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
H1 2026
Company Announcement No. 1170
22 July 2026
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
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 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
Page 2 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Interim Financial Report
H1 2026
Leverage to Lead
Page 2 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 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. 1170 – 22 July 2026
Financial highlights
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Results (DKKm)
Revenue
76,688
61,983
147,104
103,663
Gross profit
20,277
17,241
39,180
28,232
Operating profit before amortisation and depreciation (EBITDA)
before special items
8,902
6,935
16,374
12,308
Operating profit (EBIT) before special items
6,255
4,725
11,110
8,585
Special items, costs
1,468
817
2,921
817
Net financial expenses
1,091
621
2,199
757
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
Cash flows (DKKm)
Operating activities
(308)
4,577
143
9,305
Investing activities
1,433
(75,794)
2,796
(76,287)
Free cash flow
1,125
(71,217)
2,939
(66,982)
Adjusted free cash flow
786
3,982
2,303
7,147
Share buyback
-
-
-
-
Dividends distributed
-
-
(1,683)
(1,683)
Cash flow for the period
(308)
(68,755)
(3,214)
(66,631)
Gross investment in property, plant and equipment
548
326
1,210
722
Financial position (DKKm)
DSV A/S shareholders’ share of equity
125,609
113,365
Non-controlling interests
370
561
Total assets
303,511
299,781
Net working capital (NWC)
10,789
6,911
Net interest-bearing debt (NIBD)
87,331
93,280
Invested capital
208,173
202,896
Financial ratios (%)
Gross margin
26.4
27.8
26.6
27.2
Operating margin
8.2
7.6
7.6
8.3
Conversion ratio
30.8
27.4
28.4
30.4
Effective tax rate
28.9
28.3
28.8
26.3
Adjusted cash conversion ratio
36.9
151.4
50.7
128.0
ROIC before tax (last 12 months)
10.8
11.0
ROIC before tax (last 12 months) excl. goodwill and customer relationships
40.4
41.3
Return on equity
5.7
11.0
Solvency ratio
41.4
37.8
Gearing ratio (NIBD/12 months EBITDA adjusted to include Schenker)
2.7x
2.7x
Share ratios
Earnings per share (EPS) of DKK 1 for the last 12 months
29.0
44.6
Diluted adjusted earnings per share of DKK 1 for the last 12 months
52.0
51.5
Number of shares issued (’000) at 30 June
240,445
240,445
Number of treasury shares (’000) at 30 June
1,739
4,400
Average number of shares outstanding (’000) for the last 12 months
237,242
228,051
Average diluted number of shares (’000) for the last 12 months
237,742
228,787
Diluted number of shares (’000) at 30 June
239,178
236,642
Share price end of period (DKK)
1,549.0
1,522.0
Non-financial data
Full-time employees (FTE) at 30 June
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. 1170 – 22 July 2026
Management’s commentary
The DSV Group reported positive earnings growth in Q2 2026, with an increase in gross profit of 17.5%
and growth in EBIT before special items of 32.5% compared to the same period last year. This
performance was realised despite challenging and volatile market conditions related to the Middle East
conflict. In Air & Sea, air freight in particular benefitted from increased freight rates. Road saw reduced
volume growth and lower productivity due to the ongoing Schenker integration in certain countries;
however, actions have been taken to improve performance. Contract Logistics maintained its strong
performance, driven by commercial growth and the consolidation of capacity. In Q2 2026, the adjusted
free cash flow came to DKK 786 million, with an adjusted cash conversion ratio of 36.9%. This was
adversely affected by a temporary increase in net working capital due to higher activity levels, increased
freight rates and fuel prices, as well as receivables related to the sale of Schenker properties.
Update on Schenker acquisition
By the end of April 2025, DSV completed the acquisition of
Schenker, resulting in the formation of the world’s leading
transport and logistics partner. The integration is progressing as
planned, and completion is still expected by the end of 2026.
Annual synergies are still expected to be at the level of DKK 9
billion with full financial impact in 2027. The synergies relate to
the consolidation of operations across divisions, offices, back-
office functions, finance and IT infrastructure, and logistics
facilities in Road and Contract Logistics. The incremental
financial impact from synergies is still expected to be at least
DKK 4 billion in 2026 compared to 2025.
By Q2 2026, more than 60 countries have either completed
integration or are undergoing integration, including all major
countries. We have seen a reduction of more than 8,000 white-
collar employees (FTEs) since we commenced the integration.
In the Road division, the integration efforts in Germany, France
and the Netherlands have led to lower productivity and
commercial challenges, which have prompted changes to local
management teams and the appointment of Group COO Brian
Ejsing to the role of CEO of the Road division. Operational and
commercial recovery plans and initiatives have been initiated,
and we expect these initiatives to improve performance during
the second half of 2026.
Quarterly business highlights
The integration of Schenker continued to be a central strategic
focus in Q2 2026 and will remain a priority for the rest of the
year. While committed to achieving our synergy targets, we
maintained our focus on our core business, making progress in
both operational and commercial areas.
During the Schenker integration, our customers have remained
our top priority, and we have maintained close engagement with
our largest customers. Our small and mid-sized customers have
long been central to our business, and we remain committed to
working closely with them and maintaining local ownership and
accountability.
Overall customer feedback has been positive, and we have
maintained high retention among our largest global customers.
Recently, however, we have seen a negative development in the
customer satisfaction scores in the Road division due to
operational challenges in our European operations. Customers
appreciate our support in navigating ongoing disruption and
market complexity, most recently in the Middle East, where our
end-to-end network provides a strong customer offering. With
continued customer interest, we see further potential to
strengthen cross-selling and increase our share of wallet across
verticals.
During the quarter, we saw solid growth within the Technology,
Aerospace & Defence and Healthcare verticals across the
business. The Automotive vertical continued to face headwinds,
with declining volumes. We are actively working to rebalance the
portfolio towards higher-growth customers and verticals.
In May 2026, we hosted a Capital Markets Day where we
presented our strategic priorities, “Leverage to Lead”, and
announced new financial targets for 2030. In the years ahead,
we will continue to optimise our productivity and profitability by
further consolidating our network and enhancing our IT
landscape, leveraging AI and best-in-class technology. These
initiatives are expected to deliver cost optimisation of around
DKK 9 billion by the end of 2030 and a Group conversion ratio of
at least 45% and a pre-tax ROIC of at least 20%.
We are progressing with the design and roll-out of our new AI-
enhanced Enterprise Data Platform (EDP) and the deployment
of select production systems within the Air & Sea and Road
divisions, while the Contract Logistics division advances its
consolidation efforts. Although this requires significant
development and change management efforts, we expect that
these streamlining measures will drive both commercial and
productivity gains towards 2030.
Page 5 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Results for the period
Growth 2025 – 2026
(DKKm)
Q2 2025
Currency
translation
Growth
Growth %*
Q2 2026
Revenue
61,983
140
14,565
23.4%
76,688
Gross profit
17,241
17
3,019
17.5%
20,277
EBIT before special items
4,725
(4)
1,534
32.5%
6,255
Gross margin (%)
27.8
26.4
Operating margin (%)
7.6
8.2
Conversion ratio (%)
27.4
30.8
(DKKm)
YTD 2025
Currency
translation
Growth
Growth %*
YTD 2026
Revenue
103,663
(1,224)
44,665
43.6%
147,104
Gross profit
28,232
(376)
11,324
40.6%
39,180
EBIT before special items
8,585
(165)
2,690
31.9%
11,110
Gross margin (%)
27.2
26.6
Operating margin (%)
8.3
7.6
Conversion ratio (%)
30.4
28.4
* Including M&A and in constant currencies
Revenue
In Q2 2026, revenue increased to DKK 76,688 million,
compared to DKK 61,983 million in the same period last year.
