Results of operations

No changes to the portfolio

There were no material acquisitions or divestitures in the year under review.

Group revenue up by 3.0%

Due to the economic environment, Group revenue rose by €2,428 million to €84,186 million in the 2024 fiscal year, with all divisions contributing to the improvement. Negative currency effects reduced revenue by €245 million. The proportion of revenue generated abroad remained stable at 74.2% (previous year: 74.4%). Growth was even more marked in the fourth quarter of 2024, with revenue climbing by 6.4% to €22,704 million. This included positive currency effects of €93 million. At €2,784 million, other operating income was level with the prior-year period (€2,787 million).

Significantly higher expenses

Material expense increased from €41,663 million to €42,766 million due to substantially higher transport costs in the Global Forwarding, Freight division in particular, as well as higher expenditure for maintenance. With the number of employees almost unchanged, staff costs rose by €1,328 million to €28,305 million, chiefly due to wage and salary increases. Depreciation, amortization and impairment losses were up by €241 million to €4,720 million, primarily due to investment activity. At €5,556 million, other operating expenses slightly exceeded the prior-year figure (€5,409 million). There was a rise particularly in warranty expenses, refunds and compensation payments. Net income from investments accounted for using the equity method fell from €161 million to €33 million. The previous year’s figure particularly included remeasurement income as a result of the increased shareholding in DHL Logistics LLC – SO (formerly: Danzas AEI Emirates).

Consolidated EBIT down on prior-year figure

Totaling €5,886 million in the year under review, profit from operating activities (EBIT) came in €457 million lower than the prior-year figure. The fourth-quarter figure improved from €1,640 million to €1,851 million. At €823 million, net finance costs were slightly under the previous year’s level (€830 million). Profit before income taxes fell by €450 million to €5,063 million. As a result, income taxes decreased by €86 million to €1,494 million despite a slightly higher tax rate.

Consolidated net profit in line with EBIT

Consolidated net profit declined from €3,933 million to €3,569 million in the 2024 fiscal year. Of this amount, €3,332 million is attributable to Deutsche Post AG shareholders and €237 million to noncontrolling interest holders. Basic earnings per share fell from €3.09 to €2.86 and diluted earnings per share from €3.04 to €2.81.

Dividend of €1.85 per share proposed

Our finance strategy calls for paying out 40% to 60% of net profit as dividends as a general rule, with due consideration to dividend continuity. At the Annual General Meeting on May 2, 2025, the Board of Management and the Supervisory Board will propose to the shareholders a dividend of €1.85 per share for the 2024 fiscal year (previous year: €1.85). The payout ratio in relation to the consolidated net profit attributable to Deutsche Post AG shareholders amounts to 64.0%. The dividend yield based on the year-end closing price for shares is 5.4%. The dividend will be disbursed on May 7, 2025.

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EBIT after asset charge (EAC) declines

EAC declined in 2024 from €2,857 million to €2,207 million. While EBIT was down, the imputed asset charge rose.

The net asset base as of the reporting date rose by €2,150 million to €44,051 million. Intangible assets and property, plant and equipment grew, mainly on account of the acquisition of freight aircraft and investments in warehouses, sorting facilities and the vehicle fleet. Net working capital increased compared with the previous year.

Both operating provisions as well as other noncurrent assets and liabilities were up.