(Berlin, July 31, 2025) Deutsche Bahn Group (DB Group) continued its restructuring efforts in the first half of 2025, significantly reducing its operating loss (adjusted EBIT) by nearly EUR 1 billion compared to the first six months of 2024. Contributing factors included the Federal Government taking over funding for infrastructure maintenance expenses, strict cost discipline across all DB train operating companies, and a significant streamlining in overhead.
Profit after taxes amounted to EUR -760 million (first half of 2024: EUR -1.6 billion). Including positive one-time effects, primarily from the sale of DB Schenker, the profit after taxes was EUR 6.9 billion. Adjusted Group revenues increased by 3.4% to EUR 13.3 billion. Due to the fault-prone infrastructure, a high number of necessary additional construction sites, and the resulting continued poor punctuality, revenues remained below expectations. 63.4% of all long-distance trains arrived on time in the first half of 2025 (first half of 2024: 62.7%).
Demand remained high. About 943 million passengers traveled with DB Group’s trains in the first half of 2025 (first half of 2024: about 919 million passengers). Volume sold in rail passenger transport increased to 41.9 billion passenger kilometers — a rise of nearly 4% compared to the same period last year.
All figures for the first half of 2025 refer — unless otherwise noted — to DB Group excluding the logistics subsidiary DB Schenker, which was sold in April 2025.
DB Group CEO Lutz: Significant Progress in Profitability
Following the successful divestment of DB Schenker, DB Group is focusing even more on its core business. To structurally improve infrastructure, operations, and profitability by 2027, DB Group has been implementing the comprehensive S3 restructuring program since the second half of 2024. The goal is to restore the performance capability of rail, making Deutsche Bahn more reliable, punctual, and profitable.
"With our S3 restructuring program, we have made significant progress, particularly in the area of profitability. DB Group is now in a much more stable economic position than at the beginning of the year. Our strict cost discipline is paying off. We are making steady progress," said DB Group Chief Executive Officer Richard Lutz.
Through the strict spending monitoring and control program in the first half of 2025, DB Group saved about EUR 100 million in operating expenses compared to the first six months of 2024 and consistently reduced personnel, particularly in administration. The proceeds from the DB Schenker sale remained entirely within the DB Group and were used, as planned, primarily for debt reduction. As a result, DB Group’s net financial debt decreased by EUR 10.5 billion compared to December 31, 2024, to about EUR 22 billion.
Economic restructuring will not succeed without fundamentally renewing and modernizing the rail network and stabilizing operations. This is demonstrated by the corridor modernization of the Riedbahn, which began one year ago and was completed on schedule in December 2024. Infrastructure-related disruptions on the line between Frankfurt/Main and Mannheim could already be reduced by 60% in the first six months after commissioning. The condition of the facilities has significantly improved from a grade of 3.7 to 2.2, and for punctuality-relevant crafts, even from 4.2 to 1.5.
At the same time, the infrastructure subsidiary DB InfraGO replaced 40 old interlockings in the first half of 2025 — 14 more than planned. The number of restricted speed sections was also significantly reduced compared to the previous year, averaging 70 fewer per day. By the end of June, DB InfraGO also modernized 157 stations — 16 more than originally planned.
"We see that we are able to implement the planned rail infrastructure construction volume. However, there is still much to be done. In the highly utilized core network, almost every second facility that is relevant for operations and punctuality is in need of renewal and thus much too fault-prone. Therefore, we are taking further measures to counteract and improve punctuality," emphasized Lutz.
DB InfraGO’s measures package includes, among other things, about EUR 350 million more for infrastructure maintenance and additional capital expenditures for facility renewal. With this, DB InfraGO aims to implement about 1,000 additional improvements in the infrastructure this year — for example, advancing the modernization of detour routes for planned construction sites.
Operations and construction shall generally be better harmonized to minimize construction-related inconveniences for passengers and train operating companies as much as possible. To this end, DB InfraGO also plans to review and adjust processes — for example, construction schedules in major hubs such as Frankfurt/Main and Cologne. For the full year 2025, DB Group remains committed to its goal of achieving a punctuality of at least 65% in long-distance transport.
The common-good-oriented DB InfraGO, together with the Federal Government, continued to invest at a high level in rail infrastructure in the first half of 2025. Overall, capital expenditures even slightly exceeded the record figures of the first half of 2024.
Gross capital expenditures amounted to about EUR 7.3 billion in the first six months of 2025. This is EUR 349 million above the peak value of the first half of 2024. The DB-financed net capital expenditures — excluding the Federal Government’s investment grants and equity increases — decreased slightly to about EUR 1.8 billion. The reason for this is that the Federal Government has taken over higher shares of the overall increased capital expenditures in infrastructure.
Development in Core Business
Train kilometers on track infrastructure increased by about 1% in the first half of 2025 compared to the first half of 2024, to about 554 million train-path kilometers. DB InfraGO’s revenues stand at EUR 4.3 billion, about EUR 232 million above the first half of 2024. The operating profit (adjusted EBIT) of DB InfraGO (first half of 2025: minus EUR 204 million) has significantly improved but is primarily burdened by plan deviations in Federal budget financing amounting to EUR -283 million. The reason for this are partly delayed payments of expense grants for maintenance. In the first half of 2025, this was converted from pre-financings of DB Group to regular payments by the Federal Government.
