Sample analysis · Full DSV Q3 2026 profileEvidence. Explanation. Implications.

DSV’s next earnings step depends on refilling the Schenker network

Air & Sea and Contract Logistics added DKK1.32bn of quarterly EBIT between them, more than absorbing Road’s DKK272m decline. The acquisition is delivering substantial cost benefits, while technology customers are improving the business mix. Road exposes the remaining execution problem: restoring delivery quality has stopped the immediate disruption, but rebuilding lost traffic and removing excess network cost will take much of 2027. That delays part of the Schenker payoff, with the full annual benefit of the deferred savings now falling into 2028.

DSV (including Schenker) · Global reporting · Q3 and nine months ended 30 September 2026 · Reviewed 2026-10-28

Air & Sea and Contract Logistics carry the integration return

Group year-on-year growth · constant currencies

2.3 %Gross profit growth, constant currencyQ3 2026 19.5 %EBIT growth, constant currencyQ3 2026

Gross profit growth, constant currency2.3

EBIT growth, constant currency19.5

Group EBIT before special items increased 19.5% in constant currencies against 2.3% gross-profit growth. In reported kroner, Air & Sea contributed DKK746m of extra EBIT and Contract Logistics DKK575m. Together they more than covered Road’s DKK272m decline; Global Products and Group supplied the remaining DKK123m of the DKK1.17bn group increase.

The earnings improvement is concentrated in divisions where DSV is converting the enlarged customer base into a lower cost per unit of gross profit. Those gains give the group room to repair Road, but they also show why Road’s recovery matters: the group’s next step requires its largest European network integration to start contributing commercially again. DKK300m of current property gains remain within reported EBIT.

Global company results. Contribution bridge uses reported DKK; headline growth rates use the company’s constant-currency bridge. EBIT is before special items.

DSV A/S · DSV management; transcript hosted by Benzinga

Air & Sea converts portfolio discipline into stronger earnings

Company-reported Q3 volume growth · rounded percentages

-3.0 %Air freight volume growth, company-reportedQ3 2026 -3.0 %Sea freight volume growth, company-reportedQ3 2026

Air freight volume growth, company-reported-3.0

Sea freight volume growth, company-reported-3.0

Air and sea volumes each fell by roughly 3% and 3% respectively. Air gross profit nevertheless rose DKK270m as gross profit per tonne increased from DKK8,196 to DKK8,936. Technology cargo helped counter weaker automotive and APAC–Europe activity. Management attributes about two percentage points of the air-volume decline to deliberate portfolio exits, largely completed during July.

The bigger earnings contribution came from costs: DKK629m lower staff expense helped lift divisional EBIT by DKK746m, against only DKK182m more gross profit. DSV is making the acquired business more productive before volumes recover. In sea freight, DKK4,142 gross profit per container was barely above last year, so a fuller cargo pipeline matters more than another pricing windfall. Management expects less favourable ocean unit returns as congestion eases; the benefit of portfolio cleaning now has to be reinforced by renewed sales.

Global Air & Sea. Unit gross profit is the amount retained after bought-in transport, before divisional overhead. Reported costs also reflect organisational transfers; the full cost change is not labelled pure Schenker savings.

DSV A/S · DSV management; transcript hosted by Benzinga

Road’s service repair has not yet restored its earning capacity

Road EBIT before special items · DKK million

798.0 DKK millionPrior-year Road EBIT before special itemsQ3 2025 526.0 DKK millionRoad EBIT before special itemsQ3 2026

Prior-year Road EBIT before special items798.0

Road EBIT before special items526.0

Road EBIT fell from DKK798m to DKK526m; excluding DKK195m of property gains leaves DKK331m. Management estimates DKK200m–300m of temporary service-recovery costs and says those costs have ended. Even adding that amount back leaves DKK531m–631m, well below its approximately DKK1bn normal-quarter reference. Lost traffic and weak productivity therefore explain a substantial part of the remaining earnings gap.

The commercial repair is slower than the operational one. Large complex accounts largely stayed, while smaller customers serving one or two countries proved more mobile. The sales-to-start cycle is at least 90 days, and management expects six to nine months into 2027 to recover lost volume. Its parallel plan is to reduce production cost by 5–10% through line-haul loading, terminals and collection/delivery. Refilling retained network capacity and removing duplication are the two routes back to profit; neither is delivered merely by meeting service standards again.

Road-specific European recovery. Cost add-back and normal-quarter comparison are bounded illustrations using management estimates, not a profit forecast or separate adjusted result. Production savings are a management plan.

