To Deutsche Bahn AG, Berlin

Limited Assurance Conclusion

We have performed a limited assurance engagement on the sections “To our stakeholders – Open stakeholder dialog”, “To our stakeholders – Charitable commitment by the Deutsche Bahn Foundation” and the sections indicated by arrows at the beginning ( ) and at the end ( ), additionally marked using grey font colour (hereinafter referred to as “selected sustainability information”) of Deutsche Bahn AGʼs, Berlin (in the following referred to as “entity”) Integrated Report for the financial year from 1 January to 31 Dezember 2024. In addition, we performed a limited assurance engagement on the disclosures in the section “EU-Taxonomy” of Deutsche Bahn AGʼs Integrated Report for the financial year from 1 January to 31 Dezember of 2024. Cross-references within the Integrated Report and references to the environmental brand “This is green” included in the selected sustainability information, as well as any information referred to by these references are not subject to our assurance engagement. Based on the procedures performed and evidence obtained, nothing has come to our attention to cause us to believe that 

• the selected sustainability information for the period from 1 January to 31 Dezember 2024 were not prepared, in all material respects, in accordance with the applicable Sustainability Reporting Standards of the Global Reporting Initiative (hereinafter “GRI-criteria”), and
• the disclosures in the section “EU-Taxonomy” information for the period from 1 January to 31 Dezember 2024 were not prepared, in all material respects, in accordance with Article 8 of the Regulation (EU) 2020/852 and the delegated acts adopted for this purpose (hereinafter “EU-Taxonomy”) 

Our conclusion does not extend to cross-references within the Integrated Report and references to the environmental brand “This is green” included in the selected sustainability information, as well as any information referred to by these references.

Basis for conclusion

We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by the International Auditing and Assurance Standards Board (IAASB). 

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Our responsibilities under ISAE 3000 (Revised) are further described in the section “German Public Auditorʼs Responsibilities for the Assurance Engagement on the selected sustainability information”. 

We are independent in accordance with the independence requirements of European law and German commercial and professional law and we have fulfilled our other German professional responsibilities in accordance with these requirements. Our firm applies the IDW Standard on Quality Management: Requirements for Quality Management in Audit Firms (IDW QMS 1 (09.2022)), issued by the Institute of Public Auditors. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Responsibilities of the Executive Directors and the Supervisory Board for the selected sustainability information 

The executive directors are responsible for the preparation of the selected sustainability information in accordance with the GRI-criteria and are responsible for the preparation of the disclosures in the section “EU-Taxonomy” in accordance with the EU-Taxonomy and for designing, implementing and maintaining such internal control that they have considered necessary to enable the preparation of the selected sustainability information and the disclosures in the section “EU-Taxonomy” in accordance with these requirements that is free from material misstatement, whether due to fraud (i.e., fraudulent reporting of the selected sustainability) or error. 

This responsibility of the executive directors includes the selection and application of suitable methods to prepare the selected sustainability information, and the disclosures in the section “EU-Taxonomy”, as well as making assumptions and estimates and ascertaining forward-looking information for individual sustainability-related disclosures. 

The Supervisory Board is responsible for overseeing the process for the preparation of the selected sustainability information and the disclosures in the section “EU-Taxonomy”. 

German Public Auditorʼs Responsibilities for the Assurance Engagement on the selected sustainability information 

Our objective is to express a limited assurance conclusion, based on the assurance engagement we have conducted, on whether any matters have come to our attention that cause us to believe that the selected sustainability information have not been prepared, in all material respects, in accordance with the GRI-criteria and the disclosures in the section “EU-Taxonomy” have not been prepared, in all material respects, in accordance with the EU-Taxonomy, and to issue an assurance report that includes our assurance conclusion on the selected sustainability information and the disclosures in the section “EU-Taxonomy”.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgment and maintain professional skepticism. We also: 

• obtain an understanding of the process used to prepare the selected sustainability information.
• identify disclosures where a material misstatement due to fraud or error is likely to arise, design and perform procedures to address these disclosures and obtain limited assurance to support the assurance conclusion. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
• consider the forward-looking information, including the appropriateness of the underlying assumptions. There is a substantial unavoidable risk that future events will differ materially from the forward-looking information.

Summary of the Procedures Performed by the German Public Auditor 

A limited assurance engagement involves the performance of procedures to obtain evidence about the selected sustainability information and the disclosures in the section “EU-Taxonomy”. The nature, timing and extent of the selected procedures are subject to our professional judgment. In performing our limited assurance engagement, we: 

• evaluated the suitability of the criteria as a whole presented by the executive directors in the selected sustainability information and the disclosures in the section “EU-Taxonomy”.
• inquired of the executive directors and relevant employees involved in the preparation of the selected sustainability information and the disclosures in the section “EU-Taxonomy” about the preparation process and about the internal controls relating to this process.
• evaluated the methodologies used by the executive directors to prepare the selected sustainability information
• evaluated the reasonableness of the estimates and related information provided by the executive directors.
• performed analytical procedures and made inquiries in relation to the selected sustainability information.
• considered the presentation of the selected sustainability information.
• considered the process for identifying taxonomy-eligible and taxonomyaligned economic activities and the corresponding disclosures in the section “EU-Taxonomy” 

Clause on General Engagement Term 

This assurance report is solely addressed to the Deutsche Bahn AG, Berlin and intended exclusively for them. 

The engagement, in the performance of which we have provided the services described above on behalf of Deutsche Bahn AG, Berlin was carried out on the basis of the General Engagement Terms for Wirtschaftsprüferinnen, Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften (Allgemeine Auftragsbedingungen für Wirtschaftsprüferinnen, Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften) dated as of 1 January 2017 (www. kpmg.de/AAB_2017). By taking note of and using the information as contained in our report each recipient confirms to have taken note of the terms and conditions stipulated in the aforementioned General Engagement Terms (including the liability limitations to EUR 4 Mio in item No. 9 included therein) and acknowledges their validity in relation to us.

Berlin, 19 March 2025

KPMG AG

Wirtschaftsprüfungsgesellschaft