The following table shows the reconciliation of changes in liabilities arising from financing activities in accordance with the IFRS requirements:
LIABILITIES ARISING FROM FINANCING ACTIVITIES
€m
Bonds
Amounts due to banks1
Lease liabilities
Other financial liabilities2
Total
Balance as of January 1, 2024
6,189
560
14,080
834
21,663
Cash changes3
194
436
-3,218
-7
-2,595
Noncash changes
Leasing
0
0
3,805
0
3,805
Currency translation
0
11
284
10
305
Changes in consolidated group
0
0
-16
5
-11
Other changes
91
26
0
-72
45
Balance as of December 31, 2024/January 1, 2025
6,474
1,033
14,935
770
23,212
Cash changes3
3,378
-315
-3,434
-7
-378
Noncash changes
Leasing
0
0
4,162
0
4,162
Currency translation
0
-35
-796
-22
-853
Changes in consolidated group
0
0
-79
1
-78
Other changes
91
31
0
346
468
Balance as of December 31, 2025
9,943
714
14,789
1,088
26,533
1 Amounts due to banks include overdrafts of €96 million (previous year: €90 million). Netting against cash and cash equivalents would give net cash of €3,280 million at the end of the reporting period (previous year: €3,529 million).2 Differences in the amount of €956 million (previous year: €997 million) from the financial liabilities presented in note 39 (other financial liabilities) are due to factors presented in other cash flow items, e.g., derivatives or operating financial liabilities.3 Differences in cash changes from the total amount of net cash used in financing activities (€-4,418 million; previous year: €-6,347 million) are due primarily to interest payments in addition to payments relating to equity transactions. The interest payments reported in the cash flow statement also include payments that do not relate to liabilities from financing activities.
As of the reporting date, there were no hedges attributable solely to the liabilities arising from financing activities. The effects on cash flows from hedges are presented in the “Other financing activities” cash flow item in the amount of €–165 million.
In the 2025 fiscal year, as in the previous year, noncash transactions were entered into that were not included in the cash flow statement in accordance with IAS 7.43 and 7.44. In the 2025 fiscal year, Deutsche Post AG made a deferred-payment purchase of property and land owned by Deutsche Post Pensions-Treuhand GmbH & Co. KG.
43.1 Net cash from operating activities
At €9,119 million, net cash from operating activities came in €397 million higher than the prior-year figure of €8,722 million. Alongside a €217 million increase in EBIT, a €344 million fall in income tax payments was the primary contributor to this improvement. The change in working capital resulted in a cash outflow of €368 million. This was €163 million less than in the previous year.
Other noncash income and expenses are as follows:
OTHER NONCASH INCOME AND EXPENSES
€m
2024
2025
Expenses from the remeasurement of assets
111
177
Income from the remeasurement of liabilities
-453
-297
Staff costs relating to equity-settled share-based payments
119
124
Net loss/ income from investments accounted for using the equity method
19
-61
Income/expenses from the disposal of assets
-10
3
Other
-25
-47
Other noncash income (-) and expenses (+)
-239
-101
43.2 Net cash used in investing activities
Net cash used in investing activities rose significantly from €2,392 million to €4,720 million due to a year-on-year increase in the number of acquisitions in the 2025 fiscal year. The acquisitions of CRYOPDP and of SDS Holdings Inc. in the Supply Chain division were the primary contributors to the payments of €526 million for the acquisition of subsidiaries and other business units. Payments for investments accounted for using the equity method and other investments principally reflected the merger of eCommerce UK with Evri Group. Cash paid for other noncurrent financial assets rose to €347 million due to a loan issued by Deutsche Post AG to a company belonging to the pension fund in Germany. Payments for current financial assets rose from €42 million to €1,218 million due to increased investment of cash in the money market.
The assets acquired and liabilities assumed in the course of company acquisitions undertaken in the 2025 fiscal year are presented in the following table:
ASSETS ACQUIRED AND LIABILITIES ASSUMED
€m
2024
2025
Noncurrent assets
2
361
Current assets (excluding cash and cash equivalents)
3
102
Cash and cash equivalents
0
145
Noncurrent provisions and liabilities
0
-188
Current provisions and liabilities
-2
-239
43.3 Net cash used in financing activities
At €4,418 million, net cash used in financing activities came in €1,929 million lower than the prior-year figure of €6,347 million. The cash inflow from the bonds issued over the course of the year with a total principal of €4.5 billion was the primary contributor to this. This was set against repayment of the convertible bond 2017/2025 in the amount of €1 billion. The number of shares carrying dividend rights has fallen, meaning that the dividend payment to Deutsche Post AG’s shareholders fell by €46 million to €2,123 million. Payments for the acquisition of treasury shares in the amount of €1,446 million were made, particularly to service the share buyback program.
