Cash flows

Cash flows

Cash flows from operating activities

Gross cash flow fell by 76.3% from € 878.2 million to € 208.4 million in financial year 2025. This development resulted from the loss before taxes of € 493.3 million compared to earnings before taxes of € 462.3 million in the previous year. This decrease was only partially cash effective. Despite the loss for the period, a slightly positive cash flow was achieved.

* includes cash flows from the discontinued operation PUMA United in the years 2024 and 2025; see Chapter 24 of the notes to the consolidated financial statements.

As a result of the increase in working capital compared to the previous year, there was a cash outflow from the change in net working capital* of € -429.2 million in financial year 2025, compared to € -69.4 million in the previous year. The cash outflow from payments for income taxes reduced from € -114.1 million in the previous year to € -98.8 million in financial year 2025. On a net basis, cash flows from operating activities amounted to a cash outflow of € -319.3 million, compared to a cash inflow of € 694.8 million in the previous year.

Cash flows from investing activities

Cash flows from investing activities decreased in the 2025 financial year from a total of € 230.5 million to € 211.0 million. The investments in fixed assets included in this figure decreased from € 263.0 million in the previous year to € 206.3 million in 2025. As a result, investments in 2025 were below the adjusted investment plan, which had forecast investments of around € 250 million. With this reduction, the strained earnings situation has been taken into account on the one hand, while on the other hand investment projects with longer-term or already entered into contractual commitments were continued. The investments serve to safeguard future competitiveness and are predominantly strategic or structural in nature. In 2025, they mainly related to investments in the modernisation of the IT infrastructure, in our own retail stores including e-commerce and in our logistics infrastructure. The decrease in investments primarily related to the North America and MEA&I segments. By contrast, investments increased in the European segment.

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* Net current assets include working capital line items plus current assets and liabilities, which are not part of the working capital calculation. Current lease liabilities are not part of the net current assets.
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Free cash flow (before acquisitions)

The Free cash flow before acquisitions is the balance of the cash inflows and outflows from operating and investing activities. In addition, an adjustment is made for incoming and outgoing payments that relate to the purchase or sale of shareholdings, where applicable.

In financial year 2025, Free cash flow before acquisitions decreased from € 464.3 million in the previous year to € -530.3 million in 2025, due to cash outflow from operating activities.

* includes cash flows from the discontinued operation PUMA United in the years 2024 and 2025, see Chapter 24 of the notes to the consolidated financial statements.

Cash flows from financing activities

To finance the negative Free cash flow, there was a total cash inflow from financing activities of € 396.9 million in 2025 compared with a cash outflow of € 697.8 million in the previous year. The increase in cash inflow was largely due to the assumption of financial liabilities in 2025.

A dividend payment of € 89.8 million was distributed to the shareholders of PUMA SE for financial year 2024. The payment of dividends amounted to € 122.8 million in the previous year. The repurchase of treasury shares in 2025 resulted in a cash outflow of € 59.7 million (previous year: € 50.0 million). The cash flows from financing activities also included payouts to non-controlling interests totalling € 15.8 million in 2025 (previous year: € 89.4 million). Proceeds from borrowings amounted to € 1,005.8 million in 2025 compared to € 39.0 million in the previous year. In financial year 2025, cash repayments of borrowings amounted to € 76.2 million (previous year: € 125.0 million). The repayments of lease liabilities and related interest expenses included in the cash flows from financing activities increased from a total of € 273.6 million in the previous year to € 303.4 million in 2025.

As of 31 December 2025, PUMA had cash and cash equivalents of € 290.0 million. This represents a decrease of 21.2% compared to the previous year (€ 368.2 million). In addition, as of 31 December 2025, the PUMA Group had credit lines totalling € 2,562.8 million (previous year: € 1,842.9 million). The increase in confirmed credit lines of € 719.9 million compared to the previous year is due in particular to the conclusion of bridge financing in the amount of € 500.0 million and two promissory note transactions in 2025 totalling € 275.0 million. Conversely, a promissory note tranche of € 70.0 million was repaid upon maturity in January 2025. Unutilised credit lines totalled € 1,202.2 million at the balance sheet date, compared to € 1,360.2 million in the previous year. The composition and maturities of the existing borrowings can be seen in Table T.05.
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