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In its recent 2025 snapshot release, Danish forwarder Scan Global Logistics (SGL) duly highlighted double-digit growth in adjusted Ebitda, stressing it “reached the outlook” for the year.

All good then.

Nope

But let’s look at its most recent achievements first.

For one thing, despite falling revenues in the final quarter of 2025…

… the private equity-backed 3PL enjoyed growing Ebitda* (+18%), while net losses from a year earlier turned into net profit – however small, to the tune of €7m.

(*Yeah, that adjusted and inflated earnings ...

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