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 | 9M 2025 | 9M 2026 | |||
Cash flow from operating activities | 1,948.0 | 1,535.5 | |||
Cash flow from investing activities | -91.0 | -611.2 | |||
Cash flow from financing activities | -660.8 | -2,812.3 | |||
Influence of changes in foreign exchange rates | 2.8 | -6.3 | |||
Net changes in cash and cash equivalents | 1,199.0 | -1,894.3 | |||
Change in cash and cash equivalents related to discontinued operations | -43.5 | – | |||
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 | 3,256.8 | |||
Cash and cash equivalents at the end of the period | 3,007.4 | 1,362.5 | |||
The cash flow from operating activities amounted to € 1,535.5 million in the first nine months of 2026 (9M 2025: € 1,948.0 million).
The cash flow from investing activities shows a net payment of € -611.2 million for the first nine months of 2026 (9M 2025: net payment of € -91.0 million). Payments for the acquisition of investment properties came to € 1,061.7 million (9M 2025: € 1,978.3 million). On the other hand, proceeds from portfolio sales amounted to € 577.2 million (9M 2025: € 1,441.1 million).
The cash flow from financing activities amounted to € -2,812.3 million in the first nine months of 2026 (9M 2025: € -660.8 million). This includes payments for regular and unscheduled repayments on financial liabilities in the amount of € 5,952.7 million (9M 2025: € 3,435.2 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 5,276.5 million (9M 2025: € 3,382.1 million). Payments for transaction costs amounted to € 46.8 million (9M 2025: € 28.1 million). Interest paid in the first nine months of 2026 amounted to € 717.4 million (9M 2025: € 751.9 million). There were no proceeds (9M 2025: € 1,063.0 million) resulting from changes in the ownership interests in subsidiaries (not involving any change in control) in the first nine months of 2026.
The net change in cash and cash equivalents came to € -1,894.3 million.