Profit development
DB Group’s economic performance in the first half of 2026 was primarily driven by positive effects from the implementation of measures under the restructuring and transformation programs in the business units (particularly DB Long-Distance and DB Cargo) and in Group management. The increased funding from the Federal Government for rail infrastructure maintenance measures also had a significant positive impact on income. Revenue development, particularly at DB Regional and DB Long-Distance, had an additional positive effect. Conversely, additional burdens resulted in particular from higher personnel expenses (primarily due to collective bargaining effects), general price increases and the implementation of the immediate action programs. The weak operational quality continued to have a negative impact on performance. Profit development was also impacted by higher depreciation due to the rail infrastructure capital expenditures financed by the Federal Government through equity increases in previous years. Further information can be found under Development of business units.
There was a noticeable improvement in the operating profit figures overall, while EBIT adjusted also returned to significantly positive territory. However, the situation remained strained, particularly at DB InfraGO. DB Cargo narrowly did not reach the break-even point in terms of EBIT adjusted.
Transition to the adjusted statement of income
The transition to the adjusted statement of income is a two-step process. The procedure for reclassifications and adjustments remains unchanged and is explained in the 2025 Annual Report.
| Transition to the adjusted statement of income / € million | H1 | Change | |||||
|---|---|---|---|---|---|---|---|
| 2026 | Reclassifications | Adjustment for special items | 2026 adjusted | 2025 adjusted | absolute | % | |
| Revenues | 13,594 | – | –10 | 13,584 | 13,338 | +246 | +1.8 |
| Inventory changes and other internally produced and capitalized assets | 2,111 | – | – | 2,111 | 2,039 | +72 | +3.5 |
| Other operating income | 3,204 | – | –181 | 3,023 | 1,989 | +1,034 | +52.0 |
| Cost of materials | –6,357 | – | 18 | –6,339 | –5,992 | –347 | +5.8 |
| Personnel expenses | –8,763 | – | 130 | –8,633 | –8,517 | –116 | +1.4 |
| Other operating expenses | –1,728 | – | 111 | –1,617 | –1,459 | –158 | +10.8 |
| EBITDA | 2,061 | – | 68 | 2,129 | 1,398 | +731 | +52.3 |
| Depreciation | –1,715 | 1 | – | –1,714 | –1,637 | –77 | +4.7 |
| Operating profit / loss (EBIT) | EBIT adjusted | 346 | 1 | 68 | 415 | –239 | +654 | – |
| Net interest income | operating interest balance | –196 | –1 | – | –197 | –269 | +72 | –26.8 |
| Operating income after interest | 150 | 0 | 68 | 218 | –508 | +726 | – |
| Result from investments accounted for using the equity method | net investment income | 2 | 4 | – | 6 | 10 | –4 | –40.0 |
| Other financial result | 12 | –3 | – | 9 | –96 | +105 | – |
| PPA amortization of customer contracts | – | –1 | – | –1 | – | –1 | – |
| Result from special items | – | – | –68 | –68 | –165 | +97 | –58.8 |
| Profit/loss before taxes | 164 | – | – | 164 | –759 | +923 | – |
| Taxes on income | –17 | – | – | –17 | –1 | –16 | – |
| Actual taxes on income | –17 | – | – | –17 | –10 | –7 | +70.0 |
| Deferred tax expense (–) / income (+) | 0 | – | – | 0 | 9 | –9 | –100 |
| Net profit / loss (continuing operations) | 147 | – | – | 147 | –760 | +907 | – |
| Net profit / loss (discontinued operations) 1) | –22 | – | – | –22 | 7,653 | –7,675 | – |
| Net profit 1) | 125 | – | – | 125 | 6,893 | –6,768 | –98.2 |
| DB AG shareholders 1) | 110 | – | – | 110 | 6,876 | –6,766 | –98.4 |
| Hybrid capital investors | 8 | – | – | 8 | 14 | –6 | –42.9 |
| Other shareholders (non-controlling interests) | 7 | – | – | 7 | 3 | +4 | +133 |
1) The first half of 2025 includes the figures of DB Schenker for the period from January 1 to April 30, 2025.
Development in the first half of 2026 (adjusted statement of income)
The income trend was clearly positive overall:
- Other operating income (+52.0 % / € +1,034 million): Significant increase, largely driven by increased funding from the Federal Government for rail infrastructure maintenance measures (€ +0.9 billion). Higher proceeds from the sale of property, plant and equipment (primarily from vehicle sales at DB Long-Distance and DB Cargo) as well as compensation for damages supported this development. Among other things, the decline in Government grants at DB Cargo (primarily lower support for train-path prices and in connection with single wagon transport) had a partially offsetting effect.
- Revenues (+1.8 % / € +246 million): Slight increase, driven by DB Regional and DB Long-Distance.
- Inventory changes and other internally produced and capitalized assets (+3.5 % / € +72 million): Slight increase, mainly due to the higher rail infrastructure construction and project volume.