DSV A/S · DSV management; transcript hosted by Benzinga

Contract Logistics replaces weak contracts with higher-return technology work

Contract Logistics EBIT before special items · DKK million

1,098.0 DKK millionPrior-year Contract Logistics EBIT before special itemsQ3 2025 1,673.0 DKK millionContract Logistics EBIT before special itemsQ3 2026

Prior-year Contract Logistics EBIT before special items1,098.0

Contract Logistics EBIT before special items1,673.0

Contract Logistics EBIT rose from DKK1.10bn to DKK1.67bn. Excluding the current DKK105m property gain leaves DKK1.57bn and an 11.0% margin. DSV is exiting weak-return work and consolidating low-performing sites while replacing that activity with larger customer programmes, particularly cloud and hyperscaler infrastructure. Revenue still grew despite those exits.

The result is a better use of the acquired footprint, rather than growth bought through more sites. Other external costs fell DKK624m while staff costs rose DKK91m, showing that site consolidation and investment in new customer work are occurring together. Rolling return on invested capital improved from 6.9% to 10.9%. The division is becoming a meaningful second earnings engine alongside Air & Sea, although staffing and ramp-up costs absorb part of the gross integration savings as the customer base changes.

Global Contract Logistics. ROIC is a rolling 12-month measure including goodwill/customer relationships. The current-quarter property adjustment does not restate the prior year or isolate profit earned from hyperscalers.

DSV A/S · DSV management; transcript hosted by Benzinga

Asset disposals fund much of the cash improvement

Adjusted free cash flow · DKK million · Q3

3,829.0 DKK millionPrior-year adjusted free cash flowQ3 2025 6,439.0 DKK millionAdjusted free cash flowQ3 2026

Prior-year adjusted free cash flow3,829.0

Adjusted free cash flow6,439.0

Adjusted free cash flow rose from DKK3.83bn to DKK6.44bn. That headline includes DKK3.19bn of property-disposal cash and adds back DKK1.69bn of integration payments. Subtracting both leaves DKK1.56bn after those cash commitments, with lease repayments already deducted. Cash from operating activities was lower than last year, at DKK5.56bn versus DKK6.38bn.

Property monetisation is doing real work in financing the Schenker transition and reducing debt. It should not be confused with an equivalent improvement in cash generated by moving freight. Working capital excluding property receivables sits at 3.0% of revenue, the top of the long-term range. The DKK1.5bn buyback also serves share-option obligations; it does not imply that the integration’s cash demands are over. Gearing is 2.5 times against management’s two-times aim during 2027.

The DKK1.56bn figure is a Freight Insider cash bridge, not recurring free cash flow. No second lease deduction. Property cash includes gains, investment proceeds and collection of property receivables; these are not added twice.

DSV A/S · DSV management; transcript hosted by Benzinga

The delayed savings reach their full annual effect in 2028

2026 integration-cost guidance · DKK million

6,500.0 DKK millionPrevious 2026 integration-cost guidanceFY 2026 prior guidance 5,500.0 DKK millionRevised 2026 integration-cost guidanceFY 2026 guidance

Previous 2026 integration-cost guidance6,500.0

Revised 2026 integration-cost guidance5,500.0

Expected 2026 integration charges fell from DKK6.5bn to DKK5.5bn because work moved into 2027. The call identifies about DKK1bn of deferred annual savings: implementation resumes during 2027, with the full annual effect in 2028. The overall DKK9bn Schenker synergy objective and approximately DKK11bn total transaction/integration cost remain unchanged.

This is a later return on the acquisition, not a cheaper integration. Service problems have kept extra back-office resources in place and slowed productivity work. Nor does the headline synergy target translate one-for-one into extra EBIT: Contract Logistics is reinvesting in growing accounts and the wider cost base faces inflation. The commercially important question is now how much of the savings survives those offsets while Road rebuilds its traffic.

Integration charges are expenses; synergy run rate is an annual benefit ambition. They have different timing and are not netted. The separate 2030 productivity programme is not added to the Schenker target as guaranteed profit.

DSV A/S · DSV management; transcript hosted by Benzinga

The earnings base is stronger; the next operating model is still being built

EBIT-before-special-items guidance · DKK million

24,000.0 DKK millionNew EBIT guidance: lower boundFY 2026 guidance 25,000.0 DKK millionNew EBIT guidance: upper boundFY 2026 guidance

New EBIT guidance: lower bound24,000.0

New EBIT guidance: upper bound25,000.0

The narrower DKK24bn–DKK25bn full-year EBIT range leaves the midpoint unchanged. It implies DKK6.78bn in Q4, close to Q3’s DKK6.61bn, with further property gains included. Beyond this year, DSV is organising customs, parcels and fairs/events into Global Products, with around 3,000 employees, to deliver services across countries and deepen customer relationships.

