• Noticeable progress expected in the implementation of the S3 restructuring program.
• Capital expenditure activity remains at a very high level.
• Revenue and profit development expected to be positive.
• Proceeds from the sale of DB Schenker are having a noticeable effect on indebtedness.

Our forecasts for the development of DB Group and the business units in the 2025 financial year are based on our expectations of developments in the market, competition and environment, as well as the success of the implementation of planned measures, particularly in connection with our S3 restructuring program.

The business development of DB Group in 2025 is expected to continue to be characterized by burdens due to the high energy, purchasing and personnel costs. In addition, quality assurance and quality improvement measures, particularly in the track infrastructure, have an impact on the development of DB Group. Economic development in Germany and Europe is likely to have bottomed out, meaning that slight supporting effects are expected. Countermeasures from the S3 restructuring program should have a positive effect.