DSV: Fieldtrip highlights: What did we learn?

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DSV: Fieldtrip highlights: What did we learn?

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DSV

Fieldtrip highlights: What did we learn?

Maintain Rating: BUY | PO: 2,250 DKK | Price: 1,525 DKK

Key takeaways from company at our flagship fieldtrip 19 June 2026

We hosted DSV’s Head of IR Stig Frederiksen at our 7th annual Transport & Leisure Equity

virtual fieldtrip on 8-18 June along with 11 airlines, logistics and leisure companies and

270+ investors. Below we outline the key takeaways: Muneeba Kayani >> Research Analyst

New Road management to accelerate integration MLI+44 (UK)20 7996 5208

Helmut Schweighofer’s exit and Brian Ejsing’s appointment as Road CEO (in addition to muneeba.kayani@bofa.com

Group COO) signal DSV’s readiness to act when execution lags. Germany/Netherlands KateResearchXiao,AnalystCFA >>

performance and productivity had disappointed. With new management in place, the MLI (UK)

STAR/AI rollout and execution of the Schenker integration are expected to catch up +44kate.xiao2@bofa.com20 7996 3051

through the year. Road market conditions are stable with pockets of growth. Jack Raeburn >>

Tight air market with hyperscaler growth, sea uncertain ResearchMLI (UK) Analyst

Air market remains tight, driven by tech, hyperscalers and healthcare, with seasonal +44jack.raeburn@bofa.com20 7996 3374

volume uplift and higher 2Q yields expected (see 2Q preview for details). Sea market

conditions are more mixed with a slow start in April but demand improved in May/June.

Sea volumes are higher sequentially with yields slightly up in 2Q with potentially a

Stock Databigger benefit in 3Q given revenue recognition – though Transpacific strength may fade.

2Q benefits from GP uplift +& synergies, ‘26 hinges on sea Price (Common / ADR) 1,525 DKK / 119.21 USD

Price Objective 2,250 DKK / 175.00 USD