Deutsche Bahn (DB) Group closed its 2024 financial year with an adjusted EBIT of EUR -333 million, narrowing its operating loss by approximately EUR 1.8 billion compared to the previous year. The improvement follows a year affected by infrastructure-related operational difficulties, lower punctuality, and industrial action.
Revenues remained broadly unchanged at EUR 26.2 billion, while the net loss after taxes reached EUR -1.8 billion (2023: EUR -2.7 billion). These figures exclude DB Schenker, which is pending sale, and DB Arriva, sold in May 2024.
Operational performance was shaped by several challenges. The poor condition of rail infrastructure continued to affect service reliability. Punctuality in long distance traffic fell to 62.5% from 64.0% in 2023. Strikes in the first quarter and weak freight demand added further strain.
The number of train passengers rose slightly to 1.9 billion, up 1.6% year-on-year. Volume sold in passenger transport increased 2.1% to 85 billion passenger kilometers, supported by the Germany-Ticket in regional traffic.
Business segment overview
DB InfraGO, the infrastructure unit, completed the general overhaul of the Riedbahn line (Frankfurt–Mannheim) in December 2024. Despite heavy construction activity leading to a 1.3% drop in train-path kilometers, adjusted EBIT returned to positive territory at EUR 226 million, supported by increased Government funding. Revenue stood at approximately EUR 8.1 billion.
DB Long-Distance reported a 3% decrease in volume sold to 44.1 billion passenger kilometers. Service disruptions and delays impacted customer volumes, while revenues declined by around EUR 50 million. Adjusted EBIT deteriorated from EUR -43 million in 2023 to EUR -96 million in 2024. Fleet renewal continued with the delivery of additional ICE 4 units.
DB Regional posted improved figures, with volume sold increasing by 7.7% to 46.9 billion passenger kilometers. Revenues rose 5.9%, and the segment returned to profitability, reaching an adjusted EBIT of EUR 108 million (2023: operating loss).
DB Cargo remained under financial pressure, recording an adjusted EBIT of EUR -357 million despite savings measures. Volume sold dropped by 7.9% to 68.5 billion ton kilometers, and the amount of freight carried fell 9% to 180 million tons. Lower demand from energy-intensive sectors and intermodal traffic contributed to the decline. The European Commission concluded its state aid investigation into DB Cargo AG in November, setting a requirement to return to profitability by end-2026.
DB Schenker, categorized under discontinued operations, generated over EUR 1 billion in operating profit. The sale process is ongoing, with closure expected upon receipt of regulatory approvals.
Investment and restructuring
Gross investment reached EUR 18.2 billion, mostly directed toward infrastructure. DB-financed net capital expenditures grew 11.3% to EUR 5.9 billion. DB Group initiated its S3 restructuring program in the second half of 2024, targeting operational improvements and cost control through 2027.
Cost-cutting initiatives reduced operating expenses by EUR 300 million. The workforce in sales and administration was reduced by around 1,000 employees. Additional reductions are planned through 2027, with a total headcount reduction target of approximately 10,000.
Net financial debt stood at EUR 32.6 billion at year-end 2024, down EUR 1.4 billion year-on-year. The planned divestments of DB Schenker and DB Arriva are expected to support further debt reduction and a focus on core railway operations in Germany.
Environmental targets
DB Group reported a decrease in greenhouse gas emissions from 12.3 million to 10.1 million tons of CO₂ equivalent, a 17.9% reduction. The share of renewable energy in traction power increased to 69.8%. Climate targets were reviewed by the Science Based Targets initiative (SBTi) in March 2025.
Outlook for 2025
DB Group projects revenues to exceed EUR 27 billion in 2025 and anticipates a return to positive adjusted EBIT. Net financial debt is expected to range between EUR 26 billion and EUR 28 billion. Capital expenditures are set to grow, with gross investments from DB and the Government projected at over EUR 20 billion.
Work on the Hamburg–Berlin and Emmerich–Oberhausen corridors is scheduled to follow the Riedbahn overhaul. In operations, DB plans to implement its new construction cycle system more broadly and aims to raise long distance punctuality to between 65% and 70%. Staffing reductions will continue, mainly in administrative functions.
