DSV: Anchoring expectations into the 2Q26 print

Research evidence excerpt

DSV: Anchoring expectations into the 2Q26 print

J P M O R G A N Europe Equity Research

22 June 2026

DSV Overweight

DSV.CO, DSV DC

Anchoring expectations into the 2Q26 print Price (19 Jun 26):Dkr1,527.00

Price Target (Dec-27):Dkr2,200.00

We expect 2Q26 results to show improving momentum on synergy capture, European Transport & Logistics

ACsupported by underlying earnings improvement due to seasonality and y/y comps Alexia Dogani

becoming cleaner. Ahead of the quarter ending we have increased our 2Q26 EBIT (44-20) 3493-3791

to DKK6bn (previously DKK 5.9bn) driven by slightly better Air and Sea alexia.dogani@jpmorgan.com

performance (DKK 3.69bn vs. previously DKK 3.64bn), with Road now expected J.P. Morgan Securities plc

c.DKK80mn lower than previously (at DKK1bn) and Contract Logistics expected Harry J Gowers

to perform stronger given higher utilization at DKK 1.35bn. We therefore expect (44-20) 7134-7522

harry.gowers@jpmorgan.com

less earnings volatility leading up to results on July 22nd, given management’s J.P. Morgan Securities plc

consistent messaging since the CMD re quarterly profitability levels around the

Shikha Khurana

DKK6bn and supportive top line tailwinds given the recent acceleration in freight (91-22) 6157-5022

rates (especially at Sea), presenting upside earnings risks for 3Q performance. We shikha.khurana@jpmchase.com

have raised our 2026 EBIT to DKK25.6bn (previously DKK25.5bn) and we J.P. Morgan India Private Limited

continue to see scope for outperformance, especially as synergy harvesting will Bhavpreet S Batra

continue to gather pace. The surprise change of CEO for DSV Road announced last (91-22) 6157-5046

week, from an ex-Schenker executive to a DSV veteran, clearly demonstrates bhavpreet.batra@jpmorgan.com