Consolidated statement of cash flows
| Jan 1 through Jun 30 or respectively through Dec 31 / € million | H1 | 2025 | |
|---|---|---|---|
| 2026 | 2025 | ||
| Profit/loss before taxes on income | 164 | –759 | –2,304 |
| Depreciation on property, plant and equipment and intangible assets | 1,715 | 1,637 | 4,843 |
| Write-ups/write-downs on non-current financial assets | – | – | – |
| Result from the disposal of property, plant and equipment and intangible assets | –38 | 10 | 53 |
| Result from the disposal of financial assets | 0 | 0 | –15 |
| Result from the disposal of consolidated companies | –30 | 1 | –15 |
| Interest and dividend income | –220 | –120 | –263 |
| Interest expenses | 411 | 402 | 766 |
| Foreign currency result | 15 | 69 | 40 |
| Result from investments accounted for using the equity method | –2 | –6 | –13 |
| Other non-cash expenses and income 1) | 1,211 | 852 | 2,960 |
| Changes in inventories, receivables and other assets | –637 | –1,531 | –1,471 |
| Changes in liabilities, provisions and deferred items | 129 | –2 | –932 |
| Cash flow from ordinary operating activities | 2,718 | 553 | 3,649 |
| Interest received | 122 | 87 | 190 |
| Received dividends and capital distributions | 9 | 9 | 11 |
| Interest paid | –206 | –278 | –590 |
| Paid (–)/reimbursed (+) taxes on income | –24 | –20 | –38 |
| Cash flow from operating activities (continuing operations) | 2,619 | 351 | 3,222 |
| Cash flow from operating activities (discontinued operations) | – | 724 | 724 |
| Cash flow from operating activities | 2,619 | 1,075 | 3,946 |
| Proceeds from the disposal of property, plant and equipment and intangible assets | 129 | 79 | 685 |
| Payments for capital expenditures in property, plant and equipment and intangible assets | –8,425 | –7,233 | –20,901 |
| Proceeds from investment grants | 5,302 | 1,313 | 7,645 |
| Payments for repaid investment grants | –167 | –120 | –136 |
| Proceeds from the sale and disposal of financial assets | 59 | 61 | 518 |
| Payments for investments in financial assets | –76 | –215 | –22 |
| Proceeds from the sale of shares in consolidated companies less net cash and cash equivalents disbursed | 12 | 12,492 | 12,528 |
| Payments for the acquisition of shares in consolidated companies less net cash and cash equivalents acquired as well as for the acquisition of share in companies | –32 | – | 0 |
| Proceeds from the disposal of investments accounted for using the equity method | 0 | 0 | 17 |
| Payments for additions of investments accounted for using the equity method | –1 | – | 0 |
| Cash flow from investing activities (continuing operations) | –3,199 | 6,377 | 334 |
| Cash flow from investing activities (discontinued operations) | – | –63 | –63 |
| Cash flow from investing activities | –3,199 | 6,314 | 271 |
| Proceeds from capital injections | – | 4,243 | 8,314 |
| Payments for capital repayments | – | –1,000 | –1,000 |
| Distribution of profits to non-controlling interests and hybrid capital investors | –5 | –13 | –33 |
| Payments for redemption of leasing liabilities | –274 | –249 | –504 |
| Payments for redemption of IFRIC 12 leasing liabilities | –11 | –31 | –47 |
| Proceeds from issue of senior bonds | – | – | – |
| Payments for redemption of senior bonds | –1,334 | –202 | –2,016 |
| Proceeds from taking out Federal loans | – | – | 3,000 |
| Payments for redemption and repayment of Federal loans | – | – | 0 |
| Proceeds from taking out loans and commercial paper 2) | 174 | 122 | 323 |
| Payments for redemption of loans and commercial paper 2) | –14 | –4,521 | –4,500 |
| Cash flow from financing activities (continuing operations) | –1,464 | –1,651 | 3,537 |
| Cash flow from financing activities (discontinued operations) | – | –204 | –204 |
| Cash flow from financing activities | –1,464 | –1,855 | 3,333 |
| Net change in cash and cash equivalents | –2,044 | 5,534 | 7,550 |
| Cash and cash equivalents as of Jan 1 | 11,408 | 4,170 | 4,170 |
| Changes in cash and cash equivalents due to changes in the scope of consolidation | –7 | – | – |
| Changes in cash and cash equivalents of non-current assets held for sale | – | –388 | –393 |
| Changes in the composition of cash and cash equivalents | – | 103 | 103 |
| Changes in cash and cash equivalents due to changes in exchange rates | 1 | –22 | –22 |
| Cash and cash equivalents at the end of the period | 9,358 | 9,397 | 11,408 |
1) Including additions to other provisions.
2) Including change in short-term bank borrowings between reporting dates.