| 9M 2024 | 9M 2025 | +/- % | Q3 2024 | Q3 2025 | +/- % | ||
| Revenue | €m | 61,482 | 60,763 | -1.2 | 20,592 | 20,128 | -2.3 |
| Profit from operating activities (EBIT) | €m | 4,035 | 4,276 | 6.0 | 1,372 | 1,477 | 7.6 |
| Return on sales1 | % | 6.6 | 7.0 | - | 6.7 | 7.3 | - |
| EBIT after asset charge (EAC) | €m | 1,287 | 1,475 | 14.6 | 457 | 545 | 19.4 |
| Consolidated net profit for the period2 | €m | 2,235 | 2,442 | 9.2 | 751 | 840 | 11.9 |
| Free cash flow | €m | 1,675 | 1,971 | 17.7 | 722 | 1,203 | 66.6 |
| Net debt3 | €m | 18,998 | 21,279 | 12.0 | - | - | - |
| Earnings per share4 | € | 1.91 | 2.14 | 12.2 | 0.64 | 0.75 | 15.6 |
| Number of employees5 | 595,267 | 582,766 | -2.1 | - | - | - | |
As part of the eighth tranche of the 2022–2026 share buyback program, we repurchased a total of 10.8 million shares to the value of €419 million in the third quarter of 2025. Since the beginning of the share buyback program, we have so far repurchased a total of 113.5 million shares to the value of €4,409 million.
The merger of DHL eCommerce UK with the British parcel delivery company Evri was completed for accounting purposes at the end of September. We contributed the assets and liabilities of DHL eCommerce UK, which were previously categorized as held for sale, to Evri Group (which is held by the recently established company Project Edge Topco Limited). The deconsolidation resulted in a gain of €183 million (before transaction costs). In addition to the transfer of the business, a cash payment of €343 million was agreed, which will be made in the fourth quarter of 2025. The resulting shareholding of 30% of the shares in Project Edge Topco Limited is accounted for using the equity method.
In the third quarter of 2025, Group revenue fell from €20,592 million to €20,128 million. This includes negative currency effects amounting to €495 million. Other operating income declined by €16 million to €713 million.
At €1,477 million, consolidated EBIT in the third quarter of 2025 was 7.6% higher than the prior-year figure. Net finance costs improved from €214 million in the previous year to €208 million. Profit before income taxes grew by €110 million to €1,269 million. As a result, income taxes rose to €380 million with an unchanged tax rate of 30.0%.
Consolidated net profit for the third quarter of 2025 amounted to €888 million, surpassing the prior-year figure of €811 million. Of this amount, €840 million is attributable to Deutsche Post AG shareholders and €48 million to noncontrolling interest holders. Basic and diluted earnings per share amounted to €0.75, compared with €0.64 (basic) and €0.63 (diluted) in the prior-year period.
EAC increased from €457 million to €545 million in the third quarter of 2025, mainly as a result of the higher EBIT. The imputed asset charge rose slightly, primarily due to an increase in the net asset base.
As of September 30, 2025, the Group reported centrally available liquidity in the amount of €1.4 billion, which is comprised of cash and cash equivalents as well as current financial assets. We also have access to a syndicated credit facility with a volume of €4 billion, which acts as a secure, long-term liquidity reserve. Thanks to our solid liquidity situation, this was not drawn in the reporting period.
Investments in property, plant and equipment and intangible assets acquired (excluding goodwill) amounted to €632 million in the third quarter of 2025 (previous year: €690 million) and were made predominantly in the maintenance and expansion of network infrastructure.
Net cash from operating activities rose from €2,043 million in the previous year to €2,612 million in the third quarter of 2025. Alongside the growth in EBIT, a higher cash inflow from changes in working capital had a positive impact. Net cash used in investing activities increased from €477 million to €841 million. Free cash flow improved from €722 million to €1,203 million. Excluding the payments for acquisitions and divestitures, free cash flow increased by €552 million. Net cash used in financing activities fell from €1,671 million to €1,352 million. Bank loans were repaid in the prior-year quarter, whereas in the reporting period the receipt of bank loans generated cash inflows. Cash and cash equivalents fell from €3,619 million as of December 31, 2024, to €3,550 million.
Net debt rose from €18,998 million as of December 31, 2024, to €21,279 million as of September 30, 2025.
