v3.25.4
Consolidated statements of cash flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income € 1,191,267 € 740,870 € 732,458
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and impairment loss 1,500,409 1,742,257 1,751,971
Change in deferred taxes, net (27,213) (72,672) (122,149)
(Gain) loss from the sale of fixed assets, right-of-use assets, investments and divestitures 123,235 (12,168) (12,902)
Income from equity method investees (181,368) (134,875) (121,785)
Interest expense, net 314,798 335,469 336,423
Changes in assets and liabilities, net of amounts from businesses acquired:      
Trade accounts and other receivables from unrelated parties (76,448) (197,918) (125,593)
Inventories (248,658) 107,897 (13,140)
Other current and non-current assets 206,897 (227,970) 145,697
Accounts receivable from related parties 7,387 124,441 (26,251)
Accounts payable to related parties 27,214 (46,200) (10,905)
Accounts payable to unrelated parties, provisions and other current and non-current liabilities (14,766) 201,789 119,384
Income tax liabilities 236,612 482,274 472,084
Received dividends from investments in equity method investees 139,211 100,663 219,953
Paid interest (359,982) (381,226) (394,535)
Received interest 68,155 68,099 88,217
Paid income taxes (225,751) (444,586) (410,126)
Net cash provided by (used in) operating activities 2,680,999 2,386,144 2,628,801
Investing activities      
Purchases of property, plant and equipment and capitalized development costs (915,369) (699,358) (684,596)
Acquisitions, net of cash acquired, investments and purchases of intangible assets (21,972) (23,066) (35,202)
Investments in debt securities (87,521) (81,501) (102,363)
Proceeds from sale of property, plant and equipment 16,695 14,103 16,138
Proceeds from divestitures, net of cash disposed 202,140 629,749 172,201
Proceeds from sale of debt securities 83,497 75,134 89,595
Net cash provided by (used in) investing activities (722,530) (84,939) (544,227)
Financing activities      
Proceeds from short-term debt from unrelated parties 156,457 84,812 55,133
Repayments of short-term debt from unrelated parties (140,805) (540,499) (230,771)
Proceeds from short-term debt from related parties     10,204
Repayments of short-term debt from related parties     (14,204)
Proceeds from long-term debt 1,622,553 61,513 417,877
Repayments of long-term debt (839,585) (834,462) (700,663)
Repayments of lease liabilities from unrelated parties (623,323) (651,686) (702,212)
Repayments of lease liabilities from related parties (25,715) (24,827) (25,157)
Increase (decrease) of accounts receivable facility   (23,096) (69,363)
Purchase of treasury stock (585,285)    
Dividends paid (422,515) (349,162) (328,623)
Distributions to noncontrolling interests (573,971) (313,691) (313,365)
Contributions from noncontrolling interests 28,982 21,798 42,615
Net cash provided by (used in) financing activities (1,403,207) (2,569,300) (1,858,529)
Effect of exchange rate changes on cash and cash equivalents (141,477) 26,198 (72,607)
Cash and cash equivalents:      
Net increase (decrease) in cash and cash equivalents 413,785 (241,897) 153,438
Cash and cash equivalents at beginning of period 1,185,328 1,427,225 1,273,787
Cash and cash equivalents at end of period € 1,599,113 1,185,328 1,427,225
Thereof: cash and cash equivalents within the disposal groups   € 5,141 € 23,733