Deutsche Bahn’s struggling long-distance division reportedly dragged the state-owned rail group to a €2.3 billion net loss in 2025, according to people familiar with the figures. The loss would be about €500 million deeper than the year before.
The biggest blow came from the company’s Fernverkehr unit, where persistent delays on ICE and Intercity services, driven largely by ongoing track modernisation, are said to have forced a €1.4 billion write-down in the value of the business.
That pushed the group further into the red even as underlying operations held up better than expected. On an operating basis, measured by earnings before interest, taxes and special items, Deutsche Bahn reportedly posted a profit of €300 million.
That was above internal expectations set at the end of 2025, when the company had only been planning for a marginal positive result. In 2024, Deutsche Bahn had recorded a net loss of just under €1.8 billion.
The reported figures cover the group’s continuing operations following the sale of logistics subsidiary Schenker. A Deutsche Bahn spokesperson declined to comment ahead of the company’s annual results press conference scheduled for March 27.