Focus on growth and costs with unchanged global economic trend
As set out in our Strategy 2030, we firmly believe that global trade flows will continue to offer attractive growth opportunities for our logistics business in the future. However, any short-term assessment of world trade dynamics is complicated by the debates around future tariff and trade policy in major economies, which are described in the future economic parameters section. We are therefore basing our outlook on the assumption that global economic growth will remain below average, as in the previous year. In this context, and in implementing Strategy 2030, we will focus in 2025 on boosting lean, divisional structures with our “Fit for Growth” operating cost program, which is set to have a favorable impact on earnings in 2025 and 2026.
Expectations for consolidated EBIT
With the help of the cost program, we expect a slight rise in Group EBIT from the previous year’s figure of €5.9 billion to at least €6.0 billion in the 2025 fiscal year. The DHL divisions are projected to generate total EBIT of at least €5.5 billion. In the Post & Parcel Germany division, EBIT is forecast to come in at around €1.0 billion. Group Functions is anticipated to contribute around €– 0.4 billion to earnings. This forecast does not take account of potential effects from changes to tariff and trade policy, which could have considerable negative or positive impacts.
Dividend proposal: €1.85 per share
At the Annual General Meeting on May 2, 2025, the Board of Management and the Supervisory Board will propose to the shareholders a dividend of €1.85 per share for the 2024 fiscal year (previous year: €1.85).
Solid investment grade credit rating for the Group
As of the reporting date, our credit rating was at “A2” with a stable outlook according to Moody’s Investors Service and was classified as “A–” with a stable outlook by Fitch Ratings. As part of our finance strategy, we still strive for a stand-alone target rating between “Baa1” and “A3” and “BBB+” and “A–,” respectively.
Liquidity remains solid
Due to the dividend payment for the 2024 fiscal year in May 2025, our liquidity is expected to decrease up to mid-year 2025. Due to the usually good business development in the second half of the year, the liquidity situation should improve again toward the end of the year.
Capital expenditure of €3.0 billion to €3.3 billion planned
As in the previous year, we want to manage investments in our strategic goals and further growth in a balanced way, in line with the challenging economic environment. We plan for capital expenditure (excluding leases) to range between €3.0 billion and €3.3 billion in 2025, while focusing on the same areas as in previous years.
Expected EAC and free cash flow
In view of the expected EBIT development in combination with a predicted increase in the asset charge, we expect the EAC to reach at least the previous year’s level. Free cash flow is projected at around €2.75 billion, including a €250 million overall budget for M&A expenses.
Limit greenhouse gas emissions
The development of GHG emissions in the 2025 fiscal year will also depend on the development of the global economy. For fiscal year 2025, we aim to limit logistics-related GHG emissions to 34.7 million metric tons of CO₂e. This includes Decarbonization Effects of 2,000 metric kilotons of CO₂e.
Continued strong employee engagement
Employee Engagement should amount to at least 80% across the Group once again in the 2025 fiscal year.
Increase share of female executives
In the 2025 fiscal year, at least 30% of the positions in middle and upper management should be held by women.
Reducing accident rate
A safe working environment remains a priority for us. We are therefore aiming for an accident rate (lost time injury frequency rate, LTIFR) per million hours worked of no more than 15.5 in the 2025 fiscal year.
Conduct compliance-relevant training
The share of valid certificates for compliance trainings among middle and upper management should remain at a high level and amount to at least 98%.
External cybersecurity rating
The cybersecurity rating from BitSight should be within the upper quartile of the comparison group and amount to at least 710 points. If BitSight changes its rating scale, we will adjust this figure in line with the change.
