"In the current market environment, four consecutive quarters of earnings growth is a strong achievement by our global team."

Tobias, how do you view DHL Group's business performance in the third quarter?

Tobias Meyer: Given the continued challenging market environment, we are very satisfied. Trade conflicts persist, as reflected in our revenue development. The tariffs announced by the U.S. have now resulted in a significantly higher burden than in the past. This primarily slows trade on routes to the U.S., but it also affects U.S. exports. The tariffs make materials for goods produced in the U.S. more expensive, thereby making these goods less competitive internationally.

Additionally, the removal of the so-called de minimis rule for low-value shipments means that all commercial and most postal shipments to the U.S. are now subject to customs duties. This makes cross-border e-commerce to the U.S. significantly more bureaucratic, complex, and above all, more expensive. Adverse currency effects further impacted our revenue development. However, the quarter once again demonstrated that we can handle the volatile environment operationally very well.

You're referring to EBIT growth...?

Tobias Meyer: Yes, four consecutive quarters of earnings growth is a substantial achievement by our global team. EBIT rose 7.6 percent in the third quarter; after adjusting for one-off effects in this year and last year, the increase was actually more than ten percent. Free cash flow excluding M&A also developed very positively. An increase of more than 80 percent in the third quarter shows that our active capacity management and structural cost improvements are paying off. Thanks to our strong cash flow, we have the necessary resources to invest in further growth while offering attractive returns to our shareholders. Overall, after nine months, we are on a good path to achieving our annual targets and are maintaining our fiscal year 2025 guidance.

What are the success factors for this strong performance?

Tobias Meyer: It's due to several factors: First of all, we're seeing just how crucial our broad, global setup remains to our resilience. Trade with the U.S. is important, but it accounts for only part of our business. Other routes are gaining significance, on which we can support our customers just as reliably with our usual high service quality - thanks to our global presence and flexible network. To this end, we are making even more investments in these growth regions. We are also investing specifically in digitalization, including increased use of AI agents and robots, as well as expanding our parcel locker network. This helps us boost productivity and improve competitiveness. Additionally, we are very adept at managing our network capacity in the short term. We can compensate for trade flow volatility, for example, by adjusting our air freight network.

With Strategy 2030, DHL Group set ambitious growth targets. How can these be achieved in the current environment?

Tobias Meyer: With Strategy 2030, we are focusing on industries and regions where we expect above-average growth compared to global GDP. Our most recent study of international trade flows with NYU Stern forecasts dynamic economic development in Asia, the Middle East, and parts of Africa. We are expanding our presence here accordingly. For example, in October 2025, we announced investments of more than EUR300 million in Sub-Saharan Africa. These investments won't have an immediate impact, but they lay the foundation for future growth.

Let's look at the divisions. How did they perform in the third quarter?

Tobias Meyer: The divisions faced very different challenges in their respective markets. Global Forwarding, Freight is particularly affected by the weak global economy. The peak season in ocean freight failed to materialize, and the difficult economic situation in Europe is weighing on road freight demand. Express saw a decline in Time Definite International shipment volumes, but the division managed capacity very effectively. In addition, the share of more profitable trade lanes has increased due to shifts in trade flows. Overall, profitability has edged up slightly - even at already very high levels. In Supply Chain, our ongoing investments in standardization and digitalization are paying off. The division again achieved organic revenue growth in the third quarter and continues to operate very profitably.

The divisions eCommerce and Post & Parcel Germany contributed significantly to earnings growth in Q3. What are the reasons?

Tobias Meyer: In eCommerce, we had a positive one-off effect, due to deconsolidation effects from the merger with Evri in the UK. Post & Parcel Germany remained robust despite declining letter volumes - although this was in comparison to a particularly weak prior-year quarter. Thanks to a combination of price adjustments, especially for parcels, and structural cost improvements, we are on track to reach our minimum EBIT target of EUR1 billion this year. We need this result at a minimum to make the necessary investments in the future and to decarbonize the business.

The most important time of year for Post & Parcel Germany is the seasonally strong year-end business - as it is for other divisions. What are your expectations for Q4?

Tobias Meyer: The last three months of the year are usually the busiest for our employees. The year-end business has already started, and we have prepared thoroughly. To handle the increasing shipment volumes, we have expanded our capacity: Post & Parcel Germany is supported by around 10,000 temporary workers, and Express is deploying additional Boeing 777 freighters on heavily trafficked routes. As in the previous year, we have also introduced demand surcharges to offset additional costs.

My particular thanks go to our employees, who, with great dedication, ensure shipments arrive on time and maintain the usual high quality. Especially before Christmas, everyone in the company comes together to deliver high-quality results. We want to achieve this again this year as our service promise matters most to our customers at Christmas. It forms a basis not only for successfully concluding a challenging year, but also for remaining the provider of choice in the future.