Consolidated Statement of Cash Flows

in € million	Jan. 1–Sep. 30, 2024	Jan. 1–Sep. 30, 2025

Profit for the period	-592.1	3,408.6
Net income from fair value adjustments of investment properties	1,448.5	-516.2
Revaluation of assets held for sale	-39.5	-29.5
Depreciation and amortization	129.9	431.7
Interest expenses/income and other financial result	592.7	720.2
Income taxes	66.0	-2,108.6
Profit on the disposal of investment properties	-46.3	3.4
Results from disposals of other non-current assets	-3.0	-49.2
Other expenses/income not affecting cash	163.1	16.7
Change in working capital	161.1	225.6
Income tax paid	-234.9	-154.7
Cash flow from operating activities	1,645.5	1,948.0

Proceeds from disposals of investment properties and assets held for sale	1,076.1	1,441.1
Proceeds from disposals of other assets	12.8	443.6
Proceeds from disposals of shares in consolidated companies including disposed cash and cash equivalents	–	336.4
Payments for investments in investment properties	-690.9	-1,978.3
Payments for investments in other assets	-205.9	-390.0
Proceeds from disposal of other financial assets	–	9.3
Interest received	40.7	46.9
Cash flow from investing activities	232.8	-91.0

Cash paid to shareholders of Vonovia SE	-506.4	-647.2
Cash paid to non-controlling interests	-117.0	-175.8
Proceeds from issuing financial liabilities	2,309.4	3,382.1
Cash repayments of financial liabilities	-2,141.2	-3,435.2
Cash repayments of lease liabilities	-32.9	-33.4
Payments for transaction costs in connection with capital measures	-13.8	-28.1
Payments for other financing costs	-22.4	-58.7
Payments in connection with the acquisition of shares in non-controlling interests	-3.3	-34.3
Payments in connection with the sale of shares of ongoing consolidated companies	-10.6	1,063.0
Interest paid	-596.0	-693.2
Cash flow from financing activities	-1,134.2	-660.8

Influence of changes in foreign exchange rates on cash and cash equivalents	0.6	2.8

Cash and cash equivalents total
Net changes in cash and cash equivalents	744.7	1,199.0
Cash and cash equivalents at the beginning of the period	1,418.8	1,808.4
Cash and cash equivalents at the end of the period	2,163.5	3,007.4

Cash and cash equivalents from discontinued operations*
Net changes in cash and cash equivalents**	14.5	-43.5
Cash and cash equivalents at the beginning of the period	44.4	43.5
Cash and cash equivalents at the end of the period	58.9	–

Cash and cash equivalents from disposal groups
Net changes in cash and cash equivalents	–	-8.2
Cash and cash equivalents at the beginning of the period	–	8.2
Cash and cash equivalents at the end of the period	–	–

Cash and cash equivalents from continuing operations (without disposal group and discontinued operations)
Net changes in cash and cash equivalents	730.2	1,250.7
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.
**Changes in cash in connection with discontinued operations are included in the cash flow from operating activities in the amount of € 33.3 million (Sep. 30, 2024: € 38.0 million), in the cash flow of investing activities in the amount of € -57.1 million (Sep. 30, 2024: € 14.6 million) and in the cash flow from financing activities in the amount of € -19.7 million (Sep. 30, 2024: € -38.1 million).
***Includes total restricted cash of € 65.1 million (Sep. 30, 2024: € 61.8 million).