Total assets rose from €44,449 million to €46,122 million as of the reporting date.
Fixed assets increased from €18,137 million to €18,469 million. Capital expenditure on tangible fixed assets totaled €425 million (previous year: €399 million) and related to land and buildings (€129 million), technical equipment (€118 million), other equipment and operating and office equipment (€69 million), as well as prepayments and assets under construction (€109 million). Capital expenditure was made mainly on real estate for network expansion as well as conveyor and sorting systems, charging stations and Packstations. The increase in intangible assets resulted primarily from investment in internally developed software (€113 million). Noncurrent financial assets rose by €221 million, due primarily to increased loans to affiliated companies.
BALANCE SHEET OF DEUTSCHE POST AG (HGB) AS OF DECEMBER 31
€m
2024
2025
ASSETS
Intangible assets
381
411
Tangible fixed assets
4,717
4,798
Noncurrent financial assets
13,039
13,260
Fixed assets
18,137
18,469
Inventories
104
106
Receivables and other assets
24,570
25,080
Securities
0
500
Cash and cash equivalents
1,253
1,551
Current assets
25,926
27,237
Prepaid expenses
386
416
TOTAL ASSETS
44,449
46,122
EQUITY AND LIABILITIES
Subscribed capital
1,200
1,150
Treasury shares
-47
-31
Issued capital
1,153
1,119
(Contingent capital: €73 million)
Capital reserves
4,722
4,772
Earnings reserves
3,848
4,027
Net retained profit
8,872
7,905
Equity
18,595
17,823
Provisions
5,669
5,491
Liabilities
20,004
22,615
Deferred income
180
194
TOTAL EQUITY AND LIABILITIES
44,449
46,122
Current assets rose by €1,311 million, with receivables from affiliated companies up by €777 million. This was mainly due to an increase in intra-Group cash management (€785 million). Securities totaling €500 million were purchased in the 2025 fiscal year. Cash and cash equivalents increased by €299 million.
Equity was down from €18,595 million in the previous year to €17,823 million. Net profit for 2025 of €2,656 million exceeded the dividend of €2,123 million paid to shareholders in 2025. Earnings reserves rose by €179 million, which was due in particular to a transfer of €1,500 million to earnings reserves and the issue of shares primarily for executive remuneration plans in the amount of €118 million. The offsetting of share buybacks of €1,389 million and the retirement of treasury shares to the nominal value of €50 million had the opposite effect. The equity ratio fell from 41.8% to 38.6%. For the disclosures pursuant to Section 160 (1), no. 2, of the Aktiengesetz (German Stock Corporation Act) regarding treasury shares, please refer to notes 26 and 27 to the financial statements of Deutsche Post AG, as well as Annex 5, for the 2025 fiscal year.
Provisions were down by €179 million in the 2025 fiscal year. Provisions for pensions and similar obligations decreased by €350 million, primarily due to pension payments, income from plan assets and interest effects. The decline in provisions for taxes of €31 million is primarily attributable to lower provisions for income taxes (€19 million) and VAT (€15 million). The increase of €203 million in other provisions resulted primarily from higher provisions for restructuring (severance payments and early retirement obligations), outstanding supplier invoices and postage stamps.
Liabilities increased by €2,610 million to €22,615 million. Liabilities arising from bonds rose by €3,500 million, while liabilities to banks fell by €245 million due to loan repayments. Trade payables decreased by €83 million. The decrease in liabilities to affiliated companies amounting to €547 million resulted largely from intra-Group cash management (in-house banking). Liabilities to investees rose by €32 million and other liabilities fell by €47 million.
Increase in cash funds
Deutsche Post AG’s cash funds rose by €299 million to €1,551 million in the 2025 fiscal year.
Increase in debt
Deutsche Post AG’s debt (provisions and liabilities) increased by €2,432 million year on year to €28,105 million. This was chiefly due to an increase in liabilities arising from bonds (€+3,500 million), which were set against lower pension provisions (€350 million), reduced liabilities to banks (€–245 million) and a reduction in liabilities to affiliated companies (€–547 million).
