Forecast
The statements in this section reflect the current views of our management. Contrary to the forecasts published in the 2025 combined management report (2025 Annual Report) and the Interim Group Report as of March 31, 2026, we now expect free cash flow AL to develop better than expected. After closing the first quarter of 2026, we adjusted our free cash flow AL forecast for full-year 2026 to more than EUR 19.8 billion, up from our previous guidance of around EUR 19.8 billion. We now expect free cash flow AL to come in at around EUR 20.0 billion. A key factor driving this positive development is higher-than-expected net cash provided by operating activities in the United States operating segment.
All other statements made remain valid. Our planning assumes an unchanged U.S. dollar exchange rate of USD 1.13.
Changes in the business risks are presented in the section “Risks and opportunities.” For additional information and recent changes in the economic situation, please refer to the section “The economic environment.” Readers are also referred to the “Disclaimer” at the end of this report.