Results of operations

Changes to the portfolio

On January 8, 2025, we acquired 100% of the shares in US-based Inmar Supply Chain Solutions. The acquisition makes DHL Supply Chain the largest provider of reverse logistics solutions in North America.

On May 5, 2025, we acquired 100% of US-based IDS Fulfillment. The acquisition expands DHL Supply Chain’s network of warehouse and distribution spaces in the American market.

On June 11, 2025, we acquired 100% of the CRYOPDP Group from Cryoport, Inc. The acquisition of the courier service provider in specialty pharma logistics expands DHL Supply Chain’s offering in the Life Sciences & Healthcare sector.

Since June 30, 2025, DHL Group has had the ability to exercise control over the Saudi Arabian joint venture ASMO Advanced Logistics Services (ASMO) and to determine that company’s business activities. ASMO is therefore now fully consolidated in our financial statements.

Slight fall in Group revenue

Group revenue fell slightly in the first half of 2025 from €40,890 million to €40,634 million. This includes negative currency effects amounting to €458 million. The proportion of revenue generated abroad changed from 74.0% to 73.9%. In the second quarter of 2025, revenue declined from €20,639 million in the previous year to €19,826 million, including negative currency effects of €522 million. At €1,273 million, other operating income was slightly higher than in the prior-year period (€1,232 million). This was mainly due to increased income from currency translation.

Decrease in material expense

Material expense decreased by €535 million in the first half of 2025 to €20,014 million, largely due to lower costs for aviation fuel in the Express division. In addition, currency effects reduced material expense by €222 million. Staff costs increased from €14,113 million to €14,154 million, chiefly due to wage and salary increases, while currency effects reduced them by €119 million. Depreciation, amortization and impairment losses rose from €2,320 million to €2,410 million. At €2,657 million, other operating expenses exceeded the prior-year figure (€2,551 million), partly due to an increase in other business taxes. Net income/loss from investments accounted for using the equity method changed from a loss of €12 million to income of €67 million. The figure for the reporting period includes income from the change in consolidation method for ASMO, which is fully consolidated starting from June 30, 2025.

Consolidated EBIT up €137 million

Profit from operating activities (EBIT) rose by €137 million to €2,799 million in the first half of 2025. At €387 million, net finance costs were higher than the previous year’s €371 million. Profit before income taxes rose by €121 million to €2,413 million. As a result, income taxes increased by €36 million to €724 million. The tax rate was 30%, as in the previous year.

Increase in consolidated net profit for the period

At €1,689 million, consolidated net profit for the first half of 2025 was up by €85 million on the prior-year figure of €1,604 million. Of this amount, €1,602 million is attributable to Deutsche Post AG shareholders and €87 million to noncontrolling interest holders. Earnings per share rose from €1.27 to €1.40 (basic) and from €1.25 to €1.39 (diluted).

Higher EBIT after asset charge (EAC)

EAC for the first half of 2025 increased from €830 million to €929 million, mainly as a result of higher EBIT. The imputed asset charge rose, primarily due to the divisions’ investments in property, plant and equipment.