Puma reported a third-quarter operating loss of €11.4 million, compared with a €16.2 million profit a year earlier, as weak consumer demand in North America and Europe offset a €29.8 million tariff refund. Sales fell 6.3% at constant exchange rates to €1.78 billion, while reported sales declined 5% but exceeded analysts’ estimate. Asia-Pacific was the only major region to grow, with revenue up 10% to €394.6 million. Puma narrowed its full-year 2026 operating-loss forecast to €80 million to €130 million from a previous range of €50 million to €150 million, while maintaining its sales outlook and lowering its capital-expenditure expectation to below €150 million.