Development in the first half of 2026
Increase in volume sold due to performance gains and higher demand driven by fuel prices.
Operating profit development impacted by the financial position of the contracting organizations and collective bargaining effects.
Continued disruptions due to construction- and infrastructure-related bottlenecks at DB Regional Rail.
| DB Regional | H1 | Change | ||
|---|---|---|---|---|
| 2026 | 2025 | absolute | % | |
| Punctuality (rail) (%) | 88.2 | 90.2 | –2.0 | – |
| Customer satisfaction (rail) (grade) | 2.2 | 2.2 | – | – |
| Customer satisfaction (bus) (grade) | 2.0 | 2.1 | –0.1 | – |
| Passengers (million) | 1,184 | 1,153 | +31 | +2.7 |
| thereof rail | 895.9 | 877.1 | +18.8 | +2.1 |
| Volume sold (million pkm) | 23,725 | 23,001 | +724 | +3.1 |
| thereof rail | 20,482 | 19,935 | +547 | +2.7 |
| Volume produced (rail) (million train-path km) | 213.3 | 211.1 | +2.2 | +1.0 |
| Volume produced (bus) (million bus km) | 274.8 | 269.9 | +4.9 | +1.8 |
| Total revenues (€ million) | 5,584 | 5,369 | +215 | +4.0 |
| External revenues (€ million) | 5,507 | 5,302 | +205 | +3.9 |
| Rail concession fees (€ million) | 4,030 | 3,774 | +256 | +6.8 |
| EBITDA adjusted (€ million) | 420 | 423 | –3 | –0.7 |
| EBIT adjusted (€ million) | 89 | 103 | –14 | –13.6 |
| Gross capital expenditures (€ million) | 348 | 235 | +113 | +48.1 |
| Employees as of Jun 30 (FTE) | 43,031 | 42,891 | +140 | +0.3 |
| Average employees (FTE) | 43,001 | 42,679 | +322 | +0.8 |
Punctuality in regional rail passenger transport declined in the first half of 2026, both for regional transport and for S-Bahn (metro) services. Operational quality was significantly impaired by outdated and failure-prone infrastructure, capacity constraints due to construction and overloaded hubs. The severe winter snap at the start of the year 2026 and the heat period in June 2026 further contributed to the strained operational situation.
Customer satisfaction saw largely stable development:
- DB Regional Rail: Passenger satisfaction with the current journey was unchanged. While the renewed increase in the price of the Germany-Ticket has led to another slight decline in satisfaction with fares, satisfaction with employees was higher than in previous years.
- DB Regional Road: Satisfaction with the current journey at DB Regional Road has improved slightly. Punctuality was rated slightly more positively again in the first half of 2026, but the schedule is viewed even more critically than in previous years.
The number of passengers at DB Regional developed positively in the first half of 2026, among other aspects due to performance gains and increased demand, including as a result of higher fuel prices. Performance development was positive overall:
- DB Regional Rail: The number of passengers and the volume sold increased, primarily as a result of contract award effects (DB Regio Stuttgart GmbH) and higher demand driven by fuel prices.
- DB Regional Road: Tender wins in particular led to slightly positive performance development.
DB Regional’s economic performance was slightly weaker in the first half of 2026. The growth in income was offset by additional burdens in the DB Regional Rail line of business, including higher performance-related expenses, increased personnel costs and higher infrastructure utilization fees. As a result, the operating profit figures deteriorated slightly, but adjusted EBIT remained positive.
Income development improved:
- Revenues (+4.0 % / € +215 million): Increase primarily due to higher concession fees as well as performance gains. Unrealized revenues from renegotiations regarding compensation payments, infrastructure-related cancellations and final invoices partially offset this development.
- Other operating income (+9.4 % / € +29 million): Increase primarily due to infrastructure-related compensation payments.
Additional burdens resulted from higher personnel expenses due to collective bargaining effects and other factors, as well as the development of service and infrastructure utilization fees:
- Cost of materials (+5.1 % / € +169 million): Increase primarily due to higher infrastructure utilization expenses due to price and performance factors, higher energy prices and the intensification of vehicle maintenance measures. Higher expenses for rail substitute transport at DB Regional Rail also had an impact.
- Personnel expenses (+5.8 % / € +86 million): Increase primarily due to collective bargaining effects and tender wins (DB Regional Road).
- Depreciation (+3.4 % / € +11 million): Increase driven by capital expenditures at DB Regional Road.
By contrast, other operating expenses slightly decreased:
- Other operating expenses (–1.0 % /€ –5 million): Decrease primarily due to lower expenses for intra-Group services and advertising activities. This was offset by higher rental expenses for accommodation used for rail substitute transport at DB Regional Road.
