Free cash flow amounted to EUR 499 million in fiscal year 2025, slightly above the prior-year level (2024: EUR 497 million) and thus underlining the cash-generative nature of our business model. This development was primarily driven by reduced cash outflows from investing activities, reflecting an increased focus on capital expenditure efficiency, which more than offset lower cash inflows from operating activities. Free cash flow is defined as the sum of cash flow from operating activities (excluding lease expenses under IFRS 16) and cash flow from investing activities. Net Assets
Change in cash and cash equivalents
(IN EUR MILLION)
Cash flow from operating activities declined 12% compared to the prior year, amounting to EUR 692 million (2024: EUR 786 million). The increase in EBIT and improvements in inventory were more than offset by lower trade payables. Cash flow from investing activities remained 33% below the prior year, amounting to EUR 193 million (2024: EUR 289 million). This development predominantly reflects the reduced capital expenditure. Net Assets Financial Position, Capital Expenditure
At EUR 361 million, cash flow from financing activities decreased 11% year over year (2024: EUR 405 million), mainly reflecting lower debt repayments in 2025 compared to the prior year. Financial Position, Capital Structure and Financing