Volume sold of DB Long-Distance stands at 21.9 billion passenger kilometers, about 5% above the first half of 2024. Never before have passengers traveled so many kilometers with DB Group’s long-distance trains in the first six months of a year. At the same time, business travelers, in particular, were cautious about switching to rail due to the strained operational situation, primarily caused by the fault-prone infrastructure. Therefore, despite improvements, DB Long-Distance fell short of revenue expectations.
Most passengers, however, show understanding for the current situation in the infrastructure. Thus, customer satisfaction at DB Long-Distance has slightly increased to a grade of 2.5 (previous year: 2.7) — primarily thanks to the performance of the employees on board the trains.
With strict savings on the cost side, the adjusted EBIT at DB Long-Distance has significantly improved by about EUR 173 million compared to the first six months of 2024. DB Long-Distance still recorded losses with EUR -59 million in the first half of 2025 (first half of 2024: EUR -232 million) but significantly exceeded planning.
DB Regional’s volume sold in the first half of 2025 stands at about 23 billion passenger kilometers, 2% above the first half of 2024 and on target. In terms of revenues, DB Regional increased by about 7% compared to the first half of 2024 and achieved improvements in the triple-digit million range — among other things others through renegotiations of transport contracts.
In terms of operating profit, DB Regional has achieved a turnaround in the first half of 2025: With a clear focus on local entrepreneurial action, the DB Group subsidiary for regional transport achieved a significant operating profit (adjusted EBIT) of EUR 103 million after losses in the first six months of 2024.
The freight transport subsidiary DB Cargo continued its transformation. In the first half of 2025, the freight carried of DB Cargo was at about 83 million tons, transported in a climate-friendly manner on the rails — 10% less than in the first half of 2024. This was due, among other things, to the continued weak economy. Moreover, DB Cargo has consciously terminated unprofitable transport contracts on the path to profitability.
DB Cargo’s revenues decreased by about 9% in the first half of 2025 to EUR 2.5 billion (first half of 2024: EUR 2.8 billion). DB Cargo significantly improved its operating profit in the first six months of 2025 by EUR 165 million to EUR -96 million.
Management Board member Seiler: Targets for Streamlining Exceeded
Management Board member for Human Resources and Legal Affairs Martin Seiler, who is also temporarily responsible for the vacant finance department, stated that DB Group has delivered on personnel reduction: "For 2025, we aimed to reduce the number of full-time equivalents to about 208,000 as part of the S3 restructuring program. As of the end of June 2025, we have already reached 205,000 full-time equivalents. Thus, we have already exceeded our target of 2,000 full-time equivalents as June 30, 2025." The focus, with more than half of the personnel reduction, was on streamlining administration and sales.
DB Group is following a fixed plan: By standardizing, automating, and digitalizing more, it is reducing its personnel requirements as part of the S3 restructuring program by more than 10,000 full-time equivalents by 2027. This also prepares DB Group for the shortage of skilled labor.
Seiler emphasized: "It is clear: We are moving forward on two tracks. We are saving in one area and continue to massively hire in another area, namely operational personnel." Thus, DB Group is continuing recruitment with full force in operational professions such as interlockings, trains, or rail construction — and is bringing on board a total of more than 20,000 employees in 2025, including about 5,700 young talents.
Outlook
In all three pillars of the S3 restructuring program — infrastructure, operations, and profitability — DB Group is continuing to drive forward its concrete projects in the second half of the year.
Infrastructure: Starting in the second half of 2025, DB InfraGO will work at full speed to efficiently and punctually implement the corridor modernization of the Berlin-Hamburg line, which begins on August 1. At the same time, the next corridor modernizations are being prepared, and an extension until 2036, as provided for in the coalition agreement, is being examined. In parallel, DB InfraGO will continue to modernize facilities, interlockings, and stations throughout the network in the second half of 2025.
Operations: To increase operational quality and punctuality, DB InfraGO is improving the interaction of operations and construction, among other things, with fixed time windows which are part of the schedule for maintenance work. This should further reduce the number of trains affected by construction sites by the end of the year. DB Long-Distance is continuing the renewal of its fleet.
Profitability: The three DB train operating business units are continuing to focus on cost discipline and structural changes to further improve their profitability. Following DB Regional, DB Long-Distance also aims to achieve an operating profit. DB Cargo must become profitable by the end of 2026 at the latest — also to fulfill European Commission requirements.
For the full year 2025, DB Group is maintaining its March forecast. In terms of operating profit, DB Group aims to achieve slightly more than breaking even. Revenues are expected to exceed EUR 27 billion.
DB Group will continue to invest at a high level, particularly in rail infrastructure. Gross capital expenditures together with the Federal Government are expected to exceed EUR 20 billion for the full year 2025. DB-financed net capital expenditures are expected to increase to more than EUR 6 billion.
All forecasts are dependent, among other things, on the development of the operational situation and the inflow of Government funds, particularly for train-path price support and maintenance expense grants.