Income development
The economic development of DB Group in 2025 was mainly characterized by the omission of negative strike effects, higher Government grants, including as part of the train-path price support for long-distance transport and positive one-off effects from vehicle sales and financing at DB Cargo and DB Long-Distance, as well as compensation for damages in connection with supply contracts for locomotives at DB Cargo. Lower operating losses at DB Cargo and performance growth in passenger transport, as well as the implementation of countermeasures to improve earnings in the short and medium term as part of the S3 restructuring program (including a strict spending monitoring and control program), had an additional positive effect. In contrast, there were further negative effects, particularly from higher personnel expenses (collective bargaining effects). The weak operational quality had a negative impact on development due to lost revenues and higher expenses. Further information in the section Development of the business units.
Operating profit figures rose noticeably overall, with adjusted EBIT back in positive territory in 2025 after being clearly negative in the previous year. However, the situation remained tense, particularly at DB Long-Distance, DB InfraGO and DB Cargo.
Transition to the adjusted statement of income
- In the adjusted statement of income, special items are eliminated – the reconciliation in line with the adjusted profit presentation takes place in two steps: first, standard reclassifications are made and then individual special effects are adjusted.
- The reclassifications essentially relate to two issues.
- The components that are not related to net financial debt or pension provisions are reclassified from net interest income: primarily compounding and discounting effects of non-current provisions (excluding pension obligations) and non-current liabilities (excluding financial debt). The non-operational character of these components can also be seen in the fact that their influence on net interest income very much depends on the interest rates as of the balance sheet date.
- The second reclassification relates to depreciation of intangible assets that were capitalized as part of the purchase price allocation for acquisitions (purchase price allocation; PPA) in the valuation of long-term customer contracts. Existing transport contracts are an essential component of the purchase price valuation, in passenger transport in particular. To ensure an operational assessment and prevent unequal treatment compared to other transport contracts, these depreciation components are eliminated from the operating profit.
- Adjustments for special items involve issues which are extraordinary based on the reasons for them and / or the amounts involved, and which would effect a material change on operating development over time. Book profits and losses from transactions with subsidiaries / financial assets are adjusted regardless of their amounts. Individual items are adjusted if they are extraordinary in character, can be accounted for and assessed precisely, and are significant in volume.
| Transition to the adjusted statement of income / € million | 2025 | Reclassifi-cations | Adjustment for special items | 2025 adjusted | 2024 adjusted | Change | |
|---|---|---|---|---|---|---|---|
| absolute | % | ||||||
| Revenues | 26,985 | – | 25 | 27,010 | 26,227 | +783 | +3.0 |
| Inventory changes and other internally produced and capitalized assets | 4,292 | – | – | 4,292 | 4,139 | +153 | +3.7 |
| Other operating income | 6,463 | – | –152 | 6,311 | 5,568 | +743 | +13.3 |
| Cost of materials | –13,024 | – | –10 | –13,034 | –12,993 | –41 | +0.3 |
| Personnel expenses | –17,676 | – | 583 | –17,093 | –16,327 | –766 | +4.7 |
| Other operating expenses | –3,970 | – | 207 | –3,763 | –3,671 | –92 | +2.5 |
| EBITDA | 3,070 | – | 653 | 3,723 | 2,943 | 780 | +26.5 |
| Depreciation | –4,843 | 1 | 1,416 | –3,426 | –3,276 | –150 | +4.6 |
| Operating loss/profit (EBIT) | EBIT adjusted | –1,773 | 1 | 2,069 | 297 | –333 | +630 | – |
| Net interest income | Operating interest balance | –507 | 25 | 0 | –482 | –689 | +207 | –30.0 |
| Operating income after interest | –2,280 | 26 | 2,069 | –185 | –1,022 | +837 | –81.9 |
| Result of investments accounted for using the equity method | Net investment income | 13 | 4 | – | 17 | 18 | –1 | –5.6 |
| Other financial result | –37 | –29 | – | –66 | –37 | –29 | +78.4 |
| PPA amortization customer contracts | – | –1 | – | –1 | –2 | 1 | –50.0 |
| Result from special items | – | – | –2,069 | –2,069 | –324 | –1,745 | – |
| Loss before income taxes | –2,304 | – | – | –2,304 | –1,367 | –937 | +68.5 |
| Income taxes | 0 | – | – | 0 | –403 | +403 | –100 |
| Actual income taxes | –16 | – | – | –16 | –28 | +12 | –42.9 |
| Deferred tax expense (–) / income (+) | 16 | – | – | 16 | –375 | +391 | – |
| Net loss for the year (continuing operations) | –2,304 | – | – | –2,304 | –1,770 | –534 | +30.2 |
| Net profit for the year (discontinued operations) | 7,653 | – | – | 7,653 | 1,006 | +6,647 | – |
| Net profit / loss for the year | 5,349 | – | – | 5,349 | –764 | +6,113 | – |
| DB AG shareholders | 5,320 | – | – | 5,320 | –806 | +6,126 | – |
| Hybrid capital investors | 22 | – | – | 22 | 25 | –3 | –12.0 |
| Other shareholders (non-controlling interests) | 7 | – | – | 7 | 17 | –10 | –58.8 |
| Earnings per share (€ per share) | |||||||
| Undiluted | 12.37 | – | – | 12.37 | –1.87 | 14.24 | – |
| Diluted | 12.37 | – | – | 12.37 | –1.87 | 14.24 | – |
Development in the year under review
The income development was positive:
- Revenues (+3.0 % / € +783 million): Slight increase, driven by DB Long-Distance, DB Regional and DB InfraGO.
- Other operating income (+13.3 % / € +743 million): Significant increase, largely driven by the higher compensation for maintenance measures in the rail infrastructure by the Federal Government (€ +0.3 billion) and train-path price support for long-distance transport. Higher income from the sale of property, plant and equipment (mainly from vehicle financing and sales at DB Cargo and vehicle sales at DB Long-Distance) and from compensation payments (mainly in connection with vehicle supply contracts) supported this development. The decline in Government grants at DB Regional had a partially offsetting effect.
- Changes in inventories and other own work capitalized (+3.7 % / € +153 million): Significant increase, mainly due to the higher construction and project volume in infrastructure.
On the expense side, there were additional burdens, particularly as a result of higher personnel costs:
- Personnel expenses (+4.7 % / € +766 million): Sharp increase, mainly driven by collective bargaining effects. The slight decline in the average number of employees had a partially offsetting effect.
The personnel expenses ratio deteriorated to 52.4 % (previous year: 51.6 %), as personnel expenses rose faster than the sum of revenues and own work capitalized.
| Employees | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Full-time employees (FTE) as of Dec 31 | 219,152 | 225,560 | –6,408 | –2.8 |
| FTE annual average | 222,367 | 224,598 | –2,231 | –1.0 |
| Natural persons (NP) as of Dec 31 | 227,443 | 234,925 | –7,482 | –3.2 |
Since 2025 excluding interns and working students.
Figures as of December 31, 2024, and for 2024 have not been adjusted.
- The number of employees declined. This was due, in particular, to the decline in administration and sales, as well as measures taken as part of the transformation of DB Cargo. In contrast, the number of employees in the operating areas (particularly at DB InfraGO and DB Regional) increased.
As a result of the gradual implementation of measures over the course of 2025, the average number of employees fell less significantly.
- Depreciation (+4.6 % / € +150 million): Significant, capital expenditure-related increase (largely driven by rail infrastructure). Lower depreciation at DB Cargo as a result of the sale of locomotives and freight wagons and the extension of useful lives of rolling stock had a partially offsetting effect.
- Other operating expenses (+2.5 % / € + 92 million): Slight increase. Additional burdens resulted, among other things, from a higher project volume at DB InfraGO and the increase in vehicle rentals for international long-distance transport. Cost-reducing effects from countermeasures largely compensated for this. Among other things, expenses for consulting and IT services decreased as a result of efficiency measures implemented.
