Deutsche Post AG

DHL Group reported Q2 revenue growth of 13% year over year and Group EBIT growth of 30%. Management said organic revenue growth, excluding fuel, accelerated to 8%, while Express margin was 16.8% and Supply Chain margin was 6.5%. DHL Supply Chain reported 13% revenue growth and 10% organic growth, and management said this was the first quarter with more than EUR 300 million in EBIT excluding special effects. The company also said Q2 free cash flow benefited from EUR 416 million of IEEPA reimbursements received but not yet repaid. For full-year 2026, management now expects EBIT to exceed EUR 6.5 billion; free cash flow and gross CapEx guidance were left unchanged.

Tobias Meyer emphasized that DHL is seeing a stronger growth path across the business, especially in Express, Global Forwarding, and Supply Chain. He framed the quarter as evidence that Strategy 2030 is moving from planning into execution, with a focus on top-line growth and profitability accelerators such as yield management, cost control, and disciplined capital spending. His tone was constructive and confident, but he also repeatedly noted ongoing volatility and uncertainty in the external environment.

Melanie Kreis highlighted that the 13% top-line growth included roughly a 5 percentage point contribution from fuel pass-through, with no meaningful FX effect this quarter, and that EBIT rose 30% on accelerating volume/weight growth, yield actions, and cost control. She pointed to the EUR 416 million temporary IEEPA reimbursement inflow in Q2, saying it will be passed back to customers and therefore will not affect free cash flow generation in the end. She also said H1 free cash flow leaves the company well on track for the full-year target, while the company continues to fund organic growth, dividends, selective M&A, and buybacks.

Analysts pressed management on Express weight-per-day growth, whether Middle East disruptions and tight airfreight markets were temporary boosts, and how much of the strength came from heavyweight/B2B shipments versus pricing or capacity constraints. Management said the growth was broad-based, mainly driven by its industrial-growth strategy and disciplined pricing, with the EUR 150 million effect from airfreight market tightness only part of the story. On Global Forwarding, management said yield strength reflected broad-based execution rather than a single mix shift, though they acknowledged some temporary market benefit; on data centers, they said the opportunity is real but currently comes from a relatively small base.