Outlook

Additional key figures on the income situation, financial position and net assets

Anticipated development20242025
Volume sold in long-distance transport (billion pkm)44.1> 47
Volume sold in regional rail transport (billion pkm)40.6> 41
Train kilometers on track infrastructure (Germany) (billion train-path km)1.10> 1.1
Revenues adjusted (€ billion)26.2> 27
ROCE (%)–0.6> 0
Debt coverage (%)6.0~ 11
Gross capital expenditures (€ billion)18.2> 20
DB-financed net capital expenditures 1) (€ billion)5.9> 6
Net financial debt as of Dec 31 (€ billion)32.626–28
Bond issues (senior) (€ billion)1.1

1) Excluding additional equity increases by the Federal Government for infrastructure financing.

  • Performance development:
    • DB Long-Distance: We expect a slight increase in volume sold. Construction measures have a dampening effect.
    • DB Regional: Positive development of volume sold expected, partly as a result of the Germany-Ticket.
    • DB InfraGO: Overall, the train kilometers on track infrastructure should develop slightly positively.
  • Income situation:
    • The economic development of DB Group should continue to improve in 2025 and revenues should increase.
    • ROCE should improve due to the improvement in adjusted EBIT and return to positive territory.
    • Debt coverage should also increase noticeably as a result of the expected improvement in the operating profit.
  • Financial position and net assets:
    • Gross capital expenditures in 2025 are expected to be slightly above the already very high level recorded in 2024. This is based on the expectation of significantly higher Government funding for track infrastructure compared to 2024.
    • DB-financed net capital expenditures, on the other hand, are likely to increase only slightly as the increase in gross capital expenditures is mainly due to higher Government funding. However, this forecast is subject to increased uncertainty in view of the provisional Federal budget for 2025 and the pending formation of a new Federal Government.
    • Net financial debt is expected to fall significantly as of December 31, 2025, especially as a result of the expected proceeds from the sale of DB Schenker.
    • No new bond issues are expected in 2025 due to the reduction in net financial debt in connection with the sale of DB Schenker. We will also be able to take out short-term loans under committed facilities in 2025. We continue to have adequate financing scope for our capital market activities from our debt issuance programs and our commercial paper program. In addition, guaranteed credit facilities serve as a fallback in the event of disrupted access to the capital market. Our short- and mid-term liquidity situation is therefore also secure in 2025.

Sustainability indices

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