Capital expenditures
| Capital expenditures / € million | H1 | Change | ||
|---|---|---|---|---|
| 2026 | 2025 | absolute | % | |
| Gross capital expenditures | 8,673 | 7,338 | +1,335 | +18.2 |
| Investment grants | 5,302 | 1,313 | +3,989 | – |
| Net capital expenditures | 3,371 | 6,025 | –2,654 | –44.0 |
| Equity increases by the Federal Government to finance infrastructure capital expenditures | – | 4,243 | –4,243 | –100 |
| DB-financed net capital expenditures | 3,371 | 1,782 | +1,589 | +89.2 |
- The development of gross capital expenditures was driven almost entirely by higher capital expenditures to improve the quality and availability of the rail infrastructure. In addition in passenger transport, capital expenditures in the vehicle fleet increased significantly. In contrast capital expenditures at DB Cargo declined significantly, driven by the omission of non-recurring effects in connection with the capitalization of lease contracts and the completion of vehicle projects, among other things.
- The DB-financed net capital expenditures have increased even more significantly. As a result of the Federal Government’s decision in the previous year to provide funds for capital expenditures in the rail network also in the form of equity increases (first half of 2026: none), these were also taken into account when analyzing net capital expenditures on a like-for-like basis. The corresponding Federal Government funds in the first half of 2025 were therefore deducted from the gross capital expenditures in the same way as the investment grants to determine the DB-financed net capital expenditures.
- Investment grants and equity increases in connection with infrastructure financing declined overall due to reporting date effects. There were no further equity increases to finance capital expenditures in the rail infrastructure in the first half of 2026.
- As a result, the share of investment grants and equity increases in gross capital expenditures declined significantly. In total, they accounted for about 61 % (first half of 2025: about 76 %) of gross capital expenditures.
- Investment grants – which were unchanged predominantly attributable to infrastructure in the first half of 2026 – rose significantly again as a result of the change in Government funding.
The focus of our capital expenditures remains on improving the performance capability, efficiency and quality of the rail infrastructure and our vehicle fleet.
Regional capital expenditure priorities
| Gross capital expenditures by regions / € million | H1 | Change | ||
|---|---|---|---|---|
| 2026 | 2025 | absolute | % | |
| Germany | 8,548 | 7,266 | +1,282 | +17.6 |
| Europe (excluding Germany) | 25 | 56 | –31 | –55.4 |
| Rest of world | 2 | 2 | – | – |
| Consolidation | 98 | 14 | +84 | – |
| DB Group | 8,673 | 7,338 | +1,335 | +18.2 |
DB-financed net capital expenditures (after equity financing by the Federal Government) by regions / € million | H1 | Change | ||
|---|---|---|---|---|
| 2026 | 2025 | absolute | % | |
| Germany | 3,252 | 1,710 | +1,542 | +90.2 |
| Europe (excluding Germany) | 19 | 56 | –37 | –66.1 |
| Rest of world | 2 | 2 | – | – |
| Consolidation | 98 | 14 | +84 | – |
| DB Group | 3,371 | 1,782 | +1,589 | +89.2 |
In terms of the regional distribution of gross and DB-financed net capital expenditures, the focus remained almost entirely on Germany. The development of capital expenditures in the Europe region (excluding Germany) was driven by regional developments at DB Cargo, particularly in Spain, Romania and Poland. Capital expenditures in the rest of the world region remained at the low level of the first half of 2025.