Equity Snap: DHL Group (DHL GR) 2Q26 Preliminary results, strong Express-led beat, FY26 EBIT guidance raised

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Equity Snap: DHL Group (DHL GR) 2Q26 Preliminary results, strong Express-led beat, FY26 EBIT guidance raised

7 July 2026

Equity Snap: DHL Group (DHL Equities Air Freight & Logistics

GR)

2Q26 Preliminary results, strong Express-led beat,

FY26 EBIT guidance raised Germany

◆ 2Q26 preliminary results: Group revenue up 10%+ y-o-y; Parash Jain*

EBIT EUR1.9bn, +29%, helped by Fit for Growth savings Global Head of Transport & Logistics Research The Hongkong and Shanghai Banking Corporation Limited

parashjain@hsbc.com.hk

◆ FY26 guidance upgraded: Group EBIT >EUR6.5bn (from +852 2996 6717

>EUR6.2bn); driven by Express operating leverage and tight Deepak Maurya*, CFA

Analyst, Asia Transport

airfreight capacity. The Hongkong and Shanghai Banking Corporation Limited

deepakmaurya@hsbc.com.hk

+852 2822 4292

DHL Group (DHL GR, EUR55.72, Hold, TP EUR55.00) Bruce Chu*, CFA

Analyst, Asia Transport(Priced as of 06 Jul 2026)

The Hongkong and Shanghai Banking Corporation Limited

Express-led rebound continues: DHL group released its preliminary 2Q26 results bruce.y.h.chu@hsbc.com.hk +852 2996 6621

and it points to a clear rebound in demand and profitability, particularly in DHL

Express. The Group returned to significant revenue growth versus a prior-year * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

quarter affected by customs and trade policy conditions, while a lower cost base not registered/ qualified pursuant to FINRA regulations

continued to amplify earnings.

2Q26 EBIT beat, Express and forwarding leads: Group EBIT was EUR1.9bn,

+29% y-o-y and 17% above our estimates. Express delivered EUR1.2bn recurring

EBIT +57% y-o-y and 26% above our estimates, benefiting from weight growth and

EUR150m from airfreight capacity constraints. Global Forwarding improved to