Selected Financial Information

Income statement

January 1 to September 30
€m 9M 2025 9M 2026 Q3 2025 Q3 2026
Revenue 60,763 65,445 20,128 22,658
Other operating income 1,987 1,764 713 572
Changes in inventories and work performed and capitalized 156 200 96 56
Material expense -30,061 -32,918 -10,047 -11,690
Staff costs -20,930 -21,395 -6,777 -7,064
Depreciation, amortization and impairment losses -3,613 -3,757 -1,203 -1,267
Other operating expenses -4,090 -4,279 -1,432 -1,544
Net income/loss from investments accounted for using the equity method 65 -10 -2 -6
Profit from operating activities (EBIT) 4,276 5,052 1,477 1,716
Financial income 283 284 84 83
Finance costs -933 -1,114 -309 -360
Foreign-currency result 55 47 17 -1
Net finance costs -595 -783 -208 -278
Profit before income taxes 3,681 4,269 1,269 1,438
Income taxes -1,104 -1,323 -380 -446
Consolidated net profit for the period 2,577 2,946 888 992
Attributable to DHL AG shareholders 2,442 2,726 840 907
Attributable to noncontrolling interests 136 220 48 85
Basic earnings per share (€) 2.14 2.45 0.75 0.82
Diluted earnings per share (€) 2.12 2.42 0.74 0.81

Balance sheet

 
€m Dec. 31, 2025 Sept. 30, 2026
Assets    
Intangible assets 14,772 15,016
Property, plant and equipment 30,977 31,619
Investment property 77 80
Investments accounted for using the equity method 869 1,066
Noncurrent financial assets 1,785 1,948
Other noncurrent assets 511 600
Noncurrent income tax assets 46 49
Deferred tax assets 1,028 1,040
Noncurrent assets 50,066 51,418
Inventories 1,010 1,308
Current financial assets 1,966 814
Trade receivables 11,305 12,891
Other current assets 2,702 2,902
Current income tax assets 548 488
Cash and cash equivalents 3,376 4,361
Assets held for sale 39 7
Current assets 20,946 22,771
Total assets 71,012 74,189
Equity and liabilities    
Issued capital 1,119 1,109
Capital reserves 3,690 3,694
Other reserves -2,355 -1,850
Retained earnings 19,768 20,359
Equity attributable to DHL AG shareholders 22,221 23,313
Noncontrolling interests 396 455
Equity 22,617 23,768
Provisions for pensions and similar obligations 1,660 1,118
Deferred tax liabilities 542 736
Other noncurrent provisions 2,491 2,698
Noncurrent financial liabilities 21,780 23,541
Other noncurrent liabilities 220 214
Noncurrent income tax liabilities 292 333
Noncurrent provisions and liabilities 26,985 28,640
Current provisions 1,143 1,100
Current financial liabilities 5,709 4,516
Trade payables 7,889 8,530
Other current liabilities 6,205 7,125
Current income tax liabilities 451 510
Liabilities associated with assets held for sale 14 0
Current provisions and liabilities 21,410 21,782
Total equity and liabilities 71,012 74,189

