Net cash provided by operating activities
Net operating cash flow amounted to €631 million in the third quarter of 2026 (Q3 2025: €1,685 million). This year-on-year decline was partly due to higher payments to resolve legal proceedings, which largely related to the glyphosate and PCB litigations and resulted in a net outflow of €1,121 million (Q3 2025: €703 million). That figure also included payments into a trust fund as part of the class settlement to resolve current and future glyphosate claims.
Net cash used in investing activities
Net investing cash flow stood at minus €3,081 million in the third quarter of 2026 (Q3 2025: minus €1,067 million).
Net cash outflows for current financial assets totaled €2,547 million (Q3 2025: €472 million). These outflows were largely attributable to investments in money market funds.
Net cash provided by financing activities
There was a net cash inflow of €7,416 million from financing activities in the third quarter of 2026 (Q3 2025: €730 million).
This figure included net borrowings of €4,809 million (Q3 2025: €1,096 million), which mainly reflected the issuance of bonds and hybrid bonds totaling €7,154 million (Q3 2025: €3,440 million). These factors were partly offset by the repayment of bonds and notes amounting to €2,345 million.
In addition, we received a €3,000 million contribution from noncontrolling interests in connection with the agreement with Apollo Global Management, Inc., United States (Q3 2025: €0 million).
Net interest payments amounted to €318 million (Q3 2025: €358 million).
Free cash flow
Free cash flow (total), which is the total operating cash flow less capital expenditures plus interest and dividends received less interest paid, declined to minus €293 million in the third quarter of 2026 (Q3 2025: €596 million), mainly due to the decrease in operating cash flow.
Adjusted for the aforementioned payments to resolve legal proceedings, which largely related to the glyphosate and PCB litigations, free cash flow amounted to €828 million (Q3 2025: €1,299 million).