Investors
Statement of Cash Flows
(including discontinued operations)
Quarterly Statement Q3 2025
| Q3 | January–September | |||
| Million € | 2025 | 2024 | 2025 | 2024 |
| Net income | 172 | 287 | 1,059 | 2,084 |
| Depreciation and amortization of property, plant and equipment and intangible assetsa | 1,029 | 1,027 | 2,991 | 3,039 |
| Equity-accounted income | -85 | -468 | 352 | -818 |
| Other noncash items | -211 | -80 | -430 | 14 |
| Gains (-) / losses (+) from the disposal of noncurrent assets and securities | -2 | -5 | -18 | -40 |
| Dividends received from equity-accounted investments | 239 | 10 | 386 | 98 |
| Changes in inventories | 6 | 149 | -654 | -571 |
| Changes in accounts receivable, trade | 822 | 1,180 | -757 | -587 |
| Changes in accounts payable, tradeb | -507 | -842 | -1,191 | -841 |
| Changes in provisions | 29 | 128 | 954 | 1,077 |
| Changes in other operating assets | -385 | 672 | -918 | 270 |
| Changes in other operating liabilities and pension provisions | 265 | -5 | 201 | -235 |
| Cash flows from operating activities | 1,371 | 2,052 | 1,974 | 3,489 |
| Payments made for property, plant and equipment and intangible assets | -973 | -1,484 | -2,842 | -3,907 |
| Payments made for financial assets and securities | -176 | -217 | -1,227 | -647 |
| Payments made for investments in equity instruments | -4 | -79 | -72 | -618 |
| Payments made for acquisitions | -1 | 0 | -1 | -202 |
| Payments received for divestitures | 162 | 6 | 161 | 38 |
| Payments received from the disposal of noncurrent assets and securities | 210 | 262 | 1,294 | 770 |
| Payments received from the disposal of equity instruments | 14 | 1,223 | 133 | 1,267 |
| Cash flows from investing activities | -767 | -289 | -2,553 | -3,298 |
| Capital repayments and other equity transactions | – | -20 | – | -20 |
| Additions to financial and similar liabilities | 949 | 1,029 | 6,224 | 6,511 |
| Repayment of financial and similar liabilities | -2,031 | -2,322 | -4,386 | -3,495 |
| Dividends paid | -20 | -79 | -2,072 | -3,204 |
| Cash flows from financing activities | -1,102 | -1,392 | -234 | -207 |
| Cash-effective changes in cash and cash equivalents | -498 | 372 | -813 | -16 |
| Changes in cash and cash equivalents from foreign exchange rates and changes in the scope of consolidation | -5 | -29 | -94 | -36 |
| Cash and cash equivalents at the beginning of the periodc | 2,517 | 2,229 | 2,921 | 2,624 |
| Cash and cash equivalents at the end of the periodc | 2,014 | 2,572 | 2,014 | 2,572 |
a This item includes depreciation and amortization, impairments and reversals of impairments.
b In order to optimize precious metal stocks, the Group sells precious metals and concurrently enters into agreements to repurchase them at a set price. The cash flows resulting from the sale and repurchase are reported in cash flows from operating activities. Liabilities to repurchase precious metals amounted to €73 million as of September 30, 2025.
c As of December 31, 2024, and September 30, 2025, 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.