DSV posts higher Q2 earnings but warns of costly Schenker Road integration

Danish transport and logistics group DSV announced its Q2 2026 interim results, showing earnings growth despite a volatile market. EBIT before special items reached DKK 6.3 billion, up from DKK 4.7 billion a year earlier, and adjusted free cash flow was DKK 786 million. The company highlighted continued progress in integrating Schenker, now operating in over 60 countries, and reaffirmed its target of DKK 9 billion in annual synergies by 2027.

Analysts noted that the market reaction was driven by integration challenges in Schenker’s Road division. The division’s EBIT fell to DKK 999 million, of which DKK 250 million stemmed from a one‑off property sale, leaving underlying earnings about DKK 750 million and below expectations. DSV estimated that integration costs could approach DKK 500 million for the first half of the year. Delivery performance also slipped, with on‑time and complete delivery falling to 89 % from historical levels of 93‑95 %.

Following the announcement, DSV shares dropped roughly 9 % as investors digested the higher risk profile. The company expects the Road division to return to normal performance by September and narrowed its full‑year EBIT guidance to DKK 23.5‑25.5 billion.