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DSV, 1175 - INTERIM FINANCIAL REPORT Q3 2026

DSV

Company Announcement No. 1175

Continuing earnings growth in Air & Sea and Contract Logistics and operational recovery in the Road division

  • DSV reported EBIT before special items of DKK 6,606 million for Q3 2026, of which DKK 300 million were gains from property disposals. Diluted adjusted earnings per share increased 11.5% to DKK 56.1 in Q3 2026, driven by positive performance in the Air & Sea and Contract Logistics divisions.
  • The Road division was impacted by lower productivity and negative volume growth related to operational issues in Europe following the Schenker integration; however, operations normalised towards the end of the quarter.
  • The Schenker integration generally continued as planned, and we maintain our expectation of annual synergies at the level of DKK 9 billion, partly offset by inflationary pressure and costs related to increased activity in Contract Logistics. The remaining synergies related to Road and certain Group functions are expected to be delayed into 2027 due to operational issues in Road.
  • The adjusted free cash flow came to DKK 6,439 million for Q3 2026, corresponding to an adjusted cash conversion ratio of 128.6%. The cash flow was supported by a positive contribution from property disposals of DKK 3,189 million, while working capital remained elevated due to higher freight rates and fuel prices.
  • The cash flow contributed to deleveraging, bringing the gearing ratio down to 2.5x. A share buyback programme of DKK 1,500 million has been issued today, marking the first share buyback programme since the acquisition of Schenker.
  • Based on the performance in the first nine months of the year and outlook for the remainder of the year, we narrow the full-year 2026 guidance for EBIT before special items to DKK 24.0-25.0 billion (previously DKK 23.5-25.5 billion).

Jens H. Lund, Group CEO: “We delivered earnings growth in a volatile market, driven by strong results in Air & Sea and Contract Logistics. Road was affected by integration-related operational issues, but service levels recovered by quarter-end, allowing us to shift our focus to productivity, commercial initiatives and organic growth. We remain focused on completing the Schenker integration, realising synergies and advancing our 2030 ambitions through investments in AI, technology and network optimisation.”

Selected key figures and ratios for the period 1 January – 30 September 2026

 Q3 2026Q3 2025YTD 2026YTD 2025
Key figures (DKKm)    
Revenue80,70271,983227,806175,646
Gross profit20,25319,50859,43347,740
Operating profit (EBIT) before special items6,6065,43417,71614,019
Special items, costs1,2761,1544,1971,971
Profit for the period3,0172,1607,2827,328
Adjusted earnings for the period4,0653,06410,3438,996
Adjusted free cash flow6,4393,8298,74210,976
     
Ratios    
Conversion ratio32.6%27.9%29.8%29.4%
Adjusted cash conversion ratio128.6%95.6%79.7%115.5%
Diluted adjusted earnings per share of DKK 1 for the last 12 months  56.150.3


Performance in Q3 2026
While market conditions were generally favourable in the third quarter, the demand outlook continued to be impacted by macroeconomic uncertainty from rising energy prices and global inflation. Leveraging our global network, we remained well-positioned to help our customers navigate these challenges and maintain resilient supply chains. In Q3 2026, DSV reported gross profit of DKK 20,253 million, an increase of 2.3% compared to the same period last year, while EBIT before special items increased by 19.5% to DKK 6,606 million, of which DKK 300 million were gains from property disposals. This growth was driven by the Air & Sea and Contract Logistics divisions, including cost synergies from the Schenker integration, while the Road division reported negative growth related to operational issues.

Air & Sea achieved an EBIT before special items of DKK 4,278 million, representing an increase of 18.9% compared to the same period last year. The earnings growth was mainly driven by cost synergies from the Schenker integration, lifting the conversion ratio to 45.8%, compared to 38.6% in the same period last year, while gross profit was on level with the same period last year.

Road reported an EBIT before special items of DKK 526 million, of which DKK 195 million were gains from property disposals, representing a decrease of 35.1% compared to the same period last year. The decrease was driven by negative volume growth and lower productivity following a period with reduced service reliability related to the Schenker integration. While the financial performance remained weak, the operational performance normalised at the end of Q3 2026. Focus has now shifted to improving productivity and commercial performance.

Contract Logistics generated an EBIT before special items of DKK 1,673 million, of which DKK 105 million were gains from property disposals, representing growth of 50.3% compared to the same period last year. ROIC before tax improved from 6.9% to 10.9%. The continued strong earnings growth was related to synergies from the Schenker integration, improved productivity and capacity utilisation, including the consolidation of less profitable sites.

