Cashflow

The company's operating cash flow has experienced a significant decline, from a net outflow of €39.47 million in 2024 to a net outflow of €57.20 million in 2025, indicating a worsening trend in its ability to generate cash from core operations. Conversely, the company's investment cash flow has also deteriorated, with a net outflow of €11.49 million in 2024 increasing to a net outflow of €9.60 million in 2025, suggesting that the company is still investing heavily in its growth initiatives. Notably, the company's financing activities have generated substantial cash inflows, with a net inflow of €11.53 million in 2024 and a net inflow of €196.15 million in 2025, primarily driven by proceeds from equity contributions and loans and borrowings. However, this reliance on external funding sources raises concerns about the company's long-term financial sustainability and its ability to maintain cash flow generation without significant debt or equity financing. Overall, the company's cash flow performance suggests that it is still navigating a period of significant investment and growth, which may impact its short-term cash flow generation but is expected to drive long-term value creation.

*Future financing activities are not included in prediction