Risks associated with the restructuring of DB Cargo

DB Cargo AG is exposed to the risk that key assumptions underlying its liquidity planning may not materialize during the forecast period (particularly if the transformation of DB Cargo cannot be successfully implemented, infrastructure quality fails to stabilize, the Government funding for single wagon transport is not sufficient or risks from economic development and the market environment materialize), thereby resulting in a liquidity gap. Performance in the first half of 2026 remained within the range set out in the restructuring plan. Despite that, there is considerable uncertainty at DB Cargo AG, which may cast significant doubt on the ability of DB Cargo AG to continue as a going concern, and which represents a risk to the Company’s continued existence. Due to DB Cargo AG’s high credit exposure to DB AG, this also represents a risk for DB AG as a lender. As previously, there are significant risks to the continued existence of DB Cargo AG due to the framework conditions of the restructuring aid permitted by the European Commission, resulting in financial risks for DB Group.