Deutsche Post : Presentation Q2 2021

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Management comments:

Q2 2021 was another very strong quarter for DPDHL Group. As in the last years, the Group's networks have continued to serve the structural growth in e-commerce in terms of domestic and international delivery as well as e-fulfillment. Just as well, the broad logistics capabilities of DPDHL provide key infrastructure for global GDP recovery and related resurgence in global trade.

This balanced B2B and B2C exposure drove 25% organic revenue growth in Q2 2021. EBIT more than doubled yoy, driven by continuous efficiency gains based on digitalization, ongoing yield focus as well as high network utilization across all divisions.

Based on the Q2 development and unchanged assumptions for B2C growth normalization and B2B recovery, guidance for 2021 and 2023 has been upgraded with our Q2 pre-release in July (see p. 22 for details).

This outstanding performance is based on the relentless engagement and motivation of DPDHL employees around the world. As exceptional reward for these exceptional efforts, the DPDHL board has decided to again allocate a one-time covid bonus of €300 per full- time employee. The related total costs of around €200m, which will be booked in Q3 2021 (pay-out: Q4 2021), are already factored into the new 2021 guidance.

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Management comments:

The ongoing recovery in global GDP has, as expected, continued to drive further growth in B2B volumes across the full DHL logistics spectrum.

In DHL Express, TDI volume growth in B2B of >25% is now actually stronger than the yoy growth in B2C. As for all divisions, yoy comparisons are of course influenced by base effects as first lockdown measures had significantly reduced B2B activities but accelerated B2C growth in Q2 2020.

Both Air Freight (AFR) volumes and Ocean Freight (OFR) volumes saw strong yoy growth. OFR volumes are back on Q2 2019 levels, while AFR volumes are even 13% above Q2 2019.

Furthermore, DHL Supply Chain is showing a stronger rebound than the COVID-19 contraction last year, with organic growth of +23% yoy vs. a 13% decline in Q2 2020.

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Management comments:

Volume development in Parcel Germany so far confirms our expectation that B2C activity levels have reached a new, higher plateau as the lockdown measures have led to a structural increase in e-commerce penetration.

Volumes were still up significantly in Q2 2021 with +13% yoy growth. At the same time, the growth rate started, as expected, to normalize and was less pronounced than in Q1 2021 as the base effects from 2020 now include the beginning of the e-commerce acceleration in Q2 2020 while the lockdown measures have been further reduced in Germany in the course of Q2 2021.

Thus, in Germany, volume development so far continues to support our expectation that the e-commerce acceleration will eventually, to a large extent, stick as a structural effect.

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