| Q1 2024 | Q1 2025 | +/– % | ||
| Revenue | €m | 20,251 | 20,809 | 2.8 |
| Profit from operating activities (EBIT) | €m | 1,311 | 1,370 | 4.5 |
| Return on sales1 | % | 6.5 | 6.6 | – |
| EBIT after asset charge (EAC) | €m | 402 | 430 | 6.9 |
| Consolidated net profit for the period2 | €m | 740 | 786 | 6.2 |
| Free cash flow | €m | 608 | 692 | 14.0 |
| Net debt3 | €m | 18,998 | 18,797 | –1.1 |
| Earnings per share4 | € | 0.63 | 0.68 | 8.2 |
| Number of employees5 | 594,879 | 580,580 | –2.4 | |
As part of the sixth tranche and the initiated seventh tranche of the 2022–2026 share buyback program, we repurchased a total of 3.3 million shares to the value of €127 million in the first quarter of 2025. Since the beginning of the share buyback program, we have so far repurchased a total of 83.3 million shares to the value of €3,250 million.
On March 24, 2025, we issued three bonds with different maturities and an aggregate principal amount of €2.25 billion. The proceeds will be used, among other things, to refinance existing financial liabilities.
In the first quarter of 2025, consolidated revenue rose from €20,251 million to €20,809 million. This includes positive currency effects amounting to €65 million. At €592 million, other operating income was below the prior-year level of €625 million.
At €1,370 million, consolidated EBIT in the first quarter of 2025 was 4.5% up on the prior-year figure. Net finance costs of €184 million exceeded the prior-year figure of €168 million. Profit before income taxes improved by €43 million to €1,186 million. As a result, income taxes rose to €356 million with an unchanged tax rate of 30.0%.
Consolidated net profit for the first quarter of 2025 climbed from €799 million to €830 million. Of this amount, €786 million is attributable to Deutsche Post AG shareholders and €43 million to noncontrolling interest holders. Earnings per share amounted to €0.68 (basic) and €0.67 (diluted).
EAC for the first quarter of 2025 increased from €402 million to €430 million, mainly as a result of higher EBIT. The imputed asset charge rose, primarily due to the divisions’ investments in property, plant and equipment.
As of March 31, 2025, the Group reported centrally available liquidity in the amount of €4.2 billion, which is comprised of cash and cash equivalents as well as current financial assets. This includes proceeds from the bond issues in March 2025 with an aggregate principal amount of €2.25 billion, which will be used, among other things, to refinance existing financial liabilities. We also have access to a syndicated credit facility with a volume of €4 billion, which acts as a secure, long-term liquidity reserve. Thanks to our solid liquidity situation, this was not drawn in the reporting period. The credit facility was extended by one year in the first quarter of 2025 and now runs until March 2030 with a further one-year extension option.
Investments in property, plant and equipment and intangible assets acquired (not including goodwill) amounted to €461 million in the first quarter of 2025 (previous year: €483 million) and were made predominantly in the expansion of network infrastructure.
Net cash from operating activities increased in the first quarter of 2025, from €2,001 million to €2,178 million. Higher EBIT and lower income tax payments contributed to the rise. Net cash used in investing activities increased from €597 million to €606 million. Free cash flow improved from €608 million in the prior-year quarter to €692 million in the reporting period. Net cash from financing activities amounted to €1,175 million, which compared with a cash outflow of €427 million in the previous year. We issued three bonds with an aggregate principal amount of €2.25 billion in the reporting period. Cash and cash equivalents rose from €3,619 million as of December 31, 2024, to €6,292 million.
Our net debt reduced from €18,998 million as of December 31, 2024, to €18,797 million as of March 31, 2025.
Revenue in the Express division rose by 2.0% to €6,127 million in the first quarter of 2025. This includes positive currency effects amounting to €14 million, as well as lower fuel surcharges. Excluding currency effects and fuel surcharges, revenue was up by 1.9%. The daily TDI shipment volume fell by 7.1%, partly due to our focus on profitable business.
