DSV Group
We provide and manage supply chain solutions for thousands of companies every day – from the small family run business to the large global corporation.
Our reach is global, yet our presence is local and close to our customers. Approximately 150,000 employees in more than 90 countries work passionately to
deliver great customer experiences and high-quality services. Read more at www.dsv.com
INTERIM FINANCIAL REPORT
Q1 2026
Company Announcement No. 1168
29 April 2026
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
DSV A/S, Hovedgaden 630, 2640 Hedehusene, Denmark, tel. +45 43 20 30 40, CVR No. 58233528, www.dsv.com.
DSV Group
We provide and manage supply chain solutions for thousands of companies every day – from the small family run business to the large global corporation.
Our reach is global, yet our presence is local and close to our customers. Approximately 150,000 employees in more than 90 countries work passionately to
deliver great customer experiences and high-quality services. Read more at www.dsv.com
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. +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
Page 2 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Interim Financial Report
Q1 2026
A new global leader in the industry
Page 2 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Contents
Financial highlights ......................................................................................................................... 3
Management’s commentary ............................................................................................................ 4
Air & Sea ........................................................................................................................................... 9
Road ................................................................................................................................................ 12
Contract Logistics ......................................................................................................................... 14
Interim financial statements .......................................................................................................... 16
Notes to the interim financial statements .................................................................................... 21
Statement by the Board of Directors and the Executive Board .................................................. 26
Page 3 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Financial highlights
Q1 2026
Q1 2025
Results (DKKm)
Revenue
70,416
41,680
Gross profit
18,903
10,991
Operating profit before amortisation and depreciation (EBITDA) before special items
7,472
5,373
Operating profit (EBIT) before special items
4,855
3,860
Special items, costs
1,453
-
Net financial expenses
1,108
136
Profit for the period
1,638
2,812
Adjusted earnings for the period
2,809
2,874
Cash flows (DKKm)
Operating activities
451
4,728
Investing activities
1,363
(493)
Free cash flow
1,814
4,235
Adjusted free cash flow
1,517
3,165
Share buyback
-
-
Dividends distributed
(1,683)
(1,683)
Cash flow for the period
(2,906)
2,124
Gross investment in property, plant and equipment
662
396
Financial position (DKKm)
DSV A/S shareholders’ share of equity
122,034
114,146
Non-controlling interests
377
325
Total assets
294,978
236,187
Net working capital (NWC)
5,470
9,088
Net interest-bearing debt (NIBD)
85,971
(2,932)
Invested capital
202,250
107,064
Financial ratios (%)
Gross margin
26.8
26.4
Operating margin
6.9
9.3
Conversion ratio
25.7
35.1
Effective tax rate
28.6
24.5
Adjusted cash conversion ratio
68.5
99.4
ROIC before tax (last 12 months)
13.3
15.5
ROIC before tax (last 12 months) excl. goodwill and customer relationships
49.6
56.1
Return on equity
5.9
11.5
Solvency ratio
41.4
48.3
Gearing ratio (NIBD/12 months EBITDA adjusted to include Schenker)
2.8x
(0.1)x
Share ratios
Earnings per share (EPS) of DKK 1 for the last 12 months
29.3
47.6
Diluted adjusted earnings per share of DKK 1 for the last 12 months
50.5
51.9
Number of shares issued (’000) at 31 March
240,445
240,445
Number of treasury shares (’000) at 31 March
1,879
4,959
Average number of shares outstanding (’000) for the last 12 months
236,492
221,290
Average diluted number of shares (’000) for the last 12 months
236,969
221,778
Diluted number of shares (’000) at 31 March
239,137
235,565
Share price end of period (DKK)
1,531.0
1,332.5
Non-financial data
Full-time employees (FTE) at 31 March
For definition of key figures and ratios, please refer to page 122 of the DSV Annual Report 2025.
For definition of non-financial data, please refer to page 76 of the DSV Annual Report 2025.
Page 4 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Management’s commentary
The DSV Group achieved solid Q1 2026 results with an increase in gross profit of 78.4% and 31.2%
growth in EBIT before special items compared to the same period last year, mainly driven by the positive
contribution from Schenker. The results were achieved despite challenging and volatile market conditions.
Performance was affected by soft market conditions in Air & Sea, while the conflict in the Middle East had
moderate financial impact in the quarter. The Road division was impacted by lower productivity due to the
winter weather conditions in Europe and the initial stages of the integration in certain countries. Contract
Logistics maintained the strong performance driven by commercial growth and site consolidation
initiatives.
In Q1 2026, the adjusted free cash flow came to DKK 1,517 million with an adjusted cash conversion ratio
of 68.5%, negatively impacted by temporarily elevated net working capital. We continued to make strong
progress on the integration of Schenker, with more than 50 countries now fully integrated or in the process
of integration.
Update on Schenker acquisition
On 30 April 2025, DSV completed the acquisition of Schenker,
one of the world’s leading transport and logistics providers. 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. The synergies relate to
consolidation of operations across divisions, offices, back-office
functions, finance and IT infrastructure and logistics facilities in
Road and Contract Logistics.
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.
By Q1 2026, more than 50 countries have either completed
integration or are in the process of being integrated. In
Germany, the largest and most complex country, the integration
of the Road and Contract Logistics divisions began in January,
while Air & Sea followed in March. Aside from temporary lower
productivity during the initial stages of the Road integration, the
overall progress in Germany has been positive. Several other
large countries have successfully started integration in Q1 2026,
significantly reducing the integration risk.
We have seen a reduction of more than 7,000 white-collar
employees (FTEs) since we commenced the Schenker
integration process.
Since announcement of the acquisition, the accumulated
transaction and integration costs have come to approximately
DKK 6 billion. Total transaction and integration costs for the full
integration are still expected to be in the level of DKK 11 billion.
These costs will be charged to the statement of profit and loss
under special items during the integration period.
The transaction is still expected to be EPS accretive (diluted and
adjusted) in 2026, and it is still DSV’s aspiration to lift the
operating margins of the combined entity to at least DSV’s levels
within the respective business areas by 2027.
Quarterly business highlights
The integration of Schenker remained the key strategic priority
in Q1 2026, with strong progress made across the organisation
in line with the expected completion by the end of 2026.
Simultaneously, we maintained focus on our core business,
progressing on operational as well as commercial priorities.
We remain committed to achieving our synergy targets for the
Schenker integration across both divisions and group functions,
while consistently prioritising our customers. As our customers
remain our top priority, we actively engage with our largest
accounts regarding integration activities and future commercial
opportunities. We are also working on similar interactions with
the rest of our customer base to retain and expand our
relationships with midsized and smaller clients.
Overall customer feedback has been positive, reflected in
consistently high satisfaction scores during the integration
phase. Customers continue to show interest in our broader
global network and unified service offerings, presenting
opportunities for organic growth through further increase of our
share of wallet with existing customers across verticals.
In the past quarter, we continued to see strong growth in the
Technology vertical across all three divisions and within the
Aerospace vertical. The Automotive vertical continues to face
significant headwind, which has led to declining volumes.
