Dear readers,

Today, I am concerned with more than just key figures. For me, trust is what matters. Not blind trust, but the kind of trust you have to earn. It arises when people are honest with one another and reliable.

I took office as CEO ten months ago with the goal of restoring trust in Deutsche Bahn. In recent years, we have lost a great deal of trust – among our passengers, among policymakers and our owner, and among our employees. They all expect us to be a reliable and high-performing railway.

What are we doing differently today? I have put an end to empty promises. I am keen to tell it like it is – even if it hurts sometimes. This also means that we have left behind the growth targets of our previous strategy. They were unrealistic. Our focus today is on stabilizing existing train services and significantly improving their quality.

With our new DB 2035 strategy, we have set the course for a high-performance railway together with the Supervisory Board in June 2026. Our priorities are clear: Reliability. Quality. Economic viability. By 2035 – the 200th anniversary of the railway in Germany – we want to once again be a railway we can all be proud of.

2026 is the first year of our transformation. This year, we are laying the foundations for the comprehensive realignment of our Company. We will start by becoming significantly leaner, followed by becoming much more decentralized and entrepreneurial.

We initiated the new Group structure in the first half of 2026. It features a significantly streamlined Group management, stronger business units and competitive service providers. At the same time, we are also changing our culture. Performance counts and is rewarded. We are picking up the pace – while staying realistic. Although many people would like to see rapid change, it is not a matter of simply flicking a switch. Change takes time. The measures that have been put in place will have an effect, but not overnight.

This half-year is the first one under my leadership. It shows that we have already reached an important milestone in terms of our profitability: a net profit. Although change takes time, we are delivering on our promises, step by step. What we have achieved to date is still a long way from our target. But it shows that we are on the right track.

Deutsche Bahn stabilized its economic performance in the first half of 2026. Revenues rose slightly by 1.8 percent to € 13.6 billion compared with the first six months of the previous year. Operating profit (EBIT adjusted) improved significantly by € 654 million to € 415 million. At € 147 million, a net profit was generated for the first time since 2019.

This progress is a team effort. All of the business units contributed stable or improved results. Overall, we have made clear improvements in our core business.

DB Long-Distance successfully began its turnaround, achieving positive EBIT adjusted for the first time since 2019. DB Regional remains on course for success. DB Cargo significantly improved its operating profit and the break-even point is within reach. This year, our freight transport is systematically implementing an ambitious restructuring plan.

But it is also clear that a railway can only be as good as the rail network on which it runs. There is still a lot of catching up to do, and that is exactly what we are doing. Never before have the the Federal Government and Deutsche Bahn invested as much in the rail infrastructure in the first half of a year as they have in 2026. Our capital expenditures this year will be in excess of € 20 billion, which is more than the previous all-time high. The significantly higher level of Government funds is a strong signal in support of rail.

However, the record level of capital expenditures also means a record number of construction sites. Of the 28,000 planned construction projects – about 2,000 more than last year – about 14,000 are already complete. At the same time, the construction boom continues to have a significant impact on punctuality. In the first half of 2026, just under 59 percent of our long-distance trains arrived at their destination on time. At the same time in 76 percent of cases, long-distance trains arrived with a delay of less than 15 minutes. Punctuality at DB Regional was at about 88 percent.

DB InfraGO worked intensively to achieve its goals for the first half of 2026, which is a huge year for construction work. We carried out extensive construction projects on the main lines between Hagen — Wuppertal — Cologne, Hamburg — Hanover and Nuremberg — Regensburg. New corridor modernizations have begun on schedule, including on the right-hand Rhine route. If we work with the Federal Government to maintain capital expenditures at this level, we will lay the foundations today for greater punctuality in the coming years.

Although punctuality is still well below the standard we set ourselves, we want our customers to already feel today the changes that are taking place at Deutsche Bahn. With this in mind, we are implementing three immediate action programs: for improved security and cleanliness at stations, for better comfort on long-distance trains and for better customer communication.

In the first half of 2026, we kept our word and achieved our first targets. That does not mean we are satisfied yet. Every day, step by step, we continue working toward a better Deutsche Bahn.

Our goals remain ambitious, but realistic. For the first time in years, Deutsche Bahn is expected to close out the full year 2026 with a net profit. We stand by this forecast.

Building trust. Strengthening trust. These are things that are achieved not with grand words, but by taking many consistent steps. In the first half of 2026, we've taken the first steps toward that goal.

Sincerely

Evelyn Palla
CEO and Chairwoman of the Management Board of Deutsche Bahn AG