Consolidated cash flow statement

€ million	Note	2025		2024
Cash flow from operating activities	30
Profit after tax			289		976
Adjustments for:
- Finance income and expense	27, 28		99		66
- Tax	29		86		72
- Result after tax from associates, joint ventures and third-party non-controlling interests	5		-1		-4
- Depreciation, amortisation and impairment	14, 26		506		476
- Bookresult sales	22		-70		-757
Changes in working capital:
- Inventories		-2		-3
- Trade and other receivables		-19		-31
- Trade and other payables, accruals and deferred income		66		129
Total changes in working capital			45		95

Changes in deferred tax, provisions, derivatives and other			-13		28
Cash flow from operations			941		952

Interest paid			-81		-75
Interest received			1		-
Dividend received			4		3
Corporate income tax paid (received)			-33		-51

Cash flow from operating activities			832		829

Cash flow from investing activities	30
Investments in intangible assets	4	-44		-1
Investments in property, plant and equipment	3	-2,071		-1,772
Construction contributions received from third parties	14	136		128
Sale of subsidiaries	22	136		919
GE notes redeemed	6	-7		-1
Repayments of short-term debt	13	-		1
Paid deposits	7	-		47

Cash flow from investing activities			-1,850		-679

Cash flow from financing activities	30
Issue of green bonds	13	992		741
Redemption EMTN	13	-		-400
Issue of subordinated perpetual bond loan	12	495		496
Repayment of subordinated perpetual bond loan	12	-500		-
ECP financing issued	13	-		-500
Long-term debt redeemed	13	-		-9
Redemption lease liabilities	19	-31		-45
Reimbursement on subordinated perpetual bond loan	12	-31		-8
Dividend paid	12	-96		-173

Cash flow from financing activities			829		102

Net cash flow			-189		252

Cash and cash equivalents as at 1 January			496		244
Net cash flow			-189		252

Cash and cash equivalents as at 31 December			307		496