Income development
The economic performance of DB Group in the first half of 2025 was mainly characterized by the omission of negative strike effects and pre-financings for infrastructure maintenance measures in the first half of 2024, which were compensated by the Federal Government in the second half of 2024. Lower losses at DB Cargo and a better development at DB Regional (largely due to higher concession fees), as well as the implementation of measures to improve profits in the short and medium term as part of the S3 restructuring program (including a strict spending monitoring and control program), had an additional positive effect. In contrast, additional burdens resulted in particular from higher personnel expenses (wage effects). The weak operational quality continued to have a negative impact on performance. In addition, the profit of DB Energy mainly declined due to a drop in volumes and sales prices. Additional information is available in the development of business units section.
Operating profit figures increased noticeably overall, although adjusted EBIT remained negative. The situation remained tense at DB InfraGO, DB Cargo and DB Long-Distance, in particular.
Transition to the adjusted statement of income
The transition to the adjusted statement of income is a two-step process. The procedure for reclassifications and adjustments remains unchanged and is explained in the 2024 Integrated Report.
| Transition to the adjusted statement of income / € million | H1 | Change | |||||
|---|---|---|---|---|---|---|---|
| 2025 | Reclassifi- cations | Adjustment for special items | 2025 adjusted | 2024 adjusted | absolute | % | |
| Revenues | 13,327 | – | 11 | 13,338 | 12,904 | +434 | +3.4 |
| Inventory changes and other internally produced and capitalized assets | 2,039 | – | – | 2,039 | 1,836 | +203 | +11.1 |
| Other operating income | 2,056 | – | –67 | 1,989 | 1,107 | +882 | +79.7 |
| Cost of materials | –5,997 | – | 5 | –5,992 | –6,079 | +87 | –1.4 |
| Personnel expenses | –8,605 | – | 88 | –8,517 | –7,924 | –593 | +7.5 |
| Other operating expenses | –1,584 | – | 125 | –1,459 | –1,479 | +20 | –1.4 |
| EBITDA | 1,236 | – | 162 | 1,398 | 365 | +1,033 | – |
| Depreciation | –1,637 | – | – | –1,637 | –1,590 | –47 | +3.0 |
| Operating profit (EBIT) | EBIT adjusted | –401 | – | 162 | –239 | –1,225 | +986 | –80.5 |
| Net interest income | operating interest balance | –286 | 14 | 3 | –269 | –359 | +90 | –25.1 |
| Operating profit after interest | –687 | 14 | 165 | –508 | –1,584 | +1,076 | –67.9 |
| Result of investments accounted for using the equity method | net investment income | 6 | 4 | – | 10 | 8 | +2 | +25.0 |
| Other financial result | –78 | –18 | – | –96 | 56 | –152 | – |
| PPA amortization of customer contracts | – | – | – | – | –1 | +1 | –100 |
| Extraordinary result | – | – | –165 | –165 | –66 | –99 | +150 |
| Profit/loss before taxes | –759 | – | – | –759 | –1,587 | +828 | –52.2 |
| Income taxes | –1 | – | – | –1 | –17 | +16 | –94.1 |
| Actual income taxes | –10 | – | – | –10 | –17 | +7 | –41.2 |
| Deferred tax expense (–)/income (+) | 9 | – | – | 9 | 0 | +9 | – |
| Net profit/loss (continuing operations) | –760 | – | – | –760 | –1,604 | +844 | –52.6 |
| Net profit/loss (discontinued operations) 1) | 7,653 | – | – | 7,653 | 373 | +7,280 | – |
| Net profit/loss 1) | 6,893 | – | – | 6,893 | –1,231 | +8,124 | – |
| DB AG shareholders 1) | 6,876 | – | – | 6,876 | –1,256 | +8,132 | – |
| Hybrid capital investors | 14 | – | – | 14 | 13 | +1 | +7.7 |
| Other shareholders (non-controlling interests) | 3 | – | – | 3 | 12 | –9 | –75.0 |
Figures for the first half of 2024 adjusted due to the sale of DB Schenker.
1) The first half of 2025 includes the figures of DB Schenker for the period from January 1 to April 30, 2025, while the first half of 2024 includes the figures of DB Schenker for the period from January 1 to June 30, 2024, and the figures of DB Arriva for the period from January 1 to May 31, 2024.
Development in the first half of 2025 (adjusted statement of income)
The income trend was clearly positive overall:
- Other operating income (+79.7%/€ +882 million): Significant increase, driven very significantly by the Federal Government’s compensation for rail infrastructure maintenance services (€ +0.7 billion). In the previous year, the services rendered in the first half of the year were only compensated in the second half of the year. Development was boosted by higher Government grants, including for DB Cargo (especially support for single wagon transport).
