Outlook

DB Group’s environment continued to be characterized by weak economic development in Germany and large parts of Europe. This was reflected in particular in restrained consumer behavior on the part of private households and a continued low propensity to make capital expenditures on the part of companies. The main reasons for this were the ongoing economic and geopolitical uncertainty as well as structural challenges in key European economies. The continuing normalization of inflation and the Federal Government’s capital expenditure measures are leading to an economic recovery. At the same time, potential trade conflicts are counteracting this positive effect.