That structure creates a route to capture more of a customer’s logistics spending, but its current EBIT contribution is immaterial. The systems strategy is similarly a staged opportunity: Tango handles an estimated 20–25% of Air & Sea volume, particularly complex work, and will coexist with CargoWise before wider rollout. DSV is prioritising implementation reliability over an immediate systems-cost saving. After Road’s disruption, that is economically significant: a cheaper platform only creates value if customer service and retained business survive the migration.

Guidance is management’s target; Q4 midpoint is Freight Insider arithmetic. Global Products workforce includes transfers. Tango share is a management estimate of existing production, not rollout completion.

DSV A/S · DSV management; transcript hosted by Benzinga

Outlook & what would change it

Freight Insider assessment

DSV has two different recovery speeds. Air & Sea and Contract Logistics are already turning customer selection and consolidation into profit. Road must now translate restored service into shipped volumes while reducing production cost. That makes 2027 a year of completing the commercial integration, with part of the savings only fully reflected in 2028. The upside is stronger utilisation of a network already assembled; the cost of delay is retained capacity, supporting staff and a longer wait for the acquisition’s cash return.

Countercase

Road customers could return more slowly than management expects, leaving productivity gains insufficient to fill the earnings gap. Technology-led Contract Logistics growth also requires successful staffing and implementation. Weaker ocean gross profit or disruptive systems changes would put more pressure on the divisions currently carrying the recovery. Lower property proceeds would expose the cash demands of integration and working capital more directly.

Q3 2026 global company analysis, including Schenker. Sources include the official interim report and the full 21 October earnings-call transcript, including all Q&A. Europe-specific conclusions concern the disclosed Road network and named trade lanes. Financial tables govern where automated transcription conflicts; management plans are attributed and strategic implications are Freight Insider assessments.

Linked Evidence

EBIT growth, constant currency · 19.5 %

Q3 2026 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

Which divisions actually supplied the extra group profit?

Air & Sea and Contract Logistics add DKK1,321m, covering Road’s DKK272m decline and leaving DKK1,049m of net improvement before Global Products/Group. The remaining DKK123m completes the DKK1,172m reported increase. The group is already capturing integration benefits, but Road is withholding part of the return.

Reported earnings contribution by division
Measure	Value and unit	Period
Air & Sea EBIT increase · Q3 year-on-year	746.0 DKK million	Q3 year-on-year
Contract Logistics EBIT increase · Q3 year-on-year	575.0 DKK million	Q3 year-on-year
Road EBIT change · Q3 year-on-year	-272.0 DKK million	Q3 year-on-year
Group EBIT increase · Q3 year-on-year	1,172.0 DKK million	Q3 year-on-year

DKK changes are nominal; they do not sum to the 19.5% constant-currency growth rate. Current reported profit includes DKK300m property gains.

Exact value, inputs and sources

Gross profit growth, constant currency · 2.3 %

Q3 2026 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

How does modest gross-profit growth produce much more EBIT?

Air & Sea raised conversion from 38.6% to 45.8% while staff costs fell DKK629m. This division illustrates the main mechanism: more of each krone retained after bought-in transport reaches EBIT as the acquired cost base is reduced. Contract Logistics contributes a separate improvement through site consolidation and customer selection.

Air & Sea conversion and staff-cost comparison
Measure	Value and unit	Period
Prior Air & Sea EBIT / gross profit · Q3 2025	38.6 %	Q3 2025
Air & Sea EBIT / gross profit · Q3 2026	45.8 %	Q3 2026
Prior Air & Sea staff costs · Q3 2025	3,599.0 DKK million	Q3 2025
Air & Sea staff costs · Q3 2026	2,970.0 DKK million	Q3 2026

Global division, reported DKK. Organisational transfers affect costs; not all staff-cost change is isolated acquisition synergy.

Exact value, inputs and sources

Air freight volume growth, company-reported · -3.0 %

Q3 2026 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

How much of air’s volume decline was a deliberate customer decision?

Management assigns roughly two of the three percentage points of decline to portfolio exits. Gross profit per tonne nevertheless rose about 9%, and air gross profit increased DKK270m. The retained business was therefore more valuable even before volumes recover; technology customers are part of that mix shift.