Cash flow statement

January 1 to September 30
€m 9M 2025 9M 2026 Q3 2025 Q3 2026
Consolidated net profit for the period 2,577 2,946 888 992
+ Income taxes 1,104 1,323 380 446
+ Net finance costs 595 783 208 278
= Profit from operating activities (EBIT) 4,276 5,052 1,477 1,716
+ Depreciation, amortization and impairment losses 3,613 3,757 1,203 1,267
+ Net loss/net income from disposal of noncurrent assets -167 11 -149 14
+ Other noncash income and expense -98 64 21 35
+ Change in provisions -114 -131 31 -22
+ Change in other noncurrent assets and liabilities -35 -58 -24 -29
+ Dividend received 2 1 2 0
+ Income taxes paid -918 -1,070 -321 -375
= Net cash from operating activities before changes in working capital 6,558 7,626 2,240 2,606
+ Change in inventories -45 -291 -68 -176
+ Change in receivables and other current assets -459 -1,698 -186 -263
+ Change in liabilities and other items 447 1,671 627 444
= Net cash from operating activities 6,500 7,308 2,612 2,612
Subsidiaries and other business units 25 3 12 0
+ Property, plant and equipment and intangible assets 90 96 32 22
+ Other noncurrent financial assets 151 170 65 63
= Proceeds from disposal of noncurrent assets 266 269 109 86
Subsidiaries and other business units -300 -23 -4 -5
+ Property, plant and equipment and intangible assets -1,848 -2,213 -625 -914
+ Investments accounted for using the equity method and other investments -49 -107 -39 -4
+ Other noncurrent financial assets -340 -16 -328 -3
= Cash paid to acquire noncurrent assets -2,537 -2,359 -996 -926
+ Interest received 158 145 50 46
+ Payments for/proceeds from current financial assets -35 1,265 -4 20
= Net cash used in investing activities -2,148 -681 -841 -775
Proceeds from issuance of noncurrent financial liabilities 3,121 1,497 0 0
+ Repayments of noncurrent financial liabilities -3,098 -3,253 -689 -697
+ Change in current financial liabilities 257 -138 297 -11
+ Other financing activities -123 65 -140 24
+ Proceeds from transactions with noncontrolling interests 1 6 1 0
+ Cash paid for transactions with noncontrolling interests 0 -8 0 0
+ Dividend paid to DHL AG shareholders -2,123 -2,117 0 0
+ Dividend paid to noncontrolling-interest holders -195 -179 -178 -165
+ Purchase of treasury shares -1,347 -727 -419 -166
+ Proceeds from issuing shares or other equity instruments 0 3 0 0
+ Interest paid -685 -857 -224 -248
= Net cash used in financing activities -4,192 -5,708 -1,352 -1,264
Net change in cash and cash equivalents 160 920 419 573
+ Effect of changes in exchange rates on cash and cash equivalents -228 66 -19 11
+ Cash and cash equivalents at beginning of reporting period 3,619 3,376 3,150 3,776
= Cash and cash equivalents at end of reporting period 3,550 4,361 3,550 4,361

Issued capital and treasury shares

 
€m 2025 2026
Issued capital    
Balance as of January 1 1,200 1,150
Capital reduction through retirement of treasury shares -50 0
Balance as of December 31/September 30 1,150 1,150
Treasury shares    
Balance as of January 1 -47 -31
Purchase of treasury shares -37 -15
Issue/sale of treasury shares 3 5
Retirement of treasury shares 50 0
Balance as of December 31/September 30 -31 -41
Total as of December 31/September 30 1,119 1,109

Earnings per share

Basic earnings per share
    9M 2025 9M 2026
Consolidated net profit for the period attributable to DHL AG shareholders €m 2,442 2,726
Weighted average number of shares outstanding Number 1,138,809,639 1,112,533,730
Basic earnings per share € 2.14 2.45
Diluted earnings per share
    9M 2025 9M 2026
Consolidated net profit for the period attributable to DHL AG shareholders €m 2,442 2,726
Weighted average number of shares outstanding Number 1,138,809,639 1,112,533,730
Potentially dilutive shares Number 15,242,032 13,124,699
Weighted average number of shares for diluted earnings Number 1,154,051,671 1,125,658,429
Diluted earnings per share¹ € 2.12 2.42
1 The convertible bond was fully repaid in June 2025 and is included in the calculation. The prior-year figures have been adjusted accordingly.