Revenue in the Express division fell by 3.2% to €5,867 million in the third quarter of 2025. This includes negative currency effects amounting to €195 million, as well as higher fuel surcharges. Excluding currency effects and fuel surcharges, revenue in the Express division declined slightly by 0.4% in the third quarter of 2025. The daily TDI shipment volume fell by 10.6%.
As in previous years, we countered the development in volumes by prioritizing cost discipline, improving productivity and making targeted use of network flexibility. At €692 million, EBIT in the Express division in the third quarter of 2025 was 0.8% higher than the prior year figure. This includes a negative net, non-recurring effect of €54 million, primarily resulting from legal provisions. The EBIT margin in the third quarter was 11.8%.
| €m | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % |
| Revenue | 18,289 | 17,862 | -2.3 | 6,063 | 5,867 | -3.2 |
| Europe | 8,221 | 8,256 | 0.4 | 2,687 | 2,725 | 1.4 |
| Americas | 4,353 | 4,277 | -1.8 | 1,470 | 1,436 | -2.3 |
| Asia Pacific | 6,157 | 5,651 | -8.2 | 2,082 | 1,820 | -12.6 |
| MEA (Middle East and Africa) | 1,094 | 1,133 | 3.5 | 366 | 374 | 2.2 |
| Consolidation/Other | -1,536 | -1,455 | 5.3 | -542 | -489 | 9.9 |
| Profit from operating activities (EBIT) | 2,001 | 2,084 | 4.2 | 686 | 692 | 0.8 |
| Return on sales (%)1 | 10.9 | 11.7 | - | 11.3 | 11.8 | - |
| Operating cash flow | 3,304 | 3,659 | 10.7 | 1,177 | 1,343 | 14.1 |
| €m per day1 | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % |
| Time Definite International (TDI) | 73.2 | 71.7 | -2.0 | 71.0 | 68.4 | -3.6 |
| Time Definite Domestic (TDD) | 5.9 | 6.5 | 9.4 | 5.7 | 6.2 | 7.9 |
| Items per day (thousands) | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % |
| Time Definite International (TDI) | 1,046 | 951 | -9.2 | 1,004 | 897 | -10.6 |
| Time Definite Domestic (TDD) | 474 | 521 | 9.9 | 467 | 495 | 5.9 |
Revenue in the Global Forwarding, Freight division decreased by 9.2% to €4,572 million in the third quarter of 2025 due to lower freight rates. Excluding negative currency effects of €102 million, revenue was 7.2% below the previous year. Revenue in the Global Forwarding business unit decreased by 11.3% to €3,394 million in the third quarter of 2025. Without taking negative currency effects of €109 million into account, revenue dropped by 8.5% year on year. Gross profit in the Global Forwarding business unit fell by 3.1% year on year to €839 million in the third quarter of 2025.
Air freight volumes in the third quarter of 2025 were on the previous year’s level with a slight decline of 0.2%. Our air freight revenue fell by 7.0% year on year, while gross profit rose by 5.9%. With a slight fall of 0.5% in the third quarter of 2025, ocean freight volumes remained largely stable year on year in the face of declining goods traffic from Asia. Volume growth in 2025 is being impacted by the systematic withdrawal from the transport of high-volume, low-yield business. Due to lower freight rates, ocean freight revenue for the third quarter was down by 20.1%, while gross profit fell by 11.4% given the market environment.
Revenue in the Freight business unit declined by 2.5% to €1,204 million in the third quarter of 2025. Volumes were down by 0.3% year on year, and gross profit fell by 13.3% to €255 million.
EBIT in the Global Forwarding, Freight division declined by 29.6% in the third quarter of 2025 to €195 million. This includes a negative net, non-recurring effect of €14 million due to restructuring. The EBIT margin in the third quarter was 4.3%. EBIT in the division thus corresponds to 17.8% of gross profit and 25.2% for the Global Forwarding business unit.
