Slide 1: H1 2026 Results
H1 2026 RESULTS DSV A/S Conference call 22 July 11:00 am CEST
Slide 2: Agenda
Agenda • Highlights • Update on Schenker integration • Financial highlights • Business segments • Financial review • Financial targets for 2030 Forward-looking • Outlook for 2026 statements • Q&A This presentation contains forward-looking statements. Such statements are subject to risks and uncertai
Slide 3: Highlights for Q2 2026
Highlights for Q2 2026 Progressing as planned Management changes and EBIT before special items Narrowing the 2026 to complete the integration recovery plans initiated in of DKK 6.3 billion in Q2, guidance for EBIT before by the end of 2026 and the Road division to the strongest quarterly special ite
Slide 4: Update on Schenker integration
Update on Schenker integration Integration expected to be completed by the end of 2026 Integration progressing according to plan Timeline for integration and financial impact from • On track to complete the integration by the end of 2026 with synergies related to the Schenker integration more than 6
Slide 5: Financial highlights Q2 2026
Financial highlights Q2 2026 • Positive earnings growth in Q2 2026 under challenging and volatile market conditions during the quarter. • Gross profit up 17.5% and EBIT before special items rose 32.5% compared to last year, driven by solid performance, synergies and Schenker. • Quarterly diluted adj
Slide 6: Air & Sea
Air & Sea Management commentary (DKKm) Q2 2026 Q2 2025 Growth* H1 2026 H1 2025 Growth* • Air & Sea delivered positive Gross profit Air 4,869 4,294 13.4% 9,129 7,359 25.8% earnings momentum, driven by higher gross profit for air freight Gross profit Sea 4,032 4,193 (3.8%) 7,865 7,500 7.6% and a relat
Slide 7: Air freight Q2 2026
Air freight Q2 2026 • Volumes grew by 10% in Q2 2026 YoY, driven by the Schenker contribution and strong demand, partly offset by yield management. • Compared to last quarter, volumes were up 8% due to an early peak season and continued strong demand within the Technology vertical. • Air freight rat
Slide 8: Sea freight Q2 2026
Sea freight Q2 2026 • Volume growth of 6% in Q2 2026 YoY, driven by the Schenker contribution, while volume growth from Asia-Europe was lower than expected. • Compared to last quarter, volumes were up 3%, driven by seasonality and signs of an early peak season on the Transpacific trade lane. • The a
Slide 9: Road
Road Management commentary (DKKm) Q2 2026 Q2 2025 Growth* H1 2026 H1 2025 Growth* • Operational issues relating to the complexity of the Schenker Revenue 24,472 20,674 18.3% 47,771 30,838 54.6% integration in Germany, France and the Netherlands had Gross profit 5,153 4,256 20.3% 10,377 6,212 66.4% n
Slide 10: Contract Logistics
Contract Logistics Management commentary (DKKm) Q2 2026 Q2 2025 Growth* H1 2026 H1 2025 Growth* • Contract Logistics continued its strong financial performance Revenue 13,534 10,054 34.8% 26,212 16,379 62.0% driven by commercial growth within the Technology and Gross profit 5,866 4,631 26.8% 11,343
Slide 11: P&L H1 2026
P&L H1 2026 (DKKm) Q2 2026 Q2 2025 Growth* H1 2026 H1 2025 Growth* Management commentary Headlines • Revenue increased by 23% in Q2 76,688 61,983 23.4% 147,104 103,663 43.6% 2026 compared to Q2 2025, driven Revenue by the contribution from Schenker Gross profit 20,277 17,241 17.5% 39,180 28,232 40.6
Slide 12: Cash flow and financial ratios H1 2026
Cash flow and financial ratios H1 2026 (DKKm) H1 2026 H1 2025 Variance Management commentary EBITDA before special items 16,374 12,308 4,066 Change in working capital (9,885) 2,405 (12,290) • Adjusted free cash flow of DKK 786 Tax, interest, change in provisions, etc. (3,390) (4,510) 1,120 million i
Slide 13: Financial targets for 2030
Financial targets for 2030 Management commentary • We assume annual GDP growth of around 3% and transport Conversion ratio ROIC (before tax) market growth at the same level, with higher growth within contract logistics. 2025 Q2 2026 2030 2025 Q2 2026 2030 (%) actual actual target actual actual targe
Slide 14: Narrowed outlook for 2026
Narrowed outlook for 2026 (DKKm) Updated outlook Previous outlook Actual 2025 EBIT before special items 23,500-25,500 23,000-25,500 19,611 Special items 6,500 6,500 4,527 Effective tax rate 28.0% 28.0% 30.3% Main assumptions • 2026 is the first year with 12 months’ contribution from Schenker and we
Slide 15: Key takeaways
Key takeaways Positive earnings Schenker integration on Narrowing the full-year momentum with the track to be completed 2026 guidance for EBIT highest earnings since by end of 2026 and full before special items to the start of the integration synergies in 2027 DKK 23.5 - 25.5 billion 15
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 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 YTD 2026 Revenue 182,306 235,665 150,785 167,106 41,680 61,983 71,983 71,685 247,331 70,416 76,688 147,104 Direct costs 144,691 183,516 106,967 124,132 30,689 44,742 52,475 52,566
Slide 18: P&L details – Air & Sea
P&L details – Air & Sea Air & Sea (DKKm) FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 YTD 2026 Divisional revenue 131,901 174,431 92,972 104,496 26,108 34,475 38,688 38,049 137,320 36,728 41,695 78,423 Direct costs 108,132 139,807 67,002 79,775 19,735 25,98
Slide 19: P&L details – Road and Contract Logistics
P&L details – Road and Contract Logistics Road (DKKm) FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 YTD 2026 Divisional revenue 35,416 41,507 38,155 40,507 10,164 20,674 23,418 23,721 77,977 23,299 24,472 47,771 Direct costs 28,321 33,596 30,295 32,797 8,208
Slide 20: Balance sheet (DKKm)
Balance sheet (DKKm) Assets 30.06.2026 30.06.2025 Variance 31.12.2025 Equity and liabilities 30.06.2026 30.06.2025 Variance 31.12.2025 Intangibles assets 153,313 152,156 1,157 150,954 DSV shareholders’ share of equity 125,609 113,365 12,244 117,414 Right-of-use assets 28,056 26,159 1,897 27,772 Non-
Slide 21: 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