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Deutsche Post AG — Interim / Quarterly Report 2026
May 7, 2026
111_ir_2026-05-06_bd5d2d12-dab4-4606-8440-292c97019577.pdf
Interim / Quarterly Report
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BHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Selected key figures
| Q1 2025 | Q1 2026 | +/- % | ||
|---|---|---|---|---|
| Revenue | €m | 20,809 | 20,420 | -1.9 |
| Profit from operating activities (EBIT) | €m | 1,370 | 1,483 | 8.3 |
| Return on sales^{1} | % | 6.6 | 7.3 | - |
| ROIC (return on invested capital) | % | 13.7 | 14.1 | - |
| Consolidated net profit for the period^{2} | €m | 786 | 812 | 3.3 |
| Free cash flow excluding acquisitions and divestures | €m | 732 | 1,207 | 65.0 |
| Net debt^{3} | €m | 21,516 | 20,743 | -3.6 |
| Earnings per share^{4} | € | 0.68 | 0.73 | 6.6 |
| Number of employees^{5} | 580,580 | 579,479 | -0.2 |
1 EBIT/revenue.
2 After deduction of noncontrolling interests.
3 Prior-year figure as of December 31.
4 Basic earnings per share.
5 Headcount at the end of the quarter, including trainees.
Significant events
As part of the ninth tranche of the 2022–2026 share buyback program, we repurchased a total of 5.4 million shares to the value of €250 million in the first quarter of 2026. Since the beginning of the share buyback program, we have so far repurchased a total of 121.3 million shares to the value of €4,750 million.
On March 23, 2026, we issued two bonds maturing in 2030 and 2034 and with an aggregate principal amount of €1.25 billion. The proceeds will be used for general company purposes.
Group revenue falls to €20,420 million
In the first quarter of 2026, consolidated revenue fell from €20,809 million to €20,420 million. This includes negative currency effects amounting to €700 million. At €555 million, other operating income was below the level of the first quarter of 2025 (€592 million).
Group EBIT up 8.3% year on year
At €1,483 million, consolidated EBIT in the first quarter of 2026 was 8.3% up on the prior-year figure. Net finance costs of €233 million exceeded the prior-year figure of €184 million. Profit before income taxes improved by €65 million to €1,250 million. Together with a slightly higher tax rate, this caused income taxes to rise to €388 million.
Consolidated net profit for the period in line with EBIT
Consolidated net profit for the first quarter of 2026 climbed from €830 million to €863 million. Of this amount, €812 million is attributable to Deutsche Post AG shareholders and €50 million to noncontrolling interest holders. Earnings per share amounted to €0.73 (basic) and €0.72 (diluted).
01
DHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
ROIC increases to 14.1%
Return on invested capital increased from 13.7% to 14.1% in the first quarter of 2026, mainly due to EBIT growth exceeding the moderate rise in invested capital.
Liquidity situation remains solid
As of March 31, 2026, the Group reported centrally available liquidity in the amount of €4.6 billion, which is comprised of cash and cash equivalents as well as current financial assets. This includes proceeds from the bond issues in March 2026 with an aggregate principal amount of €1.25 billion, which will be used for general company purposes. We also have access to a syndicated credit facility with a volume of €4 billion, which acts as a secure, long-term liquidity reserve. Thanks to our solid liquidity situation, this was not drawn in the reporting quarter. The credit facility was extended by one year in the first quarter of 2026 and now runs until March 2031.
€518 million invested predominantly in network infrastructure
Investments in property, plant and equipment and intangible assets acquired (not including goodwill) amounted to €518 million in the first quarter of 2026 (previous year: €461 million) and were made predominantly in the expansion of network infrastructure.
Higher net cash from operating activities
Net cash from operating activities increased in the first quarter of 2026, from €2,178 million to €2,679 million. Alongside improved EBIT, changes in provisions also contributed to this. In addition, the change in working capital resulted in a cash inflow of €235 million. This compared to an outflow of €98 million in the first quarter of 2025. Net cash used in investing activities increased from €606 million to €873 million. Free cash flow excluding acquisitions and divestitures improved significantly from €732 million to €1,207 million. Net cash from financing activities amounted to €140 million. This was €1,035 million less than in the first quarter of 2025, in which we issued three bonds with an aggregate principal amount of €2.25 billion. In the first quarter of 2026, we issued two bonds with an aggregate principal amount of €1.25 billion. Cash and cash equivalents rose from €3,376 million as of December 31, 2025, to €5,352 million.
