| €m | H1 2025 | H1 2026 | Q 2 2025 | Q 2 2026 |
| Cash and cash equivalents as of June 30 | 3,150 | 3,776 | 3,150 | 3,776 |
| Net change in cash and cash equivalents | -259 | 346 | -3,007 | -1,600 |
| Net cash from operating activities | 3,888 | 4,697 | 1,710 | 2,018 |
| Net cash used in/from investing activities | -1,307 | 94 | -702 | 967 |
| Net cash used in financing activities | -2,840 | -4,444 | -4,015 | -4,584 |
As of June 30, 2026, the Group reported centrally available liquidity in the amount of €1.2 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 was extended in the first half of 2026 and now runs until March 2031. On March 23, 2026, we issued two bonds maturing in 2030 and 2034 and with an aggregate principal amount of €1.25 billion. The issue proceeds will be used for general corporate purposes. On April 1, 2026, and May 20, 2026, we repaid bonds amounting to €500 million and €750 million, respectively.
Investments in property, plant and equipment and intangible assets acquired (excluding goodwill) amounted to €1,336 million in the first half of 2026 (previous year: €1,069 million) and were made predominantly in the maintenance and expansion of network infrastructure.
Net cash from operating activities rose from €3,888 million to €4,697 million in the first half of 2026. Alongside higher EBIT, the lower cash outflow from changes in working capital had a positive impact. This was partly driven by the unwinding of US tariffs in the Express and Global Forwarding divisions in the amount of €416 million, which will now be passed on to customers as quickly as possible.
Net cash from investing activities stood at €94 million. This compared to a net cash outflow for investing activities of €1,307 million in the first half of 2025. Payments for the acquisition of subsidiaries and other business units amounted to €295 million in the previous year, compared to only €18 million in the first half of 2026. Payments to acquire investments accounted for using the equity method and other investments rose from €10 million in the previous year to €103 million in the first half of 2026, primarily due to our partnership with CTT Expresso. The change in current financial assets produced a cash inflow of €1,245 million. This compared to an outflow of €32 million in the previous year. Short-term money market investments were liquidated in the first half of 2026.
Free cash flow excluding acquisitions and divestitures increased by €715 million to €1,776 million. Net cash used in financing activities rose from €2,840 million to €4,444 million. A major item was the dividend distribution to our shareholders, which amounted to €2,117 million. The bonds issued in March 2026 resulted in a cash inflow from noncurrent financial liabilities of €1,247 million. This compared to a cash inflow of €3,121 million from bond issues in the first half of 2025. Two bond redemptions led to repayments of noncurrent financial liabilities in the amount of €1,250 million. Cash and cash equivalents increased from €3,376 million as of December 31, 2025, to €3,776 million.
| €m | H1 2025 | H1 2026 | Q 2 2025 | Q 2 2026 | |
| Net cash from operating activities | 3,888 | 4,697 | 1,710 | 2,018 | |
| Sale of property, plant and equipment and intangible assets | 58 | 73 | 27 | 29 | |
| Acquisition of property, plant and equipment and intangible assets | -1,223 | -1,299 | -574 | -665 | |
| = Cash outflow from change in property, plant and equipment and intangible assets | -1,165 | -1,226 | -547 | -636 | |
| Disposals of subsidiaries and other business units | 13 | 3 | 13 | 3 | |
| Acquisition of subsidiaries and other business units | -295 | -18 | -266 | -15 | |
| Acquisition of investments accounted for using the equity method and other investments | -10 | -103 | 0 | -94 | |
| = Cash outflow from acquisitions/divestures | -293 | -118 | -253 | -107 | |
| Proceeds from lease receivables | 80 | 104 | 31 | 54 | |
| Interest from lease receivables | 21 | 29 | 10 | 15 | |
| Repayment of lease liabilities | -1,389 | -1,287 | -690 | -641 | |
| Interest on lease liabilities | -353 | -396 | -177 | -204 | |
| = Cash outflow for leases | -1,641 | -1,551 | -825 | -776 | |
| Interest received (without leasing) | 87 | 70 | 40 | 42 | |
| Interest paid (without leasing) | -108 | -213 | -50 | -78 | |
| = Net interest paid | -21 | -143 | -10 | -37 | |
| Free cash flow | 768 | 1,658 | 76 | 462 | |
| Free cash flow excluding acquisitions and divestures | 1,061 | 1,776 | 329 | 569 | |