DHL Group delivered strong financial performance in the second quarter of 2026, with Group revenue increasing 13% year-on-year to EUR 22.4 billion, compared to a prior-year quarter affected by tariffs and trade policy disruption. Operating profit rose 30% to EUR 1.9 billion, with the EBIT margin improving 1.1 percentage points to 8.3%. Group net profit after non-controlling interests reached EUR 1.0 billion, up 23.9% year-on-year, while basic earnings per share grew 26.9% to EUR 0.91 from EUR 0.72 in the second quarter of 2025. Revenue growth was primarily driven by higher transported shipment weight at DHL Express, capacity constraints in the international air freight market and the pass-through of higher fuel costs. Disciplined yield and capacity management, alongside structural cost improvements delivered through the Fit for Growth programme, supported the stronger earnings performance. Free cash flow excluding mergers and acquisitions amounted to EUR 569 million in the quarter, up from EUR 329 million in the same period of 2025, with June cash flow benefiting from refunds related to US tariff measures which are being passed on to customers. For the first half of the year, free cash flow excluding M&A increased to EUR 1.8 billion from EUR 1.1 billion in the prior year period. Capital expenditure in the first half totalled EUR 1.3 billion, 25% higher than the prior-year period, reflecting continued investment in network strength and quality as part of Strategy 2030. The Group has also increased its share buyback programme by EUR 500 million to up to EUR 6.5 billion and extended it through the end of 2027. Reflecting the strong first-half performance, DHL Group raised its full-year 2026 guidance in July to operating profit of more than EUR 6.5 billion, up from the previous guidance of more than EUR 6.2 billion. EBIT for DHL divisions is now expected to exceed EUR 5.9 billion, while guidance for Post and Parcel Germany and Group Functions remains unchanged. Full