Financial position

Solid liquidity situation

As of June 30, 2025, the Group reported centrally available liquidity in the amount of €0.8 billion, which is comprised of cash and cash equivalents as well as current financial assets. We also have access to a syndicated credit facility with a volume of €4 billion, which acts as a secure, long-term liquidity reserve. Thanks to our solid liquidity situation, this was not drawn in the reporting period. The credit facility currently runs until March 2030 and includes a one-year extension option. On March 24, 2025, we issued three bonds with different maturities and an aggregate principal amount of €2.25 billion. On June 5, 2025, we also issued a bond with a volume of €900 million and a term through 2032. The proceeds will be used for general company purposes, including the refinancing of financial liabilities. The convertible bond issued in 2017 in the amount of €1.0 billion was repaid in the reporting period.

€1,069 million invested predominantly in network infrastructure

Investments in property, plant and equipment and intangible assets acquired (excluding goodwill) amounted to €1,069 million in the first half of 2025 (previous year: €1,116 million) and were made predominantly in the maintenance and expansion of network infrastructure.

Net cash from operating activities above prior-year level

Net cash from operating activities rose from €3,612 million to €3,888 million in the first half of 2025. Alongside higher EBIT, the lower cash outflow from changes in working capital had a positive impact. Net cash used in investing activities increased significantly from €1,006 million to €1,307 million. Payments for the acquisition of subsidiaries and other business units amounted to €295 million, whereas no acquisitions were made in the prior-year period. At €1,223 million, investments in property, plant and equipment and intangible assets were lower than the previous year’s figure of €1,297 million. Proceeds from divestitures were €65 million lower at €58 million. Free cash flow fell from €952 million to €768 million. Excluding the payments for acquisitions and divestitures, free cash flow increased by €78 million. Net cash used in financing activities decreased from €3,392 million to €2,840 million. A major item in the reporting period was the dividend distribution to our shareholders, which amounted to €2,123 million. The bonds issued resulted in a cash inflow from noncurrent financial liabilities of €3,121 million. On the other hand, the repayment of the convertible bond issued in 2017 led to repayments of noncurrent financial liabilities of €1,000 million. Cash and cash equivalents fell from €3,619 million as of December 31, 2024, to €3,150 million.