Portfolio exits and retained air gross profit
Measure	Value and unit	Period
Portfolio exits within air-volume decline, approximately · Q3 2026	2.0 percentage points	Q3 2026
Prior-year air gross profit per tonne · Q3 2025	8,196.0 DKK/tonne	Q3 2025
Air gross profit per tonne · Q3 2026	8,936.0 DKK/tonne	Q3 2026
Prior-year air gross profit · Q3 2025	4,742.0 DKK million	Q3 2025
Air gross profit · Q3 2026	5,012.0 DKK million	Q3 2026

Two points is management’s approximate attribution; financial values are nominal company-report figures. No technology-only margin is disclosed.

Exact value, inputs and sources

Sea freight volume growth, company-reported · -3.0 %

Q3 2026 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

Why is sea volume recovery more important than it is in air?

Sea gross profit per container is almost unchanged, while total sea gross profit falls DKK88m. Air’s higher unit return more than offsets its volume decline; sea has no comparable cushion. Restoring cargo wins becomes the clearer route to gross-profit growth as management expects ocean unit returns to ease.

Sea unit return and total gross profit
Measure	Value and unit	Period
Prior-year sea gross profit per TEU · Q3 2025	4,118.0 DKK/TEU	Q3 2025
Sea gross profit per TEU · Q3 2026	4,142.0 DKK/TEU	Q3 2026
Prior-year sea gross profit · Q3 2025	4,418.0 DKK million	Q3 2025
Sea gross profit · Q3 2026	4,330.0 DKK million	Q3 2026

Global sea freight;TEU is a 20-foot-equivalent container. The forward unit-return view is management’s expectation.

Exact value, inputs and sources

Air gross profit per tonne · 8,936.0 DKK/tonne

Q3 2026 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

Is better air gross profit translating into divisional earnings?

Air adds DKK270m of gross profit while sea loses DKK88m, leaving DKK182m more gross profit for Air & Sea. Lower staff expense supplies a further DKK629m; higher external costs and depreciation absorb DKK65m. Together those movements reconcile the DKK746m EBIT increase.

Air & Sea income-statement bridge
Measure	Value and unit	Period
Prior Air & Sea gross profit · Q3 2025	9,160.0 DKK million	Q3 2025
Air & Sea gross profit · Q3 2026	9,342.0 DKK million	Q3 2026
Prior Air & Sea staff costs · Q3 2025	3,599.0 DKK million	Q3 2025
Air & Sea staff costs · Q3 2026	2,970.0 DKK million	Q3 2026
Prior Air & Sea other external costs · Q3 2025	1,596.0 DKK million	Q3 2025
Air & Sea other external costs · Q3 2026	1,602.0 DKK million	Q3 2026
Prior Air & Sea depreciation/amortisation · Q3 2025	433.0 DKK million	Q3 2025
Air & Sea depreciation/amortisation · Q3 2026	492.0 DKK million	Q3 2026

Nominal DKK comparison. The unit-air improvement is not used to allocate divisional cost savings to air.

Exact value, inputs and sources

Sea gross profit per TEU · 4,142.0 DKK/TEU

Q3 2026 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

Where does sea freight leave the combined division’s recovery?

Sea’s DKK88m gross-profit decline contrasts with air’s DKK270m increase. This makes the combined business more reliant on air customer economics and cost conversion. Management describes value-added services as roughly two-thirds of sea unit gross profit, providing a broader account relationship as transport markups come under pressure.

Air and sea gross-profit contribution
Measure	Value and unit	Period
Prior-year air gross profit · Q3 2025	4,742.0 DKK million	Q3 2025
Air gross profit · Q3 2026	5,012.0 DKK million	Q3 2026
Prior-year sea gross profit · Q3 2025	4,418.0 DKK million	Q3 2025
Sea gross profit · Q3 2026	4,330.0 DKK million	Q3 2026

Nominal DKK; management’s approximate service mix is qualitative context, not a forecast that unit returns are protected.

Exact value, inputs and sources

Road EBIT before special items · 526.0 DKK million

Q3 2026 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

How much does the property gain mask the commercial weakness?

The DKK195m gain supplies 37% of reported Road EBIT. Meanwhile gross profit is DKK523m below last year despite broadly stable revenue. This indicates that the earnings problem lies in retaining profit from the network’s activity, rather than simply its headline sales value.

