Income development
Changes compared to the previous year
In 2025, there were no material changes to accounting procedures that restricted the year-on-year comparison for DB AG.
In June 2025, Deutsche Bahn Finance GmbH was merged into DB AG with retroactive effect as of January 1, 2025. This does not significantly limit comparability with the previous year.
The merger of DB Barnsdale AG into DB AG in 2025 also had no significant effect.
Income development
| Statement of income DB AG (HGB) / € million | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Revenues | 1,948 | 1,977 | ‒29 | ‒1.5 |
| Other internally produced and capitalized assets | 4 | 2 | +2 | +100 |
| Other operating income | 10,590 | 407 | +10,183 | – |
| Cost of materials | ‒609 | ‒622 | +13 | ‒2.1 |
| Personnel expenses | ‒1,020 | ‒996 | ‒24 | +2.4 |
| Depreciation | ‒80 | ‒32 | ‒48 | +150 |
| Other operating expenses | ‒1,062 | ‒1,197 | +135 | ‒11.3 |
| Net investment income 1) | ‒556 | ‒875 | +319 | ‒36.5 |
| Income from other securities and loans classified as financial assets | 534 | 500 | +34 | +6.8 |
| Write-downs on financial assets and marketable securities | ‒41 | ‒835 | +794 | ‒95.1 |
| Net interest income | ‒341 | ‒559 | +218 | ‒39.0 |
| Profit/loss before taxes | 9,367 | ‒2,230 | +11,597 | – |
| Taxes on income | 12 | ‒2 | +14 | – |
| Net profit/loss for the year | 9,379 | ‒2,232 | +11,611 | – |
1) Figure for 2024 adjusted due to changes in the structure of the statement of income.
The economic development of DB AG in 2025 was largely driven by non-recurring effects, particularly in connection with the sale of DB Schenker. The merger of DB Finance also had a positive effect on profits. The improvement in profits was also supported, among other things, by the improved but still negative net investment income and the implementation of measures to improve profits in the short and medium term (including a spending monitoring and control program). The net profit for the year was clearly positive due to non-recurring effects.
The significant growth in income at DB AG was due in particular to the higher level of other operating income:
- Other operating income (€ +10,183 million): Significant increase, largely driven by the gain on disposal from the sale of DB Schenker (€ 10.0 billion). Positive effects from the merger of DB Financeµ (€ 0.2 billion) also increased income.
- Revenues (‒1.5 % /€ ‒29 million): Slight decline, mainly due to lower revenues from central services for Group companies.
At the same time, there was a slight decline in expenses overall:
- Other operating expenses (–11.3 % /€ ‒135 million): Significant decrease resulting in particular from cost savings for IT, service and consulting services in connection with the spending monitoring and control program, among other things. The increase in rental expenses for office buildings partially offset this development.
- Cost of materials (–2.1 %/€ –13 million): Slight decrease mainly due to lower expenses for purchased services in connection with rental services provided. The increase in purchased services in connection with maintenance partially offset this development.
The increase in depreciation and personnel expenses had a partially offsetting effect:
- Depreciation (+150 %/€ +48 million): Very significant increase at a low level as a result of impairment losses on receivables in connection with the sale of DB Arriva in 2024.
- Personnel expenses (+2.4 %/€ +24 million): Slight increase mainly due to collective bargaining effects. This was partially offset by the lower average number of employees.
Net investment income improved significantly but remained clearly negative.
| Net investment income DB AG (HGB) / € million | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Income from profit transfer agreements | 615 | 671 | ‒56 | ‒8.3 |
| thereof DB Energie GmbH | 135 | 46 | +89 | – |
| thereof DB Bahnbau Gruppe GmbH | 103 | 89 | +14 | +15.7 |
| thereof DB Regio AG | 87 | 97 | ‒10 | ‒10.3 |
| thereof Schenker AG | 61 1) | 93 | ‒32 | ‒34.4 |
| thereof Connect GmbH | 43 | 44 | ‒1 | ‒2.3 |
| thereof DB Systel GmbH | 17 | 112 | ‒95 | ‒84.8 |
| Expenses from assumption of losses | ‒1,172 | ‒1,546 | +374 | ‒24.2 |
| thereof DB JobService GmbH | ‒475 | ‒303 | ‒172 | +56.8 |
| thereof DB InfraGO AG | ‒392 | ‒209 | ‒183 | +87.6 |
| thereof DB Fernverkehr AG | ‒290 | ‒427 | +137 | ‒32.1 |
| thereof DB Cargo AG 2) | – | ‒467 | +467 | ‒100 |
| Other | 1 | 0 | +1 | – |
| Total 3) | ‒556 | ‒875 | +319 | ‒36.5 |
1) For the period from January 1, 2025, to April 30, 2025, as a result of the sale of DB Schenker.
2) The domination and profit and loss transfer agreement between DB AG and DB Cargo AG was terminated on December 31, 2024.
3) Figure for 2024 adjusted due to changes in the structure of the statement of income.
The development of net investment income was largely driven by:
- Significantly lower expenses from the assumption of losses, due in particular to positive effects from the termination of the domination and profit and loss transfer agreement with DB Cargo AG, under which DB AG was still required to offset a substantial loss in 2024.
- The less negative profit development at DB Fernverkehr AG had a supporting effect.
- This was partly offset by the weaker profit development of DB InfraGO AG.
- Lower income from profit transfer agreements, particularly from DB Systel GmbH and Schenker AG, also had a dampening effect. Due to the sale during the year, DB AG was only entitled to Schenker AG’s profit for the period from January 1, 2025, to April 30, 2025 (previous year: January 1, 2024, to December 31, 2024). The profit development of DB Energie GmbH was significantly better and had a partially offsetting effect.
Income from other securities and loans classified as financial assets (+6.8 %/€ +34 million) increased mainly as a result of higher interest rates, but was not significant for the overall development.
Write-downs on financial assets and marketable securities (–95.1 %/€ –794 million) decreased significantly, in particular due to the omission of negative effects in connection with the impairment at DB Fahrzeuginstandhaltung GmbH in the previous year.
DB AG assumes the central financing function for DB Group and passes on the funds, which are generally raised via bond issues, to the Group companies at standard market conditions. Net interest income improved significantly. This was due in particular to positive effects in connection with the cash inflow from the sale of DB Schenker.
The development of the tax position was better and remained insignificant.
As expected, the economic situation thus improved significantly overall in 2025. Positive non-recurring effects, particularly in connection with the sale of DB Schenker, played a key role in this. As a result, the net profit for the year was clearly positive. Adjusted for non-recurring effects, the profit situation remains strained and the net profit for the year would have remained negative.
Deviations from the forecast income situation
In 2025, the development of DB AG in its separate financial statements according to HGB generally corresponds to the forecast for the 2025 financial year given in the Combined Management Report for the 2024 financial year.