Measured in constant currencies, growth in Q2 2026 was
23.4%.
Revenue growth was reported across all divisions and was
related to an additional month’s contribution from Schenker, the
pass-through of higher freight rates and fuel prices, as well as
underlying growth.
For the first six months of 2026, revenue amounted to DKK
147,104 million, compared to DKK 103,663 million in the same
period last year. In constant currencies, growth in H1 2026 was
43.6%.
Revenue and growth by division compared to the same period
last year are specified below:
(DKKm)
Q2 2026
Growth*
YTD 2026
Growth*
Air & Sea
41,695
20.7%
78,423
31.9%
Road
24,472
18.3%
47,771
54.6%
Contract Logistics
13,534
34.8%
26,212
62.0%
Non-allocated items
and eliminations
(3,013)
(5,302)
Total
76,688
23.4%
147,104
43.6%
* Including M&A and in constant currencies
In Air & Sea, revenue growth in H1 2026 was driven by the
contribution from Schenker and supported by higher freight rates
and fuel prices, with the strongest impact seen in air freight
during the second quarter.
In Road, revenue growth in H1 2026, in addition to the Schenker
contribution, was driven by a focus on price increases and the
pass-through of higher fuel costs in Q2 2026. Network
challenges in certain European markets related to the Schenker
integration had a negative commercial impact in Q2 2026.
In Contract Logistics, revenue growth was supported by
continued high activity levels in the Technology vertical and
customer ramp-ups, alongside the contribution from Schenker.
Revenue by division, H1 2026 (DKKm)
Page 6 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Gross profit
For Q2 2026, gross profit for the Group increased to DKK
20,277 million, compared to DKK 17,241 million in the same
period last year, driven in part by the Schenker acquisition as
well as growth in Air & Sea and Contract Logistics. In constant
currencies, gross profit increased by 17.5%.
For the first six months of 2026, gross profit amounted to DKK
39,180 million, compared to DKK 28,232 million in the same
period last year. In constant currencies, gross profit increased
by 40.6%.
Gross profit and growth by division compared to the same
period last year are specified below:
(DKKm)
Q2 2026
Growth*
YTD 2026
Growth*
Air & Sea
8,901
4.9%
16,994
16.7%
Road
5,153
20.3%
10,377
66.4%
Contract Logistics
5,866
26.8%
11,343
59.5%
Non-allocated items
and eliminations
357
466
Total
20,277
17.5%
39,180
40.6%
* Including M&A and in constant currencies
Air & Sea generated a gross profit of DKK 16,994 million in H1
2026, representing a 16.7% increase in constant currencies
compared to the same period last year. The increase was driven
by the contribution from Schenker and an increase in air freight
activity in Q2 2026, partly offset by lower average gross profit
yields for sea freight compared to the same period last year.
In H1 2026, the Road division delivered gross profit of DKK
10,377 million, representing growth of 66.4% in constant
currencies compared to the same period last year. The increase
was driven by the contribution from Schenker and a focus on
improving gross margins, although declining productivity offset
some of these improvements.
Contract Logistics reported gross profit of DKK 11,343 million for
H1 2026, up 59.5% compared to the same period last year.
The increase was driven by the Schenker contribution and
higher utilisation, particularly reflecting growth in the Technology
vertical.
Gross profit by division, H1 2026 (DKKm)
The gross profit margin for the Group decreased to 26.4% in Q2
2026, compared to 27.8% in the same period last year. The
lower margin primarily reflects the diluted impact of the pass-
through of higher costs related to freight rates and fuel prices.
The gross profit margin for the Group was 26.6% in H1 2026,
compared to 27.2% in the same period last year.
EBIT before special items
For Q2 2026, EBIT before special items increased to DKK 6,255
million, compared to DKK 4,725 million in the same period last
year. In constant currencies, this represents growth of 32.5% in
EBIT before special items, driven by growth in all divisions and
an additional month of contribution from Schenker.
EBIT before special items amounted to DKK 11,110 million for
H1 2026, compared to DKK 8,585 million in the same period last
year. In constant currencies, EBIT before special items
increased by 31.9%.
Air & Sea generated an EBIT before special items of DKK 6,444
million in H1 2026, representing a 3.0% increase in constant
currencies compared to the same period last year. The increase
was driven by the strong performance in Q2 2026, supported by
improved gross profit in air freight.
For H1 2026, the Road division delivered an EBIT before special
items of DKK 1,995 million, representing growth of 113.9% in
constant currencies compared to the same period last year.
The increase was supported by a focus on price increases and
lower costs related to synergies, partly offset by lower
productivity in the second quarter. The sale of properties
contributed approximately DKK 250 million in Q2 2026.
Contract Logistics reported an EBIT before special items of DKK
2,795 million for H1 2026, representing growth of 137.7% in
constant currencies compared to the same period last year. The
increase was supported by improved utilisation due to strong
growth and the consolidation of sites.
EBIT and growth by division compared to the same period last
year are specified below:
(DKKm)
Q2 2026
Growth*
YTD 2026
Growth*
Air & Sea
3,776
9.4%
6,444
3.0%
Road
999
90.5%
1,995
113.9%
Contract Logistics
1,531
111.2%
2,795
137.7%
Non-allocated items
and eliminations
(51)
(124)
Total
6,255
32.5%
11,110
31.9%
* Including M&A and in constant currencies
The conversion ratio for the Group was 30.8% in Q2 2026,
compared to 27.4% in the same period last year. The increase
was driven by improved gross profit and a declining cost base,
despite salary and inflationary pressure.
For the first six months of 2026, the conversion ratio was 28.4%
compared to 30.4% for the same period last year, reflecting the
dilution from the Schenker acquisition in the first four months of
the year compared to the same period last year.
Page 7 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
EBIT by division, H1 2026 (DKKm)
Integration costs
Integration costs (reported under special items, costs) totalled
DKK 1,468 million for Q2 2026 and DKK 2,921 million for H1
2026, all relating to the acquisition of Schenker. Since the
transaction was completed, total transaction and integration
costs have amounted to approximately DKK 7.4 billion. Total
transaction and integration costs for the full Schenker integration
are still expected to be around DKK 11 billion.
Financial items
Net financial expenses amounted to DKK 2,199 million for H1
2026, compared to DKK 757 million in the same period last year.
The increase in net financial expenses was mainly driven by
financing costs related to the Schenker acquisition, as well as
higher lease liabilities and currency translation costs.
(DKKm)
YTD 2026
YTD 2025
Interest on lease liabilities
1,062
730
Other interest cost, net
904
149
Interest on pensions
37
21
Currency translation, net
196
(143)
Net financial expenses
2,199
757
Tax on profit for the period
The effective tax rate came to 28.8% for H1 2026, compared to
26.3% for the same period last year. The increase was driven by
non-deductible integration costs. The effective tax rate is
expected to remain elevated during the integration period.