Road operating result and gross-profit deterioration
Measure	Value and unit	Period
Road property-disposal gains · Q3 2026	195.0 DKK million	Q3 2026
Road EBIT excluding disclosed property gains · Q3 2026	331.0 DKK million	Q3 2026
Prior-year Road gross profit · Q3 2025	5,021.0 DKK million	Q3 2025
Road gross profit · Q3 2026	4,498.0 DKK million	Q3 2026
Prior-year Road revenue · Q3 2025	23,418.0 DKK million	Q3 2025
Road revenue · Q3 2026	23,375.0 DKK million	Q3 2026

Reported divisional DKK. The property gain is included in gross profit and EBIT, not two separate benefits.

Exact value, inputs and sources

Prior-year Road EBIT before special items · 798.0 DKK million

Q3 2025 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

How far below management’s normal earning capacity is Road?

The current result is DKK331m after removing the disclosed property gain. Adding management’s DKK200–300m temporary-cost estimate produces DKK531–631m, still DKK369–469m below its DKK1bn normal-quarter reference. Removing disruption costs alone cannot close that illustrated gap; traffic and productivity must improve.

Temporary-cost relief versus management’s normal-quarter reference
Measure	Value and unit	Period
Road EBIT excluding disclosed property gains · Q3 2026	331.0 DKK million	Q3 2026
Temporary service-recovery costs: lower estimate · Q3 2026	200.0 DKK million	Q3 2026
Temporary service-recovery costs: upper estimate · Q3 2026	300.0 DKK million	Q3 2026
Normal-quarter EBIT reference, approximately · Q3 2026 counterfactual; management estimate	1,000.0 DKK million	Q3 2026 counterfactual; management estimate

Counterfactual illustration using estimates, not a forecast. Prior-year DKK798m is not assumed to be the normal-quarter benchmark.

Exact value, inputs and sources

Contract Logistics EBIT before special items · 1,673.0 DKK million

Q3 2026 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

How much profitability remains after removing the property gain?

Excluding DKK105m leaves DKK1,568m of current EBIT and an 11.0% margin on DKK14,280m revenue. That remains materially above the prior reported DKK1,098m on DKK13,113m revenue. The division’s improvement therefore extends beyond the disposal, consistent with better site utilisation and a stronger contract mix.

Current property adjustment and operating scale
Measure	Value and unit	Period
Contract Logistics property-disposal gains · Q3 2026	105.0 DKK million	Q3 2026
Contract Logistics EBIT excluding disclosed property gains · Q3 2026	1,568.0 DKK million	Q3 2026
Contract Logistics margin excluding disclosed current property gain · Q3 2026	11.0 %	Q3 2026
Contract Logistics revenue · Q3 2026	14,280.0 DKK million	Q3 2026
Prior Contract Logistics revenue · Q3 2025	13,113.0 DKK million	Q3 2025

Only the disclosed current property gain is removed. The prior year is not restated into a complete recurring-profit measure.

Exact value, inputs and sources

Prior-year Contract Logistics EBIT before special items · 1,098.0 DKK million

Q3 2025 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

What changed in the cost base behind Contract Logistics’ improvement?

External costs fell DKK624m, exceeding the DKK575m total EBIT increase, while staffing and depreciation rose DKK195m together. Gross profit added DKK146m, including the current property gain. This reconciles the improvement and shows site consolidation funding the resources needed for larger customer programmes.

Contract Logistics cost and gross-profit bridge
Measure	Value and unit	Period
Prior Contract Logistics other external costs · Q3 2025	1,662.0 DKK million	Q3 2025
Contract Logistics other external costs · Q3 2026	1,038.0 DKK million	Q3 2026
Prior Contract Logistics staff costs · Q3 2025	1,673.0 DKK million	Q3 2025
Contract Logistics staff costs · Q3 2026	1,764.0 DKK million	Q3 2026
Prior Contract Logistics depreciation/amortisation · Q3 2025	1,377.0 DKK million	Q3 2025
Contract Logistics depreciation/amortisation · Q3 2026	1,481.0 DKK million	Q3 2026
Prior Contract Logistics gross profit · Q3 2025	5,810.0 DKK million	Q3 2025
Contract Logistics gross profit · Q3 2026	5,956.0 DKK million	Q3 2026

Nominal DKK income-statement bridge, not a decomposition by individual customer or synergy programme.

Exact value, inputs and sources

Contract Logistics rolling 12-month ROIC before tax · 10.9 %

12months to 30 September 2026 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

Is the larger customer portfolio earning an adequate return on capital?

The improvement from 6.9% to 10.9% closes roughly half of the 8.1-percentage-point distance between last year’s result and management’s 15% target. Higher EBIT and consolidation are making better use of the acquired assets, while the remaining 4.1-point gap leaves further return improvement to deliver.

