Overall statement by the Management Board

The development of Deutsche Bahn Group (DB Group) remained in total unsatisfactory in 2025. Burdens arising from operating developments (in particular lower-than-expected punctuality and losses in market share) were only able to be partially offset by countermeasures and one-off proceeds from the sale of DB Schenker. Net financial debt developed better than forecasted in the previous year, partially due to non-recurring one-off effects. Operating development remains challenging, and led to a strategic “restart” of DB Group at the end of 2025.