2025 Universal Registration Document

Cash flow statement

Cash flow statement
(in € millions)	Note	2025
Cash flow (used in)/from operating activities	Cash flow (used in)/from operating activities Note	Cash flow (used in)/from operating activities2025
Net income for the period	Net income for the period Note	Net income for the period 2025 1,845
Elimination of income and expenses that have no cash impact or are unrelated to operating activities	Elimination of income and expenses that have no cash impact or are unrelated to operating activities Note	Elimination of income and expenses that have no cash impact or are unrelated to operating activities 2025
Depreciation, amortisation, impairment and provisions, net of reversals	Depreciation, amortisation, impairment and provisions, net of reversals Note	Depreciation, amortisation, impairment and provisions, net of reversals 2025 51
Capital gains or losses	Capital gains or losses Note	Capital gains or losses 2025 237
Funds from operations	Funds from operations Note	Funds from operations20252,132
Change in operating working capital requirement	Change in operating working capital requirement Note	Change in operating working capital requirement 2025 (373)
Net cash flow (used in)/from operating activities (I)	Net cash flow (used in)/from operating activities (I) Note	Net cash flow (used in)/from operating activities (I)20251,759
Cash flow (used in)/from investing activities	Cash flow (used in)/from investing activities Note	Cash flow (used in)/from investing activities2025
Purchases of intangible assets, property, plant and equipment and financial assets	Purchases of intangible assets, property, plant and equipment and financial assets Note	Purchases of intangible assets, property, plant and equipment and financial assets 2025 12
Net share buy-backs	Net share buy-backs Note 2	Net share buy-backs 2025 (1,977)
Change in receivables and payables connected to investments in subsidiaries and affiliates and loans	Change in receivables and payables connected to investments in subsidiaries and affiliates and loans Note	Change in receivables and payables connected to investments in subsidiaries and affiliates and loans 2025 1,688
Net cash flow (used in)/from investing activities (II)	Net cash flow (used in)/from investing activities (II) Note	Net cash flow (used in)/from investing activities (II)2025(277)
Cash flow (used in)/from financing activities	Cash flow (used in)/from financing activities Note	Cash flow (used in)/from financing activities2025
Increase in share capital	Increase in share capital Note 3	Increase in share capital 2025 771
Dividends paid	Dividends paid Note 3	Dividends paid 2025 (2,665)
Of which interim dividends	Of which interim dividends Note	Of which interim dividends2025(587)
Proceeds from borrowings and other financial debt	Proceeds from borrowings and other financial debt Note	Proceeds from borrowings and other financial debt 2025 1,768
Repayments of borrowings and other financial debt	Repayments of borrowings and other financial debt Note	Repayments of borrowings and other financial debt 2025 (1,355)
Net change in cash management current accounts of related companies	Net change in cash management current accounts of related companies Note	Net change in cash management current accounts of related companies 2025 1,297
Net cash flow (used in)/from financing activities (III)	Net cash flow (used in)/from financing activities (III) Note	Net cash flow (used in)/from financing activities (III)2025(184)
Change in cash and cash equivalents (I + II + III)	Change in cash and cash equivalents (I + II + III) Note	Change in cash and cash equivalents (I + II + III)20251,298
Cash and cash equivalents at 1 January	Cash and cash equivalents at 1 January Note 5.1	Cash and cash equivalents at 1 January20254,034
Cash and cash equivalents at 31 December	Cash and cash equivalents at 31 December Note 5.1	Cash and cash equivalents at 31 December20255,333

Change in net financial surplus (debt) during the year

Change in net financial surplus (debt) during the year
(in € millions)	Note	2025
Net financial surplus (debt) at beginning of period	Net financial surplus (debt) at beginning of period Note 5.1	Net financial surplus (debt) at beginning of period20251,262
Change in cash and cash equivalents	Change in cash and cash equivalents Note	Change in cash and cash equivalents 2025 1,298
Net change in cash management current accounts of related companies	Net change in cash management current accounts of related companies Note	Net change in cash management current accounts of related companies 2025(1,297)
Change in receivables and payables connected to investments in subsidiaries and affiliates and loans	Change in receivables and payables connected to investments in subsidiaries and affiliates and loans Note	Change in receivables and payables connected to investments in subsidiaries and affiliates and loans 2025 (1,688)
Proceeds from/(repayments of) borrowings and other financial debt	Proceeds from/(repayments of) borrowings and other financial debt Note	Proceeds from/(repayments of) borrowings and other financial debt 2025 (413)
Other changes	Other changes Note	Other changes 2025 (31)
Net financial surplus (debt) at end of period	Net financial surplus (debt) at end of period Note 5.1	Net financial surplus (debt) at end of period2025(869)