Financing
Financial management system
In addition to aiming for a sustained rise in enterprise value, DB Group’s financial management focuses on maintaining a capital structure that is in line with very good credit ratings.
Framework instruments
| Financial instruments / € billion | Volume as of Jun 30, 2026 | thereof utilized | Utilization rate | Volume as of Dec 31, 2025 | thereof utilized | Utilization rate |
|---|---|---|---|---|---|---|
| European debt issuance program | 35.0 | 25.0 | 71 % | 35.0 | 26.4 | 75 % |
| Australian debt issuance program (AUD 5 billion) | 3.0 | 0.8 | 27 % | 2.8 | 0.7 | 25 % |
| Multi-currency commercial paper program | 3.0 | – | – % | 3.0 | – | – % |
| Guaranteed credit facilities | 1.9 | – | – % | 2.0 | – | – % |
| Credit lines for the operating business | 2.0 | 0.5 | 25 % | 1.9 | 0.6 | 32 % |
- Bond issues: A European debt issuance program (EDIP) and an Australian debt issuance program (Kangaroo program) are available to DB Group for long-term debt financing.
- EDIP: Under the EDIP, no senior bonds were issued and three senior bonds (total volume: € 1.4 billion) were redeemed in the first half of 2026.
- Kangaroo program: The changes in the Kangaroo program resulted from exchange rate differences.
- Commercial paper program: In the short-term segment, we continue to have a multi-currency commercial paper program at our disposal. This was unutilized as of June 30, 2026.
- Credit facilities: As of June 30, 2026, we had guaranteed credit facilities with a residual term of up to 2.0 years.
- Credit lines: We also had access to credit lines for our operating business as of June 30, 2026. These credit lines are made available to our subsidiaries and include provisions for financing working capital, as well as sureties for payment.
Further financing measures in the first half of 2026
Additional rolling stock financing
No additional sale and leaseback agreements were realized in the first half of 2026.