¹⁾ Excluding equity injections in connection with the Climate Action Program (cash inflow from the last equity tranche in 2024).

• The development of gross capital expenditures was driven almost entirely by higher capital expenditures to improve the quality and availability of the rail infrastructure. In passenger and rail freight transport, capital expenditures in the vehicle fleet, in particular, increased.
• The reported net capital expenditures were at the previous year’s level. As a result of the Federal Government’s decision to provide funds for capital expenditures in the rail infrastructure, also in the form of equity increases, these must also be taken into account when considering the net capital expenditures on a comparable basis. The corresponding Government funds were therefore deducted from the gross capital expenditures like the investment grants to determine the DB-financed net capital expenditures.
• Investment grants and equity increases as part of infrastructure financing increased significantly. In total, they accounted for about 73 % (previous year: about 67 %) of gross capital expenditures.
  • Investment grants, which are also predominantly attributable to infrastructure in 2025, fell significantly.
  • In contrast, capital expenditures financed by means of equity increases rose significantly. These were exclusively infrastructure capital expenditures.

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