| Q1 2025 | Q1 2026 | +/- % | ||
| Revenue | €m | 20,809 | 20,420 | -1.9 |
| Profit from operating activities (EBIT) | €m | 1,370 | 1,483 | 8.3 |
| Return on sales1 | % | 6.6 | 7.3 | - |
| ROIC (return on invested capital) | % | 13.7 | 14.1 | - |
| Consolidated net profit for the period2 | €m | 786 | 812 | 3.3 |
| Free cash flow excluding acquisitions and divestures | €m | 732 | 1,207 | 65.0 |
| Net debt3 | €m | 21,516 | 20,743 | -3.6 |
| Earnings per share4 | € | 0.68 | 0.73 | 6.6 |
| Number of employees5 | 580,580 | 579,479 | -0.2 | |
As part of the ninth tranche of the 2022–2026 share buyback program, we repurchased a total of 5.4 million shares to the value of €250 million in the first quarter of 2026. Since the beginning of the share buyback program, we have so far repurchased a total of 121.3 million shares to the value of €4,750 million.
On March 23, 2026, we issued two bonds maturing in 2030 and 2034 and with an aggregate principal amount of €1.25 billion. The proceeds will be used for general company purposes.
In the first quarter of 2026, consolidated revenue fell from €20,809 million to €20,420 million. This includes negative currency effects amounting to €700 million. At €555 million, other operating income was below the level of the first quarter of 2025 (€592 million).
At €1,483 million, consolidated EBIT in the first quarter of 2026 was 8.3% up on the prior-year figure. Net finance costs of €233 million exceeded the prior-year figure of €184 million. Profit before income taxes improved by €65 million to €1,250 million. Together with a slightly higher tax rate, this caused income taxes to rise to €388 million.
Consolidated net profit for the first quarter of 2026 climbed from €830 million to €863 million. Of this amount, €812 million is attributable to Deutsche Post AG shareholders and €50 million to noncontrolling interest holders. Earnings per share amounted to €0.73 (basic) and €0.72 (diluted).
Return on invested capital increased from 13.7% to 14.1% in the first quarter of 2026, mainly due to EBIT growth exceeding the moderate rise in invested capital.
As of March 31, 2026, the Group reported centrally available liquidity in the amount of €4.6 billion, which is comprised of cash and cash equivalents as well as current financial assets. This includes proceeds from the bond issues in March 2026 with an aggregate principal amount of €1.25 billion, which will be used for general company purposes. 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 quarter. The credit facility was extended by one year in the first quarter of 2026 and now runs until March 2031.
Investments in property, plant and equipment and intangible assets acquired (not including goodwill) amounted to €518 million in the first quarter of 2026 (previous year: €461 million) and were made predominantly in the expansion of network infrastructure.
Net cash from operating activities increased in the first quarter of 2026, from €2,178 million to €2,679 million. Alongside improved EBIT, changes in provisions also contributed to this. In addition, the change in working capital resulted in a cash inflow of €235 million. This compared to an outflow of €98 million in the first quarter of 2025. Net cash used in investing activities increased from €606 million to €873 million. Free cash flow excluding acquisitions and divestitures improved significantly from €732 million to €1,207 million. Net cash from financing activities amounted to €140 million. This was €1,035 million less than in the first quarter of 2025, in which we issued three bonds with an aggregate principal amount of €2.25 billion. In the first quarter of 2026, we issued two bonds with an aggregate principal amount of €1.25 billion. Cash and cash equivalents rose from €3,376 million as of December 31, 2025, to €5,352 million.
Our net debt fell from €21,516 million as of December 31, 2025, to €20,743 million as of March 31, 2026.
Revenue in the Express division fell by 1.9% to €6,011 million in the first quarter of 2026. This includes negative currency effects amounting to €274 million and higher fuel surcharges. Excluding these, revenue rose by 1.7%. The TDI daily weight fell by 2.1%.
The operating performance reflects the sustained focus on strict cost discipline and effective yield management. With our flexible network, we can respond swiftly to the changing geopolitical environment. This strength is enabling us to offer an uninterrupted service for our customers in the Middle East. Conflict-driven cost increases are largely offset by pricing and surcharge mechanisms, albeit with a time lag.
