DHL Group once again increased its earnings in the third quarter of 2025 despite a challenging market environment. While revenue fell by 2.3% to EUR 20.1 billion (Q3 2024: EUR 20.6 billion) due to currency effects and weaker volumes on key trade lanes, the Group increased its operating result (EBIT) by 7.6% to EUR 1.5 billion. The EBIT margin improved to 7.3% (Q3 2024: 6.7%).
Free cash flow (excluding M&A) rose significantly to EUR 1.2 billion - an increase of around 81% compared to the previous year. Consolidated profit rose to 840 million euros (+11.9%), while earnings per share increased to 0.75 euros (+15.6%).
CEO Tobias Meyer explained:
"Despite the volatile environment, we were able to improve our result for four quarters in a row. We are well prepared for the seasonally strong year-end business."
Efficiency, investments and resilience as success factors
DHL Group benefited from consistent capacity management, structural cost reductions and price adjustments in the third quarter. In particular, the "Fit for Growth" programme and the digitalization offensive - such as the use of AI agents, robotics and the expansion of the Packstation network - increased efficiency.
Investments amounted to 632 million euros (-8.4% compared to the previous year) and focused on growth areas such as Asia, the Middle East, Africa and Life Sciences & Healthcare Logistics (LSH). DHL strengthened its position in the pharmaceutical logistics market with the acquisition of SDS Rx (USA).
CFO Melanie Kreis emphasized:
"We have further improved our EBIT margin and achieved a strong free cash flow. This shows the effectiveness of our earnings and capital efficiency measures."
Outlook: Annual forecast confirmed
Despite global uncertainties, DHL Group is sticking to its forecast. For the full year 2025, the Group expects:
- EBIT of at least EUR 6 billion,
- a free cash flow (excluding M&A) of around 3 billion euros.
New US import regulations ("De Minimis") have only had a minor impact on earnings so far.
High-performance divisions - mixed market dynamics
- Express: EBIT +0.8 % to € 692 million, margin 11.8 %. Decline in international shipments, offset by efficiency measures.
- Global Forwarding, Freight: revenue -9.2 %, EBIT -29.6 %. Weak economy in Europe and declining sea freight rates have a negative impact.
- Supply Chain: EBIT +1.6% to € 278 million, margin 6.3%. Stable profitability thanks to efficiency and high customer demand.
- eCommerce: Revenue +2.9 %, EBIT increases from € 51 million to € 176 million - driven by the merger with Evri in the UK.
- Post & Parcel Germany: revenue +4.7 %, EBIT +27 % to € 218 million. Earnings stabilized by cost measures and price adjustments.
Conclusion
DHL Group remains on course for success despite geopolitical uncertainties. With a focus on profitability, efficiency and digital transformation, the Group is strengthening its resilience - and believes it is ideally equipped for the strong Christmas business in 2025.
