Basis of preparation

1 Basis of accounting

The condensed consolidated interim financial statements as of June 30, 2025, were prepared in compliance with the IFRS® Accounting Standards and the related Interpretations of the IASB® International Accounting Standards Board for interim financial reporting as adopted in the European Union as of the reporting date. These interim financial statements thus include all information and disclosures required by IFRSs to be presented in condensed interim financial statements.

Preparation of the condensed consolidated interim financial statements in accordance with IAS 34 requires the Board of Management to exercise judgement and make estimates and assumptions that affect the application of accounting policies in the Group and the presentation of assets, liabilities, income and expenses. Actual amounts may differ from these estimates.

The accounting policies applied to the condensed consolidated interim financial statements generally derive from the same accounting policies as used in the preparation of the consolidated financial statements for the 2024 fiscal year. Exceptions are the new or revised International Financial Reporting Standards (IFRSs) required to be applied for the first time in the 2025 fiscal year that, however, have not had a material influence on the consolidated interim financial statements. Detailed explanations of these can be found in the 2024 Annual Report in note 5 to the consolidated financial statements.

The income tax expense for the reporting period was deferred on the basis of the tax rate expected to apply to the full fiscal year. The effective tax rate is unchanged from the previous year at 30%.

Starting from the 2025 fiscal year, the figures in this report are commercially rounded. This means that the individual figures may not add up exactly to the total, and percentages may not exactly correspond to the figures shown. The prior-year figures have been adjusted accordingly.

Changes to measurement parameters

The changes in measurement parameters are as follows:

Accounting pursuant to IAS 29 is applied for Turkish companies. The consumer price index of the Turkish Statistical Institute was used for the adjustment of the purchasing power effects. As of December 31, 2024, this stood at 2,685 basis points; as of June 30, 2025, it had increased to 3,132 basis points.

The following discount rates were used to determine the present value of the pension obligations:

2 Consolidated group

The number of companies consolidated with Deutsche Post AG is shown in the following table:

The changes are primarily the result of acquisitions in the first half of 2025. Mergers, formations and liquidations also took place.

Preliminary purchase price allocation for Inmar

On January 8, 2025, DHL Group acquired 100% of the shares in US-based Inmar Supply Chain Solutions LLC (Inmar). Inmar is the leading provider of returns logistics in the United States and is based in Winston-Salem, North Carolina. The investment aims to strengthen DHL Supply Chain’s reverse logistics solutions in North America. Inmar is allocated to the Supply Chain cash generating unit (CGU). Measurement of the assets acquired and liabilities and contingent liabilities assumed has not yet been completed due to time constraints. Preliminary, non-tax-deductible goodwill currently amounts to €33 million. It is mainly attributable to the synergies and network effects expected from the returns logistics market in North America. Current assets largely comprise trade receivables of €14 million. There was a difference of €1 million between the gross amount and the carrying amount.

In addition to the cash purchase price paid of €29 million, variable purchase price components were agreed for the acquisition of Inmar, which are recognized as of June 30, 2025, as a financial liability in the amount of €17 million.

Preliminary purchase price allocation for IDS Fulfillment

On May 5, 2025, DHL Group acquired 100% of the US-based e-fulfillment and distribution logistics provider Integrated Distribution Services LLC (IDS Fulfillment), Indiana. The acquisition will enhance DHL Supply Chain’s e-commerce capabilities and its services for small and midsize customers who want to expand online sales for their products. The acquisition provides additional warehouse and distribution space for the DHL Fulfillment network in the United States and includes a diverse customer portfolio. IDS Fulfillment is allocated to the Supply Chain CGU. Measurement of the assets acquired and liabilities and contingent liabilities assumed has not yet been completed due to time constraints. Preliminary, non-tax-deductible goodwill currently amounts to €45 million. It is mainly attributable to the synergies and network effects expected in the US market. Current assets largely comprise trade receivables of €15 million. There was a difference of €2 million between the gross amount and the carrying amount.

