Net financial debt
| Net financial debt as of Dec 31 / € million | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Senior bonds | 27,124 | 29,140 | –2,016 | –6.9 |
| Lease liabilities | 3,402 | 3,125 | +277 | +8.9 |
| Commercial paper | – | 1,503 | –1,503 | –100 |
| Federal loans | 1,274 | – | 1,274 | – |
| Other financial debt | 1,184 | 4,355 | –3,171 | –72.8 |
| Financial debt | 32,984 | 38,123 | –5,139 | –13.5 |
| Cash and cash equivalents, highly liquid cash investments and financial receivables | –12,202 | –5,442 | –6,760 | +124 |
| Effects from currency hedges | –88 | –107 | +19 | –17.8 |
| Net financial debt | 20,694 | 32,574 | –11,880 | –36.5 |
The very significant decrease in net financial debt compared to the end of the previous year was almost entirely due to the cash inflow in connection with the sale of DB Schenker.This was countered by continuing high demand for funds for capital expenditures and the weak profitability.
- The development was driven by the significant increase in cash and cash equivalents (including highly liquid cash investments) and the significant reduction in financial debt.
- Other financial debt fell significantly, mainly as a result of the full repayment of the bridge financings.
- The euro value of the outstanding senior bonds was lower due to redemptions. Exchange rate effects did not play a key role here as a result of closed hedging transactions.
- Commercial paper liabilities also decreased due to repayments.
- The granting of a Federal loan had the opposite effect.
- Lease liabilities also increased compared to the end of the previous year, in particular due to the conclusion of sale and leaseback agreements for rolling stock. Repayments had a dampening effect.
- The foreign currency senior bonds are hedged against exchange rate fluctuations by corresponding derivatives, so that exchange rate effects are compensated through the offsetting position of the hedging transaction.
The maturity structure of financial debt has shifted in favor of maturities of 4 to 5 years and over 5 years, in particular. Above all, this is due to the repayment of financial debt as a result of the sale of DB Schenker, among other things, as well as due to the maturity profile. In particular, the share of maturities of up to 1 year, 1 to 2 years and 2 to 3 years has decreased correspondingly.
The composition of financial debt has changed significantly:
- Due to repayments, the share of bank borrowings (mainly repayment of bridge financings) and commercial paper fell, mainly in favor of senior bonds.
- As a result of the granting of a Federal loan in 2025, their share increased.
- The share of lease liabilities also increased as a result of the conclusion of sale and leaseback agreements for rolling stock.