DHL AG

DHL: XETR (DEU)

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DHL's Express and Forwarding Volumes Muted, but Overall Margin Resilient

Matthew Young

Mar 24, 2026

Business Strategy and Outlook

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (12% of sales) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to offset declines in traditional mail-related activity (on average) over the freight cycle.

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DHL AG

DHL's Express and Forwarding Volumes Muted, but Overall Margin Resilient

Business Strategy and Outlook

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