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Q2 2026 Results Tobias Meyer , Group CEO Melanie Kreis , Group CFO DHL Group Investor Relations Bonn , 5 August 2026 DHL Group AP 文
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Q2 2026 Highlights Guidance raised on July 7th - SBB increased to up to €6.5bn Q2 2026 Results Accelerating Growth Sustainable Growth DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 2 • Group revenue growth accelerating to 13% yoy • Group EBIT increase of 30% yoy, largely driven by return to positive operating leverage in EXP • Q2 FCF reflects growth-driven WC build-up vs. temporary benefit from IEEPA refund; H1 FCF +28% yoy, excl. Net M&A and IEEPA • Global trade growth accelerating as 2025 geopolitical factors annualize • Strong focus on Strategy 2030 growth initiatives, on divisional and cross-divisional level • Guidance increased with preliminary results on July 7th • Unchanged focus on cost management, yield measures and capital efficiency • Strong FCF generation allows us to combine investment in growth accelerators with attractive shareholder returns • SBB program extended to end of 2027 and increased to up to €6.5bn
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Group revenue growth accelerating to 13% yoy Global trade growth accelerating as 2025 geopolitical factors annualize DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 3 DHL Express, Weight per Day growth (WpD) Time Definite International WpD, yoy DHL Group, revenue growth 2.4% -1.5% -0.2% 1.1% 2.0% 13.1% -3.9% -2.3% -2.7% -1.9% 2.8% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 12.8% Q2 2026 -2.3% Q1 2025 -7.0% Q2 2025 -6.8% Q3 2025 -5.0% Q4 2025 -2.1% Q1 2026 9.4% Q2 2026 Group revenue, yoy reported Group revenue, yoy organic (excl. FX and M&A) WpD growth accelerating beyond base effects: WpD vs 2019 17.6% 23.5% Q1 Q2 +6pp.
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Strategy 2030 in full execution DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 4 Top-line Growth Accelerators Profitability Accelerators
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DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 5 Growth Accelerators: Strategy 2030 Divisional Growth Focus Example – Express Smart Industrial Growth Source: DHL based on Accenture Cargo, Worldbank, Integrators publications, AI Supported Express industry has gradually gained share of the overall air freight market 13 13 16 17 16 0 5 10 15 20 25 30 0 5 10 15 20 25 30 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 0 0 2 4 7 11 12 AFR tons Exp share Air Freight (in k tons) Express share (in %) • Enabling optimized network steering between growth, yield and capacity management • Progressive expansion of capabilities allowing Express to address new or deepen reach into dedicated end customer industries, e.g. Life Sciences & Healthcare • Improvement of relative cost position and scale effects vs overall air freight market
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Smart Industrial Growth: Express Heavy Weight Customer Use-cases DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 6 CUSTOMER PROFILE REGION: MENA ACTIVITY: Aircraft Parts & Aircraft on Ground (AOG) Logistics • Customer required urgent movement of highly sensitive AOG shipment. Limited warehouse capacity at destination • Avoid costly charter while meeting time-critical requirements • Reduce aircraft downtime through faster, controlled, reliable and staggered deliveries Downtime Avoidance Average WpS: ~900 kg Average WpS: 300-500 kg Program Launch Average WpS: 250-750 kg Complex Supply Chains #01 #02 #03 What does it mean for our customers? CUSTOMER PROFILE REGION: APEC ACTIVITY: Data Center Infrastructure & Semiconductors • Customers required high- frequency, high-load data center shipments across critical APEC lanes • Mandatory D+1 transit times with guaranteed capacity and reliable customs clearance • Use HWX to secure faster, controlled, visible and reliable deliveries across complex supply chains CUSTOMER PROFILE REGION: CHINA ACTIVITY: Racing-Grade Motorcycle Manufacturing • Customer required precise, on- time delivery of motorcycles across Europe • Strict customs compliance, cargo traceability and urgent multi-point shipments • DHL deployed a cross-functional team and used HWX for faster, controlled, visible and cost- efficient motorsports logistics • Reliability that protects customers’ operations • Speed when it truly matters • Predictability in both transit time and cost • Confidence that heavy weight moves like express, not air freight HWX Use Cases, examples
