DSV Anchoring the Debate

Research evidence excerpt

DSV Anchoring the Debate

Alexia Dogani AC Europe Equity Research

(44-20) 3493-3791 24 July 2026 J P M O R G A N

alexia.dogani@jpmorgan.com

Which areas present upside/ downside risks to the overall target? Are there any areas of

particular attention currently, other than in the Road division? What commercial

initiatives and costs has DSV incurred to ensure customer attrition does not follow a

similar pattern to previous deals? Over 8,000 FTEs have exited the business since the start

of the integration. What is the target? Is there a recruitment freeze currently in place? How

does management see cost-savings through the eventual TMS IT systems integration

providing incremental upside? Are there incremental costs that are currently being

incurred due to the parallel running of CargoWise and Tango in the Air and Sea division?

Can management comment on the long-term contract with CargoWise? How does

management plan to align the DSV and Schenker business models with regards to value-

added services (DSV: 60-70% value-added services, rest mark-up; Schenker: 40% value-

added services, 60% mark-up)? In the recent tender season, has DSV been successful in

expanding the VAS portfolio of the legacy Schenker volumes or is it too early in the

integration process? What are the areas of focus for the combined business following the

successful completion of the integration? What is driving the strong Contract Logistics

performance? Wins in the AI/ tech vertical were highlighted. How enduring are these?

What has surprised management the most with the progress in this division?

• AI and Network productivity gains. At the May CMD, management outlined an

incremental target of DKK 9bn of AI and network productivity earnings uplift by 2030.