Investments in intangible assets (not including goodwill), property, plant and equipment acquired and right-of-use assets amounted to €2,763 million in the first half of 2026 (previous year: €2,865 million).
| €m | H1 2025 | H1 2026 |
| Intangible assets (not including goodwill) | 127 | 124 |
| Acquired property, plant and equipment | ||
| Land and buildings | 75 | 90 |
| Technical equipment and machinery | 61 | 73 |
| Transport equipment | 128 | 204 |
| Aircraft | 40 | 46 |
| IT equipment | 21 | 41 |
| Operating and office equipment | 39 | 25 |
| Advance payments and assets under development | 578 | 732 |
| 942 | 1,212 | |
| Right-of-use assets | ||
| Land and buildings | 895 | 1,153 |
| Technical equipment and machinery | 36 | 30 |
| Transport equipment | 201 | 174 |
| Aircraft | 629 | 58 |
| Advance payments | 35 | 12 |
| 1,797 | 1,426 | |
| Total | 2,865 | 2,763 |
Advance payments increased primarily due to new warehouses for customers in the Supply Chain segment. Right-of-use assets for land and buildings increased due to new leases and lease extensions.
Goodwill changed as follows:
| €m | 2025 | 2026 |
| Cost as of January 1 | 14,395 | 14,190 |
| Accumulated impairment losses | -1,072 | -1,032 |
| Carrying amount as of January 1 | 13,323 | 13,158 |
| Additions from business combinations | 458 | -32 |
| Disposals | -47 | -3 |
| Currency translation differences | -576 | 221 |
| Carrying amount as of December 31/June 30 | 13,158 | 13,343 |
| Cost as of December 31/June 30 | 14,190 | 14,385 |
| Accumulated impairment losses | -1,032 | -1,041 |
Of the figure for additions from business combinations, €3 million related to the three South African companies’ goodwill and €–35 million to the reduction in SDS’s goodwill from €215 million to €180 million. This reduction resulted from the adjustment to the opening balance sheet (€21 million) and the final purchase price allocation (€14 million). The disposals of €3 million relate exclusively to the goodwill of DHL Parcel Portugal, note 2.
| Noncurrent | Current | Total | ||||
| €m | Dec. 31, 2025 | June 30, 2026 | Dec. 31, 2025 | June 30, 2026 | Dec. 31, 2025 | June 30, 2026 |
| Debt instruments (loans and receivables) at amortized cost (AC) | 599 | 581 | 1,151 | 462 | 1,750 | 1,042 |
| Debt instruments at fair value through profit or loss (FVTPL) | 382 | 436 | 553 | 53 | 935 | 489 |
| Equity instruments at fair value through profit or loss (FVTPL) | 1 | 2 | 0 | 0 | 1 | 2 |
| Equity instruments at fair value through other comprehensive income (FVTOCI) | 40 | 35 | 0 | 0 | 40 | 35 |
| Derivatives with/without hedge accounting | 26 | 35 | 73 | 133 | 99 | 168 |
| Lease assets | 737 | 795 | 189 | 216 | 926 | 1,010 |
| Financial assets | 1,785 | 1,884 | 1,966 | 864 | 3,751 | 2,747 |
The financial assets reduced primarily due to the redemption of short-term time deposits and the disposal of money market funds.
| Assets | Liabilities | |||
| €m | Dec. 31, 2025 | June 30, 2026 | Dec. 31, 2025 | June 30, 2026 |
| Planned disposal of vehicles – Global Forwarding segment; Express segment | 17 | 13 | 0 | 0 |
| Disposal of DHL Parcel Portugal – eCommerce segment | 18 | 0 | 14 | 0 |
| Other | 4 | 3 | 0 | 0 |
| Assets held for sale and liabilities associated with assets held for sale | 39 | 16 | 14 | 0 |
The sale of DHL Parcel Portugal was completed in May 2026, note 2.
