Logistics giant DSV reported first-quarter revenue in line with expectations. Net profit decreased during the period, while adjusted operating profit came in slightly below forecasts.
Revenue rose 68.9 percent to DKK 70,416 million (41,680). This outcome compares with the Factset analyst consensus of DKK 69,576 million.
Gross profit amounted to DKK 18,903 million (10,991), yielding a gross margin of 26.8 percent (26.4).
Adjusted operating profit reached DKK 4,855 million (3,860), missing the expected DKK 4,991 million, with an adjusted operating margin of 6.9 percent (9.3).
Profit after tax was DKK 1,638 million (2,812).
The company is reiterating its full-year 2026 guidance, expecting adjusted operating profit in the range of DKK 23.0 to 25.5 billion. Meanwhile, the market outlook is described as uncertain, with macroeconomic risks and the conflict in the Middle East cited as key uncertainty factors.
The company continues to forecast integration and restructuring costs of DKK 6.5 billion.
The integration of Schenker is progressing at a high pace and now covers over 50 countries, including Germany. The process is expected to be completed by the end of 2026.
Annual synergies are still estimated at approximately DKK 9 billion, with full effect in 2027. The contribution to adjusted operating profit is expected to reach around DKK 5 billion in 2026, while integration costs are estimated at approximately DKK 11 billion.
DSV A/S specializes in transportation services. Net sales break down by activity as follows:
- organization and management of air and sea transportation (53.8%);
- road transportation (29.1%);
- logistics services (17%): storage, packaging, loading dock transfer (reshipment of merchandise without storage), and distribution services intended primarily for industrial customers;
- other (0.1%).
Net sales are distributed geographically as follows: Denmark (4.5%), the United States (16.5%), Germany (12.1%), Sweden (4.6%), the Netherlands (4.2%), and other (58.1%).
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