Profit for the period
Profit for H1 2026 was DKK 4,265 million, compared to DKK
5,168 million for the same period in 2025. Despite higher EBIT
before special items, profit declined year-on-year, mainly due to
special items, increased net financial expenses and a
temporarily elevated effective tax rate related to the acquisition
and integration of Schenker.
Diluted adjusted earnings per share
Diluted adjusted EPS (rolling 12-months) increased by 1.0%
compared to the same period last year and was DKK 52.0 per
share (30 June 2025: DKK 51.5 per share). This quarter marks
the first quarter on a rolling 12-month basis with growth since
the completion of the Schenker transaction.
Cash flow
Cash flow statement – summary
(DKKm)
Q2
2026
Q2
2025
YTD
2026
YTD
2025
EBITDA before special
items
8,902
6,935
16,374
12,308
Change in net working
capital
(5,660)
2,092
(9,885)
2,405
Tax, interests, change in
provisions, etc.
(1,961)
(3,607)
(3,390)
(4,510)
Special items, paid
(1,589)
(843)
(2,956)
(898)
Cash flow from operating
activities
(308)
4,577
143
9,305
Cash flow from investing
activities
1,433
(75,794)
2,796
(76,287)
Free cash flow
1,125
(71,217)
2,939
(66,982)
Proceeds and repayment of
debt
(1,524)
1,711
(7,110)
913
Transactions with
shareholders
91
751
957
(562)
Cash flow from financing
activities
(1,433)
2,462
(6,153)
351
Cash flow for the period
(308)
(68,755)
(3,214)
(66,631)
Free cash flow
1,125
(71,217)
2,939
(66,982)
Acquisition of subsidiaries
(reversed)
-
75,790
-
75,790
Special items, paid
(reversed)
1,589
843
2,956
898
Repayment of lease
liabilities
(1,928)
(1,434)
(3,592)
(2,559)
Adjusted free cash flow
786
3,982
2,303
7,147
In Q2 2026, free cash flow amounted to DKK 1,125 million,
primarily driven by EBITDA before special items of DKK 8,902
million. This was partly offset by a negative impact from changes
in net working capital of DKK 5,660 million. The negative
temporary effect on net working capital was driven by higher
activity levels, increased freight rates and fuel prices, as well as
receivables of DKK 1.8 billion related to disposals of Schenker
properties that had not been paid for in the quarter.
Cash flow from investing activities showed an inflow of DKK
1,433 million in Q2 2026, mainly driven by the divestment of
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 1,433 million in Q2 2026, compared to an inflow of DKK
2,462 million in Q2 2025. The cash outflow related to the
repayment of short-term financing, partly offset by proceeds
from the sale of treasury shares.
The adjusted free cash flow for Q2 2026 was DKK 786 million,
compared to DKK 3,982 million for the same period last year.
The adjusted cash conversion ratio for Q2 2026 was 36.9%,
compared to 151.4% in the same period last year.
Net working capital
On 30 June 2026, the Group’s net working capital (NWC) was
DKK 10,789 million, up from DKK 6,911 million on 30 June
2025. The increase compared to last year was mainly driven by
higher receivables as a result of increased revenue, driven by
higher activity levels, freight rates and fuel prices, as well as
higher receivables related to the disposals of Schenker
properties. Furthermore, the integration of Schenker continued
to have an adverse impact on NWC in certain markets.
Page 8 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Relative to estimated full-year revenue, funds tied up in NWC
increased to 3.5% as of 30 June 2026, compared to NWC of
2.4% (proforma incl. Schenker) on 30 June 2025. In the long-
term we maintain our expectation of NWC of around 2-3%
relative to estimated full-year revenue. Adjusted for the
receivables related to disposals of the Schenker properties,
NWC was 2.9% relative to estimated full-year revenue.
Capital structure and finances
DSV A/S shareholders’ share of equity
DSV shareholders’ share of equity amounted to DKK 125,609
million as of 30 June 2026 (DKK 117,414 million as of 31
December 2025). The increase was primarily driven by the profit
generated for the period, positive currency translation effects
and proceeds from the sale of treasury shares, partly offset by
allocations to shareholders through dividends.
The solvency ratio excluding non-controlling interests was
41.4% on 30 June 2026 (30 June 2025: 37.8%).
On 30 June 2026, the Company’s portfolio of treasury shares
was 1,739,125 shares. On 21 July 2026, the portfolio of treasury
shares was 1,671,600 shares.
The development in equity since 1 January is specified below:
(DKKm)
YTD 2026
YTD 2025
Equity at 1 January
117,414
114,182
Profit for the period (attributable to
shareholders of DSV A/S)
3,901
5,127
Currency translation, foreign
enterprises
2,850
(5,920)
Allocated to shareholders
(1,683)
(1,683)
Sale of treasury shares
2,730
1,104
Other equity movements
397
555
Equity end of period
125,609
113,365
Net interest-bearing debt
Net interest-bearing debt, including IFRS 16 lease liabilities,
amounted to DKK 87,331 million on 30 June 2026, compared to
DKK 93,280 million on 30 June 2025. The reduction in net
interest-bearing debt compared to 30 June last year is in line
with our capital allocation policy, as we are deleveraging the
capital structure following the financing of the Schenker
acquisition. Since 31 December 2025, the net interest-bearing
debt (including IFRS 16 lease liabilities) has increased by DKK
707 million, mainly reflecting an increase in funds tied up in net
working capital.
The 12-month adjusted gearing ratio (NIBD/EBITDA including
12 months of Schenker EBITDA) was 2.7x on 30 June 2026,
compared to 2.7x on 30 June 2025 and 2.8x on 31 December
2025.
As of 30 June 2026, the weighted average duration of the
Company’s long-term bonds and drawn credit facilities was 5.2
years, compared to 4.6 years as of 30 June 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 11.8 billion (EUR 1.58
billion) as of 30 June 2026. In addition, DSV has undrawn
uncommitted credit facilities.
Invested capital and ROIC
The invested capital including goodwill and customer
relationships totalled DKK 208,173 million on 30 June 2026,
compared to DKK 202,896 million on 30 June 2025. This growth
is primarily related to a temporary increase in NWC.
Return on invested capital including goodwill and customer
relationships was 10.8% for the rolling 12-month period ended
30 June 2026, compared to 11.0% for the same period last year.
The decrease is due to the dilutive effect from the less-profitable
Schenker business as well as 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. Synergies from the integration of
Schenker are expected to contribute positively to earnings and
support improved returns.
Excluding goodwill and customer relationships, return on
invested capital was 40.4% for the rolling 12-month period
ended 30 June 2026, compared to 41.3% for the same period
last year.
Outlook
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 current market uncertainties related to the geopolitical
situation in the Middle East could have unpredictable effects on
the global economy and trade environment, which may influence
our financial outlook for the remainder of the year. 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. 1170 – 22 July 2026
Air & Sea
The Air & Sea division delivered a gross profit of DKK 8,901 million and EBIT before special items of DKK
3,776 million for Q2 2026. In constant currencies, gross profit increased by 4.9%, while EBIT before
special items increased by 9.4% compared to last year. The conversion ratio increased to 42.4% for the
quarter, which is the first improvement since the start of the Schenker integration. Geopolitical
uncertainties and volatility continued to impact freight rates and volumes. The Middle East conflict
tightened air freight capacity, driving higher freight rates and fuel prices and supporting profitability. Sea
freight was impacted by lower-than-expected volume growth on the Asia-Europe trade lane and benefited
only modestly from the improved market conditions.