As in previous years, we countered this development by prioritizing cost discipline, improving productivity, and leveraging network flexibility. At €662 million, EBIT in the Express division in the first quarter of 2025 was 4.8% higher than the prior year figure. The EBIT margin was 10.8%.
| €m | Q1 2024 | Q1 2025 | + / – % |
| Revenue | 6,006 | 6,127 | 2.0 |
| Europe | 2,756 | 2,780 | 0.9 |
| Americas | 1,400 | 1,425 | 1.8 |
| Asia Pacific | 1,961 | 1,956 | –0.3 |
| MEA (Middle East and Africa) | 361 | 383 | 6.0 |
| Consolidation/Other | –472 | –417 | 11.8 |
| Profit from operating activities (EBIT) | 632 | 662 | 4.8 |
| Return on sales (%)1 | 10.5 | 10.8 | – |
| Operating cash flow | 1,124 | 1,230 | 9.5 |
| €m per day1 | Q1 2024 | Q1 2025 | + / – % |
| Time Definite International (TDI) | 72.3 | 73.1 | 1.2 |
| Time Definite Domestic (TDD) | 5.9 | 6.6 | 11.2 |
| Items per day (thousands) | Q1 2024 | Q1 2025 | + / – % |
| Time Definite International (TDI) | 1,050 | 975 | –7.1 |
| Time Definite Domestic (TDD) | 471 | 532 | 13.0 |
Revenue in the Global Forwarding, Freight division increased by 3.2% to €4,764 million in the first quarter of 2025 due to higher freight rates. Excluding positive currency effects of €20 million, revenue was 2.8% up on the prior-year level. Revenue in the Global Forwarding business unit increased by 5.8% to €3,527 million. Without taking positive currency effects of €15 million into account, the increase was 5.4%. Gross profit in the Global Forwarding business unit was up by 2.7% on the previous year to €862 million.
Air freight volumes declined by 3.0% in the first quarter of 2025, with falls primarily on trade lanes from Europe and Asia. Our air freight revenues rose by 4.0%, while gross profit fell by 1.8%. Ocean freight volumes increased by 1.4% year on year, with growth especially on trade lanes from Asia. Volume growth was impacted by the systematic withdrawal from the transport of high-volume, low-yield business. This impact is likely to continue throughout 2025. Ocean freight revenue and gross profit for the quarter both increased by 11.8%. Revenue in the Freight business unit fell by 3.5% to €1,265 million in the first quarter of 2025. Volumes rose by 1.4% year on year, while gross profit declined by 13.1% to €285 million, partly due to the ongoing difficult market conditions in European road freight.
EBIT in the Global Forwarding, Freight division was down by 23.2% overall in the first quarter of 2025 to €202 million, primarily due to the development in the Freight business unit. The EBIT margin was 4.2%. EBIT in the division thus corresponds to 17.6% of gross profit and 25.3% for the Global Forwarding business unit.
| €m | Q1 2024 | Q1 2025 | + / – % |
| Revenue | 4,617 | 4,764 | 3.2 |
| Global Forwarding | 3,333 | 3,527 | 5.8 |
| Freight | 1,311 | 1,265 | –3.5 |
| Consolidation/Other | –26 | –27 | –5.4 |
| Profit from operating activities (EBIT) | 263 | 202 | –23.2 |
| Return on sales (%)1 | 5.7 | 4.2 | – |
| Operating cash flow | –32 | 42 | >100 |
| €m | Q1 2024 | Q1 2025 | + / – % |
| Air freight | 1,445 | 1,502 | 4.0 |
| Ocean freight | 1,302 | 1,455 | 11.8 |
| Other | 586 | 569 | –2.9 |
| Total | 3,333 | 3,527 | 5.8 |
| Thousands | Q1 2024 | Q1 2025 | + / – % | |
| Air freight exports | metric tons | 435 | 422 | –3.0 |
| Ocean freight | TEU1 | 777 | 788 | 1.4 |
Revenue in the Supply Chain division was up by 1.1% to €4,380 million in the first quarter of 2025. Excluding positive currency effects of €8 million, it grew by 0.9%. Contributors to this development were the EMEA region – especially in the Life Sciences & Healthcare sector – and the Americas. Revenue growth was additionally bolstered by new business wins and contract extensions.
The Supply Chain division concluded additional contracts with a volume of €735 million in the reporting period. The Consumer, Retail (including e-fulfilment solutions serving the growth in e-commerce), and Life Sciences & Healthcare sectors accounted for an important part of this. The contract renewal rate remained at a high level.
EBIT in the Supply Chain division rose by 4.8% to €268 million in the reporting period. Productivity improvements from digitalization and standardization contributed to the higher earnings. The EBIT margin was 6.1% in the first quarter of 2025.
| €m | Q1 2024 | Q1 2025 | + / – % |
| Revenue | 4,333 | 4,380 | 1.1 |
| EMEA (Europe, Middle East and Africa) | 1,887 | 1,963 | 4.0 |
| Americas | 1,803 | 1,807 | 0.2 |
| Asia Pacific | 649 | 616 | –5.1 |
| Consolidation/Other | –5 | –5 | –5.2 |
| Profit from operating activities (EBIT) | 256 | 268 | 4.8 |
| Return on sales (%)1 | 5.9 | 6.1 | – |
| Operating cash flow | 401 | 357 | –10.9 |
At €1,756 million, revenue in the eCommerce division in the first quarter of 2025 was 7.5% above the prior-year level. Excluding positive currency effects of €26 million, revenue was up 5.9% year on year.
