2Q Preview | A Step Up on 1Q

Research evidence excerpt

2Q Preview | A Step Up on 1Q

DSV A/S (DSV DC)

Equity Research

June 19, 2026

The Long View: DSV

Investment Thesis Risk/Reward - 12 Month View

DSV delivers market leading margins, strong returns (ROIC), and will

Upside : Downside

generate significant free cash flow in FY25-27 which will see the balance 2600 3 : 1

sheet de-lever quickly. 2500 (+64%)

With the acquisition of Schenker for EUR 14.3 bn, DSV will become the 2200 2200 (+44%)

world's largest freight forwarder, with a market share of c.7%. 2000

Scale remains the key competitive advantage, offering significant 1800

operational & commercial benefits. Based on the earlier successful 1600

integrations of UTi and Panalpina, we are confident DSV can create 1400

substantial shareholder value through Schenker. 1200 1200 (-21%)

2025 2026 +12 mo.

Base Case, Upside Scenario, Downside Scenario,

DKK2200, +44% DKK2500, +64% DKK1200, -21%

• Revenue of DKK309 bn in 2027. • Yields in Air and Sea are higher than in the • We assume that yields in Air and Sea

• Adjusted EBIT margin of 9.4% in 2027. base case due to market tightness, leading to decrease, leading to a lower gross profit.

• FCF of DKK20bn in 2027. a higher gross profit. • We assume 2% lower EBIT margins and the

• DKK2200 PT based on an EV/EBIT multiple of • We assume 1% higher EBIT margins and the same multiple, yielding a PT of DKK1200.

21.6x FY27. same multiple, yielding a PT of DKK2500.

Sustainability Matters Catalysts

Top Material Issue(s): 1) Greenhouse gas emissions. All modes of freight contribute significantly to Quarterly results

global CO2 emissions. We monitor the penetration of renewable energy to address exhaust emissions Closing of acquisitions and synergy updates

and how freight forwarders plan to manage Scope 1 and Scope 2 emissions in freight.