We are consistently working to enhance our IT and technology
landscape to drive further productivity. We are advancing on our
plans to streamline our production systems in the Air & Sea and
Road divisions, and we are moving forward with the
consolidation of IT systems in Contract Logistics. Over time, we
anticipate significant potential from leveraging artificial
intelligence and technology throughout our business areas.
Page 5 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Results for the period
Growth 2025 – 2026
(DKKm)
Q1 2025
Currency
translation
Growth
Growth %*
Q1 2026
Revenue
41,680
(1,364)
30,100
74.7%
70,416
Gross profit
10,991
(392)
8,304
78.4%
18,903
EBIT before special items
3,860
(161)
1,156
31.2%
4,855
Gross margin (%)
26.4
26.8
Operating margin (%)
9.3
6.9
Conversion ratio (%)
35.1
25.7
* Including M&A and in constant currencies
Revenue
In Q1 2026, revenue increased by 74.7% to DKK 70,416 million,
compared to DKK 41,680 million in the same period last year.
Revenue growth was seen across all divisions and was primarily
related to the contribution from Schenker.
Revenue and growth by division compared to the same period
last year are specified below:
(DKKm)
Q1 2026
Q1 2025
Growth*
Air & Sea
36,728
26,108
47.5%
Road
23,299
10,164
128.0%
Contract Logistics
12,678
6,325
106.6%
Non-allocated items and
eliminations
(2,289)
(917)
Total
70,416
41,680
74.7%
* Including M&A and in constant currencies
For Air & Sea, the revenue contribution from Schenker was
partly offset by lower average sea freight rates compared to the
same period last year.
The revenue growth in the Road division was driven by
Schenker, partly offset by lower domestic groupage volumes in
Europe and lower activity levels within the Automotive vertical.
In addition to the Schenker contribution, the Contract Logistics
division’s positive revenue growth was supported by high activity
levels in the Technology vertical, particularly Cloud‑related
customers in North America.
Revenue by division, Q1 2026 (DKKm)
Gross profit
For Q1 2026, gross profit for the Group increased by 78.4% to
DKK 18,903 million, compared to DKK 10,991 million in the
same period last year, driven by the Schenker acquisition.
Gross profit and growth by division compared to the same
period last year are specified below:
(DKKm)
Q1 2026
Q1 2025
Growth*
Air & Sea
8,093
6,373
33.2%
Road
5,224
1,956
167.5%
Contract Logistics
5,477
2,578
120.2%
Non-allocated items and
eliminations
109
84
Total
18,903
10,991
78.4%
* Including M&A and in constant currencies
Air & Sea generated a gross profit of DKK 8,093 million for the
first three months of 2026, representing a 33.2% increase in
constant currencies compared to the same period last year. This
growth was driven by profit contribution from Schenker, partly
offset by reduced air and sea freight yields relative to the same
period last year. Volume growth was driven by Schenker, partly
offset by focus on yield management, especially related to air
freight, and front-loading of volumes in the same period last
year in response to trade tariffs.
Page 6 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
For the first three months of 2026, the Road division delivered
gross profit of DKK 5,224 million, representing a growth of
167.5% in constant currencies compared to the same period last
year. Schenker contributed significantly to the increase,
although this was partly offset by lower domestic groupage
volumes and some network inefficiencies due to severe winter
weather in Europe along with the initial phase of integration in
Germany and the Netherlands.
Contract Logistics reported gross profit of DKK 5,477 million for
the first three months of 2026, up 120.2% compared to the same
period last year. In addition to the Schenker contribution, the
increase was supported by increased warehouse utilisation,
driven by commercial growth and site consolidation.
Gross profit by division, Q1 2026 (DKKm)
The gross profit margin for the Group increased to 26.8% in Q1
2026, compared to 26.4% for the same period last year. The
higher margin reflects improved margins in both Road and
Contract Logistics, partly offset by lower average margin
contribution in Air & Sea.
EBIT before special items
For Q1 2026, EBIT before special items increased to DKK 4,855
million, compared to DKK 3,860 million in the same period last
year. In constant currencies, this represents 31.2% growth in
EBIT before special items, driven by the Road and Contract
Logistics divisions. Air & Sea was slightly below last year’s level
due to market headwind leading to pressure on gross profit,
while Schenker contributed to a higher cost base. As synergies
materialise, we expect positive earnings impact.
EBIT and growth by division compared to the same period last
year are specified below:
(DKKm)
Q1 2026
Q1 2025
Growth*
Air & Sea
2,668
2,949
(4.9%)
Road
996
408
144.1%
Contract Logistics
1,264
470
180.1%
Non-allocated items and
eliminations
(73)
33
Total
4,855
3,860
31.2%
* Including M&A and in constant currencies
The conversion ratio for the Group was 25.7% in Q1 2026,
compared to 35.1% in the same period last year. The decline
was mainly due to a shift in business mix, as the acquisition of
Schenker resulted in higher exposure to Road and Contract
Logistics activities, which typically carry lower conversion ratios.
Furthermore, the addition of the Schenker business led to a
reduced conversion ratio in Air & Sea, prior to material financial
impact from synergies.
EBIT by division, Q1 2026 (DKKm)
Integration costs
Integration costs (reported under special items, costs) totalled
DKK 1,453 million for Q1 2026 and related to the acquisition of
Schenker. Total transaction and integration costs for the
Schenker integration are still anticipated at around DKK 11
billion, with DKK 5,980 million realised since completion of the
transaction as of Q1 2026.
Financial items
Net financial expenses amounted to DKK 1,108 million for Q1
2026, compared to DKK 136 million in the same period last year.
The increase in net financial expenses was primarily attributable
to the financing of the acquisition of Schenker as well as higher
lease liabilities and currency translation costs.
(DKKm)
Q1 2026
Q1 2025
Interest on lease liabilities
515
329
Other interest cost, net
435
(153)
Interest on pensions
18
9
Currency translation, net
140
(49)
Net financial expenses
1,108
136
Tax on profit for the period
The effective tax rate came to 28.6% for Q1 2026, compared to
24.5% for the same period last year. The increase was affected
by non-deductible transaction and integration costs. The
effective tax rate will temporarily exceed the historical average
level of 24% effective tax rate during the integration period.
Profit for the period
Profit for Q1 2026 was DKK 1,638 million, compared to DKK
2,812 million for the same period in 2025. Despite higher EBIT
before special items, profit declined compared to the same
period last year due to special items, increased net financial
expenses and a temporary higher effective tax rate, all of which
are related to the acquisition and integration of Schenker.
Diluted adjusted earnings per share
Diluted adjusted EPS (rolling 12-months) decreased by 2.7%
compared to the same period last year and was DKK 50.5 per
share (31 March 2025: DKK 51.9 per share).
Page 7 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Cash flow
Cash flow statement – summary
(DKKm)
Q1 2026
Q1 2025
EBITDA before special items 7,472 5,373
Change in net working capital (4,225) 313
Tax, interests, change in provisions, etc.