Net debt falls
Our net debt fell from €21,516 million as of December 31, 2025, to €20,743 million as of March 31, 2026.
02
DHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Express: strict cost discipline and effective yield management
Revenue in the Express division fell by 1.9% to €6,011 million in the first quarter of 2026. This includes negative currency effects amounting to €274 million and higher fuel surcharges. Excluding these, revenue rose by 1.7%. The TDI daily weight fell by 2.1%.
The operating performance reflects the sustained focus on strict cost discipline and effective yield management. With our flexible network, we can respond swiftly to the changing geopolitical environment. This strength is enabling us to offer an uninterrupted service for our customers in the Middle East. Conflict-driven cost increases are largely offset by pricing and surcharge mechanisms, albeit with a time lag.
At €799 million, EBIT in the Express division in the first quarter of 2026 was 20.6% higher than the prior year figure. The EBIT margin was 13.3%.
Key figures, Express
| €m | Q1 2025 | Q1 2026 | +/- % |
|---|---|---|---|
| Revenue | 6,127 | 6,011 | -1.9 |
| Europe | 2,780 | 2,874 | 3.4 |
| Americas | 1,425 | 1,392 | -2.4 |
| Asia Pacific^{1} | 1,922 | 1,714 | -10.8 |
| MEA (Middle East and Africa)^{1} | 417 | 392 | -6.0 |
| Consolidation/Other | -417 | -360 | 13.6 |
| Profit from operating activities (EBIT) | 662 | 799 | 20.6 |
| Return on sales (%)^{2} | 10.8 | 13.3 | - |
| Operating cash flow | 1,230 | 1,608 | 30.7 |
1 Prior-year figures adjusted due to change in country segmentation.
2 EBIT/revenue.
Express: revenue by product
| €m per day^{1} | Q1 2025 | Q1 2026 | +/- % |
|---|---|---|---|
| Time Definite International (TDI) | 70.1 | 70.5 | 0.5 |
| Time Definite Domestic (TDD) | 6.6 | 7.0 | 7.4 |
1 To improve comparability, product revenues were translated at uniform exchange rates. These revenues are also the basis for the weighted calculation of working days.
Express: weight by product
| Million kg per day | Q1 2025 | Q1 2026 | +/- % |
|---|---|---|---|
| Time Definite International (TDI) | 8.0 | 7.9 | -2.1 |
| Time Definite Domestic (TDD) | 3.0 | 3.2 | 5.8 |
DHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Global Forwarding: revenue falls due to lower freight rates
Revenue in the Global Forwarding division decreased by 5.0% to €4,527 million in the first quarter of 2026 due to lower freight rates. Capacity shortages and higher oil prices resulting from the conflict in the Middle East caused freight rates to rise again significantly at the end of the quarter. Without taking negative currency effects of €129 million into account, revenue was 2.3% below the prior-year level. Gross profit in the division was down by 3.7% on the previous year to €1,104 million.
From now on, the reporting structure for the division will distinguish by product rather than by business unit.
Air freight volumes were up by 3.8% in the first quarter of 2026, primarily on trade lanes from Asia and Latin America. Our air freight revenues decreased by 2.2%, while gross profit improved by 3.2%. Ocean freight volumes increased by 2.0% year on year, with growth especially on Asia to Europe trade lanes. Volume development in this quarter was still impacted by the systematic withdrawal from the transport of high-volume, low-yield business. Ocean freight revenue and gross profit decreased by 16.5% and 17.5%, respectively, in the first quarter of 2026, reflecting the normalization of market freight rates observed since 2025.
EBIT in the Global Forwarding division was down by 18.5% in the first quarter of 2026 to €164 million. The EBIT margin was 3.6%.
