Balance sheet

In the first half of 2026, there were no material changes in the International Financial Reporting Standards (IFRS) regulations or the consolidation and accounting principles of DB Group that resulted in changes to the consolidated interim financial statements.

Total assets remained at the same level as at the end of the previous year:

• Non-current assets increased, driven primarily by higher property, plant and equipment (€ +1,742 million) as a result of the significant increase in net capital expenditures. This was supported by an increase in non-current derivative financial instruments (€ +64 million) in connection with hedging transactions (particularly interest rate, foreign currency and energy hedges). Non-current receivables and other assets (€ +62 million; due among other things to higher receivables from transport concessions in accordance with IFRIC 12 at DB Regional) and intangible assets (€ +49 million) also increased.
• By contrast, current assets declined significantly. This was mainly driven by:
  • Significantly lower cash and cash equivalents (€ –2,050 million). In addition, other current receivables and assets declined (€ –375 million), among other things, due to the change in the financing model for vehicles at DB Long-Distance, which resulted in a complete derecognition of existing debt acknowledgments offsetting effect in current liabilities).
  • In particular, the increase in current trade receivables (€ +503 million; including higher claims from transport contracts at DB Regional) had a partially offsetting effect. Current derivative financial instruments (€ +87 million; mainly due to price-driven increases in the market values of hedging transactions at DB Energy) and inventories (€ +34 million, among other things due to lower impairment losses at DB Long-Distance and in connection with vehicle maintenance at DB Regional) also increased.

The structure of the assets side shifted in favor of non-current assets.

On the equity and liabilities side, equity remained at roughly the same level as at the end of the previous year. The main drivers of this development were:

• the slightly positive profit development (€ +110 million), and
• the increase in changes recognized in reserves in connection with the revaluation of cash flow hedges (€ +40 million) as well as securities and investments (€ +11 million).

The development of equity and total assets, which remained at the same level as at the end of the previous year, resulted in an almost unchanged equity ratio.

• Non-current liabilities decreased significantly. This development was primarily characterized by:
  • significantly lower non-current financial debt (€ –950 million; primarily due to the maturity profile of senior bonds),
  • lower non-current provisions (€ –106 million; mainly due to a decrease in provisions for environmental protection and decommissioning obligations as well as the provision for impending losses at DB Regional in particular), and
  • a decrease in non-current derivative financial instruments (€ –68 million) and other liabilities (€ –52 million; due among other things to the maturity profile of debt acknowledgments at DB Regional (offsetting effect in other current liabilities)).
  • Among other things, this was partially offset by the increase in deferred income (€ +58 million; primarily in connection with ecological burdens).
• By contrast, current liabilities rose significantly. This development was primarily characterized by:
  • significantly higher other liabilities falling due in the short term (€ +755 million; including reporting date effects in connection with investment grants not offset, among other things),
  • the increase in other current provisions (€ 367 million; in particular for revenue reductions at DB Regional, among other things in connection with taking fares into account and passed-through infrastructure costs), as well as
  • significantly higher current deferred income (€ +122 million; in connection with deferred income at DB Long-Distance).
  • In particular, the decline in trade liabilities (€ –199 million; primarily DB InfraGO) and financial liabilities falling due in the short term (€ –109 million; mainly driven by the maturity profile of the senior bonds) had a partially offsetting effect.

In the structure of the equity and liabilities side, there was a slight shift toward current liabilities, while the equity ratio remained almost unchanged.