
• PUMA and Manchester City host their first-ever metaverse jersey launch on Roblox to unveil the new 3rd kit for 2022/23
• PUMA and WNBA star Breanna "Stewie" Stewart launch the Stewie 1, the first new women's signature basketball sneaker in over a decade
• PUMA presents LaMelo Ball's second signature shoe MB.02 following the sell-through success of the MB.01
• PUMA athletes win medals and set records at World and European Athletics Championships
• PUMA extends its roster of world class track & field athletes by signing Elaine Thompson-Herah, Abby Steiner, Emmanuel Korir and Mutaz Essa Barshim
• PUMA launches SEASONS, an elevated outdoor collection
• PUMA's FUTROGRADE show at New York Fashion Week blends past and present of the brand in virtual and real-life spectacle
• PUMA announces a long-term partnership with Skepta, a British-Nigerian rapper and record producer

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• PUMA hosts Conference of the People, a global event to discuss solutions for a more sustainable fashion industry

2022 Nine Months Facts

• Sales increase by 18.2% (ca) to € 6,269 million (9M 2021: € 5,038 million)
• Gross profit margin decreases to 46.8% (9M 2021: 47.8%)
• Operating expenses (OPEX) increase by 22.2% to € 2,357 million (9M 2021: € 1,930 million)
• Operating result (EBIT) improves to € 600 million (9M 2021: € 492 million), resulting
  in an EBIT margin of 9.6% (9M 2021: 9.8%)
• Net earnings improve to € 352 million (9M 2021: € 302 million)

Bjørn Gulden, Chief Executive Officer of PUMA SE:

"Despite all the global uncertainties the third quarter was again a very good quarter for us. With sales being up 24% in Euro terms at € 2,354 million and EBIT up 13% to € 258 million, it was the best quarter in PUMA's history. Improved product availability due to a more stable supply chain, better than expected sell-through and PUMA's continued global brand momentum overcompensated all the negative external factors. During the first nine months, we achieved sales growth of 24% in Euro terms (18% ca) to € 6,269 million and an EBIT of

• 600 million.

Our Performance categories like Running, Soccer and Basketball continue to do very well. We still see strong demand for Footwear, but we also observe that high inventory levels in the market, especially for Apparel, have led retailers to order more cautiously than a year ago.

With almost all our markets up double-digit, we continue to see a strengthening of the PUMA brand and our sales globally.

We expect continued volatility in the market during the fourth quarter but are confident that we can deliver according to our full-year outlook.

We will also continue with our people-first approach and always prioritize the health and safety of our employees and not save on anything. At the moment, this is especially true for our people and their families in Ukraine who have our full sympathy and support. At the same

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time, we will also continue to invest in our people, brand and infrastructure, as sales growth and higher market shares will be more important than short-term profit optimization."

Sales Development

Sales by regions and product divisions	Q3		growth rates		1-9		growth rates
€ million	2022		2021	Euro	currency		2022		2021	Euro	currency
	adjusted			adjusted
Breakdown by regions
EMEA	971.7		813.7	19.4%	18.5%		2,386.7		1,958.4	21.9%	21.4%
Americas	931.8		700.1	33.1%	18.8%		2,688.3		1,909.6	40.8%	28.1%
Asia/Pacific	450.9		386.6	16.6%	9.8%		1,193.4		1,170.3	2.0%	-3.7%
Total	2,354.4		1,900.4	23.9%	16.9%		6,268.5		5,038.3	24.4%	18.2%
Breakdown by product divisions
Footwear	1,192.5		846.9	40.8%	33.2%		3,141.0		2,408.6	30.4%	24.0%
Apparel	855.0		735.2	16.3%	9.9%		2,159.5		1,790.0	20.6%	14.7%
Accessories	306.8		318.3	-3.6%	-10.2%		968.0		839.7	15.3%	8.9%
Total	2,354.4		1,900.4	23.9%	16.9%		6,268.5		5,038.3	24.4%	18.2%

Third Quarter 2022

Sales increased by 16.9% (ca) to € 2,354.4 million (+23.9% reported), representing the highest quarterly sales in PUMA's history. The Americas region recorded a strong sales growth of 18.8% (ca). Sales in EMEA were up 18.5% (ca), driven by strong growth across almost all key markets in Europe. The Asia/Pacific region recorded sales growth for the first time this year (+9.8% ca). While COVID-19 related lockdown measures still impacted the business in Greater China, other key markets in Asia/Pacific delivered strong growth. Sales in Footwear were up 33.2% (ca) and Apparel grew 9.9% (ca), driven by continued strong demand for our Performance categories like Running & Training, Teamsports and Basketball, as well as for Sportstyle. Sales in Accessories were down 10.2% (ca) because of a softer leg- and bodywear- business, especially in North America.

