DHL Faces Normalizing B2C Volumes, but Q2 Pricing Backdrop Still Solid; Guidance Maintained

Narrow-moat Deutsche Post DHL’s second-quarter organic revenue grew 16% organically year over year, ahead of our expected run rate due to fuel surcharge noise and another outperformance in the global air and ocean forwarding division. Relative to the same period last year, total revenue growth came from higher fuel surcharges, robust pricing conditions (for global forwarding and express), and higher B2B shipment weights at Express, partly offset by normalizing B2C-parcel volumes across all segments, including very tough comparisons.