Integrated Interim Report
2025
2022 Integrated Report
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2023 Integrated Report
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2024 Integrated Report
Chairman’s letter
Interim Group Management Report (unaudited)
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Interim Group Management Report (unaudited)
Overview
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Overview
S3 restructuring program
DB Cargo transformation
Developments in Government funding
Sale of DB Schenker
Collective bargaining agreement with EVG
Progress with general modernization
Fundamentals
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Fundamentals
Changes in the executive bodies of DB AG
Sustainability management
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Sustainability management
Implementation of the German Act on Corporate Due Diligence Obligations in Supply Chains
ESG Ratings
Development of business environment
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Development of business environment
National environment
European environment
Legal topics
Strategy
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Strategy
Implementation of the Strong Rail strategy and S3 restructuring program
Quality and security
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Quality and security
Punctuality
Digitalization and technology
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Digitalization and technology
Digitalization
Technology
Digital Infrastructure and Communication Technology
Group security
Green transformation
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Green transformation
Climate resilience
Climate protection
Environmental protection
Resource conservation
Noise reduction
Employees
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Employees
Employee numbers and structure
Implementation of the S3 restructuring program
Collective bargaining agreement with the EVG
Talent acquisition
Qualification
Modern working conditions
Diversity
Business development
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Business development
Overview
Market environment
Income situation
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Income situation
Comparability with the first half of 2024
Revenues
Income development
Financial position
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Financial position
Interest rate environment
Financial management system
Credit ratings
Key economic performance indicators
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Key economic performance indicators
Debt coverage
ROCE
Asset situation
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Asset situation
Statement of cash flows
Net financial debt
Capital expenditures
Balance sheet
Procurement volume
Development of business units
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Development of business units
Developments in the relevant markets
DB Long-Distance business unit
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DB Long-Distance business unit
Fleet development
Implementation of the S3 restructuring program
Digitalization and innovation
Environmental measures
Development in the first half of 2025
DB Regional business unit
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DB Regional business unit
Development of the order book
Fleet development
Implementation of the S3 restructuring program
Digitalization and innovation
Environmental measures
Development in the first half of 2025
DB Cargo business unit
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DB Cargo business unit
DB Cargo transformation
Digitalization and innovation
Environmental measures
Subsidiaries
Development in the first half of 2025
DB InfraGO business unit
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DB InfraGO business unit
Development in the relevant markets
Transformation into a high-performance network
Implementation of Performance and Financing Agreement
Inspection and replacement of concrete ties
Development of the infrastructure
General framework
Digitalization and innovation
Environmental measures
Subsidiaries
Development in the first half of 2025
DB Energy business unit
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DB Energy business unit
General framework
Environmental measures
Development in the first half of 2025
Subsidiaries/Other
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Subsidiaries/Other
Additional information
Development in the first half of 2025
Opportunity and risk report
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Opportunity and risk report
Significant opportunities
Significant risks
Events after the balance sheet date
Outlook
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Outlook
Economic outlook
Transport markets
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Transport markets
Passenger Transport
Freight transport
Infrastructure
Procurement markets
Financial markets
Development of DB Group
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Development of DB Group
S3 restructuring program
Additional key figures on the income situation, financial position and net assets
Additional key figures on sustainability
Forward-looking statements
Consolidated Interim Financial Statements (unaudited)
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Consolidated Interim Financial Statements (unaudited)
Consolidated statement of income
Reconciliation of consolidated comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes in equity
Segment information according to segments
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Segment information according to segments
Information by regions
Notes to the consolidated interim financial statements
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Notes to the consolidated interim financial statements
Basic principles and methods
Comparability with the first half of 2024
Disclosures on assets held for sale and liabilities in connection with assets held for sale (IFRS 5)
Information regarding revenues from contracts with customers and from rental and leasing
Contingent receivables and liabilities, and guarantee obligations
Information regarding the fair value of financial instruments
Other financial obligations
Other disclosures
Additional information
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Additional information
Financial calendar
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IR newsletter
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Deutsche Bahn 2025 Interim Report
Interim Group Management Report (unaudited)
Business development
Financial position
Business development
Chairman’s letter
Interim Group Management Report (unaudited)
Overview
S3 restructuring program
DB Cargo transformation
Developments in Government funding
Sale of DB Schenker
Collective bargaining agreement with EVG
Progress with general modernization
Fundamentals
Changes in the executive bodies of DB AG
Sustainability management
Implementation of the German Act on Corporate Due Diligence Obligations in Supply Chains
ESG Ratings
Development of business environment
National environment
European environment
Legal topics
Strategy
Implementation of the Strong Rail strategy and S3 restructuring program
Quality and security
Punctuality
Digitalization and technology
Digitalization
Technology
Digital Infrastructure and Communication Technology
Group security
Green transformation
Climate resilience
Climate protection
Environmental protection
Resource conservation
Noise reduction
Employees
Employee numbers and structure
Implementation of the S3 restructuring program
Collective bargaining agreement with the EVG
Talent acquisition
Qualification
Modern working conditions
Diversity
Business development
Overview
Market environment
Income situation
Comparability with the first half of 2024
Revenues
Income development
Financial position
Interest rate environment
Financial management system
Credit ratings
Key economic performance indicators
Debt coverage
ROCE
Asset situation
Statement of cash flows
Net financial debt
Capital expenditures
Balance sheet
Procurement volume
Development of business units
Developments in the relevant markets
DB Long-Distance business unit
Fleet development
Implementation of the S3 restructuring program
Digitalization and innovation
Environmental measures
Development in the first half of 2025
DB Regional business unit
Development of the order book
Fleet development
Implementation of the S3 restructuring program
Digitalization and innovation
Environmental measures
Development in the first half of 2025
DB Cargo business unit
DB Cargo transformation
Digitalization and innovation
Environmental measures
Subsidiaries
Development in the first half of 2025
DB InfraGO business unit
Development in the relevant markets
Transformation into a high-performance network
Implementation of Performance and Financing Agreement
Inspection and replacement of concrete ties
Development of the infrastructure
General framework
Digitalization and innovation
Environmental measures
Subsidiaries
Development in the first half of 2025
DB Energy business unit
General framework
Environmental measures
Development in the first half of 2025
Subsidiaries/Other
Additional information
Development in the first half of 2025
Opportunity and risk report
Significant opportunities
Significant risks
Events after the balance sheet date
Outlook
Economic outlook
Transport markets
Passenger Transport
Freight transport
Infrastructure
Procurement markets
Financial markets
Development of DB Group
S3 restructuring program
Additional key figures on the income situation, financial position and net assets
Additional key figures on sustainability
Forward-looking statements
Consolidated Interim Financial Statements (unaudited)
Consolidated statement of income
Reconciliation of consolidated comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes in equity
Segment information according to segments
Information by regions
Notes to the consolidated interim financial statements
Basic principles and methods
Comparability with the first half of 2024
Disclosures on assets held for sale and liabilities in connection with assets held for sale (IFRS 5)
Information regarding revenues from contracts with customers and from rental and leasing
Contingent receivables and liabilities, and guarantee obligations
Information regarding the fair value of financial instruments
Other financial obligations
Other disclosures
Additional information
Financial calendar
Order print version
IR newsletter
Download Center
Financial position
No bond issues. Redemption of bridge financings following sale of DB Schenker.
Merger of Deutsche Bahn Finance GmbH into DB AG completed.
Credit ratings and outlooks unchanged.
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