Cash flow

Liquidity of EUR 3,277m

Operating cash flow of EUR ⁠-⁠300m in the 2025 financial year was EUR 100m lower than the previous year’s figure of EUR ⁠-⁠200m. The decline was largely due to the lower inflow from changes in working capital compared with the previous year, which was partly offset by the inflow from income tax refunds.

Cash flow from investing activities climbed by EUR 356m in the reporting year to EUR 1,511m (previous year: EUR 1,155m). The result from equity investments (EUR 1,601m), loan and capital repayments by affiliated companies (EUR 1,906m) and sales of property, plant and equipment, mainly to affiliated companies (EUR 1,229m), was offset in particular by capital expenditure in physical and long-term financial assets (EUR 3,073m).

Cash flow from financing activities increased by EUR 622m to EUR ⁠-⁠974m in the 2025 financial year (previous year: EUR ⁠-⁠352m). This mainly resulted from net increases in bonds, borrower’s note loans and aircraft lease liabilities (EUR 217m), as well as interest (EUR 615m) and dividend payments (EUR 359m). Net additions to loans from affiliated companies (EUR 218m) had an offsetting effect.

In total, the value of cash and cash equivalents, including the net cash flows from financing activities at Group companies, increased in the reporting year by EUR 237m to EUR ⁠-⁠1,855m (previous year: EUR ⁠-⁠2,092m). Current securities fell by EUR 312m to EUR 5,132m (previous year: EUR 5,444m). Liquidity thereby fell overall by EUR 75m to EUR 3,277m (previous year: EUR 3,352m).