Development in the first half of 2025
- Performance declines due to weak economic-driven demand and portfolio adjustments.
- Positive effects due to the omission of negative strike effects and higher Government grants from single wagon and facility price support.
- Economic development remains under significant pressure – positive effects from countermeasures and implementation of the transformation program.
| DB Cargo | H1 | Change | ||
|---|---|---|---|---|
| 2025 | 2024 | absolute | % | |
| Punctuality (%) | 68.1 | 68.4 | –0.3 | – |
| Freight carried (million t) | 82.9 | 92.9 | –10.0 | –10.8 |
| Volume sold (million tkm) | 29,985 | 35,699 | –5,714 | –16.0 |
| Volume produced (million train-path km) | 55.3 | 66.9 | –11.6 | –17.3 |
| Capacity utilization (t per train) | 542.2 | 533.8 | +8.4 | +1.6 |
| Total revenues (€ million) | 2,531 | 2,783 | –252 | –9.1 |
| External revenues (€ million) | 2,388 | 2,624 | –236 | –9.0 |
| EBITDA adjusted (€ million) | 70 | –53 | +123 | – |
| EBIT adjusted (€ million) | –96 | –261 | +165 | –63.2 |
| EBIT margin (adjusted) (%) | –3.8 | –9.4 | +5.6 | – |
| Gross capital expenditures (€ million) | 151 | 125 | +26 | +20.8 |
| Employees as of Jun 30 1) (FTE) | 27,155 | 30,794 | –3,639 | –11.8 |
| Average employees 1) (FTE) | 27,950 | 32,933 | –4,983 | –15.1 |
1) Since the first half of 2025 excluding interns and working students. Figures as of June 30, 2024 and for the first half of 2024 have not been adjusted.
Punctuality of DB Cargo decreased slightly in the first half of 2025. The drivers are intensive construction work and the associated capacity restrictions on freight lines, as well as the outdated and failure-prone infrastructure, which has led to a large number of superstructure faults and restricted speed sections. The number of trains in backlog increased, but was lower than expected due to the process stability.
Freight carried, as well as volume sold and volume produced, fell significantly. This was driven by weak economic demand, particularly in Germany, Spain, France and the United Kingdom, as well as portfolio adjustments of unprofitable transports, particularly in combined and single wagon transport. The omission of negative strike-related effects from the first half of 2024 and the takeover of SNCF Fret transports by DB Cargo France had a dampening effect. Capacity utilization increased as a result of this, as well as the improved utilization of the train-paths ordered in the United Kingdom. This more than compensated for the weaker performance in Germany.
The operating profit figures improved because expenses fell more sharply than income. Economic development remains very challenging; adjusted EBIT was still clearly negative. Income saw varied development but declined overall:
- Revenues (–9.1%/€ –252 million): Decline in particular due to performance factors in Germany and the United Kingdom exacerbated by negative currency effects. This was partially offset by price increases and strong project business.
- Other operating income (+56.6%/€ +111 million): Increase primarily driven by higher Government grants for single wagon and facility price support in Germany. Income from the sale of locomotives and freight wagons also increased due to the transformation. This was partially offset by the omission of a positive non-recurring effect from the sale of real estate in the United Kingdom.
The expense side saw a largely performance-driven de-crease that was mainly due to the cost of materials. Adjusted for exchange rate effects, the decline was somewhat less pronounced.
- Cost of materials (–11.8%/€ –199 million): The decline was mainly due to performance factors, especially related to energy, purchased transport services and train-path usage. Lower electricity prices and lower maintenance expenses (mainly due to the reduction in overhauls) also had the effect of reducing expenses. This was partially offset by higher train-path usage costs.
- Other operating expenses (–13.1%/€ –47 million): Decrease mainly due to measures implemented as part of the transformation program (mainly for IT services, Group charges and other personnel-related expenses due to the reduction in the number of employees), lower rental expenses for vehicles, particularly in the United Kingdom, and the omission of negative effects in connection with the recognition of provisions for impending losses in the first half of 2024.
- Depreciation (–20.2%/€ –42 million): Significant decrease mainly driven by the extension of vehicle useful lives.
- Personnel expenses (–1.8%/€ –18 million): Decline due to the lower number of employees, which was partially offset by wage effects.
The increase in capital expenditures resulted in particular from vehicle projects in Germany and higher long-term leases for vehicles and buildings requiring capitalization (IFRS 16) in Spain. In Italy, in particular, capital expenditures declined in the opposite direction.
The number of employees fell as a result of declining volumes and a lower number of hirings in connection with the transformation program.