Financial Position
Cash Flow
The Group cash flow is as follows:
Key Data from the Statement of Cash Flows
Key Data from the Statement of Cash Flows | |||||
in € million | Jan. 1 - Sep. 30, 2024 | Jan. 1 - Sep. 30, 2025 | |||
Cash flow from operating activities | 1,645.5 | 1,948.0 | |||
Cash flow from investing activities | 232.8 | -91.0 | |||
Cash flow from financing activities | -1,134.2 | -660.8 | |||
Influence of changes in foreign exchange rates | 0.6 | 2.8 | |||
Net changes in cash and cash equivalents | 744.7 | 1,199.0 | |||
Change in cash and cash equivalents related to discontinued | 14.5 | -43.5 | |||
Change in cash and cash equivalents related to disposal groups | – | -8.2 | |||
Cash and cash equivalents at the beginning of the period | 1,374.4 | 1,756.7 | |||
Cash and cash equivalents at the end of the period | 2,104.6 | 3,007.4 | |||
- *For reasons of comparability, a presentation is made for the period Jan. 1 until Sep. 30, 2024 in accordance with IFRS 5 as for the period Jan. 1 until Sep. 30, 2025.
The cash flow from operating activities amounted to € 1,948.0 million in the first nine months of 2025 (9M 2024: € 1,645.5 million).
The cash flow from investing activities shows a net payment of € -91.0 million for the first nine months of 2025 (9M 2024: net proceeds of € 232.8 million). Payments for the acquisition of investment properties came to € -1,978.3 million (9M 2024: € -690.9 million). On the other hand, income from portfolio sales in the amount of € 1,441.1 million was collected (9M 2024: € 1,076.1 million).
The cash flow from financing activities amounted to € -660.8 million in the first nine months of 2025 (9M 2024: € -1,134.2 million). This includes payments for regular and unscheduled repayments on financial liabilities in the amount of € -3,435.2 million (9M 2024: € -2,141.2 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 3,382.1 million (9M 2024: € 2,309.4 million). Payments for transaction and financing costs amounted to € -86.8 million (9M 2024: € -36.2 million). Interest paid in the first nine months of 2025 amounted to € -693.2 million (9M 2024: € -596.0 million).
Net changes in cash and cash equivalents came to € 1,199.0 million.