Capital expenditures
| Capital expenditures / € million | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Gross capital expenditures | 21,854 | 18,247 | +3,607 | +19.8 |
| Investment grants | 7,645 | 9,218 | –1,573 | –17.1 |
| Net capital expenditures | 14,209 | 9,029 | +5,180 | +57.4 |
| Equity increases by the Federal Government to finance infrastructure capital expenditures 1) | 8,314 | 3,085 | +5,229 | +169 |
| DB-financed net capital expenditures | 5,895 | 5,944 | –49 | –0.8 |
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.
Figures for 2024 adjusted due to the merger of DB Kommunikationstechnik GmbH.
The focus of our capital expenditure activities remains on improving the performance capability, efficiency and quality of our rail infrastructure and expanding our vehicle fleet.
| Gross capital expenditures by regions/ € million | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Germany | 21,849 | 18,221 | +3,628 | +19.9 |
| Europe (excluding Germany) | 107 | 150 | –43 | –28.7 |
| Rest of world | 3 | 12 | –9 | –75.0 |
| Consolidation | –105 | –136 | +31 | –22.8 |
| DB Group | 21,854 | 18,247 | +3,607 | +19.8 |
| DB-financed net capital expenditures (after equity financing by the Federal Government) by regions / € million | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Germany | 5,890 | 5,918 | –28 | –0.5 |
| Europe (excluding Germany) | 107 | 150 | –43 | –28.7 |
| Rest of world | 3 | 12 | –9 | –75.0 |
| Consolidation | –105 | –136 | +31 | –22.8 |
| DB Group | 5,895 | 5,944 | –49 | –0.8 |
In terms of the regional distribution of gross and DB-financed net capital expenditures, the focus remained almost entirely in Germany. Development of capital expenditures in the regions Europe (excluding Germany) and rest of world was influenced by regional developments at DB Cargo and the activities of DB E.C.O. Group.
In addition to the Federal Government’s equity measures to finance infrastructure capital expenditures, the main sources of funding for infrastructure capital expenditures are grants mainly from the Federal Government, the Federal states and local authorities. The investment grants received by DB Group in 2025 also largely went to infrastructure.
- The main basis for this are the LuFV and the Federal Rail Infrastructure Extension Act (Bundesschienenwegeausbaugesetz; BSWAG).
- Additional investment grants are received, among other things, in accordance with the Municipal Transport Financing Act (Gemeindeverkehrsfinanzierungsgesetz; GVFG),
- the noise remediation program of the Federal Government, and
- to equip the infrastructure with the European Rail Traffic Management System (ERTMS).
- Funds are also available from the 2021 Reconstruction Fund to remedy flood-related infrastructure damage.
- The European Union allocates grants (Connecting Europe Facility; CEF) for infrastructure capital expenditures on Trans-European Networks (TEN).
In addition to investment grants, DB Group also receives income grants, which are also largely attributable to infrastructure. Since 2024, as a result of amendments to the BSWAG and the LuFV, expenses for the maintenance of rail infrastructure can also be supported by the Federal Government. Income grants increased significantly as a result of the expansion of maintenance measures in 2025.
On the balance sheet, investment grants are directly deducted from acquisition cost and cost of production. All grants and equity measures are recorded in such a way that the competent authorities can comprehensively check that they are used for the intended purpose and in accordance with the law. Grants received in the form of equity are financings of the subsidized assets that do not change the acquisition and production costs.