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Data Center Logistics (DCL) Support strong growth of hyperscalers, technology providers and data center operators • US: >10 new sites with >850,000 sqm to serve largest growth market in 2026 • Asia-Pacific: accelerating demand served with 130,000 sqm expansion on top of existing 30,000 sqm dedicated DCL infrastructure • Cross-divisional DHL expertise: unique set-up to serve high-end customers with integrated end-to-end logistics solutions New Energy Energy transition requires specialized logistics Battery logistics • European Battery Logistics Hub of 17,000 sqm specialized storage for high-voltage batteries (Holtum, NL) • Serves EV and rapidly growing Battery Energy Storage Systems markets Wind Energy • >1,100 front-stocking locations globally: 4h spare parts delivery to 88% of windfarms • DHL Supply Chain: Expansion of dedicated LSH facilities • DHL Global Forwarding: ‘Air HealthConnect’ cold chain network – additional temperature-controlled processing and equipment at key airports • DHL Express: Upgrade of infrastructure supporting global LSH capabilities Life Sciences & Healthcare (LSH) €2bn Life Sciences & Healthcare infrastructure investment Growth Accelerators: Investments in Strategy 2030 Group Initiatives DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 7 Addressing divisional & cross-divisional growth opportunities by leveraging Group strengths Key examples, not exhaustive
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DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 8 Profitability Accelerators: Unchanged focus on cost, yield and capital efficiency yoy growth in Parcel Germany Consistent yield measures Yield Management Fit for Growth • Structural cost improvement: sustainable reduction in cost base resp. avoidance of cost build-up – to be continued, but not as formal Group program • Digitalization & change of processes: more efficient execution driving sustainably higher productivity, incl. through broad-based use of AI >1bn savings achieved – 6 months ahead of schedule Capex & ROIC EBIT effect in €m in €m • Confirmed FY26 Group Gross Capex excl. leases guidance of 3.0 – 3.3€bn • Keen to support profitable organic growth by investments into core business • Introduction of ROIC as incentivized steering KPI to manage capital efficiency 2025 ~400 2026 >1,000 Total >600 • Disciplined execution on annual yield measures in Express, Parcel Germany and eCommerce • Moving towards value-based pricing on Supply Chain contracts • Supplemented by effective surcharge mechanisms where applicable 15% 13% -8% 4% 5% 2% 22% 15% -6% 6% 8% 5% 2020 2021 2022 2023 2024 2025* Volume Revenue *like-for-like figures H1 2025 H1 2026 13.8% 14.9% Disciplined investment spending H1 2025 H1 2026 2,806 2,777 1,165 1,641 1,226 1,551 Net capex, CFS Net Cash for Leases, CFS ROIC 12-month-rolling in %
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DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 9 FY2026 Group EBIT guidance increased with preliminary results on July 7th > 6.5 (from >6.2) Group EBIT > 5.9 (from > 5.6) DHL > 0.9 P&P Germany ~ 3.0 FCF excl. Net M&A 3.0-3.3 Gross Capex excl. leases ~ 3 0 % Tax Rate ~-0.4 Group Functions FY2026 target, in €bn Mid-term, in €bn >7 Group EBIT > 3 FCF excl. Net M&A, p.a. > 3 Gross Capex excl. leases, p.a. • Mid-term EBIT target assumes a market environment with market growth rates returning towards our trend expectations • Base assumption: No further worsening of the geopolitical situation
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Q2 2026 Group EBIT up 30% yoy to €1,858m DHL Express €1,200m (+64.3%) DHL Global Forwarding €240m (+21.9%) DHL Supply Chain €305m (-12.1%) DHL eCommerce €54m (-4.0%) Post & Parcel Germany €135m (-18.7%) Group of strong divisions DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 10 • TDI Weight/Day +9% yoy; (TDI Shipments/Day at -2% further improving sequentially) • Return to weight growth drives positive operating leverage together with continued cost and yield management • Supported by ~€150m from capacity constraints in AFR market • Volume growth of +7% in AFR and +7% in OFR • DGF Q2 Gross Profit up +11% (+37% AFR, -2% OFR, +4% Road Freight, +7% Other) • EBIT increase resulting from volume growth and successfully managing market volatility: estimated positive effect of low-to-mid double- digit million from successfully managing market disruptions • 10% yoy organic revenue growth, mainly driven by new contracts and better trading • EBIT up by 4%, excl. last year’s non-recurring effects of €+54m, driven by growth across all sectors • Continued strong new business wins with €4bn Total Contract Value in H1 • Unchanged structural volume trends in Mail and Parcel; temporarily stronger mail volume decline due to discontinuation of a high- volume leaflet distribution in Dialogue Marketing • Q2 EBIT held back by lack of mail pricing increase and 3% wage increase from April 1st • Parcel volume and yield growth cushion volume decline in mail • Revenue decline due to deconsolidation in UK and Iberia (Evri & CTT deals); organic revenue growth of 9.5% driven by e-commerce volume growth • EBIT development reflects continued growth focus and related investments • Iberia deconsolidation effect of €+24m offset by other negative non-recurring items - EBIT -
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Express network management closely aligned with sales and pricing strategy DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 11 Yield management Unchanged strong focus based on well established toolset Smart Industrial Growth Steer growth in priority areas that best suit the TDI network Cost Excellence Smart Growth Yield Focus Structurally improved cost position • Most fuel-efficient fleet in the industry • Structural cost reset through Fit for Growth Proven capacity steering • Best structural set-up for network flex • Long-standing experience with “virtual airline”
