Development in the year under review
- Performance declines due to weak economic-driven demand and portfolio adjustments.
- Positive effects due among other things to higher Government grants for single wagon transport, facility and train-path price support, in connection with locomotive supply contracts (compensation for damages), the sale of vehicles and the omission of negative strike effects.
- Economic development remains under significant pressure – positive effects from countermeasures and implementation of the transformation program.
| DB Cargo | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Punctuality (%) | 67.8 | 68.2 | –0.4 | – |
| Customer satisfaction (grade) | 2.9 | 2.9 | – | – |
| Freight carried (million t) | 165.2 | 179.8 | –14.6 | –8.1 |
| Volume sold 1) in million tkm | 58,531 | 68,545 | –10,014 | –14.6 |
| Volume produced (million train-path km) | 105.7 | 131.0 | –25.3 | –19.3 |
| Capacity utilization (t per train) | 553.6 | 523.3 | +30.3 | +5.8 |
| Total revenues (€ million) | 4,968 | 5,402 | –434 | –8.0 |
| External revenues (€ million) | 4,654 | 5,058 | –404 | –8.0 |
| EBITDA adjusted (€ million) | 321 | 66 | +255 | – |
| EBIT adjusted (€ million) | –7 | –357 | +350 | –98.0 |
| EBIT margin (adjusted) (%) | –0.1 | –6.6 | +6.5 | – |
| Gross capital expenditures (€ million) | 472 | 349 | +123 | +35.2 |
| Employees as of Dec 31 2) (FTE) | 25,224 | 29,483 | –4,259 | –14.4 |
| Employees annual average 2) (FTE) | 27,084 | 30,561 | –3,477 | –11.4 |
| Employee satisfaction (SI) | – | 3.6 | – | – |
| Share of women as of Dec 31 (%) | 14.3 | 13.6 | +0.7 | – |
| Absolute greenhouse gas emissions Scope 1 and 2 compared to 2019 3) (%) | –48.7 | –32.1 | –16.6 | – |
1) Chargeable performance (tariff ton kilometers).
2) Since 2025 excluding interns and working students. Figures as of December 31, 2024, and for the previous year have not been adjusted.
3) The figure for 2024 only includes DB Cargo AG and foreign subsidiaries of DB Cargo without their stationary facilities.
DB Cargo’s punctuality declined in 2025. The reasons for the lower level of punctuality are intensive construction work and the associated capacity reductions on freight lines, as well as the outdated and fault-prone infrastructure, which has led to a large number of superstructure faults and restricted speed sections. The number of trains in backlog remained at a stable level.
Customer satisfaction for DB Cargo in Europe was unchanged in 2025. Due to the internal restructuring, the survey was postponed to the second half of the year. The participation rate was maintained at over 50 % despite the change to the survey period.
Freight carried as well as volume sold and volume produced fell significantly in 2025. This was driven by weak economic demand, particularly in Germany, as well as portfolio adjustments of unprofitable transports, particularly in combined and single wagon transport. The omission of negative strike effects from the previous year and the takeover of transports from SNCF Fret had a positive impact. Capacity utilization increased as a result of this, as well as the improved utilization of the train-paths ordered in France and the United Kingdom. This more than compensated for the weaker capacity utilization in Germany.
The operating profit figures improved significantly because expenses fell more sharply than income. On the income side, positive non-recurring effects in connection with the sale of locomotives and freight wagons, among other things, noticeably strengthened the development. Economic development remains very challenging and adjusted EBIT was still negative.
Income saw varied development but declined overall:
- Revenues (– 8.0 %/€ – 434 million): Decline driven in particular by performance development in Germany, in the United Kingdom, including in metal transport, and in Spain (partly as a result of the sale of subsidiariesµ 93). Price measures had a partially offsetting effect. Adjusted for negative exchange rate effects, the decline in revenues was somewhat less pronounced.
- Other operating income (+27.6 %/€ +192 million): Significant increase primarily driven by positive non-recurring effects from the sale of locomotives and freight wagons, mainly due to the sale and leaseback agreements concluded in 2025 as part of the transformation of DB Cargo. In Germany, higher income from compensation for damages in connection with locomotive supply contracts and infrastructure-related train cancellations as well as from Government grants for single wagon transport, facility and train-path price supportµ 89 also served to increase income. In particular, the omission of positive effects from the sale of land in the United Kingdom in the previous year had a dampening effect.
There was a performance-related decline in total expenses, driven in particular by the cost of materials and personnel expenses.
- Cost of materials (– 9.0 %/€ – 292 million): Mainly performance-related decline, particularly in expenses for maintenance services, energy and purchased transport services. Maintenance expenses fell due to volume factors in particular, especially the reduction in overhauls. Lower prices also helped to reduce energy costs. Offsetting effects resulted from higher train-path prices in Germany, among other things.
- Personnel expenses (– 7.1 % /€ –149 million): Decrease due to the lower number of employees, particularly in Germany and Spain. This was dampened by additional burdens from collective wage increases.
- Depreciation (– 22.5 %/€ –95 million): Significant decline, mainly driven by the extension of the useful lives of locomotives and freight wagons and the sale of vehicles. Higher depreciation due to capital expenditure had a partially offsetting effect.
- Other operating expenses (– 9.3 % /€ –71 million): Decrease mainly driven by measures implemented as part of the transformation program (primarily for IT and services and as a result of the lower number of employees). In the United Kingdom, rental expenses, particularly for rolling stock, also decreased due to volume related factors.
The increase in capital expenditures resulted primarily from the procurement and leasing of locomotives and freight wagons in Germany. The sale and leaseback agreements concluded in 2025 also had an impact here. In Spain, higher capitalized vehicle and building rentals also served to increase capital expenditures. The decline in the volume of capital expenditures in Italy (including the completion of vehicle projects in the previous year) and France (primarily a decline in the leasing of freight wagons) had an opposing effect.
The number of employees fell as a result of the implementation of measures in connection with the transformation program, particularly in Germany. In Spain, the sale of subsidiaries also served to reduce expenses.
The share of women increased as of December 31, 2025, despite a challenging environment due to the transformation of the business unit.
The decrease in absolute Scope 1 and 2 greenhouse gas emissions compared to 2019 resulted, among other things, from the improved greenhouse gas intensity of traction current, the modernization of the vehicle fleet and a higher share of HVO in the total amount of fuel used in the refueling of traction units.