Q2 2026 DSV A/S Earnings Call Transcript
Key Points
- DSV AS (DSDVF) achieved its strongest quarterly EBIT result since COVID, reaching DKK6.3 billion, surpassing the DKK6 billion mark.
- The integration of Schenker is progressing well, with 60 countries integrated and significant headcount reductions achieved.
- The Air & Sea division saw a conversion ratio of 42%, aligning with business case expectations, and experienced a 13% increase in air freight GP.
- The company has upgraded its guidance, narrowing the range and increasing the bottom end due to positive performance.
- The Contract Logistics (CL) division produced DKK1.5 billion in the quarter, with a strong return on invested capital and growth driven by the tech vertical.
- The Road division faced integration challenges, resulting in a DKK250 million one-off cost and a lower EBIT of DKK750 million.
- Volumes in certain markets are down due to the crisis, impacting overall performance despite increased freight rates.
- Cash flow was unusually high due to one-off transactions and higher freight rates, raising concerns about sustainability.
- The company is experiencing lower-than-expected volumes in sea freight, with a 4% decline in GP compared to last year.
- There are ongoing integration issues in large countries like Germany, France, and the Netherlands, affecting delivery quality and incurring additional costs.
Ladies and gentlemen, welcome to the DSV A/S call for the H1 2026 interim financial report. I'm Matilda, the chorus call operator. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Jens Lund, Group CEO. Please go ahead, sir.
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Thank you very much, and welcome, everybody, to our Q2 earnings call. We will quickly get into it. And if we move to the next slide. I think we have it -- okay, now it's moving. We can see the agenda here for the call. It's the same agenda as usual. And I just want to make sure that you also read the forward-looking statements and so that we have the compliance angle covered as well.
If we look at the quarter, I think the integration has progressed as planned, which still basically on course to complete the integration in 2026 and harvesting the synergies that we'd set out to do. The quarter led to some changes in
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