Puma Q2 Preview: mwb Research Expects Q2 Loss as Reset Drags On Sales, Flags H2 Inflection

mwb Research expects Puma’s (ETR: PUM)second quarter to mark the trough of its ongoing business reset, forecasting a reported operating loss and a near-9% currency-adjusted sales decline, while flagging that the second half of the year should show improvement.

Analyst Alexander Zienkowicz said in a recent note that Puma’s Q2 “is likely to remain a transition quarter, with the operational inflection still to be proven.”

He models Q2 sales of EUR 1.66 billion, down approximately 9% on a currency-adjusted basis, a gross margin of 47.5% and a reported EBIT of EUR -62.5 million.

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mwb Research said investors will focus on the composition of the sales decline rather than the headline figure, particularly “the balance between controlled reset actions and underlying demand softness.”

Wholesale clean-up, lower promotional activity and the reduction of what Zienkowicz described as “undesirable US mass-merchant business” are expected to weigh on revenues while supporting longer-term channel quality.

On broader industry dynamics, mwb Research pointed to Nike’s recent earnings call as a cautious read-across, noting that the consumer remains under pressure and that sportswear and lifestyle sell-through is weak.

Despite the near-term headwinds, mwb Research raised its full-year 2026 reported EBIT estimate to EUR -75 million from EUR -103 million, citing “better reset execution, a more resilient gross-margin trajectory and lower one-time costs.”

Zienkowicz maintained his Hold rating and EUR 25.00 price target on Puma ahead of the Q2 results due 31 July. Puma shares are up 20% year-to-date.