Comparability with the first half of 2024
After due consideration is given to the following issues, the financial information presented for the first half of 2025 is comparable with the financial information for the first half of 2024.
Changes in segment allocation
DB Kommunikationstechnik GmbH, which was previously allocated to the Subsidiaries/Other segment, was allocated to the DB InfraGO segment effective January 1, 2025. The figures for the first half of 2024 in the segment report have been adjusted accordingly.
Completion of DB Schenker sale
The sale of DB Schenker was completed on April 30, 2025. As a result of the deconsolidation, there was a deconsolidation gain of € 7.3 billion as of June 30, 2025. The completed sale resulted in a cash inflow of € 12.5 billion, as well as a reduction of DB Group’s net financial debt and capital employed. In addition, there is still a current financial liability to the buyer amounting to about € 61 million. The deconsolidation resulted in a cash outflow (assets held for sale) in the amount of € 1.5 billion.
Since the previous year, DB Schenker had no longer been reported as a segment in the consolidated financial statements of DB Group. Segment reporting as of June 30, 2024, was adjusted accordingly:
- Period-related values: Adjustment of the figures for the first half of 2024 in the DB Group column.
- Reporting date-related values: No adjustment of the figures as of June 30, 2024, in the DB Group column; values for the former DB Schenker segment are shown in the reconciliation column.
- Gross and net capital expenditures and investment grants: The values of the former DB Schenker segment were recognized in the reconciliation column.
- Employees: Adjustment of the figure as of June 30, 2024, in the DB Group column; no reconciliation of the values of the former DB Schenker segment.
Estimation and forecast uncertainty
Estimates and forecasts continued to be subject to various uncertainties in the first half of 2025. This applies to the most significant estimation uncertainties concerning the valuation of other provisions for ecological burdens, loss-making passenger transport contracts and decommissioning obligations, in particular, and for assessing a triggering event for conducting an impairment test. When accounting for Government grants affecting profit and loss in the DB Cargo segment, assumptions were also made regarding the recognition date, as well as valuation.
Treatment of internally produced and capitalized assets in inventories
Since December 31, 2024, the reconditioning of spare parts is no longer reported gross under internally produced and capitalized assets and cost of materials, but instead is netted under changes in inventory. The figures for internally produced and capitalized assets and cost of materials for the first half of 2024 have been adjusted accordingly.
Scope of consolidation
The scope of fully consolidated companies of DB Group developed as follows:
| Germany Jun 30, 2025 | Rest of world Jun 30, 2025 | Total Jun 30, 2025 | Total Jun 30, 2024 | Total Dec 31, 2024 | |
|---|---|---|---|---|---|
| Fully consolidated subsidiaries | |||||
| As of Jan 1 | 101 | 239 | 340 | 470 | 470 |
| Additions | 0 | 2 | 2 | 1 | 1 |
| Additions due to changes in type of incorporation | 0 | 0 | 0 | 0 | 0 |
| Disposals | –15 | –179 | –194 | –126 | –131 |
| Disposals due to changes in type of inclusion | 0 | 0 | 0 | 0 | 0 |
| As of Jun 30/Dec 31 | 86 | 62 | 148 | 345 | 340 |
Additions of companies and parts of companies
The additions related to two newly founded companies.
Disposals of companies and parts of companies
The disposals from the scope of consolidation included the disposal of all companies in the former DB Schenker segment, one liquidation and one other sale, as well as three mergers. The sales resulted in a cash inflow of € 12.5 billion, of which € 12.5 billion was attributable to DB Schenker (first half of 2024: cash inflow of € 1.2 billion, due, in particular, to the disposal of all companies in the former DB Arriva segment). The mergers were intra-Group mergers at carrying amounts with retroactive effect as of January 1, 2025.
Effects on the consolidated statement of income
Overall, the effects of the changes in the scope of consolidation on the consolidated statement of income compared with the first half of 2024 were not material. It should be noted in this context that the figures for the first half of 2024 have been adjusted for the DB Schenker segment.