Results of operations

Changes to the portfolio

The portfolio has not undergone any noteworthy changes.

Group revenue at €41 billion

At €40,890 million, Group revenue in the first half of 2024 almost reached the previous year’s level of €41,012 million. Negative currency effects reduced it by €137 million. The proportion of revenue generated abroad changed from 74.7% to 74.0%. In the second quarter of 2024, revenue rose from €20,094 million in the previous year to €20,639 million. This figure was also curtailed by negative currency effects in the amount of €28 million. At €1,232 million, other operating income fell short of the prior-year period (€1,299 million). This was mainly due to reduced income from currency translation.

Higher staff costs due to wage and salary increases

Material expense decreased by €386 million to €20,549 million, largely due to lower transport costs in the Global Forwarding, Freight division. Wage and salary increases along with the increased number of employees raised staff costs from €13,483 million to €14,113 million. Depreciation, amortization and impairment losses were up by €165 million to €2,320 million. At €2,551 million, other operating expenses were below the prior-year period (€2,602 million). Lower expenses from currency translation reduced the total. Net income/expenses from investments accounted for using the equity method changed from €12 million in the previous year to €⁠–⁠12 million in the reporting period. The prior-year figure primarily included income from the measurement of our equity investment in the Israeli company Global-E Online Ltd.

Consolidated EBIT decreases by 20.1%

In the first half of 2024, profit from operating activities (EBIT) declined by €669 million to €2,662 million. In the second quarter of 2024, it fell from €1,693 million to €1,351 million. At €370 million, net finance costs were improved compared with the previous year (€445 million). This was primarily due to a positive foreign-currency result. Profit before income taxes fell by €594 million to €2,292 million. As a consequence, income taxes decreased by €178 million to €688 million. The tax rate was 30%, as in the previous year.

Consolidated net profit for the period falls in line with EBIT

Consolidated net profit for the period decreased significantly in the first half of 2024 from €2,020 million to €1,604 million. Of this amount, €1,484 million is attributable to Deutsche Post AG shareholders and €120 million to noncontrolling interest holders. Earnings per share fell from €1.58 to €1.27 (basic) and from €1.55 to €1.25 (diluted).

EBIT after asset charge (EAC) declines

EAC declined from €1,607 million to €830 million in the first half of 2024, primarily due to the decrease in EBIT. The imputed asset charge rose slightly, primarily due to investments in property, plant and equipment in all divisions.