Financial position

T.10 Statement of cash flows (German GAAP, HGB)

	2025	2024
	€ million	€ million	+/- %
Cash flows from operating activities	-541.7	-72.2	650.4%
Cash flows from investing activities	15.4	54.6	-71.8%
Free cash flow	-526.3	-17.6	2896,5%
Cash flows from financing activities	493.5	-99.1	-598.1%
Change in cash and cash equivalents	-32.8	-116.6	-71.9%
Cash and cash equivalents at beginning of financial year	49.2	165.8	-70.3%
Cash and cash equivalents at end of financial year	16.4	49.2	-66.6%

In the financial year 2025, there was a Cash flows from operating activities of € 541.7 million compared to a cash outflow of € 72.2 million in the previous year. Due to the chain hive-down of the operational business segment Sales DACH to PUMA Central Europe GmbH, sales and consequently the margin have fallen sharply, meaning that the operating result of PUMA SE has developed into a loss compared to the previous year.

The reduction in the Cash flows from investing activities in 2025 is due to a slight decrease in payments for investments; in addition, the previous year included one-off inflows from a sale of ERP software to affiliated companies.

In 2025, Cash flows from financing activities amounted to a net cash inflow of € 493.5 million, compared with a cash outflow of € 99.1 million in the previous year. This cash inflow was primarily due to increased utilisation of the syndicated loan and the taking out of further promissory note loans. This effect was slightly offset by lower liabilities to affiliated companies.

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Financial position