Puig Brands SA (PUGBY) Cash Flow Statement
Where PUGBY’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €859.0M +16.1% vs 2024
- Capital expenditures
- €198.5M 3.9% of revenue
- Free cash flow
- €660.6M 13.1% margin
- Returned to shareholders
- €213.8M 32% of free cash flow
- Change in cash
- €153.7M cash at year-end €1.04B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PUGBY operating cash flow, capex and free cash flow
PUGBY cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €511.0M2021 | €859.0M2025 | +13.9%/yr | |
| Capital expenditures | €77.2M2021 | €198.5M2025 | +26.6%/yr | |
| Free cash flow | €433.8M2021 | €660.6M2025 | +11.1%/yr | |
| Free cash flow margin | 16.8%2021 | 13.1%2025 | −3.7 pts | |
| Operating cash flow / net income | 2.312021 | 1.452025 | −0.86 | |
| Dividends paid | €20.5M2021 | €213.8M2025 | +79.8%/yr | |
| Share buybacks (net) | €02021 | €02025 | — | |
| Capex / revenue | 3.0%2021 | 3.9%2025 | +0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PUGBY cash flow by activity
PUGBY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PUGBY cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | €593.7M | €530.6M | €465.2M | €399.5M | €221.0M |
| Depreciation & amortization | €235.7M | €210.5M | €174.1M | €145.0M | €106.5M |
| Change in working capital | €41.3M | €41.2M | −€194.4M | −€158.4M | €67.4M |
| Other non-cash items | −€11.6M | −€42.7M | €111.6M | €33.7M | €116.0M |
| Cash from operating activities | €859.0M | €739.7M | €556.5M | €419.7M | €511.0M |
| Investing activities | |||||
| Capital expenditures | −€198.5M | −€190.9M | −€177.9M | −€151.6M | −€77.2M |
| Investments (net) | €19.6M | €18.0M | −€286.6M | −€9.5M | −€30.5M |
| Financing activities | |||||
| Dividends paid | −€213.8M | −€192.5M | −€181.3M | −€132.0M | −€20.5M |
| Share repurchases & issuance (net) | €0 | −€357,000 | −€108.4M | €0 | €0 |
| Net borrowing (repayment) | −€348.4M | −€566.3M | €254.5M | €828.7M | −€290.4M |
| Shares issued | €0 | €1.38B | €0 | €0 | €0 |
| Summary | |||||
| Net change in cash | €153.7M | €29.7M | €142.9M | €17.4M | €22.9M |
| Cash at end of period | €1.04B | €882.6M | €852.9M | €710.0M | €692.7M |
| Free cash flow | €660.6M | €548.8M | €378.6M | €268.1M | €433.8M |
| Free cash flow margin | 13.1% | 11.5% | 8.8% | 7.4% | 16.8% |
| Capex / revenue | 3.9% | 4.0% | 4.1% | 4.2% | 3.0% |
| Operating cash flow / net income | 1.45 | 1.39 | 1.20 | 1.05 | 2.31 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
PUGBY cash generation
In fiscal 2025 (ended December 31, 2025), Puig Brands generated €859.0 million of cash from operations (up 16.1%) and spent €198.5 million on capital expenditures, leaving free cash flow of €660.6 million, 13.1% of revenue. It returned €213.8 million to shareholders through dividends (€213.8 million) and net share buybacks (€0). Cash and equivalents rose by €153.7 million over the year.
Related: PUGBY income statement, PUGBY balance sheet, PUGBY dividend history. See the PUGBY stock overview for the latest quote and news.
PUGBY cash flow FAQ
What is Puig Brands's free cash flow?
Puig Brands's free cash flow was €660.6 million in fiscal 2025: €859.0 million of operating cash flow minus €198.5 million of capital expenditures It was €548.8 million a year earlier..
How much cash does Puig Brands generate from operations?
Puig Brands generated €859.0 million of cash from operating activities in fiscal 2025, 1.45 times its net income of €593.7 million.
How much does Puig Brands spend on capital expenditures?
Puig Brands spent €198.5 million on capital expenditures in fiscal 2025, 3.9% of revenue, compared with €190.9 million the year before.
How much does Puig Brands pay in dividends?
Puig Brands paid €213.8 million in dividends in fiscal 2025, 32.4% of free cash flow.