Net operating cash flow in the first half of 2026 amounted to minus €1,104 million (H1 2025: €43 million). Payments to resolve legal proceedings, which primarily related to the PCB and glyphosate litigations, resulted in a net outflow of €2,246 million (H1 2025: €140 million). That figure included an amount of €432 million that was paid into a trust fund as part of the class settlement to resolve current and future glyphosate claims. Net operating cash flow also included payments of €166 million (H1 2025: €0 million) from banks relating to the transfer of trade receivables that were neither due nor settled by customers as of June 30, 2026.
The net cash outflow for investing activities in the first half of the year amounted to €427 million (H1 2025: net cash inflow of €315 million). The net cash inflow from current financial assets came to €623 million (H1 2025: net cash outflow of €1,205 million). These cash inflows were largely attributable to the sale of investments in money market funds. Outflows for acquisitions, less acquired cash, amounted to €300 million (H1 2025: €197 million) and primarily related to the acquisition of 100% of the shares of Perfuse Therapeutics, Inc., United States. Cash inflows from the sale of property, plant and equipment and other assets amounted to €219 million (H1 2025: €103 million) and mainly resulted from the sale of product rights (€124 million) for Ventavis™ worldwide, as well as for Actron™ and Actron™ Plus in Mexico. Additional inflows were attributable to the sale of production facilities and office buildings at various sites.
There was a net cash outflow of €949 million for financing activities (H1 2025: €1,723 million). This figure included net debt repayments of €166 million (H1 2025: €869 million). Net interest payments came to €671 million (H1 2025: €746 million). We paid out €112 million in dividends (H1 2025: €108 million), of which €108 million to Bayer AG stockholders (H1 2025: €108 million).