Statement of profit or loss
(DKKm)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Revenue
41,695
34,475
78,423
60,583
Direct costs
32,794
25,989
61,429
45,724
Gross profit
8,901
8,486
16,994
14,859
Other external costs
1,499
1,375
3,133
2,384
Staff costs
3,138
3,252
6,449
5,369
EBITDA before special items
4,264
3,859
7,412
7,106
Amortisation and depreciation
488
398
968
696
EBIT before special items
3,776
3,461
6,444
6,410
Key figures and ratios
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Gross margin (%)
21.3
24.6
21.7
24.5
Operating margin (%)
9.1
10.0
8.2
10.6
Conversion ratio (%)
42.4
40.8
37.9
43.1
Full-time employees at 30 June
31,945
38,865
Total invested capital (DKKm)
103,604
99,568
Net working capital (DKKm)
7,006
5,954
ROIC before tax (%)
12.8
15.5
Quarterly business highlights
The Air & Sea division operates a global network across more
than 90 countries, providing freight forwarding and tailored cargo
solutions by air and sea as well as a broad range of value-added
services. The integration of Schenker has further strengthened
the network and established DSV as the global market leader.
The combination with Schenker has strengthened relationships
with carriers and airlines, enhanced procurement power and
capacity optimisation, and improved our customer offering
through an expanded service portfolio, including our leading LCL
capabilities, air charter solutions and value-added services.
In Q2 2026, we continued to apply our commercial approach,
proactively engaging with customers and leveraging vertical
expertise for our largest accounts, while driving growth among
mid-sized and smaller customers through regional and local
initiatives. We maintained traction within the Technology and
Aerospace & Defence verticals and continued to see challenges
within the Automotive vertical.
Customer satisfaction remained high – a solid achievement
given the pace of the Schenker integration. On the Asia-Europe
trade lane, we experienced lower than expected volume growth
in sea freight. Initiatives have been implemented to restore the
commercial focus and improve volume growth.
We continue to advance our system landscape, as we
consolidate our volumes on selected transport management
systems. At the same time, we are leveraging AI and technology
to enhance productivity, with targeted efforts to improve labour-
intensive processes such as quoting, booking and customs.
Combined with Schenker synergies, these AI and technology
initiatives are expected to support a conversion ratio of at least
55% and a pre-tax ROIC of at least 20% by the end of 2030.
Page 10 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Market development
Air
Geopolitical tensions, trade policy uncertainty and broader
macroeconomic factors continued to impact the air freight
market in Q2 2026. Following a disruption-driven slowdown
earlier in the year, demand returned to growth, supported by
Asia-Pacific exports and continued growth in the Technology,
Cloud and Semiconductor segments. The conflict in the Middle
East continued to disrupt global air freight networks, leading to
airspace restrictions, flight rerouting and reduced effective
capacity, particularly on trade lanes transiting the Gulf region.
Overall, we estimate that the market grew by mid to high-single
digits compared to the same period last year.
Average air freight rates increased significantly compared to the
same period last year and to the first quarter of 2026, primarily
driven by capacity constraints related to the disruptions in the
Middle East, increased fuel prices and disruption-related
surcharges. We maintain strict pricing discipline and seek to
pass on elevated fuel costs to our customers.
DSV’s air freight volumes grew by 10% in Q2 2026 and 28% in
H1 2026 compared to the same period last year. Volume growth
in the quarter was lower than expected as the increase was
driven by an additional month of Schenker contribution,
supported by growth among Technology and Semiconductor
customers, particularly on the Asia-to-North America and Intra-
Asia trade lanes. The MENA-related trade lanes were weaker
due to the Middle East conflict. In the same period last year,
volumes were positively impacted by front-loading ahead of
trade tariffs. Volumes grew by 8% compared to Q1 2026.
Sea
Sea freight market conditions improved compared to Q1 2026,
supported by seasonality and signs of an earlier-than-usual
peak season, as customers front-loaded cargo due to continued
geopolitical uncertainty and lower tariffs. Demand strengthened
on the Asia-to-Europe trade, while Transpacific volumes started
to improve from May onwards. Volume growth was primarily
driven by exports from China and domestic Chinese
manufacturers. Geopolitical developments continued to affect
cargo flows, as the Middle East conflict and Red Sea disruptions
led to ongoing vessel rerouting via the Cape of Good Hope,
extending transit times and absorbing capacity. Overall, we
estimate that the market grew by mid-single digits compared to
the same period last year.
Average sea freight rates increased significantly year-on-year
and compared to Q1 2026, driven by market disruption caused
by the Middle East conflict, higher fuel prices and the seasonal
uptick ahead of peak season. Due to timing differences, the rate
increases only had a partial impact on revenue in Q2 2026, with
further effects expected in Q3 2026.
DSV’s sea freight volumes grew by 6% in Q2 2026 and 24% in
H1 2026 compared to the same period last year. Volume growth
in the quarter was lower than expected as the increase was
driven by an additional month of Schenker contribution, partly
offset by weaker demand on MENA-related trade lanes, where
disruption continued to affect routing patterns and customer
activity. Volume growth on the Asia to Europe trade lane was
affected by the negative commercial impact from the integration
in certain countries, especially Germany, and an overall lower
direct exposure to domestic Chinese customers. The sea freight
volumes grew by 3% compared to Q1 2026.
Divisional revenue
For Q2 2026, revenue amounted to DKK 41,695 million,
compared to DKK 34,475 million for the same period last year.
In constant currencies, revenue grew 20.7%, mainly driven by
elevated freight rate levels and increased fuel prices, especially
in air freight, and the contribution from Schenker.
The division’s revenue amounted to DKK 78,423 million for H1
2026 and was up 31.9% compared to DKK 60,583 million for the
same period last year, due to the contribution from Schenker
and the strong revenue performance in Q2 2026.
Gross profit
For Q2 2026, gross profit increased to DKK 8,901 million,
compared to DKK 8,486 million for the same period last year,
representing an increase of 4.9% year-on-year. The increase
reflected a positive gross profit contribution from Schenker and a
positive development in gross profit in air freight.
The average gross profit yield for air freight in Q2 2026 was
higher than the same period last year, driven by higher freight
rates and fuel prices, as well as a continued focus on yield
management and growth in high-yield verticals. In Q2 2026, the
average sea freight gross profit yield was lower than in the same
period last year, due to the dilutive effect from the lower-margin
Schenker business. The gross profit contribution from value-
added services remained relatively stable.
In Q2 2026, the gross profit margin was 21.3%, compared to
24.6% in the same period last year. The gross profit margin
declined due to the pass-through of higher freight rates and fuel
prices.
For H1 2026, gross profit amounted to DKK 16,994 million,
compared to DKK 14,859 million for the same period last year,
corresponding to an increase of 16.7% in constant currencies.
In H1 2026, the gross margin was 21.7% compared to 24.5%
last year. The decline was mainly driven by the dilutive effect
from the Schenker business, particularly in the first quarter, and
increased freight rates and fuel prices in Q2 2026, which led to a
larger share of pass-through costs.
EBIT before special items
For Q2 2026, EBIT before special items increased to DKK 3,776
million, compared to DKK 3,461 million in the same period last
year, reflecting an operating margin of 9.1%. In constant
currencies, EBIT before special items increased by 9.4% year-
on-year, driven by higher gross profit and a relatively lower cost
base compared to the same period last year.
