Development in the year under review

• Revenues and sales volumes are roughly on apar with the previous year.
• Operating profit improved significantly, driven by lower energy procurement prices resulting from a favorable supply situation in the procurement markets, as well as the omission of negative non-recurring effects from the previous year.
• Supply reliability stable at a very high level. Customer satisfaction remains high.

¹⁾ Preliminary figure (not rounded).
²⁾ Excluding traded energy volumes since 2025. Previous year’s figure adjusted. 
³⁾ Including diesel, heating oil and HVO biofuel.
⁴⁾ Since 2025 excluding interns and working students. Figures as of December 31, 2024, and for the previous year have not been adjusted.
⁵⁾ In Germany. The data for 2025 represents a forecast as of January 2026. The previous year’s figure corresponds to the status of the statutory electricity labeling in accordance with the German Energy Industry Act (Energiewirtschaftsgesetz; EnWG) and may, therefore, differ from the provisional figure from the previous year’s report. The share of renewable energies is presented separately without support from the Renewable Energy Sources Act (Erneuerbare-Energien-Gesetz; EEG).

The very high level of supply reliability was maintained.

DB Energy achieved strong customer satisfaction scores again in 2025. However, the traction current and fuel services divisions saw contrasting development. Satisfaction with traction current continued to rise, while satisfaction with fuel services – including in the area of fuel availability – declined.

Volume development was mixed:

• Traction current: Sales were slightly below the previous year’s level. Demand from intra-Group customers in rail freight transport fell significantly. Sales volumes to non-Group customers and to S-Bahn (metro) operators rose in the opposite direction, partially offsetting the decline.
• Traction current pass-through for non-Group customers: The significant increase largely reflects traffic growth and a shift from traction current.
• Stationary energy: The decline was due to the discontinuation of the industrial customer business in the previous year. Lower consumption by internal customers, due in part to the implementation of energy-saving measures, contributed to this trend.
• Fuels: The increase in demand was mainly due to the development of intra-Group customers in local passenger transport. A decline in demand from DB Cargo and non-Group customers had the opposite effect.

Economic performance improved in 2025. Expenses fell more sharply than income, due in particular to lower electricity purchase prices. As a result, the operating profit figures rose significantly.

Income was roughly on a par with the previous year:

• Revenues (–0.4 %/€ –13 million): Development was roughly on a par with the previous year. In the area of traction current, lower sales volumes to DB Cargo and DB Long-Distance were offset by volume-driven growth from non-Group customers. In the stationary energy segment, the passing on of lower energy prices and the phasing out of the industrial customer business led to a decline. This was largely offset by increases related to the provision of CO₂ certificates.
• Other operating income (–7.0 %/€ – 5 million): Decline primarily due to lower income from the reversal of accrued liabilities.

Expenses declined more sharply, primarily due to lower electricity purchase prices:

• Cost of materials (–1.6 %/€ – 50 million): Slight decline, driven primarily by lower electricity purchase prices. Higher maintenance costs had the opposite effect.
• Other operating expenses (–17.2 %/€ – 31 million): Significant decline, driven largely by the omission of negative non-recurring effects from the previous year related to intra-Group expenses and savings in IT services.

In particular, the increase in personnel expenses had an opposing effect.

• Personnel expenses (+8.3 %/€ +15 million): Significant increase, primarily driven by collective bargaining effects and a slightly higher average number of employees.
• Depreciation (+1.3 %/€ +1 million): Development roughly in line with the previous year.

Gross capital expenditures in the traction current supply infrastructure have increased significantly and are aimed, in particular, at improving quality, strengthening resilience and further increasing the flexibility of the energy supply. Net capital expenditures also rose significantly.

The number of employees increased slightly as of December 31, 2025. An increase in the number of employees in technical divisions – necessary to implement the higher level of infrastructure capital expenditures as part of the energy transition – was partially offset by a decrease in the number of administrative staff.

The share of women as of December 31, 2025, decreased compared to the end of the previous year.

The share of renewable energies in the DB traction current mix in Germany continued to rise.