Consolidated Statement of Cash Flows

in € million	9M 2025	9M 2026

Profit for the period	3,408.6	1,309.8
Net income from fair value adjustments of investment properties	-516.2	-848.1
Revaluation of assets held for sale	-29.5	-51.2
Depreciation and amortization	431.7	119.4
Interest expenses/income and other financial result	720.2	634.3
Income taxes	-2,108.6	750.1
Profit on the disposal of investment properties	3.4	-44.0
Results from disposals of other non-current assets	-49.2	-4.5
Other expenses/income not affecting cash	16.7	209.5
Change in working capital	225.6	-323.3
Income tax paid	-154.7	-216.5
Cash flow from operating activities	1,948.0	1,535.5

Proceeds from disposals of investment properties and assets held for sale	1,441.1	577.2
Proceeds from disposals of other assets	443.6	54.5
Proceeds from disposals of shares in consolidated companies including disposed cash and cash equivalents	336.4	–
Payments for investments in investment properties	-1,978.3	-1,061.7
Payments for investments in other assets	-390.0	-278.0
Proceeds from the acquisition of shares in consolidated companies, in due consideration of liquid funds	–	6.2
Proceeds from disposal of other financial assets	9.3	0,0
Interest received	46.9	90.6
Cash flow from investing activities	-91.0	-611.2

Cash paid to shareholders of Vonovia SE	-647.2	-1,060.5
Cash paid to non-controlling interests	-175.8	-257.1
Proceeds from issuing financial liabilities	3,382.1	5,276.5
Cash repayments of financial liabilities	-3,435.2	-5,952.7
Cash repayments of lease liabilities	-33.4	-34.2
Payments for transaction costs in connection with capital measures	-28.1	-46.8
Payments from changes in ownership interests in subsidiaries that do not result in loss of control	-34.3	-20.1
Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control	1,063.0	–
Interest paid*	-751.9	-717.4
Cash flow from financing activities	-660.8	-2,812.3

Influence of changes in foreign exchange rates on cash and cash equivalents	2.8	-6.3

Cash and cash equivalents total
Net changes in cash and cash equivalents	1,199.0	-1,894.3
Cash and cash equivalents at the beginning of the period	1,808.4	3,256.8
Cash and cash equivalents at the end of the period	3,007.4	1,362.5

Cash and cash equivalents from discontinued operations
Net changes in cash and cash equivalents**	-43.5	–
Cash and cash equivalents at the beginning of the period	43.5	–
Cash and cash equivalents at the end of the period	–	–

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

Cash and cash equivalents from continuing operations (without disposal group)
Net changes in cash and cash equivalents	1,250.7	-1,894.3
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

*Payments for other financing costs of € -58.7 million, which were reported separately in the prior year, are included in the line “Interest paid”.
**Changes in cash in connection with discontinued operations are included in the cash flow from operating activities in the amount of € - million (9M 2025: € 33.3 million), in the cash flow from investing activities in the amount of € - million (9M 2025: € -57.1 million) and in the cash flow from financing activities in the amount of € - million (9M 2025: € -19.7 million).
***Includes total restricted cash of € 74.8 million (Sep. 30, 2025: € 65.1 million).