Impact of the global economy and geopolitics on our business in 2025
Global trade flows in the 2025 fiscal year were shaped by changes in US trade and tariff policy, which led, among other things, to a significant decline in the volumes transported by the Express division to the United States. This was the principal reason for the weak volume development in 2025, with a 9.4% fall in per-day TDI volumes. Thanks to our broad global positioning, however, we recorded a better development on other trade lanes. On routes in the Middle East and Africa region and in the Asia Pacific region, for example, there was an increase in weight transported per day. In this fast-changing market environment, strong cost discipline and our flexible approach to network planning allowed us to continuously adjust capacity to match expected volumes as well as possible.
Express: volume development successfully countered by cost discipline
In the 2025 fiscal year, revenue in the Express division fell by 2.8% to €24,430 million. This figure includes negative currency effects of €693 million excluding which the division’s revenue remained at the previous year’s level. TDI daily shipment volumes fell by 9.4%. Revenue fell by 4.0% to €6,568 million in the fourth quarter of 2025.
As in previous years, we countered the development in volumes by prioritizing cost discipline, improving productivity and making targeted use of network flexibility. In the 2025 fiscal year, EBIT in the Express division was €3,162 million, 2.5% above the prior-year figure. This includes a negative net, non-recurring effect of €129 million, resulting from restructuring expenses (€–70 million), legal provisions (€–64 million) and M&A effects (€5 million). The EBIT margin for the fiscal year was 12.9%. At €1,077 million, EBIT in the Express division for the fourth quarter of 2025 was slightly below the prior-year figure, down 0.5%. As in the previous year, earnings were bolstered by a demand surcharge, which the Express division applied in the fourth quarter for the year-end peak season.
KEY FIGURES, EXPRESS
€m
2024
2025
+ / -%
Q 4 2024
Q 4 2025
+ / -%
Revenue
25,134
24,430
-2.8
6,845
6,568
-4.0
Europe
11,239
11,343
0.9
3,019
3,088
2.3
Americas
5,991
5,887
-1.7
1,637
1,610
-1.7
Asia Pacific
8,441
7,575
-10.3
2,284
1,924
-15.8
MEA (Middle East and Africa)
1,494
1,530
2.5
399
397
-0.4
Consolidation/Other
-2,031
-1,905
6.2
-495
-450
8.9
Profit from operating activities (EBIT)
3,084
3,162
2.5
1,083
1,077
-0.5
Return on sales (%)1
12.3
12.9
-
15.8
16.4
-
Operating cash flow
4,830
5,125
6.1
1,525
1,466
-3.9
1 EBIT/revenue.
EXPRESS: REVENUE BY PRODUCT
€m per day1
2024
2025
+ / -%
Q 4 2024
Q 4 2025
+ / -%
Time Definite International (TDI)
74.8
73.2
-2.2
79.7
77.7
-2.6
Time Definite Domestic (TDD)
6.2
6.7
8.7
6.9
7.4
6.8
1 To improve comparability, product revenues were translated at uniform exchange rates. These revenues are also the basis for the weighted calculation of working days.
Express: Volume by product
Items per day (thousands)
2024
2025
+ / -%
Q 4 2024
Q 4 2025
+ / -%
Time Definite International (TDI)
1,062
962
-9.4
1,110
997
-10.2
Time Definite Domestic (TDD)
498
535
7.4
571
577
0.9
Continuing to expand and modernize our network and fleet
As part of the upgrading of our intercontinental fleet, we had signed contracts with Boeing between 2018 and 2022 to purchase a total of 28 new B777 aircraft. The remaining six aircraft were delivered in 2025 as planned. Over the course of 2025, we further optimized our intercontinental routes by replacing all but two older B747–400s with the more fuel-efficient B777–200LRF. These aircraft are also providing enhanced cold chain options on key routes in the Life Sciences & Healthcare sector.
In the Europe region, we expanded the hub in Barcelona and added new gateways in Lyon and Helsinki to our network. We also continued to invest in our two continental European airlines: DHL Air Austria and European Air Transport (EAT). DHL Air Austria added a B767–300 to its operations. EAT placed a converted Airbus A330–300 P2F and an A300–600 into operation. In the Americas region, we streamlined our fleet by phasing out older aircraft. We also continuously invested in our global hub in Cincinnati, USA. In the Asia Pacific region, the last A300–600 was withdrawn, thereby completing the fleet renewal and modernization project in Asia in 2025.
