Significant risks
| Risk category | Significant risks | Probability of occurrence | Impact | Relevance | Change compared to 2024 Integrated Report |
|---|---|---|---|---|---|
| Financing from the Federal budget | Lack of funding for expenses, train-path price/facility price support | Likely | High | Medium | |
| Uncertain support eligibility | Likely | High | Medium | ||
| Production and technology | Revenues and expenses due to low operating quality, impact of construction sites | Highly likely | High | High | |
| Unplanned maintenance measures | Likely | Medium | Medium | ||
| Delays to ramp-up of optimization programs | Likely | Medium | Medium | ||
| Expense risks (including higher maintenance costs) | Likely | Medium | Medium | ||
| Economic climate, market and competition | Economic situation and competition in long-distance transport and freight transport | Highly likely | Medium | Medium | |
| Regulation | Reclaim of regional factors, complaints about train-path pricing system rulings | Possible | Medium | Low | |
| Law and contracts | Liability risks from past acquisitions | Possible | Low | Low | |
| Complaints about noise emissions from operations, Elbtower construction site due to SIGNA insolvency | Possible | Low | Low | ||
| Procurement and energy market | Factor cost development (excluding energy) | Likely | Low | Low | |
| Energy prices on the procurement market | Possible | Low | Low | ||
| Significant events | Purchase price risks due to DB Schenker profit development | – | – | – | |
| Capital markets and taxes | Rising interest rates on the capital markets | Possible | Low | Low |
Unevaluated risks, i.e. risks that could not be evaluated as of June 30, 2025, are generally not included in the table.
The methodology for assessing probability of occurrence, impact and relevance is unchanged and is described in the 2024 Integrated Report.