DHL's cautious profit outlook sends shares lower

By Emanuele Berro

March 5 (Reuters) - DHL DHLn.DE on Thursday gave a 2026 outlook that leaned towards the cautious side of analysts' expectations, as a weak macroeconomic backdrop weighs on the delivery major's prospects.

Shares of the German logistics group fell 3% by 0919 GMT and were at the bottom of the country's blue-chip index .GDAXI.

DHL expects its earnings before interest and taxes to exceed 6.2 billion euros ($7.2 billion) this year, after reporting an operating profit of 6.1 billion euros for 2025.

The EBIT outlook was slightly below analysts' average forecast in a company-provided consensus.

"There is still significant geopolitical volatility and uncertainty out there, as we have already seen in the first two months of the year," CEO Tobias Meyer said in a statement. "Our forecast does not assume any improvement in the global economic environment."

Logistics and shipping companies are facing mounting disruptions across air and sea routes as the conflict in the Middle East intensifies.

However, DHL has historically benefitted from turmoil in the Middle East more than it has suffered from it, Meyer said during a call with investors.

"We have a very well established road network in the Middle East which enables us to bring cargo to those airports that are open," he added.

DHL's fourth-quarter operating profit fell 1.3% to 1.83 billion euros, as expected by analysts, weighed down by its freight forwarding business, where earnings slumped 36%.

European shipping and logistics operators have been grappling with weaker demand and a series of trade disruptions, including a raft of tariffs imposed by U.S. President Donald Trump.

"In air and ocean freight, we see declining freight rates. In road freight, we feel the weak economic situation in Europe, and especially in Germany," Meyer said.

($1 = 0.8591 euro)