Annual Report
2025
2023 Interim Report
2023 Integrated Report
2024 Interim Report
2024 Integrated Report
2025 Interim Report
We are building a new Deutsche Bahn
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We are building a new Deutsche Bahn
Interview with Evelyn Palla
A new construction principle for a greater proximity to the business
Report of the Supervisory Board
Combined management report
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Combined management report
Overview
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Overview
Overall statement by the Management Board
Important events
DB Group
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DB Group
Organizational structure
Business model
Sustainability management
Sustainability reporting
Fundamentals
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Fundamentals
Development of business environment
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Development of business environment
National environment
European environment
Legal topics
Strategy
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Strategy
Strong Rail and S3 restructuring program
“Restart” of Deutsche Bahn
Outlook for 2026 and our medium-term to long-term targets
Key non-financial performance indicators
Digitalization and technology
Business development
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Business development
Overview of key figures
Overview of business units
Business environment
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Business environment
Demand for mobility and logistics
Energy markets
Income situation
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Income situation
Comparability with the previous year
Revenues
Income development
Deviations from the forecast
Financial position
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Financial position
Interest rate environment
Financing
Credit ratings
Key economic performance indicators
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Key economic performance indicators
Debt coverage
ROCE
Capital employed
Cost of capital
Asset situation
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Asset situation
Statement of cash flows
Net financial debt
Capital expenditures
Balance sheet
Off-balance-sheet financing instruments and non-recognized assets
Deviations from the forecast
Procurement
Development of business units
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Development of business units
Developments in relevant markets
DB Long-Distance business unit
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DB Long-Distance business unit
Business model
Markets and strategy
General framework
Fleet development
Digitalization and innovation
Environmental measures
Other events
Development in the year under review
DB Regional business unit
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DB Regional business unit
Business model
Markets and strategy
Development of the order book
Fleet development
Implementation of restructuring measures
Digitalization and innovation
Environmental measures
Subsidiaries
Development in the year under review
DB Cargo business unit
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DB Cargo business unit
Business model
Markets and strategy
General framework
Transformation DB Cargo
Digitalization and innovation
Environmental measures
Subsidiaries
Development in the year under review
DB InfraGO business unit
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DB InfraGO business unit
Business model
Markets and strategy
Transformation into a high-performance network
Implementation of performance and financing agreement
Preparation of the 2025 schedule
Inspection and replacement of concrete ties
Train accident in Garmisch-Partenkirchen
Development of the infrastructure
General framework
Arbitration processes for the Rastatt tunnel
Digitalization and innovation
Environmental measures
Subsidiaries
Other events
Development in the year under review
DB Energy business unit
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DB Energy business unit
Business model
Markets and strategy
General framework
Environmental measures
Development in the year under review
Subsidiaries/Other
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Subsidiaries/Other
Key events
Subsidiaries
Development in the year under review
Deutsche Bahn AG (German Commercial Code (HGB))
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Deutsche Bahn AG (German Commercial Code (HGB))
DB AG as the parent company of DB Group
Number and structure of employees (DB AG)
Income situation, financial position and asset situation (HGB)
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Income situation, financial position and asset situation (HGB)
Income development
Financial position
Asset situation
Opportunity and risk report (DB AG)
Management Board’s report on relationships with affiliated companies
Outlook (DB AG)
Opportunity and risk report
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Opportunity and risk report
Opportunity and risk management
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Opportunity and risk management
