An Post made a loss last year of €180.5 million on the back of an exceptional charge relating to its pension scheme, its latest annual report shows. The loss reflects an accounting charge of €209.5 million, which relates to an increase in the liabilities of its defined benefit pension scheme. This charge was offset by a €26 million tax credit. When these items are stripped out, the State-owned postal group made a profit of €2.8 million from its trading activities.On the pension charge, the annual report states: “A past service cost of €209.5 million is recognised, reflecting the impact on the plan’s liabilities of an amendment to members’ benefits. “This arises as a result of a special 7 per cent pensionable pay and pension increase, which the company has agreed to implement, with 6 per cent applied effective from January 1st, 2025, and a further 1 per cent applied effective from July 1st, 2025.”The note to the accounts adds that the surplus in the defined benefit – or final salary – pension scheme at the end of 2025 after those changes were accounted for was “still in excess of €330 million”. An Post increased its revenues by 2.9 per cent last year to just under €1.05 billion while its operating costs rose to almost €997 million. This left it with earnings before interest, tax, depreciation and amortisation (Ebitda) of €53.2 million, up from €51.5 million.The company delivered 294 million letters over the 12 months, down 8 per cent on the previous year, and 73 million parcels, which was up 16 per cent. Revenues from letters and parcels rose by 12 per cent to €735 million while income from elections and referendums fell by €54 million (2024 had included both local and general elections).Its wages bill increased by 5.4 per cent to €526 million while its total payroll costs were up 5.8 per cent at €636 million. On average, the group had 10,271 employees last year, up from 10,229 in 2024. The number of postmasters engaged as agents fell to 762 from 778 a year earlier. The annual report says that chief executive David McRedmond, who is stepping down from the company in August after 10 years in charge, received total remuneration of €323,000 last year, up from €317,000 in 2024. This comprised a basic salary of €250,000, a car allowance of €3,000, a medical allowance of €7,000 and a pension payment of €63,000. McRedmond is due to be succeeded as CEO by former Coillte and Glen Dimplex chief, Fergal Leamy, who has reportedly agreed an initial salary of €285,000 for the post. Fees paid to non-executive board members totalled €224,000, including a payment of €32,000 to chairman, Kieran Mulvey. A spokesman for An Post declined to comment on the annual report in advance of its annual general meeting later this month. In his final note as chief executive, McRedmond said: “It has been the privilege of my working life to lead An Post. I am entirely confident and optimistic for its future, proud of what we have built together and deeply grateful to every member of this extraordinary organisation.”