Golden Goose’s adjusted earnings rose as operating cash flow fell

More cash went into working capital and capital spending

Adjusted EBITDA rose by EUR 10.6 million. The working-capital and other-items line used EUR 25.3 million more cash than a year earlier. Capital expenditure used EUR 8.0 million more. Together those movements explain the EUR 22.7 million decline in adjusted operating cash flow. Source 1

Leases widened the cash-flow difference

Lease outflows increased from EUR 31.0 million to EUR 39.8 million. The company’s adjusted operating cash flow after leases fell from EUR 61.9 million to EUR 30.5 million. The bridge shows both lines so readers can follow the cash impact of leases. Source 1

Adjusted free cash flow turned negative

After deducting lease outflows, financial interest and income tax paid, the company reported adjusted free cash flow of minus EUR 7.5 million. The prior nine-month figure was EUR 20.1 million. The broader free cash flow figure includes further items listed in the presentation. Source 1

The trading period and year-end results use different windows

The bridge compares January to September in both years. Golden Goose separately reported full-year adjusted EBITDA of EUR 248.3 million and 232 directly operated stores at the end of 2025. Those year-end figures describe a different reporting window from the one in the chart. Source 1 Source 2

Sources

• Golden Goose nine-month 2025 earnings presentation, cash-flow bridge
• Golden Goose full-year 2025 results for wider context