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P&L Summary Strong increase in Group EBIT and EPS DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 12 Q2 P&L Summary* in €m Q2 2025 Q2 2026 yoy in % Revenue 19,826 22,367 12.8% Purchased goods and services (9,736) (11,321) (16.3%) Staff costs (6,992) (7,240) (3.5%) Profit from operating activities (EBIT) 1,429 1,858 30.0% Income taxes (368) (492) (33.5%) Net profit attributable to DPAG shareholders 815 1,010 23.9% Basic EPS in € 0.72 0.91 26.9% Comments * Selection of most relevant line items • Accelerated Group revenue growth with Q2 yoy increase of 13%, driven by continued good momentum versus lower 2025 base effects, yield management as well as usual pass-through of fuel price changes • Increase in purchased goods & services costs mainly reflects higher pricing of fuel and purchased capacity; staff cost increase contained by continued cost focus • Group EBIT increase of 30% yoy, largely driven by return to positive operating leverage in EXP; Group EBIT margin up 110bps to 8.3% • Continued execution of SBB program visible in accelerated EPS growth of +27% yoy
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Cash Flow Statement Summary Strong development of Free Cash Flow underlines profitable growth DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 13 Q2 CFS Summary* Comments * Selection of most relevant line items in €m Q2 2025 Q2 2026 yoy EBIT 1,429 1,858 +428 OCF before changes in WC 2,041 2,576 +535 Changes in working capital (331) (558) (227) OCF after changes in WC 1,710 2,018 +308 Net capex & cash for leases (1,372) (1,413) (41) Net M&A (253) (107) +146 Net interest paid (10) (37) (27) Free Cash Flow 76 462 +386 FCF excl. Net M&A 329 569 +240 • 26% increase in OCF before WC shows strong growth achieved in operating performance • Q2 higher cash out for WC due to business growth as well as higher freight rates and surcharges, partly offset by transitionary effect from IEEPA tariff reimbursements (€416m) not yet passed on to customers by quarter-end; IEEPA reimbursements executed as fast as possible, no material cash impact expected for full year • Investment spending remains tightly controlled and in-line with 2026 gross capex guidance of €3.0-3.3bn • H1 FCF +28% yoy, excl. Net M&A and temporary positive impact from IEEPA tariffs reimbursement (€416m); well on track to deliver on 2026 target of ~ €3bn
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DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 14 Continued strong FCF generation H1 2026 FCF +28% yoy, excl. Net M&A and temporary positive effect from IEEPA tariffs reimbursement -311 205 983 -1,361 H1 2016 -21 H1 2017 H1 2018 -1,443 H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 2,101 1,785 1,442 1,061 1,360 416 FCF excl. Net M&A in € m • Strong H1 FCF performance, in line with significant structural improvement in cash generation • Q2 FCF impacted by working capital increase due to business growth as well as higher freight rates and surcharges • Transitionary effect of €+416m IEEPA tariffs refund in EXP and DGF included in H1 2026, to be passed on to customers in H2 • FCF excl. Net M&A well on track to deliver on 2026 target of ~ €3bn 1,776 +28%
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DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 15 Share Buyback program increased to up to €6.5bn and extended to end of 2027 €0.5bn spent on SBB in 2026 ytd ~1.0 ~1.0 ~1.0 ~0.9 ~1.2 ~1.4 ~0.5 ~1.5 Current SBB program increased and extended: up to €6.5bn until end of 2027 Up to €1.5bn left to execute in 2026/27 • Extension of current share buyback program (from up to €6bn to up to €6.5bn and extending from end of 2026 to end of 2027) emphasizes confidence in continued strong cash generation • As part of 2022-26 SBB program, more than 125m shares repurchased since launch while maintaining balance sheet discipline and dividend commitments Continued execution of multi-year Share Buyback program in €bn
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DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 ACCELERATE Clearly defined strategic priorities and actions to maximise leverage of divisional and cross- divisional GDP+ growth opportunities SUSTAINABLE Quality of growth safeguarded by yield discipline and capital efficiency focus through ROIC GROWTH Strong EBIT growth and FCF increase in H1 2026; growth ambitions laid out in Strategy 2030 fully intact and in execution 16
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DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 17 17 SAVE THE DATES London, 17 Sep 2026 DHL EXPRESS CAPITAL MARKETS BRIEFING London, 23 Sep 2026 DHL GROUP MANAGEMENT DINNER
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Appendix
