Our customers rightly expect to be able to rely on Deutsche Bahn – every day, on every line. In recent years, we have too often failed to keep our promises. Delays, high losses and a lack of transparency have caused us to lose the trust of our external stakeholders and our own employees. That is precisely why we knew that "business as usual" was no longer an option. We have actively chosen to press the reset button. Our restart is not a short-term project, but a long-term change in both performance and culture. We want to communicate more honestly, deliver more reliably and act more consistently – including when it comes to making uncomfortable decisions. Our aim is for passengers to feel the difference and for employees to be able to say with pride once again: Deutsche Bahn keeps Germany moving.

When I took office, I began turning over every stone in DB Group. For too long, our administration had been getting ever larger and the direct line to our core business had become severed. We were too busy managing ourselves instead of consistently demanding results from the business units. Above all, the restart therefore means placing more responsibility on the business units locally with far less overhead. From now on, decisions will be made where our trains run and where our stations need to work smoothly. We are putting an end to the paralysis of bureaucracy and focusing on speed, clarity and, above all, direct responsibility in the business units. This is how we will bring performance and entrepreneurship back into the system – and bring Deutsche Bahn closer to its customers.

The restructuring began immediately: fewer Management Board members, fewer hierarchies, less bureaucracy. This is not an end in itself, but the key to greater speed and customer orientation. We cannot immediately change the difficult operating conditions under which we work on a daily basis. But we can reposition ourselves in order to make better decisions under these conditions. To achieve this, we need a lean Group and flat hierarchies that no longer obstruct our view of our core business and our customers. At the same time, we have also addressed the topic of honesty. I have put an end to the unrealistic timeline for the Stuttgart 21 project. And when it comes to punctuality, I refuse to promise anything we can’t deliver. 2026 will be a year of consolidation and stability, not whitewashing. My motto: facts before announcements.

Yes, we were in the black operationally in 2025. Revenues and adjusted EBIT both increased – and that is an important step forward. All the same, this is not the time for satisfaction. Our ambitions need to be far higher: we will only have achieved our goal when we can once again record sustainable net profits, when we generate the necessary funds for our capital expenditures internally, and when customers perceive real improvements. That is why we are keeping up the pace, because we still have a long way to go in this respect.

The first signs of a turnaround are emerging: DB Long-Distance is back in the black in terms of its operating profit, DB Regional remains stable and on course for success, and DB Cargo has improved its operating profit by about € 350 million – but now it needs to consistently pursue the path of restructuring. Overall, this is a better picture than in previous years, but we are still a long way from reaching our goal. However, the infrastructure is the real key. A reliable rail network is absolutely essential. That is why our motto is: build, build, build. 2026 will be a huge year in terms of construction, with more modernization than ever before. Even if this continues to slow us down in terms of punctuality in 2026, it is incredibly important. A strong rail network is the only way for us to ultimately regain our punctuality for the long term.

Our more than 200,000 employees are the heart of Deutsche Bahn. I am making this restart for the people of Germany, of course, but especially for all railway employees! We want to unleash the pride of our railway employees once again. That is an incredible power that lies dormant within us. We want to bring back pride, performance and a willingness to make decisions. In the future, leadership will mean removing obstacles, taking responsibility and communicating honestly. Less management, more movement. The benchmark is clear: we will only be satisfied when Deutsche Bahn is convincing right down the line – everywhere, at all times and for everyone. Less is not an option!

Above all, better punctuality is achieved through a reliable rail network. The rail network is after all the backbone of the railway. Quality either happens there or it does not. But one thing is clear: eliminating the decades-long capital expenditure backlog is a project for the next ten years. Everything will take time. We shouldn’t kid ourselves about that. But we don’t want to just wait and see. We are simultaneously spending about € 140 million for three immediate action programs: for improved cleanliness and security at stations, for greater comfort on long-distance trains and for better customer information. The idea is that people should feel something is changing for the better at Deutsche Bahn right now – not just at the end of the construction work.

These annual financial statements also mark the end of the old Deutsche Bahn. With this restart, we have laid the foundations for the high-performance railway of the future. My goal is for Deutsche Bahn to become the best railway in Europe again! 200,000 railway employees throughout Germany are ready for change – supported by the Federal Government and motivated to compete for the best concepts. We are serious and are going our own way: with honesty, consistency and reliability!