Net financial debt
| Net financial debt / € million | Jun 30, 2026 | Dec 31, 2025 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Senior bonds | 25,959 | 27,124 | –1,165 | –4.3 |
| Lease liabilities | 3,431 | 3,402 | +29 | +0.9 |
| Federal loans | 1,283 | 1,274 | +9 | +0.7 |
| Other financial debt | 1,252 | 1,184 | +68 | +5.7 |
| Financial debt | 31,925 | 32,984 | –1,059 | –3.2 |
| Cash and cash equivalents, highly liquid cash investments and financial receivables | –10,104 | –12,202 | +2,098 | –17.2 |
| Effects from currency hedges | –250 | –88 | –162 | – |
| Net financial debt | 21,571 | 20,694 | +877 | +4.2 |
The increase in net financial debt compared with the end of the previous year resulted in particular from continued high demand for funds for capital expenditures and a profitability that, despite the improvement, remained insufficient.
- The development was driven by a significant decline in cash and cash equivalents (including highly liquid cash investments), which was partially offset by a less significant decline in financial debt:
- The euro value of the outstanding senior bonds was lower due to redemptions. Exchange rate effects did not play a key role here as a result of closed hedging transactions.
- Lease liabilities remained at the same level as at the end of the previous year. Effects from the conclusion of new rental contracts and the extension of existing rental contracts were largely offset by repayments.
- Federal loans also remained at the same level as at the end of the previous year. The deviations resulted from valuation differences in connection with the compounding of the loan.
- Other financial debt increased, largely as a result of higher current bank borrowings due to effects as of the reporting date.
- 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, particularly due to the maturity profile, mainly toward maturities of 2 to 3 years. In particular, the share of maturities of 1 to 2 years and 3 to 4 years has, conversely, decreased significantly.
The composition of financial debt was almost unchanged.