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Successfully navigating tight air freight markets Global Forwarding Q2 Performance • Strong volume increase of 7% in Air and Ocean Freight outperforming market growth, supported by resilient Asia-related trade lanes and hyperscaler demand; European Road Freight market remains difficult • GP up +11% mainly driven by AFR GP +37%, successfully navigating volatile, elevated rates and tight capacity • EBIT increase resulting from volume growth and successfully managing market volatility: estimated positive effect of low-to-mid double-digit million from successfully managing market disruptions Divisional Growth Focus • Clear focus on sector development and trade lane targets as well as Industrial Projects and Customs • Drive GT20 growth to capture opportunities from shifting trade flows and growth in emerging markets • Accelerate Digital Sales - Digitalization/AI are key to accelerate growth, optimize yield, and outperform digital- first competitorsDHL Group Investor Relations | Q2 2026 Results | 5 August 2026 19 442 556473 710 Volumes (in 000 metric tons) GP/Unit (€) 796 365 856 333 Volumes (in 000 TEU) GP/Unit (€) Q2 2025 Q2 2026 Air Freight Ocean Freight +7% +28% +7% -9% DHL Global Forwarding
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Record highs across all key growth drivers Supply Chain Q1 2025 RESULTS | DHL GROUP INVESTOR RELATIONS | 30 APRIL 2025 20DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 +10% Q2 2026 Organic revenue growth yoy €305m Q2 2026 EBIT €4 bn H1 2026 Record Total Contract Value signed (revenue) +7.3% Q2 2026 Customer Satisfaction yoy (Net Promoter Score) DHL Supply Chain 20 Q2 Performance • EBIT excl. last year’s non-recurring effects of €+54m up by 4% driven by growth across all sectors and 10% yoy organic revenue growth, mainly driven by new contracts and better trading • Acquisitions & Strategic Investments: Acquired Vital Group Companies, deepening transport & distribution capabilities in South Africa Divisional Growth Focus • Market Leadership: Positioned as a Leader and ranked #1 on ability to execute in the 2026 Gartner Magic Quadrant for 3PL • AI & Robotics: 700+ projects gone live in H1 2026 – accelerating digitalization and automation across operations • Data Center Logistics: >1m sqm data center space planned for live/signed customers; most growth with hyperscalers
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+1,656 Q2 Performance • Q2 2026 yoy revenue decline due to deconsolidation in UK and Iberia (Evri & CTT deals); organic revenue growth of 9.5% driven by volume growth reflecting e-commerce growth trend in-line with strategy 2030 • EBIT development continues to reflect investments into structural growth opportunity • Iberia deconsolidation effect of €+24m offset by other negative non-recurring items • New multi-year agreement with USPS for last-mile delivery, reinforcing a 25-year partnership capturing structural e-commerce growth Divisional Growth Focus • GDP+ parcel growth driven by further increase of e-commerce penetration • Leverage Pan-European parcel market growth through owned and partnership operations eCommerce DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 21 DHL eCommerce 9.5% organic revenue growth driven by e-commerce Revenue yoy, in €m Reported revenue Q2 2025 +157 Organic revenue growth FX effects -198 Deconsolidation (Evri & CTT) Reported revenue Q2 2026 1,656 1,594 -21 organic +9.5% yoy
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Expected structural volume trends P&P Germany Q2 Performance • Unchanged structural volume trends: − Parcel volume and yield growth cushion volume decline in mail − Mail: stronger than usual decline includes discontinuation of a high-volume leaflet distribution in Dialogue Marketing • Q2 EBIT held back by lack of mail pricing increase and 3% wage increase since April 1st Divisional Growth Focus • GDP+ parcel growth driven by further increase of e-commerce penetration • Leverage leadership in German Parcel market in terms of size and quality DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 22 Volumes (in m) Revenue (in €m) Volumes (in m) Revenue (in €m) Q2 2025 Q2 2026 Parcel Mail +2% +5% -18% -5% Post & Parcel Germany
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Disclaimer DHL Group Investor Relations | Q2 2026 Results | 5 August 2026 23 This presentation contains certain statements that are neither reported results nor other historical information. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward- looking statements. Many of these risks and uncertainties relate to factors that are beyond Deutsche Post AG’s ability to control or estimate precisely, such as future market and economic conditions, the behavior of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated synergies and the actions of government regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. Deutsche Post AG does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. This presentation does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any security, nor shall there be any sale, issuance or transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable law. Copies of this presentation and any documentation relating to the Offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from Australia, Canada or Japan or any other jurisdiction where to do so would be unlawful. This document represents the Company‘s judgment as of date of this presentation. Please find our privacy notice here: https://group.dhl.com/en/data-protection.html