DSV reported a 19.5% increase in third-quarter operating profit before special items, as cost synergies from its Schenker acquisition and stronger results in air and sea, and contract logistics outweighed weakness in trucking.
The world’s biggest forwarder (DSV.CO), based in Denmark, posted pre-tax earnings before special items of 6.606 billion Danish kroner ($990.9 million), including $45 million in gains from property disposals. Revenue rose 12.1% year over year to $12.11 billion, while gross profit increased 3.8% to $3.04 billion.
Air and sea business generated $641.7 million in EBIT before special items, up 18.9%, with integration-related cost savings lifting its conversion ratio, or the share of gross profit converted into operating profit, to 45.8% from 38.6%. Contract logistics EBIT climbed 50.3% to $251 million, supported by synergies, improved productivity and capacity utilization.
Trucking remained the weak spot. Its EBIT before special items fell 35.1% to $78.9 million, including $29.3 million in property gains. DSV attributed the decline to lower volumes and productivity after service disruptions linked to the Schenker integration in Europe. Operations normalized toward the end of the quarter, the company said, with attention now shifting to productivity and commercial performance.
DSV said the Schenker integration was generally proceeding as planned, with almost all countries either completed or undergoing integration by the end of the quarter. As part of reshaping the acquired business, DSV announced plans in October 2025 to divest USA Truck, saying the carrier did not fit its mostly asset-light model. It maintained its target of $1.35 billion in annual synergies, but said remaining savings in trucking and some group functions would be delayed into 2027 because of operational issues.
The company narrowed its 2026 EBIT-before-special-items forecast to $3.6 billion to $3.75 billion, from a previous range of approximately $3.53 billion to $3.83 billion. It now expects about $825 million in integration-related special items for 2026, with some costs shifting into 2027. DSV continued to estimate total transaction and integration costs at about $1.65 billion.
DSV reported adjusted free cash flow of $965.9 million for the quarter and said its debt-to-equity fell to 2.5 times. Cash flow benefited from $478.4 million in property disposals, while working capital remained elevated amid higher freight rates and fuel prices. The company also announced a $225 million share buyback, scheduled to run from Oct. 21, 2026, to Feb. 1, 2027.
DSV said its demand outlook remained exposed to macroeconomic uncertainty, including higher energy prices, global inflation, Middle East tensions and trade tariffs.
Why it matters: DSV’s results show that Schenker integration savings are boosting profitability, but disruptions in its European trucking network point up the operational risks of combining two global logistics giants.
Read more articles by Stuart Chirls here.
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