The conversion ratio was 42.4% for Q2 2026, compared to
40.8% for the same period last year and improved by 9.4
percentage points from Q1 2026.
EBIT before special items came to DKK 6,444 million for H1
2026, compared to DKK 6,410 million for the same period last
year. In constant currencies, the increase was 3.0%, driven by
the contribution from Schenker.
DSV volume growth
Q2 2026
YTD 2026
Air freight – tonnes
10%
28%
Sea freight – TEUs
6%
24%
Page 11 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
The conversion ratio was 37.9% for H1 2026, compared to
43.1% for the same period last year. The decrease was related
to Q1 2026, reflecting pressure on gross profit and a higher cost
base from Schenker.
Net working capital
The Air & Sea division’s net working capital was DKK 7,006
million on 30 June 2026, compared to DKK 5,954 million on 30
June 2025. The higher NWC was due to increased activity
levels and increased freight rates and fuel prices, leading to
increased receivables. NWC was further impacted by the timing
differences in payment terms between suppliers and customers.
Invested capital and ROIC
The invested capital including goodwill and customer
relationships totalled DKK 103,604 million on 30 June 2026,
compared to DKK 99,568 million on 30 June 2025. This growth
is primarily related to a temporary increase in NWC.
Return on invested capital including goodwill and customer
relationships before tax was 12.8% for the rolling 12-month
period ended 30 June 2026, compared to 15.5% for the same
period last year.
Growth Air & Sea 2025 – 2026
(DKKm)
Q2 2025
Currency
translation
Growth
Growth %*
Q2 2026
Divisional revenue
34,475
80
7,140
20.7%
41,695
Gross profit
8,486
(2)
417
4.9%
8,901
EBIT before special items
3,461
(11)
326
9.4%
3,776
(DKKm)
YTD 2025
Currency
translation
Growth
Growth %*
YTD 2026
Divisional revenue
60,583
(1,122)
18,962
31.9%
78,423
Gross profit
14,859
(298)
2,433
16.7%
16,994
EBIT before special items
6,410
(154)
188
3.0%
6,444
* Including M&A and in constant currencies
Air & Sea freight performance
Air freight
(DKKm)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Revenue
23,731
18,551
43,889
32,177
Direct costs
18,862
14,257
34,760
24,818
Gross profit
4,869
4,294
9,129
7,359
Gross margin (%)
20.5
23.1
20.8
22.9
Volume (tonnes)*
558,218
508,595
1,076,256
842,684
Gross profit per unit (DKK)
8,722
8,443
8,482
8,733
Sea freight
(DKKm)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Revenue
17,964
15,924
34,534
28,406
Direct costs
13,932
11,731
26,669
20,906
Gross profit
4,032
4,193
7,865
7,500
Gross margin (%)
22.4
26.3
22.8
26.4
Volume (TEUs)*
1,007,622
950,267
1,983,978
1,602,890
Gross profit per unit (DKK)
4,002
4,412
3,964
4,679
* 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. 1170 – 22 July 2026
Road
The Road division delivered gross profit of DKK 5,153 million and EBIT before special items of DKK 999
million for Q2 2026. In constant currencies, gross profit was up 20.3% and EBIT before special items
increased by 90.5% compared to the same period last year, supported in part by gains from the sale of
properties. Volume growth remained relatively soft across most European markets within groupage, while
the direct market continued to grow. The Schenker integration progressed as planned in most countries.
However, the complexity of the integration in certain markets resulted in lower-than-expected volumes
and reduced productivity in the quarter. Targeted management changes and country-level initiatives have
been implemented to restore productivity and commercial performance.
Statement of profit or loss
(DKKm)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Revenue
24,472
20,674
47,771
30,838
Direct costs
19,319
16,418
37,394
24,626
Gross profit
5,153
4,256
10,377
6,212
Other external costs
1,089
974
2,100
1,286
Staff costs
2,513
2,267
5,162
3,242
EBITDA before special items
1,551
1,015
3,115
1,684
Amortisation and depreciation
552
495
1,120
756
EBIT before special items
999
520
1,995
928
Key figures and ratios
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Gross margin (%)
21.1
20.6
21.7
20.1
Operating margin (%)
4.1
2.5
4.2
3.0
Conversion ratio (%)
19.4
12.2
19.2
14.9
Full-time employees at 30 June
38,955
44,303
Total invested capital (DKKm)
49,410
48,368
Net working capital (DKKm)
(639)
(3,865)
ROIC before tax (%)
7.8
5.7
Quarterly business highlights
The Road division is the market leader in Europe and has
operations in more than 50 countries globally, including in Africa,
the Americas, Asia Pacific and the Middle East. Road offers a
broad range of services, including direct, groupage and
specialised services. Schenker expanded our global footprint,
especially in Europe, and enhanced our services in APAC and
LATAM.
In Q2 2026, we remained focused on strengthening our
customer relationships, especially among mid-sized customers,
as well as continuing to grow with larger customers. Strategic
initiatives are in place to boost our offerings within key verticals
such as Technology, Consumer and Healthcare, although
challenges in Automotive continued to create headwinds.
While the Schenker integration has progressed in line with plans
in most countries, its complexity has led to negative effects in
Germany, France and the Netherlands, leading to lower
productivity and commercial challenges, including lower-than-
expected volume growth. To address these challenges,
operational and commercial recovery plans and initiatives have
been implemented, including the appointment of Group COO
Brian Ejsing as CEO of the Road division, in addition to
management changes at country level. Furthermore, we have
strengthened our focus on customer feedback to support the
recovery of commercial performance, and we expect these
initiatives to improve performance and results during the second
half of 2026.
We are consolidating our physical infrastructure, especially
within the groupage network in Europe. In the initial phase, the
number of terminals will be reduced by around 30% from over
400 to 280 terminals. These efforts will be further supported by
the ongoing rollout of STAR as the division’s new transport
management system, with approximately 20% of shipments
already handled on the platform. In addition, we will leverage AI
for areas such as bookings, route planning and quotations.
Combined with Schenker synergies, these initiatives are
expected to support a conversion ratio of at least 35% and a
pre-tax ROIC of at least 20% by the end of 2030.
Page 13 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Market development
In Q2 2026, the European road freight market continued to be
affected by modest economic activity, particularly in key
industrial economies, such as Germany. While demand
remained relatively soft in the groupage market, overall market
activity showed signs of gradual stabilisation compared to both
the previous quarter and the same period last year.
Capacity remained broadly available in the European market,
although structural driver shortages and increasing regulatory
requirements limited capacity growth. Rising labour costs, road
tolls and elevated fuel prices increased cost pressure, with the
market focused on recovering the cost through customer pricing.
Overall activity outside Europe continued to show signs of
gradual recovery, with road freight rates in the US significantly
increasing due to driver shortages.
Divisional revenue
For Q2 2026, revenue came to DKK 24,472 million, compared to
DKK 20,674 million for the same period last year, reflecting an
increase of 18.3% in constant currencies. The increase was
driven by the Schenker contribution, supported by price
increases and pass-through of increased fuel prices. Volumes
were impacted by commercial issues related to the integration,
which affected network operations in certain European markets,
as well as fewer working days compared to last year.
The division’s revenue amounted to DKK 47,771 million for H1
2026, compared to DKK 30,838 million for the same period last
year, an increase of 54.6% in constant currencies.
