Europe Transportation: Logistics: Business Services, Transport, Leisure and Infra & Building Materials Conference — Key Takeaways

研报英文原文证据摘录

Europe Transportation: Logistics: Business Services, Transport, Leisure and Infra & Building Materials Conference — Key Takeaways

Equity Research

17 June 2026 | 7:13PM CEST

Europe Transportation: Logistics: Business Services, Transport, Leisure

and Infra & Building Materials Conference — Key Takeaways

Patrick Creuset

+33(1)4212-1380 |

patrick.creuset@gs.com

Goldman Sachs Bank Europe SE - Paris

Branch

Dan-Arthur Coseru

+44(20)7552-2216 | dan-

arthur.coseru@gs.com

Within our Logistics coverage, we hosted among other companies DHL and K&N at Goldman Sachs International

our 2026 Goldman Sachs Business Services, Transport & Leisure conference in Nathan Arnaud

London today (June 17th). Detailed feedback below. +33(1)4212-1691nathan.arnaud@gs.com|

Key Takeaways

Zooming out from trading & other detailed feedback across our industrial transport

coverage over the last couple of days, we believe the market is underestimating two

key trends:

(1) the scale of new freight volume being generated from data center and related

investments, with end-to-end requirements spanning from Asia warehousing and

outbound air cargo, to US warehousing, and value added services. This comes after a

period when the key European logistics players had to deal with significant declines

in some industrial verticals e.g. autos. Best-positioned in this area is DSV in our view,

with K+N growing at much higher rates from a lower base. DHL benefits via Air and

CL as well, albeit at the group level these are relatively smaller exposures.

(2) AI-related productivity measures will likely strengthen the competitive

position of the largest forwarders: From a productivity point of view, we continue

to expect substantial productivity gains from AI to be realized in Logistics/

Forwarding in the coming years.