v3.26.1
Consolidated statements of cash flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Loss for the year € (263,345) € (189,295) [1] € (146,253) [1]
Adjustments for:      
Income tax benefits / (expenses) (15,472) 3,078 3,407
Depreciation and amortization 42,577 46,542 46,946
Impairment of goodwill and brand 66,730 31,208  
Provisions and impairment losses (exclude goodwill and brand) 20,620 3,727 79
Impairment loss on a disposal group classified as held for sale 12,009    
Employee share-based compensation 184 551 2,749
Finance cost - net 35,087 29,504 20,204
Reversal of / (provision for) dispute-related costs (3,185) (1,095) 5,305
Fair value changes on warrants (950) (2,818) (4,961)
Net gains on disposals (2,934) (9,079) (3,564)
Change in inventories 26,557 22,099 8,528
Change in trade receivables 2,526 15,789 2,905
Change in trade payables (29,728) 1,848 5,462
Change in other operating assets and liabilities 2,048 (8,804) 2,435
Income tax paid (32) (2,636) (1,133)
Net cash used in operating activities (107,308) (59,381) (57,891)
Investing activities      
Payment for the purchase of property, plant and equipment, intangible assets and other long-term assets (2,821) (13,028) (42,710)
Proceeds from disposal of property, plant and equipment, intangible assets and other long-term assets 4,479 12,903 4,443
Purchase of financial assets at fair value through profit or loss     (348)
Net cash generated from / (used in) investing activities 1,658 (125) (38,615)
Financing activities      
Repurchase of ordinary shares (669)    
Proceeds from financing of intangible assets 22,610    
Proceeds from financing fund     36,541
Proceeds from borrowings 331,491 228,939 153,319
Repayments of loan note (8,547)    
Repayments of financing fund   (18,274)  
Repayments of borrowings (174,454) (113,717) (117,552)
Repayments of lease liabilities (34,625) (32,443) (31,352)
Payment of borrowings interest (8,536) (7,792) (5,115)
Payment of lease liabilities interest (6,722) (7,652) (7,178)
Capital contribution from non-controlling interests   5 5,645
Changes in ownership interest in a subsidiary without change of control (1,191)   (177)
Net cash generated from financing activities 119,357 49,066 34,131
Net change in cash and cash equivalents 13,707 (10,440) (62,375)
Cash and cash equivalents less bank overdrafts at the beginning of the year 18,043 27,850 91,749
Effect of foreign exchange differences on cash and cash equivalents (1,040) 633 (1,524)
Cash and cash equivalents less bank overdrafts at the end of the year € 30,710 € 18,043 € 27,850
[1] In accordance with IFRS 5, the consolidated statements of profit or loss for 2024 and 2023 have been restated, with the Caruso Brand presented as a discontinued operation (see Note 12).