2025

2024

Notes

€ million

€ million

Loss/Earnings before taxes (EBT)

-522.9

399.7

Earnings before taxes (EBT) from discontinued operations

24

29.5

62.6

Loss/Earnings before taxes (EBT) - Total

-493.3

462.3

Adjustments for:

Depreciation, amortisation and impairment losses

9, 10, 11

475.1

386.9

Reversal of impairment losses

9, 10, 11

-1.3

-29.4

Unrealised foreign exchange gains/losses, net

87.0

-57.4

Financial income

21

-13.4

-31.7

Financial expenses

21

122.7

128.4

Gains/losses from the sale of fixed assets

1.6

0.2

Changes to pension provisions

15

0.4

0.2

Other non cash effected expenses/income

29.6

18.7

Gross cash flow

208.4

878.2

Changes in receivables and other current assets

5, 6, 7

239.2

-231.5

Changes in inventories

4

-283.3

-218.2

Changes in trade payables and other current liabilities

13

-385.2

380.3

Cash flows from operating activities before taxes and dividends received

-220.9

808.9

Dividends received

12

0.4

0.4

Income taxes paid

22

-98.8

-114.4

Cash flows from operating activities

-319.3

694.8

Investing activities

Purchase of fixed assets

9, 11

-206.3

-263.0

Proceeds from sale of fixed assets

9.9

8.7

Payments for other assets

12

-27.7

-7.6

Interest received

21

13.0

31.4

Cash flows from investing activities

-211.0

-230.5

Repayment of lease liabilities

10

-247.8

-222.5

Repayment of current borrowings

13

-76.2

-125.0

Raising of current borrowings

13

730.8

39.0

Raising of non-current borrowings

13

275.0

0.0

Dividend distribution to shareholders of PUMA SE

17

-89.8

-122.8

Dividend distribution to non-controlling interests

17, 29

-15.8

-89.4

Repurchase of treasury shares

17

-59.7

-50.0

Interest paid

21

-119.7

-127.2

Cash flows from financing activities

396.9

-697.8

Foreign exchange-related changes in cash and cash equivalents

55.2

48.8

Change in cash and cash equivalents

-78.2

-184.7

Cash and cash equivalents at the beginning of the financial year

368.2

552.9

Cash and cash equivalents at the end of the financial year

3, 26

290.0

368.2