DSV H1 — The Margin Turnaround is Real, but so is the Cash Flow Question
DSV reported H1 2026 results this morning, and the headline is the best quarterly print since the Schenker deal closed: EBIT before special items hit DKK 6,255 million for Q2, up 32.5 percent year-on-year, on revenue of DKK 76.7 billion.
| Actual Q2 2026 | Actual Q2 2025 | |
|---|---|---|
| Revenue | 76,688m DKK | 61,983m DKK |
| EBIT | 6,255m DKK | 4,725m DKK |
| Conversion ratio | 30.8% | 27.4% |
The conversion ratio jumped to 30.8 percent from 25.7 percent in Q1 — the first improvement since integration began, and exactly the signal I flagged as decisive two weeks ago.
Guidance was narrowed upward to DKK 23.5–25.5 billion. But adjusted free cash flow fell to DKK 786 million from DKK 3,982 million a year ago, driven by a temporary working capital swing management calls timing, not structural.
Road also had a rough quarter, prompting COO Brian Ejsing’s appointment as division CEO mid-quarter.
Net positive with a real asterisk: the margin story just got its first hard proof, but the cash flow line is a new wrinkle worth watching into H2.
