"With our Strategy 2030, we are setting the right priorities in volatile times"

Tobias, let's begin with the big picture: How do you assess the 2025 financial year?

Tobias Meyer: We anticipated that 2025 would be quite a volatile year. And indeed, geopolitical tensions and trade conflicts reached new heights. Nevertheless, we exceeded our financial targets for 2025. Revenue slightly declined, also as a result of currency effects. In the end, we delivered a solid operating result with further margin improvement and a strong free cash flow.

What were the key factors behind this strong performance?

Tobias Meyer: We cannot influence the geopolitical environment, but we can influence how we respond to it. We prepared early and focused on the levers within our control. The most important factor is delivering high-quality service to our customers, because DHL stands for excellence. Thanks to our global presence and local experts, we remain a reliable partner even under difficult conditions. When global trade flows shift in a short time, we must adjust our capacities flexibly. This benefits our customers and helps us stay efficient. In addition, our structural cost improvement measures are showing an effect. In total, our Fit for Growth cost program contributed more than EUR 600 million  gross to the operating profit in 2025.

Could you give a few examples that illustrate these cost and efficiency improvements?

Tobias Meyer: Our divisions benefit greatly from standardized, automated processes, robotics and artificial intelligence. In customs clearance and customer service, artificial intelligence supports our employees and speeds up processes. At DHL Express, we reduced costs in our air network by using more efficient cargo aircraft and reorganizing operational processes. There are many more examples, but things get technical very quickly. The bottom line: The cost measures have improved our competitiveness.

You highlighted the positive earnings development. All divisions grew their operating results - except DHL Global Forwarding, Freight, which saw a decline. How are you addressing this?

Tobias Meyer: The forwarding environment is currently very challenging. In air and ocean freight, we see declining freight rates. In road freight, we feel the weak economic situation in Europe, and especially in Germany. But Global Forwarding is significantly more profitable today than before the pandemic, and its low capital intensity makes the business model very attractive. Oscar de Bok and his team have worked hard to improve the division's structures. The focus is now on gaining market share and further improving capabilities in specialized segments. This will then also result in a turnaround with regards to earnings growth.

Strategy 2030 defined key priorities and growth areas. How much progress did DHL Group make in implementing it in 2025?

Tobias Meyer: We are making targeted investments in regions and sectors where we expect above-average growth in the coming years. In the Life Sciences & Healthcare sector, for example, we launched a EUR 2 billion investment program running through 2030. This also includes acquisitions to further strengthen our capabilities in this field. In addition, we have initiated several organic investments. And we also saw very positive development in the growth market of New Energies. Revenue in this segment increased by more than 30 percent year over year. And, of course, we are strongly committed to regions with emerging economies. We are expanding our logistics infrastructure in countries such as India and Colombia, both of which are becoming increasingly important in global trade. These investments will pay off over the medium term and accelerate our sustainable growth.

Speaking of sustainable growth: DHL Group remains committed to its sustainability goals. Why? And how is the company progressing?

Tobias Meyer: Sustainability is firmly embedded in our corporate strategy as the fourth dimension: "Green Logistics of Choice." The problem of global warming doesn't disappear just because it receives less political attention. I am convinced that our investments will create a long-term competitive advantage. We are seeing rising demand for low-emission logistics solutions, and we have the right offerings in place. At the end of 2025, 46 percent of our pickup and delivery fleet consisted of electric vehicles. And in our own aircraft fleet, we have already used 10 percent Sustainable Aviation Fuels, known as SAF. That may not sound like much, but globally, DHL Group is among the largest SAF users. We are making progress and are overall on a good path.

Shareholders will convene for the next Annual General Meeting in May 2026. Cash flow was very strong in 2025. What does this mean for shareholder payouts?

Tobias Meyer: A free cash flow excluding M&A of EUR 3.2 billion is a very strong result. Back in 2015, we were at EUR 1.5 billion. Looking back, we clearly see that we have structurally strengthened our financial position. This provides the foundation for reliable and economically sustainable payouts. I am therefore very pleased that we can propose a dividend increase to EUR 1.90 per share. This places us slightly above our payout range of 40-60 percent of net profit.

What do you expect from the global economic environment in 2026, and how does that affect your forecast for 2026?

Tobias Meyer: There is still significant geopolitical volatility and uncertainty out there, as we have already seen in the first two months of the year. Our forecast does not assume any improvement in the global economic environment. Even under these conditions, we expect to achieve an operating profit above EUR 6.2 billion and free cash flow before M&A of around EUR 3 billion.

Overall, I believe we are very well-positioned for 2026. With our Strategy 2030, we are setting the right priorities in volatile times. We are investing deliberately in markets and sectors with above-average growth. At the same time, we continue to strengthen our operational efficiency and structural cost base.