Note 30 Notes to the consolidated cash flow statement

Cash flow from operating activities

The cash flow from operating activities in 2025 amounted to €832 million (2024: €829 million). The €3 million increase relative to 2024 is partly due to a rebate of corporate income tax over previous years. Against this, the working capital position deteriorated as a prepayment was received in 2024 regarding the sale of transformers to Kenter, which went through in 2025.

Cash flow from investing activities

The cash outflow from investing activities in 2025 was just under €1.9 billion, compared to an outflow of €679 million in 2024. This is mainly the result of the cash inflow received on the Kenter disposal in 2024 (€919 million). Capital expenditure also rose by €342 million, leading to a higher outflow. In 2025, one-off cash inflows of €136 million arose from the sale of the high-voltage grid to TenneT TSO B.V. and the transfer of transformers to Kenter B.V. As a result of the above, the cash flow from investing activities was €1.2 billion lower in 2025 than in 2024.

Cash flow from financing activities

The cash flow from financing activities for 2025 amounted to €829 million (2024: €102 million). Cash inflows in 2025 comprised €992 million in proceeds from the EMTN and just under €500 million from the issue of a subordinate perpetual bond loan. Cash outflows included the redemption of the convertible bond loan issued in 2018, the payment of the dividend (€96 million) and the coupon payments on the convertible bond loans (€31 million).

In 2024, a green bond loan of €750 million was issued. A subordinate perpetual bond loan of €500 million was also issued, as was the case in 2025. Cash outflows arose from the redemptions of EMTN borrowings (€400 million) and short-term ECP issues (€500 million). A dividend (€173 million) and the coupon on the subordinated perpetual bond loan (€8 million) were also paid out in 2024.