DSV: 2Q26 preview: on track

Research evidence excerpt

DSV: 2Q26 preview: on track

iQprofile SM DSV

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(DKr Millions) Freight Forwarding

Sales 167,106 247,331 289,445 297,072 308,095

EBITDA Adjusted 21,831 28,244 35,026 39,952 43,608

Depreciation & Amortization (5,735) (8,633) (10,771) (9,834) (9,330) Company Description EBIT Adjusted 16,096 19,611 24,255 30,118 34,278

Net Interest & Other Income (2,673) (7,464) (10,209) (3,362) (3,196) DSV is a global supplier of freight forwarding and transport

Tax Expense / Benefit (3,248) (3,684) (3,908) (6,689) (7,771) logistics services. DSV Air & Sea specialises in the handling

Net Income (Adjusted) 11,038 11,679 14,823 19,901 23,130 of air and sea freight, DSV Road offers transportation of full,

Average Fully Diluted Shares Outstanding 215 236 237 232 225 part and groupage loads across Europe and DSV Solutions

Key Cash Flow Statement Data specialises is supply chain management, warehousing and

Net Income (Reported) 10,109 8,386 10,050 19,901 23,130 distribution.

Depreciation & Amortization 5,735 8,633 10,771 9,834 9,330

Change in Working Capital (4,212) 5,029 (1,286) (980) (421)

Deferred Taxation Charge 0 0 0 0 0 Investment Rationale Other CFO 19.0 (567) 370 167 182

Cash Flow from Operations 11,651 21,481 19,906 28,921 32,221 DSV has become the largest global freight forwarder

Capital Expenditure (2,429) (2,588) (3,586) (3,426) (3,553) following the acquisition of DB Schenker. Our comparative

(Acquisition) / Disposal of Investments 0 (75,790) 0 0 0 analysis shows DSV has the highest margins amongst its

Other CFI 54.0 655 6,799 7,500 0 peers, and we think the company can partially offset the

Cash Flow from Investing (2,375) (77,723) 3,213 4,074 (3,553)

decline in yields with lower costs. DSV has a strong track