DSV A/S (DSV.CO): Q2 beat and raise, but debate will shift to Road & earnings quality on the call

Research evidence excerpt

DSV A/S (DSV.CO): Q2 beat and raise, but debate will shift to Road & earnings quality on the call

Equity Research

22 July 2026 | 8:29AM CEST

DSV A/S (DSV.CO): Q2 beat and raise, but debate will shift to Road &

earnings quality on the call

In what’s been the most anticipated and debated transport print this season, DSV Patrick Creuset

+33(1)4212-1380 |

delivered an improved performance with DKK 6.3bn (6.26bn) EBIT, vs. company patrick.creuset@gs.com

Goldman Sachs Bank Europe SE - Paris

consensus €6.05bn and our estimate of DKK 6.2bn, with investor feedback ahead of Branch

the print generally somewhere in between consensus and our estimate. The company Dan-Arthur Coseru

also raised the low end of its guidance range, from 23.0-25.5bn to 23.5-25.5bn +44(20)7552-2216arthur.coseru@gs.com| dan-

(consensus/GSe DKK 24.6bn). The beat relative to our estimates came from even Goldman Sachs International

Nathan Arnaudlower costs in Air & Sea (gross profit DKK 8,901mn vs. GSe DKK 8,899mn, EBIT DKK +33(1)4212-1691 |

3,776mn vs. GSe 3,697mn), with a conversion margin of 42.4% vs. GSe 41.5%, and a nathan.arnaud@gs.comGoldman Sachs Bank Europe SE - Paris

cost driven beat in CL. However, Road missed our reduced estimates on lower gross Branch

profit, and despite DKK250mn of disposal gains booked in the quarter, implying

much weaker than anticipated underlying performance in the quarter. Q2 FCF of

-DKK 0.8bn was below our expectations (adjusted for restr. charges positive DKK

0.8bn) owing to a DKK6bn working cap outflow, DKK1.8bn of which relates to sold

Schenker properties (the rest higher receivables on higher freight rates, fuel prices

and higher working cap intensity as in Q1).

Overall, Q2 marks a positive inflection in earnings (highest sequential EBIT