(1,429) (903)
Special items, paid
(1,367) (55)
Cash flow from operating activities
451
4,728
Cash flow from investing activities 1,363 (493)
Free cash flow 1,814 4,235
Proceeds and repayment of debt (5,586) (798)
Transactions with shareholders
866 (1,313)
Cash flow from financing activities (4,720) (2,111)
Cash flow for the period
(2,906)
2,124
Free cash flow 1,814 4,235
Special items, paid (reversed)
1,367 55
Repayment of lease liabilities
(1,664) (1,125)
Adjusted free cash flow 1,517 3,165
In Q1 2026, free cash flow amounted to DKK 1,814 million,
primarily driven by EBITDA before special items of DKK 7,472
million. This was partly offset by a significant negative impact
from a change in net working capital of DKK 4,225 million. The
temporary negative effect on net working capital was driven by
seasonality and adverse impact from the integration of Schenker
in certain countries.
Cash flow from investing activities showed an inflow of DKK
1,363 million in Q1 2026, mainly driven by the divestment of
legacy Schenker properties and a decrease in other financial
assets compared to the same period last year.
Net cash flows from financing activities amounted to an outflow
of DKK 4,720 million in Q1 2026, compared to DKK 2,111 million
in Q1 2025. The cash outflow related to repayment of short-term
financing, partly offset by proceeds from the sale of treasury
shares.
The adjusted free cash flow for Q1 2026 was DKK 1,517 million,
compared to DKK 3,165 million for the same period last year.
The adjusted cash conversion ratio for Q1 2026 was 68.5%,
compared to 99.4% in the same period last year.
Net working capital
On 31 March 2026, the Group’s net working capital (NWC) was
DKK 5,470 million, down from DKK 9,088 million on 31 March
2025. The reduction in net working capital compared to last year
was mainly due to Schenker contributing a net negative NWC,
primarily related to the Road division, while the Air & Sea
division accounted for a smaller share of the total revenue.
Funds tied up in property projects decreased compared to the
same period last year, contributing to lower net working capital.
Relative to estimated full-year revenue, funds tied up in NWC
decreased to 1.9% as of 31 March 2026, compared to 5.5% on
31 March 2025.
Capital structure and finances
DSV A/S shareholders’ share of equity
DSV shareholders’ share of equity amounted to DKK 122,034
million as of 31 March 2026 (DKK 117,414 million as of 31
December 2025). The increase was primarily driven by the profit
generated for the period, tailwind on currency translation and
proceeds from the sale of treasury shares.
The solvency ratio excluding non-controlling interests was
41.4% on 31 March 2026 (31 March 2025: 48.3%).
On 31 March 2026, the Company’s portfolio of treasury shares
was 1,879,050 shares. On 28 April 2026, the portfolio of
treasury shares was 1,763,450 shares.
The development in equity since 1 January is specified below:
(DKKm)
Q1 2026
Q1 2025
Equity at 1 January
117,414
114,182
Profit for the period (attributable to
shareholders of DSV A/S)
1,624 2,797
Currency translation, foreign enterprises
1,762
(1,683)
Allocated to shareholders
(1,683)
(1,683)
Sale of treasury shares
2,522
334
Other equity movements
395
199
Equity end of period
122,034
114,146
Net interest-bearing debt
Net interest-bearing debt, including IFRS 16 lease liabilities,
amounted to DKK 85,971 million on 31 March 2026, compared
to a negative DKK 2,932 million on 31 March 2025. The
increase in NIBD related to the pre-acquisition financing of
Schenker.
Since 31 December 2025, the net interest-bearing
debt (including IFRS 16 lease liabilities) has been reduced by
DKK 653 million.
The 12-month adjusted gearing ratio (NIBD/EBITDA including
12 months of Schenker EBITDA) was 2.8x on 31 March 2026,
compared to a gearing ratio of negative 0.1x on 31 March 2025
and 2.8x by 31 December 2025.
As of 31 March 2026, the weighted average duration of the
Company’s long-term bonds and drawn credit facilities was 5.5
years, compared to 5.5 years as of 31 March 2025. Bonds
totalling DKK 13.1 billion (EUR 1.75 billion) are scheduled for
repayment over the next 12 months. The Company had
undrawn committed credit lines of DKK 6.7 billion (EUR 898
million) as of 31 March 2026.
Invested capital and ROIC
The invested capital including goodwill and customer
relationships totalled DKK 202,250 million on 31 March 2026,
compared to DKK 107,064 million on 31 March 2025. This
growth is primarily related to the increase in goodwill from the
acquisition of Schenker.
Return on invested capital including goodwill and customer
relationships was 13.3% for the rolling 12-month period ended
31 March 2026, compared to 15.5% for the same period last
year. The decrease is due to Schenker’s impact on the business
mix, with more exposure to Road and Contract Logistics, which
generally carry a lower return on invested capital than Air & Sea.
Page 8 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Excluding goodwill and customer relationships, return on
invested capital was 49.6% for the rolling 12-month period
ended 31 March 2026, compared to 56.1% for the same period
last year.
Outlook
The full-year guidance for 2026 is unchanged as illustrated
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.
Page 9 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Air & Sea
The Air & Sea division delivered a gross profit of DKK 8,093 million and EBIT before special items of DKK
2,668 million for Q1 2026. In constant currencies and including Schenker’s contribution, gross profit was
up 33.2%, while EBIT before special items decreased by 4.9% compared to the same period last year.
The global freight market faced challenges in the first months of the year due to geopolitical uncertainties
and lower demand growth. The Middle East conflict had moderate financial impact in the quarter and led
to a reshaping of global freight networks, with air capacity becoming more constrained. The division
continued to experience strong growth in the Technology vertical, especially in air freight, with notable
gains among our largest global customers.
Statement of profit or loss
(DKKm)
Q1 2026
Q1 2025
Revenue
36,728
26,108
Direct costs
28,635
19,735
Gross profit
8,093
6,373
Other external costs
1,634
1,009
Staff costs
3,311
2,117
EBITDA before special items
3,148
3,247
Amortisation and depreciation
480
298
EBIT before special items
2,668
2,949
Key figures and ratios
Q1 2026
Q1 2025
Gross margin (%)
22.0
24.4
Operating margin (%)
7.3
11.3
Conversion ratio (%)
33.0
46.3
Full-time employees at 31 March
34,698
21,352
Total invested capital (DKKm)
98,991
66,598
Net working capital (DKKm)
5,254
5,301
ROIC before tax (%)
15.4
18.6
Quarterly business highlights
The Air & Sea division operates a global network specialising in
transportation of cargo by air and sea. The division offers freight
forwarding services and tailored cargo solutions based on a
broad portfolio of value-added services.
The Air & Sea division serves its customers through the world’s
most extensive network, covering more than 90 countries. The
Schenker integration has strengthened our global footprint and
established DSV as a market leader. The division is making
consistent progress on the global Schenker integration.
In Q1 2026, the conflict in the Middle East caused disruptions,
rerouting and reduced capacity, particularly affecting air freight
routes from Asia to Europe and the US. We are actively
monitoring the situation and adapting accordingly to provide
optimal solutions for our customers and employees, both in the
short and long term, while remaining committed to keeping
supply chains flowing.
We maintained our commercial approach, proactively engaging
in customer dialogues and offering specialised expertise to our
largest customers. Additionally, we are mobilising regional and
local efforts to drive growth among our other customers. The
Technology and Aerospace verticals are experiencing traction,
whereas Automotive remains challenged. Customer satisfaction
scores remain high as we focus on customer retention.
