Statement of cash flows
| Summary statement of cash flows / € million | H1 | Change | ||
|---|---|---|---|---|
| 2026 | 2025 | absolute | % | |
| Cash flow from operating activities | 2,619 | 1,075 | +1,544 | +144 |
| Cash flow from investing activities | –3,199 | 6,314 | –9,513 | – |
| Cash flow from financing activities | –1,464 | –1,855 | +391 | –21.1 |
| Net changes in cash and cash equivalents as of Jun 30 / Dec 31 | –2,050 | 7,238 | –9,288 | – |
| Cash and cash equivalents as of Jun 30 / Dec 31 | 9,358 | 11,408 | –2,050 | –18.0 |
- The cash inflow from operating activities increased significantly, driven by the noticeably improved profit development as well as positive working capital effects.
- Investing activities resulted in a cash outflow (first half of 2025: cash inflow):
- The cash outflow in the first half of 2026 resulted primarily from net capital expenditures (€ –3,290 million) and was significantly lower than in the first half of 2025 (first half of 2025: € –6,040 million). This was due to a cash inflow from investment grants that has increased again (€ +3,942 million) as a result of the Federal Government’s decision to also finance infrastructure capital expenditures through equity injections in the previous year (opposite effect in cash flow from financing activities). This was partially offset by a higher cash outflow for gross capital expenditures (€ +1,192 million).
- The cash inflow in the first half of 2025 resulted from a positive one-off effect from the sale of DB Schenker; the omission of this effect in the first half of 2026 led to a significantly lower cash inflow in connection with the sale of shares in companies (€ –12,480 million).
- The cash outflow from financing activities decreased:
- This was mainly due to net cash inflows from the taking out and redemption of bank loans and commercial paper (€ +160 million). In contrast, a net cash outflow was recorded in the first half of 2025 (€ –4,399 million). The omission of the cash outflow from the redemption of the hybrid bond (first half of 2025: € –1,000 million) had a supporting effect.
- This was largely offset by the omission of the cash inflow from capital measures by the Federal Government in connection with the financing of capital expenditures in the rail infrastructure (first half of 2025: € 4,243 million) and higher cash outflows in connection with the redemption of senior bonds (€ +1,132 million).
- On balance, cash and cash equivalents declined significantly as of June 30, 2026.