DSV A/S

For the first six months of 2026, DSV reported EBIT of DKK 6.3 billion and revenue growth of 23%. Group conversion increased to close to 31%, EPS rose again, and net interest cost was higher due to the Schenker business being included for all three months and higher leases. Management said Q2 was the strongest quarterly EBIT since COVID. For the full year, DSV narrowed its EBIT outlook by raising the bottom end from DKK 23 billion to DKK 23.5 billion, while keeping the range wide because of uncertainty. In the outlook, Air & Sea is expected to grow low to mid-single digits with slightly lower yields, and Road is expected to see low single-digit market growth with recovery efforts continuing.

Jens Lund framed the quarter as proof that the integration is progressing as planned and said DSV remains on course to complete the Schenker integration in 2026. He emphasized that the Schenker acquisition is now filtering through to results, especially in Air & Sea and Contract Logistics, and said the company is moving toward the DKK 6 billion annual EBIT run-rate for CL that he previously would not have expected. His tone was upbeat overall, but he repeatedly stressed that the Road issues are transactional, not structural, and that the company is focused on getting delivery quality back to normal quickly.

Michael Ebbe highlighted the hard numbers behind the quarter: EBIT of DKK 6.3 billion, revenue up 23%, conversion close to 31%, and gearing at 2.7x versus 2.8x last quarter. He said cash flow was unusually high because of higher activity, elevated net working capital from rates, and property divestments, including DKK 1.8 billion tied to legacy Schenker properties that should be received soon. He also said net debt has been reduced by DKK 7 billion since the start, and reiterated that share buybacks will only resume if quarterly cash flow and gearing support it under the existing capital allocation policy.

Most of the Q&A focused on Road’s delivery-quality problems, how much they cost, and when they normalize. Management said the first-half impact was more than a quarter of a billion kroner and probably closer to DKK 500 million, with a goal of removing that burden in Q3 as service levels improve about 1 percentage point per week. Analysts also pressed on working capital and share buybacks; management said the cash outflow is temporary, tied partly to rates and property sales, and that buybacks are not likely to be announced in Q3 because the decision depends on quarterly cash generation and gearing. Other questions covered Air & Sea yields, Sea volume recovery, employee count shifts into centralized functions, and minority-interest payments; management said the headcount shift reflects centralization and the new Global Products activity, while minority-interest cash outflows should not be significant going forward.