Results of operations

Changes to the portfolio

DHL eCommerce and the CTT Group have entered into a strategic partnership for e-commerce and parcel logistics in Portugal and Spain. In this context, 100% of the shares in DHL Parcel Portugal were transferred to CTT Expresso – Servicos Postais e Logistica, S.A. (CTT Expresso) and 25% of the shares in Danzas, S.L., Spain, were sold to CTT Group. In return, DHL eCommerce acquired a 25% stake in CTT Expresso. The company will be accounted for as an associate using the equity method.

Additionally to this, there were immaterial changes to the portfolio in the first half of 2026.

Group revenue up 5.3% in first half

Group revenue increased in the first half of 2026 from €40,634 million to €42,787 million. This included negative currency effects amounting to €656 million. The proportion of revenue generated abroad changed slightly from 73.9% to 74.1%. In the second quarter of 2026, revenue rose significantly from €19,826 million in the previous year to €22,367 million. Positive currency effects contributed €44 million to this increase. At €1,192 million, other operating income in the first half of 2026 was below the prior-year level (€1,273 million). This was mainly due to reduced income from currency translation.

Higher material expense

Material expense increased by €1,214 million in the first half of 2026 to €21,228 million, chiefly due to increased transport costs and the higher cost of jet fuel in the Express division. Currency effects reduced material expense by €386 million. Staff costs increased from €14,154 million to €14,332 million, primarily due to wage and salary increases, while currency effects reduced them by €182 million. Depreciation, amortization and impairment losses rose from €2,410 million to €2,490 million. At €2,734 million, other operating expenses exceeded the prior-year figure (€2,657 million), partly due to an increase in other business taxes. Net income from investments accounted for using the equity method fell from €67 million to €⁠–⁠4 million. The figure for the first half of 2025 benefited particularly from the change in consolidation method for ASMO.

Double-digit growth in consolidated EBIT

Profit from operating activities (EBIT) grew by 19.1% to €3,335 million in the first half of 2026. In the second quarter, it rose significantly by 30.0% to €1,858 million. At €505 million, net finance costs exceeded the previous year’s level (€387 million), primarily due to higher interest expenses. Profit before income taxes improved by €418 million to €2,831 million. As a result, income taxes rose by €154 million to €878 million with a tax rate of 31%.

Improved consolidated net profit for the period

Consolidated net profit for the period improved from €1,689 million to €1,953 million in the first half of 2026. Of this amount, €1,818 million is attributable to Deutsche Post AG shareholders and €135 million to noncontrolling interest holders. Earnings per share rose from €1.40 to €1.63 (basic) and from €1.37 to €1.61 (diluted).

ROIC increases to 14.9%

Return on invested capital increased from 13.8% to 14.9% in the first half of 2026, mainly due to EBIT growth significantly exceeding the moderate rise in invested capital.

DHL Express: favorable and rising operational capacity utilization supported by strict cost discipline

Revenue in the Express division increased by 9.6% to €13,143 million in the first half of 2026. This included negative currency effects amounting to €267 million and higher fuel surcharges. Excluding these, revenue rose by 6.0%. The TDI daily weight was up 3.7% year on year. In the second quarter of 2026, revenue was €7,132 million, 21.5% above the prior-year figure.

In a persistently volatile market environment, DHL Express benefited from a gradual rise in weight transported throughout the network. Capacity constraints in the air freight market also had a positive effect on earnings of around €150 million. The positive earnings performance from increased capacity utilization was additionally supported by strict cost discipline and effective yield management.

EBIT in the Express division increased by 43.5% to €1,999 million in the first half of 2026. The EBIT margin was 15.2%. In the second quarter of 2026, EBIT was €1,200 million, 64.3% above the prior-year figure.

DHL Global Forwarding: volume growth and volatile freight rates lift revenue and earnings

Revenue in the Global Forwarding division increased by 6.3% to €9,975 million in the first half of 2026 due to volume growth and volatile freight rates. Without taking negative currency effects of €89 million into account, revenue was 7.2% above the prior-year level. Gross profit in the division came to €2,357 million, up 3.4% on the previous year. Revenue in the second quarter of 2026 was 17.9% higher than the prior-year figure and gross profit grew by 10.7%.

