Slide 1: Full-year 2025 results
DSV A/S Investor presentation FULL-YEAR 2025 RESULTS
Slide 2: Content and forward-looking statements
Content • Highlights • Update on Schenker integration • Financial highlights • Business segments • Financial review • Outlook for 2026 Forward-looking • Appendix statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties, as various facto
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: Appendix
DSV Global Transport and Logistics Seas ae
Slide 16: DSV at a glance
DSV at a glance Global One company – DSV operations three divisions Nasdaq Copenhagen No majority shareholder – 100% free float ~150,000 Air & Sea Credit ratings Employees A global network A3 (Stable) by Moody’s A- (Negative) by Standard & Poors +3,000 Road Overland transport in Europe, Offices and
Slide 17: Our strategy to realise sustainable growth, organically and through M&A
Our strategy to Purpose Keeping supply chains Vision Sustainable Mission Operational realise sustainable flowing growth excellence growth, organically Our strategy to realise sustainable growth, & through M&A organically and through M&A Commercial Operations Growing with our customers Optimising our
Slide 18: From local haulier to global leader
19% From local haulier to global leader 14% 67% A global network created through organic growth and M&A 2025 Breakdown of EBIT by division Air & Sea Road 2021 Contract Logistics EBIT Breakdown of EBIT by geography 3% Europe MEA 38% Americas APAC 59% 2019 100% 2016 2008 2006 2000 1976 1997 Revenue 2,
Slide 19: DSV – a global leader in the industry
DSV – a global leader in the industry Third-party logistics providers by 2024 revenue in EUR billion 1 1 DSV (DK) 41.6* 2 DHL Logistics (DE) 37.3 3 Kuehne + Nagel (CH) 28.7 4 CEVA Logistics (CH) 16.9 5 C.H. Robinson (US) 16.4 6 Nippon Express (JP) 15.7 7 S.F. Freight forwarding (CN) 15.1 8 9 Maersk
Slide 20: Our market position – a world-leading player across divisions
Our market position – a world-leading player across divisions Air Sea Road Contract freight freight freight logistics Global leader Global leader European leader Global top 5 player Source: Transport Intelligence (by 2024 revenue) 20
Slide 21: DSV deals among the largest in Denmark
DSV deals among the largest in Denmark Target Acquirer Year ~Value in EURm 1 Catalent, Inc. Novo Holdings 2024 15,310 Management commentary 2 Schenker DSV 2024 14,300 3 Merus Genmab 2025 6,800 • DSV has executed 3 of the 20 largest M&A deals in 4 Unilabs AP Møller Holdings 2022 5,000 Denmark in the
Slide 22: Strategic rationale - DSV and Schenker
Strategic rationale - DSV and Schenker An excellent strategic match Creating a global leader in the industry Schenker brings attractive exposure to Air & Sea and Road activities* • Adding significant volumes to our Air & Sea operations. • Establishing a leading player in European Road freight. • Str
Slide 23: The M&A track record
The M&A track record Continuous improvement of our margins through M&A 11.8% 10.7% GIL acquisition Schenker acquisition 9.6% 8.9% Panalpina acquisition 8.2% 7.9% 6.9% 7.0% UTi acquisition 6.5% 6.0% 5.1% 25,204 23,000- 25,500- 19,611 17,723 16,223 16,096 9,520 6,654 4,878 5,450 3,050 3,475 2015 2016
Slide 24: Our services and business model
Our services and business model 24
Slide 25: Our service offerings
Our service offerings ~150,000 people in more than 90 countries at your service Third-party logistics services (3PL) Specialised offerings Air & Sea Road Contract Logistics Global Products • Access to all markets through • Road freight services in more • Global footprint of multi-user, • Parcel and
Slide 26: Creating value in the supply chain
Creating value in the supply chain From A to B and much more End-to-end logistics Through our global network, we provide a wide range of end-to-end supply chain solutions from shipper to consignee, supported by experienced people and strong IT infrastructure. Origin Destination A B From To shipper c
Slide 27: Focused commercial efforts to grow gross profit
Focused commercial efforts to grow gross profit Gross profit distribution Management Commentary Largest global customers: Platinum & Gold (275) Customer count (% of total) SMALLER CUSTOMERS • A significant growth potential both in All customers LARGE TO MID-SIZED (approx. 10% of gross profit) terms
Slide 28: Vertical specialists closely connected to our customers
Vertical specialists closely connected to our customers Industry-specific expertise (% share of gross profit) Consumer Automotive Industrial Healthcare Technology Aerospace and defence ~25% ~10% ~31% ~8% ~16% ~5% Other: ~5% Oil & Gas is included in the Industrial vertical and represents a limited pa
Slide 29: Logistics joint venture with NEOM
Sourcing to Logistics joint NEOM from across the world venture with NEOM • NEOM aims to create one consolidated supply chain. DSV will exclusively provide transport and logistics services to the NEOM projects. • The joint venture will be based on DSV’s values and policies (Human Rights Policy, Code
Slide 30: Sustainability
Sustainability 30
Slide 31: Our sustainability commitments
Our sustainability commitments Environment Social Governance Reducing our impact Being a people business Doing business with integrity We act as a key enabler for We strive to ensure that all employees can We are governed by a strong set of decarbonisation across our value chain. thrive and realise
Slide 32: Sustainability highlights 2025
Sustainability highlights 2025 Carbon baseline updated and we 2025 scope 1 and 2 maintain our SBTi commitments decarbonisation targets achieved Recalculation of 2019 baseline Scopes 1 and 2 SBTi target boundary (CO2e - ‘000 tonnes) Scope 3 Total Total DSV’s heavy-duty battery electric 53% of electri
Slide 33: Our carbon footprint
Our carbon footprint Committed to net zero in 2050 Total carbon footprint 2025 Science-based targets Our emissions by scope Scope 3 by transport mode (Tonne CO2) 2030 4% 3% 29.6% 50% Scope 1 & 2 Other categories, SCOPE 1+2 SCOPE 3 LAND 0% 0.58 million Reduction of scope 93% Transport Business travel
Slide 34: Our roadmap towards net-zero emissions
Our roadmap towards net-zero emissions Four key levers to deliver on our decarbonisation targets CO2 e (’000 tonnes) 32,500 Scope 3 By 2030 we will reduce our Projected reduction 32,163 scope 3 emissions by 30% trajectory 30,000 Business 27,500 as usual Axis break 25,000 22,500 Our progress so far 2
Slide 35: Decarbonising Logistics
Decarbonising An extensive portfolio of proven services and solutions to help you identify and reduce the carbon footprint of your supply chain Logistics Insights & intelligence Decarbonisation design Better business Get accurate data and insights so you can Turn insight into action with analytics a
Slide 36: Our approach to IT
7H ™ our approach ™ tol. wie
Slide 37: Our approach to IT
Our approach to IT Strong platforms and digitalisation with continuous development and investments Consolidated IT landscape Millions of shipments with an aim to have one system supporting one are booked and tracked every year process ensuring high transparency, productivity and by our customers. sc
Slide 38: Driving transparency, productivity and scalability through consolidation
Driving transparency, Standardised and digitalised workflows and user interfaces (UI) productivity Consolidation of UIs and sourcing of data via consolidated integration platforms, portals and artificial intelligence and scalability through Enterprise application layer consolidation of Consolidation
Slide 39: Our IT landscape
Our IT landscape Designed to support good customer service, high data quality and growth Customer myDSV ∙ API / EDI Air & Sea Road Contract Logistics One global transport management system (TMS) One primary transport management system (TMS) Dual global warehouse management system (WMS) • Temporary d
Slide 40: Digital capabilities and logistical capabilities
Broad and deep service offerings based on a solid IT platform DSV is uniquely positioned to combine logistical and digital capabilities Utilising our global platform to provide Winning formula to compete in the future complex supply chain solutions Digital capabilities Governance & change capacity D
Slide 41: Our technology trend radar
Our technology trend radar Tracking Quantum computing Metaverse Assessing Holographic Displays Autonomous Telepresence Freight Systems Vehicle-to-Grid Space logistics CO2 Nanotechnology Testing AI Security Microreactors Carbon capture, Small Modular utilization & storage Micro Reactors Hyperloop and
Slide 42: Financial details
Financial details
Slide 43: Earnings per share
Earnings per share • Flexible and scalable business model • Performance driven organisation • Strong M&A track record • % CAGR* in EPS from 2016 – 2025 • Graph illustrates diluted adjusted earnings per share of DKK 1 16% CAGR* 2016 – 2025 81.4 58.7 50.9 51.6 50.9 26.5 22.1 22.1 18.4 13.4 0.0 2016 20
Slide 44: Financial performance over the years
Financial performance over the years Revenue (DKKm) Gross profit (DKKm) 280,000 70,000 240,000 60,000 200,000 50,000 160,000 40,000 120,000 30,000 80,000 20,000 40,000 10,000 0 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CAGR* 15.5% CAGR* 17.