Key figures, Global Forwarding
| €m | Q1 2025 | Q1 2026 | +/- % |
|---|---|---|---|
| Revenue | 4,764 | 4,527 | -5.0 |
| Air freight | 1,503 | 1,471 | -2.2 |
| Ocean freight | 1,457 | 1,217 | -16.5 |
| Road freight | 1,022 | 1,035 | 1.3 |
| Other | 781 | 804 | 2.9 |
| Gross profit | 1,147 | 1,104 | -3.7 |
| Profit from operating activities (EBIT) | 202 | 164 | -18.5 |
| Return on sales (%)^{1} | 4.2 | 3.6 | - |
| Operating cash flow | 42 | 31 | -26.5 |
1 EBIT/revenue.
Air and ocean freight: volumes
| Thousands | Q1 2025 | Q1 2026 | +/- % | |
|---|---|---|---|---|
| Air freight exports | metric tons | 422 | 438 | 3.8 |
| Ocean freight | TEU^{1} | 788 | 804 | 2.0 |
1 Twenty-foot equivalent units.
BHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Supply Chain: continued revenue and earnings growth
Revenue in the Supply Chain division was up by 2.8% to €4,502 million in the first quarter of 2026. Excluding negative currency effects of €225 million, it grew by 7.9%. The main contributors to this development were the Americas region – among other things, in the Automobility, Life Sciences & Healthcare and Engineering & Manufacturing sectors – and the EMEA region. The increase in revenue was bolstered by new business deals, contract extensions and continuing growth in e-commerce business.
The Supply Chain division concluded additional contracts with a volume of €1,850 million in the first quarter of 2026. The Technology, Retail (including e-fulfilment solutions) and Life Sciences & Healthcare sectors accounted for an important part of this. Relevant new business arose in part from logistics infrastructure for data center operators.
EBIT in the Supply Chain division increased by 3.1% to €276 million in the first quarter of 2026. Productivity improvements from digitalization, automation and standardization contributed to the continuing earnings growth. The EBIT margin was 6.1%.
Key figures, Supply Chain
| €m | Q1 2025 | Q1 2026 | +/- % |
|---|---|---|---|
| Revenue | 4,380 | 4,502 | 2.8 |
| EMEA (Europe, Middle East and Africa) | 1,963 | 1,988 | 1.3 |
| Americas | 1,807 | 1,899 | 5.1 |
| Asia Pacific | 616 | 621 | 0.8 |
| Consolidation/Other | -5 | -7 | -28.2 |
| Profit from operating activities (EBIT) | 268 | 276 | 3.1 |
| Return on sales (%)^{1} | 6.1 | 6.1 | - |
| Operating cash flow | 357 | 409 | 14.6 |
1 EBIT/revenue.
BHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
eCommerce: revenue below prior-year level
At €1,560 million, revenue in the eCommerce division in the first quarter of 2026 was 11.1% below the prior-year level. Without taking negative currency effects of €85 million into account, revenue was 6.3% 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 quarter of 2026, this caused revenue to fall by €196 million.
At €50 million, EBIT in the eCommerce division in the first quarter of 2026 was on a level with the previous year (€52 million). The EBIT margin was 3.2%.
Key figures, eCommerce
| €m | Q1 2025 | Q1 2026 | +/- % |
|---|---|---|---|
| Revenue | 1,756 | 1,560 | -11.1 |
| Americas | 580 | 512 | -11.8 |
| Europe | 992 | 883 | -11.0 |
| Asia | 181 | 167 | -7.9 |
| Consolidation/Other | 1 | -2 | <-100 |
| Profit from operating activities (EBIT) | 52 | 50 | -4.9 |
| Return on sales (%)^{1} | 3.0 | 3.2 | - |
| Operating cash flow | 149 | 167 | 11.7 |
1 EBIT/revenue.
Post & Parcel Germany: parcel growth drives business performance
At €4,502 million, revenue in the Post & Parcel Germany division in the first quarter of 2026 exceeded the prior-year figure by 1.7%. The main contributors to this were higher prices and increased volumes in national and international business with goods shipments. The German 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 prior-year quarter, for which mail in connection with state and municipal elections in the first quarter of 2026 was unable to compensate. A significant fall in volumes for advertising mail was primarily due to the loss of a major customer.
EBIT in the Post & Parcel Germany division in the first quarter of 2026 amounted to €264 million and was 5.8% down on the prior-year figure. 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 existing collective bargaining agreements. The return on sales was 5.9%.
