Consolidated cash flow statement

€ Million

Notes

2025

2024

Profit for the year

400

254

Adjustments for:

Depreciation and decommissioning

5

533

509

Amortised contributions for installation of grids and connections

24

-40

-38

Received contributions for installation of grids and connections

24

127

107

Change in deferred corporate income tax

25

-1

42

Change in non-current provisions

23

1

1

Financial income

9

-7

-6

Financial expenses

9

77

52

Corporate income tax expense recognised through profit or loss

11

139

44

Change in operational working capital excluding tax and interest

29

20

41

Gain on disposal of assets

12

0

-10

Other

3

3

Interest received

29

2

1

Interest paid

29

-60

-43

Corporate income tax paid or received

29

-132

-37

Cash flow from operating activities

1,062

920

Investments in property, plant and equipment

12

-1,847

-1,433

Investments in intangible assets

13

-59

-54

Cash flow from investing in (in)tangible fixed assets

-1,906

-1,487

Cash flow from operating activities and investing in (in)tangible fixed assets

-844

-567

Net proceeds from sale of assets

12

0

11

Loans granted

15

-6

-6

Repayment of loans granted

15

5

6

Increase in deposits¹

-700

0

Decrease in deposits¹

451

0

Cash flow from other investing activities

-250

11

Cash flow from investing activities

-2,156

-1,476

Cash flow before financing activities

-1,094

-556

Green bond issue

22 and 28

1,489

494

Increase in interest-bearing liabilities²

22 and 28

545

960

Repayment of interest-bearing liabilities²

22 and 28

-595

-910

Repayment of lease liability

22 and 28

-37

-33

Dividend paid

31

-127

-36

Cash flow from financing activities

1,275

475

Total cash flows

181

-81

Cash and cash equivalents at the beginning of the financial year

29

46

127

Cash and cash equivalents at the end of the financial year

29

227

46