Consolidated cash flow statement

T€

1.1.–30.6.2026

1.1.–30.6.2025

Net income

119,868

97,068

Income tax expense

83,991

47,680

Net interest

-38,337

-35,356

Income from investments

-28,417

-29,683

Non-cash effective results from change in the consolidated group

-421

372

Non-cash income/expense attributable to equity-accounted investments

6,853

-5,735

Other non-cash income/expense

-2,760

14,090

Depreciations/reversal of impairment losses

385,382

301,534

Change in non-current provisions

-66,157

21,804

Gains/losses on disposal of non-current assets

-31,186

-25,479

Interest received

52,855

49,804

Interest paid

-14,749

-14,416

Dividends received

19,388

25,020

Taxes paid

-134,670

-126,362

Cash flow from earnings

351,640

320,341

Change in inventories

-148,098

-156,393

Change in receivables from concession arrangements, contract assets and trade receivables

-740,085

-357,371

Change in non-financial assets

-33,375

-99,771

Change in income tax receivables/liabilities

-19,970

-2,022

Change in other financial assets

-26,248

-16,029

Change in current provisions

30,436

-34,546

Change in contract liabilities and trade payables

567,715

126,463

Change in non-financial liabilities

13,527

-68,185

Change in other financial liabilities

15,614

3,078

Cash flow from operating activities

11,156

-284,435

Purchase of financial assets

-35,997

-20,773

Purchase of Investment property

-24,826

-8,898

Purchase of property, plant, equipment and intangible assets

-335,547

-340,230

Proceeds from asset disposals

44,367

55,987

Payments from other financing receivables

0

-544

Proceeds from other financing receivables

14,331

3,204

Cash outflow from changes in the consolidated group1

-340,504

-124,498

Cash inflow from changes in the consolidated group1

186

5,446

Cash flow from investing activities

-677,990

-430,306

Proceeds from bank borrowings

87,581

21,844

Repayment of bank borrowings

-12,783

-9,892

Payments from lease liabilities

-38,020

-34,275

Proceeds from other financing liabilities

2

1

Repayment of other financing liabilities

-6,991

-2

Distribution of dividends

-274,863

-239,427

Cash flow from financing activities

-245,074

-261,751

Net change in cash and cash equivalents

-911,908

-976,492

Cash and cash equivalents at the beginning of the period

4,323,108

3,723,545

Effect of exchange rate changes on cash and cash equivalents

18,808

3,500

Cash and cash equivalents at the end of the period

3,430,008

2,750,553

1See notes on the scope of consolidation.