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Q3 2026 Results Melanie Kreis, Group CFO Bonn, 5 November 2026 DHL Group Investor Relations
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Q3 2026 Highlights DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 2 EBIT and FCF guidance increased after strong first nine months results Q3 2026 Results • Continued accelerated Group revenue growth of 13% yoy • Group EBIT up 16% yoy, driven by Express, Forwarding, and Supply Chain • Q3 FCF excl. Net M&A at €901m including €256m net IEEPA outflows; 9M FCF of €2.5bn excl. Net M&A and IEEPA Accelerating Growth • Growth reflects resilient global trade, successful pass-through of cost/fuel inflation as well as structural GDP+ growth drivers • 2026 Guidance raised for EBIT (>€7.0bn from >€6.5bn) and FCF excl. Net M&A (>€3.2bn from ~ € 3.0bn) Sustainable Growth • Resilience of global trade once again confirmed in still volatile environment • Strong customer value proposition key to achieving sustained GDP+ growth in targeted regions and verticals • Strategy 2030 ambition to drive growth with increasing returns and well-balanced cash utilization
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Continued accelerated Group revenue growth of 13% yoy Growth driven by all modes and broad regional & sector pattern 12% organic Group revenue growth, Q3 2026 yoy, organic DHL Express 17.5% DHL Global Forwarding 21.7% DHL Supply Chain 9.0% DHL eCommerce 6.1% Post & Parcel Germany 0.3% DHL Express, TDI WpD Q3 2026 yoy >10% >0% <0% DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 3
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Resilience of global trade once again confirmed in still volatile environment Global trade development vs. exemplary major external disruptions, 2005-2025 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 0 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2010 Global trade, in €bn Global trade Global financial crisis Source: S&P Global, Imports and exports of goods and services (real) Japan earthquake and tsunami Euro crisis Sector cyberattack (NotPetya) U.S.-China trade war Covid pandemic U.S. tariffs and Red Sea attacks DHL Globalization Tracker • Global goods trade has NOT slowed amid policy shocks and conflict-related disruptions • Globalization is NOT reversing via shifts from international to domestic activity • Trade forecasts are stronger than before recent shocks. Current forecasts call for faster trade growth through 2029 than forecasts made before the recent U.S. tariff increases or the Iran war NYU Stern dhl.com/globalization DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 4
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Strong customer value proposition key to achieving sustained GDP+ growth Provider of Choice Customer Structural need Situational need Willingness to pay Provider Capability Capacity Cost = Customer Value Proposition Give customers a clear reason to choose DHL for the business we target Capability – Deliver what customers value • Anticipate evolving customer needs and build tailored capabilities in focus areas • 2026 examples: expansion of logistics solutions for Life Sciences & Healthcare, Electric Vehicle / Battery ecosystems, and Data Center Logistics (DCL) Capacity – Scale to capture growth opportunities • Gradual capacity expansion to support growth in end demand • 9M 2026 net capex spend: main increase related to new business wins in Supply Chain Cost – Operate at the right economics • Maintain a competitive cost position while delivering high service quality customers value and are willing to pay for • Smart For Growth: AI as the next productivity driver, enabling growth without proportional resources increases DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 5
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Express: Smart industrial growth addresses multi-year growth opportunity Express Capital Market Briefing London, 17 September 2026 Key Take-Aways • Smart Industrial Growth is a multi-year growth opportunity targeted by industry, lane, and geography • Heavy Weight Express (HWX) expands the addressable B2B market for our existing TDI network • Following Fit for Growth, a structurally leaner and more flexible network is the basis for sustained positive operating leverage • Pricing discipline remains core: HWX growth drives usual mix effect but no dilution of yield quality • Digitalization and AI are the next major productivity levers DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 6
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Express delivers strong growth and cash conversion Positive weight momentum translates into continued EBIT and FCF growth DHL Express DHL Express, TDI Weight per Day (WpD) growth Q1 2025 -2.3% Q2 2025 -7.0% Q3 2025 -6.8% Q4 2025 -5.0% Q1 2026 -2.1% Q2 2026 9.4% Q3 2026 9.7% Q3 performance • TDI WpD growth mainly driven by continued positive contribution from our Smart Industrial Growth strategy; TDI Shipments/Day yoy similar to previous quarter • Changes of FX and fuel have not been a relevant factor for the yoy EBIT development in the quarter • Express EBIT growth (9M: +45.7% yoy) translating into similarly strong increase in FCF (9M: +49.5% yoy) Yield management • Demand surcharge effective from 1 October 2026 until 5 February 2027 • Global average annual GPI of 5.9% as of 1 January 2027 • Fuel surcharge mechanism amended to weekly adjustment, reducing time lag to two weeks DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 7