Gross profit
For Q2 2026, gross profit came to DKK 5,153 million, compared
to DKK 4,256 million for the same period last year. In constant
currencies, gross profit increased by 20.3%, driven primarily by
an additional month of Schenker contribution and a positive
impact from the sale of properties, which contributed
approximately DKK 250 million. The improvements were partly
offset by lower network utilisation and reduced productivity,
including lower reliability in certain markets, related to the
Schenker integration.
The gross margin for Q2 2026 was 21.1%, up from 20.6% in the
same period last year. This improvement was driven by
Schenker’s contribution and higher gross profit.
For H1 2026, the gross profit totalled DKK 10,377 million,
compared to DKK 6,212 million in the same period last year, an
increase of 66.4% in constant currencies. The gross margin
improved to 21.7% in H1 2026 from 20.1% last year, supported
by the additional groupage business from Schenker which
carries a higher gross margin than direct services.
EBIT before special items
For Q2 2026, EBIT before special items amounted to DKK 999
million, compared to DKK 520 million in the same period last
year, reflecting an increase of 90.5% in constant currencies and
an operating margin of 4.1%. EBIT before special items was
supported by the sale of properties during the quarter.
The positive contribution from Schenker and synergies related to
lower external expenses and staff costs was partly offset by
temporarily reduced productivity in certain markets, which
affected gross profit, driven by the exit from the IDS network in
Germany and ongoing integration activities, including IT system
migration. A recovery plan has been implemented to sustain
service levels and restore productivity over the coming quarters.
The conversion ratio was 19.4% for Q2 2026, up from 12.2% in
the same period last year, reflecting increased gross profit.
EBIT before special items was DKK 1,995 million for H1 2026,
compared to DKK 928 million for the same period last year,
reflecting an operating margin of 4.2%. In constant currencies,
EBIT before special items increased 113.9% in H1 2026
compared to the same period last year. The conversion ratio
was 19.2% for H1 2026, compared to 14.9% last year.
Net working capital
The Road division reported a negative net working capital of
DKK 639 million on 30 June 2026, compared to a negative DKK
3,865 million on 30 June 2025. The integration of Schenker had
a temporary adverse impact on NWC, including increased
receivables related to disposals of Schenker properties.
Invested capital and ROIC
The invested capital including goodwill and customer
relationships totalled DKK 49,410 million on 30 June 2026,
compared to DKK 48,368 million on 30 June 2025. The increase
was primarily driven by a temporary increase in NWC.
Return on invested capital including goodwill and customer
relationships before tax was 7.8% for the rolling 12-month period
ended 30 June 2026, compared to 5.7% last year.
Growth Road 2025 – 2026
(DKKm)
Q2 2025
Currency
translation
Growth
Growth %*
Q2 2026
Divisional revenue
20,674
12
3,786
18.3%
24,472
Gross profit
4,256
26
871
20.3%
5,153
EBIT before special items
520
5
474
90.5%
999
(DKKm)
YTD 2025
Currency
translation
Growth
Growth %*
YTD 2026
Divisional revenue
30,838
68
16,865
54.6%
47,771
Gross profit
6,212
23
4,142
66.4%
10,377
EBIT before special items
928
5
1,062
113.9%
1,995
* Including M&A and in constant currencies
Page 14 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Contract Logistics
The Contract Logistics division delivered a gross profit of DKK 5,866 million and EBIT before special items
of DKK 1,531 million for Q2 2026. In constant currencies and including the Schenker contribution, gross
profit was up 26.8% and EBIT before special items increased by 111.2% compared to the same period
last year. The performance continued to improve, supported by commercial progress and growth in key
verticals, especially Technology. The division remains focused on improving return on invested capital
through ongoing commercial initiatives, optimisation and standardisation of warehouse operations, and
further site consolidation.
Statement of profit or loss
(DKKm)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Revenue
13,534
10,054
26,212
16,379
Direct costs
7,668
5,423
14,869
9,170
Gross profit
5,866
4,631
11,343
7,209
Other external costs
1,143
1,246
2,265
1,760
Staff costs
1,710
1,445
3,353
2,171
EBITDA before special items
3,013
1,940
5,725
3,278
Amortisation and depreciation
1,482
1,216
2,930
2,084
EBIT before special items
1,531
724
2,795
1,194
Key figures and ratios
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Gross margin (%)
43.3
46.1
43.3
44.0
Operating margin (%)
11.3
7.2
10.7
7.3
Conversion ratio (%)
26.1
15.6
24.6
16.6
Full-time employees at 30 June
64,024
66,124
Total invested capital (DKKm)
56,580
55,960
Net working capital (DKKm)
6,134
6,022
ROIC before tax (%)
9.6
5.6
Quarterly business highlights
Contract Logistics delivers comprehensive global warehousing
and logistics services across more than 50 countries with a
strong presence in Europe, complemented by continued growth
in APAC, Americas and MEA.
Our global contract logistics footprint comprises approximately
17 million sqm across more than 1,200 sites, and the service
portfolio includes freight management, order management and
e-commerce fulfilment.
In Q2 2026, we maintained a strong commercial focus and
achieved growth with our largest customers, particularly driven
by the Technology vertical. We continued to grow our stronghold
within the Consumer segment and expanded our specialised
verticals, including Healthcare and Aerospace & Defence,
reflecting increasing demand for complex and high-value
services. While the Automotive vertical remained under
pressure, we are seeing emerging opportunities in the global
electric vehicle (EV) market.
Operationally, we continue to develop our offerings towards
large enterprise customers with focus on expertise, speed and
global consistency. Our Operational Control Tower plays a key
role, providing end-to-end support and specialist capabilities.
Through targeted commercial efforts and property developments
in high-growth markets and verticals, we are strengthening our
global footprint where it delivers the most value. Ongoing
consolidation efforts will impact approximately 1.7 million sqm by
2027 which combined with exit of low-performing operations is
expected to drive significant improvements in returns.
Focus remains on driving scalability, enhanced service levels
and cost efficiencies, particularly through consolidation of IT
platforms. We are seeing solid progress, with around 25% of
applications planned for decommissioning in 2026, which will
reduce costs and strengthen our foundation for scaling AI.
Combined with Schenker synergies, these initiatives are
expected to support a conversion ratio of at least 35% and a
pre-tax ROIC of at least 15% by the end of 2030.
Page 15 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Market development
In Q2 2026, market activity continued to improve in North
America, while Europe showed signs of gradual recovery
following a prolonged industrial downturn. Manufacturing activity
returned to modest growth, although underlying demand
remained soft and uneven across markets. Compared to last
year, activity levels were higher across most regions, supported
by continued outsourcing of logistics operations.
Geopolitical tensions and evolving trade policies continued to
create uncertainty across global supply chains. Customers
remain focused on resilience, flexibility and risk mitigation,
leading to adjustments in sourcing strategies, inventory
positioning and distribution networks. These developments have
contributed to market volatility but also supported demand for
outsourced logistics and value-added warehousing services.
Divisional revenue
For Q2 2026, revenue amounted to DKK 13,534 million,
compared to DKK 10,054 million for the same period last year,
representing an increase of 34.8% in constant currencies.
In addition to the contribution from Schenker, growth was
supported by continued strong momentum in the Technology
vertical, particularly among cloud-related customers in North
America, as well as customer ramp-ups and higher activity
within the Consumer vertical. New customer wins also
contributed to overall growth in the quarter.
