Deutsche Bahn to return to profitable business in 2022 • Record revenues in 2021

Performance in 2021 still affected by the pandemic • Operating loss of EUR 1.6 billion • More long distance passengers • Profit at DB Schenker well over a billion euros

Deutsche Bahn (DB) saw double-digit percentage growth in revenues, exceeding the level achieved in 2019, the year before the pandemic. DB Group revenues rose 18.4% year on year, to EUR 47.3 billion, in the 2021 financial year. DB intends to generate operating profits again starting this year. The pandemic meant that DB closed out 2021 with another operating loss: adjusted operating loss before interest and taxes totaled EUR 1.6 billion. The loss was considerably lower than in the previous year, however (EUR -2.9 billion in 2020). Net profit for the year, including extraordinary items, interest and taxes, improved even more significantly, by nearly EUR 5 billion to EUR -900 million (compared with EUR -5.7 billion in 2020).

More passengers took DB's long distance trains in 2021 than in 2020. Revenues from DB's core business grew on the whole, with DB Cargo experiencing growth again as well. DB Schenker, DB's logistics subsidiary, saw the biggest uptrend. It generated the highest EBIT in its history, EUR 1.2 billion, which stabilized DB Group's financial position.

In uncertain times, DB Schenker, DB's logistics subsidiary, was extremely successful and kept supply chains stable around the globe. It also increased its climate-friendly, biofuel-based transport options. "Now facing its 150th anniversary as a company, Schenker has delivered excellent results: record revenues of over EUR 23 billion for 2021, record profits, and a pioneering strategy that DB Schenker will use to further improve its competitive position," said Dr. Levin Holle, DB's CFO.

As agreed with the German government, DB will cover half of the pandemic-related losses in its core business itself by 2024. In 2021, DB saved more than a billion euros on general, administrative and personnel expenses. "We want to run a profitable business again starting this year. That is an ambitious target, but an achievable one," said Holle.

In 2022, DB expects to generate an operating profit and increase its revenues to over EUR 48 billion. There is of course a great deal of uncertainty associated with any type of forecast in light of the unforeseeable impact of the war in Ukraine and other developments.