Slide 1: Full-Year 2024 Results
FULL-YEAR 2024 RESULTS DSV A/S Conference call 4 February 2025, 11:00 am CET
Slide 2: Agenda
Agenda • Highlights • Business segments • Update on NEOM joint venture • Financial review • Outlook for 2025 • Update on Schenker transaction Forward-looking • Q&A statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties, as various fac
Slide 3: Highlights
Highlights • Full-year 2024 EBIT was in line with guidance for the year and we delivered year-over-year growth in the second half of the year. • Solid financial performance in Q4 2024 with growth compared to the same period last year, driven by a strong performance in Air & Sea. • Continued strong c
Slide 4: Air & Sea
Air & Sea Management commentary (DKKm) Q4 2024 Q4 2023 Growth* FY 2024 FY 2023 Growth* • Air & Sea continued the rebound Gross profit Air 3,098 3,030 2.9% 11,958 13,420 (9.9%) in earnings in Q4 2024, driven by a combination of volume growth, Gross profit Sea 3,330 2,949 13.8% 12,763 12,550 3.0% mark
Slide 5: Air freight Q4 2024
Air freight Q4 2024 • Volume growth of 7% in Q4 2024 compared to the same period last year, leading to market share gains in our addressable market. • Stable sequential yield development with a gross profit improvement of 2.9% in Q4 2024 compared to the same period in 2023. • Strong growth in volume
Slide 6: Sea freight Q4 2024
Sea freight Q4 2024 • Strong volume growth of 7% in Q4 2024 compared to the same period last year, leading to market share gains. • Stable sequential yield development with a gross profit improvement of 13.8% in Q4 2024 compared to the same period in 2023. • Increasing volume growth with customers w
Slide 7: Road
Road Management commentary (DKKm) Q4 2024 Q4 2023 Growth* FY 2024 FY 2023 Growth* • The European road market was impacted by weaker-than-normal seasonality in Q4 Revenue 9,554 9,375 1.8% 40,507 38,155 6.0% 2024 with businesses closing earlier than normal in December in combination with Gross profit
Slide 8: Solutions
Solutions Management commentary (DKKm) Q4 2024 Q4 2023 Growth* FY 2024 FY 2023 Growth* • Similar to Road, DSV Solutions was negatively impacted by lower Revenue 6,100 6,079 0.3% 25,624 23,140 11.0% activity levels in Europe. Gross profit 2,492 2,471 0.8% 10,056 9,510 5.9% • Stable development in gro
Slide 9: Update on the joint venture with NEOM
Update on the joint venture with NEOM Sourcing to NEOM from • During 2024, we have worked on establishing the across the world organisation and completing the incorporation process for the logistics joint venture to exclusively provide transport and logistics services for the NEOM projects. • The sc
Slide 10: P&L 2024
P&L 2024 Management commentary (DKKm) Q4 2024 Q4 2023 Growth* FY 2024 FY 2023 Growth* Headlines • Revenue increased significantly in 2024, especially in Q4, which Revenue 43,514 36,528 19.5% 167,106 150,785 11.7% negatively impacted margins as the Gross profit 10,788 10,447 3.6% 42,974 43,818 (1.2%)
Slide 11: Cash flow and financial ratios 2024
Cash flow and financial ratios 2024 (DKKm) FY 2024 FY 2023 Variance Management commentary EBITDA before special items 21,831 22,997 (1,166) Change in working capital (4,212) 826 (5,038) • Cash flow from financing activities Tax, interest, change in provisions, etc. (5,442) (7,102) 1,660 impacted by
Slide 12: Allocations to shareholders
Allocations to shareholders Management commentary Share buyback • Proposed dividend of DKK 7.00 per Dividend share for 2024. • 2.9 million shares bought back in 2024, until the announcement of the acquisition of Schenker, at an average price of DKK 1,149. 20,313 17,841 • Unchanged capital allocation
Slide 13: Outlook 2025 for DSV stand-alone (excluding Schenker)
Outlook 2025 for DSV stand-alone (excluding Schenker) (DKKm) Outlook 2025 Actual 2024 EBIT before special items 15,500-17,500 16,096 Effective tax rate 24.0% 24.2% Main assumptions • We expect the global air and sea freight markets to grow around 3% in 2025 in line with global GDP forecast. We conti
Slide 14: Next steps of Schenker acquisition
Next steps of Schenker acquisition On track for closing in Q2 2025 13 September 2024 October 2024 November 2024 Q2 2025 Announcement of Approval by the Supervisory Bond issuance of All regulatory Expected closing of agreement to Board of Deutsche Bahn & by EUR 5 billion to approvals obtained transac
Slide 15: Key takeaways
Key takeaways Solid results with strong commercial performance across all divisions Continued rebound in On track for closing of Full-year 2025 guidance earnings driven by the Schenker transaction for EBIT before special strong volume growth with expected closing in items of DKK across all divisions
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
Slide 17: P&L details - Group
P&L details - Group Group (DKKm) FY 2020 FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Revenue 115,932 182,306 235,665 40,954 37,727 35,576 36,528 150,785 38,340 41,157 44,095 43,514 167,106 Direct costs 87,398 144,691 183,516 29,563 26,396 24,927 26
Slide 18: P&L details – Air & Sea
P&L details – Air & Sea Air & Sea (DKKm) FY 2020 FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Divisional revenue 73,689 131,901 174,431 26,213 22,993 21,912 21,854 92,972 22,716 24,616 28,416 28,748 104,496 Direct costs 56,780 108,132 139,807 19,186
Slide 19: P&L details – Road and Solutions
P&L details – Road and Solutions Road (DKKm) FY 2020 FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Divisional revenue 30,395 35,416 41,507 10,094 9,650 9,036 9,375 38,155 10,425 10,561 9,967 9,554 40,507 Direct costs 24,257 28,321 33,596 8,118 7,627
Slide 20: Balance sheet
Balance sheet (DKKm) Assets 31.12.2024 31.12.2023 Variance Equity and liabilities 31.12.2024 31.12.2023 Variance Intangibles assets 77,877 77,106 771 DSV shareholders’ share of equity 114,182 68,703 45,479 Right-of-use assets 18,713 15,655 3,058 Non-controlling interests 321 263 58 Property, plant a
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