DSV First Take: Ambitious 2030 targets set with group margin at c.45% with AI related benefits of DKK9bn by 2030; +ve for shares

Research evidence excerpt

DSV First Take: Ambitious 2030 targets set with group margin at c.45% with AI related benefits of DKK9bn by 2030; +ve for shares

J P M O R G A N Europe Equity Research

12 May 2026

Correction (See disclosures for details)

DSV

First Take: Ambitious 2030 targets set with group Overweight

margin at ~45% with AI related benefits of DKK9bn by DSV.CO, DSV DC

2030; +ve for shares Price (11 May 26):Dkr1,540.50

Price Target (Dec-27):Dkr2,170.00

Our Take: Ahead of its CMD in Denmark this morning, DSV has announced new European Transport & Logistics

ACmedium term targets for group conversion ratio of ~45% (group ROIC>20%); Alexia Dogani

consisting of divisional conversion ratio targets in Air and Sea of > 55%; Road (44-20) 3493-3791

>35% and Contract Logistics > 35%; consistent with our expectations (we had alexia.dogani@jpmorgan.com

expected >60% Air & Sea; >40% Road and >30% in Contract Logistics), even J.P. Morgan Securities plc

though we see these as minimum levels to achieve the group conversion level, but Harry J Gowers

ahead of what we think the market was expecting based on our discussions prior (44-20) 7134-7522

harry.gowers@jpmorgan.com

to this event. The time horizon is set as 2030, which we think will reassure the J.P. Morgan Securities plc

market, even though there was some expectation these could be achieved sooner.

Shikha Khurana

These targets, will be supported by AI and tech initiatives combined with network (91-22) 6157-5022

optimisations, and help it deliver up to DKK9bn of EBIT uplift by 2030, at the top shikha.khurana@jpmchase.com

end of the multi-bn DKK opportunity we had estimated of DKK6.5-8.5bn. The J.P. Morgan India Private Limited

Schenker synergies have been reiterated at DKK9bn to be delivered by 2027. Bhavpreet S Batra