Slides
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Q3 2026 RESULTS DSV A/S Conference call 21 October 11:00 am CEST
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• Highlights • Update on Schenker integration • Financial highlights • Business segments • Financial review • Allocations to shareholders • Outlook for 2026 • Q&A Agenda This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties, as various factors, many of which are beyond DSV A/S’ control, may cause actual developments and results to differ materially from the expectations contained in the presentation. Forward-looking statements
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3 Highlights for Q3 2026 Normalised operations in Road, with focus shifting to productivity and commercial performance. Synergies delayed into 2027 Gross profit growth of 2.3% and EBIT* growth of 19.5% to DKK 6.6 billion in Q3 2026, incl. property disposals, with EPS** up 11.5% YoY Narrowing the 2026 guidance for EBIT before special items to DKK 24.0 - 25.0 billion (previously DKK 23.5 - 25.5 billion) Strong cash flow and initiating first share buy- back programme of DKK 1.5 billion since the acquisition of Schenker *) EBIT before special items for the DSV Group. **) Diluted adjusted earnings per share for the last 12 months.
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Update on Schenker integration Integration overall progressing as planned • Almost all countries have either completed or started the integration process. The few remaining countries are expected to commence integration in Q4 2026. • Net reduction of approx. 9,000 white- collar employees (FTEs) during the integration. • Continued positive commercial performance with large global customers; initiatives taken to improve performance with midsized and smaller customers Net reduction of approx. 9,000 white-collar employees (FTEs) Financial impact expected to be delayed into 2027 • In Q3 2026, synergies increased by around DKK 300 million to accumulated quarterly impact of around DKK 1,400 million compared to pre-acquisition. • Annual synergies are still expected to be at the level of DKK 9 billion, partly offset by inflationary pressure and costs related to increased activity in Contract Logistics. • The remaining synergies related to Road and certain Group functions are expected to be delayed into 2027 due to the operational issues in Road. DKK 9 billion annual synergies still expected Transaction and integration costs • Total transaction and integration costs are still anticipated to be around DKK 11 billion and will be charged as special items. • Special items came to approximately DKK 1.3 billion in Q3 2026, with accumulated costs of around DKK 8.7 billion since the start of the integration. • As certain synergies have been delayed into 2027, some of the related special items are now expected to be recognised in 2027. DKK 11 billion total transaction and integration costs 4
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19,508 19,119 18,903 20,277 20,253 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Financial highlights Q3 2026 5 • Positive earnings growth and 11.5% YoY increase in diluted adjusted EPS to DKK 56.1 in Q3 2026 under uncertain and volatile market conditions. • Gross profit rose 2.3% and EBIT before special items grew 19.5% compared to last year, including gains of DKK 300 million from property disposals. • Solid performance in Air & Sea and Contract Logistics, including lower costs, while Road was affected by reduced volumes and productivity. • Adjusted free cash flow of DKK 6,439 million with net working capital remaining at an elevated level due to higher freight rates and fuel prices. • Full-year 2026 EBIT guidance narrowed to DKK 24.0 - 25.0 billion (previously DKK 23.5 - 25.5 billion). *) Growth rates are in constant currencies. Gross profit (DKKm) EBIT before special items (DKKm) 5,434 5,592 4,855 6,255 6,606 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 19.5%*2.3%*
