Development in the first half of 2025
- Declining sales prices resulting in lower revenues and profits.
- Supply reliability stable at a high level.
| DB Energy | H1 | Change | ||
|---|---|---|---|---|
| 2025 | 2024 | absolute | % | |
| Supply reliability (%) | 99.99 1) | 99.99 1) | – | – |
| Traction current (16.7 Hz and direct current) (GWh) | 3,570 | 3,586 | –16 | –0.4 |
| Traction current pass-through (16.7 Hz) (GWh) | 1,614 | 1,451 | +163 | +11.2 |
| Stationary energies (50 Hz and 16.7 Hz) 2) (GWh) | 993.6 | 1,002 | –8.4 | –0.8 |
| Fuel 3) (million l) | 179.7 | 174.7 | +5.0 | +2.9 |
| Total revenues (€ million) | 1,677 | 1,830 | –153 | –8.4 |
| External revenues (€ million) | 742 | 715 | +27 | +3.8 |
| EBITDA adjusted (€ million) | 90 | 230 | –140 | –60.9 |
| EBIT adjusted (€ million) | 52 | 192 | –140 | –72.9 |
| Gross capital expenditures (€ million) | 164 | 125 | +39 | +31.2 |
| Net capital expenditures (€ million) | 80 | 42 | +38 | +90.5 |
| Employees as of Jun 30 4) (FTE) | 2,133 | 2,139 | –6 | –0.3 |
| Average employees 4) (FTE) | 2,128 | 2,103 | +25 | +1.2 |
1) Preliminary figure (not rounded).
2) Excluding traded energy volumes since the first half of 2025. Figure for the first half of 2024 adjusted.
3) Including diesel, heating oil and HVO biofuel.
4) 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.
The high level of supply reliability was maintained.
Volume development was mixed:
- Traction current: Sales were on a par with the first half of 2024. Demand from intra-Group customers in rail freight transport fell significantly. However, this decline was almost entirely offset by the increased sales volume relating to non-Group customers and for S-Bahn (metro) traffic.
- Traction current pass-through for non-Group customers: The significant increase largely reflects traffic growth and a shift from traction current.
- Stationary energies: Development roughly at the level of the first half of 2024.
- Fuels: The increase in demand was mainly due to the development of intra-Group customers in regional passenger transport. A decline in demand from DB Cargo and non-Group customers had the opposite effect.
Economic development was weaker in the first half of 2025, mainly as a result of price-related declines in revenues, but remained positive. As a result, operating profit figures fell significantly.
Income decreased overall, especially due to lower sales prices:
- Revenues (–8.4 %/€ –153 million): Significant decline driven by lower sales prices, particularly for traction current and stationary energies. This was partially offset by the increase in revenues with non-Group customers, which resulted in particular from the performance development and the provision of CO₂ certificates.
- Other operating income (+106%/€ +18 million): Increase mainly due to higher income from the reversal of provisions and from insurance payments.
Overall, expenses were broadly at the same level as in the first half of 2024:
- Personnel expenses (+9.1%/€ +8 million): Increase mainly due to wage effects.
- Other operating expenses (+4.4%/€ +3 million): Increase partly due to higher expenses related to the dismantling of property, plant and equipment and insurance premiums. This was offset by a decrease in expenses for the preparation of expert opinions and for consulting services in particular.
- Depreciation: Development at the level of the first half of 2024.
- Cost of materials (–0.3%/€ –4 million): Largely stable development, with higher electricity purchase expenses for the provision of CO₂ certificates almost entirely offset by lower electricity purchase prices and lower electricity tax expenses due to performance factors.
Gross capital expenditures in the traction current infrastructure increased significantly. They are aimed in particular at further improving the quality of the energy supply, strengthening its resilience, and making it more flexible. Investment grants were at the same level as in the first half of 2024, meaning that the increase in net capital expenditures was even more pronounced.
The number of employees remained virtually unchanged as of June 30, 2025. The lower number of employees in administration was almost entirely offset by the higher number of employees in technical functions to implement the higher volume of capital expenditures in infrastructure.