Balance sheet

In the first half of 2025, there were no material changes to the International Financial Reporting Standards (IFRS) regulations or DB Group’s consolidation and accounting principles resulting in any changes to the consolidated interim financial statements.

Total assets were roughly at the same level as of the end of the previous year:

• Non-current assets increased, driven primarily by higher property, plant and equipment (€ +4,386 million) as a result of the significant increase in net capital expenditures. In particular, this was partially offset by the decline in non-current receivables and other assets (€ –502 million; among other things, this was due to the maturity profile of acknowledgments of debt at DB Long-Distance (offsetting effect in other current receivables) and the decline in receivables from transport concessions in 
  accordance with IFRIC 12 at DB Regional).
• Current assets fell significantly. The main factors were:
  • Significantly lower assets held for sale (€ –10,585 million) as a result of the sale of DB Schenker.
  • In particular, the increase in cash and cash equivalents (€+5,227 million), primarily as a result of the cash inflow from the sale of DB Schenker, had a partially offsetting effect. Other receivables and assets (€ +394 million; due among other things to the maturity profile of acknowledgments of debt at DB Long-Distance), inventories (€ +198 million, in particular related to trading transactions at DB Energy and the high level of construction activity in infrastructure) and trade receivables (€ +193 million; mainly higher claims from transport contracts at DB Regional) also increased.

The structure of the assets side has changed as a result of the deconsolidation of DB Schenker. The proportion of non-current assets has increased noticeably.

On the equity and liabilities side, equity increased significantly, mainly due to:

• positive non-recurring effects from profit development (€ +6,876 million) particularly from the sale of DB Schenker,
• the equity increases by the Federal Government (€ +4,243 million) to finance capital expenditures in rail infrastructure, and
• the increase in the changes recorded in reserves related to the revaluation of pensions (€ +369 million).
• In contrast, equity was reduced in particular by the redemption of a hybrid bond (€ –996 million) that was allocated to equity due to its classification as subordinated capital in accordance with IFRS, and
• other changes in generated profit (€ –146 million) mainly in conjunction with the sale of DB Schenker (reclassifications of changes recorded in the reserves in conjunction with the revaluation of pensions and currency translation).

The noticeable increase in equity led to a significantly higher equity ratio with comparatively stable total assets.

• Non-current liabilities decreased significantly. In essence, this development was characterized by:
  • significantly lower non-current financial debt (€ –4,851 million),
  • a decrease in pension obligations (€ –275 million), main­­ly due to the higher interest rate applied in revaluation,
  • the lower level of miscellaneous liabilities (€ –200 million; partly due to the maturity profile of acknowledgments of debt at DB Long-Distance (offsetting effect in other current liabilities)), and
  • the lower level of non-current provisions (€ –67 million; mainly due to a decrease in provisions for environmental protection and decommissioning obligations as well as the provision for impending losses at DB Regional) and derivative financial instruments (€ –45 million).
• Current liabilities also fell significantly. In essence, this development was characterized by:
  • significantly lower liabilities held for sale (€ –6,177 million) as a result of the sale of DB Schenker, and
  • the decrease in financial liabilities falling due in the short term (€ –329 million). The full repayment of outstanding commercial paper as of June 30, 2025, was largely offset by effects related to the maturity profile.
  • Trade payables also decreased (€ –146 million; including at DB InfraGO).
  • The increase in other liabilities falling due in the short term (€ +815 million; including reporting date effects related to deferred investment grants and the maturity profile of acknowledgments of debt at DB Long-­Distance), other provisions (€ +132 million; including additions to provisions for contractual personnel obligations in connection with job security and for revenue reductions at DB Regional) and deferred income (€ +93 million) had a partially offsetting effect.

In the structure of the equity and liabilities side, the increase in equity has resulted in a shift at the expense of the share of current and non-current liabilities.