Development in the first half of 2026
Declines in performance due to weak economic demand and infrastructure-related disruptions.
Positive effects resulting from restructuring measures, workforce reduction, lower factor costs due to volume development, the sale and scrapping of locomotives and freight wagons and the sale of workshops.
Economic performance remains under significant pressure – positive effects from countermeasures and implementation of the transformation program.
| DB Cargo | H1 | Change | ||
|---|---|---|---|---|
| 2026 | 2025 | absolute | % | |
| Punctuality (Germany) (%) | 64.5 | 67.8 | –3.3 | – |
| Freight carried (million t) | 78.2 | 82.9 | –4.7 | –5.7 |
| Volume sold 1) (million tkm) | 28,781 | 29,985 | –1,204 | –4.0 |
| Volume produced (million train-path km) | 49.9 | 55.3 | –5.4 | –9.8 |
| Capacity utilization (t per train) | 576.9 | 542.2 | +34.7 | +6.4 |
| Total revenues (€ million) | 2,483 | 2,531 | –48 | –1.9 |
| External revenues (€ million) | 2,346 | 2,388 | –42 | –1.8 |
| EBITDA adjusted (€ million) | 156 | 70 | +86 | +123 |
| EBIT adjusted (€ million) | –1 | –96 | +95 | –99.0 |
| EBIT margin (adjusted) (%) | 0.0 | –3.8 | +3.8 | – |
| Gross capital expenditures (€ million) | 98 | 151 | –53 | –35.1 |
| Employees as of Jun 30 (FTE) | 24,229 | 27,155 | –2,926 | –10.8 |
| Average employees (FTE) | 24,620 | 27,950 | –3,330 | –11.9 |
1) Chargeable performance (tariff ton kilometers).
Punctuality at DB Cargo (Germany) declined in the first half of 2026. The causes include intensive construction activity and the associated capacity constraints, a large number of infrastructure disruptions, and weather-related disruptions caused by the massive winter snap at the start of the year 2026 and the heat wave in June 2026. Despite these operational challenges, the number of trains in backlog was lower than in the previous year.
Freight carried, as well as volume sold and volume produced, fell significantly. The factors driving this were disruptions caused by the winter snap at the start of the year 2026, the operational deterioration of the infrastructure and the closure of the Rubi Tunnel in Spain. Capacity utilization increased due to the growth in the number of heavy trains in the Eastern Europe region and the increase in awarded tenders for traction services for block trains.
The operating profit figures improved significantly because expenses fell more sharply than income. Economic performance remains very challenging and adjusted EBIT was slightly negative. Income saw varied development but declined overall:
- Revenues (–1.9 % / € –48 million): Decline primarily due to investment transactionsµ 45 (including disposals in the Western Europe line of business). This was exacerbated by performance-related declines. Investment transactions had a partially offsetting effect.
- Other operating income (+7.5 % / € +23 million): Increase primarily driven by the sale of locomotives, changes in provisions for impending losses and the scrapping of freight wagons. Conversely, Government grants – especially for single wagons and train-path price support – declined, while facility price support was eliminated entirely.
On the expense side, there was a primarily performance-related decline in personnel expenses and the cost of materials. Adjusted for exchange rate effects, the decline was somewhat more pronounced.
- Personnel expenses (–6.9 % / € –69 million): Decline due to the lower number of employees, which was partially offset by collective bargaining effects as well as payments for severance packages and part-time work leading up to retirement.
- Cost of materials (–3.1 % / € –46 million): Decline primarily due to volume-related factors, especially in connection with train-path usage, energy and purchased transport services. Maintenance expenses declined, primarily due to a reduction in the number of overhauls.
- Depreciation (–5.4 % / € –9 million): Decline primarily due to disposals of property, plant and equipment.
- Other operating expenses (–0.3 % / € –1 million): Slight decline primarily due to measures implemented as part of the transformation program (particularly for IT services and other personnel-related expenses resulting from the decrease in the number of employees).
The lower capital expenditures primarily resulted from the absence of non-recurring effects relating to assets capitalized in the previous year, the absence of capital expenditures at DB Cargo Iberia in the previous year, lower capital expenditures on IT and postponed projects.
The number of employees declined, particularly in Germany, as a result of lower volumes and in connection with the transformation program.