Financial management system
Deutsche Bahn Finance GmbH merged into DB AG
Deutsche Bahn Finance GmbH (DB Finance) was merged into DB AG with retrospective economic effect from January 1, 2025, upon entry of the transaction in the commercial register on June 24, 2025.
DB Finance operated exclusively as a financing company for DB Group. As a result of the merger all rights and obligations of DB Finance with regard to outstanding bonds were transferred to DB AG.
DB Group’s financing strategy remains unchanged. Future bonds will be issued by DB AG.
Financial instruments
| Financial instruments / € billion | Volume as of Jun 30, 2025 | thereof utilized | Utilization rate | Volume as of Dec 31, 2024 | thereof utilized | Utilization rate |
|---|---|---|---|---|---|---|
| European debt issuance program | 35.0 | 28.3 | 81% | 35.0 | 28.4 | 81% |
| Australian debt issuance program (AUD 5 billion) | 2.8 | 0.7 | 25% | 3.0 | 0.7 | 23% |
| Multi-currency commercial paper program | 3.0 | – | –% | 3.0 | 1.5 | 50% |
| Guaranteed credit facilities | 2.1 | – | – % | 2.1 | – | – % |
| Bank loans for bridge financing | – | – | –% | 3.0 | 3.0 | 100% |
In addition to aiming for a sustained rise in enterprise value, DB Group’s financial management focuses on maintaining a capital structure that is in line with very good credit ratings.
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.
Other financing instruments
- Commercial paper program: In the short-term segment, we continue to have a multi-currency commercial paper program at our disposal. This was unutilized as of June 30, 2025.
- Credit facilities: As of June 30, 2025, we had guaranteed credit facilities with a residual term of up to two years.
- Credit lines: As of June 30, 2025, we were also able to rely on credit lines of € 2.2 billion for the operating business (as of December 31, 2024: € 2.6 billion). These credit lines are made available to our subsidiaries worldwide and include provisions for financing working capital as well as sureties for payment. The credit lines will be gradually scaled back as the sale of DB Schenker has largely eliminated the need for them.
- Bank loans: Short-term bank loans for bridge financing were repaid in full after the sale of DB Schenker was completed.
Additional rolling stock financing
Sale and leaseback contracts are also concluded for the financing of rolling stock in local rail passenger transport, as well as contracts based on the lessor entering into a contract. In the first half of 2025, the MoselLux network (with five electric traction units) went into full operation as part of the second stage of commissioning.