DSV - Back to Business - Analyst Day Wrap

Research evidence excerpt

DSV - Back to Business - Analyst Day Wrap

May 17, 2026

Investment Conclusion

DSV stock is down 1% YTD, meaningfully underperforming our WR Transportation Index (+24%) and more modestly

lagging the S&P 500 (+8%) and the other large European Transportation stocks (+1% on average).

DSV reiterated its C26 EBIT guidance of DKK 23B-DKK25.5B, We're leaving our estimates unchanged following the

Analyst Day. We continue to model 2Q:26 EBIT of DKK 5.81B and are 3% below Consensus of DKK 5.98B. Our

estimate includes Air & Sea margins ramping from 33% in 1Q to over 38% in 2Q, with a seasonally larger net revenue

base along with some incremental synergies. We're leaving our C26 EBIT estimate of DKK 24B unchanged and remain

slightly below the midpoint of management's guidance range and 1% below Consensus. We're also leaving our C27

EBIT estimate unchanged at DKK 29.4B and are 2% below Consensus.

As shown below, DSV has a long track record of executing on large-scale M&A, quickly bringing underperforming

forwarders back towards DSV standalone levels. While results the past few quarters have been choppier than we

expected, we continue to model a big earnings ramp through the rest of C26 and into C27 with synergies following

integration progress. And looking past C27, we see further opportunity for margin expansion as DSV executes on its

new DKK 9B cost savings plan. Including capital allocation, we estimate DSV's new targets imply ~DKK 130 of EPS

by C30, more than double our C26 estimate of DKK 62.

Exhibit 1 - DSV Net Operating Margins, Annotated for Acquisitions

Source: Company Reports; Wolfe Research

On our unchanged estimates, DSV is trading at 26x our C26 EPS but under 19x our C27 EPS as Schenker synergies are

fully embedded in our model.