37 » Additional Cash Flow Information

In 2025 the decrease in cash flows from operating activities was driven by a less favorable operating working capital development, which was partly offset by an increase in income before taxes.

Cash flows from investing activities in 2025 mainly related to spending on intangible assets and property, plant, and equipment, which was partly offset by proceeds from sale of a disposal group from prior years.

Cash flows from financing activities in 2025 mainly related to the proceeds from issuance of a new bond, repayment of a bond, repayments of lease liabilities, interests paid, and dividend paid to shareholders of adidas AG.

The effects resulting from the application of IAS 29 ‘Accounting in hyperinflationary countries’ are recorded in the cash flow from operating activities in the line ‘IAS 29 – Hyperinflation effects in operating cash flow.’

In 2025, the following changes in financial liabilities impacted the net cash used in financing activities: