First Take: 2Q26 EBIT in line excl. one-off Road property gain; low end of guidance range lifted; Contract Logistics performance stands out; overall small +ve

Research evidence excerpt

First Take: 2Q26 EBIT in line excl. one-off Road property gain; low end of guidance range lifted; Contract Logistics performance stands out; overall small +ve

J P M O R G A N Europe Equity Research

22 July 2026

DSV

First Take: 2Q26 EBIT in line excl. one-off Road Overweight

property gain; low end of guidance range lifted; DSV.CO, DSV DC

Contract Logistics performance stands out; overall Price (21 Jul 26):Dkr1,670.00

small +ve Price Target (Dec-27):Dkr2,200.00

Our Take: 2Q26 EBIT of DKK 6,255mn came in ahead of expectations (co- European Transport & Logistics

ACconsensus DKK 6.05bn, JPMe DKK 6bn), but included a DKK250mn property Alexia Dogani

sale gain in Road; excluding this one-off, results were in line with a strong (44-20) 3493-3791

performance at Contract Logistics offsetting a weaker underlying performance at alexia.dogani@jpmorgan.com

Road, where the complexity of the systems integration has caused some temporary J.P. Morgan Securities plc

service issues that management is currently addressing. Air & Sea EBIT was in line Harry J Gowers

with progress on conversion ratio driven by improving GP and lower cost base q/q. (44-20) 7134-7522

harry.gowers@jpmorgan.com

Group conversion ratio increased to 31% vs. 1Q26 of 26%. Cashflow in 2Q26 is J.P. Morgan Securities plc

impacted by higher working capital temporarily due to the increase in spot rates

Shikha Khurana

and the sale of Schenker properties of DKK1.8bn for which cash proceeds have not (91-22) 6157-5022

yet been received. Management have raised the low end of 2026 EBIT guidance shikha.khurana@jpmchase.com

by DKK500mn to DKK 23.5bn-25.5bn (co-consensus DKK 24.67bn, JPMe DKK J.P. Morgan India Private Limited

25.6bn), with the Schenker synergy contribution for 2026 now expected at Bhavpreet S Batra