The DHL group is the leading postal operator in Europe, one of the top three international express parcel carriers and the largest air and sea freight forwarder in the world. Its former German postal operations (12% of turnover) face a steady decline in demand and are heavily regulated. However, we expect the growth of DHL segments and the growth of parcel delivery operations in Germany (and nationally) to continue to offset the decline in traditional mail business (on average) over the cycle. of freight, and despite an overall weakness in freight and logistics context in 2023 and 2024.