DHL Group: Conference takeaways - Barclays European Leadership Conference

Research evidence excerpt

DHL Group: Conference takeaways - Barclays European Leadership Conference

Equity Research

European Transportation

22 May 2026

DHL Group

Conference takeaways - Barclays

European Leadership Conference

We hosted DHL IR. Key themes are resilient near-term trading DPWGn.DE/DHL GY OVERWEIGHT

with no demand slowdown yet but limited H2 visibility, European Transportation NEUTRAL

Express weight improvement from better commercial focus, Price Target EUR 55.00

Price (20-May-26) EUR 48.09

limited competitive threat from Amazon new ASCS, Potential Upside/Downside +14.4%

disciplined capex with utilization catch-up underpinning MT Source: Bloomberg, Barclays Research

FCF above €3bn.

Marco Limite

Presenters: We hosted DHL IRs Sebastian Horn and Fiona Schumacher at our Barclays +39 (0)2 6372 2582

Leadership Conference in London on 21 May. marco.limite@barclays.com

BBI, Milan

What's incremental?

Helene Iselin

•• Macro remains resilient for now, but visibility remains limited for 2H. No visible demand +44 (0)20 7773 7391

helene.iselin@barclays.com

slowdown so far, with continued application of local surcharges in the Middle East and usual Barclays, UK

pass-through of fuel price fluctuations. However, visibility into 2H remains limited, and

Andrew Lobbenberg guidance assumes a muted macro with no recovery embedded. Inflation remains

+44 (0)20 3555 0639

manageable so far and reflected in price increases. No specific message on 2Q, but trends

andrew.lobbenberg@barclays.com

have not deteriorated. Barclays view into 2Q: As we have already mentioned here, we see a Barclays, UK

supportive 2Q setup, driven by Express tailwinds (fuel surcharge catch-up of c€50-100mn QoQ

Emilie Fung and ME tailwinds becoming visible into 2Q vs no Q1 benefit), early signs of volume inflection

+44 (0)20 3555 2335