In EUR mn |
|
|
|
|
2025 |
2024 |
∆ |
|---|---|---|---|
Cash flow from operating activities excluding net working capital effects |
4,494 |
5,308 |
–15% |
Cash flow from operating activities |
5,215 |
5,456 |
–4% |
Cash flow from investing activities |
–2,754 |
–3,152 |
13% |
Free cash flow |
2,461 |
2,304 |
7% |
Cash flow from financing activities |
–2,834 |
–3,132 |
10% |
Effect of exchange rate changes on cash and cash equivalents |
–53 |
0 |
n.m. |
Net increase (+)/decrease (–) in cash and cash equivalents |
–426 |
–828 |
49% |
Cash and cash equivalents at beginning of year |
6,182 |
7,011 |
–12% |
Cash and cash equivalents at end of year |
5,756 |
6,182 |
–7% |
thereof cash disclosed within Assets held for sale |
679 |
– |
n.a. |
Cash and cash equivalents presented in the consolidated statement of financial position |
5,077 |
6,182 |
–18% |
Free cash flow after dividends |
180 |
–158 |
n.m. |
In 2025, cash flow from operating activities excluding net working capital effects decreased to EUR 4,494 mn (2024: EUR 5,308 mn), amongst other impacts reflecting a lower contribution from E&P business and the deconsolidation of SapuraOMV in December 2024. This was partly offset by lower income taxes paid in 2025 compared to 2024 and solidarity contribution payments in Romania in 2024. Net working capital effects were positive and came in at EUR 721 mn (2024: EUR 148 mn), impacted by lower inventory levels. As a result, cash flow from operating activities totaled EUR 5,215 mn (2024: EUR 5,456 mn).
Cash flow from investing activities showed an outflow of EUR –2,754 mn in 2025, compared to EUR –3,152 mn in 2024. Cash flow from investing activities in 2025 was positively impacted by the divestment of a 5% stake in the Ghasha concession, located in the United Arab Emirates, and a loan repayment by Bayport Polymers LLC. In 2024, cash flow from investing activities included inflows of EUR 766 mn from the successful divestment of OMV’s 50% share in SapuraOMV.
Cash flow from financing activities showed an outflow of EUR –2,834 mn compared to EUR –3,132 mn in 2024. In 2025, despite an increase in debt repayments, there was also a higher level of bond issuance. Additionally, dividend payments were lower compared to 2024.