Basis of preparation

1 Basis of accounting

The condensed consolidated interim financial statements as of June 30, 2026, were prepared in compliance with the IFRS® Accounting Standards issued by the International Accounting Standards Board (IASB) and the related IFRIC® interpretations for interim financial reporting, as adopted in the European Union as of the reporting date. These interim financial statements thus include all information and disclosures required by IFRSs to be presented in condensed interim financial statements.

Preparation of the condensed consolidated interim financial statements in accordance with IAS 34 requires the Board of Management to exercise judgement and make estimates and assumptions that affect the application of accounting policies in the Group and the presentation of assets, liabilities, income and expenses. Actual amounts may differ from these estimates.

The accounting policies applied to the condensed consolidated interim financial statements generally derive from the same accounting policies as used in the preparation of the consolidated financial statements for the 2025 fiscal year. Exceptions are the new or revised International Financial Reporting Standards (IFRSs) required to be applied for the first time in the 2026 fiscal year. These, however, have not had a material influence on the consolidated interim financial statements. Detailed explanations of the new developments can be found in the 2025 Annual Report in note 5 to the consolidated financial statements.

IFRS 18, Presentation and Disclosure in Financial Statements, issued on April 9, 2024, and applicable for periods beginning from January 1, 2027, replaces IAS 1, Presentation of Financial Statements, and also brings smaller amendments to other standards, including IAS 7, Statement of Cash Flows. First-time application is retrospective. Early application is permitted; however, DHL Group has opted not to exercise this option. IFRS 18 requires the income statement to follow a standardized structure with specified subtotals. The new subtotals “operating profit or loss” and “profit or loss before financing and income taxes,” in place of the EBIT subtotal, are based on the classification of income and expenses into the newly defined “operating, investing and financing” categories. The income taxes and discontinued operations categories are unaffected. There is also no change to consolidated net profit for the period. Existing presentation options in the income statement are replaced by binding rules on the classification of income and expenses into the categories. The classification requirements vary depending on the company’s main business activities. IFRS 18 also contains principles for the aggregation and disaggregation of information in the primary financial statements and the notes. The disclosures on certain management-defined performance measures (MPMs) are another new feature. MPMs are performance indicators used by management in public communications outside the consolidated financial statements and not specified by IFRS Accounting Standards.

In the 2025 fiscal year, DHL Group began the global implementation of the IFRS 18 requirements with the involvement of all divisions. Application of the new standard will have a material impact, particularly on the structure of the income statement. One material item reported in EBIT but not in operating profit or loss under IFRS 18 is net income/loss from investments accounted for using the equity method. Among others, the material items included in operating profit or loss under IFRS 18 but not in EBIT comprise the gain or loss resulting from the application of IAS 29 (Financial Reporting in Hyperinflationary Economies) as well as interest income on finance lease receivables. In addition, exchange rate effects will be shown separately in all three categories.

DHL Group will retain EBIT as a key performance indicator. This will result in additional disclosures in the notes in relation to this MPM. A corresponding reconciliation from operating profit or loss under IFRS 18 to EBIT, including noncontrolling interest and tax effects, will be disclosed in the notes. On the balance sheet, there will also be changes to goodwill, which will be reported separately from intangible assets in the future. Other material impacts on the grouping of information in the financial statements are not expected. In the cash flow statement, there will be a change in the starting point (defined as “operating profit or loss”) for determining cash flows from operating activities using the indirect method. In addition, dividends received will be reclassified as required by IFRS 18 from cash flow from operating activities to cash flow from investing activities.

System preparations for the introduction of IFRS 18 to enable retrospective data collection and recording on a Group-wide basis have been largely completed. Changes and adjustments prior to initial application cannot be ruled out, particularly in the event of any clarifications by the IFRS Interpretations Committee.

The income tax expense for the reporting period was recognized on the basis of the tax rate for 2026 expected to apply to the full fiscal year. Compared with the first half of 2025, the effective tax rate for 2026 increased by one percentage point to 31.0%, primarily due to positive nonrecurring effects in the prior-year period.

The figures in this document are commercially rounded. This means that the individual figures may not add up exactly to the total, and percentages may not exactly correspond to the figures shown.

Changes to measurement parameters
The changes in measurement parameters are as follows:

Accounting pursuant to IAS 29 is applied for Turkish companies. The consumer price index of the Turkish Statistical Institute was used for the adjustment of the purchasing power effects. As of December 31, 2025, this stood at 110.39 basis points; as of June 30, 2026, it had increased to 129.99 basis points.

The following discount rates were used to determine the present value of the pension obligations:

2 Consolidated Group

The number of companies consolidated with Deutsche Post AG is shown in the table below. The changes in the first half of 2026 were primarily the result of acquisitions and disposals. Mergers, formations and liquidations were also carried out.

