Balance sheet disclosures

11 Intangible assets and property, plant and equipment

Investments in intangible assets (not including goodwill), property, plant and equipment acquired and right-of-use assets amounted to €2,865 million in the first half of 2025 (previous year: €2,609 million).

Investments in aircraft in the first half of 2025 were higher than in the previous year, as the aircraft deliveries planned for 2024 did not take place until this year.

Goodwill changed as follows:

The additions to goodwill largely relate to Inmar (€33 million), IDS Fulfillment (€45 million), CRYOPDP (€148 million) and ASMO (€68 million). The disposals relate exclusively to goodwill of the British e-commerce companies that were reclassified to “assets held for sale and liabilities associated with assets held for sale,” note 13.

12 Financial assets

Financial assets fell by €396 million compared with December 31, 2024. This was particularly attributable to derivatives, which were down by €172 million. The positive fair values reported as of December 31, 2024, were largely realized in the first half of 2025 or declined due to the depreciation of the US dollar. In addition, lease assets fell by €138 million due to changes in contractual conditions and exchange rate effects.

13 Assets held for sale and liabilities associated with assets held for sale

On May 14, 2025, DHL Group announced its intention to merge DHL eCommerce UK Limited and UK Mail Group Limited with the British parcel delivery company Evri. As part of this transaction, DHL Group will acquire a minority stake in the new Evri Group with multiple options to strengthen ties. The assets and liabilities of the two British companies have been reclassified to the “assets held for sale” and “liabilities associated with assets held for sale” items on the balance sheet. No impairment losses were recognized prior to reclassification. The transaction is subject to regulatory approval. Completion is expected later this fiscal year.

14 Issued capital and purchase of treasury shares

As of June 30, 2025, KfW held a 16.99% interest in the share capital of Deutsche Post AG (unchanged from December 31, 2024). Free float accounts for 77.35% of the shares and the remaining 5.66% of shares are owned by Deutsche Post AG.

Share buyback program 2022/2026

The sixth tranche of the share buyback program 2022/2026 started on December 3, 2024, and the seventh tranche on March 18, 2025. The buyback was carried out by June 30, 2025, on the basis of an irrevocable agreement by an independent financial services provider. With the share buyback program 2022/2026, a total of up to 210 million treasury shares are to be purchased at a price of now up to €6 billion through the end of 2026. The eighth tranche, which has a buyback volume of €600 million, started on July 1, 2025.

Share Matching Scheme

In addition, in the first half of 2025, 1.2 million treasury shares were purchased for a total of €51 million at an average purchase price of €42.04 per share to settle the 2024 SMS tranche and claims to matching shares under the 2020 tranche and 2.4 million treasury shares were issued to executives.

Deutsche Post AG held 67,898,183 treasury shares as of June 30, 2025.

15 Reserves

Capital reserves

Retained earnings

The eighth tranche of the share buyback program 2022/2026, with a total volume of up to €600 million, began on July 1, 2025, and is being implemented by an independent financial services provider until November 30, 2025, on the basis of an irrevocable agreement. At the time the agreement was concluded, the resulting obligation was charged in full to retained earnings and recognized as a financial liability.