| Dec. 31, 2025 | June 30, 2026 | ||
| Equity ratio | % | 31.9 | 31.2 |
| Net debt | €m | 21,516 | 22,724 |
| Net interest cover1 | 7.9 | 6.5 | |
| Net gearing | % | 48.8 | 49.9 |
The Group’s total assets amounted to €73,030 million as of June 30, 2026, and were thus €2,018 million higher than on December 31, 2025 (€71,012 million).
At €51,163 million, noncurrent assets were above the figure for the comparison date (€50,066 million). Intangible assets rose by €198 million to €14,970 million. This was primarily due to currency effects, which increased goodwill. At €31,492 million, the amount of property, plant and equipment was higher than on December 31, 2025 (€30,977 million), with capital expenditure and positive currency effects outweighing depreciation and impairment losses. Investments accounted for using the equity method were up from €869 million to €1,067 million, primarily due to CTT Expresso. Current financial assets fell significantly from €1,966 million to €864 million. This was due to the liquidation of short-term financial investments, primarily for the dividend payment in May. Trade receivables rose from €11,305 million as of December 31, 2025, to €12,565 million. Cash and cash equivalents increased by €400 million to €3,776 million.
At €22,285 million, equity attributable to Deutsche Post AG shareholders was slightly higher than on December 31, 2025 (€22,221 million). The consolidated net profit for the period, currency effects and gains from the remeasurement of pension obligations increased this figure, while the dividend distribution and further share buybacks had the opposite effect. Higher interest rates, in particular, resulted in a decrease of €99 million in provisions for pensions and similar obligations to €1,560 million. Financial liabilities increased in the first half of 2026 from €27,489 million at year-end 2025 to €27,972 million. This was partly due to a rise in lease liabilities. Trade payables rose from €7,889 million to €8,267 million. Other current liabilities rose significantly by €765 million to €6,970 million. This was partly due to increased liabilities for tariff refund claims on the part of customers in the United States.
Our net debt increased from €21,516 million as of December 31, 2025, to €22,724 million as of June 30, 2026.
| €m | Dec. 31, 2025 | June 30, 2026 |
| Bonds | 9,943 | 9,949 |
| + Amounts due to banks | 714 | 906 |
| + Lease liabilities | 14,789 | 15,201 |
| + Negative fair value of derivatives | 50 | 122 |
| + Other financial liabilities | 1,088 | 852 |
| = Financial liabilities1 | 26,583 | 27,029 |
| - Cash and cash equivalents | 3,376 | 3,776 |
| - Current financial assets1 | 1,665 | 494 |
| - Positive fair value of noncurrent derivatives2 | 26 | 35 |
| = Financial assets | 5,067 | 4,305 |
| Net debt | 21,516 | 22,724 |