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 - Jun. 30, 2025 | Jan. 1 - Jun. 30, 2026 | |||
Cash flow from operating activities | 1,590.1 | 1,118.0 | |||
Cash flow from investing activities | 80.8 | -279.6 | |||
Cash flow from financing activities | -1,796.6 | -2,238.2 | |||
Influence of changes in foreign exchange rates | 2.6 | -2.9 | |||
Net changes in cash and cash equivalents | -123.1 | -1,402.7 | |||
Change in cash and cash equivalents related to discontinued operations | -13.9 | – | |||
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 | 1,655.7 | 1,854.2 | |||
The cash flow from operating activities amounted to € 1,118.0 million in the first six months of 2026 (H1 2025: € 1,590.1 million).
The cash flow from investing activities shows a net cash outflow of € -279.6 million for the first six months of 2026 (6M 2025: net cash inflow of € 80.8 million). Payments for the acquisition of investment properties came to € 633.4 million (H1 2025: € 1,479.3 million). On the other hand, cash inflows from portfolio sales amounted to € 397.7 million (6M 2025: € 1,307.8 million).
The cash flow from financing activities amounted to € -2,238.2 million in the first six months of 2026 (H1 2025: € -1,796.6 million). This includes payments for regular and unscheduled repayments on financial liabilities in the amount of € 3,644.3 million (6M 2025: € 2,916.2 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 3,274.3 million (6M 2025: € 2,521.6 million). Payments for transaction costs amounted to € 21.0 million (6M 2025: € 12.7 million). Interest paid in the first six months of 2026 amounted to € 504.4 million (H1 2025: € 581.9 million).
The net change in cash and cash equivalents came to € -1,402.7 million.