Slide 1: Full-Year 2025 Results
DSV A/S Conference call – 4 February 11:00 am CET FULL-YEAR 2025 RESULTS
Slide 2: Agenda
Agenda • Highlights • Update on Schenker integration • Financial highlights • Business segments • Financial review • Outlook for 2026 Forward-looking • Q&A statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties, as various factors, ma
Slide 3: Highlights
Highlights Completion of the Solid performance, Strong free cash flow Outlook for 2026 integration of Schenker despite headwind in and debt reduction of for EBIT before special items by the end of 2026 global freight markets more than DKK 7 billion of DKK 23.0 – 25.5 billion Continued positive Seque
Slide 4: Update on Schenker integration
Update on Schenker integration Completion expected already by the end of 2026 Unprecedented integration speed Timeline for financial impact from synergies • Integration expected completed by the end of 2026 – only 20 months related to the Schenker integration (DKKm) after closing of the acquisition
Slide 5: Financial highlights
Financial highlights • Stable financial performance in Q4 2025 with earnings growth from Schenker, despite a challenging and volatile market environment. • EBIT before special items improved 48.5% YoY, driven by the Schenker acquisition and solid performance within Road and Contract Logistics. • Glo
Slide 6: Air & Sea
Air & Sea Management commentary (DKKm) Q4 2025 Q4 2024 Growth* FY 2025 FY 2024 Growth* • Financial improvement compared to Gross profit Air 4,492 3,098 49.7% 16,593 11,958 41.5% last year, driven by the positive contribution from Schenker. Gross profit Sea 3,875 3,330 24.1% 15,793 12,763 28.6% • Gro
Slide 7: Air freight Q4 2025
Air freight Q4 2025 • Volumes grew by 63% in Q4 2025 YoY and by 2% compared to Q3 2025, in line with the addressable market. • Gross profit improved by 50% YoY, with average yields 8% lower in constant currencies compared to last year, mainly due to Schenker dilution. • Technology remained a growth
Slide 8: Sea freight Q4 2025
Sea freight Q4 2025 • Volume growth of 52% YoY in Q4 2025, while volumes declined by 5% compared to Q3 2025, driven by seasonality. • Gross profit improved by 24% YoY with average yields declining 17% in constant currencies, due to Schenker dilution and lower freight rates. • Several main trade lane
Slide 9: Road
Road Management commentary (DKKm) Q4 2025 Q4 2024 Growth* FY 2025 FY 2024 Growth* • EBIT improved in Q4 2025 due to positive contribution from Revenue 23,721 9,554 149.8% 77,977 40,507 93.0% Schenker and ongoing focus on cost efficiency and digitalisation. Gross profit 5,390 1,751 209.0% 16,623 7,71
Slide 10: Contract Logistics
Contract Logistics Management commentary (DKKm) Q4 2025 Q4 2024 Growth* FY 2025 FY 2024 Growth* • Continued improvement in earnings with an EBIT margin of Revenue 13,971 6,100 136.9% 43,463 25,624 72.4% 10.8%, driven by the positive contribution from Schenker, Gross profit 5,629 2,492 134.3% 18,648
Slide 11: P&L Q4 and FY 2025
P&L Q4 and FY 2025 Management commentary (DKKm) Q4 2025 Q4 2024 Growth* FY 2025 FY 2024 Growth* Headlines • Earnings were significantly up in Q4 2025 YoY, driven by the Revenue 71,685 43,514 70.6% 247,331 167,106 51.3% contribution from Schenker. Gross profit 19,119 10,788 84.1% 66,859 42,974 59.0%
Slide 12: Cash flow and financial ratios FY 2025
Cash flow and financial ratios FY 2025 (DKKm) FY 2025 FY 2024 Variance Management commentary EBITDA before special items 28,244 21,831 6,413 Change in working capital 5,029 (4,212) 9,241 • Strong adjusted free cash flow of Tax, interest, change in provisions, etc. (8,927) (5,442) (3,485) DKK 5,359 m
Slide 13: Outlook for 2026
Outlook for 2026 (DKKm) Outlook 2026 Actual 2025 EBIT before special items 23,000-25,500 19,611 Special items 6,500 4,527 Effective tax rate 28.0% 30.3% Main assumptions • 2026 will be the first year with 12 months’ contribution from Schenker, four months more than in 2025. Furthermore, we expect at
Slide 14: Key takeaways
Key takeaways Fast progression on our most complex integration to date and solid financial performance under challenging market conditions Completion of Schenker Solid financial Full-year 2026 guidance integration expected by performance in challenging for EBIT before special year-end 2026 with full
Slide 15: Q&A
Q&A To attend the teleconference, please register through the link on the invite (available on www.investor.dsv.com) To ask questions, press *1
Slide 16: P&L details – Group
P&L details – Group Group (DKKm) FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Revenue 182,306 235,665 150,785 38,340 41,157 44,095 43,514 167,106 41,680 61,983 71,983 71,685 247,331 Direct costs 144,691 183,516 106,967 28,075 30,316 33,015 3
Slide 17: P&L details – Air & Sea
P&L details – Air & Sea Air & Sea (DKKm) FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Divisional revenue 131,901 174,431 92,972 22,716 24,616 28,416 28,748 104,496 26,108 34,475 38,688 38,049 137,320 Direct costs 108,132 139,807 67,002 16,95
Slide 18: P&L details – Road and Contract Logistics
P&L details – Road and Contract Logistics Road (DKKm) FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Divisional revenue 35,416 41,507 38,155 10,425 10,561 9,967 9,554 40,507 10,164 20,674 23,418 23,721 77,977 Direct costs 28,321 33,596 30,295
Slide 19: Balance sheet
Balance sheet (DKKm) Assets 31.12.2025 31.12.2024 Variance Equity and liabilities 31.12.2025 31.12.2024 Variance Intangibles assets 150,954 77,877 73,077 DSV shareholders’ share of equity 117,414 114,182 3,232 Right-of-use assets 27,772 18,713 9,059 Non-controlling interests 276 321 (45) Property, p
Slide 20: Investor Relations
Investor Relations Share information Financial calendar 2026 Investor Relations contacts DSV A/S is listed on the Copenhagen stock 04 Feb. 2026 Annual Report 2025 DSV A/S exchange under the symbol ‘DSV’. Hovedgaden 630, 2640 Hedehusene, Denmark investor@dsv.com 19 Mar. 2026 Annual General Meeting 20