Dsv A/s · OMXCOP:DSV
Dsv A/s — Q3 2026 Earnings Presentation
23 slides from Dsv A/s's earnings presentation, Oct 21, 2026
Slide 1: Q3 2026 Results
Q3 2026 RESULTS DSV A/S Conference call 21 October 11:00 am CEST
Slide 2: Agenda
Agenda • Highlights • Update on Schenker integration • Financial highlights • Business segments • Financial review • Allocations to shareholders Forward-looking • Outlook for 2026 statements • Q&A This presentation contains forward-looking statements. Such statements are subject to risks and uncerta
Slide 3: Highlights for Q3 2026
Highlights for Q3 2026 Normalised operations in Gross profit growth of 2.3% Narrowing the 2026 Strong cash flow and Road, with focus shifting to and EBIT* growth of 19.5% guidance for EBIT before initiating first share buy- productivity and commercial to DKK 6.6 billion in Q3 special items to DKK 24
Slide 4: Update on Schenker integration
Update on Schenker integration Integration overall Financial impact expected Transaction and progressing as planned to be delayed into 2027 integration costs • Almost all countries have either • In Q3 2026, synergies increased by • Total transaction and integration completed or started the integrati
Slide 5: Financial highlights Q3 2026
Financial highlights Q3 2026 • Positive earnings growth and 11.5% YoY increase in diluted adjusted EPS to DKK 56.1 in Q3 2026 under uncertain and volatile market conditions. • Gross profit rose 2.3% and EBIT before special items grew 19.5% compared to last year, including gains of DKK 300 million fr
Slide 6: Air & Sea
Air & Sea Management commentary (DKKm) Q3 2026 Q3 2025 Growth* 9M 2026 9M 2025 Growth* • Continued positive earnings Gross profit Air 5,012 4,742 4.3% 14,141 12,101 17.2% momentum with EBIT growth of 18.9% YoY in Q3 2026, driven Gross profit Sea 4,330 4,418 (4.2%) 12,195 11,918 3.1% by a reduced cos
Slide 7: Air freight Q3 2026
Air freight Q3 2026 • Gross profit improved by 4% YoY with average gross profit yields increasing 8% YoY in constant currencies. • Volume declined by 3% in Q3 2026 compared to last year, partly offset by strong growth within Technology. • Yield management initiatives, conversion from air freight to
Slide 8: Sea freight Q3 2026
Sea freight Q3 2026 • Gross profit decreased by 4% YoY with gross profit yields down 2% YoY in constant currencies. • Volume declined by 3% in Q3 2026 YoY, while the underlying trend stabilised during the quarter. • The volume development was impacted by the Middle East conflict and weaker commercia
Slide 9: Road
Road Management commentary (DKKm) Q3 2026 Q3 2025 Growth* 9M 2026 9M 2025 Growth* • EBIT decreased to DKK 526 million in Q3 2026, including Revenue 23,375 23,418 (1.0%) 71,146 54,256 30.5% gains of DKK 195 million from property disposals. Gross profit 4,498 5,021 (11.2%) 14,875 11,233 31.7% • Earnin
Slide 10: Road recovery: Shifting to productivity and commercial performance
Road recovery: Shifting to productivity and commercial performance What happened What we have done What we are focusing on • Disruption during the • Strengthened divisional and • Maintaining stable service integration of Schenker’s country management quality, with all countries European road freight
Slide 11: Contract Logistics
Contract Logistics Management commentary (DKKm) Q3 2026 Q3 2025 Growth* 9M 2026 9M 2025 Growth* • Contract Logistics continued the strong financial performance, Revenue 14,280 13,113 7.3% 40,492 29,492 37.3% driven by synergies, consolidation of sites and commercial growth. Gross profit 5,956 5,810
Slide 12: Global Products