Capital expenditures rose significantly in line with the requirements of the transport contracts awarded to DB Regional Rail and seasonal shifts at DB Regional Road.
The number of employees was slightly higher than the level as of June 30, 2025. Performance-related increases (DB Regional Road, including due to more rail substitute transport; DB Regional Rail, including the change of operator to DB Regio Stuttgart GmbH in the second half of 2025) were largely offset by a restrictive hiring policy (especially adjustments to personnel requirements in administration and sales).
Further increase in volume sold, primarily due to the DB Regional Stuttgart transport contract and increased demand resulting from high fuel prices.
Operating profit development lower due to the financial position of the contracting organizations.
Continued disruptions due to construction- and infrastructure-related bottlenecks.
| DB Regional Rail line of business | H1 | Change | ||
|---|---|---|---|---|
| 2026 | 2025 | absolute | % | |
| Passengers (million) | 895.9 | 877.1 | +18.8 | +2.1 |
| Volume sold (million pkm) | 20,482 | 19,935 | +547 | +2.7 |
| Volume produced (million train-path km) | 213.3 | 211.1 | +2.2 | +1.0 |
| Total revenues (€ million) | 4,713 | 4,579 | +134 | +2.9 |
| External revenues (€ million) | 4,656 | 4,522 | +134 | +3.0 |
| Rail concession fees (€ million) | 4,030 | 3,774 | +256 | +6.8 |
| EBITDA adjusted (€ million) | 346 | 362 | –16 | –4.4 |
| EBIT adjusted (€ million) | 77 | 96 | –19 | –19.8 |
| Gross capital expenditures (€ million) | 213 | 132 | +81 | +61.4 |
| Employees as of Jun 30 (FTE) | 30,990 | 31,392 | –402 | –1.3 |
The positive development in demand continued in the first half of 2026. The main drivers were the start of operations at DB Regio Stuttgart GmbH and increased demand resulting from rising fuel prices. The number of passengers and the volume sold increased as a result.
Economic development was negative. The positive revenue development was accompanied by a more significant increase in expenses. Adjusted EBIT remained positive.
- Growth in income: This was primarily due to higher concession fees driven by performance and dynamization, as well as delays in renegotiations regarding compensation payments for infrastructure-related cancellations and in the issuance of final invoices. Contractual provisions also resulted in higher concession fees, while fares decreased.
- Sharper rise in expenses: This was driven primarily by higher personnel expenses due to collective bargaining effects and price effects relating to infrastructure utilization. This was exacerbated by higher energy costs due to price increases, the increased consumption of maintenance materials from own depots, and higher expenses for rail substitute transport.
Capital expenditure activities developed in line with the requirements from transport contracts awarded and were up significantly.
The number of employees declined as a result of more restrictive hiring. This was partially offset, among other things, by the transfer of employees in connection with the change in operator (DB Regio Stuttgart GmbH) in the second half of 2025.
Positive development driven by performance gains and price adjustments for higher costs.
Improvement in operating profit – negative effects mainly due to collective bargaining effects and higher diesel prices.
| DB Regional Road line of business | H1 | Change | ||
|---|---|---|---|---|
| 2026 | 2025 | absolute | % | |
| Passengers (million) | 287.8 | 275.6 | +12.2 | +4.4 |
| Volume sold (million pkm) | 3,243 | 3,066 | +177 | +5.8 |
| Volume produced (million bus km) | 274.8 | 269.9 | +4.9 | +1.8 |
| Total revenues (€ million) | 996 | 926 | +70 | +7.6 |
| External revenues (€ million) | 851 | 780 | +71 | +9.1 |
| EBITDA adjusted (€ million) | 74 | 61 | +13 | +21.3 |
| EBIT adjusted (€ million) | 12 | 7 | +5 | +71.4 |
| Gross capital expenditures (€ million) | 135 | 104 | +31 | +29.8 |
| Employees as of Jun 30 (FTE) | 12,041 | 11,499 | +542 | +4.7 |
The moderately positive performance development in bus transport was mainly due to tender wins.
The operating profit figures improved slightly. However, the economic situation remains challenging.
- Growth in income: The main drivers were performance development (particularly due to tender wins) and price adjustments for higher costs.
- Weaker growth in expenses: The main drivers were higher personnel expenses due to collective bargaining effects and volume growth, as well as higher diesel prices. Higher depreciation due to increased capital expenditures and higher maintenance expenses also had an impact.
Capital expenditures for the procurement of buses increased primarily due to seasonal shifts.
The number of employees increased, primarily as a result of performance gains and more rail substitute traffic.