Personnel costs and personnel cost ratio
Increased personnel cost ratio driven by collective agreements
billions of € |
|
|
|
|
|
||
|
2021 |
2022 |
2023 |
2024 |
2025 |
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|---|---|---|---|---|---|---|---|
Personnel costs in the Group, |
18.5 |
19.4 |
19.1 |
19.0 |
19.8 |
||
of which Germany |
8.5 |
8.4 |
8.2 |
8.4 |
8.0 |
||
Special factors |
0.9 |
1.4 |
1.6 |
1.1 |
1.2 |
||
Personnel costs in the Group, |
17.6 |
18.1 |
17.5 |
17.9 |
18.6 |
||
Net revenue |
107.8 |
114.4 |
112.0 |
115.8 |
119.1 |
||
of which Germanya |
25.4 |
26.0 |
26.4 |
27.0 |
27.0 |
||
Adjusted personnel cost ratio, Group |
16.3 % |
15.8 % |
15.6 % |
15.5 % |
15.6 % |
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|
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In the 2025 financial year, the personnel cost ratio rose again for the first time in four years. It increased by 0.1 percentage points to 15.6 %. This figure compares personnel costs adjusted for special effects to revenue and serves as a performance indicator in the Group.
Adjusted personnel costs during the financial year amounted to EUR 18.6 billion, an increase of EUR 0.7 billion compared to previous year. The increase is mainly driven by the United States operating segment, due to the higher average headcount. In the Germany operating segment and in the Group Headquarters & Group Services segment, lower headcounts resulted in a reduction in personnel costs. The agreed salary increases from the collective agreements concluded in 2024 and 2025 in Germany and abroad had an offsetting effect.
Revenue maintained its positive trend, rising to EUR 119.1 billion, continuing the growth trend from previous years. Overall, Group revenue rose by EUR 3.3 billion while revenue in Germany remained on a stable level.
Unadjusted personnel costs grew by EUR 0.8 billion to EUR 19.8 billion. In contrast, the personnel costs in Germany declined by EUR 0.4 billion.
Personnel costs comprise basic personnel costs (pay, salaries) plus ancillary personnel costs (social costs). This figure is adjusted for special factors in conjunction with staff restructuring measures.