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 - Mar. 31, 2025 | Jan. 1 - Mar. 31, 2026 | |||
Cash flow from operating activities | 804.3 | 553.1 | |||
Cash flow from investing activities | 353.8 | -109.7 | |||
Cash flow from financing activities | -764.3 | -1,897.4 | |||
Influence of changes in foreign exchange rates | 4.2 | -1.4 | |||
Net changes in cash and cash equivalents | 398.0 | -1,455.4 | |||
Change in cash and cash equivalents related to discontinued | -16.3 | – | |||
Change in cash and cash equivalents related to disposal groups | -8.2 | – | |||
Cash and cash equivalents at the beginning of the period | 1,756.7 | 3,256.9 | |||
Cash and cash equivalents at the end of the period | 2,179.2 | 1,801.5 | |||
The cash flow from operating activities amounted to € 553.1 million in the first three months of 2026 (3M 2025: € 804.3 million).
The cash flow from investing activities shows a net payment of € -109.7 million for the first three months of 2026 (3M 2025: net proceeds of € 353.8 million). Payments for the acquisition of investment properties came to € 286.0 million (3M 2025: € 863.8 million). On the other hand, income from portfolio sales in the amount of € 164.8 million was collected (3M 2025: € 1,051.1 million).
The cash flow from financing activities amounted to € -1,897.4 million in the first three months of 2026 (3M 2025: € -764.3 million). This includes payments for regular and unscheduled repayments on financial liabilities in the amount of € 2,124.0 million (3M 2025: € 699.6 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 501.2 million (3M 2025: € 195.5 million). Payments for transaction costs amounted to € 2.8 million (3M 2025: € 0.3 million). Interest paid in the first three months of 2026 amounted to € 255.4 million (3M 2025: € 245.9 million).
Net changes in cash and cash equivalents came to € -1,455.4 million.