Consolidated statement of cash flows 2025

March 12, 2026

Investor Relations

in m EUR	2025	2024
1 Net income/loss for the period	212.7	251.1
2 + Non-cash expenses from share-based payments	91.9	82.4
3 + Depreciation of property, plant and equipment, right-of-use assets and amortisation of intangible assets	404.9	349.9
4 +/- Income taxes	145.7	116.9
5 - Income taxes paid, less refunds	-179.7	-75.4
6 +/- Increase/decrease in provisions	-13.6	7.5
7 -/+ Other non-cash income/expenses	-2.0	19.1
8 +/- Decrease/increase in inventories	-179.4	-108.8
9 +/- Decrease/increase in trade and other receivables	-114.1	-26.8
10 +/- Increase/decrease in trade payables and similar liabilities	606.5	-18.1
11 +/- Increase/decrease in other assets/liabilities	153.5	56.3
12 = Cash flow from operating activities	1,126.3	654.1
13 - Cash paid for investments in property, plant and equipment	-98.0	-120.6
14 - Cash paid for investments in intangible assets	-124.5	-86.2
15 - Cash paid for acquisition of shares in associated companies, subsidiaries less cash acquired, and other equity investments	-906.8	-67.9
16 +/- Cash received from/paid for short-term investments in other financial assets	49.0	0.0
17 +/- Change in restricted cash	0.0	4.9
18 = Cash flow from investing activities	-1,080.3	-269.8
19 +/- Cash received from capital increases by the shareholders and stock option exercises less transaction costs/ cash paid for capital decreases	0.6	4.0
20 - Payments for shares in other entities without change in control	-96.6	0.0
21 - Cash paid for the repurchase of treasury shares	-98.2	-99.5
22 - Cash paid for the repurchase/repayment of convertible bonds including transaction costs	-400.0	-95.5
23 - Cash payments for the principal portion of lease liabilities	-162.3	-134.5
24 = Cash flow from financing activities	-756.4	-325.6
25 = Net change in cash and cash equivalents from cash-relevant transactions	-710.3	58.8
26 +/- Change in cash and cash equivalents due to exchange rate movements	-0.1	-4.2
27 + Cash and cash equivalents at the beginning of the period	2,587.8	2,533.2
28 = Cash and cash equivalents as of 31 December	1,877.4	2,587.8