The net cash used for investments of −€251,097 thousand (previous year: −€206,268 thousand) in 2025 mainly includes payments for investments in intangible assets and property, plant and equipment as well as for acquisitions of companies. These payments are reduced by proceeds from the sale of intangible assets and property, plant and equipment as well as interest payments received and divestments.
Payments for acquisitions include purchase price payments for companies acquired in the reporting period of −€182,872 thousand (previous year: −€129,172 thousand). As in the previous year, they also include subsequent payments for acquired companies totalling €3,166 thousand (previous year: €2,495 thousand). Cash and cash equivalents of €28,015 thousand (previous year: €23,685 thousand) were acquired as part of these acquisitions.
The gross cash flows for the acquisition and sale of long-term time deposits and securities are presented separately, while cash flows from short-term time deposits and securities are netted.
Settlements of net investment hedges comprise payments from forward exchange contracts in connection with the hedging of the net investments in group companies whose local currency is not the euro. In the reporting period, this amount amounted to €3,238 thousand (previous year: €382 thousand).