Operationally, consolidating our air and sea networks with
Schenker’s have enhanced our customer value proposition,
optimised our networks and boosted our procurement leverage.
The integration has led to an expansion of our air charter
network and has strengthened our value-added services and
products, including our global LCL network, customs procedures
and DSV Projects and Industry Solutions.
We continue to advance technology with focus on our transport
management systems and leveraging AI-driven enhancements
to increase our productivity.
Page 10 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Market development
Air
Trade policy uncertainties, geopolitical tensions and the broader
macroeconomic environment, especially in the US, impacted the
air freight market over the quarter. The ongoing conflict in the
Middle East led to disruptions and reductions in global air freight
capacity, including reduced belly-capacity on certain key routes.
Overall, we estimate that the market saw low to mid-single-digit
growth during the quarter compared to the same period last
year. The situation may continue to influence demand patterns
and freight rates, depending on the development and duration of
the conflict.
For the quarter, average air freight rates were on level with the
same period last year. Freight rates increased during March due
to the Middle East conflict, which led to capacity constraints on
certain long-haul routes, along with higher jet fuel prices and
restrictions in fuel supply. We maintain strict pricing discipline
and proactively seek to pass on elevated fuel costs to
customers.
DSV’s air freight volumes grew by 55% in Q1 2026 compared to
the same period last year, primarily driven by the contribution
from Schenker. Volumes were positively impacted by growth
from Technology and Semiconductor customers, notably on the
Asia-to-North America and Intra‑Asia trade lanes. On the other
hand, declines were observed from Latin America to North
America as a result of continued focus on yield management. In
the same period last year, volumes were impacted by front-
loading in advance of trade tariffs.
Sea
Geopolitical tensions and the macroeconomic environment also
impacted the sea freight market. In addition to seasonality,
cargo flows were influenced by uncertain global demand,
especially into North America. The conflict in the Middle East
and the tensions around the Strait of Hormuz added further
uncertainty. The situation also affected the Red Sea, leading to
rerouting of more vessels and extended transit times. Significant
variations were observed across trade lanes, with negative
growth on the Transpacific route, whereas Asia-to-Europe saw
growth, reflecting differences in regional demand and
disruptions. Overall, we estimate that the market experienced
low single-digit growth compared to the same period last year.
During the quarter, average sea freight rates decreased
compared to the same period last year, with an uptick seen in
March. The situation in the Middle East and increasing bunker
fuel prices led to higher freight rates on certain trade lanes,
offsetting the structural vessel overcapacity as new capacity
entered the market. We expect these market dynamics to persist
in the near term with continued risk of market volatility related to
developments in the Red Sea and the Middle East.
DSV’s sea freight volumes grew by 50% in Q1 2026 compared
to the same period last year, driven primarily by the contribution
from Schenker and positive volume development, especially on
the Asia-to-Europe trade lane. The growth was achieved despite
elevated numbers in the same quarter last year, which were
influenced by front-loading of volumes in response to trade
tariffs.
Divisional revenue
For Q1 2026, revenue amounted to DKK 36,728 million,
compared to DKK 26,108 million for the same period last year.
The growth was mainly due to Schenker’s contribution, partly
offset by lower average sea freight rates.
Gross profit
For Q1 2026, gross profit increased to DKK 8,093 million,
compared to DKK 6,373 million for the same period last year, an
increase of 33.2% relative to the same period last year. The
increase reflected a positive gross profit contribution from
Schenker.
The average gross profit yields for both segments were lower in
Q1 2026 than in the same period last year. The decrease was
primarily attributed to the dilutive effect from the lower-margin
Schenker business, as well as adverse market dynamics,
including unfavourable currency developments. The per-unit
gross profit contribution from value-added services remained
relatively stable, excluding the impact from currency fluctuations.
In Q1 2026, the gross profit margin was 22.0%, compared to
24.4% in the same period last year. Gross margin experienced
pressure due to the dilutive effect from the Schenker business.
EBIT before special items
For Q1 2026, EBIT before special items decreased to DKK
2,668 million, compared to DKK 2,949 million in the same period
last year, reflecting an operating margin of 7.3%. The financial
performance was negatively affected by headwind from foreign
exchange rates. In constant currencies, EBIT before special
items decreased by 4.9% compared to the same period last
year.
The conversion ratio was 33.0% for Q1 2026, compared to
46.3% for the same period last year. The decrease is primarily
attributed to Schenker contributing with a higher cost base,
which has impacted the ratio. Although we are seeing solid
progress in the Schenker integration, declines in gross profit are
creating short-term pressure on the conversion ratio.
Net working capital
The Air & Sea division’s net working capital was DKK 5,254
million on the 31 March 2026, compared to DKK 5,301 million on
31 March 2025.
The decrease in NWC was driven by lower
average sea freight rates compared to the same period last
year, offsetting the impact from the acquisition of Schenker.
DSV volume growth
Q1 2026
Air freight – tonnes
55%
Sea freight – TEUs
50%
Page 11 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Growth Air & Sea 2025 – 2026
(DKKm)
Q1 2025
Currency
translation
Growth
Growth %*
Q1 2026
Divisional revenue
26,108
(1,203)
11,823
47.5%
36,728
Gross profit
6,373
(296)
2,016
33.2%
8,093
EBIT before special items
2,949
(143)
(138)
(4.9%)
2,668
* Including M&A and in constant currencies
Air & Sea freight performance
Air freight
(DKKm)
Q1 2026
Q1 2025
Revenue
20,158
13,626
Direct costs
15,898
10,560
Gross profit
4,260
3,066
Gross margin (%)
21.1
22.5
Volume (tonnes)*
518,038
334,089
Gross profit per unit (DKK)
8,223
9,177
Sea freight
(DKKm)
Q1 2026
Q1 2025
Revenue
16,570
12,482
Direct costs
12,737
9,175
Gross profit
3,833
3,307
Gross margin (%)
23.1
26.5
Volume (TEUs)*
976,356
652,623
Gross profit per unit (DKK)
3,926
5,067
* Volume is defined as the quantity of export cargo processed within DSV
network. Sea volume is measured in TEUs (twenty-foot equivalent units),
while air volume is determined by chargeable weight, quantified in tonnes.
Page 12 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Road
The Road division delivered gross profit of DKK 5,224 million and EBIT before special items of DKK 996
million for Q1 2026. Measured in constant currencies and including the contribution from Schenker, gross
profit was up 167.5% and EBIT before special items increased by 144.1% compared to the same period
last year. The solid performance was achieved despite lower activity levels and challenging weather
conditions in Europe. The integration of Schenker is progressing well; however, the initial phase of the
process, especially in Germany and the Netherlands, involves complex migrations that are temporarily
affecting financial performance due to lower productivity.
Statement of profit or loss
(DKKm)
Q1 2026
Q1 2025
Revenue
23,299
10,164
Direct costs
18,075
8,208
Gross profit
5,224
1,956
Other external costs
1,011
312
Staff costs
2,649
975
EBITDA before special items
1,564
669
Amortisation and depreciation
568
261
EBIT before special items
996
408
Key figures and ratios
Q1 2026
Q1 2025
Gross margin (%)
22.4
19.2
Operating margin (%)
4.3
4.0
Conversion ratio (%)
19.1
20.9
Full-time employees at 31 March
40,381
16,563
Total invested capital (DKKm)
47,548
12,264
Net working capital (DKKm)
(2,819)
(819)
ROIC before tax (%)
11.1
14.1
Quarterly business highlights
With operations in more than 50 countries, the Road division is
the market leader in Europe and has operations in Africa,
Americas, Asia Pacific and the Middle East. The division offers a
broad range of services, including full-truckload, part-truckload,
groupage and specialised services.
