Slide 1: Q1 2026 Results
Q1 2026 RESULTS DSV A/S Investor presentation
Slide 2: Content
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 for Q1 2026
Highlights for Q1 2026 On track to complete Solid performance in Following the plan Reiterating 2026 the integration by the challenging and for deleveraging of outlook for EBIT before end of 2026 volatile markets the capital structure special items of DKK 23.0 - 25.5 billion Strong commercial Modera
Slide 4: Update on Schenker integration
Update on Schenker integration On track to complete the integration by the end of 2026 Unprecedented integration speed Timeline for financial impact from synergies • Integration on track for completion by the end of 2026 – with related to the Schenker integration (DKKm) around 45% of the integration
Slide 5: Financial Highlights Q1 2026
Financial Highlights Q1 2026 • Solid financial performance in Q1 2026 in a challenging market environment with moderate financial impact from the Middle East conflict. • Gross profit up 78.4% and EBIT before special items rose 31.2% compared to last year driven by the contribution from Schenker. • A
Slide 6: Air & Sea
Air & Sea Management commentary (DKKm) Q1 2026 Q1 2025 Growth* • Air & Sea was impacted by Gross profit Air 4,260 3,066 43.8% challenging market conditions with lower volumes and declining Gross profit Sea 3,833 3,307 23.1% freight rates during the first months of the quarter. Total gross profit 8,0
Slide 7: Air freight Q1 2026
Air freight Q1 2026 • Volumes grew by 55% in Q1 2026 YoY, driven by Schenker and partly offset by the exit of low-yielding volumes. • Compared to last quarter, volumes were down 12% due to seasonality and capacity constraints in the Middle East. • Gross profit improved by 44% YoY, while average gros
Slide 8: Sea freight Q1 2026
Sea freight Q1 2026 • Volume growth of 50% in Q1 2026 YoY, driven by Schenker, partly offset by front-loading of volumes in Q1 2025 relating to trade tariffs. • Compared to last quarter, volumes were down approximately 4%, due to seasonality and impact from the Middle East conflict. • Gross profit i
Slide 9: Road
Road Management commentary (DKKm) Q1 2026 Q1 2025 Growth* • The solid performance in Road was achieved despite lower activity Revenue 23,299 10,164 128.0% levels and challenging winter weather in Europe. Gross profit 5,224 1,956 167.5% • The integration of Schenker is progressing as planned, with EB
Slide 10: Contract Logistics
Contract Logistics Management commentary (DKKm) Q1 2026 Q1 2025 Growth* • Contract Logistics continued the positive development, driven by Revenue 12,678 6,325 106.6% strong commercial growth and focus on consolidation of sites. Gross profit 5,477 2,578 120.2% • Revenue increased 107% compared to Q1
Slide 11: P&L Q1 2026
P&L Q1 2026 Management commentary (DKKm) Q1 2026 Q1 2025 Growth* Headlines • Revenue increased by 75% 70,416 41,680 74.7% compared to Q1 2025, driven by the Revenue contribution from Schenker and Gross profit 18,903 10,991 78.4% growth related to Contract Logistics. EBIT before special items 4,855 3
Slide 12: Cash flow and financial ratios Q1 2026
Cash flow and financial ratios Q1 2026 (DKKm) Q1 2026 Q1 2025 Variance Management commentary EBITDA before special items 7,472 5,373 2,099 Change in working capital (4,225) 313 (4,538) • Adjusted free cash flow of DKK Tax, interest, change in provisions, etc. (1,429) (903) (526) 1,517 million in Q1
Slide 13: Reiterating the outlook for 2026
Reiterating the 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. We expect at least DKK 4,000 million of
Slide 14: Key takeaways
Key takeaways Solid financial Strong momentum on Full-year 2026 guidance performance in highly Schenker integration unchanged with EBIT challenging and volatile and on track to complete before special items of market conditions it by the end of 2026 DKK 23.0 - 25.5 billion 14
Slide 15: Appendix
Appendix
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: 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% 27
Slide 28: 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 29: Sustainability
Sustainability 29
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: Our approach to IT
7H ™ our approach ™ tol. wie
Slide 36: 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 37: Driving transparency, productivity and scalability through consolidation of IT
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 38: 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 39: 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 40: Our technology trend radar
Our technology trend radar Tracking Quantum Metaverse computing Extended Reality Assessing Holographic Displays Autonomous Telepresence Freight Systems Vehicle-to-Grid Space logistics CO2 Battery swapping Testing Nanotechnology AI Security Microreactors Carbon capture, Small Modular utilization & st
Slide 41: Financial details
Financial details
Slide 42: Adjusted earnings per share
Adjusted earnings per share (DKKm) Q1 2026 Q1 2025 FY 2025 DSV A/S shareholders’ share of profit for the year 1,624 2,797 8,095 Customer relations 113 21 331 Share-based payments 93 81 359 Special items (P&L) 1,453 - 4,527 Discontinued operations - - 291 Tax effect of adjustments (474) (25) (1,583)
Slide 43: Earnings per share
Earnings per share • Flexible and scalable business model • Performance driven organisation • Strong M&A track record • 15% CAGR* in EPS from 2016 – Q1 2026 • Graph illustrates diluted adjusted earnings per share of DKK 1 15% CAGR* 2016 – Q1 2026 81.4 58.7 50.9 51.6 50.9 50.5 26.5 22.1 22.1 18.4 13.
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) 21% (both ways) 20% Trans-Atlantic 22% Trans-Atlantic 15% (both ways) 16% (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 Q1 2026 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 70,416 Direct costs 144,691 183,516 106,967 28,075
Slide 51: 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 Q1 2026 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 36,728 Direct costs 108,132 139,8
Slide 52: 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 Q1 2026 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 23,299 Direct costs 28,321
Slide 53: Growth tables Q1 2026
Growth tables Q1 2026 DSV (DKKm) Q1 2025 Currency translation Growth* Growth* Q1 2026 Revenue 41,680 (1,364) 30,100 74.7% 70,416 Gross Profit 10,991 (392) 8,304 78.4% 18,903 EBIT before special items 3,860 (161) 1,156 31.2% 4,855 DSV Air & Sea (DKKm) Q1 2025 Currency translation Growth* Growth* Q1 2
Slide 54: Balance sheet (DKKm)
Balance sheet (DKKm) Assets 31.03.2026 31.03.2025 Variance 31.12.2025 Equity and liabilities 31.03.2026 31.03.2025 Variance 31.12.2025 Intangibles assets 152,648 76,645 76,003 150,954 DSV shareholders’ share of equity 122,034 114,146 7,888 117,414 Right-of-use assets 27,838 18,301 9,537 27,772 Non-c
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