Infrastructure

2026 is expected to see a positive trend in train-path demand. In rail freight transport, a catch-up effect is expected in terms of transport demand and therefore also train-path demand. As in the previous year, demand for rail passenger transport in 2026 should be dampened by the further increase in the construction volume on the rail infrastructure, including due to corridor modernizations on the Hamburg — Berlin, Hagen — Wuppertal — Cologne, Nuremberg— Regensburg, Obertraubling — Passau and Troisdorf — Wiesbaden routes.

We also expect to see a moderate increase in station stops in 2026. However, final traffic development in 2026 is subject to uncertainties due to the corridor modernizations and the various construction measures on high-frequency networks (S-Bahn (metro)). Rental income at stations should continue to develop positively compared to the previous year.