Outlook for 2026
Based on our performance in the first nine months of 2026 and our expectations for the remainder of the year, we are narrowing the full-year outlook for 2026 as follows:

  • EBIT before special items is expected to be in the range of DKK 24,000-25,000 million (previously DKK 23,500-25,500 million). The range includes expected gains from property disposals in Q4 2026 broadly in line with recent quarters.
  • Due to delayed realisation of certain synergies, special items related to integration costs are now expected to be around DKK 5,500 million in 2026 (previously DKK 6,500 million), with the remaining amount expected in 2027.
  • The effective tax rate is expected to remain at an elevated level around 28.0% in 2026, due to the ongoing integration of Schenker.

The main uncertainties that may affect our outlook relate to ongoing geopolitical tensions in the Middle East and trade tariffs and their potential impact on the global demand. We consistently monitor activity levels and will adjust capacity and our cost structure as necessary.

Synergies and integration costs related to Schenker
The Schenker integration is generally progressing as planned. As of Q3 2026, almost all countries had either completed integration or were in the process of integrating. The few remaining countries are expected to commence integration in Q4 2026. Annual synergies are still expected at the level of DKK 9 billion, partly offset by inflationary pressure and costs related to increased activity in Contract Logistics. The remaining synergies related to Road and certain Group functions are expected to be delayed into 2027 due to the issues in Road. Total transaction and integration costs are still expected to be around DKK 11 billion and will be recognised as special items in the statement of profit and loss. For Q3 2026, special items came to DKK 1,276 million, bringing accumulated special items to approximately DKK 8.7 billion. As certain synergies have been delayed into 2027, some of the related special items are now expected to be recognised in 2027.

Launch of share buyback programme
A separate company announcement about a new share buyback programme of DKK 1,500 million has been issued. The programme starts 21 October 2026 and will run until 1 February 2027.

Contacts
Investor Relations
Stig Frederiksen, tel. +45 43 20 36 38,

[email protected]

Alexander Plenborg, tel. +45 43 20 33 73,

[email protected]

Media
Stephan Ghisler-Solvang, tel. +45 61 22 93 92, [email protected]
Jonatan Rying Larsen, tel. +45 25 41 77 37,

[email protected]

Yours sincerely,
DSV A/S        

  1. FinanceDSV, 1174 - LAUNCH OF NEW SHARE BUYBACK PROGRAMME ACCORDING TO THE SAFE HARBOUR METHODCompanies: DSVCompany Announcement No. 1174 This announcement contains publication of inside information pursuant to Article 17 of the EU Market Abuse Regulation. With the integration of Schenker expected to be completed by the end of 2026 and with DSV on track for further deleveraging of its capital structure, the Board of Directors of DSV A/S has decided to exercise the authority to buy back shares granted by the Annual General Meeting on 20 March 2025. The authority is valid until 20 March 2030 and covers a maximum of 24,044,000 shares. Purpose The purpose of the share buyback is to adjust the capital structure and meet obligations relating to the Group’s share-based incentive programmes. Any shares not used for these programmes will be proposed for cancellation at a future General Meeting of DSV A/S. Time frame The share buyback programme will commence on 21 October 2026 and will be completed by 1 February 2027, at the latest, both days inclusive. During this period, DSV A/S will buy own shares up to a maximum of DKK 1,500 million in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Buyback terms • DSV A/S is required to retain a lead manager who is to make its own trading decisions independently of and without influence from DSV A/S and execute the buyback within the announced limits. DSV A/S has designated Danske Bank A/S as its lead manager for the share buyback. • Under the share buyback programme, DSV A/S may repurchase shares up to a maximum aggregate purchase price of DKK 1,500 million, and no more than 2,600,000 shares, corresponding to 1.09% of the current share capital of DSV A/S. • The shares may in no event be bought at a price deviating by more than 5 per cent from the most recently quoted market price of the shares at the time of purchase. • The shares shall not be purchased at a price higher than the price of the last independent trade or higher than the current highest independent bid on the trading venue on which the purchase is carried out. • The maximum number of shares that can be repurchased on any single trading day may not be greater than 25% of the average daily trading volume of DSV shares on Nasdaq Copenhagen during the 20 preceding trading days before the trading day. A company announcement of any transactions under the programme will be published every week after commencement and at the end of the programme. Contacts Investor Relations Stig Frederiksen, tel. +45 29 34 98 70, [email protected] Alexander Plenborg, tel. +45 43 20 33 73, [email protected] Yours sincerely, DSV A/S
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