DSV (AO) | Buy | Q2 results - second take: Gains from property sales boosted results

Research evidence excerpt

DSV (AO) | Buy | Q2 results - second take: Gains from property sales boosted results

News comment

Release date: 22 July 2026

Marc Zeck, CFA

Equity Research Analyst

+ 49 69 7569 6323

mzeck@keplercheuvreux.com

BuyDSV

Denmark | Transport Logistics MCap: DKK391.2bn Country Top Picks

Target Price: DKK2,000.00 Bloomberg: DSV DC Reuters: DSV.CO

Current Price: DKK1,670.00 Free float 83%

Up/downside: 19.8% Avg. daily volume (DKKm) 1,221.4

YTD abs performance 3.4% Market data: 21 July 2026

52-week high/low (DKK) 1902.50/1264.50

Q2 results - second take: Gains from property sales boosted results

Key points:

Upon further investigation, Q2 results from DSV are less favourable than initially believed. According to the company's disclosure,

the Road business was supported by DKK250m in property sales that should be considered a one-off benefit.

Adjusted for the one-off gain from property sales, Road's adjusted EBIT of DKK749m was -27% below consensus expectations of

DKK1,021m. Excluding the one-off gain from property sales from group EBIT causes adjusted group EBIT of DKK6,005m to only

meet consensus expectations of DKK6,048m.

While analysts have already prepared for a weak result in Road, the actual result is far weaker than expected and will raise worries

about the success of the Schenker integration. While DSV has already initiated changes at the Road Germany division, including

firing the management, the market will probably want to see results first. Given Road's importance to the overall DB Schenker

integration, including the ultimate synergy figure, we can imagine that today's disclosure will depress sentiment materially.

Table 1:Results table adjusted for property gains

Group CCC Results Diff

Revenue 73,507 76,688 4.3%

Adj. GP 19,935 20,027 0.5%

Adj. GP Margin 27.1% 26.1%