Consolidated balance sheet

Assets

€ million	Jun 30, 2026	Dec 31, 2025	Jun 30, 2025
Non-current assets
Property, plant and equipment	66,486	64,744	60,413
Intangible assets	1,507	1,458	1,418
Investments accounted for using the equity method	405	406	403
Other investments and securities	52	40	38
Receivables and other assets	2,107	2,045	2,085
Derivative financial instruments	770	706	750
Deferred tax assets	52	51	49
	71,379	69,450	65,156
Current assets
Inventories	2,358	2,324	2,383
Other investments and securities	0	0	557
Trade receivables	4,052	3,549	3,391
Other receivables and other assets	1,610	1,985	2,090
Income tax receivables	48	39	35
Derivative financial instruments	133	46	118
Cash and cash equivalents	9,358	11,408	9,397
Assets held for sale	2	76	39
	17,561	19,427	18,010
Total assets	88,940	88,877	83,166

Equity and liabilities

€ million	Jun 30, 2026	Dec 31, 2025	Jun 30, 2025
Equity
Subscribed capital	2,150	2,150	2,150
Reserves	20,717	20,655	16,424
Generated profits	6,421	6,308	7,897
Equity attributable to shareholder of Deutsche Bahn AG	29,288	29,113	26,471
Hybrid capital	1,006	998	1,006
Non-controlling interests	51	50	44
	30,345	30,161	27,521
Non-current liabilities
Financial debt	28,585	29,535	28,479
Other liabilities	759	811	785
Derivative financial instruments	228	296	331
Pension obligations	2,942	2,903	3,043
Other provisions	2,827	2,933	2,638
Deferred items	2,770	2,712	917
Deferred tax liabilities	19	11	2
	38,130	39,201	36,195
Current liabilities
Financial debt	3,340	3,449	4,464
Trade liabilities	3,928	4,127	3,311
Other liabilities	4,728	3,973	4,098
Income tax liabilities	55	22	28
Derivative financial instruments	92	111	157
Other provisions	7,401	7,034	6,446
Deferred items	921	799	924
Liabilities in connection with assets held for sale	–	–	22
	20,465	19,515	19,450
Total assets	88,940	88,877	83,166

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