Comparability with the first half of 2024

Sale of DB Schenker completed

On April 30, 2025, DB AG completed the sale of DB Schenker to the Danish transport and logistics group DSV for an enterprise value of € 14.3 billion, which corresponds to a purchase price (equity value) of € 11.3 billion. The purchase price received on April 30, 2025, was € 12.5 billion and included among others the repayment of internal liabilities and the agreed interest on the purchase price. DSV had previously received the last outstanding approvals for the acquisition of DB Schenker from the antitrust authorities of the European Union and the USA. After the Management Board of DB AG signed a contract for the sale of DB Schenker to DSV on September 13, 2024, the Supervisory Board of DB AG also approved the sale on October 2, 2024. At the same time, the Federal Government granted the approval required for the transaction in accordance with the Federal Budget Code (Bundeshaushaltsordnung; BHO).

Since the previous year, DB Schenker has no longer been included as a business unit/segment in DB Group reporting but reported as discontinued operations. The figures for the first half of 2024 (with the exception of the consolidated balance sheet) were adjusted accordingly.

• The income items (mainly revenues: € –9.4 billion), expense items (mainly cost of materials: € –5.7 billion and personnel expenses: € –2.0 billion), and profit figures (EBIT adjusted: € –0.5 billion) are now at a considerably lower level than in the first half of 2024.
• This also applies to individual items in the statement of cash flows, particularly in the calculation of cash flow from operating activities (€ –0.2 billion).

The figures for the first half of 2024 have been adjusted for these effects, meaning they are fully comparable.

• In the balance sheet as of June 30, 2024, all non-Group assets and liabilities of DB Schenker were reclassified as current assets and liabilities held for sale. This results in a shift from non-current to current assets and liabilities. The comparability of individual balance sheet items is limited in this regard.
• The regional diversification of our key figures has changed significantly; our activities in Germany have become even more relevant.

Following the reclassification of DB Schenker, the continuing operations of DB Group include the remaining five business units and the Subsidiaries/Other area.

Further information about changes in the scope of consolidation is presented in the consolidated interim financial statements.