At €799 million, EBIT in the Express division in the first quarter of 2026 was 20.6% higher than the prior year figure. The EBIT margin was 13.3%.
| €m | Q1 2025 | Q1 2026 | +/- % |
| Revenue | 6,127 | 6,011 | -1.9 |
| Europe | 2,780 | 2,874 | 3.4 |
| Americas | 1,425 | 1,392 | -2.4 |
| Asia Pacific1 | 1,922 | 1,714 | -10.8 |
| MEA (Middle East and Africa)1 | 417 | 392 | -6.0 |
| Consolidation/Other | -417 | -360 | 13.6 |
| Profit from operating activities (EBIT) | 662 | 799 | 20.6 |
| Return on sales (%)2 | 10.8 | 13.3 | - |
| Operating cash flow | 1,230 | 1,608 | 30.7 |
| €m per day1 | Q1 2025 | Q1 2026 | +/- % |
| Time Definite International (TDI) | 70.1 | 70.5 | 0.5 |
| Time Definite Domestic (TDD) | 6.6 | 7.0 | 7.4 |
| Million kg per day | Q1 2025 | Q1 2026 | +/- % |
| Time Definite International (TDI) | 8.0 | 7.9 | -2.1 |
| Time Definite Domestic (TDD) | 3.0 | 3.2 | 5.8 |
Revenue in the Global Forwarding division decreased by 5.0% to €4,527 million in the first quarter of 2026 due to lower freight rates. Capacity shortages and higher oil prices resulting from the conflict in the Middle East caused freight rates to rise again significantly at the end of the quarter. Without taking negative currency effects of €129 million into account, revenue was 2.3% below the prior-year level. Gross profit in the division was down by 3.7% on the previous year to €1,104 million.
From now on, the reporting structure for the division will distinguish by product rather than by business unit.
Air freight volumes were up by 3.8% in the first quarter of 2026, primarily on trade lanes from Asia and Latin America. Our air freight revenues decreased by 2.2%, while gross profit improved by 3.2%. Ocean freight volumes increased by 2.0% year on year, with growth especially on Asia to Europe trade lanes. Volume development in this quarter was still impacted by the systematic withdrawal from the transport of high-volume, low-yield business. Ocean freight revenue and gross profit decreased by 16.5% and 17.5%, respectively, in the first quarter of 2026, reflecting the normalization of market freight rates observed since 2025.
EBIT in the Global Forwarding division was down by 18.5% in the first quarter of 2026 to €164 million. The EBIT margin was 3.6%.
| €m | Q1 2025 | Q1 2026 | +/- % |
| Revenue | 4,764 | 4,527 | -5.0 |
| Air freight | 1,503 | 1,471 | -2.2 |
| Ocean freight | 1,457 | 1,217 | -16.5 |
| Road freight | 1,022 | 1,035 | 1.3 |
| Other | 781 | 804 | 2.9 |
| Gross profit | 1,147 | 1,104 | -3.7 |
| Profit from operating activities (EBIT) | 202 | 164 | -18.5 |
| Return on sales (%)1 | 4.2 | 3.6 | - |
| Operating cash flow | 42 | 31 | -26.5 |
| Thousands | Q1 2025 | Q1 2026 | +/- % | |
| Air freight exports | metric tons | 422 | 438 | 3.8 |
| Ocean freight | TEU1 | 788 | 804 | 2.0 |
Revenue in the Supply Chain division was up by 2.8% to €4,502 million in the first quarter of 2026. Excluding negative currency effects of €225 million, it grew by 7.9%. The main contributors to this development were the Americas region – among other things, in the Automobility, Life Sciences & Healthcare and Engineering & Manufacturing sectors – and the EMEA region. The increase in revenue was bolstered by new business deals, contract extensions and continuing growth in e-commerce business.
The Supply Chain division concluded additional contracts with a volume of €1,850 million in the first quarter of 2026. The Technology, Retail (including e-fulfilment solutions) and Life Sciences & Healthcare sectors accounted for an important part of this. Relevant new business arose in part from logistics infrastructure for data center operators.
EBIT in the Supply Chain division increased by 3.1% to €276 million in the first quarter of 2026. Productivity improvements from digitalization, automation and standardization contributed to the continuing earnings growth. The EBIT margin was 6.1%.
| €m | Q1 2025 | Q1 2026 | +/- % |
| Revenue | 4,380 | 4,502 | 2.8 |
| EMEA (Europe, Middle East and Africa) | 1,963 | 1,988 | 1.3 |
| Americas | 1,807 | 1,899 | 5.1 |
| Asia Pacific | 616 | 621 | 0.8 |
| Consolidation/Other | -5 | -7 | -28.2 |
| Profit from operating activities (EBIT) | 268 | 276 | 3.1 |
| Return on sales (%)1 | 6.1 | 6.1 | - |
| Operating cash flow | 357 | 409 | 14.6 |
At €1,560 million, revenue in the eCommerce division in the first quarter of 2026 was 11.1% below the prior-year level. Without taking negative currency effects of €85 million into account, revenue was 6.3% below the prior-year figure. Revenue no longer includes any UK contribution following the completion for accounting purposes of the merger with Evri at the end of September 2025. For the first quarter of 2026, this caused revenue to fall by €196 million.