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Structural growth opportunities in Data Center Logistics Overview of DHL Group DCL capabilities, across the full logistics supply chain Core services Air Freight Main mode for large-scale movement of tech & other critical components Ocean Freight Main mode for high volume, not time critical material DSC Local warehousing, staging and configuration Express More selective, premium volume of high- value and/or time-sensitive shipments Data center specific offerings Deliver and deploy Enhanced final mile and white-glove services Enable site Site logistics and deployment enablement Additional services Spare parts logistics, reverse logistics, asset recovery, and decommissioning Why Data Center customers choose DHL for logistics Full end-to-end orchestration Precision execution and special handling Mission-critical reliability Adaptive capacity and agility Our global reach, end-to-end capabilities, and mission-critical reliability come together across the full lifecycle – from initial deployment through ongoing operations and maintenance 8DHL Group Investor Relations | Q3 2026 Results | 5 November 2026
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Group of strong divisions Q3 2026 Group EBIT up 16% yoy to €1,716m DHL Express €1,038m (+50.0%) • TDI WpD growth of 9.7%; TDI SpD yoy similar to Q2 yoy • EBIT growth driven by cost and yield measures as well as operating leverage reflecting WpD growth; FX and fuel yoy not a relevant factor • Support of ~€100m from capacity constraints in AFR market DHL Global Forwarding €259m (+32.7%) • Both core products delivered good volume growth (AFR t +12%, OFR TEU +5%) at yoy higher GP/unit (AFR GP/t +15%, OFR GP/TEU +7%), outperforming the market • Supporting customers in tight and volatile markets: AFR GP +28%, OFR GP +12% DHL Supply Chain €301m (+8.1%) • Continued structural, resilient growth: 12% revenue growth drives EBIT up 8% yoy • +13% revenue growth in the Americas region • New business wins (Q3 Total Contract Value of €2.1bn) spread across regions and verticals, supporting sustained growth outlook DHL eCommerce €51m (-70.8%) • EBIT decline reflects well- known structural trends and April 2026 wage increase • Stronger than usual mail volume decrease mainly due to discontinued volume with one large DM customer • Parcel volume flat yoy also due to expected EU De Minimis impact • Provisional proposal of 2027 mail pricing headroom released Post & Parcel Germany €153m (-29.8%) • Structural e-commerce growth remains intact, with +6% organic revenue growth • Fuel price changes effectively passed on to customers through well-established fuel surcharge mechanisms • Last year (Q3 2025) included positive, net non-recurring effect of €123m, primarily consisting of deconsolidation effects - EBIT - Note: Q3 2025 Group EBIT includes net non-recurring effects of €-54m Express, €-14m Global Forwarding, €-7m Supply Chain, €+123m eCommerce, €-8m Group Functions DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 9
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Strong 9M Free Cash Flow sets base for 2026 guidance, incl. investments into Group Growth Initiatives Q3 CFS Summary* * Selection of most relevant line items in €m Q3 2025 Q3 2026 yoy EBIT 1,477 1,716 +240 OCF before changes in WC 2,240 2,606 +366 Changes in working capital 372 6 (366) OCF after changes in WC 2,612 2,612 0 Net capex & cash for leases (1,373) (1,693) (320) Net M&A (31) (9) +22 Net interest paid (5) (18) (13) Free Cash Flow 1,203 892 (311) FCF excl. Net M&A 1,234 901 (333) Comments • WC buildup - mainly in DGF - continues in-line with business growth • Selected capex opportunities arising for accelerated divisional growth and Group Growth Initiatives such as, Life Sciences & Healthcare, New Energy, DCL and Geographic Tailwinds – main increase in 9M 2026 net capex spend related to new business wins in Supply Chain • Q3 2026 FCF includes €-256m net negative transitionary effect from IEEPA tariff reimbursements (was €+416m in Q2 2026) 9M FCF of €2.5bn excl. Net M&A and IEEPA: 776 144 82 in €m FCF excl. M&A 9M 2025 2,295 EBIT D&A Changes in WC -261 Capex -359 Other FCF excl. M&A 9M 2026 2,677 IEEPA -160 FCF excl. M&A and IEEPA 9M 2026 2,517 10DHL Group Investor Relations | Q3 2026 Results | 5 November 2026
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FY2026 Group guidance as increased on 16 October FY2026 target, in €bn > 7.0 (from >6.5) Group EBIT >6.4 (from >5.9) DHL >0.9 P&P Germany ~-0.4 Group Functions >3.2 (from ~3.0) FCF excl. Net M&A ~3.6 (from 3.0-3.3) Gross Capex excl. leases ~30% Tax Rate • Base assumption: No further worsening of the geopolitical situation Mid-term, in €bn – to be reviewed in March 2027 >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 DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 11
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ACCELERATE Accelerated Group revenue and EBIT growth in Q3 and 9M 2026, alongside strong OCF and FCF generation SUSTAINABLE Strong DHL customer value proposition key to unlock sustained GDP+ growth in targeted regions and verticals GROWTH 2026 guidance raised for EBIT (>€7.0bn from >€6.5bn) and FCF excl. Net M&A (>€3.2bn from ~€3.0bn); mid-term guidance to be reviewed in March DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 12
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Appendix DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 13