On the expense side, there were additional burdens due to higher expenses for maintenance measures and personnel in particular:
- Cost of materials (+5.8 % / € +347 million): Significant increase, driven in particular by a further expansion of measures to improve the quality and availability of infrastructure. These measures were partially compensated by the Federal Government (offsetting item in other operating income). Among other things, additional burdens also resulted from the implementation of the immediate action programs. Among other things, this was partially offset by lower expenses at DB Cargo and DB Energy due to lower volumes. In addition, lower electricity procurement costs at DB Energy (due among other things to optimization measures implemented in the procurement portfolio) served to reduce expenses.
- Other operating expenses (+10.8 % / € +158 million): Significant increase due to additional burdens, including in connection with disposals of property, plant and equipment (particularly at DB InfraGO), leases of rolling stock (particularly at DB Long-Distance, primarily as a result of the sale and leaseback agreement concluded in the second half of 2025 covering a total of 25 ICE 3neo multiple units), as well as compensation for damages. In addition, project expenses at DB InfraGO increased. This was partially offset by cost-reducing effects in connection with the disposal of investments in the second half of 2025, among other things.
- Personnel expenses (+1.4 % / € +116 million): Slight increase, mainly due to collective bargaining effects. This was partially offset by the slight reduction in the average number of employees.
| Employees | 2026 | 2025 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Full-time employees (FTE) as of Jun 30 | 217,665 | 222,519 | –4,854 | –2.2 |
| Average FTE in the first half of the year | 217,916 | 223,476 | –5,560 | –2.5 |
| Natural persons (NP) as of Jun 30 | 225,817 | 230,936 | –5,119 | –2.2 |
- The number of employees declined. This was due in particular to the decline in administration and sales, as well as measures taken as part of the transformation of DB Cargo. In contrast, the number of employees in the operating areas (particularly at DB InfraGO) increased.
- Depreciation (+4.7 % / € +77 million): Significant increase due to capital expenditures (primarily driven by higher depreciation in the rail infrastructure). Lower depreciation due to the sale of rolling stock (primarily at DB Long-Distance and DB Cargo) and the write-down of rolling stock (at DB Long-Distance) in the previous year had a partially offsetting effect.
- Operating profit figures (before interest): EBIT adjusted (€ +654 million) and EBITDA adjusted (+52.3 % / € +731 million) increased noticeably as a result of income development but remained unsatisfactory overall.
- Operating interest balance (–26.8 % / € +72 million): Noticeable improvement, primarily due to a slightly lower average interest rate and a repayment-related decline in current financial liabilities. As a result, expenses related to financial liabilities fell significantly. This was supported by the increase in interest income from cash investments, which were higher on average than in the first half of 2025, largely due to the cash inflow from the sale of DB Schenker at the end of April 2025.
- Operating income after interest (€ +726 million): Noticeable increase, driven by the operating profit development and the improvement in the operating interest balance.
- Net investment income (–40.0 % / € –4 million): Significant decline at a low level, primarily driven by the negative profit development of EUROFIMA European Company for the Financing of Railroad Rolling Stock, Basel / Switzerland, and Lokomotion Gesellschaft für Schienentraktion mbH.
- Other financial result (€ +105 million): Significant increase resulting primarily from gains on hedging transactions (first half of 2025: expenses from hedging transactions) as well as an improvement in the net result from the compounding and discounting of provisions. This was partially offset by higher expenses from negative exchange rate effects.
- Result from special items (–58.8 % / € +97 million): Significant improvement. Additional burdens, primarily in connection with restructuring measures, were offset to a greater extent than in the first half of 2025. Among other things, they resulted from positive effects from the revaluation of power purchase agreements (first half of 2025: negative effects from the revaluation of power purchase agreements) due to market price-related fluctuations, as well as in connection with the disposal of investments.
| Result from special items / € million | H1 | |||
|---|---|---|---|---|
| 2026 | thereof affecting EBIT | 2025 | thereof affecting EBIT | |
| DB Long-Distance | – | ‒ | – | ‒ |
| DB Regional | 0 | 0 | 0 | 0 |
| DB Cargo | 26 | 26 | –1 | –1 |
| DB InfraGO | –11 | ‒11 | –4 | ‒1 |
| DB Energy | 46 | 46 | –35 | –35 |
| Other / consolidation | –129 | –129 | –125 | –125 |
| DB Group | –68 | –68 | –165 | –162 |
| thereof restructuring measures | –158 | –158 | –94 | –94 |
| thereof revaluation of power purchase agreements | 46 | 46 | –56 | –56 |
| thereof book profit on the sale of ioki GmbH | 30 | 30 | – | – |
- Profit before taxes (€ +923 million): Noticeable improvement and return to positive territory (first half of 2025: significant loss before taxes).
- Taxes on income (€ –16 million): Significant additional burdens at an overall low level:
- The decline in deferred tax income was predominantly due to the omission of an income not relating to the period in the first half of 2025.
- Actual taxes on income rose significantly and also mainly related to foreign Group companies (including at DB Cargo).
- Net profit (continuing operations; € +907 million): Noticeable improvement and also back into positive territory.