An Post last year delivered record revenues of €1.049 billion but exceptional pension scheme costs contributed to the company recording a pre-tax loss of €205.89m for 2025.
The 2025 annual An Post report shows that revenues topped €1 billion for only the second time in its history and increased by 3% from €1.02 billion to €1.049 billion.
Before the exceptional €209.49m connected to the pension scheme, An Post recorded a pre-tax profit of €3.59m which was down 73% on pre-tax profits before exceptional items of €13.38m for 2024.
An Post recorded a post tax loss of €180.5m after a corporation tax credit of €25.38m is taken into account.
Last year, An Post delivered 294 million letters and 73 million parcels and contract packets. This compared to 360 million letters delivered and 54 million parcels and contract packets in 2024.
In his statement accompanying the annual report, outgoing chief executive David McRedmond said that An Post delivered another strong performance in 2025.
He said that EBITDA (earnings before interest, tax, depreciation and amortisation) rose by 3.4% to €53.2m which he said was An Post’s third successive year of growth in EBITDA (before exceptionals) following the Covid period.
“That we continue to grow revenue reflects the success of our strategy to pivot decisively toward parcels, e-commerce, retail services and digital innovation,” he said.
He said there was a “phenomenal rise in parcel volumes” last year.
The €209.49m pension cost arose from An Post last September approving a benefit increase for around 7,000 retired workers at An Post where the pensioners received a 7% increase in their pensions in two phases in 2025.
Referring to the exceptional pension fund cost, Mr McRedmond – who steps down after 10 years in the role later this Summer – said the scheme surplus at December 31, 2025 was €316m following a reinstatement of members’ benefits which resulted in an exceptional charge in the year of €209m.
“I am very proud that we have been able to restore members’ benefits,” the CEO said.
Chief financial officer Peter Quinn in his report said the record 2025 revenue performance along with improved cash generation and profit after tax before exceptional items “builds on the operational and financial performance in 2024 and reflects the continued relevance of our business despite the fall in traditional mail volumes”.
“An Post’s Balance Sheet is on a sound financial footing with total equity of €465m. This stability, combined with the very low levels of gearing, will enable the Group to continue execute its strategy,” he said.
Mr McRedmond said that “while next day delivery will always remain available, most mail will inevitably move to a two or three day service to secure the efficiencies required in a modern market”.
“This is not a retreat from service quality but an investment in future resilience,” he stated.
Last year, Mr McRedmond’s overall pay package totalled €323,000 – made up of salary of €250,000, pension contributions of €63,000, €7,000 concerning medical allowance and €3,000 concerning a benefit in kind from an electric company car.
Last year, revenues from An Post’s postage of letters and parcels increased by 12% from €656.13m to €735.15m and the increase in revenue took place despite a 6.3% decline in traditional postal volumes.
The price of a stamp increased by 25 to €1.65 in February of last year and increased again earlier this year to €1.85 on February 3.
Income from “elections and referenda” declined sharply in 2025 from €64.54m to €10.72m while income from post offices – agency, remittance and related services – increased from €174.09m to €178.3m.
Numbers employed increased from 10,209 to 10,404 as payroll costs rose from €583.83m to €618.23m while postmasters’ agent costs rose from €51.87m to €54.5m.
Elsewhere in his report, Peter Quinn said that “the growth in revenue is very satisfactory as the business strived to replace the reduced revenue from elections and mails volume decline”.
“Carefully managed price increases for the mails sector, implemented in a customer sensitive manner, have provided a revenue stream that supports high quality and sustainable services for personal and business customers,” he added.
Reporting by Gordon Deegan
