Segment reporting

16 Segment reporting

SEGMENTS BY DIVISION
€m	Express		Global Forwarding, Freight		Supply Chain		eCommerce
January 1 to June 30	2024	2025	2024	2025	2024	2025	2024	2025
External revenue	11,947	11,679	8,895	8,780	8,618	8,528	3,218	3,294
Internal revenue	279	316	602	604	68	35	82	117
Total revenue	12,226	11,995	9,497	9,384	8,685	8,563	3,300	3,411
Material expense	6,218	5,837	7,459	7,399	3,283	3,125	2,322	2,428
Staff costs	3,155	3,228	1,308	1,302	3,869	3,818	606	633
Depreciation and amortization	914	919	176	169	508	569	136	149
Impairment losses	0	0	0	0	2	0	0	0
Total depreciation, amortization and impairment losses	914	919	176	169	509	569	136	149
Net income/loss from investments accounted for using the equity method	0	2	-1	-2	-1	69	0	-1
Profit from operating activities (EBIT)	1,315	1,393	542	398	535	615	125	109
Segment assets¹	21,303	20,167	12,113	11,423	11,080	11,508	3,847	3,686
of which investments accounted for using the equity method	8	9	10	7	16	10	40	50
Segment liabilities¹	4,994	4,514	3,916	3,590	4,055	3,831	1,057	1,106
Net segment assets/liabilities¹	16,310	15,652	8,198	7,833	7,025	7,676	2,791	2,580
Capex (assets acquired)	356	316	71	52	246	266	113	96
Capex (right-of-use assets)	443	886	94	83	547	481	150	87
Total capex	799	1,202	165	135	793	747	263	183
Net cash from (+)/used in (-) operating activities	2,127	2,316	210	237	676	704	270	231
Employees²	109,542	107,820	45,665	44,241	186,126	181,085	39,793	39,818
Second quarter
External revenue	6,069	5,712	4,575	4,314	4,317	4,166	1,626	1,595
Internal revenue	151	156	305	305	35	17	41	60
Total revenue	6,220	5,868	4,880	4,620	4,352	4,183	1,667	1,656
Material expense	3,137	2,768	3,830	3,636	1,625	1,558	1,161	1,171
Staff costs	1,592	1,606	667	653	1,948	1,880	309	314
Depreciation and amortization	458	447	88	84	257	287	69	69
Impairment losses	0	0	0	0	1	0	0	0
Total depreciation, amortization and impairment losses	458	447	88	84	258	287	69	69
Net income/loss from investments accounted for using the equity method	1	1	-1	-1	0	68	0	-1
Profit from operating activities (EBIT)	683	730	280	196	279	348	67	56
Capex (assets acquired)	191	203	30	28	129	131	64	49
Capex (right-of-use assets)	213	596	47	50	295	202	36	49
Total capex	404	798	77	78	424	334	100	98
Net cash from (+)/used in (-) operating activities	1,004	1,086	242	195	275	347	119	82
1 As of December 31, 2024, and June 30, 2025. 2 Average FTEs.

