Debt coverage
| Debt coverage / € million | H1 | Change | ||
|---|---|---|---|---|
| 2025 | 2024 | absolute | % | |
| EBITDA adjusted 1), 2) | 1,398 | 365 | +1,033 | – |
| Operating interest balance 2) | –269 | –359 | +90 | –25.1 |
| Original tax expenses 1), 2) | –10 | –17 | +7 | –41.2 |
| Operating cash flow after taxes 1), 2) | 1,119 | –11 | +1,130 | – |
| Net financial debt as of Jun 30 | 22,047 | 33,084 | –11,037 | –33.4 |
| Pension obligations as of Jun 30 | 3,043 | 3,240 | –197 | –6.1 |
| Hybrid capital 3) as of Jun 30 | 503 | 1,003 | –500 | –49.9 |
| Net debt as of Jun 30 | 25,593 | 37,327 | –11,734 | –31.4 |
| Debt coverage 1) (%) | 8.7 | –0.1 | +8.8 | – |
| Target value (%) | ≥15 | ≥20 | – | – |
1) Figure for the first half of 2024 adjusted due to the sale of DB Schenker.
2) Figures extrapolated to the full year for calculation of key figures.
3) As assessed by the rating agencies, half of the hybrid capital reported in the balance sheet is taken into account when determining the net debt.
Noticeable increase in debt coverage as of June 30, 2025, mainly as a result of significantly lower net debt as well as profit development:
- Operating cash flow after taxes increased due to the significant improvement in operating profit, in particular.
- The reduction in net debt compared to June 30, 2024, was almost entirely due to lower net financial debt. In addition, net debt as of June 30, 2024, still includes the net debt of the discontinued operations DB Schenker, which was deconsolidated when its sale was completed.
The elimination in full of DB Schenker from the figures for the first half of 2024 does not lead to any significant change in debt coverage.