With the Schenker integration, we have expanded our global
footprint, especially in groupage and our full- and part-truckload
(FTL/LTL) business in Europe. The acquisition also enhanced
our road services in APAC and LATAM, where we see additional
opportunities for cross-selling, and we have received positive
customer feedback on our improved service portfolio.
In Q1 2026, we focused on retaining and strengthening our
existing customer relationships as well as continuing to grow our
largest accounts. Strategic initiatives enabled us to strengthen
our position in the Technology vertical, although persistent
challenges in Automotive continued to create headwind.
As part of the Schenker integration, we are consolidating DSV’s
and Schenker’s infrastructure, especially within groupage
operations in Europe, to build a more robust network, while
preserving our asset-light business model. This is a substantial
undertaking, which will be further enhanced by the continued
rollout of STAR as the division’s new transport management
system.
In Q1 2026, we advanced the consolidation of facilities and the
streamlining of operations. While integration activities
progressed as planned, the complexity of the large-scale
integrations in Germany and the Netherlands led to a temporary
decrease in productivity. In Germany, we reached a major
milestone, as we have gained full control over our domestic
volumes following our exit from the IDS partner network.
We continue to concentrate on improving our margin through
procurement optimisation, adjustments of our domestic and
international networks and resolving performance issues in low-
performing markets.
Page 13 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Market development
The road freight market remained affected by persisting
subdued economic activity and macroeconomic uncertainty in
several European countries, particularly in Germany, where low
industrial output continued to affect transportation demand.
While market conditions remained relatively soft, some
stabilisation was observed compared to the same period last
year.
Severe winter weather conditions in January caused temporary
disruptions and reduced network efficiency across operations in
parts of Northern and Central Europe, contributing to the overall
low volume development.
In the face of continued market uncertainty, including the effects
of the conflict in the Middle East and rising energy prices, we
upheld strict pricing discipline and worked actively to transfer
increased fuel costs to customers.
Divisional revenue
For Q1 2026, revenue amounted to DKK 23,299 million,
compared to DKK 10,164 million for the same period last year.
In constant currencies, revenue for Q1 2026 was up by 128.0%
compared to the same period last year. The increase was driven
by the contribution from Schenker and higher activity within the
Technology vertical, partly offset by lower domestic groupage
volumes in Europe and lower activity levels within the
Automotive vertical.
Gross profit
For Q1 2026, gross profit amounted to DKK 5,224 million,
compared to DKK 1,956 million for the same period last year. In
constant currencies, gross profit increased by 167.5%, primarily
due to a significant contribution from Schenker, which was partly
offset by lower domestic groupage volumes and some network
inefficiencies as a result of tough winter weather in Europe.
The gross margin for Q1 2026 was 22.4%, up from 19.2% in the
same period last year. This improvement was driven by
Schenker’s contribution, which benefited from a structurally
higher margin related to its sizeable groupage activities.
EBIT before special items
For Q1 2026, EBIT before special items amounted to DKK 996
million, compared to DKK 408 million in the same period last
year, reflecting an operating margin of 4.3%.
In constant currencies, EBIT before special items increased
144.1% compared to the same period last year. The positive
contribution from Schenker was partly offset by temporarily
reduced productivity resulting from the ongoing integration in
Germany and the Netherlands, including IT system migration. In
Germany, costs were further affected by DSV’s exit from the IDS
road freight network at the end of 2025, which initially led to
some additional cost to sustain service levels.
The conversion ratio was 19.1% for Q1 2026, down from 20.9%
in the same period last year, reflecting the operational
challenges in Europe and a higher cost base related to
Schenker.
Net working capital
The Road division reported a negative net working capital of
DKK 2,819 million on 31 March 2026, compared to a negative
DKK 819 million on 31 March 2025. The change was mainly
attributed to the significant Schenker activities contributing with
a negative net working capital.
Growth Road 2025 – 2026
(DKKm)
Q1 2025
Currency
translation
Growth
Growth %*
Q1 2026
Divisional revenue
10,164
56
13,079
128.0%
23,299
Gross profit
1,956
(3)
3,271
167.5%
5,224
EBIT before special items
408
0
588
144.1%
996
* Including M&A and in constant currencies
Page 14 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Contract Logistics
The Contract Logistics division realised a gross profit of DKK 5,477 million and EBIT before special items
of DKK 1,264 million for Q1 2026. In constant currencies and including the contribution from Schenker,
gross profit was up 120.2% and EBIT before special items increased by 180.1% compared to the same
period last year. The financial performance improved due to commercial progress in key verticals, notably
in Technology, which led to higher utilisation levels. We remain focused on improving the return on
invested capital through ongoing commercial initiatives, optimising and standardising our warehouse
operations, and further consolidating sites. However, excess capacity from the ramp-up of new facilities
continues to create short‑term pressure on utilisation and margins.
Statement of profit or loss
(DKKm)
Q1 2026
Q1 2025
Revenue
12,678
6,325
Direct costs
7,201
3,747
Gross profit
5,477
2,578
Other external costs
1,122
514
Staff costs
1,643
726
EBITDA before special items
2,712
1,338
Amortisation and depreciation
1,448
868
EBIT before special items
1,264
470
Key figures and ratios
Q1 2026
Q1 2025
Gross margin (%)
43.2
40.8
Operating margin (%)
10.0
7.4
Conversion ratio (%)
23.1
18.2
Full-time employees at 31 March
63,811
30,984
Total invested capital (DKKm)
56,452
29,789
Net working capital (DKKm)
5,195
5,683
ROIC before tax (%)
10.7
8.2
Quarterly business highlights
The Contract Logistics division delivers comprehensive global
warehousing and logistics services across more than 50
countries. The service portfolio includes freight management,
order management and e-commerce fulfilment.
The acquisition of Schenker has significantly expanded our
global presence. We have tripled our warehousing capacity in
the APAC region and doubled our North American capacity. The
integration of Schenker is progressing with strong momentum.
During Q1 2026, we maintained a strong commercial focus,
successfully retaining and growing our relationships with our
largest customers, especially in the Technology vertical. We
demonstrated our structured approach and ability to deliver
large-scale and complex solutions for high-growth customers. In
addition to the Technology vertical, the Consumer vertical
remains a significant area of growth for the division.
Operationally, we are consistently refining our offerings to meet
the needs of global large-scale and complex customers while
improving profitability. Alongside aligning our commercial
offerings, we are also optimising and standardising our
warehouse operations to deliver consistent services worldwide.
We continue to improve our return on invested capital through
the positive impact from commercial initiatives as well as
through significant site consolidation and targeted country plans,
along with improvements in underperforming sites. Additionally,
we are driving commercial initiatives to reduce white space and
increase asset utilisation over time.
