Issues for debate post 2Q26

Research evidence excerpt

Issues for debate post 2Q26

Barclays | DSV A/S

from cross-selling initiatives? Is the higher exposure to larger customers going to dilute yields?

How does management balance volume growth vs. yields?

Road outlook. Operational issues tied to systems and network integration in Germany, France

and the Netherlands have weighed on profitability. Management mentioned "So in the

beginning of the year in Germany, we had performance issues on the network and had to

compensate quite a bit in the first quarter, but also into the second quarter. Our delivery quality

in Germany is now up to what it was before GSV and Schenker were integrated". If Germany has

recovered, why there is no EBIT improvement expected in 3Q vs 2Q? How quickly can delivery

quality return to historical levels and how much EBIT upside could be unlocked once temporary

costs (extra cost of 250m-500m in 1H26 estimated) are removed? Has management now seen

the majority of potential integration-related disruption scenarios within Road?

CL outlook: Contract Logistics continues to outperform expectations. How much of the

profitability improvement is coming from underlying operational leverage and consolidation

benefits versus Schenker synergies? Which verticals are currently driving the best momentum in

Contract Logistics, and is the current strength in Technology and Consumer expected to

continue?

Schenker integration

•• What is the split between cost and revenue synergies? Are revenue synergies in the guidance?

What is the split across divisions? What is the split across cost categories, and what is the

share of central and back office costs vs. total synergies?

•• What is the expected reduction in workforce (number of FTEs)? How much further workforce