DSV (DSV) Investor presentation summary

Q3 highlights

• Gross profit rose 2.3% YoY to DKK 20,253m; EBIT before special items increased 19.5% to DKK 6,606m, including DKK 300m in property-disposal gains. Diluted adjusted EPS for the last 12 months rose 11.5% to DKK 56.1.

• Revenue increased 10.5% YoY to DKK 80,702m, driven by Air & Sea; Road earnings fell amid reduced volumes and productivity challenges.

• Q3 adjusted free cash flow was DKK 6,439m, with an adjusted cash conversion ratio of 128.6%; net interest-bearing debt including lease liabilities was DKK 82,868m and gearing was 2.5x at 30 September 2026.

Schenker integration

• Integration was progressing as planned, with almost all countries having started or completed integration; the remaining countries were expected to begin in Q4 2026. White-collar headcount fell by approximately 9,000 FTEs during integration.

• Q3 synergies increased by around DKK 300m to an accumulated quarterly impact of around DKK 1,400m; annual synergies remain expected at DKK 9bn, with Road and certain Group-function synergies delayed into 2027.

• Total transaction and integration costs remain anticipated at around DKK 11bn. Q3 special items were approximately DKK 1.3bn, with accumulated costs of around DKK 8.7bn since integration began.

• European Road operations normalised by quarter-end; priorities shifted to productivity, commercial performance, service quality and customer confidence. Average DIFOT was 93.4% in September and 94% for 1–9 October.

Segment performance

• Air & Sea Q3 gross profit was DKK 9,342m and EBIT was DKK 4,278m, up 18.9% YoY; conversion ratio improved to 45.8% from 42.4% in Q2, supported by a lower cost base.

• Air freight gross profit rose 4% YoY as average yields increased 8%; volume fell 3%. Sea freight gross profit declined 4%, with yields down 2% and volume down 3% YoY.

• Road Q3 EBIT fell 35.1% YoY to DKK 526m, including DKK 195m in property gains; negative volume growth and lower productivity related to integration issues weighed on results.

• Contract Logistics Q3 EBIT increased 50.3% YoY to DKK 1,673m; synergies, site consolidation and commercial growth supported earnings, while new-facility ramp-up costs affected gross profit.