Deutsche Post Ag S/Adr (DHLGY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the DHL group conference call. Please note that the call will be recorded. You can find the privacy notice on dhl.com. Throughout today's presentation, all participants will be in a listen-only mode. The presentation will be followed by a question and answer session. If you wish to ask a question, we ask that you please use the raise hand function at the bottom of your Zoom screen. Instructions will also follow at the time of Q&A. I would now like to turn the conference over to Martin Ziegenbalg, head of investor relations. Please go ahead. All right, thank you, and I welcome you all on the Q2 26 conference call of DHL Group. You've seen our full set of reporting out today. We've got with us here Group CEO, Tobias Meyer, Group CFO, Melanie Kreis. It's going to be the usual procedure. After your presentations, Tobias and Melanie, we go straight into Q&A. And then with that, over to you, Tobias. Good morning, thank you, Martin. We had indeed a good second quarter as DHL Group, with group revenue accelerating to 13% year-on-year, as you see on page 2 of the presentation, and increasing by 30%. We had a good flow-through of the increased business through the bottom line due to The effects that we also spoke about in recent quarters, our fit for growth program, which we executed, but also continued good management of both yields as well as capacity and thereby our cost base, especially in express. The free cash flow reflects that we are in a growth situation with some build-up of working capital, as you would expect, but also one extraordinary item driven by the refunds of the AIPA tariff, which are currently reversed, as you will be aware of. So we had some temporary increases in cash flo...