Deutsche Post (DHL) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered solid results with Group EBIT up 5% to €1,370 million, revenue up 2.8% to €20,809 million, and strong free cash flow, despite a subdued macro and volatile trade environment.

• Disciplined cost and CapEx management, targeted investments in high-growth segments, and continued execution of growth strategy, including acquisitions in Life Science and Healthcare.

• Tariff changes, especially US-China, increased volatility but created opportunities for tailored logistics solutions.

• Share buyback program continued, with 3.3 million shares repurchased for €127 million in Q1 2025.

• Three bonds totaling €2.25 billion were issued to refinance existing liabilities.

Financial highlights

• Revenue rose 3% year-over-year to €20,809 million; EBIT increased 5% to €1,370 million; net profit attributable to shareholders up 6% to €786 million.

• Free cash flow (excluding net M&A) grew 17% to €732 million; basic EPS up 8% to €0.68.

• Operating cash flow increased 8.8% to €2,178 million, and cash and cash equivalents rose to €6,292 million.

• Net capex increased 8% to €618 million; investments in property, plant, and equipment totaled €461 million.

• Group headcount decreased by 2.4% to 580,580 at quarter-end.

Outlook and guidance

• FY 2025 guidance unchanged: Group EBIT ≥ €6.0bn, FCF (excl. net M&A) ~€3.0bn, gross capex (excl. leases) €3.0–3.3bn, tax rate 28–30%.

• The macro environment is expected to remain weak, with ongoing volatility from U.S. trade policy changes, but overall development is in line with plan.

• No significant changes in the Group's risk or opportunity situation; no going concern risks identified.