Danish logistics company DSV A/S narrowed its 2026 operating profit forecast before special items after stronger earnings in two divisions were tempered by Schenker integration problems in its European road business.
The new range is DKK 24 billion to DKK 25 billion, compared with DKK 23.5 billion to DKK 25.5 billion previously. Its midpoint remains DKK 24.5 billion, but the narrower range leaves less room for variation in the full-year result.
Third-quarter operating profit before special items reached DKK 6.61 billion, up 19.5% in constant currencies from a year earlier. That result included DKK 300 million in gains from property disposals. Revenue rose to DKK 80.70 billion from DKK 71.98 billion.
On a constant-currency basis, operating profit before special items increased 18.9% in Air & Sea to DKK 4.28 billion and 50.3% in Contract Logistics to DKK 1.67 billion. Road’s result fell 35.1% to DKK 526 million, including DKK 195 million in property-disposal gains.
DSV linked Road’s decline to lower volumes and productivity after the Schenker integration disrupted service reliability in parts of Europe. The company said the problems affected customer satisfaction. Group CEO Jens H. Lund said “service levels recovered by quarter-end,” while volume and productivity remained areas of focus.
DSV completed its purchase of Schenker from Deutsche Bahn AG on April 30, 2025. It still expects about DKK 9 billion in annual synergies from the acquisition, partly offset by inflation and higher costs associated with Contract Logistics activity. Consolidating operations and support functions is part of the integration plan, though some Road and group-function synergies are now expected in 2027.
DSV also reduced its estimate of integration-related special items in 2026 to about DKK 5.5 billion from DKK 6.5 billion, with some costs moving into 2027. Separately, DSV said its new buyback program permits purchases of up to 2.6 million shares for up to DKK 1.5 billion; it aims to adjust its capital structure and meet share-based incentive commitments. The program is scheduled to end by Feb. 1, 2027. DSV plans to publish its 2026 annual report on Feb. 2, 2027.
