| 9M 2023 | 9M 2024 | +/– % | Q3 2023 | Q3 2024 | +/– % | ||
| Revenue | €m | 60,410 | 61,482 | 1.8 | 19,398 | 20,592 | 6.2 |
| Profit from operating activities (EBIT) | €m | 4,703 | 4,035 | –14.2 | 1,372 | 1,373 | 0.1 |
| Return on sales1 | % | 7.8 | 6.6 | – | 7.1 | 6.7 | – |
| EBIT after asset charge (EAC) | €m | 2,108 | 1,287 | –38.9 | 501 | 457 | –8.8 |
| Consolidated net profit for the period2 | €m | 2,696 | 2,235 | –17.1 | 807 | 751 | –6.9 |
| Free cash flow | €m | 2,507 | 1,675 | –33.2 | 1,074 | 723 | –32.7 |
| Net debt3 | €m | 17,739 | 19,428 | 9.5 | – | – | – |
| Earnings per share4 | € | 2.26 | 1.91 | –15.5 | 0.68 | 0.64 | –5.9 |
| Number of employees5 | 589,184 | 595,267 | 1.0 | – | – | – | |
On September 23, 2024, the Board of Management announced its principal decision to modernize the Group structure. The DHL Group’s legal structure will be aligned with its management structure over the next two years and all divisions managed as standalone corporate entities.
At €20,592 million, consolidated revenue increased by 6.2% year on year in the third quarter of 2024. This includes negative currency effects amounting to €201 million. Other operating income fell by €23 million to €730 million.
Profit from operating activities (EBIT) in the third quarter of 2024 amounted to €1,373 million and was on a level with the prior-year figure (€1,372 million). At €215 million, net finance costs were less favorable than the previous year’s €162 million. Profit before income taxes fell by €52 million to €1,158 million. As a result, income taxes decreased to €347 million. The tax rate amounted to 30.0%, as in the previous year.
Consolidated net profit for the period in the third quarter of 2024 amounted to €811 million, thus below the prior-year figure of €847 million. Of this amount, €751 million is attributable to Deutsche Post AG shareholders and €60 million to noncontrolling interest holders. Earnings per share amounted to €0.64 (basic) and €0.63 (diluted).
EAC for the third quarter of 2024 declined from €501 million to €457 million. While EBIT was nearly unchanged, there was an increase in the imputed asset charge, due in particular to investments in property, plant and equipment in all divisions and higher net working capital, especially in the Global Forwarding, Freight division.
As of September 30, 2024, the Group reported centrally available liquidity in the amount of €0.8 billion, which is comprised of cash and cash equivalents. Due to our solid liquidity situation, the syndicated credit line in the amount of €4 billion was not drawn. In addition, unused bilateral credit lines in the amount of €2.2 billion were available as of the reporting date.
Investments in property, plant and equipment and intangible assets acquired (not including goodwill) amounted to €690 million in the third quarter of 2024 (previous year: €871 million) and were made predominantly in the expansion of network infrastructure.
Net cash from operating activities decreased in the third quarter of 2024 from €2,534 million to €2,043 million.
Net cash used in investing activities decreased from €559 million to €478 million, partly due to lower investments in property, plant and equipment and intangible assets. At €723 million, free cash flow in the third quarter came in below the prior-year figure of €1,074 million. Excluding the payments for acquisitions and divestitures, free cash flow decreased by €373 million.
Net cash used in financing activities rose by €301 million to €1,671 million. In the previous year, the placement of a sustainability bond had resulted in proceeds of €498 million. Cash and cash equivalents fell from €3,649 million as of December 31, 2023, to €2,690 million.
Net debt rose from €17,739 million as of December 31, 2023, to €19,428 million as of September 30, 2024.
Revenue in the Express division rose by 3.0% to €6,063 million in the third quarter of 2024. This includes negative currency effects amounting to €84 million, as well as higher fuel surcharges. Excluding currency effects and fuel surcharges, third-quarter revenue exceeded the prior-year figure by 3.2%. Given the ongoing sluggish market development, per-day revenues in the TDI product line remained at the prior-year level, while TDI daily shipment volumes fell by 5.9% in the third quarter.
