The net financial position is measured as the total of all financial and lease liabilities less cash and cash equivalents. Including lease liabilities under IFRS 16, the net financial position of HUGO BOSS totaled minus EUR 839 million (December 31, 2024: minus EUR 1,038 million). Excluding lease liabilities under IFRS 16, this corresponds to a total of plus EUR 48 million at the end of fiscal year 2025 (December 31, 2024: minus EUR 78 million), reflecting the strong free cash flow generation as well as the related lower utilization of the Company’s credit facilities. Financial Position, Capital Structure and Financing Notes to the Consolidated Financial Statements, Note 9