As of June 30, 2026, KfW held a 17.73% interest in the share capital of Deutsche Post AG (unchanged from December 31, 2025). Free float accounts for 78.84% of the shares and the remaining 3.43% of shares are owned by Deutsche Post AG.
| €m | 2025 | 2026 |
| Issued capital | ||
| Balance as of January 1 | 1,200 | 1,150 |
| Capital reduction through retirement of treasury shares | -50 | 0 |
| Balance as of December 31/June 30 | 1,150 | 1,150 |
| Treasury shares | ||
| Balance as of January 1 | -47 | -31 |
| Purchase of treasury shares | -37 | -12 |
| Issue/sale of treasury shares | 3 | 3 |
| Retirement of treasury shares | 50 | 0 |
| Balance as of December 31/June 30 | -31 | -40 |
| Total as of December 31/June 30 | 1,119 | 1,110 |
The share buyback program approved in February 2022 and expanded multiple times permits the repurchase of up to 210 million shares at a total purchase price of up to €6 billion through to December 2026 at the latest. The tenth tranche began on April 2, 2026. In fiscal year 2026, 10.5 million shares have been repurchased to date for a total of €500 million.
Since the program began in April 2022, a total of 126.4 million shares have been repurchased. This equates to a total volume of €5 billion. Detailed information on the individual tranches can be found in the following table:
| Total volume €m |
Maximum duration | Buyback number | Buyback volume €m |
Average price per share € |
|
| Tranche I | 800 | April 8, 2022, to November 7, 2022 | 21,931,589 | 790 | 36.00 |
| Tranche II | 500 | November 9, 2022, to March 31, 2023 | 12,870,144 | 500 | 38.85 |
| Tranche III | 500 | June 26, 2023, to October 31, 2023 | 11,664,906 | 500 | 42.86 |
| Tranche IV | 600 | November 13, 2023, to April 19, 2024 | 13,887,118 | 600 | 43.21 |
| Tranche V | 600 | May 9, 2024, to December 30, 2024 | 15,784,696 | 600 | 38.01 |
| Tranche VI | 500 | December 3, 2024, to June 30, 2025 | 13,634,790 | 500 | 36.67 |
| Tranche VII | 500 | March 18, 2025, to June 30, 2025 | 12,890,512 | 500 | 38.79 |
| Tranche VIII | 600 | July 1, 2025, to November 30, 2025 | 13,198,601 | 510 | 38.61 |
| Tranche IX | 600 | December 1, 2025, to April 15, 2026 | 5,416,150 | 250 | 46.16 |
| Tranche X1 | 600 | April 2, 2026, to August 31, 2026 | 5,115,557 | 250 | 48.87 |
| Total | 5,800 | 126,394,063 | 5,000 | ||
For share-based remuneration, 1.3 million treasury shares were acquired at an average price per share of €45.29 for a total of €61 million to settle the 2025 SMS tranche. A total of 2.8 million shares were issued to executives for the 2025 SMS tranche and claims to matching shares under the 2021 tranche at a cost of €126 million and an average price per share of €45.60.
A total of 0.14 million shares were issued to executives to settle the Employee Share Plan. Employees participating in the myShares plan received 0.15 million shares.
On June 30, 2026, Deutsche Post AG held 39,509,569 treasury shares.
| €m | 2025 | H1 2026 |
| Changes due to share-based remuneration programs | 5 | -17 |
| Capital reduction through retirement of treasury shares | 50 | 0 |
| Total | 55 | -17 |
| €m | 2025 | H1 2026 |
| Share buyback 2022/2026 | -1,593 | -243 |
| Changes due to share-based remuneration programs | 108 | 71 |
| Capital reduction through retirement of treasury shares | -50 | 0 |
| Total | -1,535 | -173 |
The tenth tranche of the share buyback program 2022/2026, with a total volume of up to €600 million, began on April 2, 2026, and is being implemented by an independent financial services provider until August 31, 2026, 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. The repurchases made in the period to June 30, 2026, have been deducted. The obligation to repurchase shares after June 30, 2026, is included in the amount of €350 million.