DHL Group continues earnings growth in the third quarter

In the third quarter of 2025, the logistics company DHL Group achieved earnings growth despite ongoing trade conflicts. Revenue declined 2.3 percent to EUR 20.1 billion, driven by currency effects and lower volumes on routes to the United States. By combining active capacity management, structural cost improvements, and price adjustments, DHL Group increased its operating profit (EBIT) by 7.6 percent to EUR 1.5 billion. As a result, the Group’s profitability improved: the EBIT margin was 7.3 percent, up from 6.7 percent in the third quarter of 2024.

“Despite the volatile environment, we improved our earnings four consecutive quarters. This is the result of our active capacity management and structural cost improvements. Thanks to this resilience, we can continue to invest in quality for our customers and in growth markets. We are well prepared for the seasonally strong year-end business,” said Tobias Meyer, CEO DHL Group.

Investments in growth areas, active capacity management, and structural cost improvements

Gross capital expenditure (capex owned assets) amounted to EUR 632 million in the third quarter of 2025 – 8.4 percent below the same period last year. The Group thus adjusted its investments to the global economic conditions, while continuing to invest in long-term growth areas. Among other initiatives, DHL Group invests in dynamically growing regions such as Asia, the Middle East, and Africa, as well as in Life Sciences and Healthcare logistics (LSH). In September 2025, the Group announced the acquisition of the U.S. pharmaceutical logistics provider SDS Rx. This strengthens DHL Group’s ability to offer the LSH sector comprehensive logistics solutions across the entire supply chain.

As part of its Strategy 2030 and the 'Fit for Growth' program, DHL Group is also investing in digitalization, including the increased usage of AI agents and robots, as well as the expansion of its parcel locker network. These measures enhance both the efficiency and quality of DHL’s services. DHL Group was able to offset the continued volatility in trade volumes during the third quarter through active cyclical capacity management, combined with structural cost improvements under the 'Fit for Growth' program and price adjustments. For example, DHL Express reduced its aviation costs year-over-year by 8.5 percent.

The success of the efficiency measures is also reflected in the strong free cash flow (excluding M&A) in the third quarter of 2025: It grew 80.8 percent year-over-year to EUR 1.2 billion. In the same period, DHL Group generated consolidated net profit after non-controlling interests of EUR 840 million – an increase of 11.9 percent compared to the same period last year. Basic earnings per share amounted to EUR 0.75, 15.6 percent higher than the EUR 0.64 per share in the third quarter of 2024.

“We further improved our EBIT margin and generated a strong free cash flow. This highlights the effectiveness of our measures to enhance profitability and capital efficiency in a challenging market environment,” stated Melanie Kreis, CFO DHL Group.

Well-positioned for the year-end business

In anticipation of the year-end peak season, DHL Group expects a typical seasonal increase in e-commerce deliveries to consumers (B2C; Business-to-Consumer) in the fourth quarter of 2025. The Group’s divisions are prepared to ensure high service quality despite the seasonal rise in shipment volumes. For example, Express plans to temporarily deploy 10 additional Boeing 777 freighters on heavily frequented routes. Supply Chain is strengthening its team for the peak season with around 8,000 temporary full-time equivalents. The Post & Parcel Germany team will be supported by approximately 10,000 temporary staff.

Guidance unchanged

The Group continues to anticipate a subdued macroeconomic environment. However, the measures initiated are still expected to positively contribute to earnings development. Based on these assumptions, the guidance for the 2025 financial year remains unchanged. The Group continues to expect an operating profit of at least EUR 6 billion and a free cash flow (excluding M&A) of around EUR 3 billion. The guidance is also reaffirmed because the new import regulations for low-value shipments (De Minimis) into the U.S., which have been in effect since August, have so far had only a limited impact on the Group’s earnings. This outlook does not account for further potential escalation in tariffs or trade policies, as such developments could have substantial effects for DHL Group.

Express: modest growth in EBIT and margin

At DHL Express, time-definite international shipments (Time Definite International, TDI) declined as expected. The division offset this development through active capacity management, structural cost improvements, and price adjustments, resulting in gains in operating profit and EBIT margin.

Global Forwarding, Freight: low volume momentum and weak economic conditions in Europe

The lack of volume recovery in air freight, declining ocean freight rates, and continued economic weakness in Europe led to a decrease in revenue and earnings at DHL Global Forwarding, Freight in the third quarter.

Supply Chain: continuous earnings growth with high profitability

DHL Supply Chain achieved modest earnings growth and further improved its EBIT margin in the third quarter. Revenue grew, excluding currency effects, by 3.2 percent.

eCommerce: revenue growth and a structurally intact e-commerce trend

DHL eCommerce recorded revenue growth compared to the same quarter of the previous year. The structural e-commerce trend remains intact. EBIT for the business unit rose in the third quarter of 2025 from EUR 51 million to EUR 176 million. This includes a positive net one-off effect of EUR 123 million, due to deconsolidation effects from the merger with Evri in the United Kingdom.

Post & Parcel Germany: earnings stabilized through cost and pricing measures

The ongoing decline in letter volumes and the growth in parcel volumes in the Post & Parcel Germany division continued in the third quarter. The stabilization of earnings performance was driven by structural growth in parcel volumes, price adjustments – primarily in the parcel business – and cost measures.