Equity Snap: DHL Group (DHL GR) Positive read-across from FedEx 4QFY26

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Equity Snap: DHL Group (DHL GR) Positive read-across from FedEx 4QFY26

24 June 2026

Equity Snap: DHL Group Equities Air Freight & Logistics

(DHL GR)

Positive read-across from FedEx 4QFY26 Germany

◆ FedEx’s 4QFY26 results imply stronger fuel-linked yields, Parash Jain*

demand tailwinds, and tougher European competition Global Head of Transport & Logistics Research The Hongkong and Shanghai Banking Corporation Limited

parashjain@hsbc.com.hk

+852 2996 6717

DHL Group (DHL GR, EUR51.06, Hold, TP EUR52.00)

Deepak Maurya*, CFA

(Priced as of 23 Jun 2026) Analyst, Asia Transport

The Hongkong and Shanghai Banking Corporation Limited

FedEx (FDX US, Hold, TP USD289.89, CMP USD317.24) reported 4QFY26 (Mar- deepakmaurya@hsbc.com.hk

May 2026) overnight (stock declined 6.5% after-hours). The print offers a few +852 2822 4292

useful read-across points for DHL. Bruce Chu*, CFA

Analyst, Asia Transport

1) International Priority yield is doing the heavy lifting (positive for DHL TDI): The Hongkong and Shanghai Banking Corporation Limited bruce.y.h.chu@hsbc.com.hk

FedEx’s international export volume growth accelerated to +5% y-o-y (vs +2% in 3Q), +852 2996 6621

marking a second straight quarter of growth. More importantly, International Priority Cathy Huang*, CFA

yields rose 16% y-o-y although volumes were only up 3%. Management pointed to Associate,The HongkongAsiaandTransportShanghai Banking Corporation Limited

Asia strength as the key volume driver, while yield benefited from fuel surcharges, cathy.m.y.huang@hsbc.com.hk

+852 2996 4506

mix/weight per shipment, and FX.

2) Europe competition intensifies – but the fight is shifting to higher-yield * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations