DSV: Strong half-year results across all divisions

Uncertainty continues to surround the global economy - consumer demand has gradually softened, contributing to a decline in freight volumes for both air and sea. Still, large parts of the global logistics market are challenged by congestion, COVID-19 lockdowns, and continued high rates. DSV's focus remains on finding solutions to keep our customers' supply chains flowing.

H1 2022 highlights

·         All material parts of the Agility GIL integration are successfully completed in less than 12 months due to considerable efforts from the DSV and GIL teams around the globe.

·         We showed strong half-year results with growth and high productivity in all divisions and regions. Supported by GIL, gross profit grew 61% in the first half of 2022 compared to the same period in 2021, while EBIT before special items more than doubled.

·         Amidst challenging market conditions, Air & Sea achieved a 105% EBIT increase in the first half of 2022. Solutions achieved a 179% EBIT increase, Road achieved a 20% EBIT increase.

·         Based on DSV's strong performance in the first half of 2022 and our expectations for the remainder of the year, we upgrade the full-year outlook for 2022 as follows: EBIT before special items is expected to be in the range of DKKm 23,000-25,000 (previously DKKm 21,000-23,000).

(The outlook is based on the assumption of a global GDP growth in the level of 2-3% for 2022. We expect that the demand for air and sea freight transport will remain soft for the rest of the year. Uncertainty concerning the macro environment and the global logistics market remains high and changes to the outlook may occur.)