We continue to counter this development with yield and cost management along with adjustments to network capacity. EBIT in the Express division improved by 2.8% to €686 million in the third quarter of 2024. The EBIT margin was 11.3%.
| €m | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % |
| Revenue | 18,288 | 18,289 | 0.0 | 5,885 | 6,063 | 3.0 |
| of which Europe | 8,136 | 8,221 | 1.0 | 2,588 | 2,688 | 3.9 |
| Americas | 4,438 | 4,353 | –1.9 | 1,474 | 1,470 | –0.3 |
| Asia Pacific | 6,454 | 6,157 | –4.6 | 2,127 | 2,082 | –2.1 |
| MEA (Middle East and Africa) | 1,118 | 1,094 | –2.1 | 361 | 365 | 1.1 |
| Consolidation/Other | –1,858 | –1,536 | 17.3 | –665 | –542 | 18.5 |
| Profit from operating activities (EBIT) | 2,471 | 2,001 | –19.0 | 667 | 686 | 2.8 |
| Return on sales (%)1 | 13.5 | 10.9 | – | 11.3 | 11.3 | – |
| Operating cash flow | 3,732 | 3,304 | –11.5 | 1,368 | 1,177 | –14.0 |
| €m per day1 | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % |
| Time Definite International (TDI) | 74.9 | 73.4 | –2.0 | 71.3 | 71.4 | 0.1 |
| Time Definite Domestic (TDD) | 6.0 | 6.2 | 3.3 | 5.5 | 6.0 | 9.1 |
| Items per day (thousands) | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % |
| Time Definite International (TDI) | 1,084 | 1,047 | –3.4 | 1,067 | 1,004 | –5.9 |
| Time Definite Domestic (TDD) | 480 | 474 | –1.3 | 436 | 467 | 7.1 |
Revenue in the Global Forwarding, Freight division increased by 14.0% to €5,037 million in the third quarter of 2024 due to higher volumes and freight rates. Excluding negative currency effects of €45 million, revenue was up 15.1% on the prior-year level. Revenue in the Global Forwarding business unit grew by 17.6% to €3,828 million in the third quarter of 2024. Without taking negative currency effects of €47 million into account, the increase was 19.0%. Gross profit in the Global Forwarding business unit was down from the previous year by 4.9% to €866 million.
Air freight volumes rose by 8.5% in the third quarter of 2024, with growth primarily on trade lanes from Asia. Air freight revenues increased by 17.2% while gross profit was down by 15.2%. Ocean freight volumes grew by 8.2% year on year in the third quarter, with growth especially on trade lanes from Asia. Third-quarter ocean freight revenue went up by 27.9% and gross profit decreased by 4.4%. In ocean freight markets affected by ongoing disruptions, gross profit/TEU (twenty-foot equivalent units) remained resilient with growth of 5.6% compared to the previous quarter.
Revenue in the Freight business unit increased by 3.8% in the third quarter of 2024 to €1,235 million due to price effects, while volumes were on the previous year’s level. Gross profit in this business unit fell by 4.5% to €295 million.
EBIT in the Global Forwarding, Freight division declined by 9.5% in the third quarter of 2024 to €277 million. The EBIT margin was 5.5%. EBIT in the division thus corresponds to 23.9% of gross profit and 30.0% for the Global Forwarding business unit.