At €50 million, EBIT in the eCommerce division in the first quarter of 2026 was on a level with the previous year (€52 million). The EBIT margin was 3.2%.
| €m | Q1 2025 | Q1 2026 | +/- % |
| Revenue | 1,756 | 1,560 | -11.1 |
| Americas | 580 | 512 | -11.8 |
| Europe | 992 | 883 | -11.0 |
| Asia | 181 | 167 | -7.9 |
| Consolidation/Other | 1 | -2 | <-100 |
| Profit from operating activities (EBIT) | 52 | 50 | -4.9 |
| Return on sales (%)1 | 3.0 | 3.2 | - |
| Operating cash flow | 149 | 167 | 11.7 |
At €4,502 million, revenue in the Post & Parcel Germany division in the first quarter of 2026 exceeded the prior-year figure by 1.7%. The main contributors to this were higher prices and increased volumes in national and international business with goods shipments. The German letter mail business declined as expected. The fall in revenue and volumes was attributable to increasing substitution by electronic communication as well as the mail relating to the German federal elections in the prior-year quarter, for which mail in connection with state and municipal elections in the first quarter of 2026 was unable to compensate. A significant fall in volumes for advertising mail was primarily due to the loss of a major customer.
EBIT in the Post & Parcel Germany division in the first quarter of 2026 amounted to €264 million and was 5.8% down on the prior-year figure. Revenue increases resulting from higher parcel volumes were unable to offset the decline in letter volumes, which was also election-related, as well as higher transport and staff costs, particularly due to inflation and existing collective bargaining agreements. The return on sales was 5.9%.
| €m | Q1 2025 | Q1 2026 | +/- % |
| Revenue | 4,428 | 4,502 | 1.7 |
| Post Germany | 1,898 | 1,790 | -5.7 |
| Parcel Germany | 1,891 | 2,049 | 8.4 |
| International | 622 | 644 | 3.5 |
| Consolidation/Other | 17 | 19 | 13.6 |
| Profit from operating activities (EBIT) | 281 | 264 | -5.8 |
| Return on sales (%)1 | 6.3 | 5.9 | - |
| Operating cash flow | 481 | 619 | 28.7 |
| €m | Q1 2025 | Q1 2026 | +/- % |
| Post Germany | 1,898 | 1,790 | -5.7 |
| Mail Communication | 1,305 | 1,231 | -5.6 |
| Dialogue Marketing | 410 | 378 | -7.8 |
| Other/Consolidation Post Germany | 183 | 180 | -1.7 |
| Parcel Germany | 1,891 | 2,049 | 8.4 |
| Million items | Q1 2025 | Q1 2026 | +/- % |
| Post Germany | 3,064 | 2,678 | -12.6 |
| of which Mail Communication | 1,521 | 1,359 | -10.6 |
| of which Dialogue Marketing | 1,382 | 1,159 | -16.1 |
| Parcel Germany | 471 | 501 | 6.2 |
We are leaving the forecast for the 2026 fiscal year published in the 2025 Annual Report unchanged.
The conflict in the Middle East has created and exacerbated risks for DHL Group. In addition to direct operational impacts and potential negative implications for global trade, these particularly include rising costs, chiefly for fuel. The ongoing conflict has disrupted crude oil supply chains, leading to tighter conditions in the global jet fuel market. DHL Express is closely monitoring developments and actively managing fuel supply risks. Jet fuel uplift is currently secured at major locations. Given the extremely volatile situation, specific risk predictions are difficult at the current time. Risks may worsen further in the future; however, opportunities may also arise.
On February 20, 2026, the United States Supreme Court ruled that the tariffs imposed using the International Emergency Economic Powers Act (IEEPA) were unlawful. The ruling applies retroactively. This is set to result in potentially complex reimbursement and unwinding processes, whose specific implications for DHL Group cannot yet be fully foreseen.