Development in the first half of 2026
Improvements in operating profits, due in part to measures implemented as part of the Group transformation as well as stronger development at DB Operational Services due to performance factors.
Measures implemented as part of the immediate action programs for improved security and cleanliness and to protect critical infrastructure.
Number of employees reduced by reduction of personnel requirements.
| Subsidiaries / Other | H1 | Change | ||
|---|---|---|---|---|
| 2026 | 2025 | absolute | % | |
| Total revenues 1) (€ million) | 3,280 | 3,238 | +42 | +1.3 |
| DB Business Services | 0 | 1 | –1 | –100 |
| DB Operational Services 1) | 3,652 | 3,619 | +33 | +0.9 |
| Other / consolidation 1) | –372 | –382 | +10 | –2.6 |
| External revenues (€ million) | 456 | 437 | +19 | +4.3 |
| EBITDA adjusted 1) (€ million) | 461 | 308 | +153 | +49.7 |
| EBIT adjusted 1) (€ million) | 158 | –13 | +171 | – |
| DB Business Services | –14 | –57 | +43 | –75.4 |
| DB Operational Services 1) | 260 | 126 | +134 | +106 |
| Other 1) | –88 | –82 | –6 | +7.3 |
| Gross capital expenditures (€ million) | 473 | 390 | +83 | +21.3 |
| DB Business Services | 0 | 0 | – | – |
| DB Operational Services | 377 | 284 | +93 | +32.7 |
| Other | 96 | 106 | –10 | –9.4 |
| Net capital expenditures (€ million) | 473 | 390 | +83 | +21.3 |
| Employees as of Jun 30 1) (FTE) | 53,779 | 56,732 | –2,953 | –5.2 |
| DB Business Services | 9,487 | 10,763 | –1,276 | –11.9 |
| DB Operational Services 1) | 42,065 | 43,485 | –1,420 | –3.3 |
| Other 1) | 2,227 | 2,484 | –257 | –10.3 |
| Average employees 1) (FTE) | 54,002 | 57,507 | –3,505 | –6.1 |
1) The figures for the first half of 2025 and as of June 30, 2025, have been adjusted to reflect the reallocation of DB Projekt Stuttgart—Ulm GmbH.
The slight increase in total revenues was driven by higher revenues from non-Group customers of DB Operational Services companies. This was primarily due to an increase in project-based business (especially at DB Rail Construction and DB E.C.O. Group). Conversely, the omission of revenues from DB E.C.O. Group in Canada in particular had a dampening effect.
Revenues from intra-Group customers of DB Operational Services companies was roughly on a par with the first half of 2025. Revenue growth resulted in particular from changes in service requests due to additional contracts for the protection of critical infrastructure (DB Security), in connection with the implementation of the immediate action programs (DB Services and DB Security) and higher rental revenues at DB Connect driven by increased volumes. These were almost entirely offset by performance-related revenue declines at DB Vehicle Maintenance (change in demand from DB Cargo in particular), DB Sales and DB Systel (change in demand for IT and consulting solutions).
Expenses declined on the back of lower personnel expenses. Positive effects resulting from the significantly lower average number of employees (primarily due to the implementation of measures as part of the Group transformation) were only partially offset by additional burdens resulting from collective bargaining effects. Another contributing factor was the decline in depreciation (including the elimination of non-recurring effects resulting from impairment losses on lease agreements at DB Real Estate). Expenses for purchased services remained roughly at the same level as in the first half of 2025. Lower expenses for purchased services due to lower volume – primarily at DB Vehicle Maintenance and DB Systel – were almost entirely offset by opposing effects at DB Rail Construction, DB Services, DB Security and DB Connect.
The operating profit of the Subsidiaries/Other area is largely determined by the functions of Group management and the dependent and independent service entities that render services for the business units. Operating profit figures developed significantly better, as income rose – primarily due to higher demand both intra and non-Group – while expenses declined. The positive profit development was driven in particular by DB Rail Construction and DB E.C.O., as well as lower expenses at DB Systel, in Group management and at DB Business Services.
The significant increase in capital expenditures was primarily due to higher capital expenditures for the depot infrastructure at DB Vehicle Maintenance, as well as vehicle purchases in response to the performance-related increase in demand at DB Connect. The decline in capital expenditures in Group management and DB Systel (due to the procurement that was brought forward to the first half of 2025) had an opposing and partially offsetting effect.
The number of employees declined as a result of adjustments to personnel requirements (primarily at DB AG, as well as at DB Vehicle Maintenance, DB Services, DB Sales and DB Systel). The intra-Group transfer of parts of DB Real Estate to DB InfraGO supported this development. This was partially offset by a volume-related increase in the number of employees at DB Rail Construction in particular.