DB Group’s environment continues to be characterized by weak economic development in Germany and Europe. This economic weakness is reflected in the restrained consumer behavior of private households and, above all, in the low level of investment by companies. One important reason for this is the increased uncertainty caused by geopolitical crises, among other things. However, the normalization of inflation and interest rate cuts by the European Central Bank (ECB) are fueling hopes that there will be an economic recovery in 2025. At the same time, the threat of trade conflicts is counteracting this positive effect.