DHL Q2: Group revenue increased 13 % to EUR 22.4 billion

Revenue growth was primarily driven by higher transported shipment weight at DHL Express, capacity constraints in the international air freight market, and the pass-through of higher fuel costs. Disciplined yield and capacity management, along with structural cost improvements achieved through the “Fit for Growth” program, supported earnings growth.

In an increasingly complex environment, the ability to manage global supply chains securely and efficiently is becoming even more important. Faced with geopolitical tensions and shifting trade flows, more companies are adapting their supply chains and focusing on resilience, flexibility, and reliability. With its globally integrated network and local market expertise, DHL Group helps customers respond with agility to changes in global trade and build more resilient supply chains.

Free cash flow (excluding M&A) amounted to EUR 569 million (Q2 2025: EUR 329 million) in the second quarter. While strong business growth resulted in an additional working capital outflow, cash flow in June benefited from refunds related to U.S. tariff measures (IEEPA). The corresponding amounts are being passed on to customers as quickly as possible. For the first half of the year, free cash flow (excluding M&A) increased to EUR 1.8 billion (H1 2025: EUR 1.1 billion). Group net profit after non-controlling interests rose to EUR 1.0 billion in the second quarter, an increase of 23.9 percent compared with the prior-year period. Basic earnings per share were EUR 0.91, up 26.9 percent from EUR 0.72 in the second quarter of 2025.

Investments in sustainable growth

DHL Group continues to invest in the strength and quality of its network. In the first half of the year, capital expenditures on acquired assets (capex) totaled EUR 1.3 billion, 25 percent higher than in the prior-year period. The Group is thus continuing the implementation of its Strategy 2030 and strengthening the foundation for long-term growth.

To meet evolving customer needs, the company continues to invest in digitalization, automation, and the modernization of its logistics infrastructure. These investments include, among others, the modernization of the global Express fleet, automated warehousing and sorting solutions, and digital applications designed to further enhance quality and efficiency.

In addition, DHL Group continues to expand its capabilities in strategic growth areas such as Life Sciences & Healthcare, New Energy and Data Center Logistics. For example, the Group is expanding its Life Sciences & Healthcare network in the United States, the United Kingdom, Singapore and South Korea, investing in a new battery logistics center in the Netherlands, and strengthening its data center logistics capabilities also in the Asia Pacific region. Through these investments, DHL Group is responding to growing demand for specialized logistics solutions, helping customers in fast-growing and increasingly complex industries to manage critical supply chains securely, resiliently and efficiently.

Guidance raised; share buyback program increased and extended

Reflecting the strong business performance in the first half of the year, DHL Group increased its full-year 2026 guidance on July 7 and now expects operating profit (EBIT) of more than EUR 6.5 billion (previously: more than EUR 6.2 billion). EBIT for the DHL divisions is now expected to exceed EUR 5.9 billion. The guidance for Post & Parcel Germany (more than EUR 900 million EBIT) and Group Functions (around minus EUR 400 million) remains unchanged. The Group also confirmed its expectation of around EUR 3.0 billion in free cash flow (excluding M&A).

In addition, the Board of Management decided to increase the Group’s share buyback program, launched in 2022, by EUR 500 million to up to EUR 6.5 billion and to extend it through the end of 2027.