DSV A/S

Q3 group performance strong; growth “trickles down” to EPS - Gross profit (GP) +2.3% YoY; management highlighted that results are back on a growth trajectory after expecting some volume/GP loss post–Schenker acquisition. - EBIT grew significantly faster than GP due to synergy-driven conversion improvements (higher conversion ratio). - EPS growth +11.5% (12-month rolling); “bottom-line” improvement aligns with management’s synergy/cost-conversion focus. - Conversion ratio improved to 32.6% vs 27.9% prior year period—reflects operational initiatives and synergy capture.

Earnings outlook upgraded in certainty, but guidance narrowed due to Road integration delay - Guidance narrowed: EBIT DKK 24–25bn for FY2026 (narrower range for higher certainty). - Narrowing is explicitly attributed to Road integration/synergy timing delay and related spillover into special items (not changing the overall planned outcome, but pushing realization).

Cash flow solid; capital returns resumed with a new share buyback - Adjusted free cash flow: DKK 6.4bn in Q3; cash conversion ratio >128% (collection performance). - Net working capital slightly increased (freight-rate effects), but improving vs end of last quarter. - Gearing ~2.46 (and reduced by ~0.2 vs last quarter); management also cited DKK 12.6bn reduction in net interest-bearing debt since integration started. - Share buyback launched: DKK 1.5bn (first since acquiring Schenker), partly to meet share option program obligations. - Capital allocation commitment: target ~2x gearing during 2027 (ambition first half of 2027), but buyback/pace is assessed quarterly.