Development in the year under review

• Omission of negative effects (e.g. due to GDL strikes, flooding) led to improvements, but development remains challenging.
• Additional burdens on profits, including from higher overall infrastructure utilization costs and collective bargaining effects, were more than offset by countermeasures, efficiency improvements and one-time effects.
• Punctuality below the previous year’s weak level mainly driven by infrastructure capacity bottlenecks due to disruptions and construction.
• Continued high capital expenditures for the modernization of the vehicle fleet.

¹⁾ Since 2025 excluding interns and working students. Figures as of December 31, 2024, and for the previous year have not been adjusted.

Punctuality (both operational and whole journey) at DB Long-Distance continued to decline in 2025. This was due to the poor condition of the infrastructure, the high level of construction activity, some of which had to be conducted at short notice, and unstable schedule processes with regard to the timely provision of schedule documents to TOCs. In addition, heavy congestion occurs at highly utilized hubs and on highly utilized lines due to disruption and selective overloads. This had a negative impact on punctuality across the entire rail network. The replacement of concrete ties and the associated creation of restricted speed sections also remains a challenge for the quality of operations. On the other hand, the reduction in additional delays caused by TOCs and higher vehicle availability and initial punctuality had a positive effect.

Punctuality (whole journey) at DB Long-Distance shows the share of passengers who arrived less than 15 minutes late compared to their scheduled long-distance travel chain. The threshold is based on intermodal competition with long-distance bus services and aviation. The analysis is based on long-distance connections with the long-distance tickets booked for this purpose. Train cancellations and connection losses that occur in the planned travel chain are taken into account accordingly, including alternative routes using local transport. Necessary transfer times are specifically taken into account depending on the connection situation. Alternative routes with direct connections are prioritized over those involving additional transfers.

Despite a fall in operational punctuality, customer satisfaction increased. On-train personnel and travel comfort were rated particularly positively, for instance the new interior design and the seats in the ICE 3neo.

The number of BahnCards as of December 31, 2025, was roughly at the same level as of the end of the previous year. Positive effects from sales campaigns (especially the BahnCard trial and the BahnCard 50 campaign) were almost entirely offset by negative effects from cancellations in particular, although these were significantly lower than in the previous year.

Performance development in 2025 was positive overall:

• Number of passengers and volume sold: Slight increase, driven in particular by the omission of negative effects from the previous year (mainly due to strikes and weather-related restrictions). This was supported by service expansions and slightly higher load factor. The large volume of construction work in the infrastructure continues to have a negative impact. The volume sold grew even more significantly than the number of passengers due to the increase in the mean travel distance.
• Volume produced: Slightly above the previous year’s level. Service expansions and the omission of negative effects from the previous year (in particular strikes and flood-related restrictions) were partially offset by construction-related capacity bottlenecks in the infrastructure.
• Load factor: Slight increase thanks to supply adjustments and improved capacity management.

Economic development improved considerably, particularly as a result of the omission of negative effects from the previous year, the initiation of measures to safeguard profits and the train-path price supportµ from the Federal Government, which at least partially offset the significant train-path price increaseµ 105, but remains challenging. The weak operational situation continues to weigh on performance. The operating profit figures increased significantly and adjusted EBIT returned to positive territory.

The income side improved due to the omission of strike effects from 2024 as well as price and volume effects and the train-path price support:

• Revenues (+4.6 %/€ +268 million): Significant increase compared to the strike-affected previous year due to the higher volume sold and higher load factor as well as price effects.
• Other operating income (+19.0 %/€ +107 million): Significant increase mainly due to the Federal Government’s train-path price support. Additional burdens from the increase in infrastructure utilization fees (see cost of materials) were offset by about one-third. This was supported by the increase in income from the sale and rental of vehicles, among other things. In particular lower compensation payments received for passenger rights claims and construction delays had a partly offsetting effect.

In contrast, there was a noticeable rise in expenses, mainly as a result of higher expenses due to volume and price effects, but to a lower extent than income.

• Cost of materials (+7.8 %/€ +266 million): Noticeable increase in particular as a result of additional burdens, primarily from price-related higher expenses for infrastructure utilization (partially offsetting effect in other operating income from the Federal Government’s train-path price support) and for energy. Maintenance expenses also increased, including for scheduled vehicle inspections. Among other things, this was partly offset by lower expenses in the area of customer service due to the omission of non-recurring effects from the previous year (primarily due to strikes).
• Personnel expenses (+3.0 %/€ +46 million): Increase mainly driven by collective bargaining effects. The lower number of employees had an offsetting effect.
• Depreciation (+0.2 %/€ +1 million): This was at the previous year’s level. Higher depreciation due to capital expenditures was almost entirely offset by effects from assets reaching the end of their useful life as well as the sale of trains. The effect of impairment was adjusted within the result from special items.

This was partially offset by the decline in other operating expenses.

• Other operating expenses (–7.6 %/€ –74 million): Significant decline as a result of measures implemented to safeguard profits, leading to savings in areas including IT and consulting expenses. Expenses were also lower because of the omission of more intensive passenger support in the previous year due to strikes. Conversely, higher vehicle rentals in connection with the expansion of international long-distance transport services had the effect of increasing expenses.

Capital expenditures increased primarily as a result of the procurement of 15 ICE 3neo trains, thereof 14 multiple units were sold and leased back at the end of the year. In addition, the first four ICE L wagon sets were procured (although two were not accepted until the start of 2026), as well as two Intercity 2 trains.

The number of employees fell as of December 31, 2025, especially in the areas of administration and sales.

The share of women as of December 31, 2025, was roughly at the same level as of the end of the previous year.

The further decrease in absolute Scope 1 and 2 emissions compared to 2019 was mainly due to the switch to 100 % eco-power for all stationary facilities and buildings in Germany supplied by DB Energy since the beginning of 2025.