Net assets

Increase in consolidated total assets

The Group’s total assets amounted to €71,018 million as of December 31, 2025, and were thus €1,143 million higher than on December 31, 2024 (€69,875 million).

Intangible assets fell slightly from €14,873 million to €14,772 million. This was primarily because negative currency effects outweighed the additions in goodwill. Property, plant and equipment fell from €31,454 million to €30,977 million, with depreciation and impairment losses, disposals and negative currency effects exceeding capital expenditure. Investments accounted for using the equity method rose considerably from €97 million to €875 million. The merger of DHL eCommerce UK with Evri Group was the main contributor to this. Noncurrent financial assets grew from €1,511 million to €1,785 million, due in particular to a loan we granted to a company belonging to the pension fund in Germany. Other noncurrent assets rose from €438 million to €511 million, largely as a result of the increase in pension assets. The increase in short-term financial investments led to a noticeable rise in current financial assets from €1,013 million to €1,966 million. Other current assets increased from €2,532 million to €2,702 million, primarily because of a rise in prepayments.

At €22,227 million, equity attributable to Deutsche Post AG shareholders was lower than on December 31, 2024 (€23,793 million). The consolidated net profit for the period and remeasurement of pension obligations increased this figure, while the dividend distribution, currency effects and share buybacks decreased it. Higher interest rates, in particular, resulted in a significant decrease of €603 million in provisions for pensions and similar obligations to €1,660 million. Financial liabilities increased from €24,209 million to €27,489 million. The bonds placed over the course of 2025 with a total principal of €4.5 billion played a significant part in this. Repayment of the convertible bond 2017/2025 had an opposite effect of €1.0 billion. Trade payables declined from €8,635 million to €7,889 million. Other current liabilities rose by €527 million to €6,205 million, due primarily to an increase in liabilities from customs duties and charges as a result of the changes in tariff policy in the United States.

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Higher net debt

Our net debt increased from €18,998 million as of December 31, 2024, to €21,516 million as of December 31, 2025. At 31.9%, the equity ratio was lower than the figure as of December 31, 2024 (34.6%). The net interest cover ratio indicates the extent to which net interest expenses are covered by EBIT. At 8.5, it was below the prior-year level (8.8). Net gearing expresses the ratio of net debt to the total of equity and net debt. This figure was 48.7% as of December 31, 2025 (December 31, 2024: 44.0%).