Overall statement of the Management Board regarding economic development

While global economic growth remained at a solid level in 2025 and the European economy picked up again, gross domestic product (GDP) stagnated in Germany, Europe’s largest economy. Overall, the economic performance of the European Union therefore lagged behind other regions of the world such as North America (NAFTA) and Asia.

After three years of recession and stagnation, the German economy is expected to see a return to slight growth in 2026. However, the reorganization of economic relations continues to weigh on economic development in Germany. Although the global economy proved resilient overall in 2025, US trade policy and the resulting distortions are likely to lead to a slowdown in international trade in goods in 2026.

Government investments will have a stabilizing effect over the course of the year, whereas private investments will remain subdued. Although inflation has returned to normal, private consumption is not developing its momentum in full as muted employment prospects are affecting consumer confidence.

Passenger transport is also expected to increase in 2026, although growth in the individual segments will vary considerably. Rail and motorized individual transport will see solid growth, while public road passenger transport and air transport will be up slightly on the previous year.

Following a moderate decline in freight transport performance in 2025, freight transport is expected to stagnate in 2026 as no significant catch-up effects are expected in the previously declining industries such as mechanical engineering, chemicals and automotive.