Net Assets

Total assets increased by 9% to EUR 3,782 million at the end of fiscal year 2024 (December 31, 2023: EUR 3,472 million). This development mainly reflects higher property, plant, and equipment, intangible assets, and right-of-use assets as well as an increase in cash and cash equivalents.

The share of current assets decreased to 49% as of December 31, 2024 (December 31, 2023: 52%), largely reflecting a reduction in trade net working capital. Accordingly, the share of non-current assets increased to 51% at the end of fiscal year 2024 (December 31, 2023: 48%). The equity ratio amounted to 38%, thus in line with the prior-year level (December 31, 2023: 38%). Consolidated Financial Statements, Consolidated Statement of Financial Position

Trade net working capital (TNWC) decreased by 9% on a currency-adjusted basis. As part of this, inventories remained broadly on the prior-year level. However, as a percentage of Group sales, inventories amounted to 24.9%, down 50 basis points compared to the prior-year level (2023: 25.4%). This development reflects the Company’s measures to optimize inventory levels throughout the year. At the same time, trade receivables decreased by 4% currency-adjusted, primarily reflecting efficient receivables management. On the other hand, trade payables came in 12% above the prior-year level, mainly driven by higher sourcing volumes at year-end as well as increased utilization of the Company’s supplier financing program. Accordingly, the moving average of TNWC as a percentage of sales based on the last four quarters improved to a level of 19.6% (December 31, 2023: 20.8%). Notes to the Consolidated Financial Statements, Notes 12 and 13

Property, plant, and equipment, intangible assets, and right-of-use assets increased by 17% compared to the prior-year level, totaling EUR 1,775 million at year-end (December 31, 2023: EUR 1,521 million). This development primarily reflects strategic investments in the Company’s global retail and logistics networks in 2024, along with lease extensions for key retail locations. Cash and cash equivalents amounted to EUR 211 million at the end of fiscal year 2024, reflecting the strong increase in free cash flow (December 31, 2023: EUR 118 million). Notes to the Consolidated Financial Statements, Notes 8 and 14, Financial Position, Statement of Cash Flows and Free Cash Flow

Total current and non-current lease liabilities, primarily related to the rental of retail store locations as well as logistics and administration properties, increased by 21% to EUR 959 million as of the reporting date (December 31, 2023: EUR 793 million). The increase was mainly driven by new retail and logistics leases, as well as retail lease extensions. Current and non-current financial liabilities decreased 13% to EUR 297 million (December 31, 2023: EUR 340 million), mainly reflecting a lower utilization of the Company’s credit lines, driven by strong cash flow generation. Provisions and deferred tax liabilities decreased 15% to EUR 187 million (December 31, 2023: EUR 220 million), mainly reflecting lower personnel provisions. Notes to the Consolidated Financial Statements, Notes 9, 17, 19, and 20, Financial Position, Capital Structure and Financing

As HUGO BOSS completed the sale process of its Russian subsidiary during the course of 2024, assets and liabilities held for sale were fully derecognized, each amounting to EUR 0 million as of December 31, 2024 (December 31, 2023: EUR 27 million and EUR 19 million, respectively). Notes to the Consolidated Financial Statements, Accounting Policies