DSV Main questions for management post Q2 results

Research evidence excerpt

DSV Main questions for management post Q2 results

Global Research

27 July 2026ab

DSV Equities

DenmarkMain questions for management post Q2 results

Trucking

12-month rating Buy

Main questions post results

We discuss below the main questions for management that we think may help investors 12m price target DKr2,015.00

to better assess the two key emerging debates post Q2 results: 1) the timing of the

turnaround in road; 2) cash conversion and cash generation weakness in 1H and

Price (27 Jul 2026) DKr1,422

progress going further. We discuss our main conclusions post H1 results here (link).

RIC: DSV.CO BBG: DSV DC

Road: Trading data and key metrics

52-wk range DKr1,902.50-1,264.50

1.As per H126 financial report, 20% of road volume is currently onboarded on STAR. Market cap. DKr339b/US$51.7b

With the Schenker integration in many of the large countries behind us, were any of the Shares o/s 239m (ORD)

issues in Germany, France, Netherlands related to STAR? What is the timeline for Free float 96%

reaching 80-100% of road volumes on STAR? Is it fair to assume complexity remains Avg. daily volume ('000) 433

higher than usual until STAR is fully deployed across the majority of volumes? Avg. daily value (m) DKr672

Common s/h equity (12/26E) DKr130b

2.What is the split by division for the reminder of the Schenker synergies / AI / network P/BV (12/26E) 2.7x

optimisation to be achieved in H226 and 2027? Is Road still expected to generate more Net debt to EBITDA (12/26E) 2.1x

than 40% of the group synergies?

EPS (UBS, diluted) (DKK)

UBS Cons.

3.Does the current situation in Road mean the initiatives to close hubs could be delayed,

12/26E 58.31 64.87

thereby Delaying the potential synergies from network optimisation expected in 2H26 12/27E 81.49 85.70

and 2027? 12/28E 99.98 103.10