• Earmarked funds for modernisation and digitalisation: The Federal Government should use the special fund for rail exclusively for forward-looking measures. In addition to modernising the rail network, it should place particular emphasis on driving forward the digitalisation of processes and infrastructure. This is because greater operational efficiency will reduce track access charges for all rail operators and, consequently, ticket prices for customers.
• Transparency and expert oversight: A steering and monitoring body, comprising experts from the sector, should oversee the flow of funds. It will assess whether the funds are being used cost-effectively and whether the federal government’s clearly defined objectives are being met. This will ensure that the investments deliver the greatest possible benefit for the common good.
• Structural unbundling: The Monopolies Commission welcomes the fact that the new Federal Government intends to further unbundle DB InfraGO AG and restructure its supervisory and executive boards, but above all to ensure they are staffed with greater expertise. In the long term, the recommendation remains that ownership of the rail network and rail operations should be completely separated. Until then, the minimum requirement is that all responsibilities relating to the rail infrastructure be transferred to DB InfraGO AG. Furthermore, the contracts between DB AG and DB InfraGO AG, which govern profit transfers and control, should be terminated.

According to the Monopolies Commission, there is a risk that public funds will not reach the rail network as intended, but will instead indirectly benefit other areas of the DB Group through cross-subsidisation. The financial flows between DB AG and its subsidiary InfraGO AG are considered to lack transparency. The problem lies in the group’s dual role: on the one hand, it operates the rail network via DB InfraGO AG; on the other, it uses the network itself through DB’s own transport companies. This structure hinders fair competition.

In addition to this structural disadvantage, there is a further competitive disadvantage for other providers: the rapid rise in train path prices. Prior to the decision on the Infrastructure Special Fund, the Federal Government had channelled additional funds to DB InfraGO AG via a capital increase in order to drive forward the modernisation of the rail network. The reason for this was that the debt brake did not permit the financing of investments via construction grants. However, this step, combined with the high interest rates on the equity capital, has caused train path prices to skyrocket by up to approximately 30 per cent over the last five years, depending on the segment. Furthermore, it remains unclear at this stage how high train path prices will be in 2026. This makes it even more difficult for rail competitors to survive in the market.

The Monopolies Commission therefore recommends a temporary reduction in the return on equity at DB InfraGO AG in order to curb track access charges. Furthermore, the federal government should specifically strengthen incentives to achieve higher quality and punctuality across the rail infrastructure.