Divisions

Express: volume development successfully countered by cost discipline

Revenue in the Express division decreased by 1.9% to €11,995 million in the first half of 2025. This includes negative currency effects amounting to €194 million, as well as lower fuel surcharges. Excluding currency effects and fuel surcharges, revenue rose by 0.2%. The daily TDI shipment volume fell by 8.4%. In the second quarter of 2025, revenue stood at €5,868 million, 5.7% below the prior-year figure.

As in previous years, we countered the development in volumes by prioritizing cost discipline, improving productivity and leveraging network flexibility. At €1,393 million, EBIT in the Express division in the first half of 2025 was 5.9% higher than the prior-year figure. The EBIT margin was 11.6%. In the second quarter of 2025, EBIT was €730 million, 6.9% above the prior-year figure.

Global Forwarding, Freight: revenue decline due to lower volumes

Revenue in the Global Forwarding, Freight division decreased by 1.2% to €9,384 million in the first half of 2025, due to lower volumes. Excluding negative currency effects of €94 million, revenue was level with the previous year (⁠–⁠0.2%). In the second quarter of 2025, revenue was 5.3% below the prior-year figure due to lower volumes in ocean freight and negative currency effects of €113 million. Revenue in the Global Forwarding business unit fell slightly by 0.4% to €6,888 million in the first half of 2025. Without taking negative currency effects of €108 million into account, revenue increased by 1.2%. Gross profit in the Global Forwarding business unit was slightly down on the prior-year level, falling by 0.3% to €1,702 million.

Air freight volumes declined by 0.9% in the first half of 2025, primarily on trade lanes from Europe. Our air freight revenue was at last year’s level, while gross profit fell by 0.9%. In the second quarter of 2025, air freight volumes increased by 1.2% year on year, whereas revenue was down 3.7% mainly due to negative currency effects. Ocean freight volumes decreased by 2.4% year on year in the first half of 2025, with a decline in trade from Asia. Volume growth in 2025 is being impacted by the systematic withdrawal from the transport of high-volume, low-yield business. Ocean freight revenue for the first half of the year increased by 2.1% and gross profit by 3.6%. In the second quarter, ocean freight volumes declined by 5.9%, ocean freight revenue by 6.8% and gross profit by 4.1%. Revenue in the Freight business unit declined by 3.2% to €2,551 million in the first half of 2025. Given the continued difficult market conditions in European road freight, volumes fell by 3.2% in the first half of the year, and gross profit was down by 12.8% to €577 million. In the second quarter of 2025, revenue was down 3.0% and gross profit down 12.6% year on year.

EBIT in the Global Forwarding, Freight division declined by 26.6% in the first half of 2025 to €398 million, due to the lower gross profit in the Freight business unit and increased costs in air and ocean freight. The EBIT margin was 4.2%. EBIT in the division thus corresponds to 17.5% of gross profit and 23.8% for the Global Forwarding business unit. In the second quarter of 2025, EBIT in the division stood at €196 million, 29.7% below the prior-year figure.

Supply Chain: continued earnings growth

Revenue in the Supply Chain division was down by 1.4% to €8,563 million in the first half of 2025. Excluding negative currency effects of €158 million, it grew by 0.4%. The Life Sciences & Healthcare sector in the EMEA region was the principal contributor to this growth. In the second quarter of 2025, revenue in the Supply Chain division declined by 3.9% to €4,183 million. Excluding negative currency effects of €166 million, revenue for the second quarter was on the previous year’s level.

In the first half of 2025, the Supply Chain division concluded additional contracts with a volume of €1.7 billion. The Consumer, Retail (including e-fulfilment solutions) and Life Sciences & Healthcare sectors accounted for an important part of this. The contract renewal rate remained at a high level.

EBIT in the Supply Chain division rose by 15.0% to €615 million in the first half of 2025. Productivity improvements from digitalization and standardization contributed to the continuing earnings growth. The EBIT margin for the first half of the year was 7.2%. A positive net, non-recurring effect of €54 million occurred in the second quarter, mainly as a result of changes in the consolidated group. In the second quarter of 2025, EBIT in the Supply Chain division rose by 24.4% to €348 million.

eCommerce: first-half revenue above prior-year level

At €3,411 million, revenue in the eCommerce division in the first half of 2025 was 3.4% above the prior-year level. Excluding negative currency effects of €15 million, revenue was up 3.8% year on year. In the second quarter of 2025, revenue in the eCommerce division declined by 0.7% to €1,656 million.

EBIT in the eCommerce division fell by 12.9% to €109 million in the first half of 2025. 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 first half of the year was 3.2%. In the second quarter of 2025, EBIT in the eCommerce division fell by 16.1% to €56 million.

Post & Parcel Germany: parcel business drives revenue and earnings growth

At €8,578 million, revenue in the Post & Parcel Germany division was up by 1.8% year on year in the first half of 2025. The main contributors to this were higher prices and increased volumes in national and international business with goods shipments. Volumes in the German letter mail business declined as expected, though this effect was mitigated in the first quarter by the early German federal election. A change in product structure in the division compared with the previous year also affected the reported volume development. The impact was negative in the letter business and positive in the parcel business. In the advertising mail segment, the discontinuation of the EINKAUFAKTUELL product effective March 31, 2024, played a substantial part in the significant falls in sales volumes. In addition, mail-order and advertising campaign business remained muted. In the second quarter of 2025, revenue in the Post & Parcel Germany division fell slightly by 0.2% to €4,150 million.

EBIT in the Post & Parcel Germany division in the first half of 2025 amounted to €447 million and was 37.9% above the prior-year figure. Increased revenue as a result of price rises, higher parcel volumes and reduced staff costs due to a lower headcount offset the declining letter mail volumes and higher material costs as well as the additional impact of collective bargaining agreements. Return on sales in the first half of the year was 5.2%. In the second quarter of 2025, EBIT was €166 million, 28.0% higher than the prior-year quarter.