Revenues
| Revenues / € million | H1 | Change | ||
|---|---|---|---|---|
| 2025 | 2024 | absolute | % | |
| Revenues 1) | 13,327 | 12,904 | +423 | +3.3 |
| Special items | 11 | 0 | +11 | – |
| Revenues adjusted 1) | 13,338 | 12,904 | +434 | +3.4 |
| Changes in the scope of consolidation | – | – | – | – |
| Exchange rate changes | 7 | – | +7 | – |
| Revenues comparable | 13,345 | 12,904 | +441 | +3.4 |
| Revenues adjusted (incl. discontinued operations) 1), 2) | 19,478 | 24,049 | –4,571 | –19.0 |
| thereof discontinued operations 1), 2) | 6,140 | 11,145 | –5,005 | –44.9 |
1) Figure for the first half of 2024 adjusted due to the sale of DB Schenker.
2) 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.
Revenue development improved slightly. Revenue growth resulted, among other things, from the omission of strike effects in the first half of 2024 as well as positive price effects, especially at DB Regional (in particular from contractually agreed increases in concession fees) and DB InfraGO. Burdens resulted from a lack of economic impetus (particularly at DB Cargo), and declining sales prices and volumes at DB Energy. In addition, the persistently high construction-related restrictions in the infrastructure, had a dampening effect on demand.
Special items continued to be irrelevant for revenue development. Changes in the scope of consolidation and exchange rate changes also had no material impact.
The decline in revenues in discontinued operations was mainly due to the fact that DB Schenker was only included in the consolidated interim financial statements for four months due to the completion of the sale in the first half of 2025. In addition, the figures for the first half of 2024 included the revenues of DB Arriva for five months.
Revenue structure
| External revenue structure adjusted (continuing operations) / % | H1 | Change in percentage points | |
|---|---|---|---|
| 2025 | 2024 | ||
| DB Long-Distance | 21.6 | 21.1 | +0.5 |
| DB Regional | 39.7 | 38.4 | +1.3 |
| DB Cargo | 17.9 | 20.3 | –2.4 |
| DB InfraGO | 11.9 | 11.8 | +0.1 |
| DB Energy | 5.6 | 5.5 | +0.1 |
| Subsidiaries/Other | 3.3 | 2.9 | +0.4 |
| DB Group | 100 | 100 | – |
Figures for the first half of 2024 adjusted due to the sale of DB Schenker.
The revenue structure (continuing operations) did not change significantly in the first half of 2025. Among other things, DB Regional’s share of revenues increased as a result of higher concession fees, in particular. In contrast, DB Cargo’s share of revenues decreased as a result of lower performance.
The sale of DB Schenker also has a significant effect on the revenue shares of the other business units, as DB Schenker’s share of DB Group revenues in the first half of 2024 was about 42%, and on the share of revenues generated in regions outside Germany due to the highly international nature of its business.
Figures for the first half of 2024 adjusted due to the sale of DB Schenker.
| Adjusted external revenues by regions / € million | H1 | Change | ||
|---|---|---|---|---|
| 2025 | 2024 | absolute | % | |
| Germany | 12,701 | 12,290 | +411 | +3.3 |
| Europe (excluding Germany) | 531 | 539 | –8 | –1.5 |
| Rest of world | 106 | 75 | +31 | +41.3 |
| DB Group | 13,338 | 12,904 | +434 | +3.4 |
Figures for the first half of 2024 adjusted due to the sale of DB Schenker.
The regional revenue structure (continuing operations) did not change significantly in the first half of 2025, and is characterized by activities in Germany:
- In Germany, revenue growth was recorded by DB Regional, DB InfraGO and DB Long-Distance, in particular. Burdens resulted from construction-related restrictions, weak operating quality and lower volumes at DB Cargo.
- In Europe (excluding Germany), the development of DB Cargo in markets including Sweden (€ –14 million), Spain (€ –12 million), and Romania (€ –12 million) was a significant factor. This was partially offset by the development in France (€ +9 million) and Italy (€ +8 million).
- Revenues in the rest of the world increased significantly at a low level due to the activities of DB E.C.O. Group, particularly in North America.