DHL Group: Questions for DHL management ahead of Barclays European Leadership Conference

Research evidence excerpt

DHL Group: Questions for DHL management ahead of Barclays European Leadership Conference

Equity Research

European Transportation

19 May 2026

DHL Group

Questions for DHL management

ahead of Barclays European

DPWGn.DE/DHL GY OVERWEIGHTLeadership Conference

European Transportation NEUTRAL

We will be hosting DHL Investor Relations at our European Price Target EUR 55.00

Leadership Conference on Thursday 21st May in London. We Price (18-May-26) EUR 47.26

provide our latest pack of questions for management with PotentialSource: Bloomberg,Upside/DownsideBarclays Research +16.4%

key topics including cost savings, ME tail/headwinds, fuel

European Transportationsurcharges, weight dynamics, macro recovery, BUs

integration, AI, FCF Marco+39 (0)2Limite6372 2582

marco.limite@barclays.com

BBI, Milan

FIGURE 1. Save the Date

Helene Iselin

+44 (0)20 7773 7391

helene.iselin@barclays.com

Barclays, UK

Andrew Lobbenberg

+44 (0)20 3555 0639

andrew.lobbenberg@barclays.com

Emilie Fung

+44 (0)20 3555 2335

emilie.fung@barclays.com

Key areas of focus for DHL Rahul Singh

2Q Express weight inflection and ME benefits, cost savings, macro outlook and ST/MT +91 (0)22 6175 2529

guidance, FCF and capital allocation. We are positive on DHL 2Q earnings set-up driven by rahul.xb.singh@barclays.com

Barclays, UKExpress cost outperformance, improving weight trends on easing comps, with Express KGs

expected to turn positive YoY for the first time in few years. The key debate is how quickly

volume inflection can boost operating leverage as macro outlook remains uncertain. At the

same time, cost discipline has been the driver of earnings outperformance since early 2025, with

Fit for Growth running ahead of the >€1bn programme in our view, raising questions on

incremental upside and investments needed for growth.