Bond issues

DB Group has a European debt issuance program (EDIP) and an Australian debt issuance program (Kangaroo program) available for long-term debt financing.

• EDIP: Under the EDIP, no senior bonds were issued, and one senior bond (with a volume of € 0.2 billion) was repaid in the first half of 2025.
• Kangaroo program: The changes in the Kangaroo program resulted from exchange rate differences.

First hybrid bond repaid

In the first half of 2025, the bond with ISIN XS2010039035 was terminated in accordance with section 6 (3) of the bond terms and conditions and repaid in full. The bond was repaid at par value plus outstanding accrued interest.

The equity increases by the Federal Government in the previous year and the first half of 2025, replace the equity share of the hybrid bond in DB AG’s capital structure.

The remaining hybrid bond (ISIN XS2010039548) remains unchanged a material part of DB AG’s financing strategy.