The conflict in the Middle East has created and exacerbated risks for us. 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 persistently volatile situation, specific risk predictions remain difficult at the current time. Risks may worsen again; however, opportunities may also arise, particularly from volatility in air freight with continued robust demand.
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. The introduction of the Consolidated Administration and Processing of Entries (CAPE) system to refund the tariffs is reducing the administrative workload we originally feared, meaning that while the risk fundamentally remains, it is currently regarded as lower than we initially expected.
Effective July 1, 2026, the EU abolished the customs duty exemption in e-commerce for goods valued at up to €150 and introduced a flat-rate customs duty of €3. The abolition of the EU customs duty exemption threshold creates additional costs for customers and administrative work for economic operators. The effects on goods flows and supply chains may vary, and short-term declines in B2C shipments from abroad are possible.
Based on the developments described, customs-related and commercial regulations and measures, as set out in the 2025 Annual Report, continue to represent a risk of medium significance to us as of June 30, 2026.
The Group’s overall opportunity and risk situation did not otherwise change significantly during the first half of 2026 compared with the situation described in the 2025 Annual 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.