Segment reporting

January 1 to September 30
€m Express Global Forwarding Supply Chain eCommerce
  2025 2026 2025 2026 2025 2026 2025 2026
External revenue 17,406 19,565 13,025 14,606 12,916 14,099 4,928 4,556
Internal revenue 456 573 931 1,012 59 65 176 183
Total revenue 17,862 20,138 13,956 15,618 12,975 14,164 5,104 4,739
Material expense 8,634 9,714 11,016 12,444 4,890 5,632 3,647 3,380
Staff costs 4,749 4,837 1,919 1,946 5,694 5,970 941 842
Depreciation and amortization 1,363 1,367 251 251 871 953 216 227
Impairment losses 0 0 0 0 0 0 0 0
Total depreciation, amortization and impairment losses 1,363 1,367 251 251 871 953 216 227
Net income/loss from investments accounted for using the equity method 2 2 -3 -4 69 0 -3 -20
Profit from operating activities (EBIT) 2,084 3,037 593 662 893 882 285 150
Capex (assets acquired) 505 596 76 70 401 619 158 170
Capex (right-of-use assets) 1,358 468 123 200 775 801 110 105
Total capex 1,863 1,065 199 271 1,176 1,420 268 276
Net cash from (+)/used in (-) operating activities 3,659 4,634 639 423 1,269 1,326 343 437
Employees¹ 107,191 103,506 44,095 43,515 181,007 186,236 39,861 36,740
Third quarter                
External revenue 5,728 6,781 4,245 5,302 4,388 4,919 1,634 1,524
Internal revenue 139 213 327 341 24 22 59 61
Total revenue 5,867 6,995 4,572 5,644 4,412 4,941 1,693 1,585
Material expense 2,797 3,428 3,618 4,536 1,765 1,989 1,219 1,139
Staff costs 1,521 1,604 616 643 1,877 2,045 308 277
Depreciation and amortization 444 461 81 83 301 322 68 76
Impairment losses 0 0 0 0 0 0 0 0
Total depreciation, amortization and impairment losses 444 461 81 83 301 322 68 76
Net income/loss from investments accounted for using the equity method 1 1 -1 0 0 0 -2 -11
Profit from operating activities (EBIT) 692 1,038 195 259 278 301 176 51
Capex (assets acquired) 189 278 24 22 135 219 62 58
Capex (right-of-use assets) 472 114 40 69 294 187 23 32
Total capex 661 392 64 91 429 406 85 90
Net cash from (+)/used in (-) operating activities 1,343 1,636 402 167 565 575 112 169
1 Average FTEs.
January 1 to September 30
€m Post & Parcel Germany Group Functions Consolidation Group
  2025 2026 2025 2026 2025 2026 2025 2026
External revenue 12,485 12,615 3 4 0 0 60,763 65,445
Internal revenue 335 365 1,448 1,462 -3,405 -3,660 0 0
Total revenue 12,820 12,981 1,451 1,466 -3,405 -3,660 60,763 65,445
Material expense 4,384 4,571 1,158 1,257 -3,669 -4,079 30,061 32,918
Staff costs 6,661 6,896 970 908 -3 -3 20,930 21,395
Depreciation and amortization 504 554 407 405 0 0 3,611 3,757
Impairment losses 2 0 0 0 0 0 2 0
Total depreciation, amortization and impairment losses 506 554 407 405 0 0 3,613 3,757
Net income/loss from investments accounted for using the equity method 0 0 0 12 0 0 65 -10
Profit from operating activities (EBIT) 665 552 -245 -230 1 -1 4,276 5,052
Capex (assets acquired) 482 718 79 59 0 0 1,701 2,234
Capex (right-of-use assets) 60 2 322 369 0 0 2,748 1,946
Total capex 542 721 401 428 0 0 4,449 4,179
Net cash from (+)/used in (-) operating activities 1,316 1,390 189 213 -914 -1,115 6,500 7,308
Employees¹ 151,428 152,672 13,595 12,211 0 0 537,176 534,879
Third quarter                
External revenue 4,133 4,131 1 1 0 0 20,128 22,658
Internal revenue 108 123 488 495 -1,145 -1,255 0 0
Total revenue 4,242 4,254 489 495 -1,145 -1,255 20,128 22,658
Material expense 1,473 1,557 395 427 -1,220 -1,386 10,047 11,690
Staff costs 2,145 2,196 311 300 -1 -1 6,777 7,064
Depreciation and amortization 172 190 137 135 0 0 1,203 1,267
Impairment losses 0 0 0 0 0 0 0 0
Total depreciation, amortization and impairment losses 172 190 137 135 0 0 1,203 1,267
Net income/loss from investments accounted for using the equity method 0 0 0 4 0 0 -2 -6
Profit from operating activities (EBIT) 218 153 -82 -84 0 -1 1,477 1,716
Capex(assets acquired) 196 299 26 20 0 0 632 897
Capex (right-of-use assets) 40 0 82 118 0 0 952 519
Total capex 237 300 108 138 0 0 1,584 1,417
Net cash from (+)/used in (-) operating activities 388 367 106 77 -304 -379 2,612 2,612
1 Average FTEs.
Reconciliation
€m 9M 2025 9M 2026
Total income of reported segments 4,520 5,283
Group Functions -245 -230
Reconciliation to Group/Consolidation 1 -1
Profit from operating activities (EBIT) 4,276 5,052
Net finance costs -595 -783
Profit before income taxes 3,681 4,269
Income taxes -1,104 -1,323
Consolidated net profit for the period 2,577 2,946
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