Capital expenditures
| Capital expenditures / € million | H1 | Change | ||
|---|---|---|---|---|
| 2025 | 2024 | absolute | % | |
| Gross capital expenditures 1) | 7,338 | 6,989 | +349 | +5.0 |
| Investment grants 1) | 1,313 | 3,283 | –1,970 | –60.0 |
| Net capital expenditures 1) | 6,025 | 3,706 | +2,319 | +62.6 |
| Equity increases by the Federal Government to finance infrastructure capital expenditures 2) | 4,243 | 1,730 | +2,513 | +145 |
| DB-financed net capital expenditures | 1,782 | 1,976 | –194 | –9.8 |
1) Figure for the first half of 2024 adjusted due to the sale of DB Schenker.
2) The repayment of pre-financings by DB Group in 2023 for capital expenditures in rail infrastructure in the amount of € 1,290 million was allocated to the cash flow from the equity increase by the Federal Government in the first half of 2024 (€ 3,020 million).
- The development of gross capital expenditures was driven almost entirely by higher capital expenditures to improve the quality and availability of the rail infrastructure. In rail freight transport and at DB Regional, capital expenditures in the vehicle fleet increased. At DB Long-Distance, overall capital expenditures decreased significantly as a result of the completion of vehicle projects.
- There was an even more pronounced rise in the reported net capital expenditures. As a result of the Federal Government’s decision to provide funds for capital expenditures in the rail network from 2024, also in the form of equity increases, these must also be taken into account when considering the net capital expenditures on a comparable basis. The corresponding Federal Government funds were therefore deducted from the gross capital expenditures in the same way as the investment grants to determine the DB-financed net capital expenditures.
- Investment grants and equity increases as part of infrastructure financing increased significantly. In total, they accounted for about 76% (first half of 2024: about 72%) of gross capital expenditures.
- Investment grants, which were again predominantly attributable to infrastructure in the first half of 2025, fell significantly.
- In contrast, capital expenditures financed by means of equity increases rose significantly. These were exclusively infrastructure capital expenditures.
The focus of capital expenditure activities remains on improving the performance capability, efficiency and quality of the rail infrastructure and on our vehicle fleet.
Regional capital expenditure priorities
| Gross capital expenditures by regions / € million | H1 | Change | ||
|---|---|---|---|---|
| 2025 | 2024 | absolute | % | |
| Germany 1) | 7,266 | 6,939 | +327 | +4.7 |
| Europe (excluding Germany) 1) | 56 | 53 | +3 | +5.7 |
| Rest of world 1) | 2 | 7 | –5 | –71.4 |
| Consolidation | 14 | –10 | +24 | – |
| DB Group 1) | 7,338 | 6,989 | +349 | +5.0 |
1) Figure for the first half of 2024 adjusted due to the sale of DB Schenker.
| Net capital expenditures (after equity financing of the Federal Government) by regions / € million | H1 | Change | ||
|---|---|---|---|---|
| 2025 | 2024 | absolute | % | |
| Germany 1) | 1,710 | 1,926 | –216 | –11.2 |
| Europe (excluding Germany) 1) | 56 | 53 | +3 | +5.7 |
| Rest of world 1) | 2 | 7 | –5 | –71.4 |
| Consolidation | 14 | –10 | +24 | – |
| DB Group 1) | 1,782 | 1,976 | –194 | –9.8 |
1) Figure for the first half of 2024 adjusted due to the sale of DB Schenker.
In terms of the regional distribution of gross and DB-financed net capital expenditures, the focus remained almost entirely on Germany. The development of capital expenditures in the regions Europe (excluding Germany) and rest of world was influenced by regional developments at DB Cargo and the activities of DB E.C.O. Group.