Global Products • Combining services such as Fairs & Events, Parcels and Global Customs into a dedicated organisational setup. • We expect to advance these services to deliver an even Air & Sea Road Contract Logistics stronger offering and drive further productivity. • In Q3 2026, approx. 450 white-
Slide 13: P&L 9M 2026
P&L 9M 2026 (DKKm) Q3 2026 Q3 2025 Growth* 9M 2026 9M 2025 Growth* Management commentary Headlines • Revenue increased by 10.5% in Q3 80,702 71,983 10.5% 227,806 175,646 29.8% 2026 compared to the same period Revenue last year, driven by Air & Sea. Gross profit 20,253 19,508 2.3% 59,433 47,740 24.7%
Slide 14: Cash flow and financial ratios
Cash flow and financial ratios (DKKm) Q3 2026 Q3 2025 9M 2026 9M 2025 Management commentary EBITDA before special items 9,314 7,876 25,688 20,184 Change in working capital (444) 761 (10,329) 3,166 • Adjusted free cash flow of DKK Tax, interest, change in provisions, etc. (1,615) (1,643) (5,005) (6,1
Slide 15: Allocations to shareholders
Allocations to shareholders Management commentary • Launch of new share buyback Announced share buyback programme of DKK 1.5 billion, Share buyback starting 21 October 2026 and Dividend running until 1 February 2027. • First share buyback programme since the announcement of the 20,313 Schenker acqui
Slide 16: Narrowed outlook for 2026
Narrowed outlook for 2026 (DKKm) Updated outlook Previous outlook Actual 2025 EBIT before special items 24,000-25,000 23,500-25,500 19,611 Special items 5,500 6,500 4,527 Effective tax rate 28.0% 28.0% 30.3% Main assumptions • For Q4 2026, we assume gains from property disposals broadly in line with
Slide 17: Key takeaways
Key takeaways Normalised Road Full-year 2026 guidance Strong cash flow and operations, now with for EBIT before special launch of first share focus on productivity and items narrowed to DKK buyback programme since commercial performance 24.0 - 25.0 billion the Schenker acquisition 17
Slide 18: Q&A
Q&A To attend the teleconference, please register through the link on the invite (available on www.investor.dsv.com) To ask questions, press *1
Slide 19: P&L details – Group
P&L details – Group Group (DKKm) FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 Revenue 182,306 235,665 150,785 167,106 41,680 61,983 71,983 71,685 247,331 70,416 76,688 80,702 227,806 Direct costs 144,691 183,516 106,967 124,132 30,689 44,74
Slide 20: P&L details – Air & Sea
P&L details – Air & Sea Air & Sea (DKKm) FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 Divisional revenue 131,901 174,431 92,972 104,496 26,108 34,475 38,688 38,049 137,320 36,728 41,695 45,645 124,068 Direct costs 108,132 139,807 67,002 79,
Slide 21: P&L details – Road and Contract Logistics
P&L details – Road and Contract Logistics Road (DKKm) FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 Divisional revenue 35,416 41,507 38,155 40,507 10,164 20,674 23,418 23,721 77,977 23,299 24,472 23,375 71,146 Direct costs 28,321 33,596 30,2
Slide 22: Balance sheet (DKKm)
Balance sheet (DKKm) Assets 30.09.2026 30.09.2025 Variance 31.12.2025 Equity and liabilities 30.09.2026 30.09.2025 Variance 31.12.2025 Intangibles assets 153,646 150,853 2,793 150,954 DSV shareholders’ share of equity 129,297 115,141 14,156 117,414 Right-of-use assets 28,439 25,909 2,530 27,772 Non-
Slide 23: Investor Relations
Investor Relations Share information Financial calendar 2027 Investor Relations contacts DSV A/S is listed on the Copenhagen stock 02 Feb. 2027 Annual Report 2026 DSV A/S exchange under the symbol ‘DSV’. Hovedgaden 630, 2640 Hedehusene, Denmark investor@dsv.com 18 Mar. 2027 Annual General Meeting 20