DSV (DSV) investor relations material

Executive summary

• Q3 revenue rose 10.5% to DKK 80,702m and gross profit increased 2.3%; EBIT before special items rose 19.5% to DKK 6,606m, including DKK 300m in property-disposal gains.

• Adjusted diluted EPS for the last 12 months increased 11.5% to DKK 56.1; Q3 adjusted free cash flow was DKK 6,439m.

• Road operations normalised by quarter-end, while integration-related volume and productivity challenges persisted; Air & Sea and Contract Logistics led earnings growth.

Financial highlights

• Q3 profit for the period was DKK 3,017m versus DKK 2,160m; 9M profit was DKK 7,282m versus DKK 7,328m, reflecting higher special items, financing costs and tax effects.

• Q3 EBITDA before special items was DKK 9,314m versus DKK 7,876m; EBIT before special items was DKK 6,606m versus DKK 5,434m.

• Q3 special-item costs were DKK 1,276m; 9M costs totalled DKK 4,197m versus DKK 1,971m in 9M 2025.

• Adjusted free cash flow was DKK 6,439m; cash flow from operating activities was DKK 5,562m and from investing activities DKK 931m.

Outlook and guidance

• FY26 EBIT before special items guidance narrowed to DKK 24.0–25.0bn from DKK 23.5–25.5bn; the effective tax rate assumption remains 28%.

• Annual Schenker synergies remain targeted at DKK 9bn; DKK 4bn of incremental synergies versus 2025 is expected, with around DKK 1bn delayed into 2027 and reaching full run rate in 2028.

• Q4 Air & Sea volume growth is expected below market, with average gross profit yields slightly below Q3; Road freight market growth is expected flat to low-single-digit and Contract Logistics at mid-single-digit rates.

• 2026 integration special items are expected at ~DKK 5.5bn, down from ~DKK 6.5bn previously; remaining costs are expected in 2027.