PUMA's Wholesale business increased by 19.9% (ca) to € 1,864.6 million and the Direct-to-Consumer (DTC) business was up by 6.5% (ca) to € 489.7 million. Sales in owned & operated retail stores increased 4.2% (ca) and e-commerce increased 11.8% (ca). We continued to focus on our strategy of being the best partner for our retailers, which supported the strong growth in our Wholesale distribution channel. At the same time, better product availability led to stronger growth in DTC, predominantly in e-commerce.

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The gross profit margin decreased by 60 basis points to 46.8%, mainly caused by higher sourcing prices due to raw materials and freight rates as well as an unfavorable channel mix, while price adjustments and currencies had a positive impact.

Operating expenses (OPEX) increased by 25.8% to € 853.2 million as a result of higher marketing expenses, a higher number of retail stores in operation as well as higher sales- related distribution costs. Because of ongoing operational inefficiencies due to COVID-19, especially in supply chain and warehousing, the OPEX ratio increased to 36.2% (Q3 2021: 35.7%).

The operating result (EBIT) increased by 12.6% to € 257.7 million (Q3 2021: € 228.9 million)

and the EBIT margin came in at 10.9% (Q3 2021: 12.0%).

Net earnings increased by 1.8% to € 146.4 million (Q3 2021: € 143.8 million), reflecting a decrease in the financial result due to currency effects. Consequently, earnings per share amounted to € 0.98 (Q3 2021: € 0.96).

Nine Months 2022

Sales increased by 18.2% (ca) to € 6,268.5 million (+24.4% reported). Americas led the growth with a 28.1% (ca) increase in sales, followed by the EMEA region with all key markets in Europe contributing strong growth to a 21.4% (ca) increase in sales. Sales in the Asia/Pacific region were down 3.7% (ca) due to geopolitical tensions and COVID-19 related lockdown measures in Greater China, while other major markets in Asia/Pacific recorded strong growth. All product divisions delivered a solid growth, with Footwear being up 24.0% (ca), Apparel up 14.7% (ca) and Accessories up 8.9% (ca).

The Wholesale business was up 21.8% (ca) to € 4,956.0 million and the Direct-to-Consumerbusiness (DTC) increased by 6.4% (ca) to € 1,312.5 million with growth in owned & operated retails stores (+11.1% ca) and a decline in e-commerce(-2.1% ca).

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The gross profit margin decreased by 100 basis points to 46.8% (9M 2021: 47.8%). This was mainly caused by an unfavorable geographical and channel mix as well as higher sourcing prices due to raw materials and freight rates, which were partially offset by currencies and price adjustments.

Operating expenses (OPEX) increased by 22.2% to € 2,357.3 million (9M 2021: € 1,929.5 million). Higher marketing expenses, a higher number of retail stores in operation, higher sales-related distribution and warehousing costs, as well as operational inefficiencies due to COVID-19 contributed to this increase. However, the respective OPEX ratio decreased to 37.6% (9M 2021: 38.3%) as a result of higher sales growth and continued OPEX control.

The operating result (EBIT) increased by 22.0% to € 600.1 million (9M 2021: € 492.1 million) due to strong sales growth and continued OPEX control. Consequently, the EBIT margin came in at 9.6% (9M 2021: 9.8%).

Net earnings increased by 16.7% to € 352.1 million (9M 2021: € 301.7 million) and earnings

per share were € 2.35 (9M 2021: € 2.02).

Working Capital

The working capital increased by 86.2% to € 1,339.0 million (September 30, 2021: € 719.0

million). Inventories were up by 72.3% to € 2,350.2 million (September 30, 2021: € 1,363.9 million). The current inventory level is strongly impacted by currency effects, higher raw material prices and freight rates as well as earlier product purchasing. In addition, the third quarter last year was comparably low due to COVID-19 related factory closures in South Vietnam. Trade receivables increased by 21.9% to € 1,290.3 million (September 30, 2021:

• 1,058.6 million), mainly as a result of strong sales growth. On the liabilities side, trade payables increased by 50.5% to € 1,810.2 million (September 30, 2021: € 1,202.8 million).

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