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BHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Key figures, Post & Parcel Germany
| €m | Q1 2025 | Q1 2026 | +/- % |
|---|---|---|---|
| Revenue | 4,428 | 4,502 | 1.7 |
| Post Germany | 1,898 | 1,790 | -5.7 |
| Parcel Germany | 1,891 | 2,049 | 8.4 |
| International | 622 | 644 | 3.5 |
| Consolidation/Other | 17 | 19 | 13.6 |
| Profit from operating activities (EBIT) | 281 | 264 | -5.8 |
| Return on sales (%)^{1} | 6.3 | 5.9 | - |
| Operating cash flow | 481 | 619 | 28.7 |
1 EBIT/revenue.
Post & Parcel Germany: revenue
| €m | Q1 2025 | Q1 2026 | +/- % |
|---|---|---|---|
| Post Germany | 1,898 | 1,790 | -5.7 |
| Mail Communication | 1,305 | 1,231 | -5.6 |
| Dialogue Marketing | 410 | 378 | -7.8 |
| Other/Consolidation Post Germany | 183 | 180 | -1.7 |
| Parcel Germany | 1,891 | 2,049 | 8.4 |
Post & Parcel Germany: volumes
| Million items | Q1 2025 | Q1 2026 | +/- % |
|---|---|---|---|
| Post Germany | 3,064 | 2,678 | -12.6 |
| of which Mail Communication | 1,521 | 1,359 | -10.6 |
| of which Dialogue Marketing | 1,382 | 1,159 | -16.1 |
| Parcel Germany | 471 | 501 | 6.2 |
DHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
No changes in expected developments
We are leaving the forecast for the 2026 fiscal year published in the 2025 Annual Report unchanged.
The conflict in the Middle East has created and exacerbated risks for DHL Group. In addition to direct operational impacts and potential negative implications for global trade, these particularly include rising costs, chiefly for fuel. The ongoing conflict has disrupted crude oil supply chains, leading to tighter conditions in the global jet fuel market. DHL Express is closely monitoring developments and actively managing fuel supply risks. Jet fuel uplift is currently secured at major locations. Given the extremely volatile situation, specific risk predictions are difficult at the current time. Risks may worsen further in the future; however, opportunities may also arise.
On February 20, 2026, the United States Supreme Court ruled that the tariffs imposed using the International Emergency Economic Powers Act (IEEPA) were unlawful. The ruling applies retroactively. This is set to result in potentially complex reimbursement and unwinding processes, whose specific implications for DHL Group cannot yet be fully foreseen.
08
BHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Income statement
January 1 to March 31
| €m | 2025 | 2026 |
|---|---|---|
| Revenue | 20,809 | 20,420 |
| Other operating income | 592 | 555 |
| Changes in inventories and work performed and capitalized | -22 | 47 |
| Material expense | -10,278 | -9,907 |
| Staff costs | -7,162 | -7,092 |
| Depreciation, amortization and impairment losses | -1,220 | -1,229 |
| Other operating expenses | -1,347 | -1,318 |
| Net income/loss from investments accounted for using the equity method | -2 | 6 |
| Profit from operating activities (EBIT) | 1,370 | 1,483 |
| Financial income | 96 | 91 |
| Finance costs | -305 | -361 |
| Foreign-currency result | 25 | 37 |
| Net finance costs | -184 | -233 |
| Profit before income taxes | 1,186 | 1,250 |
| Income taxes | -356 | -388 |
| Consolidated net profit for the period | 830 | 863 |
| Attributable to Deutsche Post AG shareholders | 786 | 812 |
| Attributable to noncontrolling interests | 43 | 50 |
| Basic earnings per share (€) | 0.68 | 0.73 |
| Diluted earnings per share (€) | 0.67 | 0.72 |
DHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Balance sheet
| €m | Dec. 31, 2025 | March 31, 2026 |
|---|---|---|
| Assets | ||
| Intangible assets | 14,772 | 14,913 |
| Property, plant and equipment | 30,977 | 31,234 |
| Investment property | 77 | 78 |
| Investments accounted for using the equity method | 875 | 891 |
| Noncurrent financial assets | 1,785 | 1,854 |
| Other noncurrent assets | 511 | 548 |
| Noncurrent income tax assets | 46 | 53 |
| Deferred tax assets | 1,028 | 1,086 |
| Noncurrent assets | 50,071 | 50,659 |
| Inventories | 1,010 | 1,038 |
| Current financial assets | 1,966 | 2,442 |
| Trade receivables | 11,305 | 11,321 |
| Other current assets | 2,702 | 3,073 |
| Current income tax assets | 548 | 490 |
