Outlook

The specific effects of the Ukraine crisis on DB Group are currently not fully foreseeable and are not included in our forecasts. It can be assumed that the war in Ukraine will reduce Ukrainian imports and exports. As a result of the sanctions against Russia and its reactions to them, it is likely that transport between Russia and the EU will also be affected, as well as rail traffic to China, which has increased significantly in recent times. It is also likely that the conflict will continue to affect the prices of gas, oil and other raw materials in the short and medium term, which will have a negative impact on the wider economy and private households. However, it is not currently possible to estimate how severe the impact will be.