Return target and current earnings after the property gain
Measure	Value and unit	Period
Prior-year Contract Logistics rolling 12-month ROIC before tax · 12months to 30 September 2025	6.9 %	12months to 30 September 2025
Contract Logistics return-on-capital target · Management divisional target	15.0 %	Management divisional target
Contract Logistics EBIT excluding disclosed property gains · Q3 2026	1,568.0 DKK million	Q3 2026
Contract Logistics margin excluding disclosed current property gain · Q3 2026	11.0 %	Q3 2026

ROIC is rolling 12 months; margin is one quarter. Target is management’s ambition; no timing or valuation conclusion is inferred.

Exact value, inputs and sources

Adjusted free cash flow · 6,439.0 DKK million

Q3 2026 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

What cash remains after the integration costs and property proceeds?

Start with DKK6,439m adjusted FCF, subtract DKK3,189m property cash and DKK1,693m integration payments:DKK1,557m remains. Leasepayments of DKK1,747m are already deducted in the starting figure. This reveals the scale of transitional funding behind the quarter’s deleveraging.

Analytical cash bridge
Measure	Value and unit	Period
Total cash effect from property disposals · Q3 2026	3,189.0 DKK million	Q3 2026
Integration/special-item cash payments · Q3 2026	1,693.0 DKK million	Q3 2026
Lease repayments already deducted in adjusted FCF · Q3 2026	1,747.0 DKK million	Q3 2026
Adjusted FCF after property cash and integration payments · Q3 2026	1,557.0 DKK million	Q3 2026

Not a company-defined recurring FCF metric; other timing effects remain. Integration payment is subtracted because company-adjusted FCF adds it back.

Exact value, inputs and sources

Prior-year adjusted free cash flow · 3,829.0 DKK million

Q3 2025 · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

Did underlying operating cash improve alongside the higher headline?

Operating cash fell DKK819m even as adjusted FCF rose DKK2,610m. The DKK3,189m property contribution is larger than that headline increase. Asset sales are helping finance the integration, while freight-related cash conversion remains a separate operating task.

Operating cash, property proceeds and integration payments
Measure	Value and unit	Period
Prior cash from operating activities · Q3 2025	6,381.0 DKK million	Q3 2025
Cash from operating activities · Q3 2026	5,562.0 DKK million	Q3 2026
Total cash effect from property disposals · Q3 2026	3,189.0 DKK million	Q3 2026
Integration/special-item cash payments · Q3 2026	1,693.0 DKK million	Q3 2026

Property cash spans EBITDA, investing and working capital. Operating cash already includes integration payments; the table does not add these measures.

Exact value, inputs and sources

Revised 2026 integration-cost guidance · 5,500.0 DKK million

FY 2026 guidance · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

How much return is still to come from the integration?

Management still targets DKK9bn in annual synergies, but about DKK1bn of that run rate is delayed. The deferred work delivers during 2027 with a full annual effect in 2028. This moves part of the payback beyond operational completion and explains why lower 2026 charges are not a pure earnings upgrade.

Full synergy objective and timing
Measure	Value and unit	Period
Expected annual synergy run rate · Annual run rate, future realisation	9,000.0 DKK million	Annual run rate, future realisation
Synergy run rate with deferred delivery, approximately · Implemented during 2027; full annual effect 2028	1,000.0 DKK million/year	Implemented during 2027; full annual effect 2028
Expected 2026 synergy benefit, approximately · FY 2026; management estimate	4,000.0 DKK million	FY 2026; management estimate

Annual run rate and in-year benefits are not additive. Approximately DKK4bn for 2026 is not a guaranteed floor.

Exact value, inputs and sources

Previous 2026 integration-cost guidance · 6,500.0 DKK million

FY 2026 prior guidance · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

Does lower current-year integration spending reduce the total bill?

The whole-programme estimate remains DKK11bn, with about DKK8.7bn recognised so far. The lower 2026 charge shifts work into 2027. It therefore postpones cash and expense without establishing a reduction in the resources needed to complete the transaction.

Programme cost, recognised expense and cash paid
Measure	Value and unit	Period
Expected total transaction/integration costs · Whole integration programme	11,000.0 DKK million	Whole integration programme
Costs recognised to date, approximately · Through 30 September 2026	8,700.0 DKK million	Through 30 September 2026
Nine-month special items recognised · 9M 2026	4,197.0 DKK million	9M 2026
Nine-month integration cash payments · 9M 2026	4,649.0 DKK million	9M 2026

Expense and cash are different measures. Recognised-to-date spans the whole transaction; nine-month figures cover 2026 only.