| Cash and cash equivalents | 3,376 | 5,352 |
| Assets held for sale | 39 | 40 |
| Current assets | 20,946 | 23,755 |
| Total assets | 71,018 | 74,413 |
| Equity and liabilities | ||
| Issued capital | 1,119 | 1,113 |
| Capital reserves | 3,690 | 3,766 |
| Other reserves | -2,355 | -2,051 |
| Retained earnings | 19,773 | 20,571 |
| Equity attributable to Deutsche Post AG shareholders | 22,227 | 23,400 |
| Noncontrolling interests | 396 | 451 |
| Equity | 22,623 | 23,851 |
| Provisions for pensions and similar obligations | 1,660 | 1,599 |
| Deferred tax liabilities | 542 | 599 |
| Other noncurrent provisions | 2,491 | 2,560 |
| Noncurrent financial liabilities | 21,780 | 23,577 |
| Other noncurrent liabilities | 220 | 231 |
| Noncurrent income tax liabilities | 292 | 309 |
| Noncurrent provisions and liabilities | 26,985 | 28,875 |
| Current provisions | 1,143 | 1,195 |
| Current financial liabilities | 5,709 | 5,479 |
| Trade payables | 7,889 | 7,557 |
| Other current liabilities | 6,205 | 6,998 |
| Current income tax liabilities | 451 | 445 |
| Liabilities associated with assets held for sale | 14 | 15 |
| Current provisions and liabilities | 21,410 | 21,688 |
| Total equity and liabilities | 71,018 | 74,413 |
DHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Cash flow statement
January 1 to March 31
| £m | 2025 | 2026 |
|---|---|---|
| Consolidated net profit for the period | 830 | 863 |
| + Income taxes | 356 | 388 |
| + Net finance costs | 184 | 233 |
| = Profit from operating activities (EBIT) | 1,370 | 1,483 |
| + Depreciation, amortization and impairment losses | 1,220 | 1,229 |
| + Net loss/net income from disposal of noncurrent assets | -1 | -7 |
| + Other noncash income and expense | 11 | 45 |
| + Change in provisions | -95 | 1 |
| + Change in other noncurrent assets and liabilities | -16 | -6 |
| + Income taxes paid | -211 | -302 |
| = Net cash from operating activities before changes in working capital | 2,276 | 2,444 |
| + Change in inventories | 70 | -22 |
| + Change in receivables and other current assets | -316 | -349 |
| + Change in liabilities and other items | 148 | 606 |
| = Net cash from operating activities | 2,178 | 2,679 |
| Subsidiaries and other business units | 0 | 0 |
| + Property, plant and equipment and intangible assets | 31 | 44 |
| + Other noncurrent financial assets | 55 | 52 |
| = Proceeds from disposal of noncurrent assets | 86 | 96 |
| Subsidiaries and other business units | -30 | -3 |
| + Property, plant and equipment and intangible assets | -649 | -634 |
| + Investments accounted for using the equity method and other investments | -10 | -9 |
| + Other noncurrent financial assets | -10 | -3 |
| = Cash paid to acquire noncurrent assets | -699 | -648 |
| + Interest received | 57 | 42 |
| + Payments for current financial assets | -50 | -363 |
| = Net cash used in investing activities | -606 | -873 |
| Proceeds from issuance of noncurrent financial liabilities | 2,227 | 1,497 |
| + Repayments of noncurrent financial liabilities | -712 | -658 |
| + Change in current financial liabilities | -3 | -75 |
| + Other financing activities | 81 | 14 |
| + Proceeds from transactions with noncontrolling interests | 0 | 5 |
| + Dividend paid to noncontrolling-interest holders | -7 | -5 |
| + Purchase of treasury shares | -176 | -311 |
| + Interest paid | -235 | -327 |
| = Net cash from financing activities | 1,175 | 140 |
| Net change in cash and cash equivalents | 2,747 | 1,946 |
| + Effect of changes in exchange rates on cash and cash equivalents | -75 | 30 |
| + Cash and cash equivalents at beginning of reporting period | 3,619 | 3,376 |
| = Cash and cash equivalents at end of reporting period | 6,292 | 5,352 |
DHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Segment reporting
January 1 to March 31
| €m | Express | Global Forwarding | Supply Chain | eCommerce | ||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | |
| External revenue | 5,967 | 5,854 | 4,466 | 4,201 | 4,362 | 4,481 | 1,699 | 1,500 |
| Internal revenue | 161 | 157 | 298 | 326 | 18 | 20 | 57 | 60 |
| Total revenue | 6,127 | 6,011 | 4,764 | 4,527 | 4,380 | 4,502 | 1,756 | 1,560 |
| Material expense | 3,070 | 2,826 | 3,763 | 3,559 | 1,567 | 1,776 | 1,257 | 1,109 |