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Air & Sea 9.1% 8.1% 7.3% 9.1% 9.4% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Operating margin Conversion ratio 6 (DKKm) Q3 2026 Q3 2025 Growth* 9M 2026 9M 2025 Growth* Gross profit Air 5,012 4,742 4.3% 14,141 12,101 17.2% Gross profit Sea 4,330 4,418 (4.2%) 12,195 11,918 3.1% Total gross profit 9,342 9,160 0.2% 26,336 24,019 10.2% EBIT 4,278 3,532 18.9% 10,722 9,942 8.8% *) Growth rates are in constant currencies. Management commentary • Continued positive earnings momentum with EBIT growth of 18.9% YoY in Q3 2026, driven by a reduced cost base. • Gross profit was affected by negative volume growth in certain European markets, as well as the transfers of certain services to Global Products. Adjusted for these transfers, gross profit increased 2.8% YoY. • Margins were diluted following 15.9% revenue growth in Q3 2026 compared to the same period last year with pass- through of the increasing freight rates and fuel prices. • The conversion ratio improved to 45.8%, compared to 42.4% in Q2 2026, driven by a reduced cost base. 38.6% 36.7% 33.0% 42.4% 45.8% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
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YoY volume development including M&A 579 592 518 558 561 8,196 7,589 8,223 8,722 8,936 (3,000)0 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 • Gross profit improved by 4% YoY with average gross profit yields increasing 8% YoY in constant currencies. • Volume declined by 3% in Q3 2026 compared to last year, partly offset by strong growth within Technology. • Yield management initiatives, conversion from air freight to sea freight and lower activity in Europe impacted the volume growth in the quarter. • The continued impact from the Middle East conflict and the strong demand related to Technology and Cloud led to tight market capacity. Air freight Q3 2026 7 4,742 4,492 4,260 4,869 5,012 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 *) Growth rates are in constant currencies. Gross profit (DKKm) Yield YoY change: 8%* FX impact: 1% YoY change: 4%* FX impact: 1% Gross profit/tonne, DKKDSV tonnes, ‘000 Volume & yields 63% 55% 10% (3%)64% 15% YTD-26
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• Gross profit decreased by 4% YoY with gross profit yields down 2% YoY in constant currencies. • Volume declined by 3% in Q3 2026 YoY, while the underlying trend stabilised during the quarter. • The volume development was impacted by the Middle East conflict and weaker commercial performance on the Asia-Europe trade lane. • Market was disrupted due to congestion and delays in Chinese and Northern European ports, while Red Sea traffic gradually increased. Sea freight Q3 2026 8 1,073 1,020 976 1,008 1,045 4,118 3,800 3,926 4,002 4,142 1,8000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 4,418 3,875 3,833 4,032 4,330 - 1,000 2,000 3,000 4,000 5,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 *) Growth rates are in constant currencies. Gross profit (DKKm) Volume & yields YTD-26 50% 50% 6% (3%)52% 13% Yield YoY change: (2%)* FX impact: 2% YoY change: (4%)* FX impact: 2% Gross profit/TEU, DKKDSV TEUs, ‘000 YoY volume development including M&A
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21.4% 22.7% 22.4% 21.1% 19.2% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 15.9% 18.7% 19.1% 19.4% 11.7% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Road (DKKm) Q3 2026 Q3 2025 Growth* 9M 2026 9M 2025 Growth* Revenue 23,375 23,418 (1.0%) 71,146 54,256 30.5% Gross profit 4,498 5,021 (11.2%) 14,875 11,233 31.7% EBIT 526 798 (35.1%) 2,521 1,726 44.7% *) Growth rates are in constant currencies. 9 Gross margin Conversion ratio Operating margin Management commentary • EBIT decreased to DKK 526 million in Q3 2026, including gains of DKK 195 million from property disposals. • Earnings were impacted by negative volume growth and reduced productivity related to operational issues in Europe during the Schenker integration. • Operational performance normalised by the end of the quarter, and focus has shifted to improving productivity and commercial performance. • While the remaining Schenker synergies are expected to be delayed into 2027, the division’s strategic priorities and financial targets remain unchanged. 3.4% 4.3% 4.3% 4.1% 2.3% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
