DSV A/S: DSV, 1168 - Interim Financial Report Q1 2026

Company Announcement No. 1168

Solid performance under challenging market conditions

• The DSV Group reported EBIT before special items of DKK 4,855 million in Q1 2026. Despite increasingly challenging market conditions, earnings remained solid and improved compared to the same period last year, driven mainly by the Schenker acquisition.
• The Schenker integration continued the strong momentum with more than 50 countries now integrated or undergoing integration.
• We reiterate the expected synergies in the level of DKK 9 billion with full financial impact in 2027. For 2026, we expect an incremental financial impact of at least DKK 4 billion, in addition to the synergies realised in 2025.
• The adjusted free cash flow came to DKK 1,517 million for Q1 2026, impacted by seasonality and a temporary increase in net working capital.
• Reiterating the 2026 full-year guidance for EBIT before special items in the range of DKK 23.0-25.5 billion. Market outlook for the year remains uncertain due to potential macroeconomic risks, including the conflict in the Middle East.
  
  

Jens H. Lund, Group CEO: "In the first quarter of 2026, DSV delivered a solid financial performance, reporting EBIT before special items of DKK 4,855 million. The results demonstrate the resilience of our business model despite increasingly challenging market conditions and geopolitical unrest. The conflict in the Middle East has added further pressure to our customers' global supply chains, particularly in the Air & Sea division. While prioritising the safety of our employees, we remained committed to supporting our customers with flexible solutions to ensure uninterrupted service. At the same time, we have kept up the strong momentum on the integration of Schenker, and we continue our efforts to transform the company through artificial intelligence and technology to reinforce our position as a global industry leader."

Selected key figures and ratios for the period 1 January - 31 March 2026

	Q1 2026	Q1 2025
Key figures (DKKm)
Revenue	70,416	41,680
Gross profit	18,903	10,991
Operating profit (EBIT) before special items	4,855	3,860
Special items, costs	1,453	-
Profit for the period	1,638	2,812
Adjusted earnings for the period	2,809	2,874
Adjusted free cash flow	1,517	3,165
Ratios
Conversion ratio	25.7%	35.1%
Diluted adjusted earnings per share of DKK 1 for the last 12 months	50.5	51.9

Performance in Q1 2026
The first quarter was impacted by the escalating Middle East conflict, resulting in significantly more complexity and disruptions to customers' supply chains, especially within air and sea freight. Under challenging market conditions and volatile freight rates, we leveraged our strong network and local organisations to support our customers and identify alternative solutions to handle cargo flows.

DSV reported gross profit of DKK 18,903 million, an increase of 78.4% compared to the same period last year, while EBIT before special items increased 31.2% to DKK 4,855 million in Q1 2026. The growth was primarily driven by the contribution from Schenker in addition to a strong performance by Contract Logistics.

Air & Sea reported slightly negative growth of 4.9% in EBIT before special items compared to the same period last year. The performance was impacted by lower average gross profit yields for both segments, due to market dynamics and the dilutive effect from Schenker. Headwind from foreign exchange rates also had an adverse effect on the financial results.

Road reported 144.1% growth in EBIT before special items compared to the same period last year. The increase was driven by Schenker, partly offset by lower productivity due to tough winter weather and the Schenker integration process in Germany and the Netherlands, which began in January.

Contract Logistics saw growth in EBIT before special items of 180.1% compared to the same period last year. The growth was supported by the inclusion of Schenker in addition to strong commercial performance and higher warehouse utilisation, partly driven by consolidation efforts.

Outlook for 2026
The full-year guidance for 2026 remains unchanged, as detailed below:

• EBIT before special items is expected to be in the range of DKK 23,000 - 25,500 million, including synergies from Schenker.
• Special items related to transaction and integration costs are expected to be around DKK 6,500 million.
• 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 current market uncertainties related to trade tariffs and the geopolitical risks in the Middle East could have unpredictable effects on the global economy and trade environment, which may influence our financial outlook. We continuously monitor activity levels and will adjust capacity and our cost base as necessary to improve productivity.

Synergies and integration costs related to Schenker
In Q1 2026, the integration of Schenker continued the strong momentum, with more than 50 countries either fully integrated or in the process of integration. This includes Germany, which began its integration at the start of the quarter. The integration remains on track for completion by the end of 2026. Annual synergies are still expected to be in the level of DKK 9 billion, with full financial impact in 2027.

We maintain our expectation of incremental financial impact from synergies of at least DKK 4 billion in 2026, in addition to the financial impact of DKK 800 million recognised in 2025. Overall, we maintain our outlook for a total accumulated impact on EBIT before special items of around DKK 5 billion in 2026.

Total transaction and integration costs are still expected in the level of DKK 11 billion and will be charged to the statement of profit and loss under special items during the integration period. For the first quarter of 2026, special items came to DKK 1,453 million with accumulated special items related to the acquisition of approximately DKK 6 billion since announcement of the acquisition.

Contacts
Investor Relations
Stig Frederiksen, tel. [phone], [e-mail]
Alexander Plenborg, tel. [phone], [e-mail]

Media
Stephan Ghisler-Solvang, tel. [phone], [e-mail]
Jonatan Rying Larsen, tel. [phone], [e-mail]

Yours sincerely,

DSV A/S