Focus on growth and costs as factors for further earnings growth
The framework of our Strategy 2030 will continue, and we firmly believe that global trade flows and distribution requirements will continue to offer attractive growth opportunities for DHL Group’s logistics business in the future. However, the risks to business performance and current forecasts are unlikely to reduce in the current geopolitical environment. In this environment, we will continue to place our focus on the factors we can control: Creating more efficient structures, consistent capacity management to balance cyclical or seasonal fluctuations, and further implementation of the structural cost program “Fit for Growth.”
Expectations for consolidated EBIT
We expect Group EBIT in 2026 to exceed €6.2 billion and therefore the previous year’s figure. The DHL divisions are projected to generate total EBIT of more than €5.6 billion. We expect EBIT in the Post & Parcel Germany division of more than €0.9 billion. Group Functions is expected to contribute around €–0.4 billion to earnings.
Dividend proposal: €1.90 per share
At the Annual General Meeting on May 5, 2026, the Board of Management and the Supervisory Board will propose to the shareholders a dividend of €1.90 per share for the 2025 fiscal year (previous year: €1.85). Based on the shares carrying dividend rights as of December 31, 2025, the payout ratio of 60.6% is slightly above the range envisaged by our finance strategy. However, the amount of the dividend distribution will remain stable at the level of the previous year.
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
Given the dividend payment for the 2025 fiscal year in May 2026, our liquidity is expected to decrease up to mid-year 2026. 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
In 2026, we aim to maintain capital expenditure in our strategic goals and further growth on a level with the previous year. We therefore plan for capital expenditure (excluding leases) to range between €3.0 billion and €3.3 billion, while focusing on the same areas as in previous years.
Expectations for ROIC and free cash flow excluding acquisitions and divestitures
We expect further improvement in our new performance indicator ROIC over the medium term compared with the existing level. In the short term, including the 2026 fiscal year, ROIC is likely to remain at the previous year’s level at first, partly in light of the continued investment as part of Strategy 2030.
We expect for the 2026 fiscal year a free cash flow excluding acquisitions and divestitures of around €3.0 billion.
Limit greenhouse gas emissions
The development of GHG emissions in the 2026 fiscal year will also depend on the development of the global economy. For fiscal year 2026, we aim to limit logistics-related GHG emissions to 32.1 million metric tons of CO₂e. This includes Decarbonization Effects of 2.5 million metric tons of CO₂e.
Continued strong employee engagement
Employee Engagement should amount to at least 80% across the Group once again in the 2026 fiscal year.
Increase share of female executives
By the end of the 2026 fiscal year, at least 30% of the positions in middle and upper management should be held by women. Employees in the United States are not included in this planning.
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 14.5 in the 2026 fiscal year.
Conduct compliance-relevant training
The share of valid certificates for compliance training among middle and upper management should remain at a high level in 2026 and amount to at least 98%.
External cybersecurity rating
The cybersecurity rating from BitSight should remain within the upper quartile of the comparison group and amount to at least 720 points. If BitSight changes its rating scale, we will adjust this figure in line with the change.
