Can I install Dishonored 2 exclusively from CD without additional downloads?

No.

Dishonored 2 comes with a DVD, which just can't hold all the required installation files
(9.4 GB of disk space vs. ~40 GB of game files).
The DVD is supposed to help installing the game by supporting you with a basic installation kit, but it will still be necessary to download the rest of the game files.

Others have already pointed out that the game is mostly downloaded and is far larger than the DVD can handle. I'm suggesting an alternative way that mostly avoids having to download over a slow connection.

While not completely installing from the DVD, what you can do is start the download so it has allocated space, but hasn't yet downloaded the game. Then go to a friend who owns the game and has it downloaded on PC, copy the contents of their installation folder to a large enough USB or other portable medium, then copy it over to your local machine in your steam library folder (usually $STEAMROOT$\steamapps\common\$GAMENAME$). if you then verify game files through the Steam client, it should detect an install, maybe install some minor files that aren't in the folder and verify that all other files are the right ones.

No, you can't install Dishonored completely from your DVD, since the DVD isn't even large enough to hold the complete install as dly already pointed out.

But you can install Dishonored without downloading it yourself, even without a crude workaround like in Nzall's answer, if you know somebody personally that owns Dishonored 2 on Steam.

He can create a backup of his install in the Steam context menu of the game and give it to you on a usb stick or several DVDs. Then you can use these files to install it on your account with the "Backup and Restore Games..." option in the Steam menu. You will still need an active internet connection for Steam to verify that you own that game, but the game files itself should be completely covered by the files in the backup.