Photo Credit: www.deutschebahn.com/
German state-owned rail operator Deutsche Bahn returned to profit in the first half of 2026, reporting its first positive half-year result from continuing operations since 2019.
The company posted a net profit of €147 million for the six months ended June 30, reversing a €760-million loss in the corresponding period of 2025. Adjusted operating earnings improved by €654 million to €415 million, while revenue increased by 1.8% to €13.58 billion, according to results published on July 30, 2026.
The figures cover Deutsche Bahn’s continuing rail operations following the sale of logistics subsidiary DB Schenker to Danish transport group DSV in April 2025.
Restructuring and public funding lift earnings
Deutsche Bahn attributed the improved result to restructuring measures, cost reductions, revenue management and higher federal funding for infrastructure maintenance. Increased wage and material costs partly offset these gains.
DB Long-Distance moved from a €59-million operating loss in the first half of 2025 to a €148-million profit. DB Cargo narrowed its operating loss from €96 million to €1 million, despite weaker freight demand from Germany’s steel, chemical and automotive industries.
DB Regional recorded an operating profit of €89 million, while infrastructure subsidiary DB InfraGO reported a €66-million operating loss.
More than 960 million passengers travelled on Deutsche Bahn services during the period, around 17 million more than a year earlier. Regional passenger volumes increased, while long-distance traffic declined amid extensive construction work.
Punctuality remains weak
The financial improvement was not accompanied by a comparable recovery in service reliability. Only 59% of Deutsche Bahn’s long-distance trains arrived less than six minutes late during the first half of 2026. The figure rose to 76% when delays of up to 15 minutes were included.
Punctuality across all passenger services stood at 87.5%, while DB Regional recorded 88.2%. Deutsche Bahn cited the large number of construction sites, severe winter weather and a June heatwave among the factors affecting operations.
The group completed around 14,000 of the 28,000 construction projects scheduled for 2026 during the first half of the year. Gross capital expenditure rose by 18% to a record €8.7 billion, with much of the spending directed towards Germany’s rail infrastructure.
Full-year profit forecast retained
Deutsche Bahn expects revenue of approximately €28 billion and adjusted operating earnings of about €600 million for the full year. It also expects its continuing operations to remain profitable, although DB Cargo’s restructuring and infrastructure constraints continue to affect performance.
The results come as Germany’s economy recorded modest growth of 0.2% in the second quarter of 2026, following revised growth of 0.4% in the first quarter. Deutsche Bahn’s freight figures also reflected subdued demand from some of the country’s major industrial sectors.