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Further strong increase in Group EBIT and EPS Q3 P&L Summary* * Selection of most relevant line items in €m Q3 2025 Q3 2026 yoy in % Revenue 20,128 22,658 12.6% Purchased goods and services (10,047) (11,690) (16.3%) Staff costs (6,777) (7,064) (4.2%) Profit from operating activities (EBIT) 1,477 1,716 16.2% Net finance costs (208) (278) (33.7%) Income taxes (380) (446) (17.2%) Net profit attributable to DHL AG shareholders 840 907 8.0% Basic EPS in € 0.75 0.82 9.6% Comments • Strong revenue growth of 13% reflects resilient global trade growth, successful pass-through of cost/fuel inflation as well as structural growth trends • Purchased goods & services increased due to higher capacity purchased with 3rd parties owing to volume growth as well as yoy higher freight rates and fuel costs • Staff costs kept in check due to continued cost focus and operating leverage – Group FTE flat at +0.3% yoy despite business growth • Group EBIT increase of 16% resulting from volume/weight growth alongside continued cost and yield focus; Group EBIT margin up 30 basis points yoy from 7.3% to 7.6% • Net finance costs increase reflects higher interest costs on bonds and leases • Continued execution of Share Buyback program further supports accelerated EPS growth DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 14
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Global Forwarding DHL Global Forwarding Successfully navigating tight freight markets Q3 2025 Q3 2026 Air Freight 444 563497 645 Volume (in 000 metric tons) +12% GP/unit (€) +15% Ocean Freight 854 336 895 359 Volume (in 000 TEU) +5% GP/unit (€) +7% Q3 performance • Both core products deliver strong volume growth at yoy higher GP/unit, outperforming the market • Supporting customers in tight and volatile markets: AFR GP +28%, OFR GP +12% Expanding capabilities and customer solutions • Expansion of DHL Health Logistics Cold Chain Network: six new dedicated LSH air corridors connecting Europe and North America with key healthcare & pharmaceutical hubs across Asia • Expanding New Energy capabilities, e.g. EV Air Freight capability • Launch of DHL TradeNavigator: Customer AI tool for global customs and trade insights through natural-language queries DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 15
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Supply Chain DHL Supply Chain Commercial momentum, strategic investments and innovation leadership fuel continued growth and financial performance +12% Q3 2026 Revenue growth yoy €6.1bn YTD 2026 Total Contract Value signed (revenue) +8% Q3 2026 EBIT growth yoy €37.8bn As of 1st October Pipeline in Total Contract Value (revenue) Q3 performance • Continued structural, resilient growth: 12% revenue growth drives EBIT +8% yoy • Strong +13% revenue growth in the Americas, reinforcing market leadership in the region • 42% yoy growth in New Business wins across regions and verticals reinforces the sustained growth outlook Growth and efficiency investments • Strategic Investments: Acquisition of Open Market in Colombia to strengthen LSH capabilities in LatAm • Digital & Physical AI: >500 AI and analytics use-cases deployed across operations globally (YTD); >9k physical bots (+1k YTD); flexed Assisted Picking Robot fleet by >30% to support peak demand; surpassed 10m cases processed by Boston Dynamics Stretch in the U.S. and Europe 16DHL Group Investor Relations | Q3 2026 Results | 5 November 2026
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eCommerce 6% organic revenue growth driven by e-commerce in Europe Revenue yoy, in €m +1,693 103 Reported revenue Q3 2025 1,693 Organic revenue growth Organic +6.1% yoy FX effects -7 Deconsolidation (UK & Iberia) -204 Reported revenue Q3 2026 1,585 Q3 performance • Structural e-commerce growth remains intact, with 6% organic revenue growth in the quarter • Last quarter of significant effect from deconsolidation in UK on yoy development • Fuel price changes effectively passed on to customers through well-established fuel surcharge mechanisms • Growth expansion remains self-funded with positive divisional FCF for Q3 and 9M 2026 Footprint expansion • As announced in July, DHL eCommerce to acquire Venipak, strengthening e-commerce market position across the growing Baltic region DHL eCommerce DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 17
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P&P Germany Post & Parcel Germany Well-known structural volume trends Q3 2025 Q3 2026 Parcel Volume (in m) -0.3% Revenue (in €m) +5% Mail Volume (in m) -20% Revenue (in €m) -8% Q3 performance • EBIT decline reflects well-known structural trends and April 2026 wage increase • Stronger-than-usual mail volume decrease mainly due to discontinued volumes from one large DM customer • Parcel volume flat yoy also due to expected EU De Minimis impact Regulation & business development • Provisional proposal of the Federal network agency foresees price increases of 20.35% for mail and partial services and 10.72% for private parcels as of 2027; final decision expected in November; to be implemented across products as of 1.1.2027 • Consolidation of P&P’s DeinFach and myflexbox into combined carrier-neutral parcel locker network, supporting the expansion of P&P’s parcel locker network in Germany to ~50k by 2030 DHL Group Investor Relations | Q3 2026 Results | 5 November 2026 18
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Disclaimer 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 DHL AG’s ability to control or estimate precisely, such as future market and economic conditions, the behaviour 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. DHL 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 19DHL Group Investor Relations | Q3 2026 Results | 5 November 2026