| Staff costs | 1,622 | 1,613 | 650 | 633 | 1,938 | 1,902 | 319 | 278 |
| Depreciation and amortization | 471 | 449 | 86 | 83 | 282 | 310 | 79 | 73 |
| Impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total depreciation, amortization and impairment losses | 471 | 449 | 86 | 83 | 282 | 310 | 79 | 73 |
| Net income/loss from investments accounted for using the equity method | 1 | 1 | -2 | 0 | 1 | 0 | 0 | 1 |
| Profit from operating activities (EBIT) | 662 | 799 | 202 | 164 | 268 | 276 | 52 | 50 |
| Capex (assets acquired) | 114 | 119 | 24 | 21 | 135 | 165 | 47 | 43 |
| Capex (right-of-use assets) | 290 | 201 | 33 | 57 | 279 | 363 | 37 | 32 |
| Total capex | 404 | 320 | 58 | 79 | 413 | 528 | 85 | 75 |
| Net cash from (+)/used in (-) operating activities | 1,230 | 1,608 | 42 | 31 | 357 | 409 | 149 | 167 |
| Employees1 | 108,409 | 104,161 | 44,422 | 43,577 | 182,925 | 184,084 | 39,796 | 36,787 |
1 Average FTEs.
BHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
January 1 to March 31
| €m | Post & Parcel Germany | Group Functions | Consolidation | Group | ||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | |
| External revenue | 4,313 | 4,383 | 2 | 1 | 0 | 0 | 20,809 | 20,420 |
| Internal revenue | 115 | 119 | 475 | 482 | -1,123 | -1,165 | 0 | 0 |
| Total revenue | 4,428 | 4,502 | 476 | 483 | -1,123 | -1,165 | 20,809 | 20,420 |
| Material expense | 1,473 | 1,531 | 374 | 409 | -1,225 | -1,302 | 10,278 | 9,907 |
| Staff costs | 2,301 | 2,367 | 335 | 299 | -2 | 0 | 7,162 | 7,092 |
| Depreciation and amortization | 164 | 179 | 136 | 136 | 0 | 0 | 1,218 | 1,229 |
| Impairment losses | 2 | 0 | 0 | 0 | 0 | 0 | 2 | 0 |
| Total depreciation, amortization and impairment losses | 166 | 179 | 136 | 136 | 0 | 0 | 1,220 | 1,229 |
| Net income/loss from investments accounted for using the equity method | 0 | 0 | -1 | 5 | 0 | 0 | -2 | 6 |
| Profit from operating activities (EBIT) | 281 | 264 | -96 | -71 | 1 | 1 | 1,370 | 1,483 |
| Capex (assets acquired) | 120 | 155 | 21 | 15 | 0 | 0 | 461 | 518 |
| Capex (right-of-use assets) | 4 | 1 | 74 | 127 | 0 | 0 | 718 | 782 |
| Total capex | 124 | 156 | 95 | 142 | 0 | 0 | 1,179 | 1,300 |
| Net cash from (+)/used in (-) operating activities | 481 | 619 | 99 | 152 | -181 | -308 | 2,178 | 2,679 |
| Employees1 | 154,822 | 153,571 | 14,023 | 12,155 | 0 | 0 | 544,397 | 534,335 |
1 Average FTEs.
Reconciliation
| €m | Q1 2025 | Q1 2026 |
|---|---|---|
| Total income of reported segments | 1,465 | 1,553 |
| Group Functions | -96 | -71 |
| Reconciliation to Group/Consolidation | 1 | 1 |
| Profit from operating activities (EBIT) | 1,370 | 1,483 |
| Net finance costs | -184 | -233 |
| Profit before income taxes | 1,186 | 1,250 |
| Income taxes | -356 | -388 |
| Consolidated net profit for the period | 830 | 863 |
BHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Further information
Segment assets and liabilities
| £m | Express | Global Forwarding | Supply Chain | eCommerce | ||||
|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2025 | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2026 | |
| Segment assets | 20,768 | 20,787 | 11,190 | 11,519 | 12,084 | 12,617 | 4,197 | 4,159 |
| of which: investments accounted for using the equity method | 10 | 11 | 6 | 6 | 8 | 8 | 831 | 841 |
| Segment liabilities | 5,027 | 5,310 | 3,583 | 3,620 | 4,281 | 4,214 | 896 | 867 |
| Net segment assets/ liabilities | 15,741 | 15,478 | 7,606 | 7,898 | 7,803 | 8,404 | 3,301 | 3,291 |
Segment assets and liabilities
| £m | Post & Parcel Germany | Group Functions | Consolidation | Group | ||||
|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2025 | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2026 | |
| Segment assets | 10,296 | 10,206 | 3,930 | 4,083 | -57 | -67 | 62,407 | 63,304 |
| of which: investments accounted for using the equity method | 0 | 0 | 19 | 25 | 0 | 0 | 875 | 891 |
| Segment liabilities | 2,656 | 2,756 | 1,492 | 1,689 | -42 | -41 | 17,892 | 18,415 |
| Net segment assets/ liabilities | 7,640 | 7,450 | 2,438 | 2,394 | -15 | -26 | 44,515 | 44,889 |
Includes only EBIT-related operating assets and liabilities. Assets and liabilities related to taxes or financing and cash and cash equivalents are deducted.