| €m | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % |
| Revenue | 14,740 | 14,534 | –1.4 | 4,417 | 5,037 | 14.0 |
| of which Global Forwarding | 10,984 | 10,742 | –2.2 | 3,256 | 3,828 | 17.6 |
| Freight | 3,844 | 3,871 | 0.7 | 1,190 | 1,235 | 3.8 |
| Consolidation/Other | –88 | –79 | 10.2 | –29 | –26 | 10.3 |
| Profit from operating activities (EBIT) | 1,083 | 819 | –24.4 | 306 | 277 | –9.5 |
| Return on sales (%)1 | 7.3 | 5.6 | – | 6.9 | 5.5 | – |
| Operating cash flow | 1,847 | 283 | –84.7 | 505 | 73 | –85.5 |
| €m | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % |
| Air freight | 4,542 | 4,546 | 0.1 | 1,340 | 1,571 | 17.2 |
| Ocean freight | 4,464 | 4,364 | –2.2 | 1,292 | 1,653 | 27.9 |
| Other | 1,978 | 1,832 | –7.4 | 624 | 604 | –3.2 |
| Total | 10,984 | 10,742 | –2.2 | 3,256 | 3,828 | 17.6 |
| Thousands | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % | |
| Air freight exports | tons | 1,239 | 1,317 | 6.3 | 410 | 445 | 8.5 |
| Ocean freight | TEU1 | 2,318 | 2,482 | 7.1 | 793 | 858 | 8.2 |
Revenue in the Supply Chain division was up by 4.0% to €4,427 million in the third quarter of 2024. Excluding negative currency effects of €67 million, the increase was 5.5%. New and extended contracts and the growing e-commerce business led to revenue growth in almost all regions and sectors. A slight drop in revenue in the Asia Pacific region was also due to negative currency effects.
In the third quarter of 2024, the Supply Chain division concluded additional contracts with a volume of €1.4 billion. The Life Sciences & Healthcare, Retail (including e-fulfilment solutions serving the growth in e-commerce) and Energy sectors accounted for an important part of this. The contract renewal rate remained at a consistently high level.
EBIT in the Supply Chain division rose by 13.2% to €274 million in the third quarter of 2024. The EBIT margin was 6.2%.
| €m | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % |
| Revenue | 12,597 | 13,112 | 4.1 | 4,258 | 4,427 | 4.0 |
| of which EMEA (Europe, Middle East and Africa) | 5,546 | 5,758 | 3.8 | 1,886 | 1,930 | 2.3 |
| Americas | 5,206 | 5,497 | 5.6 | 1,761 | 1,882 | 6.9 |
| Asia Pacific | 1,888 | 1,873 | –0.8 | 629 | 621 | –1.3 |
| Consolidation/Other | –43 | –16 | 62.8 | –18 | –6 | 66.7 |
| Profit from operating activities (EBIT) | 741 | 809 | 9.2 | 242 | 274 | 13.2 |
| Return on sales (%)1 | 5.9 | 6.2 | – | 5.7 | 6.2 | – |
| Operating cash flow | 947 | 1,406 | 48.5 | 494 | 730 | 47.8 |
At €1,645 million, revenue in the eCommerce division in the third quarter of 2024 was 11.4% up on the prior-year level. This includes a revenue contribution of €77 million from the acquisition of MNG Kargo. Excluding negative currency effects of €7 million, revenue was 11.8% up on the prior-year level.
EBIT in the eCommerce division fell from €55 million to €50 million in the third quarter of 2024. This was attributable mainly to higher costs, which resulted partly from increased depreciation and amortization due to continuous investment in the expansion of the networks. The EBIT margin for the third quarter was 3.0%.
| €m | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % |
| Revenue | 4,490 | 4,945 | 10.1 | 1,477 | 1,645 | 11.4 |
| of which Americas | 1,553 | 1,623 | 4.5 | 511 | 541 | 5.9 |
| Europe | 2,452 | 2,798 | 14.1 | 797 | 923 | 15.8 |
| Asia | 484 | 525 | 8.5 | 168 | 182 | 8.3 |
| Consolidation/Other | 1 | –1 | <–100 | 1 | –1 | <–100 |
| Profit from operating activities (EBIT) | 214 | 1751 | –18.2 | 55 | 50 | –9.1 |
| Return on sales (%)2 | 4.8 | 3.5 | – | 3.7 | 3.0 | – |
| Operating cash flow | 354 | 381 | 7.6 | 127 | 111 | –12.6 |
At €4,053 million, revenue in the Post & Parcel Germany division was up by 2.4% year on year in the third quarter of 2024. The Parcel Germany business unit continued to drive this development, while the German postal mail business declined.