Exact value, inputs and sources

New EBIT guidance: lower bound · 24,000.0 DKK million

FY 2026 guidance · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

What quarterly performance does the narrowed range require?

The midpoint implies DKK6,784m in Q4, only DKK178m above Q3. The current earnings base is therefore close to the target, provided Air & Sea and Contract Logistics hold their progress and Road improves modestly. The guidance also expects property gains broadly like recent quarters.

Nine-month delivery and implied Q4 requirement
Measure	Value and unit	Period
Nine-month EBIT before special items · 9M 2026	17,716.0 DKK million	9M 2026
Q4 EBIT implied by guidance midpoint · Q4 2026 implied	6,784.0 DKK million	Q4 2026 implied
EBIT before special items · Q3 2026	6,606.0 DKK million	Q3 2026
Included property-disposal gains · Q3 2026	300.0 DKK million	Q3 2026

EBIT before special items; Q4 requirement is calculated, not specific company guidance. Midpoint unchanged at DKK24.5bn.

Exact value, inputs and sources

New EBIT guidance: upper bound · 25,000.0 DKK million

FY 2026 guidance · DSV (including Schenker) reported global group/segment perimeter, as identified in the source cell; not a European market total

Where does the remaining upside depend on execution?

Air & Sea already converts 45.8% of gross profit into EBIT, while Contract Logistics return on capital has reached 10.9%. Road’s DKK331m profit excluding property is the stark contrast. That distribution makes commercial recovery and network efficiency in Road central to future group improvement, alongside continued growth in the new customer portfolio.

Divisional earnings capacity and Road’s operating plan
Measure	Value and unit	Period
Air & Sea EBIT / gross profit · Q3 2026	45.8 %	Q3 2026
Contract Logistics rolling 12-month ROIC before tax · 12months to 30 September 2026	10.9 %	12months to 30 September 2026
Road EBIT excluding disclosed property gains · Q3 2026	331.0 DKK million	Q3 2026
Planned production-cost reduction: lower end · Management rolling plan at 21 October 2026	5.0 % of current production cost	Management rolling plan at 21 October 2026
Planned production-cost reduction: upper end · Management rolling plan at 21 October 2026	10.0 % of current production cost	Management rolling plan at 21 October 2026

Different units show different mechanisms, not a comparative ranking. No upper-end guidance probability is assigned.

Exact value, inputs and sources

Global Products workforce, approximately · 3,000.0 FTE

30 September 2026 · DSV global group

Does Global Products already add a new earnings engine?

About 450 employees moved into the structure during Q3, within a workforce of roughly 3,000. The official report says its current EBIT impact is immaterial. The strategic opportunity is common cross-border customs and other specialist services; the first task is product integration and external customer development, rather than counting transferred activity as new growth.

Organisational transfer versus current earnings contributors
Measure	Value and unit	Period
Employees transferred into Global Products, approximately · Q3 2026	450.0 FTE	Q3 2026
Air & Sea EBIT increase · Q3 year-on-year	746.0 DKK million	Q3 year-on-year
Contract Logistics EBIT increase · Q3 year-on-year	575.0 DKK million	Q3 year-on-year

Global Products headcount is not an addition of 3,000 new employees. Air & Sea and Contract Logistics changes illustrate where profit growth currently comes from.

Exact value, inputs and sources

Lost-volume recovery: lower timeframe · 6.0 months into 2027

Management expectation at 21 October 2026 · DSV Road division; European network recovery

Why will restored delivery quality take months to restore profit?

A sales conversation precedes the shipment by at least 90 days, including customer integration. The expected six-to-nine-month rebuilding period therefore runs alongside the production-cost plan. Service recovery stops the damage; new volumes improve utilisation only after commercial wins begin moving through the network.

Commercial lead time and the separate operating-cost plan
Measure	Value and unit	Period
Sales-to-start cycle, at least · Current cycle at 21 October 2026	90.0 days	Current cycle at 21 October 2026
Lost-volume recovery: upper timeframe · Management expectation at 21 October 2026	9.0 months into 2027	Management expectation at 21 October 2026
Planned production-cost reduction: lower end · Management rolling plan at 21 October 2026	5.0 % of current production cost	Management rolling plan at 21 October 2026
Planned production-cost reduction: upper end · Management rolling plan at 21 October 2026	10.0 % of current production cost	Management rolling plan at 21 October 2026

Management expectations at the call. The cost plan and higher network utilisation overlap economically; their benefits are not added as independent forecasts.