| €m | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % |
| Revenue | 14,534 | 13,956 | -4.0 | 5,037 | 4,572 | -9.2 |
| Global Forwarding | 10,742 | 10,282 | -4.3 | 3,828 | 3,394 | -11.3 |
| Freight | 3,871 | 3,755 | -3.0 | 1,235 | 1,204 | -2.5 |
| Consolidation/Other | -79 | -82 | -4.3 | -26 | -27 | -3.9 |
| Profit from operating activities (EBIT) | 819 | 593 | -27.6 | 277 | 195 | -29.6 |
| Return on sales (%)1 | 5.6 | 4.2 | - | 5.5 | 4.3 | - |
| Operating cash flow | 283 | 639 | > 100 | 73 | 402 | > 100 |
| €m | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % |
| Air freight | 4,546 | 4,435 | -2.4 | 1,571 | 1,461 | -7.0 |
| Ocean freight | 4,364 | 4,090 | -6.3 | 1,653 | 1,321 | -20.1 |
| Other | 1,832 | 1,757 | -4.1 | 604 | 613 | 1.4 |
| Total | 10,742 | 10,282 | -4.3 | 3,828 | 3,394 | -11.3 |
| Thousands | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % | |
| Air freight exports | tonnes | 1,317 | 1,308 | -0.7 | 445 | 444 | -0.2 |
| Ocean freight | TEU1 | 2,482 | 2,439 | -1.7 | 858 | 854 | -0.5 |
Revenue in the Supply Chain division fell by 0.4% to €4,412 million in the third quarter of 2025. Excluding negative currency effects of €156 million, it grew by 3.2%. The Life Sciences & Healthcare and Engineering & Manufacturing sectors were the principal contributors to this growth.
In the third quarter of 2025, the Supply Chain division concluded additional contracts with a volume of €1.4 billion. The Retail (including e-fulfilment solutions), Consumer and Life Sciences & Healthcare sectors accounted for a substantial part of this.
EBIT in the Supply Chain division increased by 1.6% to €278 million in the third quarter of 2025. This includes a negative net, non-recurring effect of €7 million, mainly due to M&A costs. Productivity improvements from digitalization, automation and standardization, as well as newly acquired customers, contributed to the continuing earnings growth. The EBIT margin in the third quarter was 6.3%.
| €m | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % |
| Revenue | 13,112 | 12,975 | -1.0 | 4,427 | 4,412 | -0.4 |
| EMEA (Europe, Middle East and Africa) | 5,758 | 5,863 | 1.8 | 1,930 | 2,003 | 3.8 |
| Americas | 5,497 | 5,306 | -3.5 | 1,882 | 1,811 | -3.8 |
| Asia Pacific | 1,873 | 1,824 | -2.6 | 621 | 605 | -2.6 |
| Consolidation/Other | -16 | -18 | -14.1 | -6 | -7 | -27.1 |
| Profit from operating activities (EBIT) | 809 | 893 | 10.5 | 274 | 278 | 1.6 |
| Return on sales (%)1 | 6.2 | 6.9 | - | 6.2 | 6.3 | - |
| Operating cash flow | 1,406 | 1,269 | -9.7 | 731 | 565 | -22.6 |
At €1,693 million, revenue in the eCommerce division in the third quarter of 2025 was 2.9% up on the prior-year level. Excluding negative currency effects of €48 million, revenue was up 5.8% year on year.
EBIT in the eCommerce division rose from €51 million to €176 million in the third quarter of 2025. This includes a positive net, non-recurring effect of €123 million due to the deconsolidation gain of €183 million from the merger with Evri, restructuring expenses of €13 million, transaction costs of €5 million, and disposal losses and other items of €42 million. The EBIT margin in the third quarter was 10.4%. Excluding non-recurring effects, it stood at 3.1%, as in the previous year’s quarter.
| €m | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % |
| Revenue | 4,945 | 5,104 | 3.2 | 1,645 | 1,693 | 2.9 |
| Americas | 1,623 | 1,592 | -1.9 | 542 | 515 | -4.9 |
| Europe | 2,798 | 2,977 | 6.4 | 923 | 1,000 | 8.3 |
| Asia | 525 | 527 | 0.4 | 182 | 175 | -3.9 |
| Consolidation/Other | -1 | 8 | > 100 | -1 | 3 | > 100 |
| Profit from operating activities (EBIT) | 175 | 285 | 62.4 | 51 | 176 | > 100 |
| Return on sales (%)1 | 3.5 | 5.6 | - | 3.1 | 10.4 | - |
| Operating cash flow | 381 | 343 | -9.8 | 111 | 112 | 1.2 |
At €4,242 million, revenue in the Post & Parcel Germany division was up by 4.7% year on year in the third quarter 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. A change in product structure in the Post & Parcel Germany division compared with the previous year also affected the reported volume development. The impact was negative in the letter mail business and positive in the parcel business.
