Company Announcement No. 1170
Positive earnings growth amid volatile market conditions
- DSV reported EBIT before special items of DKK 6,255 million for Q2 2026. Earnings growth was supported by improved performance in the Air & Sea and Contract Logistics divisions, despite volatile and challenging market conditions.
- The Schenker integration is progressing well, with more than 60 countries, including Germany, either fully integrated or currently in the integration process. We continue to expect annual synergies at the level of DKK 9 billion, with full impact in 2027.
- The adjusted free cash flow came to DKK 786 million for Q2 2026, impacted by temporarily higher net working capital, which in addition to increased activity levels, was driven by rising freight rates and soaring bunker and jet fuel prices as well as increased receivables related to the sale of properties from Schenker.
- Based on the performance in the first six months of the year and outlook for the second part of the year, we are narrowing the full-year 2026 guidance for EBIT before special items to DKK 23.5-25.5 billion (previously DKK 23.0-25.5 billion).
Jens H. Lund, Group CEO: “The second quarter of the year remained challenging, characterised by geopolitical uncertainty and higher energy prices. Despite this environment, we delivered earnings growth, supported by the Schenker integration, our global network and the dedication of our employees. The performance in the Road division was below expectations due to operational challenges in certain markets, however recent management changes are expected to improve execution and results. With our new strategy “Leverage to Lead” and updated financial ambitions for 2030, we have set a clear direction to strengthen our market position and drive sustainable long-term growth through AI and technology, network optimisation and commercial excellence.”
Selected key figures and ratios for the period 1 January – 30 June 2026
| Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |
| Key figures (DKKm) | ||||
| Revenue | 76,688 | 61,983 | 147,104 | 103,663 |
| Gross profit | 20,277 | 17,241 | 39,180 | 28,232 |
| Operating profit (EBIT) before special items | 6,255 | 4,725 | 11,110 | 8,585 |
| Special items, costs | 1,468 | 817 | 2,921 | 817 |
| Profit for the period | 2,627 | 2,356 | 4,265 | 5,168 |
| Adjusted earnings for the period | 3,469 | 3,059 | 6,278 | 5,932 |
| Adjusted free cash flow | 786 | 3,982 | 2,303 | 7,147 |
| Ratios | ||||
| Conversion ratio | 30.8% | 27.4% | 28.4% | 30.4% |
| Diluted adjusted earnings per share of DKK 1 for the last 12 months | 52.0 | 51.5 |
Performance in Q2 2026
The second quarter was marked by considerable volatility arising from the Middle East conflict, which impacted and disrupted global supply chains and led to increased cost pressure, especially through higher energy prices. Despite this challenging environment, we leveraged our global network and services to support our customers. In Q2 2026, DSV reported gross profit of DKK 20,277 million, an increase of 17.5% compared to the same period last year, while EBIT before special items increased by 32.5% to DKK 6,255 million. This growth was driven by an additional month’s contribution from Schenker, integration synergies and robust divisional performance, especially in Air & Sea compared to the previous quarter, resulting in the highest quarterly EBIT before special items for the Group since the announcement of the Schenker transaction.
Air & Sea achieved an EBIT before special items of DKK 3,776 million, representing an increase of 9.4% compared to the same period last year. The improved performance was driven by contributions from Schenker and higher gross profit, mainly due to an improved average gross profit yield in air freight. Despite inflationary pressure and an additional month of diluting effect from Schenker relative to the same period last year, the conversion ratio increased for the first time since the start of the integration to 42.4% in Q2 2026.
Road reported an EBIT before special items of DKK 999 million, an increase of 90.5% compared to the same period last year, driven by the contribution from Schenker and gains from the disposal of properties. While the Schenker integration is progressing as planned overall, certain European countries continued to experience reduced productivity and some network challenges related to the integration, as highlighted in Q1 2026. These issues impacted commercial performance and resulted in lower-than-expected volume growth. Management changes and measures to restore productivity and commercial performance were initiated during the quarter.
Contract Logistics achieved an EBIT before special items of DKK 1,531 million, representing growth of 111.2% compared to the same period last year. The strong earnings growth was primarily the result of sustained commercial growth in the Technology vertical, particularly within cloud and data centres, in addition to the extra month of contribution from Schenker. The financial results were influenced by the ramp-up of new facilities, as well as the strategic focus on consolidating less profitable sites.
Outlook for 2026
Based on our performance in the first six months of 2026 and our expectations for the rest of the year, we are narrowing the full-year outlook for 2026 as follows:
- EBIT before special items is expected to be in the range of DKK 23,500-25,500 million (previously DKK 23,000-25,500 million).
- 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 of around 28.0% in 2026, due to the ongoing integration of Schenker.
The main market uncertainties that could impact our financial outlook relate to ongoing geopolitical risks in the Middle East and the potential adverse consequences for the global economy and trading environment. We consistently monitor activity levels and will adjust capacity and our cost structure as necessary to improve productivity.
Synergies and integration costs related to Schenker
In Q2 2026, the integration of Schenker progressed as planned and completion is still expected by the end of 2026. More than 60 countries have either completed integration or are undergoing integration, including all major countries. Annual synergies are still expected to be at the level of DKK 9 billion, with full financial impact in 2027. We continue to expect incremental synergy contributions of at least DKK 4 billion in 2026, bringing the total accumulated impact on EBIT before special items to around DKK 5 billion by the end of the year.
Total transaction and integration costs are still expected to be at the level of DKK 11 billion and will be recognised as special items in the statement of profit and loss over the integration period. For the second quarter of 2026, special items came to DKK 1,468 million, bringing the accumulated special items related to the acquisition to approximately DKK 7.4 billion since the announcement of the acquisition.
Contacts
Investor Relations
Stig Frederiksen, tel. +45 43 20 36 38, stig.frederiksen@dsv.com
Alexander Plenborg, tel. +45 43 20 33 73, alexander.plenborg@dsv.com
Media
Stephan Ghisler-Solvang, tel. +45 61 22 93 92, stephan.ghisler-solvang@dsv.com
Jonatan Rying Larsen, tel. +45 25 41 77 37, press@dsv.com
Yours sincerely,
DSV A/S
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