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Equity Story

Global Logistics Leader with Clear Value
Creation Agenda

Infographic: World’s leading logistics company: #1 Global TDI Express, #3 Air- & Ocean freight, #1 Contract Logistics #1 Parcel Germany; Resilient Business Model: Diversified group structure and broad market exposure ensures stable cash flows throughout different economic cycles; Innovation and Application of Technology drive Efficiency: Digitalization/AI and automation to further boost productivity and drive gradual ROIC improvement; Disciplined Capital Allocation: Strong free cash flow generation funds organic growth and attractive shareholder returns; Unique Global Infrastructure: Extensive network across 220 countries and territories creates high barriers to entry; Successful transformation: Evolved from the German national postal operator into an enabler of global trade

Strategy 2030: Accelerating sustainable growth by leveraging structural GDP+ growth trends:

Why invest in DHL Group?
Investment Highlights

1. Structural GDP+ growth supported by long-term
e-commerce and outsourcing trends

GDP+ Growth

E-Commerce Trend

  • DHL Group is geared for structural GDP+ growth, driven by long-term e-commerce and outsourcing trends.
  • Strong exposure in long-term e-commerce trend through our offerings in domestic and cross-border delivery, e-fulfillment and reverse logistics.

2. Market leader in logistics with diversified portfolio

DHL Express

EBIT 2025 (% of Group total)
€3,162m (52%)

Market position
No. 1 cross-border express

Business drivers
Global trade and structual e-commerce

EBIT margin
12.9%

Core offering
Transport of urgent goods and documents, primarily as time definite international shipments (TDI)

Main peers
UPS, FedEx

Number of Customers
~3 million

Further information

DHL Global Forwarding

EBIT 2025 (% of Group total)
€756m (12%)

Market position
No. 3 in Air and Ocean

Business drivers
Global trade

EBIT margin
4.1%

Core offering
Air and ocean freight capacity brokerage incl. customs, port handling, PuD and overland freight

Main peers 
K+N, DSV

Number of Customers
250,000+

Further information

DHL Supply Chain

EBIT 2025 (% of Group total)
€1,161m (19%)

Market position
No. 1

Business drivers
Outsourcing trend, e-commerce

EBIT margin
6.5%

Core offering
Tailor-made logistics services and supply chain solutions based on globally standardized modules

Main peers 
GXO, DSV, UPS, CEVA, K+N

Number of Customers
>1,500 Large accounts

Further information

DHL eCommerce

EBIT 2025 (% of Group total)
€379m (6%)

Market position
Depends on country

Business drivers
E-commerce

EBIT margin
5.5%

Core offering
Domestic parcel services outside Germany and deferred cross-border

Main peers 
National incumbents

Number of Customers
Several millions

Further information

Post & Parcel Germany

EBIT 2025 (% of Group total)
€1.032m (17%)

Market position
No. 1

Business drivers
Transitioning to e-commerce player

EBIT margin
5.8%

Core offering
Parcel and letter delivery in Germany

Main peers 
Hermes, DPD, GLS

Number of Customers
Several millions

Further information

DHL Express

EBIT 2025 (% of Group total)
€3,162m (52%)

Market position
No. 1 cross-border express

Business drivers
Global trade and structual e-commerce

EBIT margin
12.9%

Core offering
Transport of urgent goods and documents, primarily as time definite international shipments (TDI)

Main peers
UPS, FedEx

Number of Customers
~3 million

Further information

DHL Global Forwarding

EBIT 2025 (% of Group total)
€756m (12%)

Market position
No. 3 in Air and Ocean

Business drivers
Global trade

EBIT margin
4.1%

Core offering
Air and ocean freight capacity brokerage incl. customs, port handling, PuD and overland freight

Main peers 
K+N, DSV

Number of Customers
250,000+

Further information

DHL Supply Chain

EBIT 2025 (% of Group total)
€1,161m (19%)

Market position
No. 1

Business drivers
Outsourcing trend, e-commerce

EBIT margin
6.5%

Core offering
Tailor-made logistics services and supply chain solutions based on globally standardized modules

Main peers 
GXO, DSV, UPS, CEVA, K+N

Number of Customers
>1,500 Large accounts

Further information

DHL eCommerce

EBIT 2025 (% of Group total)
€379m (6%)

Market position
Depends on country

Business drivers
E-commerce

EBIT margin
5.5%

Core offering
Domestic parcel services outside Germany and deferred cross-border

Main peers 
National incumbents

Number of Customers
Several millions

Further information

Post & Parcel Germany

EBIT 2025 (% of Group total)
€1.032m (17%)

Market position
No. 1

Business drivers
Transitioning to e-commerce player

EBIT margin
5.8%

Core offering
Parcel and letter delivery in Germany

Main peers 
Hermes, DPD, GLS

Number of Customers
Several millions

Further information

3. DHL Group transformation: Ten-year EBIT and FCF evolution (2015 - 2025)

10 Years

of Transformation

10%

EBIT CAGR

8%

Free Cash Flow CAGR

Earnings mix & quality

  • Evolved from a mail-heavy profile to a global logistics leader geared for sustainable growth.
  • Structurally higher operating margins supported by divisional programs including increasingly sophisticated yield management.

Stronger and more resilient cash generation

  • Improved cash flow performance supported by targeted incentivization and operational excellence.
  • Proven capex discipline through economic cycles and market volatility ensures efficient capital deployment.

4. Strong cash flow and balance sheet

€3.2bn

Free Cash Flow

13.9%

Return on Invested Capital

  • FY 2025 Free Cash Flow (excl. net M&A) of €3.2bn. Mid-term guidance of >€3bn p.a.
  • 13.9% Return on Invested Capital (ROIC) in FY 2025.
  • Current ratings: A- (Fitch) and A2 (Moody's). Credit rating target: Maintain stand-alone rating between "BBB+" and "A-" and "Baa1" and "A3" respectively.

5. Pragmatic and scalable AI approach lead by people

1

In-house Engineering

2

Third Party Solutions

3

People & Culture

  • In-house Engineering: Develop AI in-house solutions in our areas of core competencie.
  • Third Party Solutions: Leverage proven off-the-shelf third-party solutions.
  • People and Culture: Foster employee buy-in across all functions.

6. Strong commitment to sustainability with
ambitious targets

Net Zero

GHG emissions by 2050

30%

ESG Targets - short term management remuneration

  • Absolute reduction to <29m metric tons CO2e by 2030 (SBT); Net Zero GHG emissions by 2050.
  • 30% ESG targets integrated in short-term management remuneration.

    Learn more about DHL Group being a sustainable investment.
Board of Management of DHL Group

We want to be the investment of first choice

Learn more about our four bottom lines and the Strategy 2030 of DHL Group.

Strategy 2030
DHL Group history

More than 500 years of postal history

From the founding of the modern postal system to the establishment of the world's leading logistics group.

History of DHL Group