Net cash flow from operating activities generated an outflow of euro 2,943 million in 2025, compared to an outflow of euro 2,301 million the previous year. Change in working capital was positive at euro 234 million, compared with a negative change of euro 161 million in 2024. Taxes paid amounted to euro 536 million in 2025 compared to euro 655 million the previous year.
Net cash flow from investing activities includes acquisitions and disposals of tangible and intangible fixed assets, net acquisitions of financial assets and acquisitions and disposals of subsidiaries (net of cash acquired). Net cash used in investing activities amounted to euro 940 million in 2025, after euro 1,116 million in 2024. Net investment (of disposals) in the acquisition of subsidiaries amounted to euro 669 million, notably including the acquisitions of Captiv8, BR Media, Lotame, Atomic 212, Adopt, P-value and Helpmil, and euro 47 million of earn-out payments, compared to euro 915 million in 2024 (which included ,in particular, the acquisitions of Mars, Influential and Spinnaker, along with euro 67 million of earn-out payments). Net investments in property, plant and equipment and intangible assets amounted to euro 249 million in 2025, slight increase compared with the euro 235 million in 2024.
Net cash flow from financing activities resulted in an utilization of euro 1,012 million in 2025, compared with an utilization of euro 2,007 million the previous year. The outflow is mainly related to the dividends paid to the shareholders of the parent company for euro 903 million, compared to euro 853 million in 2024. The (net) repurchase of treasury shares generated a cash utilization of euro 147 million, in line with the cash utilization of euro 148 million in 2024, mainly linked to the share buyback program related to 1,610,899 treasury shares, which took place during the second quarter for a total amount of euro 150 million. Last year, a share buyback program took place during the first quarter, leading to the acquisition of 1,031,711 shares for an amount of euro 101 million, in addition to the acquisition of 450,000 treasury shares from two shareholders for an amount of euro 44 million, Repayments of lease liabilities and related interest amounted to euro 453 million in 2025, as in 2024. Net interest received amounted to euro 26 million in 2025, after euro 69 million received in 2024. These outflows were partially offset by the net proceeds generated by the euro 1,249 million bond issue, net of the repayment of the bond tranche of euro 750 million. In 2024, loan repayments amounted to euro 603 million (including euro 600 million for the Eurobond 2024 in December).
Overall, the Groupe’s cash position, net of bank credit balances, increased by euro 388 million in 2025, compared with a decrease of euro 607 million in the previous year.
Including the short-term credit lines available, the Groupe’s available liquidity amounted to euro 6,031 million as of December 31, 2025, compared with 5,644 million as of December 31, 2024.
As a reminder, the Groupe has a euro 2 billion facility, initially maturing in July 2029 and which was extended by one year, pushing maturity to July 2030 (see note 1.2 Significant events of the period). It remained undrawn as of December 31, 2025.
The table below shows the calculation of the Groupe’s free cash flow:
| (in millions of euros) | 2025 | 2024 |
|---|---|---|
| EBITDA | EBITDA 2025 3,168 |
EBITDA 2024 3,014 |
|
Repayment of lease liabilities and related interests |
Repayment of lease liabilities and related interests 2025 26 |
Repayment of lease liabilities and related interests 2024 69 |
|
Financial interest paid (net) |
Financial interest paid (net) 2025 (453) |
Financial interest paid (net) 2024 (453) |
| Tax paid | Tax paid 2025 (536) |
Tax paid 2024 (655) |
| Other | Other 2025 76 |
Other 2024 98 |
| Cash flow from operations before change in WCR | Cash flow from operations before change in WCR 2025 2,281 |
Cash flow from operations before change in WCR 2024 2,073 |
|
Investments in fixed assets (net) |
Investments in fixed assets (net) 2025 (249) |
Investments in fixed assets (net) 2024 (235) |
| Free cash flow before change in WC requirements | Free cash flow before change in WC requirements 2025 2,032 |
Free cash flow before change in WC requirements 2024 1,838 |
The Groupe’s free cash flow, before change in working capital requirements, was euro 2,032 million in 2025, up euro 194 million compared to 2024, notably in relation to the EBITDA, which increased by euro 154 million.
Income tax paid amounted to euro 536 million, down euro 119 million from euro 655 million in 2024, mostly in relation to the favorable impact of euro 98 million on tax paid in the USA generated by the One Big Beautiful Bill Act (see Note 10 of the consolidated financial statements) and some non-recurring payments in 2024.
Repayment of lease liabilities and related interests remain stable at euro 453 million both in 2025 and 2024.
Net financial interests generated a euro 26 million income in 2025, compared to a euro 69 million income in 2024.
Net investments in fixed assets amounted to euro 249 million in 2025, a slight increase compared to euro 235 million in 2024.