EBIT in the Post & Parcel Germany division in the third quarter of 2025 amounted to €218 million and was 27.3% above the prior-year figure. The figure for the prior-year quarter included a positive net, non-recurring effect from developments in various legal disputes of around €70 million. Increased revenue as a result of price rises, growth in parcel volumes and strict cost management offset declining letter mail volumes and higher costs due to inflation, as well as the additional impact of collective bargaining agreements. Return on sales in the third quarter was 5.1%.
| €m | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % |
| Revenue | 12,479 | 12,820 | 2.7 | 4,053 | 4,242 | 4.7 |
| Post Germany | 5,422 | 5,222 | -3.7 | 1,724 | 1,694 | -1.7 |
| Parcel Germany | 5,188 | 5,748 | 10.8 | 1,720 | 1,932 | 12.3 |
| International | 1,792 | 1,827 | 2.0 | 583 | 602 | 3.4 |
| Consolidation/Other | 78 | 23 | -70.8 | 27 | 14 | -48.7 |
| Profit from operating activities (EBIT) | 495 | 665 | 34.3 | 171 | 218 | 27.3 |
| Return on sales (%)1 | 4.0 | 5.2 | - | 4.2 | 5.1 | - |
| Operating cash flow | 1,287 | 1,316 | 2.2 | 274 | 388 | 41.9 |
| €m | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % |
| Post Germany | 5,422 | 5,222 | -3.7 | 1,724 | 1,694 | -1.7 |
| Mail Communication | 3,728 | 3,524 | -5.5 | 1,185 | 1,149 | -3.0 |
| Dialogue Marketing | 1,183 | 1,170 | -1.1 | 380 | 378 | -0.4 |
| Other/Consolidation Post Germany | 510 | 528 | 3.4 | 160 | 167 | 4.7 |
| Parcel Germany | 5,188 | 5,748 | 10.8 | 1,720 | 1,932 | 12.3 |
| Million items | 9M 2024 | 9M 2025 | + / - % | Q 3 2024 | Q 3 2025 | + / - % |
| Post Germany | 8,998 | 8,381 | -6.9 | 2,799 | 2,671 | -4.6 |
| of which Mail Communication | 4,232 | 3,923 | -7.3 | 1,331 | 1,242 | -6.7 |
| of which Dialogue Marketing | 4,196 | 3,943 | -6.0 | 1,283 | 1,262 | -1.6 |
| Parcel Germany | 1,292 | 1,444 | 11.7 | 433 | 487 | 12.3 |
We are leaving the forecast for the 2025 fiscal year published in the 2024 Annual Report and confirmed in the 2025 Half-year Report unchanged. This outlook is also confirmed after taking into account that the new import rules for low-value (de minimis) shipments, effective in the United States since August, are so far having only a limited impact on earnings.
Changes to customs-related and commercial regulations arising from US trade policy continue to represent a risk of medium significance to us. The risk could substantially increase in the future if trade conflicts worsen and other countries take retaliatory measures, or if the decision in the case due to come before the United States Supreme Court, regarding the legality of the tariffs imposed using the International Emergency Economic Powers Act (IEEPA), results in complex unwinding processes.
In the Express division, shipment volumes to the United States have declined due to the removal of de minimis and the imposition of higher tariffs, leading to lower revenue and consequently also impacting season surcharges and market-based pricing. However, this also creates an opportunity to grow on trade lanes with underutilized capacity and improve network imbalance. Overall, it currently represents a risk of medium significance for us. Given the ongoing decline in volumes, we are also working to maintain yield discipline. We are concentrating on cost savings and volume adjustments in our air network. We are also continuously improving productivity in ground operations and at hubs. These measures represent an opportunity of medium significance to us.
In the eCommerce division, the deconsolidation effects from the merger with Evri represent an opportunity of medium significance to us relative to the plan.
The Group’s overall opportunity and risk situation did not otherwise change significantly during the third quarter of 2025 compared with the situation described in the 2024 Annual Report and 2025 Half-year Report. Based upon the Group’s early-warning system, and in the estimation of its Board of Management, there are currently no identifiable risks for the Group that, individually or collectively, cast doubt upon the Group’s ability to continue as a going concern. Nor are any such risks apparent in the foreseeable future.
