Development in the relevant markets

Train-path demand in the first half of 2026 was slightly below the level recorded in the same period of the previous year. Modernization projects aimed at improving quality and increasing performance capability result in a significantly higher construction volume (including corridor modernizations on the Hamburg — Berlin, Nuremberg — Regensburg and Hagen — Wuppertal lines as well as the Hamburg — Hanover quality initiative). This has led to a decline in sales in passenger transport in particular, but also in freight transport. While demand from non-Group train operating companies (TOCs) declined only slightly, demand from intra-Group TOCs decreased somewhat more sharply, with the result that non-Group TOCs increased their overall market share slightly.

The number of station stops was lower than in the first half of 2025. There was a moderate increase in the market share of intra-Group TOCs in rail passenger transport.