Net assets

Net assets

Fixed assets increased by a total of 5.9% to € 1,725.6 million in 2025. This increase is mainly related to the change in financial assets. This change stems mainly from a capital increase in PUMA Europe GmbH totalling € 553.6 million, of which € 90.9 million is attributable to the chain carve-out of the operational business segment’s sales DACH. The investment in PUMA Sprint GmbH decreased by € 454.8 million due to a capital decrease in PUMA Sprint GmbH.

Inventories in current assets were fully transferred to PUMA Central Europe GmbH as part of the chain spin-off. Receivables and other assets decreased by € 36.0 million or 4.2% compared with the previous year to € 815.9 million. This resulted mainly from trade receivables in the amount of € 91.2 million transferred to PUMA Central Europe GmbH as well as an offsetting increase of € 56.5 million in receivables from affiliated companies. Cash and cash equivalents decreased by 66.7% to € 16.4 million compared to the previous year, mainly due to the discontinuation of the Sales DACH operating business segment.

On the equity and liabilities side, equity fell by 42.3% to € 522.3 million in 2025. In combination with the decrease in total assets, this led to a decline in the equity ratio to 20.2% as at the balance sheet date of
‎31 December 2025 (previous year: 34.2%).

Provisions decreased by 33.2% compared to the previous year to € 73.5 million. This development resulted mainly from the transfer of other provisions totalling € 21.9 million to PUMA Central Europe GmbH in the course of the chain carve-out.

Liabilities increased from € 1,632.1 million in the previous year to € 1,990.7 million as of 31 December 2025. This increase resulted primarily from higher borrowings from banks amounting to € 890.6 million due to the raising of financial liabilities in 2025. The raising of financial liabilities relates primarily to a higher utilisation of the syndicated credit (Revolving Credit Facility) amounting to € 650 million concluded in 2024. This borrowing will be replaced in 2026 by the utilisation of bridge financing fully guaranteed by Santander CIB S.A. Furthermore, the utilised promissory note loans increased by € 204.3 million compared to the previous year and amounted to a total of € 630.7 million as of 31 December 2025 (previous year: € 426.4 million). In May 2025, a promissory note loan totalling € 210 million with a term of four (€ 147.0 million) to six years (€ 63.0 million) was successfully placed. A further promissory note loan of € 65 million with a term of two years was issued in November 2025. Conversely, a tranche of € 70.0 million of a promissory note loan was redeemed upon maturity in January 2025.

Conversely, accounts payable to affiliated companies decreased by € 503.0 million. In the course of the chain hive-down, accounts payable to affiliated companies of € 77.8 million were transferred to PUMA Central Europe GmbH.