Slide 1: Q1 2026 Results
Q1 2026 RESULTS DSV A/S Conference call 29 April 11:00 am CEST
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 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: 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 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 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 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 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 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 19: 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 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