Q2 Performance and EBIT Growth: DHL Group experienced a 6% year-over-year increase in EBIT for Q2 2025 despite a decline in global trade volumes. The logistics portfolio's strong performance showed effective cost management, resulting in sustained cash generation. Express division benefitted from cost flexibility and yield management, achieving a fourth consecutive quarter of EBIT growth even with underlying volume declines.

Impact of Global Trade Volatility: While there was an overall decline in B2B volumes and significant volatility in trade flows, e-commerce remained robust, driving momentum in B2C channels. However, there was a noted 20% decline in B2C volumes, attributed largely to changes in de minimis tariffs affecting shipments from China and Hong Kong to the U.S. This underscores the sensitivity of DHL¡¯s performance to external trade dynamics.

Fit for Growth Program: The Fit for Growth initiative has started to yield positive results, exceeding initial expectations, especially in the Express and P&P divisions while costing EUR 58 million in restructuring costs during Q2. Projected benefits are aimed at achieving cost savings exceeding EUR 1 billion by the end of 2026, although the timing of cost impacts remains a factor.