Balance sheet

There were no material changes in the International Financial Reporting Standards (IFRS) regulations or the consolidation and accounting principles of DB Group in 2025 that resulted in changes to the consolidated financial statements.

The total assets increased significantly:

• Non-current assets increased, driven primarily by higher property, plant and equipment (€ +8,717 million) as a result of significantly higher net capital expenditures in infrastructure, which were dampened primarily by offsetting effects from impairment losses on vehicles at DB Long-Distance. The decline in non-current receivables and other assets (€ –542 million; mainly due to the decline in receivables from transport concessions in accordance with IFRIC 12 at DB Regional and the maturity profile of debt acknowledgements at DB Long-Distance (offsetting effect in other current receivables)) also had a partially offsetting effect.
• Current assets fell significantly. The main factors were:
  • Significantly lower assets held for sale (€ –10,548 million) as a result of the sale of DB Schenker.
  • Other investments and securities (€ –514 million) also declined as a result of a change in the reporting of money market funds. Shares in money market funds have been classified as cash and cash equivalents since 2025.
  • In particular, the increase in cash and cash equivalents (€ +7,238 million), primarily as a result of the cash inflow from the sale of DB Schenker, had a partially offsetting effect. Trade receivables (€ +351 million; mainly higher claims from transport contracts at DB Regional and reporting date effects at DB Long-Distance) and other receivables and assets (€ +289 million; partly due to the maturity profile of debt acknowledgments at DB Long-Distance) also increased.

The structure of the assets side has changed as a result of the deconsolidation of DB Schenker and the simultaneous increase in property, plant and equipment. The share of non-current assets has increased noticeably.

On the equity and liabilities side, equity increased significantly, mainly due to:

• the equity increases by the Federal Government (€ +8,314 million) to finance capital expenditures in rail infrastructure, and
• an overall positive profit development (€ +5,320 million). Positive one-off effects, particularly from the sale of DB Schenker, were partially offset by opposing one-off effects, primarily from impairment losses at DB Long-Distance.
• The increase in changes recognized in reserves in connection with the revaluation of pensions (€ +577 million) also had a supporting effect.
• In contrast, equity was reduced, in particular, by the redemption of a hybrid bond (€ –1,000 million) that was allocated to equity due to its classification as subordinated capital in accordance with IFRS, and
• other changes in generated profit (€ –179 million) mainly in conjunction with the sale of DB Schenker (reclassifications of changes recorded in the reserves in conjunction with the revaluation of pensions and currency translation).

The noticeable increase in equity led to a significantly higher equity ratio with a disproportionately low increase in total assets.

• Non-current liabilities decreased significantly. In essence, this development was characterized by:
  • significantly lower non-current financial debt (€ –3,795 million),
  • a decrease in pension obligations (€ –415 million), mainly due to the higher interest rate applied in revaluation,
  • the lower level of miscellaneous liabilities (€ –174 million; partly due to the maturity profile of acknowledgments of debt at DB Long-Distance (offsetting effect in other current liabilities)), and
  • lower non-current derivative financial instruments (€ –80 million).
  • This was offset by an increase in deferred income (€ +1,804 million; mainly in connection with the payment of a Federal loan) and provisions (€ +228 million; incl. additions to provisions for contractual personnel obligations in connection with job safeguarding).
• Current liabilities decreased even more significantly. In essence, this development was characterized by:
  • significantly lower liabilities held for sale (€ –6,199 million) as a result of the sale of DB Schenker, and
  • the decrease in financial liabilities falling due in the short term (€ –1,344 million). The full repayment of outstanding commercial paper as of December 31, 2025, was partially offset by effects related to the maturity profile.
  • The increase in other provisions falling due in the short term (€ +720 million; mainly additions to provisions in connection with investment grants, for revenue reductions at DB Regional and for personnel contractual obligations in connection with job safeguarding), other liabilities (€ +690 million; incl. reporting date effects in connection with investment grants not offset and as a result of the maturity profile of debt acknowledgements at DB Long-Distance) and trade payables (€ +670 million; incl. at DB InfraGO) had a partially offsetting effect.

The equity ratio has increased in the structure of the equity and liabilities side. In contrast, the share of current and non-current liabilities decreased.