Preliminary purchase price allocation for CRYOPDP

On June 11, 2025, DHL Group acquired 100% of the US-based CRYOPDP Group. CRYOPDP is a leading provider of specialty logistics services for clinical trials, biopharma, and cell and gene therapies. This acquisition enhances DHL Group’s capabilities in specialty pharmacy logistics. DHL Group and Cryoport Inc., USA, also announced that they had formed a strategic partnership. Measurement of the assets acquired and liabilities and contingent liabilities assumed has not yet been completed due to time constraints. Preliminary, non-tax-deductible goodwill currently amounts to €148 million. The goodwill is allocated to the Supply Chain CGU and is mainly attributable to the synergies and network effects expected in specialty pharma logistics. Current assets largely comprise trade receivables of €18 million. There was a difference of €1 million between the gross amount and the carrying amount.

Preliminary purchase price allocation for ASMO

In the 2023 fiscal year, DHL Group acquired 51% of the voting shares in the Saudi Arabian company ASMO Advanced Logistics Services Co. LLC (ASMO) and accounted for this investment using the equity method. The company is fully consolidated starting from June 30, 2025, as DHL Group is now able to determine its activities and exercise control. Measurement of the assets acquired and liabilities and contingent liabilities assumed has not yet been completed due to time constraints. Preliminary, non-tax-deductible goodwill currently amounts to €68 million and is allocated to the Supply Chain CGU. The goodwill is mainly attributable to the region’s growing market potential as a global trading hub for the energy, chemical and industrial sector and the creation of a new center for logistics services in Saudi Arabia. Current assets largely comprise other assets. There was no difference between the gross amount and the carrying amount.

Monta B.V. Group

In April 2025, a step acquisition was completed for the remaining shares in Monta B.V. Group, Netherlands. Following the acquisition in October 2022, there was an option to purchase the remaining 49% of shares that could be exercised at any time and was recognized as a financial liability in the amount of €147 million.

In the period up to June 30, 2025, a total of €357 million was paid for the business combinations in the year under review. The purchase prices of the acquired companies were settled by cash consideration unless contractually agreed otherwise. Investments accounted for using the equity method and other investments amounted to €10 million in the 2025 fiscal year.

Disposal and deconsolidation effects

Deutsche Post DHL Facility Management Deutschland GmbH

The full sale of the 51% holding in Deutsche Post DHL Facility Management Deutschland GmbH in the first half of 2025 resulted in a disposal and deconsolidation effect of €15 million. The company was mainly responsible for property maintenance and the provision of facility management services, mainly for DHL Group, and was allocated to Group Functions. The deconsolidation gain of €15 million is reported in other operating income.

3 Significant transactions

Share buyback for up to €6 billion

On February 18, 2025, the Board of Management resolved to expand the current share buyback program so that a total of up to 210 million treasury shares are to be purchased at a price of now up to €6 billion through the end of 2026. The repurchased shares will either be retired, used to service long-term executive remuneration plans and employee participation programs or used to meet potential obligations if rights accruing under potential future convertible bonds are exercised, note 14.

On June 30, 2025, it was announced that, based on the authorization granted by the Annual General Meeting on May 2, 2025, the Board of Management had resolved to repurchase up to 20 million shares with a total volume of up to €600 million in the period from July 1, 2025, to no later than November 30, 2025, in an eighth tranche of the share buyback program.

Bond issues

On March 24, 2025, Deutsche Post AG issued three bonds with a total volume of €2.25 billion (€850 million, €750 million and €650 million). The terms of 5, 9 and 15 years end on March 24 in 2030, 2034 and 2040, respectively. The bonds have fixed interest rates of 3.0%, 3.5% and 4.0% per year. The proceeds will be used for general company purposes, including the refinancing of existing financial liabilities.

On June 5, 2025, a further bond was issued with a volume of €900 million and a term of 7 years. Maturity is on June 5, 2032. The bond has an interest rate of 3.125% per year. The proceeds will be used for general company purposes.

Repayment of convertible bond

The convertible bond 2017/2025 in the amount of €1 billion plus accrued interest was repaid in full as of June 30, 2025. No conversion took place, as the price of the underlying shares remained below the agreed conversion price.

Planned merger with British parcel delivery company

In May 2025, DHL Group announced its intention to merge its e-commerce business in the United Kingdom with British parcel delivery company Evri, note 13.

4 Adjustment of prior-period amounts

Except for the adjustments to prior-period amounts mentioned in note 1, there were no adjustments in the first half of 2025.