Deutsche Börse AG Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,104	2,046	1,797	1,563	1,265
Depreciation & Amortization	501	496	418.5	355.6	293.7
Other Adjustments	275	118	153.4	168.7	-222.9
Change in Receivables	-194	437	484.7	-1,418	-358.2
Changes in Accounts Payable	-13	-551	-370.9	1,473	206.6
Changes in Other Operating Activities	138	-135	66.6	340.7	-275.3
Operating Cash Flow	2,810	2,411	2,549	2,484	908.9
Operating Cash Flow Growth	16.55%	-5.42%	2.64%	173.25%	-35.63%
Capital Expenditures	-55	-58	-49.5	-109.6	-37.8
Sale of Property, Plant & Equipment	0	4	0	-	-
Purchases of Intangible Assets	-325	-303	-218.4	-215.6	-168.6
Proceeds from Sale of Intangible Assets	-	-	0.1	0.1	0.9
Purchases of Investments	-344	-453	-319.5	-864.4	-1,371
Proceeds from Sale of Investments	851	399	59.1	44.6	516.5
Payments for Business Acquisitions	-44	-14	-3,842	-185.5	-1,843
Proceeds from Business Divestments	-	-	-	27.1	0
Other Investing Activities	-	366	373.3	-103.2	735.3
Investing Cash Flow	82	-60	-3,997	-1,407	-2,168
Short-Term Debt Issued	99	-	129.9	1,056	2,701
Short-Term Debt Repaid	-	-65	-126.5	-2,397	-1,900
Net Short-Term Debt Issued (Repaid)	99	-65	3.4	-1,341	801
Long-Term Debt Issued	325	-	2,969	1,079	999.1
Long-Term Debt Repaid	-1,007	-157	-42	0	-356
Net Long-Term Debt Issued (Repaid)	-682	-157	2,927	1,079	643.1
Issuance of Common Stock	21	9	-	11.9	8.7
Repurchase of Common Stock	-504	-298	-	-	-
Net Common Stock Issued (Repurchased)	-483	-289	-	11.9	8.7
Common Dividends Paid	-734	-698	-661.5	-587.6	-550.6
Other Financing Activities	-150	-145	24.6	-113.7	-103.5
Financing Cash Flow	-1,951	-1,354	2,293	-951.1	798.7
Effect of Exchange Rate Changes on Cash and Cash Equivalents	25	-29	-1.7	-37.8	-6.3
Net Cash Flow	942	997	845.2	126	-460.5
Free Cash Flow	2,755	2,353	2,500	2,374	871.1
Free Cash Flow Growth	17.09%	-5.87%	5.29%	172.53%	-35.51%
FCF Margin	37.15%	33.39%	40.75%	44.51%	19.59%
Free Cash Flow Per Share	15.02	12.77	13.54	12.90	4.74
Levered Free Cash Flow	1,983	1,478	4,719	3,292	2,841
Unlevered Free Cash Flow	2,788	1,914	1,916	3,670	1,482

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.