Quarterly business review · FY26 Q3

Margin is holding, but on a narrowing base

Two of five regions now carry the entire contribution. The decision is whether to fund the Southern recovery or reallocate.

Snapshot
Data as of 31 Aug 2026
Source: Finance DW
01

Where we stand

Contribution
€12.4m
▲ 4.2% vs FY25 Q3
Contribution margin
18.9%
— flat vs plan
Cost per shipment
€41.80
▼ 2.1% improvement
Region concentration
71%
top 2 of 5 regions
September is excluded. The month is incomplete and is omitted from every trend and total below. Partial periods are never plotted beside closed ones.
02

Regional performance

Exhibit 1

Contribution by region, FY26 Q3

North and Central produce 71% of contribution. Southern is the only region losing volume and margin simultaneously.

Region Contribution, €m Share, % Volume YoY, % Margin, % Status
Total12.4100.0 +1.818.9

Source: Finance DW, contribution after directly attributable cost. Nordics margin is unavailable for the quarter and shown as –, never estimated.

03

Trend and mix

Exhibit 2a

Monthly contribution, closed periods only

FY26 FY25

Exhibit 2b

Contribution by region

Source: Finance DW. September excluded as incomplete.

04

What we are proposing

  1. Freeze Southern discretionary spend
    Holds €0.4m in-quarter while the diagnostic runs.
  2. Southern route diagnostic
    Four weeks. Determines whether the loss is price or mix.
  3. Decision point
    Fund recovery, or reallocate capacity to North and Central.
How is contribution defined?

Revenue less directly attributable operating cost. Central overhead is not allocated, so regional figures are not comparable to statutory segment results.

Why is Nordics margin blank?

The cost feed did not deliver for July and August. Rather than estimate, the cell is blank and the region is excluded from the margin column of the total.