Outlook (DB AG)
Expected development of DB AG
Anticipated income situation
Our forecasts for the development of DB Group and the Group companies in the 2026 financial year are based on DB Group’s expectations of developments in the market, competition and environment, and the implementation success of the planned measures.
DB AG’s profit development in 2026 will be significantly impacted by the omission of positive non-recurring effects in connection with the sale of DB Schenker. Adjusted for these effects, profits in 2026 will continue to be largely determined by the performance of the subsidiaries and thus the level of net investment income. For 2026, net investment income is expected to see significantly better development overall. This is mainly set to result from volume-related growth, particularly in passenger transport, and the further implementation of restructuring measures. Profit development in infrastructure should also be noticeably better. Income growth is expected to exceed the additional burdens. However, due to the omission of positive non-recurring effects from the sale of DB Schenker, we anticipate a noticeable overall decline in DB AG’s net profit for the year.
In 2026, the business development of DB Group and the Group companies will continue to be characterized by burdens from the high energy, procurement and personnel costs. In addition, measures to improve quality, particularly in the rail infrastructure, have an impact on DB Group’s development. Weak economic development in Germany and Europe is also expected to dampen development in 2026. Countermeasures should have a partially offsetting effect.
Anticipated financial position
Efficient liquidity management is once again a top priority for DB Group in 2026. It focuses on continually forecasting the cash flow from operating activities and the inflow of Government funds for infrastructure financing, as this is the main source of cash and cash equivalents. In 2026, DB Group has financial liabilities of about € 2.2 billion to repay. This includes repayments of maturing financial liabilities (excluding current liabilities to banks). It should be possible to cover the financial resources required for the repayments from existing cash and cash equivalents from the sale of DB Schenkerµ DB AG is expected to issue bonds again in 2026.
DB Group continues to have adequate financial leeway for potential capital market activities. The guaranteed credit facilities serve as a fallback in the event of disruption to capital market access. Our short- and medium-term liquidity supply is therefore also secure in 2026. DB Group’s gross capital expenditures in 2026 will again be largely covered by investment grants. In 2026, they are expected to be significantly higher than the already very high level recorded in 2025. The net capital expenditures to be financed by DB Group are also likely to rise noticeably, as the increase in gross capital expenditures is not exclusively the result of higher Government funding. They are expected to be fully covered by internal financing in 2026.
DB Group’s net financial debt is likely to increase noticeably as of December 31, 2026.