Consolidated statement of cash flows

Consolidated statement of cash flows
in € million	Q1 2026	Q1 2025
Earnings before interest and tax	176.9	−21.8

Amortization, depreciation and impairment minus reversals of impairment on non-current assets without lease and rental assets	143.1	133.4
Depreciation and impairment minus reversals of impairment on lease and rental assets	145.7	153.1
Non-cash reversals of deferred revenue from lease business	−17.4	−19.4
Other non-cash income (–)/expenses (+)	6.4	6.7
Gains (–)/losses (+) on disposal of non-current assets	−2.3	−1.8
Change in assets/liabilities from lease and short-term rental business	−129.3	−161.7
thereof change in leased assets (excluding depreciation and interest) and receivables/liabilities from lease business	−63.3	−74.7
thereof change in rental assets (excluding depreciation and interest) and liabilities from short-term rental business	−59.6	−71.9
thereof interest received from lease business	46.8	40.8
thereof interest paid from lease and short-term rental business	−53.2	−56.0
Change in net working capital	−87.8	−56.5
thereof inventories	−91.5	−50.7
thereof trade receivables and trade payables	56.8	−1.5
thereof contract assets and contract liabilities	−53.1	−4.4
Cash payments for defined benefit obligations	−8.4	−7.2
Change in other provisions	−88.5	198.5
Change in other operating assets/liabilities	−20.6	−66.2
Taxes paid	−0.7	−31.9
Cash flow from operating activities	117.2	125.0

Cash payments for purchase of non-current assets (excluding leased and rental assets)	−62.9	−85.4
Cash receipts from disposal of non-current assets (excluding leased and rental assets)	3.3	3.0
Acquisition of subsidiaries/other businesses (net of cash acquired)	−5.8	−5.9
Cash receipts/payments for sundry assets	−4.8	−7.1
Cash flow from investing activities	−70.2	−95.3

Financing costs paid	−2.5	–
Proceeds from borrowings	515.7	14.6
Repayment of borrowings	−18.9	−13.7
Interest received	3.7	5.1
Interest paid	−4.8	−4.0
Principal portion from procurement leases	−42.9	−57.2
Interest portion from procurement leases	−7.7	−7.3
Cash receipts/payments from other financing activities	−1.2	−0.8
Cash flow from financing activities	441.4	−63.3

Effect of exchange rate changes on cash and cash equivalents	3.9	−3.2

Change in cash and cash equivalents	492.3	−36.9
Cash and cash equivalents at the beginning of the period	474.9	787.0
Cash and cash equivalents at the end of the period	967.2	750.2

The consolidated income statement, the consolidated statement of financial position and the consolidated statement of cash flows have been prepared in accordance with International Accounting Standard (IAS) 34 ‘Interim Financial Reporting’ and other International Financial Reporting Standards (IFRSs) as adopted by the EU.