The division continued to advance customer implementations,
with new sites anticipated to generate increased activity in the
coming quarters.
Page 15 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Market development
In the first quarter of 2026, the contract logistics market in Asia
remained robust with solid activity levels, supported by
sustained demand from e-commerce and the technology sector.
The market conditions in Europe remained subdued, while North
America showed modest improvement.
The geopolitical environment, including trade policies, continues
to create significant uncertainty and volatility in trade flows
across most markets. As a result of the unpredictable market
conditions, many customers are reassessing their sourcing and
inventory strategies.
At the same time, certain parts of the market are gradually
showing signs of improvement, particularly within large-scale
and automated warehouse solutions, as customers increasingly
focus on efficiency and resilience in their supply chains.
Divisional revenue
For Q1 2026, revenue amounted to DKK 12,678 million,
compared to DKK 6,325 million for the same period last year. In
constant currencies, revenue grew 106.6% compared to the
same period last year, driven predominantly by the inclusion of
Schenker.
In addition to the contribution from Schenker, the growth was
supported by strong activity in the Technology vertical,
particularly cloud‑related customers in North America,
complemented by the integrated commercial model and broad
service capabilities from Schenker.
Order line activity increased by 88% compared to the same
period last year, largely reflecting the contribution from
Schenker’s activities and implementation of new customers.
Gross profit
For Q1 2026, gross profit amounted to DKK 5,477 million,
compared to DKK 2,578 million for the same period last year.
In constant currencies, gross profit increased by 120.2%, driven
by a positive contribution from Schenker’s strong contract
logistics business.
The division’s gross margin was 43.2% for the quarter,
compared to 40.8% in the same period last year. Margins
improved slightly due to a favourable customer mix and
warehouse consolidation. The improvement was partly offset by
an adverse impact from the opening of several facilities, which
have a lower utilisation rate in the start-up phase.
EBIT before special items
For Q1 2026, EBIT before special items amounted to DKK 1,264
million, compared to DKK 470 million in the same period last
year, reflecting an operating margin of 10%.
In constant currencies, EBIT before special items increased
180.1%, driven by the contribution from Schenker.
EBIT before special items was impacted by higher depreciation
from right-of-use lease assets due to expanded warehouse
capacity; however, this was offset by improved utilisation.
The conversion ratio improved to 23.1% compared to 18.2% in
the same period last year, due to a more favourable customer
mix, enhanced warehouse utilisation and scalability achieved in
several key operations. The decrease compared to Q4 2025
was due to the completion of new warehouse capacity and
normal seasonal impact.
Net working capital
The division’s net working capital was DKK 5,195 million on 31
March 2026, compared to DKK 5,683 million on 31 March 2025.
The decrease in net working capital was primarily related to the
impact from the acquisition of Schenker.
Growth Contract Logistics 2025 – 2026
(DKKm)
Q1 2025
Currency
translation
Growth
Growth %*
Q1 2026
Divisional revenue
6,325
(189)
6,542
106.6%
12,678
Gross profit
2,578
(90)
2,989
120.2%
5,477
EBIT before special items
470
(19)
813
180.1%
1,264
* Including M&A and in constant currencies
Page 16 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Interim financial statements
Statement of profit or loss
(DKKm)
Q1 2026
Q1 2025
Revenue
Direct costs
Gross profit
Other external costs
Staff costs
Operating profit before amortisation and depreciation (EBITDA) before special
items
Amortisation and depreciation
Operating profit (EBIT) before special items
Special items, costs
Financial income
Financial expenses
Profit before tax
Tax on profit for the period
Profit for the period
Profit for the period attributable to:
Shareholders of DSV A/S
Non-controlling interests
Earnings per share:
Earnings per share of DKK 1 for the period
Diluted earnings per share of DKK 1 for the period
Page 17 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Statement of comprehensive income
(DKKm)
Q1 2026
Q1 2025
Profit for the period
Items that may be reclassified to profit or loss when certain conditions are met:
Net foreign exchange differences recognised in OCI
(1,694 )
Fair value adjustments of hedging instruments
(9 )
Fair value adjustments of hedging instruments transferred to financial expenses
(5 )
(2 )
Tax on items reclassified to profit or loss
(1 )
Items that will not be reclassified to profit or loss:
Actuarial gains/(losses)
(2 )
Tax on items that will not be reclassified
(31 )
(61 )
Other comprehensive income, net of tax
(1,498 )
Total comprehensive income
Total comprehensive income attributable to:
Shareholders of DSV A/S
Non-controlling interests
Total
Page 18 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Statement of cash flows
(DKKm)
Q1 2026
Q1 2025
Operating profit before amortisation and depreciation (EBITDA) before special items
Adjustments:
Share-based payments
Change in provisions
(314 )
Change in working capital
(4,225 )
Special items, paid
(1,367 )
(55 )
Interest received
Interest paid, lease liabilities
(515 )
(329 )
Interest paid, other
(510 )
(520 )
Income tax paid
(840 )
(485 )
Cash flow from operating activities
Purchase of intangible assets
(274 )
(86 )
Purchase of property, plant and equipment
(662 )
(396 )
Disposal of property, plant and equipment
Change in other financial assets
(44 )
(32 )
Cash flow from investing activities
(493 )
Free cash flow
Proceeds from borrowings
Repayment of borrowings
(5,956 )
(140 )
Repayment of lease liabilities
(1,664 )
(1,125 )
Other financial liabilities incurred
Transactions with shareholders:
Dividends distributed to shareholders of DSV A/S
(1,683 )
(1,683 )
Sale of treasury shares
Other transactions with shareholders and non-controlling interests
Cash flow from financing activities
(4,720 )
(2,111 )
Cash flow for the period
(2,906 )
Cash and cash equivalents beginning of the period
Cash flow for the period
(2,906 )
Currency translation
(62 )
Cash and cash equivalents end of period
The statement of cash flows cannot be directly derived from the statement of financial position and statement of profit or loss.
