Investors
Statement of Cash Flows
Quarterly Statement Q1 2026
| Q1 | ||
| Million € | 2026 | 2025 |
| Net income | 927 | 808 |
| Depreciation and amortization of property, plant and equipment and intangible assetsa | 925 | 981 |
| Equity-accounted income | 28 | 345 |
| Gains (-) / losses (+) from the diposal of noncurrent assets as well as divestmentsb | -13 | -8 |
| Other noncash items and reclassificationsb | -16 | -4 |
| Dividends received from equity-accounted investments | 817 | 28 |
| Changes in inventories | -628 | -443 |
| Changes in accounts receivable, trade | -2,977 | -2,310 |
| Changes in accounts payable, trade | 619 | -209 |
| Changes in provisions | 478 | 835 |
| Changes in other operating assets | -1,464 | -504 |
| Changes in other operating liabilities and pension provisions | 506 | -499 |
| Cash flows from operating activities | -797 | -982 |
| Payments made for property, plant and equipment and intangible assets | -578 | -816 |
| Payments made for financial assets and securities | -173 | -184 |
| Payments made for investments in equity instruments | -31 | -16 |
| Payments made for acquisitions less acquired cash and cash equivalents | -125 | – |
| Payments received from divestitures less transferred cash and cash equivalents as well as subsequent purchase price adjustments | -33 | 3 |
| Payments received from the disposal of noncurrent assets and securities | 276 | 224 |
| Payments received from the disposal of equity instruments | 289 | 116 |
| Cash flows from investing activities | -375 | -674 |
| Capital repayments and other equity transactions | -494 | – |
| Additions to financial and similar liabilities | 3,432 | 1,902 |
| Repayment of financial and similar liabilities | -1,370 | -812 |
| Dividends paid | – | – |
| Cash flows from financing activities | 1,568 | 1,090 |
| Cash-effective changes in cash and cash equivalents | 396 | -566 |
| Changes in cash and cash equivalents from foreign exchange rates and changes in the scope of consolidation | 38 | -30 |
| Cash and cash equivalents at the beginning of the periodc | 2,818 | 2,921 |
| Cash and cash equivalents at the end of the periodc | 3,252 | 2,325 |
a This item includes depreciation and amortization, impairments and reversals of impairments.
b For improved presentation of material effects, the item “Gains (-) / losses (+) from disposals of non-current assets” has been supplemented by the result from divestments. Previously, this result was included under “Other non-cash items and reclassifications”. The prior-year figures have been adjusted accordingly. For the first quarter of 2025, an amount of €1 million was reclassified.
c As of March 31, 2026 and December 31, 2025, as well as March 31, 2025, and December 31, 2024, the cash and cash equivalents in the statement of cash flows differ from the value in the balance sheet due to the existence of disposal groups.