Order line activity increased by 47.8% in Q2 2026 compared to
the same period last year, largely reflecting the contribution from
Schenker’s activities and the implementation of new customers.
The revenue for H1 2026 was DKK 26,212 million, compared to
DKK 16,379 million for the same period in 2025, an increase of
62.0% in constant currencies.
Gross profit
For Q2 2026, gross profit amounted to DKK 5,866 million,
compared to DKK 4,631 million for the same period last year.
In constant currencies, gross profit increased by 26.8%, driven
by a positive contribution from Schenker’s strong contract
logistics business and sustained solid revenue momentum.
The division’s gross margin was 43.3% for Q2 2026, compared
to 46.1% in the same period last year. Margins were slightly
lower, mainly due to the delayed ramp-up of new business in the
APAC region as well as the opening of several new facilities,
which typically operate at lower utilisation rates during the start-
up phase. However, margins improved sequentially as site
consolidation progressed and ramp-ups were completed.
For H1 2026, gross profit amounted to DKK 11,343 million,
compared to DKK 7,209 million for the same period last year, an
increase of 59.5% in constant currencies. The division’s gross
profit margin was 43.3% for H1 2026, compared to 44.0% for the
same period last year.
EBIT before special items
For Q2 2026, EBIT before special items grew by 111.2% to DKK
1,531 million, compared to DKK 724 million in the same period
last year, reflecting an operating margin of 11.3%. The growth
was driven by improved gross profit, including contribution from
Schenker.
The conversion ratio improved to 26.1% for Q2 2026, compared
to 15.6% in the same period last year, driven by higher gross
profit and continued focus on managing the cost base. Despite
solid growth in the activity levels and inflationary pressure,
including salaries, the cost base remained relatively stable
compared to Q1 2026, due to continued cost focus, including
synergies from Schenker.
EBIT before special items was DKK 2,795 million for H1 2026,
compared to DKK 1,194 million for the same period last year,
reflecting an increase of 137.7% in constant currencies. The
conversion ratio was 24.6% for H1 2026, compared to 16.6% for
the same period last year.
Net working capital
The division’s net working capital was DKK 6,134 million on 30
June 2026, largely unchanged from DKK 6,022 million on 30
June 2025.
Invested capital and ROIC
The invested capital including goodwill and customer
relationships totalled DKK 56,580 million on 30 June 2026,
compared to DKK 55,960 million on 30 June 2025.
Return on invested capital including goodwill and customer
relationships before tax was 9.6% for the rolling 12-month period
ended 30 June 2026, compared to 5.6% for the same period last
year.
Growth Contract Logistics 2025 – 2026
(DKKm)
Q2 2025
Currency
translation
Growth
Growth %*
Q2 2026
Divisional revenue
10,054
(12)
3,492
34.8%
13,534
Gross profit
4,631
(6)
1,241
26.8%
5,866
EBIT before special items
724
1
806
111.2%
1,531
(DKKm)
YTD 2025
Currency
translation
Growth
Growth %*
YTD 2026
Divisional revenue
16,379
(200)
10,033
62.0%
26,212
Gross profit
7,209
(96)
4,230
59.5%
11,343
EBIT before special items
1,194
(18)
1,619
137.7%
2,795
* Including M&A and in constant currencies
Page 16 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Interim financial statements
Statement of profit or loss
(DKKm)
Q2 2026
Q2 2025
YTD 2026
YTD 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. 1170 – 22 July 2026
Statement of comprehensive income
(DKKm)
Q2 2026
Q2 2025
YTD 2026
YTD 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
(4,271 )
(5,965 )
Fair value adjustments of hedging instruments
(10 )
(2 )
(19 )
Fair value adjustments of hedging instruments transferred to financial expenses
(2 )
(7 )
Tax on items reclassified to profit or loss
(2 )
(3 )
Items that will not be reclassified to profit or loss:
Actuarial gains/(losses)
(10 )
(12 )
Tax on items that will not be reclassified
(50 )
(10 )
(111 )
Other comprehensive income, net of tax
(4,110 )
(5,608 )
Total comprehensive income
(1,754 )
(440 )
Total comprehensive income attributable to:
Shareholders of DSV A/S
(1,740 )
(430 )
Non-controlling interests
(14 )
(10 )
Total
(1,754 )
(440 )
Page 18 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Statement of cash flows
(DKKm)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Operating profit before amortisation and depreciation (EBITDA)
before special items
Adjustments:
Share-based payments
Change in provisions
(541 )
(523 )
(254 )
(837 )
Change in working capital
(5,660 )
(9,885 )
Special items, paid
(1,589 )
(843 )
(2,956 )
(898 )
Interest received
Interest paid, lease liabilities
(547 )
(401 )
(1,062 )
(730 )
Interest paid, other
(530 )
(654 )
(1,040 )
(1,174 )
Income tax paid
(486 )
(2,455 )
(1,326 )
(2,940 )
Cash flow from operating activities
(308 )
Purchase of intangible assets
(202 )
(87 )
(476 )
(173 )
Purchase of property, plant and equipment
(548 )
(326 )
(1,210 )
(722 )
Sale of property, plant and equipment
Acquisition of subsidiaries and activities
(75,790 )
(75,790 )
Change in other financial assets
Cash flow from investing activities
(75,794 )
(76,287 )
Free cash flow
(71,217 )
(66,982 )
Proceeds from borrowings
Repayment of borrowings
(171 )
(8,711 )
(6,127 )
(8,851 )
Repayment of lease liabilities
(1,928 )
(1,434 )
(3,592 )
(2,559 )
Other financial liabilities incurred
(26 )
(9 )
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
(117 )
(19 )
(90 )
Cash flow from financing activities
(1,433 )
(6,153 )
Cash flow for the period
(308 )
(68,755 )
(3,214 )
(66,631 )
Cash and cash equivalents beginning of the period
Cash flow for the period
(308 )
(68,755 )
(3,214 )
(66,631 )
Currency translation
(461 )
(523 )
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)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Free cash flow
(71,217 )
(66,982 )
Acquisition of subsidiaries and activities (reversed)
Special items, paid (reversed)
Repayment of lease liabilities
(1,928 )
(1,434 )
(3,592 )
(2,559 )
Adjusted free cash flow
Page 19 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Statement of financial position
Assets (DKKm)
30.06.2026
31.12.2025
30.06.2025
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)
30.06.2026
31.12.2025
30.06.2025
Share capital
Reserves
(2,557 )
(5,393 )
(5,671 )
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. 1170 – 22 July 2026
Statement of changes in equity at 30 June 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
(28 )
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 )
(341 )
(2,024 )
Sale of treasury shares
Addition/disposal of non-controlling interests
Dividends on treasury shares
Other adjustments
(5 )
Total equity transactions
(276 )
Equity at 30 June 2026
(2,557 )
Statement of changes in equity at 30 June 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
(5,910 )
(5,557 )
(51 )
(5,608 )
Total comprehensive income for the period
(5,910 )
(430 )
(10 )
(440 )
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
(21 )
(21 )
(21 )
Total equity transactions
(389 )
(387 )
(137 )
Equity at 30 June 2025
(5,671 )
Page 21 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 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 DSV Annual
Report 2025, 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 H1 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.
