ROCE
| ROCE | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| EBIT adjusted (€ million) | 297 | –333 | +630 | – |
| Capital employed as of Dec 31 (€ million) | 52,837 | 52,166 | +671 | +1.3 |
| ROCE (%) | 0.6 | –0.6 | +1.2 | – |
The increase in ROCE resulted from the significantly better adjusted EBIT. Capital employed was almost at the same level as of the end of the previous year.
| Yield spread / % | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| ROCE | – | 0.6 | –0.6 | –4.5 | 2.7 |
| Weighted average cost of capital (WACC pre-tax 1)) | 4.3 | 4.7 | 5.7 | 6.0 | 6.2 |
| Spread 1) (percentage points) | – | –4.1 | –6.3 | –10.5 | –3.5 |
1) Each figure taken at the beginning of the year.
The negative deviation between ROCE and the cost of capital decreased significantly. This resulted from the improved profit situation and a lower cost of capital.
| ROCE of the business units / % | 2025 | 2024 | absolute change |
|---|---|---|---|
| DB Long-Distance | 0.6 | –1.1 | +1.7 |
| DB Regional | 10.0 | 4.6 | +5.4 |
| DB Cargo | –0.3 | –12.3 | +12.0 |
| DB InfraGO | 0.0 | 0.8 | ‒ 0.8 |
| DB Energy | 8.2 | 5.7 | +2.5 |
The improvement in ROCE at DB Long-Distance, DB Regional, DB Cargo and DB Energy was mainly the result of better profit development. Lower capital employed had a particularly supportive effect at DB Long-Distance (essentially a decline in non-current assets) and DB Regional (including higher miscellaneous other liabilities). At DB Energy, the increase in capital employed dampened development.
The development of ROCE at DB InfraGO resulted from a significantly weaker profit development and a simultaneous increase in capital employed.