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DHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Earnings per share
Basic earnings per share
| Q1 2025 | Q1 2026 | ||
|---|---|---|---|
| Consolidated net profit for the period attributable to Deutsche Post AG shareholders | €m | 786 | 812 |
| Weighted average number of shares outstanding | Number | 1,151,156,211 | 1,115,570,949 |
| Basic earnings per share | € | 0.68 | 0.73 |
Diluted earnings per share
| Q1 2025 | Q1 2026 | ||
|---|---|---|---|
| Consolidated net profit for the period attributable to Deutsche Post AG shareholders | €m | 786 | 812 |
| Plus interest expense on the convertible bond | €m | 2 | 0 |
| Less income taxes | €m | 1 | 0 |
| Adjusted consolidated net profit for the period attributable to Deutsche Post AG shareholders | €m | 788 | 812 |
| Weighted average number of shares outstanding | Number | 1,151,156,211 | 1,115,570,949 |
| Potentially dilutive shares | Number | 22,095,580 | 10,321,559 |
| Weighted average number of shares for diluted earnings | Number | 1,173,251,791 | 1,125,892,508 |
| Diluted earnings per share | € | 0.67 | 0.72 |
Changes in 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/March 31 | 1,150 | 1,150 |
| Treasury shares | ||
| Balance as of January 1 | -47 | -31 |
| Purchase of treasury shares | -37 | -7 |
| Issue/sale of treasury shares | 3 | 0 |
| Retirement of treasury shares | 50 | 0 |
| Balance as of December 31/March 31 | -31 | -37 |
| Total as of December 31/March 31 | 1,119 | 1,113 |
DHL Group
Quarterly Statement as of March 31, 2026
Business Performance
Selected Financial Information
Contacts
Contacts
Deutsche Post AG
Headquarters
53250 Bonn, Germany
Publication
This statement was published on April 30, 2026, in German and English; in case of doubt, the German version is authoritative.
Basis of reporting
The document at hand is a quarterly statement pursuant to Section 53 Börsenordnung für die Frankfurter Wertpapierbörse (BörsO FWB – exchange rules for the Frankfurt Stock Exchange), as amended on November 18, 2019. It is not an interim report as defined in International Accounting Standard (IAS) No. 34. The accounting policies applied to this quarterly statement generally derive from the same accounting policies as used in the preparation of the consolidated financial statements for the 2025 fiscal year, with the exception of the new pronouncements required to be applied. However, those new standards had no material impact on the financial statements.
Rounding
The figures in this and other documents are commercially rounded. This means that the individual figures may not add up exactly to the total, and percentages may not exactly correspond to the figures shown.
Forward-looking statements
This quarterly statement contains forward-looking statements that are not historical facts. These also include statements concerning assumptions and expectations that are based upon current plans, estimates and projections, and the information available to Deutsche Post AG at the time this quarterly statement was completed. They should not be considered to be assurances of future performance and results. Instead, they depend on a number of factors and are subject to various risks and uncertainties (particularly those described in the "No changes in expected developments" section) and are based on assumptions that may prove to be inaccurate. It is possible that the actual performance and results may differ from the forward-looking statements made in this quarterly statement. Deutsche Post AG undertakes no obligation to update the forward-looking statements contained in this quarterly statement except as required by applicable law. If Deutsche Post AG updates one or more forward-looking statements, no assumption can be made that the statement(s) in question or other forward-looking statements will be updated regularly.
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