Financing
Financial management system
In addition to aiming for a sustained rise in enterprise value, DB Group’s financial management focuses on maintaining a capital structure that is in line with very good credit ratings.
DB AG contains DB Group’s Treasury center. Before obtaining funds from external sources, we first conduct intra-Group financing transactions.
Deutsche Bahn Finance GmbH (DB Finance) was merged into DB AG with retrospective economic effect from January 1, 2025, upon entry of the transaction in the commercial register on June 24, 2025. DB Finance operated exclusively as a financing company for DB Group. As a result of the merger all rights and obligations of DB Finance with regard to outstanding bonds were transferred to DB AG.
DB Group’s financing strategy remains unchanged. Future bonds will be issued by DB AG.
The financial resources are passed on to the Group companies in the form of short-term credit lines, which can be utilized as part of cash pooling on internal current accounts and/or through fixed short-term loans, or in the form of long-term loans at risk-adjusted conditions. The advantages of this policy lie in bundling of know-how, realizing synergy effects and minimizing Group-external refinancing costs for DB Group.
| Financial instruments as of Dec 31 / € billion | Volume 2025 | thereof utilized | Utilization rate | Volume 2024 | thereof utilized | Utilization rate |
|---|---|---|---|---|---|---|
| European debt issuance program | 35.0 | 26.4 | 75 | 35.0 | 28.4 | 81 |
| Australian debt issuance program (AUD 5 billion) | 2.8 | 0.7 | 25 | 3.0 | 0.7 | 23 |
| Multi-currency commercial paper program | 3.0 | – | – % | 3.0 | 1.5 | 50 |
| Guaranteed credit facilities | 2.0 | – | – % | 2.1 | – | – % |
| Credit lines for the operating business | 1.9 | 0.6 | 32 | 2.6 | 1.1 | 42 |
- Bond issues: A European debt issuance program (EDIP) and an Australian debt issuance program (Kangaroo program) are available to DB Group for long-term debt financing.
- EDIP: No senior bonds were issued under the EDIP in 2025 and seven senior bonds (volume: € 2.0 billion) were redeemed.
- Kangaroo program: The changes in the Kangaroo program resulted from exchange rate differences.
- Commercial paper program: In the short-term segment, we continue to have a multi-currency commercial paper program at our disposal. This was unutilized as of December 31, 2025.
- Credit facilities: As of December 31, 2025, we had guaranteed credit facilities with a residual term of up to 2.0 years.
- Credit lines: We also had access to credit lines for our operating business as of December 31, 2025. These credit lines are made available to our subsidiaries and include provisions for financing working capital, as well as sureties for payment. The sale of DB Schenker has partially eliminated the need for this, meaning that the credit lines have been significantly reduced.
Hybrid bond
The bond with ISIN XS2010039035 was terminated in 2025 in accordance with Section 6 (3) of the bond terms and conditions and repaid in full. Repayment was made at nominal value plus outstanding accrued interest.
The equity increases by the Federal Government in the previous year and in 2025 replace the equity portion of the hybrid bond in DB AG’s capital structure.
The remaining hybrid bond (ISIN XS2010039548) remains unchanged a material part of DB AG’s financing strategy.
Bridge financing DB Schenker
The short-term bank loans for bridge financing (as of December 31, 2024: € 3.0 billion) were repaid in full upon completion of the sale of DB Schenker.
Federal loans
In December 2025, DB InfraGO AG received a low-interest loan of € 3 billion from the Federal Government to finance capital expenditures in rail infrastructure. The lower carrying amount (as of December 31, 2025: € 1.3 billion) results from the valuation and deferral of the interest benefit over the term of the loan (as of December 31, 2025: 34 years).