Page 22 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
4 Segment information – divisions
Air & Sea
Road
Contract Logistics
Non-allocated items
and eliminations
Total
(DKKm)
YTD 2026
YTD 2025
YTD 2026
YTD 2025
YTD 2026
YTD 2025
YTD 2026
YTD 2025
YTD 2026
YTD 2025
Condensed statement of profit or loss
Revenue
73,259
59,427
47,897
28,627
24,959
15,908
989
(299)
147,104
103,663
Intersegment revenue
5,164
1,156
(126)
2,211
1,253
471
(6,291)
(3,838)
-
-
Divisional revenue
78,423
60,583
47,771
30,838
26,212
16,379
(5,302)
(4,137)
147,104
103,663
Direct costs
61,429
45,724
37,394
24,626
14,869
9,170
(5,768)
(4,089)
107,924
75,431
Gross profit
16,994
14,859
10,377
6,212
11,343
7,209
466
(48)
39,180
28,232
Other external costs
3,133
2,384
2,100
1,286
2,265
1,760
(2,477)
(1,834)
5,021
3,596
Staff costs
6,449
5,369
5,162
3,242
3,353
2,171
2,821
1,546
17,785
12,328
Operating profit before amortisation and
depreciation (EBITDA) before special
items
7,412
7,106
3,115
1,684
5,725
3,278
122
240
16,374
12,308
Amortisation and depreciation
968
696
1,120
756
2,930
2,084
246
187
5,264
3,723
Operating profit (EBIT) before special
items*
6,444
6,410
1,995
928
2,795
1,194
(124)
53
11,110
8,585
Condensed statement of financial position
Total assets
103,911
126,029
85,691
53,462
67,414
37,972
46,495
82,318
303,511
299,781
Total liabilities
87,210
81,076
70,619
39,706
52,675
30,693
(32,972)
34,380
177,532
185,855
* Reference is made to the statement of profit or loss for reconciliation of operating profit (EBIT) before special items to profit for the period.
5 Revenue
Europe
Middle East and Africa
Asia Pacific
Americas
Total
Services and geographical
segmentation of revenue (DKKm)
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Air services
8,223
6,519
892
825
8,247
6,149
6,369
5,058
23,731
18,551
Sea services
8,137
7,146
1,370
1,085
3,774
3,185
4,683
4,508
17,964
15,924
Road services
21,545
17,615
546
543
767
544
1,614
1,972
24,472
20,674
Contract Logistics services
6,032
4,828
1,000
846
2,679
1,943
3,823
2,437
13,534
10,054
Total
43,937
36,108
3,808
3,299
15,467
11,821
16,489
13,975
79,701
65,203
Non-allocated items and eliminations
(3,013)
(3,220)
Total revenue
76,688
61,983
Europe
Middle East and Africa
Asia Pacific
Americas
Total
Services and geographical
segmentation of revenue (DKKm)
YTD 2026
YTD 2025
YTD 2026
YTD 2025
YTD 2026
YTD 2025
YTD 2026
YTD 2025
YTD 2026
YTD 2025
Air services
15,733
11,068
1,605
1,492
14,912
10,527
11,639
9,090
43,889
32,177
Sea services
15,932
12,471
2,423
2,115
7,131
5,270
9,048
8,550
34,534
28,406
Road services
42,458
26,306
1,045
1,085
1,481
544
2,787
2,903
47,771
30,838
Contract Logistics services
11,638
8,166
1,998
1,659
5,172
2,726
7,404
3,828
26,212
16,379
Total
85,761
58,011
7,071
6,351
28,696
19,067
30,878
24,371
152,406
107,800
Non-allocated items and eliminations
(5,302)
(4,137)
Total revenue
147,104
103,663
Page 23 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
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 the first six months of 2026, special items totalled DKK
2,921 million, comprising integration costs relating to the
acquisition of Schenker.
YTD 2026
YTD 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
147,104
-
147,104
103,663
-
103,663
Direct costs
107,924
351
108,275
75,431
-
75,431
Gross profit
39,180
(351)
38,829
28,232
-
28,232
Other external costs
5,021
1,248
6,269
3,596
663
4,259
Staff costs
17,785
1,319
19,104
12,328
114
12,442
Operating profit before amortisation and depreciation
16,374
(2,918)
13,456
12,308
(777)
11,531
Amortisation and depreciation
5,264
-
5,264
3,723
40
3,763
Operating profit
11,110
(2,918)
8,192
8,585
(817)
7,768
Special items, costs
2,921
(2,921)
-
817
(817)
-
Financial income
100
-
100
1,000
-
1,000
Financial expenses
2,299
3
2,302
1,757
-
1,757
Profit before tax
5,990
-
5,990
7,011
-
7,011
Page 24 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 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)
30 June 2026
31 December 2025
Carrying amount
Fair value
Carrying amount
Fair value
Financial assets:
Currency derivatives
7
7
25
25
Trade receivables
55,064
55,064
45,130
45,130
Other receivables
12,648
12,648
11,172
11,172
Cash and cash equivalents
10,058
10,058
13,179
13,179
Financial assets measured at amortised costs
77,770
77,770
69,481
69,481
Financial liabilities:
Currency derivatives
122
122
4
4
Issued bonds
61,011
58,772
60,928
58,693
Overdraft and credit facilities
2,361
2,361
6,077
6,077
Trade payables
25,639
25,639
23,493
23,493
Financial liabilities measured at amortised cost
89,011
86,772
90,498
88,263
Page 25 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 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.
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.
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 75,377 million, with DKK 11,430 million in cash and cash
equivalents acquired. There are no contingent consideration
arrangements.
Fair value of acquired net assets and recognised goodwill
Fair value of acquired net assets has been identified and
goodwill recognised.
In 2026, DKK 120 million was recognised as measurement
period adjustments to the acquisitional opening balance. The
measurement period adjustments primarily relate to valuation of
property, plant and equipment (increased fair value of DKK
1,154 million) and provisions (decreased fair value of DKK 630
million). Acquisitional accounting has been completed. For
further details relating to fair value measurement and the
disposal group, refer to note 6.1 in the DSV Annual Report
2025.
The fair value of acquired trade receivables, contract assets and
other receivables amounted to DKK 30,139 million.
Goodwill recognised mainly relates to the expertise and know-
how of the acquired workforce and expected synergies from the
integration into the DSV Group.
The fair value of identified net assets and goodwill recognised
may be specified as follows:
Assets identified at fair value:
(DKKm)
Customer relationships
1,627
Other intangible assets
725
Right-of-use assets
8,642
Property, plant and equipment
18,981
Trade receivables
21,621
Contract assets
4,238
Inventories
40
Deferred tax assets
2,006
Other receivables
4,280
Cash and cash equivalents
11,430
Assets held for sale
1,320
Total assets
74,910
Liabilities identified at fair value:
Lease liabilities
8,593
Borrowings
13,583
Provisions
8,738
Pensions and other post-employment benefit plans
2,044
Trade payables
11,606
Accrued cost of services
6,444
Deferred tax liabilities
668
Tax payables
2,075
Other payables
7,778
Liabilities directly associated with the assets held for sale
1,320
Total liabilities
62,849
Non-controlling interests share of acquired net assets
240
Total net assets acquired
11,821
Fair value of total consideration transferred
86,807
Goodwill arising from acquisitions
74,986
Page 26 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1170 – 22 July 2026
Hedehusene, 22 July 2026
Executive Board:
Board of Directors: