• Performance declines in energy-intensive industries and intermodal transports.
• Additional burdens due to GDL strikes as well as lower Government train-path and facility price support.
• Economic development continues to be under significant pressure – countermeasures and implementation of the transformation program with positive effects.

Performance development in Central Europe declined significantly, driven by market developments (decreases in demand from energy-intensive industries and for intermodal transport) and the GDL strike actions.

The economic development was significantly weaker and remains very challenging. The operating profit figures declined, driven by revenue development, and remained negative:

• Income decreased. The main drivers were mainly performance-related revenue declines as well as lower Government grants for single wagon transport and train-path price support in Germany. Pricing measures had a partially compensating effect.
• Expenses declined less significantly. The drivers were performance-related declines, in particular for purchased transport services, train-path usage and energy. Expenses for electricity also decreased due to price factors. Additional burdens resulted, among other things, from higher personnel expenses as a result of collective bargaining agreements, which were partially offset by a lower average number of employees.

Capital expenditures increased, driven by the purchase of locomotives in Germany.

As of June 30, 2024, the number of employees decreased as a result of lower volumes and lower replacements in overhead functions.

• Weak economic development in France and the United Kingdom.
• Takeover of transports in combined transport in France.
• Economic development supported by positive one-off effects in the United Kingdom.

Performance development in Western Europe was differentiated in the first half of 2024:

• Weak economic development in the United Kingdom and France, particularly in the metals and construction industries, had a negative impact.
• The takeover of transports in France had a positive effect, leading to structural changes in the product portfolio and an increase in volume sold.
• Overall, freight carried decreased. Longer transport distances were more than compensating, so that volume sold increased.

Economic development improved significantly, driven by positive one-off effects in the United Kingdom. The operating profit figures increased as a result of higher income and lower expenses.

• Income increased mainly as a result of one-off effects from the sale of real estate and other fixed assets in the United Kingdom. Positive effects also resulted from release of provisions. A slight decline in revenues and negative exchange rate effects had a dampening effect.
• Expenses decreased slightly overall. The main drivers were lower electricity prices (DB Cargo France), the reimbursement of train-path usage fees (DB Cargo UK), positive exchange rate effects and an adjustment of pension entitlements at DB Cargo UK. Additional charges partially compensated and resulted, among other things, from tariff increases (DB Cargo UK), the implementation of additional maintenance measures for locomotives (DB Cargo France) and higher expenses for the lease of locomotives.

Capital expenditures increased as a result of the procurement of car transport vehicles at Transfesa.

The number of employees decreased slightly due to performance effects driven by developments in the United Kingdom.

• Performance development burdened by economic development – new transports in Romania as well as additional military transports have a partly compensating effect.
• Economic development in line with the first half of 2023.

Performance development was differentiated:

• Freight carried: Decline largely due to economic situation.
• Volume sold: Was at the level of the first half of 2023. Economic-driven declines were partially offset by additional military transports. Furthermore, the addition of DB Cargo Czechia resulted in a positive one-off effect on performance data (+327 million tkm).
• Volume produced: Slight increase as a result of the addition of DB Cargo Czechia from 2024 (+0.5 million Trkm).

The operating profit figures were roughly at the level of the first half of 2023. As a result of higher depreciation due to capital expenditures, the development of adjusted EBIT was weaker.

• Income declined driven by negative exchange rate effects. The omission of income from insurance benefits in Poland from the first half of 2023 had an additional impact on income. Adjusted for currency effects, revenues increased slightly. New shunting traffic in Romania and the expansion of military transports had a positive impact.
• The decline in expenses was mainly due to positive exchange rate effects, lower electricity prices (Poland) and the omission of a negative one-off effect from the first half of 2023 in connection with freight damages in Poland. In particular, performance-related higher personnel expenses and higher depreciation due to capital expenditures in the previous year had a partially compensating effect.

Capital expenditures decreased due to the omission of capital expenditures in locomotives in Romania and Hungary.

The number of employees increased, mainly performance-related (Romania).

• Increase in performance due to special transports and new customers for intermodal transports.
• Operating profit development improved slightly.

The economic development of the FLS line of business improved slightly compared to the first half of 2023 due to increased volumes. Adjusted EBIT remained stable as a result of higher purchased transport services.

• Income increased due to performance. The primary drivers were higher revenues from special transports and new customers from Germany for intermodal transports.
• The increase in expenses resulted in particular from higher purchased transport services due to performance and was underproportional.

Gross capital expenditures increased significantly at a low level due to higher capital expenditures in trailers.

The number of employees decreased slightly.