Consolidated Statement of Cash Flows

in € million	Notes	Jan. 1–Dec. 31, 2024	Jan. 1–Dec. 31, 2025

Profit for the period		-962.3	4,185.5
Net income from fair value adjustments of investment properties	B12	1,567.2	-1,390.0
Revaluation of assets held for sale	B10	-42.8	-39.1
Depreciation and amortization		134.3	514.2
Interest expenses/income and other financial result	B18/B19/B20	924.9	841.3
Income taxes	B21	386.3	-1,584.9
Profit from the disposal of investment properties	B10	-74.5	-13.9
Results from disposals of other non-current assets		-3.5	-56.1
Other expenses/income not affecting cash		390.6	74.2
Change in working capital		332.1	111.9
Income tax paid		-250.7	-194.8
Cash flow from operating activities		2,401.6	2,448.3

Proceeds from disposals of investment properties and assets held for sale	B10/D27/D33	1,398.3	1,710.3
Proceeds from disposals of other assets	D25/D26/D28/D29	105.8	481.6
Proceeds from disposals of shares in consolidated companies including disposed cash and cash equivalents	D27/D30	–	347.9
Payments for investments in investment properties****	D25/D26/D28/D29	-1,265.9	-2,403.3
Payments for investments in other assets		-497.0	-347.9
Payments for acquisition of shares in consolidated companies, in due consideration of liquid funds		-2.4	-8.3
Proceeds from disposal of other financial assets		–	19.3
Interest received		73.6	73.3
Cash flow from investing activities		-187.6	-127.1

Cash paid to shareholders of Vonovia SE	E37	-506.4	-647.2
Cash paid to non-controlling interests		-143.7	-202.9
Proceeds from issuing financial liabilities	E40	2,943.8	5,799.5
Cash repayments of financial liabilities	E40	-3,212.3	-5,722.3
Cash repayments of lease liabilities	E43	-42.8	-43.5
Payments for transaction costs in connection with capital measures	E40	-16.5	-55.0
Payments from changes in ownership interests in subsidiaries that do not result in loss of control	E37	-44.2	-265.3
Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control	E37	–	1,124.0
Interest paid		-798.9	-865.7
Cash flow from financing activities		-1,821.0	-878.4

Influence of changes in foreign exchange rates on cash and cash equivalents		-3.4	5.7

Cash and cash equivalents total
Net changes in cash and cash equivalents		389.6	1,448.5
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		1,808.4	3,256.9

Cash and cash equivalents from discontinued operations
Net changes in cash and cash equivalents*	D36	-0.9	-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		43.5	–

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

Cash and cash equivalents from continuing operations (without discontinued operations and disposal groups)
Net changes in cash and cash equivalents	D34	382.3	1,500.2
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

*Changes in cash in connection with discontinued operations are included in the cash flow from operating activities in the amount of € 33.3 million (2024: € 47.1 million), in the cash flow from investing activities in the amount of € -57.1 million (2024: € -46.4 million) and in the cash flow from financing activities in the amount of € -19.7 million (2024: € -1.6 million).
**For reasons of comparability, a presentation is made for the year 2024 in accordance with IFRS 5 as in 2025.
***Includes total restricted cash of € 61.1 million (Dec. 31, 2024: € 65.4 million).
****Primarily include expenditure on modernization and payments for the acquisition of investment properties (including a high double-digit million amount relating to the acquisition of subsidiaries in the form of asset acquisitions).