DSV A/S: 2Q26 a small miss ex Road property gains

Research evidence excerpt

DSV A/S: 2Q26 a small miss ex Road property gains

Equity Research

European Transportation

22 July 2026

DSV A/S

2Q26 a small miss ex Road

property gains

Mixed bag. 2Q26 EBIT at DKK 6.25bn ahead of css at DKK 6bn DSV.CO/DSV DC OVERWEIGHT

driven by A&S conv ratio + CL. Road EBIT only flat QoQ but European Transportation NEUTRAL

includes a DKK250mn cap gain. If excluded, adj group EBIT Price Target DKK 2100.00

Price (21-Jul-26) DKK 1670.00

would reduce to DKK6.0 slightly below css and poses qs on Potential Upside/Downside +25.7%

synergies ramp up in 2H/underlying road profitability. Source: Bloomberg, Barclays Research

FCF weak.

Marco Limite

View -Mixed bag, we expect shares to open negatively. Whilst adj EBIT is ahead of css on +39 (0)2 6372 2582

strong A&S conv ratio +CL, slide 9 of company presentation mentions a DKK 250 cap gain in marco.limite@barclays.com

Road EBIT which would take Group EBIT to DKK 6.0bn, slightly below css at DKK 6.05. Road BBI, Milan

2Q EBIT ex-cap gains weak and down QoQ and poses questions on synergies ramp up in the Emilie Fung

2H. FCF also a weak spot with FCF conv ratio at 37% affected by -ve NWC and Schenker +44 (0)20 3555 2335

property sale receivables. Mid point of the new guidance in line with css. emilie.fung@barclays.com

Barclays, UK

FY26 guidance upgrade at the low end but in line. DSV FY26 guidance u/g to DKK 23.5-25.5bn

Helene Iselin

from DKK23-25.5bn, mid-point slightly up to DKK24.5bnin line with css at DKK24.7bn. FY26 +44 (0)20 7773 7391

guidance assumes lower average yields in Air and Sea in 2H26 vs 2Q; LSD % in road market with helene.iselin@barclays.com

some recovery in performance in 2H; CL market expected to grow MSD %. Schenker synergies Barclays, UK

still expected at DKK5bn by YE. No SBB.

Andrew Lobbenberg