Infrastructure

A stable sales development in passenger transport is expected in the second half of 2025.

The traffic restrictions during the corridor modernization of the Berlin — Hamburg line will have a dampening effect. The lack of improvement in the macroeconomic environment is expected to lead to further year-on-year declines in freight transport between now and the end of 2025.

Contrary to the muted expectation for the second half of 2025, the overall market is likely to exceed the previous year’s result at the end of 2025. This is due to exceptional events in 2024, such as the GDL strikes, which had a negative impact on the previous year’s result.

Station stops are expected to develop at the previous year’s level for 2025 as a whole. The market share of non-Group railways is seeing moderate growth compared to the previous year. Rental income in stations is expected to continue to develop positively in 2025. Despite the mixed development of the economic environment, we expect results to be slightly higher than in the previous year.