DHL Group: FedEx 4QFY26 highlights improving international volume/yields trends; very strong May vols on soft comps; overall supportive for DHL Express

Research evidence excerpt

DHL Group: FedEx 4QFY26 highlights improving international volume/yields trends; very strong May vols on soft comps; overall supportive for DHL Express

J P M O R G A N Europe Equity Research

24 June 2026

DHL Group

FedEx 4QFY26 highlights improving international Overweight

volume/yields trends; very strong May vols on soft DHLn.DE, DHL GR

comps; overall supportive for DHL Express Price (23 Jun 26):€50.94

Price Target (Dec-27):€60.00

Overnight, FedEx (covered by Brian P. Ossenbeck) reported 4QFY26 results European Transport & Logistics

AC(quarter-end May-26) which came in below expectations (see: Highlights from Alexia Dogani

F4Q26 Earnings and Calls with Management for the team’s view). Management (44-20) 3493-3791

highlighted strong performance driven by a continued improvement in the US alexia.dogani@jpmorgan.com

domestic and international priority package yields, cost savings and US domestic J.P. Morgan Securities plc

and international export volumes. Overall, a supportive read for the Express Harry J Gowers

industry trading backdrop, with FedEx International export package May volume (44-20) 7134-7522

harry.gowers@jpmorgan.com

growth of 15% y/y a strong performance given soft base effects. FedEx Express’s J.P. Morgan Securities plc

International Priority Export product specifically provides a read-across for DHL

Shikha Khurana

Express (c.50% of FY25 EBIT of DHL Group). Revenue in this premium segment (91-22) 6157-5022

(which competes with DHL’s TDI) increased by 20% y/y (vs. +13% y/y in the prior shikha.khurana@jpmchase.com

quarter), driven by a slight acceleration in volume growth to 3% y/y (vs. +1% y/y J.P. Morgan India Private Limited

in the prior quarter; international priority) and higher revenue per package at +16% Bhavpreet S Batra

(to $71 per package; vs.