Asset situation

Balance sheet

DB AG’s total assets increased significantly as of December 31, 2025. The asset-side development was significantly influenced by the changes in fixed and current assets.

• Fixed assets were significantly higher than at the end of the previous year. Shares in affiliated companies (€ +6,912 million) increased significantly, particularly at DB InfraGO AG (€ +8,367 million), as a result of the transfer of funds from the Federal Government’s equity measures to finance infrastructure measures (€ +8,314 million). This was offset in particular by effects from the sale of all of the shares in Schenker AG (€ –1,578 million). Loans to affiliated companies also fell (€ –1,692 million), mainly as a result of the sale of DB Schenker and the overall lower funding requirements of subsidiaries (especially at DB Fernverkehr AG and DB InfraGO AG).
• The substantial increase in current assets compared to the end of the previous year resulted from the noticeable increase in cash and cash equivalents (€ +7,190 million), primarily due to the cash inflow from the sale of DB Schenker. In contrast, receivables fell significantly (€ –3,326 million; in particular in connection with intra-Group cash pooling) and dampened development. The decline in securities (€ –500 million) resulted from changes in reporting in connection with money market funds (opposite effect in cash and cash equivalents).
• Accruals increased significantly at a low level. The increase was mainly due to the accrual of discounts in connection with the issuance of senior bonds, which were recognized in the balance sheet of DB AG as of December 31, 2025, due to the merger of DB Finance.

Structurally, this resulted in a shift towards current assets on the asset side of the balance sheet. However, fixed assets continue to dominate here.

Development on the equity and liabilities side was largely influenced by the significantly higher level of equity with partially offsetting effects, especially due to the decline in liabilities.

• Equity developed very positively, driven by the net profit for the year (€ +9,379 million) and the Federal Government’s equity measures in connection with the measures to finance capital expenditures in the rail infrastructure (€ +8,314 million).
• Liabilities decreased significantly.
  • This was due in particular to lower liabilities to affiliated companies. As a result of the merger of DB Finance, the bonds issued by DB Finance, which were passed on to DB AG as loans, are reported as liabilities from bonds as of December 31, 2025 (as of December 31, 2024: liabilities to affiliated companies). In addition, lower liabilities from intra-Group cash pooling, profit and loss transfer agreements and loans served to reduce debt.
  • Liabilities from bonds (as of December 31, 2024: loans from DB Finance in the amount of € 31,171 million) and liabilities to banks also decreased significantly due to repayments. This was mainly due to the repayment of bank loans. In anticipation of the cash inflow from the sale of DB Schenker in 2025, more short-term financial debt was raised in the previous year to offset the significantly reduced issue of senior bonds during 2024 to cover financing requirements.
  • The decline in other liabilities, which was largely due to the repayment of commercial papers, had a supporting effect.
• Provisions decreased slightly. Lower provisions, primarily for ecological burdens and the decommissioning of facilities, were partially offset by higher provisions, mainly in connection with restructuring measures.

Structurally, this resulted in a clear shift towards equity.