Exact value, inputs and sources

Planned production-cost reduction: lower end · 5.0 % of current production cost

Management rolling plan at 21 October 2026 · DSV Road division; European network recovery

What changes behind the planned reduction in production cost?

DSV is consolidating two networks that started at about 450 terminals toward roughly 280. Management says the current network is a little above 300. Removing remaining overlap and improving loading can reduce cost per shipment, while regained traffic spreads retained terminal and line-haul capacity over more business.

Network consolidation and the scale of the earnings gap
Measure	Value and unit	Period
Combined networks before consolidation, approximately · Pre-consolidation footprint	450.0 terminals	Pre-consolidation footprint
Intended consolidated network, approximately · Management network plan at 21 October 2026	280.0 terminals	Management network plan at 21 October 2026
Road EBIT excluding disclosed property gains · Q3 2026	331.0 DKK million	Q3 2026
Normal-quarter EBIT reference, approximately · Q3 2026 counterfactual; management estimate	1,000.0 DKK million	Q3 2026 counterfactual; management estimate

Terminal figures and normal-quarter profit are management estimates. A 38% reduction in terminal count is not a 38% cost saving; no such proportionality is assumed.

Exact value, inputs and sources

Synergy run rate with deferred delivery, approximately · 1,000.0 DKK million/year

Implemented during 2027; full annual effect 2028 · DSV global group

What offsets the gross savings before they reach EBIT?

Contract Logistics staff expense rises DKK91m as new customer work scales, even while external costs fall DKK624m. The call identifies that reinvestment and cost inflation as offsets to savings. Gross synergy delivery can therefore coexist with higher costs in parts of the business; the economic return must be seen in profit and cash after funding growth.

Reinvestment alongside consolidation
Measure	Value and unit	Period
Prior Contract Logistics staff costs · Q3 2025	1,673.0 DKK million	Q3 2025
Contract Logistics staff costs · Q3 2026	1,764.0 DKK million	Q3 2026
Prior Contract Logistics other external costs · Q3 2025	1,662.0 DKK million	Q3 2025
Contract Logistics other external costs · Q3 2026	1,038.0 DKK million	Q3 2026

Reported cost changes do not isolate all synergies or all inflation. No mechanically derived 2027 net-profit forecast.

Exact value, inputs and sources

Volumes currently produced on Tango: lower estimate · 20.0 % of Air & Sea volumes

At 21 October 2026 call · DSV global Air & Sea

Why does the coexistence of two systems matter to the earnings case?

Air & Sea’s staff cost has already fallen DKK629m while other external costs rose DKK6m. Management says Tango and CargoWise will coexist and has not started the wider rollout. The current earnings improvement therefore does not require an assumed immediate elimination of external platform costs; further technology benefits depend on a reliable switchover.

Current cost conversion and systems migration stage
Measure	Value and unit	Period
Prior Air & Sea staff costs · Q3 2025	3,599.0 DKK million	Q3 2025
Air & Sea staff costs · Q3 2026	2,970.0 DKK million	Q3 2026
Prior Air & Sea other external costs · Q3 2025	1,596.0 DKK million	Q3 2025
Air & Sea other external costs · Q3 2026	1,602.0 DKK million	Q3 2026
Volumes currently produced on Tango: upper estimate · At 21 October 2026 call	25.0 % of Air & Sea volumes	At 21 October 2026 call

Cost categories include more than IT. The 20–25% share is a current production estimate, not a share of migration completed.

Exact value, inputs and sources

Adjusted FCF after property cash and integration payments · 1,557.0 DKK million

Q3 2026 · DSV global group

What does that cash bridge imply for capital allocation?

The DKK1.5bn buyback is similar in size to the DKK1.56bn analytical quarterly cash remainder and partly meets share-option commitments. With gearing at 2.5 times against a two-times goal, cash conversion and completion of the integration still matter to the capacity for further distributions. The buyback does not establish that asset-sale support can be repeated indefinitely.

Capital allocation and funds tied up in operations
Measure	Value and unit	Period
Announced share buyback · 21 October 2026 announcement	1,500.0 DKK million	21 October 2026 announcement
Net debt / adjusted EBITDA · 30 September 2026	2.5 times	30 September 2026
Target gearing · Management aim during 2027	2.0 times	Management aim during 2027
Net working capital / estimated full-year revenue · 30 September 2026	3.4 %	30 September 2026
Working-capital ratio excluding property receivables · 30 September 2026	3.0 %	30 September 2026

Different periods and measures; no claim that the quarter’s cash was earmarked for buybacks. Gearing comes from the official report, not inconsistent transcript decimals.

Exact value, inputs and sources