Deutsche Bahn recorded a net loss of €2.3 billion after taxes in the past year, according to the balance sheet report published on Friday. A significant factor in the negative result was a €1.4 billion writedown in long-distance services, resulting from reduced revenue expectations due to the deteriorating infrastructure. However, CEO Evelyn Palla still sees the company on the path to recovery.
Group revenue increased by three percent to €27 billion, according to the figures. Operating results improved by €630 million to a positive €297 million. Palla described these figures as an "important step forward," indicating a "turnaround" is emerging. "Better is not yet good enough," she added.
The writedown in long-distance services represents a "new realism," Palla stated. "Construction sites and restrictions will accompany us for years to come and will noticeably burden long-distance services with their long routes." It will take at least ten years to bring the rail network back to good condition. "We must clearly name this reality and also reflect it in our figures."
The balance sheet report refers to an "entry into the recovery" for long-distance services. The operating result of the division improved from minus €96 million the previous year to a positive €45 million. "Revenue and transport performance have risen to a new record level, but remain below expectations due to infrastructural conditions."
Punctuality in long-distance services performed even worse than in 2024. 60.1 percent of long-distance trains were on time, down from 62.5 percent the previous year. "Even in the super construction year 2026, punctuality will remain under pressure," the Bahn already predicted.
At the same time, the number of passengers continued to grow, up 3.4 percent year-on-year to 1.93 billion, primarily in regional and local transport. Transport performance also increased by 2.7 percent to around 87 billion passenger-kilometers.
The passenger association Pro Bahn sees the Bahn under Palla on the right track. Chairman Detlef Neuß told the "Rheinische Post" that she has "stopped lying to passengers and telling them everything will be fine within a short time." However, to achieve her goals, Palla needs the support of politics. "We will still have to see whether that works."
"The passenger numbers clearly demonstrate it: Germany needs the Bahn and Germany wants the Bahn," declared Federal Transport Minister Patrick Schnieder (CDU). For overcoming the existing problems, he sees the company as responsible. The DB still has to "master a multitude of challenges," he stated. The federal government has "financially created the conditions for upgrading the rail infrastructure with far-reaching and long-term financing commitments."
The Greens' railway expert, Matthias Gastel, disagrees. "Now it comes down to the federal government steering Deutsche Bahn better and Deutsche Bahn noticeably stabilizing operations," he declared. "The procrastination in the renovation and expansion of the rail network by this federal government is increasingly becoming a problem for the economic situation of the Bahn as well."
The completed sale of the former Bahn subsidiary Schenker had another significant special effect on the balance sheet. The proceeds from the sale provided Deutsche Bahn with an annual surplus of €5.3 billion. However, the funds were primarily used for debt reduction.
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