SEGMENTS BY DIVISION
€m	Post & Parcel Germany		Group Functions		Consolidation		Group
January 1 to June 30	2024	2025	2024	2025	2024	2025	2024	2025
External revenue	8,205	8,351	7	2	0	0	40,890	40,634
Internal revenue	221	227	968	960	-2,219	-2,259	0	0
Total revenue	8,426	8,578	975	962	-2,219	-2,259	40,890	40,634
Material expense	2,882	2,911	742	762	-2,358	-2,449	20,549	20,014
Staff costs	4,527	4,516	650	659	-3	-2	14,113	14,154
Depreciation and amortization	305	333	279	270	0	0	2,318	2,408
Impairment losses	0	2	0	0	0	0	2	2
Total depreciation, amortization and impairment losses	305	334	279	270	0	0	2,320	2,410
Net income/loss from investments accounted for using the equity method	0	0	-9	0	0	0	-12	67
Profit from operating activities (EBIT)	324	447	-175	-163	-2	1	2,662	2,799
Segment assets¹	9,883	9,589	4,048	4,242	-60	-60	62,216	60,554
of which investments accounted for using the equity method	0	0	22	19	0	0	97	95
Segment liabilities¹	2,606	2,588	1,583	1,601	-46	-45	18,165	17,186
Net segment assets/liabilities¹	7,277	7,001	2,465	2,641	-14	-15	44,051	43,368
Capex (assets acquired)	275	286	55	53	0	0	1,116	1,069
Capex (right-of-use assets)	50	19	208	240	0	0	1,493	1,797
Total capex	325	305	263	293	0	0	2,609	2,865
Net cash from (+)/used in (-) operating activities	1,014	928	107	83	-792	-610	3,612	3,888
Employees²	155,008	151,792	14,005	13,760	0	0	550,139	538,516
Second quarter
External revenue	4,049	4,038	3	1	0	0	20,639	19,826
Internal revenue	111	112	485	486	-1,127	-1,136	0	0
Total revenue	4,160	4,150	487	486	-1,127	-1,136	20,639	19,826
Material expense	1,431	1,438	367	389	-1,189	-1,224	10,363	9,736
Staff costs	2,264	2,215	326	325	-1	0	7,104	6,992
Depreciation and amortization	155	169	139	134	0	0	1,165	1,190
Impairment losses	0	0	0	0	0	0	1	0
Total depreciation, amortization and impairment losses	155	169	139	134	0	0	1,166	1,190
Net income/loss from investments accounted for using the equity method	0	0	-5	1	0	0	-5	68
Profit from operating activities (EBIT)	130	166	-85	-67	-2	0	1,352	1,429
Capex (assets acquired)	187	166	33	31	0	0	633	608
Capex (right-of-use assets)	22	15	90	167	0	0	703	1,079
Total capex	209	181	123	198	0	0	1,336	1,686
Net cash from (+)/used in (-) operating activities	489	446	-7	-16	-512	-430	1,611	1,710
1 As of December 31, 2024, and June 30, 2025. 2 Average FTEs.

INFORMATION ABOUT GEOGRAPHICAL REGIONS
€m	Germany		Europe (excluding Germany)		Americas		Asia Pacific		Middle East/Africa		Group
January 1 to June 30	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025
External revenue	10,620	10,613	12,287	12,338	8,784	8,825	7,085	6,729	2,113	2,129	40,890	40,634
Noncurrent assets¹	13,177	13,104	14,662	14,098	11,115	10,695	6,001	5,482	1,610	1,503	46,564	44,883
Total capex	751	701	754	1,238	623	568	379	250	103	109	2,609	2,865
Second quarter
External revenue	5,237	5,134	6,225	6,132	4,483	4,256	3,625	3,281	1,069	1,024	20,639	19,826
Total capex	413	438	364	738	307	327	209	123	42	60	1,336	1,686
1 As of December 31, 2024, and June 30, 2025.

RECONCILIATION
€m	H1 2024	H1 2025
Total income of reported segments	2,840	2,961
Group Functions	-175	-163
Reconciliation to Group/Consolidation	-2	1
Profit from operating activities (EBIT)	2,662	2,799
Net finance costs	-371	-387
Profit before income taxes	2,292	2,413
Income taxes	-687	-724
Consolidated net profit for the period	1,604	1,689

