DHL group’s Q3 results were below the company-compiled consensus on revenues, in line on EBIT but ahead on net income and FCF. Revenues continued to be impacted by normalising freight rates and the volume trends were similar to those reported by peers. However, despite the lower revenues, cost actions helped protect the EBIT. eCommerce volumes and the DHL Supply Chain once again developed positively. Lastly, the group lowered its 2023 outlook and also made revisions to its mid-term ambitions.