- Revenues (+3.4%/€ +434 million): Slight increase, driven by DB Long-Distance, DB Regional and DB InfraGO.
- Inventory changes and other internally produced and capitalized assets (+11.1%/€ +203 million): Significant increase, mainly due to the higher infrastructure construction and project volume.
On the expense side, there were additional burdens as a result of higher personnel costs and depreciation:
- Personnel expenses (+7.5%/€ +593 million): Sharp rise, mainly driven by wage effects. The slight decline in the average number of employees had a partially offsetting effect, the decrease in the area of administration and sales was noticeable. The number of employees in operational areas increased (especially at DB InfraGO and DB Regional).
- Depreciation (+3.0%/€ +47 million): Slight increase due to capital expenditures.
This was partially offset by the development of the cost of materials, which fell due to lower performance at DB Cargo, as well as a reduction in other operating expenses:
- Cost of materials (–1.4%/€ –87 million): Slight decrease, driven primarily by lower expenses at DB Cargo due to performance factors. This was partially offset by additional burdens from the further expansion of measures to improve the quality and availability of the infrastructure, in particular. Since the previous year, these measures have been partially offset by the Federal Government (offsetting item in other operating income).
- Other operating expenses (–1.4%/€ –20 million): Slight decrease, due in part to effects from countermeasures with a positive impact on expenses. Among other things, expenses for consulting, IT services and advertising declined. Higher expenses in connection with the disposal of property, plant and equipment (especially at DB InfraGO), rents for software and compensation for damages, in particular, had a partially offsetting effect.
- Operating profit (before interest): Adjusted EBIT (–80.5%/€ +986 million) and adjusted EBITDA (€ +1,033 million) increased noticeably as a result of the income development but remained unsatisfactory overall.
- Operating interest balance (–25.1%/€ +90 million): Noticeable improvement, due almost entirely to lower interest rates and a redemption-driven reduction in current financial liabilities in particular. As a result, expenses related to financial liabilities fell significantly.
- Operating profit after interest (–67.9%/€ +1,076 million): Noticeable improvement, driven by operating profit development.
- Net investment income (+25.0%/€ +2 million): Significant increase at a low level, mainly driven by higher dividend income from other investments and the positive profit development of EUROFIMA European Company for the Financing of Railroad Rolling Stock, Basel/Switzerland. In particular, the negative profit development of DCH Düsseldorfer Container-Hafen GmbH had a partially offsetting effect.
- Other financial result (€ –152 million): Significant decrease, mainly due to negative exchange rate effects (first half of 2024: income from exchange rate effects). This was partially offset by lower expenses from hedging transactions.
- Extraordinary result (+150%/€ –99 million): Significant deterioration; as in the first half of 2024, the main drivers were restructuring measures. Development was further impacted by negative effects from, among other things, the revaluation of power purchase agreements due to market price-related fluctuations.
| Extraordinary result / € million | H1 | |||
|---|---|---|---|---|
| 2025 | thereof affecting EBIT | 2024 | thereof affecting EBIT | |
| DB Long-Distance | – | – | – | – |
| DB Regional | 0 | 0 | 0 | 0 |
| DB Cargo | –1 | ‒1 | 15 | 15 |
| DB InfraGO | –4 | ‒1 | –5 | – |
| DB Energy | –35 | ‒35 | – | – |
| Other/consolidation | –125 | ‒125 | –76 | ‒78 |
| DB Group 1) | –165 | ‒162 | –66 | ‒63 |
| thereof restructuring measures 1) | –94 | –94 | –46 | –46 |
| thereof revaluation of power purchase agreements | ‒56 | ‒56 | – | – |
1) Figure for the first half of 2024 adjusted due to the sale of DB Schenker.
- Profit/loss before taxes (–52.2%/€ +828 million): Noticeable improvement, but still negative.
- Income taxes (–94.1%/€ +16 million): Improvement at a low overall level. Both the increase in deferred tax income (mainly from the reversal of deferred tax liabilities) and the development of current income taxes (mainly relating to foreign Group companies) contributed to this.
- Net profit/loss (continuing operations) (–52.6%/€ +844 million): Noticeable improvement, but still negative.
- Net profit/loss (€ +8,124 million): Very significant increase, almost entirely due to the positive non-recurring effect from the gain on disposal in connection with the deconsolidation of DB Schenker (€ +7.3 billion). Partially opposing effects due to the fact that DB Schenker was only included in the consolidated interim financial statements for four months in the first half of 2025.