Statement of adjusted free cash flow (DKKm)
Q1 2026
Q1 2025
Free cash flow
Special items, paid (reversed)
Repayment of lease liabilities
(1,664 )
(1,125 )
Adjusted free cash flow
Page 19 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Statement of financial position
Assets (DKKm)
31.03.2026
31.12.2025
31.03.2025
Intangible assets
Right-of-use assets
Property, plant and equipment
Other receivables
Deferred tax assets
Total non-current assets
Trade receivables
Contract assets
Inventories
Other receivables
Cash and cash equivalents
Assets held for sale
Total current assets
Total assets
Equity and liabilities (DKKm)
31.03.2026
31.12.2025
31.03.2025
Share capital
Reserves
(3,646 )
(5,393 )
(1,440 )
Retained earnings
DSV A/S shareholders’ share of equity
Non-controlling interests
Total equity
Lease liabilities
Borrowings
Pensions and other post-employment benefit plans
Provisions
Deferred tax liabilities
Total non-current liabilities
Lease liabilities
Borrowings
Trade payables
Accrued cost of services
Provisions
Other payables
Tax payables
Total current liabilities
Total liabilities
Total equity and liabilities
Page 20 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Statement of changes in equity at 31 March 2026
Attributable to shareholders of DSV A/S
(DKKm)
Share
capital
Reserves
Retained
earnings
Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2026
(5,393 )
Profit for the period after tax
Other comprehensive income, net of tax
(26 )
Total comprehensive income for the period
Transactions with shareholders and
non-controlling interests:
Share-based payments
Tax on share-based payments
Dividends distributed
(1,683 )
(1,683 )
(1,683 )
Sale of treasury shares
Addition/disposal of non-controlling interests
Dividends on treasury shares
Other adjustments
Total equity transactions
Equity at 31 March 2026
(3,646 )
Statement of changes in equity at 31 March 2025
Attributable to shareholders of DSV A/S
(DKKm)
Share
capital
Reserves
Retained
earnings
Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2025
Profit for the period after tax
Other comprehensive income, net of tax
(1,678 )
(1,487 )
(11 )
(1,498 )
Total comprehensive income for the period
(1,678 )
Transactions with shareholders and
non-controlling interests:
Share-based payments
Tax on share-based payments
(114 )
(114 )
(114 )
Dividends distributed
(1,683 )
(1,683 )
(1,683 )
Sale of treasury shares
Dividends on treasury shares
Total equity transactions
(1,347 )
(1,346 )
(1,346 )
Equity at 31 March 2025
(1,440 )
Page 21 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Notes to the interim financial
statements
1 Material accounting policy information
This Interim Financial Report has been prepared in accordance
with IAS 34 ‘Interim Financial Reporting’ as adopted by the
European Union and additional disclosure requirements for
listed companies under the Danish Financial Statements Act.
Material accounting policies applied in preparing the Interim
Financial Report are consistent with those applied in preparing
the DSV Annual Report 2025. The DSV Annual Report 2025
provides a full description of the Group’s accounting policies.
Changes in accounting policies
The DSV Group has implemented amendments to the IFRS
Accounting Standards effective as of 1 January 2026 as
adopted by the EU. None of the amendments implemented have
had any material impact on the Group’s financial statements, nor
are they expected to have so in the foreseeable future.
2 Management judgements and
estimates
In preparing the interim financial statements, Management
makes various accounting judgements and estimates that affect
the reported amounts and disclosures in the financial statements
and in the notes to the statements.
The financial statement items involving significant accounting
judgements and estimates are outlined in Chapter 1 of the notes
to the consolidated financial statements in the 2025 DSV Annual
Report, to which we refer.
3 New accounting regulations
The IASB has issued several new standards and amendments
not yet in effect or adopted by the EU and therefore not relevant
for the preparation of the Q1 2026 Interim Financial Report.
Management assesses that none of the issued standards and
amendments not yet in effect will significantly impact the
recognition and measurement policies of the Group.
IFRS 18, which replaces IAS 1 Presentation of Financial
Statements, introduces new presentation requirements related
to the statement of profit or loss, including new categories of
income and expenses (i.e., operating, financing, investing).
IFRS 18 requires disclosure of management-defined
performance measures and includes new requirements for the
aggregation and disaggregation of financial information. In
addition, amendments have been made to IAS 7 Statement of
Cash Flows, changing the starting point for determining cash
flows from operations under the indirect method and to remove
the optionality around classification of cash flows from dividends
and interest. As a consequence of these changes, several other
standards have also been amended.
The adoption of the standard will not result in major changes to
our existing accounting policies and will not affect net profits.
However, the introduction of new categories to the statement of
profit or loss is expected to require reclassification of certain
accounts in the statement of profit or loss and redefinition of our
key financial measures.
4 Segment information – divisions
Air & Sea
Road
Contract Logistics
Non-allocated items
and eliminations
Total
(DKKm)
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Condensed statement of profit or loss
Revenue
35,345
25,967
22,459
9,472
12,286
6,173
326
68
70,416
41,680
Intersegment revenue
1,383
141
840
692
392
152
(2,615)
(985)
-
-
Divisional revenue
36,728
26,108
23,299
10,164
12,678
6,325
(2,289)
(917)
70,416
41,680
Direct costs
28,635
19,735
18,075
8,208
7,201
3,747
(2,398)
(1,001)
51,513
30,689
Gross profit
8,093
6,373
5,224
1,956
5,477
2,578
109
84
18,903
10,991
Other external costs
1,634
1,009
1,011
312
1,122
514
(1,319)
(619)
2,448
1,216
Staff costs
3,311
2,117
2,649
975
1,643
726
1,380
584
8,983
4,402
Operating profit before amortisation and
depreciation (EBITDA) before special
items
3,148
3,247
1,564
669
2,712
1,338
48
119
7,472
5,373
Amortisation and depreciation
480
298
568
261
1,448
868
121
86
2,617
1,513
Operating profit (EBIT) before special
items*
2,668
2,949
996
408
1,264
470
(73)
33
4,855
3,860
Condensed statement of financial position
Total assets
99,669
80,489
88,095
26,716
62,987
36,633
44,227
92,349
294,978
236,187
Total liabilities
82,601
46,537
75,682
19,725
48,678
30,236
(34,394)
25,218
172,567
121,716
* Reference is made to the statement of profit or loss for reconciliation of operating profit (EBIT) before special items to profit for the period.
Page 22 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
5 Revenue
Europe
Middle East and
Africa
Asia Pacific
Americas
Total
Services and geographical segmentation
of revenue (DKKm)
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Air services
7,510
4,513
713
703
6,665
4,378
5,270
4,032
20,158
13,626
Sea services
7,795
5,357
1,053
998
3,357
2,085
4,365
4,042
16,570
12,482
Road services
20,913
8,691
499
542
714
-
1,173
931
23,299
10,164
Contract Logistics services
5,606
3,338
998
813
2,493
783
3,581
1,391
12,678
6,325
Total
41,824
21,899
3,263
3,056
13,229
7,246
14,389
10,396
72,705
42,597
Non-allocated items and eliminations
(2,289)
(917)
Total revenue
70,416
41,680
6 Special items
Special items are used in connection with the presentation of
profit or loss for the period to distinguish consolidated operating
profit from exceptional items, which, by their nature, are not
related to the Group’s ordinary operations or investment in
future activities.
For Q1 2026, special items totalled DKK 1,453 million,
comprising integration costs relating to the acquisition of
Schenker.
Q1 2026
Q1 2025
(DKKm)
Reported
statement of
profit or loss
Special items
Adjusted
statement of
profit or loss
Reported
statement of
profit or loss
Special items
Adjusted
statement of
profit or loss
Revenue
70,416
-
70,416
41,680
-
41,680
Direct costs
51,513
162
51,675
30,689
-
30,689
Gross profit
18,903
(162)
18,741
10,991
-
10,991
Other external costs
2,448
668
3,116
1,216
-
1,216
Staff costs
8,983
620
9,603
4,402
-
4,402
Operating profit before amortisation and depreciation
7,472
(1,450)
6,022
5,373
-
5,373
Amortisation and depreciation
2,617
-
2,617
1,513
-
1,513
Operating profit
4,855
(1,450)
3,405
3,860
-
3,860
Special items, costs
1,453
(1,453)
-
-
-
-
Financial income
56
-
56
664
-
664
Financial expenses
1,164
3
1,167
800
-
800
Profit before tax
2,294
-
2,294
3,724
-
3,724
Page 23 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
7 Financial instruments – fair value
hierarchy
Derivative financial instruments
DSV has no financial instruments measured at fair value based
on level 1 input (quoted active market prices) or level 3 input
(non-observable market data). Financial instruments are
measured based on level 2 input (input other than quoted prices
that are observable either directly or indirectly). The fair value of
currency derivatives is determined based on generally accepted
valuation methods using available observable market data.