Key characteristics of ICS and RMS with regard to the group accounting process
Determining the relevance of opportunities and risks
Assessment of the risk situation in 2026
Opportunity and risk categories
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Opportunity and risk categories
Financing from the federal budget
Production and technology
Economic climate, market and competition
Regulation
Law and contracts
Procurement and energy market
Significant events
Capital markets and taxes
Implementation of projects
ESG Risks
Governance
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Governance
Service and financial relationships within DB Group
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Service and financial relationships within DB Group
Operational service relationships
Service relationships with group management
Group financing
Contracts of domination and profit and loss transfer agreements
Regulations in DB Group
Corporate governance report
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Corporate governance report
Statement of compliance
Cooperation between the Management Board and the Supervisory Board
Transparency
Risk management
Compliance
Accounting and auditing
Efficiency audit of the Supervisory Board
Remuneration report
Events after the balance sheet date
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Events after the balance sheet date
Restructuring report confirms DB Cargo AG’s ability to be restructured
Sale of ioki GmbH
Changes to the Supervisory Board of DB AG
Schedule adjustment for the Hamburg—Berlin corridor modernization
New collective bargaining agreement concluded with the GDL
Summit for improved security
Possible impact of developments in the Middle East
Outlook
Show
Outlook
Overall statement of the Management Board regarding economic development
Future direction of DB Group
Economic outlook
Transport markets
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Transport markets
Passenger transport
Freight transport and logistics
Infrastructure
Procurement markets
Financial markets
General conditions
Development of DB Group
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Development of DB Group
Financial key figures
Non-financial key figures
Forward-looking statements
Sustainability statement
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Sustainability statement
At a glance
General Disclosures (ESRS 2)
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General Disclosures (ESRS 2)
Basis for preparation of the sustainability statement (BP-1)
The role of the administrative, management and supervisory bodies (GOV-1)
Integration of sustainability-related performance in incentive schemes (GOV-2)
Statement on due diligence (GOV-3)
Risk management and internal controls over sustainability reporting (GOV-4)
Strategy, business model and value chain (SBM-1)
Interests and views of stakeholders (SBM-2)
Interaction of material impacts, risks and opportunities with strategy and business model, and financial effects (SBM-3)
Description of the process to identify and assess material impacts, risks and opportunities, and material information to be reported (IRO 1)
Material impacts, risks and opportunities and disclosure requirements included in the sustainability statement (IRO-2)
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Material impacts, risks and opportunities and disclosure requirements included in the sustainability statement (IRO-2)
ESRS index
List of datapoints that derive from other EU legislation
Climate Change (ESRS E1)
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Climate Change (ESRS E1)
Material IROs
Climate Transition Plan (E1-1)
Identification of climate-related risks and scenario analysis
Resilience in the context of climate change
Policies (E1-2)
Actions (E1-3)
Targets (E1-4)
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Targets (E1-4)
2040 climate protection traget
Share of renewable energies in the DB traction current mix
Metrics
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Metrics
Share of renewable energies in the DB traction current mix
Energy consumption and energy mix (E1-5)
Scope 1, 2 and 3 greenhouse gas emissions (E1-6)
Environmental management system
Energy management system
Level of electrification
Reduction in greenhouse gas emissions achieved
Additional information
Pollution (ESRS E2)
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Pollution (ESRS E2)
Material IROs
Policies (E2-1)
Actions (E2-2)
Targets (E2-3)
Metrics
Biodiversity and Ecosystems (ESRS E4)
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Biodiversity and Ecosystems (ESRS E4)
Material IROs
Policies (E4-2)
Actions (E4-3)
Targets (E4-4)
Metrics
Additional content
Resource Use and Circular Economy (ESRS E5)
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Resource Use and Circular Economy (ESRS E5)
Material IRO
Policies (E5-1)
Actions (E5-2)
Targets (E5-3)
Metrics
Additional information
Show
Additional information
Output resource management
Water usage
Own workforce (ESRS S1)
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Own workforce (ESRS S1)
Working conditions
Show
Working conditions
Material IROs
Policies (S1-1)
Engagement with own workforce and workers’ representatives, channels for expressing concerns or needs and approaches to remedy
Actions (S1-4)
Targets (S1-5)
Metrics
Show
Metrics
Characteristics of employees (S1-6)
Characteristics of non-employees (S1-7)
Collective bargaining coverage (S1-8)
Diversity (S1-9)
Adequate wages (S1-10)
Training and skills development (S1-13)
Work-life balance (S1-15)
Remuneration metrics (S1-16)
Incidents, complaints and severe human rights impacts (S1-17)
Additional informtion
Show
Additional informtion
Recruitment
Vocational training and securing young talents
Personnel development
Inclusion and participation of people with disabilities
Employee loyalty
Socially responsible restructuring
Health and safety
Show
Health and safety
Material IRO
Policies (S1-1)
Engagement with own workforce and workers’ representatives, channels for expressing concerns or needs and approaches to remedy
Actions (S1-4)
Targets (S1-5)
Metrics
Additional information
Data protection
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Data protection
Material IRO
Policies (S1-1)
Engagement with own workforce and workers’ representatives, channels for expressing concerns or needs and approaches to remedy
Actions (S1-4)
Targets (S1-5)
Workers in the Value Chain (ESRS S2)
Show
Workers in the Value Chain (ESRS S2)
Material IRO
Policies (S2-1)
Engagement with workers in the value chain, channels to raise concerns or needs and approaches to remedy
Actions (S2-4)
Targets (S2-5)
Affected Communities (ESRS S3)
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Affected Communities (ESRS S3)
Material IRO
Policies (S3-1)
Engagement with affected communities, channels to raise concerns or needs and approaches to remedy
Actions (S3-4)
Targets (S3-5)
Metrics
Consumers and end-users (ESRS S4)
Show
Consumers and end-users (ESRS S4)
Passenger information
Show
Passenger information
Material IRO
Policies (S4-1)
Engagement with consumers and end-users, channels to raise concerns or needs and approaches to remedy
Actions (S4-4)
Targets (S4-5)
Group security
Show
Group security
Material IRO
Policies (S4-1)
Engagement with consumers and end-users, channels to raise concerns or needs and approaches to remedy
Actions (S4-4)
Targets (S4-5)
Metrics
Data protection
Show
Data protection
Material IRO
Policies (S4-1)
Engagement with consumers and end-users, channels to raise concerns or needs and approaches to remedy
Actions (S4-4)
Targets (S4-5)
Business Conduct (ESRS G1)
Show
Business Conduct (ESRS G1)
Corporate culture
Show
Corporate culture
Material IRO
Policies (G1-1)
Actions
Targets
Metrics
Corruption and bribery
Show
Corruption and bribery
Material IRO
Policies (G1-1)
Actions/prevention and detection of corruption and bribery (G1-3)
Targets
Metrics
Whistleblower protection
Show
Whistleblower protection
Material IRO
Policies (G1-1)
Actions (G1-3)
Targets
Political engagement and lobbying activities
Show
Political engagement and lobbying activities
Material IRO
Policies (G1-1)
Actions
Targets
Political influence and lobbying activities (G1-5)
Additional information
Show
Additional information
Sustainability in the supply chain
Social responsibility
Cooperation with the train station welfare centers
Charitable commitment by the deutsche bahn foundation
DB-specific topics
Show
DB-specific topics
Infrastructure development (DB-1)
Show
Infrastructure development (DB-1)
Infrastructure modernization
Show
Infrastructure modernization
Material IROs
Policies
Actions
Targets
Targets
Customer benefits and product quality (DB-2)
Show
Customer benefits and product quality (DB-2)
Punctuality
Show
Punctuality
Material IROs
Policies
Actions
Targets
Metrics
Appendix: EU Taxonomy
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Appendix: EU Taxonomy
EU taxonomy
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EU taxonomy
Taxonomie key figures
2025 financial year
Analysis of asset additions
Shares per environmental target
Consolidated financial statements
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Consolidated financial statements
Consolidated statement of income
Reconciliation of consolidated comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes in equity
Notes to the consolidated financial statements
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Notes to the consolidated financial statements
Segment information according to segments
Information by regions
Additional information
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Additional information
UN Global Compact index
Independent auditor’s report
List of abbreviations
Order print version
Financial calendar
IR newsletter
Download Center
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Key figure comparison
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Deutsche Bahn 2025 Annual Report
Combined management report
Governance
Corporate governance report
Efficiency audit of the Supervisory Board
Governance
We are building a new Deutsche Bahn
Interview with Evelyn Palla
A new construction principle for a greater proximity to the business
Report of the Supervisory Board
Combined management report
Overview
Overall statement by the Management Board
Important events
DB Group
Organizational structure
Business model
Sustainability management
Sustainability reporting
Fundamentals
Development of business environment
National environment
European environment
Legal topics
Strategy
Strong Rail and S3 restructuring program
“Restart” of Deutsche Bahn
Outlook for 2026 and our medium-term to long-term targets
Key non-financial performance indicators
Digitalization and technology
Business development
Overview of key figures
Overview of business units
Business environment
Demand for mobility and logistics
Energy markets
Income situation
Comparability with the previous year
Revenues
Income development
Deviations from the forecast
Financial position
Interest rate environment
Financing
Credit ratings
Key economic performance indicators
Debt coverage
ROCE
Capital employed
Cost of capital
Asset situation
Statement of cash flows
Net financial debt
Capital expenditures
Balance sheet
Off-balance-sheet financing instruments and non-recognized assets
Deviations from the forecast
Procurement
Development of business units
Developments in relevant markets
DB Long-Distance business unit
Business model
Markets and strategy
General framework
Fleet development
Digitalization and innovation
Environmental measures
Other events
Development in the year under review
DB Regional business unit
Business model
Markets and strategy
Development of the order book
Fleet development
Implementation of restructuring measures
Digitalization and innovation
Environmental measures
Subsidiaries
Development in the year under review
DB Cargo business unit
Business model
Markets and strategy
General framework
Transformation DB Cargo
Digitalization and innovation
Environmental measures
Subsidiaries
Development in the year under review
DB InfraGO business unit
Business model
Markets and strategy
Transformation into a high-performance network
Implementation of performance and financing agreement
Preparation of the 2025 schedule
Inspection and replacement of concrete ties
Train accident in Garmisch-Partenkirchen
Development of the infrastructure
General framework
Arbitration processes for the Rastatt tunnel
Digitalization and innovation
Environmental measures
Subsidiaries
Other events
Development in the year under review
DB Energy business unit
Business model
Markets and strategy
General framework
Environmental measures
Development in the year under review
Subsidiaries/Other
Key events
Subsidiaries
Development in the year under review
Deutsche Bahn AG (German Commercial Code (HGB))
DB AG as the parent company of DB Group
Number and structure of employees (DB AG)
Income situation, financial position and asset situation (HGB)
Income development
Financial position
Asset situation
Opportunity and risk report (DB AG)
Management Board’s report on relationships with affiliated companies
Outlook (DB AG)
Opportunity and risk report
Opportunity and risk management
Key characteristics of ICS and RMS with regard to the group accounting process
Determining the relevance of opportunities and risks
Assessment of the risk situation in 2026
Opportunity and risk categories
Financing from the federal budget
Production and technology
Economic climate, market and competition
Regulation
Law and contracts
Procurement and energy market
Significant events
Capital markets and taxes
Implementation of projects
ESG Risks
Governance
Service and financial relationships within DB Group
Operational service relationships
Service relationships with group management
Group financing
Contracts of domination and profit and loss transfer agreements
Regulations in DB Group
Corporate governance report
Statement of compliance
Cooperation between the Management Board and the Supervisory Board
Transparency
Risk management
Compliance
Accounting and auditing
Efficiency audit of the Supervisory Board
Remuneration report
Events after the balance sheet date
Restructuring report confirms DB Cargo AG’s ability to be restructured
Sale of ioki GmbH
Changes to the Supervisory Board of DB AG
Schedule adjustment for the Hamburg—Berlin corridor modernization
New collective bargaining agreement concluded with the GDL
Summit for improved security
Possible impact of developments in the Middle East
Outlook
Overall statement of the Management Board regarding economic development
Future direction of DB Group
Economic outlook
Transport markets
Passenger transport
Freight transport and logistics
Infrastructure
Procurement markets
Financial markets
General conditions
Development of DB Group
Financial key figures
Non-financial key figures
Forward-looking statements
Sustainability statement
At a glance
General Disclosures (ESRS 2)
Basis for preparation of the sustainability statement (BP-1)
The role of the administrative, management and supervisory bodies (GOV-1)
Integration of sustainability-related performance in incentive schemes (GOV-2)
Statement on due diligence (GOV-3)
Risk management and internal controls over sustainability reporting (GOV-4)
Strategy, business model and value chain (SBM-1)
Interests and views of stakeholders (SBM-2)
Interaction of material impacts, risks and opportunities with strategy and business model, and financial effects (SBM-3)
Description of the process to identify and assess material impacts, risks and opportunities, and material information to be reported (IRO 1)
Material impacts, risks and opportunities and disclosure requirements included in the sustainability statement (IRO-2)
ESRS index
List of datapoints that derive from other EU legislation
Climate Change (ESRS E1)
Material IROs
Climate Transition Plan (E1-1)
Identification of climate-related risks and scenario analysis
Resilience in the context of climate change
Policies (E1-2)
Actions (E1-3)
Targets (E1-4)
2040 climate protection traget
Share of renewable energies in the DB traction current mix
Metrics
Share of renewable energies in the DB traction current mix
Energy consumption and energy mix (E1-5)
Scope 1, 2 and 3 greenhouse gas emissions (E1-6)
Environmental management system
Energy management system
Level of electrification
Reduction in greenhouse gas emissions achieved
Additional information
Pollution (ESRS E2)
Material IROs
Policies (E2-1)
Actions (E2-2)
Targets (E2-3)
Metrics
Biodiversity and Ecosystems (ESRS E4)
Material IROs
Policies (E4-2)
Actions (E4-3)
Targets (E4-4)
Metrics
Additional content
Resource Use and Circular Economy (ESRS E5)
Material IRO
Policies (E5-1)
Actions (E5-2)
Targets (E5-3)
Metrics
Additional information
Output resource management
Water usage
Own workforce (ESRS S1)
Working conditions
Material IROs
Policies (S1-1)
Engagement with own workforce and workers’ representatives, channels for expressing concerns or needs and approaches to remedy
Actions (S1-4)
Targets (S1-5)
Metrics
Characteristics of employees (S1-6)
Characteristics of non-employees (S1-7)
Collective bargaining coverage (S1-8)
Diversity (S1-9)
Adequate wages (S1-10)
Training and skills development (S1-13)
Work-life balance (S1-15)
Remuneration metrics (S1-16)
Incidents, complaints and severe human rights impacts (S1-17)
Additional informtion
Recruitment
Vocational training and securing young talents
Personnel development
Inclusion and participation of people with disabilities
Employee loyalty
Socially responsible restructuring
Health and safety
Material IRO
Policies (S1-1)
Engagement with own workforce and workers’ representatives, channels for expressing concerns or needs and approaches to remedy
Actions (S1-4)
Targets (S1-5)
Metrics
Additional information
Data protection
Material IRO
Policies (S1-1)
Engagement with own workforce and workers’ representatives, channels for expressing concerns or needs and approaches to remedy
Actions (S1-4)
Targets (S1-5)
Workers in the Value Chain (ESRS S2)
Material IRO
Policies (S2-1)
Engagement with workers in the value chain, channels to raise concerns or needs and approaches to remedy
Actions (S2-4)
Targets (S2-5)
Affected Communities (ESRS S3)
Material IRO
Policies (S3-1)
Engagement with affected communities, channels to raise concerns or needs and approaches to remedy
Actions (S3-4)
Targets (S3-5)
Metrics
Consumers and end-users (ESRS S4)
Passenger information
Material IRO
Policies (S4-1)
Engagement with consumers and end-users, channels to raise concerns or needs and approaches to remedy
Actions (S4-4)
Targets (S4-5)
Group security
Material IRO
Policies (S4-1)
Engagement with consumers and end-users, channels to raise concerns or needs and approaches to remedy
Actions (S4-4)
Targets (S4-5)
Metrics
Data protection
Material IRO
Policies (S4-1)
Engagement with consumers and end-users, channels to raise concerns or needs and approaches to remedy
Actions (S4-4)
Targets (S4-5)
Business Conduct (ESRS G1)
Corporate culture
Material IRO
Policies (G1-1)
Actions
Targets
Metrics
Corruption and bribery
Material IRO
Policies (G1-1)
Actions/prevention and detection of corruption and bribery (G1-3)
Targets
Metrics
Whistleblower protection
Material IRO
Policies (G1-1)
Actions (G1-3)
Targets
Political engagement and lobbying activities
Material IRO
Policies (G1-1)
Actions
Targets
Political influence and lobbying activities (G1-5)
Additional information
Sustainability in the supply chain
Social responsibility
Cooperation with the train station welfare centers
Charitable commitment by the deutsche bahn foundation
DB-specific topics
Infrastructure development (DB-1)
Infrastructure modernization
Material IROs
Policies
Actions
Targets
Targets
Customer benefits and product quality (DB-2)
Punctuality
Material IROs
Policies
Actions
Targets
Metrics
Appendix: EU Taxonomy
EU taxonomy
Taxonomie key figures
2025 financial year
Analysis of asset additions
Shares per environmental target
Consolidated financial statements
Consolidated statement of income
Reconciliation of consolidated comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Segment information according to segments
Information by regions
Additional information
UN Global Compact index
Independent auditor’s report
List of abbreviations
Order print version
Financial calendar
IR newsletter
Download Center
Efficiency audit of the Supervisory Board
The Supervisory Board regularly reviews the efficiency of its activities.
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Remuneration report
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