PUMA ended the year with both the top line and profitability in line with consensus expectations. The beginning of FY22 continues to be impacted by the disrupted supply chain, inflationary pressure and geopolitical uncertainties, which led the group to release a cautious outlook for FY22. In particular, the “boycott” situation and resurgence of COVID-19 in China continue to weigh on the group’s activity in the country.