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DSV (DSV) investor relations material

DSV Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary21 Oct, 2026

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.

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Frequently asked questions

Danish Logistics Experts

DSV Panalpina A/S, known simply as DSV, is a trailblazer in global transport and logistics solutions. Headquartered in Denmark and operating in more than 80 countries, DSV is a key player in global trade and supply chain management. The company's diverse range of services and international reach makes it an influential figure in the global transport and logistics sector.

Born From Co-operation

DSV’s journey began in 1976 when ten independent Danish haulers united under a common flag with a clear goal: to create a robust freight forwarding business that could compete on the world stage. Their vision was not only realized but surpassed their initial expectations, as DSV evolved into an industry giant over the subsequent decades. Through a combination of organic growth and strategic acquisitions, DSV expanded its footprint across the globe. The acquisition of Swiss-based Panalpina in 2019 marked a significant milestone in DSV's history, bolstering its global presence and broadening its range of logistics solutions. While the companies that made up the initial formation of DSV were focused on transport within Denmark and the neighboring area they’re now a key player in global logistics together with names like UPS, FedEx, and Maersk.

Full-service

Today, DSV stands as a full-service logistics provider, offering a multitude of services to facilitate the transport of goods worldwide. Its services span air and sea freight, road transport, warehousing, and specialized logistics solutions. These services encompass every step of the supply chain process and ensure that goods—be they large-scale industrial equipment or individual consumer products—are transported safely, efficiently, and reliably from one corner of the globe to another. DSV’s comprehensive approach allows it to cater to a large variety of different customers, which range from multinational corporations to small and medium-sized businesses.

A Key Player in Global Logistics

The role of DSV in the global supply chain cannot be understated. As an integrated logistics provider, DSV links suppliers, manufacturers, retailers, and consumers, enabling the smooth flow of goods around the world. With increasing digitalization, the rise of e-commerce, and heightened environmental consciousness, the logistics industry is facing new challenges and opportunities. DSV is committed to moving with the times, something that is showcased by its investments in technology and sustainability initiatives, showing that they’re ready to meet these changes head-on.