Agility Global lifts Q3 revenue 22% to $1.6bn as Tristar sale reshapes portfolio

Agility Global grew third-quarter revenue 22% to US$1.60 billion, up from US$1.31 billion a year earlier, as its aviation, fuel logistics and industrial real estate arms all expanded. The figure landed despite group EBITDA slipping 3% to US$208 million and EBIT easing slightly to US$125 million.

Strip out the equity investments and the picture improves. EBIT from the group's controlled businesses rose 21% to US$128 million, signalling the operating companies themselves are earning harder, not just turning over more revenue.

Nine-month numbers reinforce the trend. Agility booked US$4.52 billion in revenue for the first three quarters of 2026, a 24% year-on-year increase, with EBIT up 11% at US$350 million.

Where the growth came from

Agility Logistics Parks delivered the sharpest percentage gains. Quarterly revenue jumped 49% to US$21 million and EBIT rose 58% to US$17 million. Saudi Arabia did most of the lifting, with newly completed facilities starting to generate income, while higher occupancy in Africa added to the improvement.

More capacity is coming. Roughly 82,000 square metres of new facilities are scheduled for delivery across 2026 and early 2027, including projects already completed. The owned and leased land bank stands at about 4.5 million square metres, expanding to 6.1 million square metres once joint venture holdings count.

Tristar, the group's fuel logistics business, grew revenue 24% to US$419 million, with quarterly EBIT up 23% at US$36 million.

Menzies Aviation remains the group's largest operating business. It generated US$974 million in revenue, up 22% year on year, and handled 657,000 tonnes of air cargo, a 13% increase that tracks the broader recovery in global air freight demand.

Chairman Tarek Sultan said the group's operating businesses continued to recover from challenges encountered earlier in the year, pointing to improved earnings at Menzies, Tristar and Agility Logistics Parks as the key contributors to performance.

What does the Tristar sale change?

The quarter's biggest strategic move sits outside the P&L. On 13 October, Agility agreed to sell its 65.12% stake in Tristar to India's Aegis Logistics, at an enterprise value of US$1.5 billion for the business. The deal is expected to close by end-March 2027, subject to regulatory approvals and other conditions.

Agility expects to receive up to US$581 million in consideration, including deferred and performance-dependent payments. For Aegis, the acquisition of a 24%-revenue-growth fuel logistics platform with Middle East reach marks a significant push beyond its home market.

DSV stake and capital returns

Agility still holds a major position in global freight forwarder DSV. As of 30 September 2026, the group owned approximately 19.3 million DSV shares, an ownership stake of around 8.2%, with a carrying value of roughly US$3.5 billion including the collar value. That exposure makes Agility one of DSV's largest shareholders and ties a chunk of its balance sheet to the forwarder's consolidation play.

The board approved an interim dividend of US$75 million. The company said future capital allocation will reflect its investment priorities, debt reduction objectives and the expected proceeds from the Tristar sale — a formulation that leaves room for further portfolio moves once the US$581 million lands.

With Tristar exiting by March 2027 and the parks pipeline adding income-generating space through early 2027, Agility enters the next financial year with a leaner operating base, a larger Saudi-driven real estate engine and roughly US$3.5 billion riding on DSV's share price.