J P M O R G A N Europe Equity Research 22 June 2026 DSV Anchoring expectations into the 2Q26 print We expect 2Q26 results to show improving momentum on synergy capture, supported by underlying earnings improvement due to seasonality and y/y comps becoming cleaner. Ahead of the quarter ending we have increased our 2Q26 EBIT to DKK6bn (previously DKK 5.9bn) driven by slightly better Air and Sea performance (DKK 3.69bn vs. previously DKK 3.64bn), with Road now expected c.DKK80mn lower than previously (at DKK1b ...