Slide 1: Q3 2025 Results
Q3 2025 RESULTS DSV A/S Conference call 23 October 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 Q3 2025 • Update on Schenker integration • Financial highlights • Business segments • Financial review • Updated outlook for 2025 • Q&A 3
Slide 4: Highlights Q3 2025
Highlights Q3 2025 Maintaining strong Stable financial Executing on Narrowing 2025 outlook momentum on Schenker performance under deleveraging plan for EBIT before special integration challenging market supported by strong items to DKK 19.5 - 20.5 conditions adjusted free cash flow billion High cust
Slide 5: Update on Schenker integration
Update on Schenker integration Maintaining strong momentum Update on the integration Timeline for execution of integration • Organisational structure now in place after appointments of local teams. (accumulated) • Customer dialogue remains a top priority and see consistent high customer satisfaction
Slide 6: Financial highlights for Q3 2025
Financial highlights for Q3 2025 • Stable financial performance in Q3 2025, in line with our expectations, despite highly volatile and challenging market conditions. • Organically, gross profit was up 5.4% and EBIT before special items was down 7.3% in Q3 2025 compared to the same period last year.
Slide 7: Air & Sea
Air & Sea Management commentary (DKKm) Q3 2025 Q3 2024 Growth* M&A** 9M 2025 9M 2024 Growth* M&A** • EBIT improved due to positive Gross profit Air 4,742 3,012 7.8% 1,580 12,101 8,860 7.2% 2,744 contribution from Schenker and stable organic performance. Gross profit Sea 4,418 3,446 (6.0%) 1,330 11,9
Slide 8: Air freight Q3 2025
Air freight Q3 2025 • Total volume growth of 64%, with organic volume growth was slightly below the addressable market adjusted for exit of low-yielding volume. • Organic gross profit improved by 8% compared to last year, with 10% increase in the average yield in constant currencies and excl. Schenk
Slide 9: Sea freight Q3 2025
Sea freight Q3 2025 • Volume growth of 52%, while organic volumes were down 5% compared to a strong quarter last year due to softer market conditions in Q3 2025. • Organic gross profit declined 6% in constant currencies compared to last year with a stable yield in constant currencies and excl. Schen
Slide 10: Road
Road Management commentary (DKKm) Q3 2025 Q3 2024 Growth* M&A** 9M 2025 9M 2024 Growth* M&A** • EBIT improved in the quarter due to solid contribution from Revenue 23,418 9,967 1.9% 13,332 54,256 30,953 (1.8%) 23,912 Schenker, while organic gross profit and EBIT declined Gross profit 5,021 1,934 (3.
Slide 11: Contract Logistics
Contract Logistics Management commentary (DKKm) Q3 2025 Q3 2024 Growth* M&A** 9M 2025 9M 2024 Growth* M&A** • Strong growth in EBIT with positive contribution from Schenker and Revenue 13,113 6,619 20.7% 5,311 29,492 19,524 3.2% 9,565 strong organic growth in revenue and gross profit. Gross profit 5
Slide 12: P&L Q3 and 9M 2025
P&L Q3 and 9M 2025 Management commentary (DKKm) Q3 2025 Q3 2024 Growth* M&A** 9M 2025 9M 2024 Growth* M&A** Headlines • Overall stable organic performance in Q3 2025 combined with positive Revenue 71,983 44,095 (0.4%) 29,326 175,646 123,592 2.1% 51,674 contribution from Schenker. Gross profit 19,508
Slide 13: Cash flow and financial ratios 9M 2025
Cash flow and financial ratios 9M 2025 (DKKm) 9M 2025 9M 2024 Variance Management commentary EBITDA before special items 20,184 16,391 3,793 Change in working capital 3,166 (3,324) 6,490 • Strong adjusted free cash flow of Tax, interest, change in provisions, etc. (6,103) (4,169) (1,934) DKK 4,276 m
Slide 14: Narrowed outlook for full-year 2025
Narrowed outlook for full-year 2025 (DKKm) Outlook 2025 Previous outlook 2025 Actual 2024 EBIT before special items 19,500-20,500 19,500-21,500 16,096 Full-year financial impact from synergies related to integration of Schenker Around 800 500-600 - Amortisation of purchase price allocations Below 50
Slide 15: Key takeaways
Key takeaways Fast progression on our most complex integration to date and stable financial performance under challenging market conditions Maintaining strong Executing on financial FY 2025 guidance for momentum on Schenker deleveraging and on EBIT before special integration with positive track for
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 Q3 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 71,983 175,646 Direct costs 87,398 144,691 183,516 106,967 28,075 30,316
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 Q3 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 38,688 99,271 Direct costs 56,780 108,132 139,807 67,00
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 Q3 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 23,418 54,256 Direct costs 24,257 28,321 33,596
Slide 20: Balance sheet
Balance sheet (DKKm) Assets 30.09.2025 30.09.2024 Variance 31.12.2024 Equity and liabilities 30.09.2025 30.09.2024 Variance 31.12.2024 Intangibles assets 150,853 76,455 74,398 77,877 DSV shareholders’ share of equity 115,141 71,940 43,201 114,182 Right-of-use assets 25,909 18,117 7,792 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