Final purchase price allocation for SDS Holdings Inc. as of November 1, 2025
On November 1, 2025, DHL Group acquired 100% of the shares in US-based SDS Holdings Inc. (SDS), Wilmington, Delaware, including three subsidiaries. SDS specializes in healthcare transport for long-term care pharmacies, specialty pharmacies and radiopharmaceuticals. The acquisition expands Supply Chain’s capabilities in the Healthcare & Life Sciences segment. The purchase price allocation (PPA) was finalized on July 14, 2026, and resulted in non-tax-deductible goodwill of €180 million, note 11. Goodwill is attributable to the Supply Chain CGU and arises in particular from the synergies and network effects expected in special logistics and from the growing market potential. Current assets largely comprise trade receivables with a fair value of €15 million. The gross contractual amount of trade receivables stands at €16 million, with a loss allowance of €1 million recognized at the acquisition date.

Final opening balance sheet for Evri as of September 30, 2025

On May 14, 2025, DHL Group announced its intention to merge DHL eCommerce UK Limited, DHL Parcel UK Holding Limited and UK Mail Group Limited with the British parcel delivery company Evri; further details can be found in the 2025 Annual Report in note 2 to the consolidated financial statements. The three DHL companies were deconsolidated and transferred to the Evri Group (Project Edge Topco Limited) on September 30, 2025. DHL Group acquired a minority interest in Evri in return for the contribution of its companies. In addition to the transfer of the companies, a cash payment of €343 million was made for further shares in Evri. The deconsolidation resulted in a gain of €214 million (before transaction costs). The 30.29% total shareholding received is accounted for as an associate using the equity method. The transaction expands parcel services and international capacity and combines Evri’s delivery network with DHL Group’s international business mail service. A call option for further Evri shares was additionally agreed as part of the transaction. Evri’s opening balance sheet, finalized on July 21, 2026, is as follows:

Disposal of DHL Parcel Portugal and acquisition of a minority stake in CTT Expresso

In December 2024, DHL eCommerce and the Portuguese CTT Group entered into a strategic partnership with the aim of leveraging the growth potential in the e-commerce and parcel market in Spain and Portugal. As part of this transaction, 100% of the shares in DHL Parcel Portugal were contributed to CTT Expresso - Servicos Postais e Logistica, S.A. (CTT Expresso). Additionally, the CTT Group has acquired a 25% stake in Danzas, S.L., Spain, and DHL eCommerce has acquired a 25% stake in CTT Expresso. With the expected disposal of DHL Parcel Portugal, the assets and liabilities were reclassified as of the end of the 2024 fiscal year to the balance sheet items “assets held for sale” and “liabilities associated with assets held for sale”; see the 2025 Annual Report, note 32 to the consolidated financial statements.

The DHL company was deconsolidated and transferred to CTT Expresso on May 12, 2026. The 25% shareholding in CTT Expresso resulting from the sale and contribution is accounted for as an associate using the equity method. The deconsolidation resulted in a gain of €24 million. Both the CTT Group and DHL Group have the option to increase their shareholding up to a maximum of 49%.

The disposal and deconsolidation effect from the Portuguese and Spanish companies is determined as follows:

In the period up to June 30, 2026, a total of €15 million was paid for the business combinations in 2026. A total of €3 million was paid for companies acquired in previous years. The purchase prices of the acquired companies were settled by cash consideration unless contractually agreed otherwise. Investments accounted for using the equity method and other investments amounted to €103 million in the first half of 2026.

3 Significant transactions

Share buyback for up to €6 billion

Based on the authorization granted by the Annual General Meeting on May 2, 2025, the Board of Management has resolved to repurchase a tenth tranche of up to 20 million shares with a total volume of up to €600 million in the period from April 2, 2026, to August 31, 2026, in order to implement the share buyback program as amended by the Board of Management resolution of February 18, 2025. The repurchased shares will either be retired, used to service long-term executive remuneration plans and employee participation programs or used to meet potential obligations if rights accruing under potential future convertible bonds are exercised, note 14.

Bond issues
On March 23, 2026, Deutsche Post AG issued two bond series with a total volume of €1.25 billion (€750 million and €500 million). They mature on December 23, 2030 and 2034, respectively. The bonds have fixed interest rates of 3.25% and 3.75% per year. The issue proceeds will be used for general corporate purposes.

Redemption of bonds
The 2016⁠–⁠2026 and 2020⁠–⁠2026 bonds with an issue volume of €500 million and €750 million, respectively, were redeemed at maturity in April and May 2026.

4 Adjustment of prior-period amounts

The final purchase price allocation for Evri resulted in valuation adjustments in the balance sheet, which were applied retrospectively as of December 31, 2025. The purchase price allocation resulted in additional depreciation and amortization from the identified assets and, consequently, in an adjustment to the carrying amount of the investment as of December 31, 2025, note 9.