17 Disclosures on financial instruments

IFRS 9 CARRYING AMOUNT
€m	Measurement category¹	Carrying amount Dec. 31, 2024	Fair value² Dec. 31, 2024	IFRS 16 balance sheet carrying amount	Carrying amount June 30, 2025	Fair value² June 30, 2025	IFRS 16 balance sheet carrying amount
ASSETS
Financial assets at amortized cost (AC)		15,721			14,616
Cash and cash equivalents	AC	3,619			3,150
Trade receivables	AC	11,198			10,600
Debt instruments (loans and receivables)	AC	904	904		867	867
Financial assets at fair value through other comprehensive income (without reclassification) (FVTOCI)		38			35
Equity instruments at fair value through other comprehensive income (FVTOCI)	FVTOCI	38	38		35	35
Financial assets at fair value through other comprehensive income (with reclassification) (FVTOCI)		109			82
Derivatives with hedge accounting	n.a.	109	109		82	82
Financial assets at fair value through profit or loss (FVTPL)		601			411
Debt instruments at fair value through profit or loss (FVTPL)	FVTPL	437	437		391	391
Derivatives without hedge accounting	FVTPL	163	163		18	18
Equity instruments at fair value through profit or loss (FVTPL)	FVTPL	1	1		1	1
Lease assets	n.a.	871		871	734		734
TOTAL ASSETS		17,340			15,877
EQUITY AND LIABILITIES
Financial liabilities at amortized cost (AC)		17,851			18,719
Trade payables	AC	8,635			7,448
Bonds	AC	6,474	6,328		8,602	8,513
Amounts due to banks	AC	1,033	1,025		932	927
Other financial liabilities	AC	1,709	1,709		1,737	1,737
Financial liabilities at fair value through other comprehensive income (with reclassification)		44			61
Other liabilities at fair value through profit or loss	FVTPL	0	0		17	17
Derivatives with hedge accounting	n.a.	44	44		43	43
Financial liabilities at fair value through profit or loss		14			160
Derivatives without hedge accounting	FVTPL	14	14		160	160
Lease liabilities	n.a.	14,935		14,935	14,389		14,389
TOTAL EQUITY AND LIABILITIES		32,844			33,329
1 Explanations: AC (at amortized cost); FVTOCI (at fair value through other comprehensive income); FVTPL (at fair value through profit or loss). 2 The simplification option under IFRS 7.29a was exercised for the disclosure of certain fair values.

The table above presents the carrying amounts and the fair values of the individual financial assets and liabilities for each individual class in consideration of the respective measurement category under IFRS 9. Depending on the classification, the financial instruments are either recognized at amortized cost or at fair value as part of the subsequent measurement. The fair values are indicated per class of financial instrument. The fair values are not listed for trade receivables and payables, cash and cash equivalents and other current debt instruments; the simplification rule of IFRS 7.29a has been applied. The carrying amounts of the current financial assets and liabilities mentioned correspond approximately to their fair values.

LEVEL DISCLOSURES
	December 31, 2024				June 30, 2025
€m	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Financial instruments at fair value
ASSETS
Debt instruments at fair value through profit or loss (FVTPL)	437			437	391			391
Equity instruments at fair value through profit or loss (FVTPL)	1			1	1			1
Equity instruments at fair value through other comprehensive income (FVTOCI)	38			38	35			35
Derivatives with/without hedge accounting		256	15	271		92	8	100
EQUITY AND LIABILITIES
Other liabilities at fair value through profit or loss							17	17
Derivatives with/without hedge accounting		58		58		203	1	204

If there is an active market for a financial instrument (e.g., a stock exchange), its fair value is determined by reference to the market or quoted exchange price as of the reporting date. If no fair value is available in an active market, quoted market prices for similar instruments or recognized valuation models are used to determine fair value. The fair values are reconciled in accordance with IFRS 13 to the fair value categories (Level 1 to 3).

Level 1 comprises equity and debt instruments measured at fair value and debt instruments measured at amortized cost whose fair values can be determined based on quoted market prices.

Commodity, interest rate and currency derivatives are reported under Level 2. The fair values are measured on the basis of discounted expected future cash flows, taking into account forward rates for currencies, interest rates and commodities (market approach). For this purpose, price quotations observable in the market (exchange rates, interest rates and commodity prices) are imported from standard market information platforms into the treasury management system. The price quotations reflect actual transactions involving similar instruments on an active market. All significant inputs used to measure derivatives are observable in the market.

As of the reporting date, warrants entitling the holder to acquire further shares in the company are recognized under Level 3. The fair values of the derivative financial instruments are determined on the basis of the Black-Scholes option pricing model. If possible, parameters observable on the market or derived from market data are used to determine the value. Because the warrants are based on a listed underlying share, there could be earnings fluctuations in the subsequent years. Contingent consideration from business combinations is also recognized, note 2.

There was no material change in the Level 3 financial instruments compared with December 31, 2024.

18 Contingent liabilities and other financial obligations

Contingent liabilities increased slightly from €569 million as of December 31, 2024, to €606 million as of June 30, 2025, while the purchase obligation decreased by €411 million to €962 million due to capital expenditure in the first half of 2025.

19 Related-party disclosures

There were no material changes with regard to related parties compared with December 31, 2024.

20 Events after the reporting date/other disclosures

There were no reportable events after the reporting date.

Balance sheet disclosures Selected key figures