Consolidated statement of cash flows
millions of € |
|
|
|
|
|
|
|
|
H1 2026 |
H1 2025 |
Change |
Q2 2026 |
Q2 2025 |
Change |
FY 2025 |
|---|---|---|---|---|---|---|---|
Profit (loss) before income taxes |
9,470 |
11,213 |
(1,743) |
5,238 |
5,364 |
(126) |
19,499 |
Depreciation, amortization and impairment losses |
12,391 |
11,777 |
614 |
5,955 |
5,764 |
192 |
24,009 |
(Profit) loss from financial activities |
3,235 |
2,195 |
1,040 |
1,624 |
1,278 |
347 |
5,323 |
(Profit) loss on the disposal of fully consolidated subsidiaries |
0 |
(4) |
4 |
0 |
(4) |
4 |
20 |
(Income) loss from the sale of stakes accounted for using the equity method |
5 |
0 |
5 |
0 |
0 |
0 |
0 |
Other non-cash transactions |
520 |
549 |
(29) |
252 |
220 |
33 |
1,125 |
(Gains) losses from the disposal of intangible assets and property, plant and equipment |
(83) |
(209) |
127 |
(11) |
(199) |
187 |
65 |
Change in assets carried as operating working capital |
559 |
256 |
303 |
162 |
143 |
20 |
(1,245) |
Change in other operating assets |
(275) |
(963) |
688 |
299 |
(417) |
716 |
(1,540) |
Change in provisions |
(503) |
(795) |
292 |
(384) |
(233) |
(151) |
(306) |
Change in liabilities carried as operating working capital |
(120) |
507 |
(627) |
(97) |
271 |
(367) |
985 |
Change in other operating liabilities |
200 |
271 |
(71) |
(253) |
(297) |
45 |
(157) |
Income taxes received (paid) |
(1,132) |
(744) |
(388) |
(951) |
(578) |
(373) |
(1,652) |
Dividends received |
121 |
3 |
118 |
96 |
3 |
94 |
237 |
Net payments from entering into, canceling or changing the terms and conditions of interest rate derivatives |
(1) |
0 |
(1) |
(10) |
0 |
(10) |
0 |
Cash generated from operations |
24,388 |
24,056 |
332 |
11,923 |
11,315 |
608 |
46,363 |
Interest paid |
(4,048) |
(4,159) |
111 |
(2,093) |
(2,131) |
38 |
(7,618) |
Interest received |
777 |
1,042 |
(265) |
413 |
584 |
(171) |
1,882 |
Net cash from operating activities |
21,117 |
20,939 |
178 |
10,242 |
9,767 |
475 |
40,627 |
Cash outflows for investments in |
|
|
|
|
|
|
|
Intangible assets |
(2,962) |
(3,355) |
393 |
(1,673) |
(2,065) |
393 |
(6,942) |
Property, plant and equipment |
(5,399) |
(5,850) |
451 |
(2,758) |
(2,659) |
(99) |
(12,314) |
Non-current financial assets |
(326) |
(1,107) |
782 |
(109) |
(961) |
852 |
(3,911) |
Payments for publicly funded investments in the broadband build-out |
(163) |
(177) |
13 |
(89) |
(86) |
(3) |
(454) |
Proceeds from public funds for investments in the broadband build-out |
92 |
150 |
(58) |
61 |
98 |
(38) |
428 |
Changes in cash and cash equivalents in connection with the acquisition of control of subsidiaries |
(8) |
(713) |
705 |
0 |
(13) |
13 |
(3,186) |
Proceeds from disposal of |
|
|
|
|
|
|
|
Intangible assets |
80 |
1,841 |
(1,762) |
2 |
1,840 |
(1,839) |
1,891 |
Property, plant and equipment |
54 |
66 |
(12) |
35 |
37 |
(3) |
184 |
Non-current financial assets |
290 |
163 |
127 |
41 |
146 |
(105) |
342 |
Changes in cash and cash equivalents in connection with the loss of control of subsidiaries |
(8) |
47 |
(55) |
(8) |
47 |
(54) |
109 |
Net change in short-term investments and marketable securities and receivables |
117 |
106 |
11 |
17 |
125 |
(108) |
57 |
Other |
(6) |
6 |
(12) |
0 |
6 |
(6) |
4 |
Net cash (used in) from investing activities |
(8,240) |
(8,824) |
584 |
(4,481) |
(3,484) |
(997) |
(23,793) |
Proceeds from issue of current financial liabilities |
3,717 |
3,236 |
482 |
3,595 |
3,205 |
391 |
3,939 |
Repayment of current financial liabilities |
(10,779) |
(6,858) |
(3,921) |
(5,711) |
(6,092) |
381 |
(11,973) |
Proceeds from issue of non-current financial liabilities |
8,210 |
8,871 |
(661) |
2,448 |
0 |
2,448 |
14,034 |
Repayment of non-current financial liabilities |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Dividend payments (including to other shareholders of subsidiaries) |
(5,848) |
(5,398) |
(450) |
(5,392) |
(4,949) |
(443) |
(6,438) |
Principal portion of repayment of lease liabilities |
(3,291) |
(2,927) |
(364) |
(1,554) |
(1,415) |
(139) |
(5,633) |
Deutsche Telekom AG share buy-back |
(997) |
(890) |
(107) |
(526) |
(472) |
(54) |
(2,000) |
Cash inflows from transactions with non-controlling entities |
2 |
175 |
(174) |
0 |
167 |
(167) |
1,327 |
Cash outflows from transactions with non-controlling entities |
(6,495) |
(5,113) |
(1,382) |
(2,181) |
(2,442) |
261 |
(9,548) |
Net cash (used in) from financing activities |
(15,480) |
(8,904) |
(6,576) |
(9,321) |
(11,999) |
2,679 |
(16,293) |
Effect of exchange rate changes on cash and cash equivalents |
158 |
(1,242) |
1,400 |
45 |
(853) |
898 |
(1,196) |
Changes in cash and cash equivalents associated with non-current assets and disposal groups held for sale |
0 |
0 |
0 |
0 |
2 |
(2) |
0 |
Net increase (decrease) in cash and cash equivalents |
(2,445) |
1,969 |
(4,414) |
(3,514) |
(6,567) |
3,052 |
(654) |
Cash and cash equivalents, at the beginning of the period |
7,818 |
8,472 |
(654) |
8,887 |
17,008 |
(8,121) |
8,472 |
Cash and cash equivalents, at the end of the period |
5,373 |
10,441 |
(5,068) |
5,373 |
10,441 |
(5,068) |
7,818 |