German rail operator Deutsche Bahn (DB) Group has reported a net loss of €227m in 2022, versus a loss of €911m a year ago.

Compared to 2021, the group’s operating profit (adjusted EBIT) increased by about €2.8bn to nearly €1.3bn in 2022, outweighing the hit from Covid-19, soaring inflation, and the Ukraine conflict.

This growth was driven by strong performance delivered by its logistics subsidiary DB Schenker, which attained the highest operating profit in its history at €1.8bn.

The group’s pre-tax profit stood at €932m last year, compared with a loss of €788m in 2021. Revenues surged 19.1% to €56.3bn from €47bn.

Net capital expenditures rose 6.4% to €6.75bn while gross capital expenditures remained almost flat at around €15.35bn.

DB CEO and management board CEO Dr Richard Lutz said: “Climate-friendly mobility is booming. Demand is good and is continuing to grow strongly.

“We may well set a new record in 2023, with significantly more than 150 million travellers on our long-distance trains.”

Looking ahead to 2023, DB Group anticipates an operating loss of around €1bn due to additional infrastructure upgrades.

The group expects more than €56bn in revenue (adjusted) in 2023, gross capital expenditures of over €18bn and net capital expenditures exceeding €8.5bn.