EBIT in the eCommerce division declined from €58 million to €52 million in the first quarter of 2025. This was attributable mainly to higher costs, which resulted partly from increased depreciation and amortization due to continuous investment in the expansion of the networks. The EBIT margin was 3.0%.
| €m | Q1 2024 | Q1 2025 | + / – % |
| Revenue | 1,633 | 1,756 | 7.5 |
| Americas | 541 | 580 | 7.4 |
| Europe | 923 | 992 | 7.5 |
| Asia | 170 | 181 | 6.9 |
| Consolidation/Other | 0 | 1 | >100 |
| Profit from operating activities (EBIT) | 58 | 52 | –9.2 |
| Return on sales (%)1 | 3.5 | 3.0 | – |
| Operating cash flow | 150 | 149 | –0.8 |
At €4,428 million, revenue in the Post & Parcel Germany division in the first quarter of 2025 exceeded the prior-year figure by 3.8%. The main reasons for this were higher prices and increased volumes in national and international business with goods shipments. In addition, the early German federal election and the higher letter mail prices applicable from the beginning of the year meant that revenue and volumes in the German postal business did not fall as markedly as in the prior-year period. A change in product structure in the division compared with the previous year also affected the reported volume development. The impact was negative in the letter business and positive in the parcel business. In the advertising mail segment, the discontinuation of the EINKAUFAKTUELL product effective March 31, 2024, was a substantial driver behind the significant falls in sales volumes.
EBIT in the Post & Parcel Germany division in the first quarter of 2025 amounted to €281 million and was 44.6% above the prior-year figure. Increased revenue due to price rises and higher parcel volumes offset declining letter mail volumes and higher material and staff costs, particularly from existing collective bargaining agreements. Combined with additional letter mail volumes from the early German federal election, this resulted in a return on sales of 6.3%.
| €m | Q1 2024 | Q1 2025 | + / – % |
| Revenue | 4,266 | 4,428 | 3.8 |
| Post Germany | 1,908 | 1,898 | –0.5 |
| Parcel Germany | 1,722 | 1,891 | 9.8 |
| International | 611 | 622 | 1.7 |
| Consolidation/Other | 25 | 17 | –31.5 |
| Profit from operating activities (EBIT) | 194 | 281 | 44.6 |
| Return on sales (%)1 | 4.6 | 6.3 | – |
| Operating cash flow | 524 | 481 | –8.3 |
| €m | Q1 2024 | Q1 2025 | + / – % |
| Post Germany | 1,908 | 1,898 | –0.5 |
| Mail Communication | 1,312 | 1,305 | –0.5 |
| Dialogue Marketing | 415 | 410 | –1.2 |
| Other/Consolidation Post Germany | 182 | 183 | 0.9 |
| Parcel Germany | 1,722 | 1,891 | 9.8 |
| Million items | Q1 2024 | Q1 2025 | + / – % |
| Post Germany | 3,263 | 3,064 | –6.1 |
| of which Mail Communication | 1,523 | 1,521 | –0.2 |
| of which Dialogue Marketing | 1,542 | 1,382 | –10.4 |
| Parcel Germany | 424 | 471 | 11.2 |
We are leaving the forecast for the 2025 fiscal year published in the 2024 Annual Report unchanged.
With the conclusion of the collective bargaining negotiations in Germany, inflation is currently only a risk of low significance to the Group.
As was described in the section on the change in risk exposure after the reporting date in the 2024 Annual Report, changes to customs-related and commercial regulations arising from US trade policy represent a risk of medium significance to us as of March 31, 2025. The risk could substantially increase in the future if trade conflicts worsen and other countries take retaliatory measures. We also assess VAT-free letter mail services by competitors, as described in the same section of the 2024 Annual Report, to be a risk of medium significance for Post & Parcel Germany.
In the case of the civil suit filed by one postal service provider for repayment of allegedly excessive conveyance fees for standard letters delivered in 2017, the plaintiff’s appeal against non-permission was dismissed by the German Federal Court of Justice after the reporting date of March 31, 2025. Risks from the regulatory framework of the German post and parcel market are therefore now only of low significance to the Group.
The Group’s opportunity and risk situation did not otherwise change significantly during the first quarter of 2025 compared with the situation described in the 2024 Annual Report. Based upon the Group’s early-warning system and in the estimation of its Board of Management, there are currently no identifiable risks for the Group that, individually or collectively, cast doubt upon the Group’s ability to continue as a going concern. Nor are any such risks apparent in the foreseeable future.