Calculated fair values are verified against comparable external
market quotes on a monthly basis.
Issued bonds
Issued bonds are measured at amortised cost. The fair value of
issued bonds is determined based on quoted active market
prices, within level 1 of the fair value hierarchy.
Overdraft and credit facilities
The carrying amount of overdraft and credit facilities measured
at amortised cost is not considered to differ significantly from the
fair value.
Trade receivables, trade payables and other receivables
Receivables and payables pertaining to operating activities with
short churn ratios are considered to have a carrying amount
equal to fair value.
Cash and cash equivalents
The carrying amount of cash and cash equivalents is not
considered to differ significantly from the fair value.
Financial instruments by category (DKKm)
31 March 2026
31 December 2025
Carrying amount Fair value Carrying amount Fair value
Financial assets:
Currency derivatives
59
59
25
25
Trade receivables
46,437
46,437
45,130
45,130
Other receivables
12,384
12,384
11,172
11,172
Cash and cash equivalents
10,314
10,314
13,179
13,179
Financial assets measured at amortised costs
69,135
69,135
69,481
69,481
Financial liabilities:
Currency derivatives
345
345
4
4
Issued bonds
60,981
58,018
60,928
58,693
Overdraft and credit facilities
2,087
2,087
6,077
6,077
Trade payables
23,155
23,155
23,493
23,493
Financial liabilities measured at amortised cost
86,223
83,260
90,498
88,263
Page 24 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
8 Business combinations
On 30 April 2025, DSV acquired 100% of the global freight
forwarding and contract logistics business DB Schenker
(operated by Schenker AG and its affiliates) from Deutsche
Bahn AG.
About Schenker
Schenker was one of the world’s leading transport and logistics
providers with around 85,800 employees. The company
operated land, air and ocean transportation services and offered
comprehensive logistics and global supply chain management
solutions. In 2024, Schenker generated revenue of
approximately DKK 143 billion (EUR 19.2 billion).
Strategic rationale and synergies
DSV has a strong M&A track record, and with the completion of
the acquisition of Schenker we have established the basis for
sustainable organic growth by creating a world-leading player
within global transport and logistics. Based on the 2024
financials, the combined company had a proforma revenue of
approximately DKK 310 billion and a total proforma workforce of
around 160,000 employees.
Schenker was included in the consolidated financial statements
of DSV from 1 May 2025. Synergies are expected from the
consolidation of operations across divisions, offices, back-office
functions, finance, and IT infrastructure, and logistics facilities in
Road and Contract Logistics.
Consideration transferred
The consideration for Schenker was settled through an all-cash
transaction of DKK 86,807 million. The net cash outflow was
DKK 75,595 million, with DKK 11,212 million in cash and cash
equivalents acquired. There are no contingent consideration
arrangements.
Disposal group
With the acquisition of Schenker, DSV assumed control over
Schenker's road activities in the US. Part of the activities were
acquired with the intention of future resale, resulting in a portion
of Schenker US Road operations being classified as a disposal
group held for sale upon acquisition and designated as
discontinued operations. The disposal group held for sale was
measured at fair value less cost to sell at acquisition date and
was subsequently sold on 31 December 2025. Since the
disposal group was held for sale on acquisition, analysis of loss
from discontinued operations and major classes of assets and
liabilities are not presented.
Fair value of acquired net assets and recognised goodwill
Fair value of acquired net assets has been identified and
goodwill recognised. Net assets, goodwill and contingent assets
and liabilities recognised at the reporting date are to some
extent still provisional. Adjustments may be applied to these
amounts for a period of up to twelve months from the acquisition
date in accordance with IFRS 3.
Acquisitional accounting has been completed. Minor
adjustments may be applied to the various net asset categories
as full alignment to DSV accounting policies is finalised.
In 2026, DKK 167 million was recognised as measurement
period adjustments to the acquisitional opening balance. The
measurement period adjustments primarily relate to the
valuation of trade receivables, other receivables and other
payables. For further details relating to fair value measurement,
refer to note 6.1 in the DSV Annual Report 2025.
The fair value of acquired trade receivables, contract assets and
other receivables amounts to DKK 29,722 million. Collectability
of receivables has been assessed based on credit assessment
policies and reflected in the fair value.
Goodwill recognised mainly relates to the expertise and know-
how of the acquired workforce and expected synergies from the
integration into the DSV Group. Recognised goodwill is non-
deductible for tax purposes.
The provisional fair value of identified net assets and goodwill
recognised may be specified as follows:
Assets identified at fair value (provisional):
(DKKm)
Customer relationships
1,627
Other intangible assets
725
Right-of-use assets
8,642
Property, plant and equipment
17,827
Trade receivables
21,580
Contract assets
4,258
Inventories
40
Deferred tax assets
2,317
Other receivables
3,884
Cash and cash equivalents
11,212
Assets held for sale
1,320
Total assets
73,432
Liabilities identified at fair value (provisional):
Lease liabilities
8,593
Borrowings
13,588
Provisions
8,100
Pensions and other post-employment benefit plans
2,046
Trade payables
11,606
Accrued cost of services
6,443
Deferred tax liabilities
668
Tax payables
1,967
Other payables
7,322
Liabilities directly associated with the assets held for sale
1,320
Total liabilities
61,653
Non-controlling interests share of acquired net assets
245
Total net assets acquired
11,534
Fair value of total consideration transferred
86,807
Goodwill arising from acquisitions
75,273
Page 25 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
9 Share options schemes
DSV has launched a new 2026 share-based incentive scheme
with the purpose of motivating and retaining key employees
across the organisation and aligning the interests of these with
our shareholders. Share options are awarded to key employees
and Executive Management.
Share options are granted pursuant to the DSV Remuneration
Policy as adopted at the Annual General Meeting held on 20
March 2025.
The share options granted are equity-settled and can be
exercised by cash purchase of shares only during the exercise
period. The obligation relating to the share options scheme is
covered by the Company’s treasury shares.
The exercise price of share options granted amounts to DKK
1,513 and has been determined based on the average quoted
market price of the DSV share for the last five trading days
leading up to the date of grant at 31 March 2026.
The fair value of the 2026 share options granted amounts to
DKK 456 million and has been determined based on a Black &
Scholes valuation model.
Key assumptions applied in the valuation are:
Vesting period
01.04.2026-31-03.2029
Exercise period
01.04.2029-31-03.2031
Number of employees included
2,676
Number of options granted:
Executive Board
121,208
Key employees
1,539,045
Total
1,660,253
Value assumptions:
Exercise price (DKK)
1,513
Volatility (%)
21.0
Risk-free interest rate (%)
3.0
Expected dividend (%)
0.7
Expected remaining life (years)
3.3
Page 26 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1168 – 29 April 2026
Hedehusene, 29 April 202 6
Executive Board:
Board of Directors: