DSV, 1175 – INTERIM FINANCIAL REPORT Q3 2026

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DSV, 1175 – INTERIM FINANCIAL REPORT Q3 2026

Company Announcement No. 1175

Continuing earnings growth in Air & Sea and Contract Logistics and operational recovery in the Road division

• DSV reported EBIT before special items of DKK 6,606 million for Q3 2026, of which DKK 300 million were gains from property disposals. Diluted adjusted earnings per share increased 11.5% to DKK 56.1 in Q3 2026, driven by positive performance in the Air & Sea and Contract Logistics divisions.

• The Road division was impacted by lower productivity and negative volume growth related to operational issues in Europe following the Schenker integration; however, operations normalised towards the end of the quarter.

• The Schenker integration generally continued as planned, and we maintain our expectation of annual synergies at the level of DKK 9 billion, partly offset by inflationary pressure and costs related to increased activity in Contract Logistics. The remaining synergies related to Road and certain Group functions are expected to be delayed into 2027 due to operational issues in Road.

• The adjusted free cash flow came to DKK 6,439 million for Q3 2026, corresponding to an adjusted cash conversion ratio of 128.6%. The cash flow was supported by a positive contribution from property disposals of DKK 3,189 million, while working capital remained elevated due to higher freight rates and fuel prices.

• The cash flow contributed to deleveraging, bringing the gearing ratio down to 2.5x. A share buyback programme of DKK 1,500 million has been issued today, marking the first share buyback programme since the acquisition of Schenker.

• Based on the performance in the first nine months of the year and outlook for the remainder of the year, we narrow the full-year 2026 guidance for EBIT before special items to DKK 24.0-25.0 billion (previously DKK 23.5-25.5 billion).

Jens H. Lund, Group CEO:“Wedelivered earnings growth in a volatile market, driven by strong results in Air & Sea and Contract Logistics. Road was affected by integration-related operational issues, but service levels recovered by quarter-end, allowing us to shift our focus to productivity, commercial initiatives and organic growth. We remain focused on completing the Schenker integration, realising synergies and advancing our 2030 ambitions through investments in AI, technology and network optimisation.”

Selected key figures and ratios for the period 1 January – 30 September 2026