Slide 45: Financial performance per division
Financial performance per division DSV Group DSV Air & Sea EBIT DKKm Conversion ratio Operating margin EBIT DKKm Conversion ratio Operating margin 28,000 49% 21,000 70% 24,000 42% 18,000 60% 20,000 35% 15,000 50% 16,000 28% 12,000 40% 12,000 21% 9,000 30% 8,000 14% 6,000 20% 4,000 7% 3,000 10% 0 0%
Slide 46: Cash flow and ROIC
Cash flow and ROIC Operating cash flow (DKKm) Cash conversion ratio* (%) 28,000 175% 24,000 150% 117% 20,000 125% 16,000 100% 83% 12,000 75% 8,000 50% 4,000 25% 0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Average: 97% * Cash conversion rat
Slide 47: Divisional and geographical exposure
Divisional and geographical exposure Gross profit by division Gross profit by region Air & Sea Europe 48% 54% MEA Road 6% 25% APAC Contract Logistics 18% 27% Americas 22% EBIT before special items by division EBIT before special items by region Air & Sea Europe 67% 45% MEA Road 7% 14% APAC Contract
Slide 48: DSV trade lane exposure vs. market (volume)
DSV trade lane exposure vs. market (volume) Air freight Sea freight Asia-Europe 36% Asia-Europe 42% 42% (both ways) 31% (both ways) 25% Trans-Pacific 17% Trans-Pacific 16% (both ways) 20% (both ways) 20% Trans-Atlantic 22% Trans-Atlantic 15% (both ways) 17% (both ways) 10% 10% 13% Intra APAC Intra A
Slide 49: Capital structure and capital allocation
Capital structure and capital allocation Management commentary Financial gearing Net interest-bearing debt below 2.0x EBITDA target before special items. Free cash flow 1. Repayment of debt (if above target gearing priorities ratio). 2. Value-adding investments in the form of acquisitions or develop
Slide 50: 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 51: 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 52: Growth tables Q4 2025 and FY 2025
Growth tables Q4 2025 and FY 2025 DSV (DKKm) Q4 2024 FX translation adjustments Growth* Growth* Q4 2025 Revenue 43,514 (1,419) 29,662 70.6% 71,685 Gross Profit 10,788 (400) 8,731 84.1% 19,119 EBIT before special items 3,936 (169) 1,825 48.5% 5,592 (DKKm) FY 2024 FX translation adjustments Growth* Gr
Slide 53: Growth tables Q4 2025 and FY 2025
Growth tables Q4 2025 and FY 2025 DSV Road (DKKm) Q4 2024 FX translation adjustments Growth* Growth* Q4 2025 Revenue 9,554 (57) 14,224 149.8% 23,721 Gross Profit 1,751 (6) 3,645 209.0% 5,390 EBIT before special items 311 3 695 220.9% 1,009 (DKKm) FY 2024 FX translation adjustments Growth* Growth* FY
Slide 54: 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 55: 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