EBIT for the Post & Parcel Germany division in the third quarter of 2024 amounted to €171 million and was thus 17.4% lower than in the prior-year period. The figure includes a positive net effect from developments in various legal disputes of around €70 million. Revenue growth in parcel business and goods shipping along with higher other operating income were unable to compensate for increased material and staff costs, caused particularly by collective bargaining agreements. Return on sales in the third quarter was 4.2%.
| €m | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % |
| Revenue | 12,153 | 12,479 | 2.7 | 3,959 | 4,053 | 2.4 |
| of which Post Germany | 5,533 | 5,422 | –2.0 | 1,791 | 1,724 | –3.7 |
| Parcel Germany | 4,790 | 5,188 | 8.3 | 1,577 | 1,720 | 9.1 |
| International | 1,761 | 1,792 | 1.8 | 567 | 583 | 2.8 |
| Consolidation/Other | 69 | 77 | 11.6 | 24 | 26 | 8.3 |
| Profit from operating activities (EBIT) | 468 | 495 | 5.8 | 207 | 171 | –17.4 |
| Return on sales (%)1 | 3.9 | 4.0 | – | 5.2 | 4.2 | – |
| Operating cash flow2 | 915 | 1,287 | 40.7 | 272 | 273 | 0.4 |
| €m | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % |
| Post Germany | 5,533 | 5,422 | –2.0 | 1,791 | 1,724 | –3.7 |
| of which Mail Communication | 3,736 | 3,728 | –0.2 | 1,209 | 1,185 | –2.0 |
| Dialogue Marketing | 1,284 | 1,183 | –7.9 | 422 | 379 | –10.2 |
| Other/Consolidation Post Germany | 513 | 511 | –0.4 | 160 | 160 | 0.0 |
| Parcel Germany | 4,790 | 5,188 | 8.3 | 1,577 | 1,720 | 9.1 |
| Mail items (millions) | 9M 2023 | 9M 2024 | + / – % | Q 3 2023 | Q 3 2024 | + / – % |
| Post Germany | 9,786 | 8,998 | –8.1 | 3,145 | 2,800 | –11.0 |
| of which Mail Communication | 4,371 | 4,232 | –3.2 | 1,371 | 1,331 | –2.9 |
| Dialogue Marketing | 4,772 | 4,196 | –12.1 | 1,582 | 1,283 | –18.9 |
| Parcel Germany | 1,233 | 1,292 | 4.8 | 411 | 433 | 5.4 |
The Board of Management continues to expect that the Group will benefit from a seasonal increase in B2C shipment volumes until the end of the year. However, for B2B and mail volumes there is, based on the trading in October, currently no indication of a better development. Also, in the air freight forwarding business margins stay below expectations, despite some seasonal acceleration of volumes.
Therefore, the Board of Management has decided to adjust the Group EBIT guidance for the year 2024 to more than €5.8 billion (previously: €6.0–6.6 billion). The DHL divisions are expected to contribute more than €5.5 billion (previously: more than €5.7 billion) and the Post & Parcel Germany division around €0.8 billion (previously: more than €0.8 billion).
In line with market developments, the Group has also reduced the expected capital expenditure (excluding leases) for the full year 2024 to €3.0–3.2 billion (previously: €3.0–3.6 billion). Considering a year-to-date increase in working capital, especially in the Global Forwarding, Freight division, and the adjustment of investments, the Group expects a continued high full year 2024 free cash flow (excluding Net M&A) of now €2.8–3.0 billion (previously: around €3.0 billion).
Available market capacities in the Express division, which are influenced by customers and competitors, are posing less of a challenge for our pricing leeway than we anticipated. We therefore currently consider the risk to be low.
In contrast, B2B volumes have not developed as hoped since September 30, 2024. We therefore expect corresponding volume risks to materialize.
We currently assess the aggregate effect of all foreign currency gains and losses both as an opportunity and a risk of low significance for the Group.
The Group’s overall opportunity and risk situation did not otherwise change significantly during the third quarter of 2024 compared with the situation described in the 2023 Annual Report and 2024 Half-year Report. Based upon the Group’s early-warning system and in the estimation of its Board of Management, there are currently no identifiable risks for the Group that, individually or collectively, cast doubt upon the Group’s ability to continue as a going concern. Nor are any such risks apparent in the foreseeable future.
