Note to cash flow statement (Tables)

12 Months Ended

Mar. 31, 2026

Note to cash flow statement.

Schedule of reconciliation of net debt


		At March 31,
		2026		2025		2024
		€M		€M		€M
Net cash at beginning of year		1,303.8		1,372.8		558.8
Changes from financing cashflows
(Decrease)/increase in cash and cash equivalents in year, including net foreign exchange differences		(1,129.9)		(12.1)		276.1
Increase/(decrease) in financial assets: cash > 3 months		712.3		(137.7)		(818.4)
Increase/(decrease) in restricted cash		8.1		16.7		(13.1)
Net cash flow from decrease in debt		1,224.1		86.4		1,143.2
Movement in net funds resulting from cash flows		814.6		(46.7)		587.8

Other changes
Translation on U.S. dollar denominated debt		9.0		3.3		16.2
Promissory notes		—		—		213.5
Lease additions		(39.3)		(22.8)		—
Interest expense		(2.6)		(2.8)		(3.5)
Movement from other changes		(32.9)		(22.3)		226.2

Net cash at end of year		2,085.5		1,303.8		1,372.8
Analyzed as:
Cash and cash equivalents, cash > 3 months and restricted cash		3,577.0		3,986.5		4,119.6
Total borrowings*		(1,491.5)		(2,682.7)		(2,746.8)
Net cash		2,085.5		1,303.8		1,372.8

*Total borrowings include current and non-current maturities of debt and current and non-current lease liabilities.

Schedule of change in carrying value of share premium


				At March 31,
				2026		2025		2024
				€M		€M		€M
Balance at beginning of year				1,421.6		1,404.3		1,379.9
Changes from financing cashflows
Net proceeds from shares issued				3.2		4.9		16.4
Share premium receivable on shares issued				10.0		12.4		8.0
Movement in net funds resulting from cash flows				13.2		17.3		24.4
Balance at end of year				1,434.8		1,421.6		1,404.3

Schedule of changes in the carrying value of liabilities from financing activities


				At March 31,
				2026		2025		2024
				€M		€M		€M
Balance at beginning of year				(2,682.7)		(2,746.8)		(4,116.2)
Repayments of borrowings				1,190.0		50.0		1,100.5
Lease liabilities paid				34.1		36.4		42.7
Lease modifications/additions				(39.3)		(22.8)		—
Interest expense				(2.6)		(2.8)		(3.5)
Foreign exchange				9.0		3.3		16.2
Promissory notes				—		—		213.5
Balance at end of year				(1,491.5)		(2,682.7)		(2,746.8)
Less than one year				(1,238.6)		(886.1)		(89.4)
More than one year				(252.9)		(1,796.6)		(2,657.4)
Balance at end of year				(1,491.5)		(2,682.7)		(2,746.8)