Net financial debt
| Net financial debt / € million | Jun 30, 2025 | Dec 31, 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Senior bonds | 28,934 | 29,140 | –206 | –0.7 |
| Leasing liabilities | 3,000 | 3,125 | –125 | –4.0 |
| Commercial paper | – | 1,503 | –1,503 | –100 |
| Other financial debt | 1,009 | 4,355 | –3,346 | –76.8 |
| Financial debt | 32,943 | 38,123 | –5,180 | –13.6 |
| Cash and cash equivalents, highly liquid cash investments, and financial receivables | –10,803 | –5,442 | –5,361 | +98.5 |
| Effects from currency hedges | –93 | –107 | +14 | –13.1 |
| Net financial liabilities | 22,047 | 32,574 | –10,527 | –32.3 |
The highly significant decrease in net financial debt compared to the end of the previous year was almost entirely due to the cash inflow in connection with the sale of DB Schenker. This was countered by continuing high demand for funds for capital expenditures and weak profitability.
- The development was driven by the significant increase in cash and cash equivalents (including highly liquid cash investments) and the significant reduction in financial debt.
- The euro value of the outstanding senior bonds was lower due to redemptions. Exchange rate effects did not play a material role due to the hedging transactions concluded.
- Lease liabilities decreased compared to the end of the previous year due to repayments. The conclusion of new leasing contracts and the extension of existing leasing contracts had a partially offsetting effect.
- Commercial paper liabilities also decreased due to repayments.
- Other financial debt fell significantly, driven by the full repayment of the bridge financings.
- The foreign currency senior bonds are hedged against exchange rate fluctuations by corresponding derivatives, so that exchange rate effects are compensated through the offsetting position of the hedging transaction.
The maturity structure of financial debt has shifted in favor of maturities of three to four years and over five years in particular. Above all, this is due to the repayment of financial debt as a result of the sale of DB Schenker, among other things, as well as to the maturity profile. In contrast, the proportion of maturities of one to two years and two to three years in particular has decreased significantly.
The composition of financial debt has shifted significantly in favor of senior bonds, in particular, due to the repayment of bridge financings and commercial paper.