DHL AG

DHL: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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DHL Group Earnings: Volume Still Muted, but Declines Are Easing and Margins Are Healthy

Matthew Young

Apr 30, 2026

Excluding foreign exchange, DHL Group’s first-quarter top line grew 2% year over year. Growth came from yield gains at express, favorable e-commerce related growth across Europe, and solid business wins for supply chain, partly offset by lower global forwarding revenue.

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DHL AG

DHL Group Earnings: Volume Still Muted, but Declines Are Easing and Margins Are Healthy

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