Comparability with the first half of 2025
After due consideration is given to the following issues, the financial information presented for the first half of 2026 is comparable with the financial information for the first half of 2025.
Accounting and valuation methods
In the first half of 2026, there were no new standards, interpretations or changes to IAS/IFRS standards that were material to Deutsche Bahn Group (DB Group) and that were required to be applied in the first half of 2026.
Changes in segment allocation
DB Projekt Stuttgart―Ulm GmbH, which was previously allocated to the Subsidiaries / Other segment, was allocated to DB InfraGO effective January 1, 2026. The figures for the first half of 2025 in the segment report have been adjusted accordingly.
Estimation and forecast uncertainty
Estimates and forecasts continued to be subject to various uncertainties in the first half of 2026. This applies to the most significant estimation uncertainties concerning the valuation of other provisions for ecological burdens, loss-making passenger transport contracts and decommissioning obligations, in particular, and for assessing a triggering event for conducting an impairment test.
The incorporation of DB Cargo AG is based on a positive going concern assumption. DB Cargo AG is exposed to the risk that key assumptions underlying its liquidity planning may not materialize during the forecast period, thereby resulting in a liquidity gap (particularly if the transformation of DB Cargo cannot be successfully implemented, infrastructure quality fails to stabilize, the Government funding for single wagon transport is not sufficient or risks from economic development and the market environment materialize). Performance in the first half of 2026 was within the range set out in the restructuring plan. Despite that, there is considerable uncertainty at DB Cargo AG, which may cast significant doubt on the ability of DB Cargo AG to continue as a going concern, and which represents a risk to the company’s continued existence. Due to DB Cargo AG’s high credit exposure to Deutsche Bahn AG (DB AG), this also represents a risk for DB AG as a lender. As previously, there are significant risks to the continued existence of DB Cargo AG due to the framework conditions of the restructuring aid permitted by the European Commission, resulting in financial risks for DB Group.
Scope of consolidation
The scope of fully consolidated companies of DB Group developed as follows:
Germany Jun 30, 2026 | Rest of the world Jun 30, 2026 | Total Jun 30,2026 | Total Jun 30,2025 | Total Dec 31,2025 | |
|---|---|---|---|---|---|
| Fully consolidated subsidiaries | |||||
| As of Jan 1 | 86 | 56 | 142 | 340 | 340 |
| Additions | 5 | 5 | 10 | 2 | 3 |
| Additions due to changes in type of incorporation | 1 | 0 | 1 | 0 | 0 |
| Disposals 1) | –1 | –5 | –6 | –191 | –197 |
| Disposals due to changes in type of incorporation | 0 | –1 | –1 | 0 | 0 |
| Intra-Group transactions (mergers) 1) | 0 | 0 | 0 | –3 | –4 |
| As of Jun 30/Dec 31 | 91 | 55 | 146 | 148 | 142 |
1) Figure as of June 30, 2025 adjusted.
Additions of companies and parts of companies
DB Group spent € 39 million on company acquisitions in accordance with IFRS 3 in the first half of 2026 (no acquisitions in the first half of 2025). The additions of companies to the scope of consolidation related to eight acquired companies and two newly founded companies. The acquisitions include:
| Company | Area of activity | Segment |
|---|---|---|
| Tegernsee-Bahn Betriebsgesellschaft mbH (Tegernsee-Bahn), Tegernsee | Operation of rail infrastructure and rail transport | DB InfraGO, effective March 2, 2026 |
| Dietmar Zimmermann Busunternehmen GmbH, Kitzingen | Bus company operation | DB Regional, effective May 4, 2026 |
The acquisitions resulted in the following goodwill:
| € million | Jun 30, 2026 | thereof Dietmar Zimmermann Busunternehmen GmbH | thereof Tegernsee-Bahn |
|---|---|---|---|
| Purchase price | |||
| Payments made | 39 | 14 | 1 |
| Outstanding purchase price payments | 3 | 2 | – |
| Total transferred equivalent | 42 | 16 | 1 |
| Fair value of net assets acquired | 30 | 13 | 1 |
| Goodwill | 12 | 3 | 0 |
Both individually and overall, the acquisitions were not material for DB Group.
Disposals of companies and parts of companies
The disposals from the scope of consolidation related to five liquidations and one sale. The sale resulted in a cash inflow of € 5 million in the first half of 2026 (first half of 2025: € 12.5 billion, almost exclusively from the sale of DB Schenker).
The disposal due to a change in the type of incorporation involved a company that has been reported under other investments since the start of 2026.
Effects on the consolidated statement of income
Overall, the effects of the changes in the scope of consolidation on the consolidated statement of income compared with the first half of 2025 were not material.