- Cost of materials (+0.3 % / € +41 million): Development at the previous year’s level. Additional burdens resulted decisively from a further expansion of measures to improve the quality and availability of the infrastructure. Since the previous year, these measures have been partially compensated by the Federal Government (offsetting item in other operating income). The increase was almost completely offset, in particular, by lower expenses at DB Cargo due to lower performance, slightly lower procurement prices at DB Energy and lower purchased services, resulting in a decline in expenses for commissions, among other things.
- Operating profit (before interest): Adjusted EBIT (€ +630 million) and adjusted EBITDA (+26.5 % / € +780 million) increased noticeably as a result of the income development but remained unsatisfactory overall.
- Operating interest balance (€ +207 million): Noticeable improvement, which was largely due to lower interest rates and a repayment-related decline in current financial liabilities in particular. As a result, expenses related to financial liabilities fell significantly. This was supported by the increase in interest income from financial investments, which was exceptionally high in 2025, primarily as a result of the cash inflow from the sale of DB Schenker.
- Operating income after interest (€ +837 million): Noticeable increase, driven by the operating profit development and the improvement in the operating interest balance.
- Net investment income (€ –1 million): Decline at a low level, largely driven by lower dividend income from other investments and a negative profit trend for individual investments accounted for using the equity method. The positive profit performance of EUROFIMA European Company for the Financing of Railroad Rolling Stock, Basel / Switzerland, had a largely offsetting effect.
- Other financial result (€ –29 million): Noticeable deterioration, driven by expenses from exchange rate effects (previous year: income from exchange rate effects). This was partially offset by lower expenses from hedging transactions and higher income from the compounding and discounting of provisions.
- Result from special items (€ –1,745 million): Significant deterioration, driven, in particular, by effects from impairment losses at DB Long-Distance. In addition, extended restructuring measures and negative effects from the revaluation of electricity procurement contracts due to market price-related fluctuations (previous year: positive effects from revaluation) also had a negative impact on performance.
| Result from special items / € million | 2025 | thereof affecting EBIT | 2024 | thereof affecting EBIT |
|---|---|---|---|---|
| DB Long-Distance | –1,314 | ‒1,314 | – | – |
| DB Regional | –2 | ‒2 | 1 | 1 |
| DB Cargo | –34 | ‒34 | 7 | 7 |
| DB InfraGO | –55 | ‒55 | 32 | 57 |
| DB Energy | –38 | ‒38 | 50 | 50 |
| Other / consolidation | –626 | ‒626 | –414 | –414 |
| DB Group | –2,069 | ‒2,069 | –324 | ‒299 |
| thereof impairment DB Long-Distanceand DB Vehicle Maintenance | –1,416 | –1,416 | – | – |
| thereof restructuring measures | –557 | –557 | –287 | –287 |
| thereof revaluation of power purchase agreements | –59 | –59 | 50 | 50 |
| thereof additions to provisions for ecological burdens / environmental risks | – | – | –17 | –17 |
- Loss before income taxes (€ –937 million): Noticeable deterioration due to additional negative special effects and remaining negative.
- Income taxes (€ +403 million): Significant improvement:
- The improvement in deferred taxes (2025: deferred tax income of € 16 million; previous year: deferred tax expense of € –375 million) was largely due to the absence of the negative effect in connection with the full impairment of DB AG’s deferred tax assets in the previous year (€ 354 million). In 2025, most of the deferred tax income arose at foreign Group companies.
- Actual income taxes fell slightly at a low level and also mainly related to foreign Group companies (including at DB Cargo).
- Net loss for the year (loss after taxes on income (continuing operations); € –534 million): Noticeable deterioration due to additional negative special effects and remaining negative.
- Net profit for the year (profit after taxes on income; € +6,113 million): Very significant increase, which was largely due to the positive one-off effect from the gain on disposal in connection with the deconsolidation of DB Schenker (€ +7.3 billion). This includes some offsetting effects resulting from the fact that DB Schenker was only included in the consolidated financial statements for four months in 2025.