The reporting structure for the division now distinguishes by product rather than by business unit.

Air freight volumes were up by 5.5% in the first half of 2026, primarily on trade lanes from Asia and Latin America. First-half air freight revenue increased by 14.0%, while gross profit improved by 19.7%. In the second quarter of 2026, revenue increased by 30.4% and gross profit by 36.6%, driven by higher freight rates and organic growth. Ocean freight volumes increased by 4.7% year on year in the first half of 2026, with growth especially on Asia to Europe trade lanes. Ocean freight revenue and gross profit decreased by 4.9% and 10.0%, respectively, in the first half of 2026, reflecting the normalization of market freight rates observed from 2025 through the first quarter of 2026. In the second quarter of 2026, freight rates rose sharply and ocean freight revenue increased by 8.0%, while gross profit declined by 1.8%.

EBIT in the Global Forwarding division improved by 1.4% in the first half of 2026 to €404 million. The EBIT margin was 4.0%. In the second quarter of 2026, EBIT was €240 million, 21.9% above the prior-year figure. This includes positive effects in the low-to-mid tens of millions from the successful management of the volatile market environment.

DHL Supply Chain: higher revenue growth in all regions

Revenue in the Supply Chain division was up by 7.7% to €9,223 million in the first half of 2026. Excluding negative currency effects of €209 million, it grew by 10.1%. The main contributor to this development was the Americas region, including in the Life Sciences & Healthcare, Auto-mobility and Engineering & Manufacturing sectors. In the second quarter of 2026, revenue in the division was up by 12.9% year on year to €4,721 million, with higher growth in all regions compared to the first quarter.

The Supply Chain division concluded additional contracts with a volume of €3,991 million in the first half of 2026. The Retail (including e-fulfilment solutions), Technology and Life Sciences & Healthcare sectors accounted for a substantial part of this. Relevant new business arose in part from logistics infrastructure for data center operators.

EBIT in the Supply Chain division decreased by 5.5% to €581 million in the first half of 2026 due to a positive net, nonrecurring effect of €54 million in the figure for the second quarter of 2025. In the second quarter of 2026, EBIT in the Supply Chain division was down by 12.1% to €305 million due to this prior-year effect. The EBIT margin was 6.3% for the first half and 6.5% for the second quarter, putting it within the medium-term target range of 6% to 7%.

DHL eCommerce: revenue below prior-year level

At €3,154 million, revenue in the eCommerce division in the first half of 2026 was 7.5% below the prior-year level. Without taking negative currency effects of €106 million into account, revenue was 4.4% 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 half of 2026, this caused revenue to fall by €387 million. In the second quarter of 2026, revenue declined by 3.7% to €1,594 million. Excluding changes in the consolidated group (UK and Iberia) and currency effects, second-quarter revenue increased by 9.5%.

At €98 million, EBIT in the eCommerce division in the first half of 2026 was below the prior-year level (€109 million). The EBIT margin was 3.1%. In the second quarter of 2026, EBIT declined by 4.0% to €54 million. Negative nonrecurring items largely offset a positive one-time M&A effect of €24 million from the deconsolidation in Portugal.

Post & Parcel Germany: parcel growth drives business performance

At €8,727 million, revenue in the Post & Parcel Germany division was up by 1.7% year on year in the first half of 2026. The main contributors to this were higher prices and increased volumes in national and international business with goods shipments. 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 previous year, for which mail in connection with state and municipal elections in the reporting period was unable to compensate. A significant fall in volumes for advertising mail was primarily due to the loss of a major customer. In the second quarter of 2026 revenue rose by 1.8% to €4,225 million.

EBIT in the Post & Parcel Germany division in the first half of 2026 amounted to €399 million and was 10.6% down on the prior-year figure. As expected, 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 amendments to collective bargaining agreements. The return on sales was 4.6%. In the second quarter of 2026, EBIT stood at €135 million and was 18.7% below the prior-year figure.