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	2024	2025

Cash flow from operating activities	2,401.6	2,448.3
Cash flow from investing activities	-187.6	-127.1
Cash flow from financing activities	-1,821.0	-878.4
Influence of changes in foreign exchange rates	-3.4	5.7
Net changes in cash and cash equivalents	389.6	1,448.5
Change in cash and cash equivalents related to discontinued operations	-0.9	-43.5
Change in cash and cash equivalents related to disposal groups*	8.2	-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	1,756.7	3,256.9

*For reasons of comparability, a presentation is made for the year 2024 in accordance with IFRS 5 as in 2025.

The cash flow from operating activities amounted to € 2,448.3 million in the 2025 fiscal year (2024: € 2,401.6 million).

The cash flow from investing activities shows a net payment of € -127.1 million for the 2025 fiscal year (2024: € -187.6 million). Payments for the acquisition of investment properties came to € -2,403.3 million (2024: € -1,265.9 million). On the other hand, income from portfolio sales in the amount of € 1,710.3 million was collected (2024: € 1,398.3 million).

The cash flow from financing activities amounted to € -878.4 million in the 2025 fiscal year (2024: € -1,821.0 million). This includes payments for regular and unscheduled repayments on financial liabilities in the amount of € -5,722.3 million (2024: € -3,212.3 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 5,799.5 million (2024: € 2,943.8 million). Payments for transaction costs and costs related to capital measures amounted to € -55.0 million (2024: € -16.5 million). Interest paid in the 2025 fiscal year amounted to € -865.7 million (2024: € -798.9 million).

Net changes in cash and cash equivalents came to € 1,448.5 million.