Statement of cash flows
| Summary statement of cash flows / € million | H1 | Change | ||
|---|---|---|---|---|
| 2025 | 2024 | absolute | % | |
| Cash flow from operating activities | 1,075 | 946 | +129 | +13.6 |
| Cash flow from investing activities | 6,314 | –2,727 | +9,041 | – |
| Cash flow from financing activities | –1,855 | 3,614 | –5,469 | – |
| Net changes in cash and cash equivalents as of Jun 30/Dec 31 | 5,227 | 1,539 | +3,688 | – |
| Cash and cash equivalents as of Jun 30/Dec 31 | 9,397 | 4,170 | +5,227 | +125 |
- The cash flow from operating activities increased, driven by the noticeably better profit development. This was partially offset by negative working capital effects.
- Investing activities resulted in a cash inflow (first half of 2024: cash outflow):
- The cash inflow mainly resulted from the significantly higher cash inflow in connection with the sale of shares in companies (€ +11,267 million), which was due in particular to the sale of DB Schenker.
- In particular, a higher cash outflow for net capital expenditures (€ –2,291 million) had a dampening effect. This was due to a lower cash inflow from investment grants (€ –2,060 million) as a result of the Federal Government’s decision to also finance infrastructure capital expenditures through equity increases (opposing effect in cash flow from financing activities).
- Financing activities resulted in a cash outflow (first half of 2024: cash inflow):
- This was mainly due to net cash outflows from the taking out and redemption of bank loans and commercial paper (€ –4,399 million). In contrast, a net cash inflow was recorded in the first half of 2024 (€ +1,318 million). This development was supported by the cash outflow for the redemption of a hybrid bond (€ –1,000 million) and the redemption of senior bonds (€ –202 million).
- This was partially offset by the higher cash inflow from capital measures by the Federal Government related to the financing of capital expenditures in rail infrastructure (first half of 2025: € 4,243 million; first half of 2024: € 3,020 million) and the omission of redemptions of interest-free loans (first half of 2024: cash outflow of € 155 million).
- On balance, cash and cash equivalents increased significantly as of June 30, 2025.