Slide 1: Half-Year 2025 Results
HALF-YEAR 2025 RESULTS DSV A/S Conference call 31 July 11:00 AM CEST
Slide 2: Forward-looking statements
Forward-looking statements This announcement contains forward-looking statements, including but not limited to 2025 guidance and short- and long-term ambitions, strategies, objectives and statements regarding DSV’s views of future events or prospects with respect to DSV’s future financial and operat
Slide 3: Agenda
Agenda • Highlights Q2 2025 • Update on Schenker integration • Financial highlights • Business segments • Financial review • Outlook for 2025 • Q&A 3
Slide 4: Highlights Q2 2025
Highlights Q2 2025 Stable organic Strong adjusted free cash Reiterating outlook for Strong start to Schenker financial performance flow, contributing to 2025 of EBIT before integration with focus on with increased organic deleveraging special items in the range creating certainty for gross profit in
Slide 5: Update on Schenker integration
Update on Schenker integration Off to a strong start Expected financial impact from Schenker integration Estimated integration timeline • Annual synergies still expected to be around DKK 9.0 billion at the end of 2028, (accumulated) when the majority of the integration is expected to be complete. •
Slide 6: Financial highlights for Q2 2025
Financial highlights for Q2 2025 • Stable organic performance in Q2 2025, in line with our expectations, despite highly volatile and challenging market conditions. • Organically gross profit was up 2.4% and EBIT before special items was down 4.6% in Q2 2025 compared to the same period last year. • P
Slide 7: Air & Sea
Air & Sea Management commentary (DKKm) Q2 2025 Q2 2024 Growth* M&A** H1 2025 H1 2024 Growth* M&A** • Strong organic development in Gross profit Air 4,294 2,953 8.8% 1,164 7,359 5,848 6.9% 1,164 gross profit and EBIT, up more than 9% compared to last year. Gross profit Sea 4,193 3,119 9.5% 934 7,500
Slide 8: Air freight Q2 2025
Air freight Q2 2025 • Total volume growth of 46%, with organic volume growth slightly below the addressable market adjusted for exit of low-yielding volume. • Gross profit improved by 9% compared to last year, with 12% increase in the average yield in constant currencies and excl. Schenker. • We hav
Slide 9: Sea freight Q2 2025
Sea freight Q2 2025 • Total volume growth of 43%, with organic volume growth of 2% in Q2 2025 compared to last year, close to the estimated market growth. • Organic increase in gross profit of 10% in Q2 2025, due to positive volume growth and 7% higher underlying yields. • The positive performance w
Slide 10: Road
Road Management commentary (DKKm) Q2 2025 Q2 2024 Growth* M&A** H1 2025 H1 2024 Growth* M&A** • Organic gross profit and EBIT declined in Q2 2025 compared to Revenue 20,674 10,561 (4.1%) 10,580 30,838 20,986 (3.5%) 10,580 last year, due to continued low activity and utilisation within Gross profit 4
Slide 11: Contract Logistics
Contract Logistics Management commentary (DKKm) Q2 2025 Q2 2024 Growth* M&A** H1 2024 H1 2024 Growth* M&A** • Organic gross profit and EBIT growth were negative due to low utilisation of Revenue 10,054 6,916 (14.9%) 4,254 16,379 12,905 (5.6%) 4,254 capacity and an increasing cost base related to new
Slide 12: P&L H1 2025
P&L H1 2025 Management commentary (DKKm) Q2 2025 Q2 2024 Growth* M&A** H1 2025 H1 2024 Growth* M&A** Headlines • Stable organic financial results for Q2 2025 due to Air & Sea and Revenue 61,983 41,157 (1.1%) 22,348 103,663 79,497 3.5% 22,348 positive contribution from Schenker. Gross profit 17,241 1
Slide 13: Cash flow and financial ratios H1 2025
Cash flow and financial ratios H1 2025 (DKKm) H1 2025 H1 2024 Variance Management commentary EBITDA before special items 12,308 10,541 1,767 Change in working capital 2,405 (3,773) 6,178 • Adjusted free cash flow of DKK Tax, interest, change in provisions, etc. (4,510) (2,550) (1,960) 3,982 million
Slide 14: Outlook for full-year 2025
Outlook for full-year 2025 (DKKm) Outlook 2025 Previous outlook 2025 Actual 2024 EBIT before special items 19,500-21,500 19,500-21,500 16,096 Amortisation of purchase price allocations Below 500 500 - Special items 2,000-2,500 2,000-2,500 853 Effective tax rate 26-28% 24.0% 24.2% Main assumptions •
Slide 15: Key takeaways
Key takeaways Stable financial performance in a challenging market On track for financial Schenker integration off Reiterating FY 2025 deleveraging and to a strong start, with guidance for EBIT EPS growth (diluted first countries to begin before special items of and adjusted) integration in Q3 2025
Slide 16: 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 16
Slide 17: P&L details – Group
P&L details – Group Group (DKKm) FY 2020 FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 YTD 2025 Revenue 115,932 182,306 235,665 150,785 38,340 41,157 44,095 43,514 167,106 41,680 61,983 103,663 Direct costs 87,398 144,691 183,516 106,967 28,075 30,316 33,015 32,726
Slide 18: P&L details – Air & Sea
P&L details – Air & Sea Air & Sea (DKKm) FY 2020 FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 YTD 2025 Divisional revenue 73,689 131,901 174,431 92,972 22,716 24,616 28,416 28,748 104,496 26,108 34,475 60,583 Direct costs 56,780 108,132 139,807 67,002 16,953 18,544
Slide 19: P&L details – Road and Contract Logistics
P&L details – Road and Contract Logistics Road (DKKm) FY 2020 FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 YTD 2025 Divisional revenue 30,395 35,416 41,507 38,155 10,425 10,561 9,967 9,554 40,507 10,164 20,674 30,838 Direct costs 24,257 28,321 33,596 30,295 8,461 8
Slide 20: Balance sheet
Balance sheet (DKKm) Assets 30.06.2025 30.06.2024 Variance 31.12.2024 Equity and liabilities 30.06.2025 30.06.2024 Variance 31.12.2024 Intangibles assets 152,156 77,391 74,765 77,877 DSV shareholders’ share of equity 113,365 70,899 42,466 114,182 Right-of-use assets 26,159 17,106 9,053 18,713 Non-co
Slide 21: Investor Relations
Investor Relations Share information Financial calendar 2025 Investor Relations contacts DSV A/S is listed on the Copenhagen stock 04 Feb. 2025 Annual Report 2024 DSV A/S exchange under the symbol ‘DSV’. Hovedgaden 630, 2640 Hedehusene, Denmark investor@dsv.com 20 Mar. 2025 Annual General Meeting 20