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Road recovery: Shifting to productivity and commercial performance What happened • Disruption during the integration of Schenker’s European road freight network • Reduced service quality and productivity in selected markets • Volume losses impacted financial performance What we have done • Strengthened divisional and country management • Stabilised operations through stronger governance and focused support • Implemented dedicated operational and commercial recovery plans What we are focusing on • Maintaining stable service quality, with all countries green on DIFOT • Restoring productivity and profitability • Regaining customer confidence and recovering volumes Operational reliability Average number of shipments delivered in full and on time (DIFOT) for DSV’s European road freight network August 92.4% Average DIFOT September 93.4% Average DIFOT October ~94% Average DIFOT, 1-9 October 10
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Contract Logistics 44.3% 40.3% 43.2% 43.3% 41.7% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 18.9% 26.9% 23.1% 26.1% 28.1% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 8.4% 10.8% 10.0% 11.3% 11.7% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Gross margin Conversion ratio Operating margin 11 (DKKm) Q3 2026 Q3 2025 Growth* 9M 2026 9M 2025 Growth* Revenue 14,280 13,113 7.3% 40,492 29,492 37.3% Gross profit 5,956 5,810 1.0% 17,299 13,019 33.0% EBIT 1,673 1,098 50.3% 4,468 2,292 95.2% *) Growth rates are in constant currencies. Management commentary • Contract Logistics continued the strong financial performance, driven by synergies, consolidation of sites and commercial growth. • Earnings were supported by gains of DKK 105 million from property disposals. • Continued commercial momentum across verticals, particularly Technology, including cloud and hyperscaler infrastructure. • Gross profit was impacted by costs relating to the ramp-up of new facilities and customer solutions. Synergies and the consolidation of low-margin sites supported a conversion ratio of 28.1%. • Pre-tax ROIC for the last twelve months improved to 10.9%, compared to 6.9% on 30 September 2025.
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• Combining services such as Fairs & Events, Parcels and Global Customs into a dedicated organisational setup. • We expect to advance these services to deliver an even stronger offering and drive further productivity. • In Q3 2026, approx. 450 white-collar employees (FTEs) were transferred from the divisions and Group to Global Products, which now comprise approx. 3,000 FTEs. • The process of transferring employees is ongoing and will continue over the coming quarters. • The financial impact on EBIT before special items is currently immaterial. Global Products 12 Local judgement Input: specialised, local expertise Global alignment Process: organisation & systems structuring Global standard Output: predictability & consistency Services Global Customs Fairs & EventsParcels Supply chain services 5PL And more … Air & Sea Road Contract Logistics Global Products
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P&L 9M 2026 (DKKm) Q3 2026 Q3 2025 Growth* 9M 2026 9M 2025 Growth* Headlines Revenue 80,702 71,983 10.5% 227,806 175,646 29.8% Gross profit 20,253 19,508 2.3% 59,433 47,740 24.7% EBIT before special items 6,606 5,434 19.5% 17,716 14,019 27.0% Profit for the period 3,017 2,160 7,282 7,328 P&L items Cost base (staff, other ext., depreciation) 13,647 14,074 41,717 33,721 Special items, costs 1,276 1,154 4,197 1,971 Financial items, FX adj. (gain in “()”) 45 114 241 (29) Net interest costs 1,047 926 3,050 1,826 KPIs Gross margin (%) 25.1 27.1 26.1 27.2 Operating margin (%) 8.2 7.5 7.8 8.0 Conversion ratio (%) 32.6 27.9 29.8 29.4 Effective tax rate (%) 28.8 33.3 28.8 28.5 Employees (end of period) 148,405 159,490 Diluted adjusted EPS (12 months) 56.1 50.3 11.5% Average diluted number of shares 238,430 235,405 *) Growth rates are in constant currencies. 13 Management commentary • Revenue increased by 10.5% in Q3 2026 compared to the same period last year, driven by Air & Sea. • EBIT before special items increased 19.5% YoY to DKK 6,606 million in Q3 2026, including gains of DKK 300 million from property disposals, despite a significantly reduced result in Road. • Conversion ratio for the Group increased to 32.6%, driven by higher conversion ratio in Air & Sea and Contract Logistics. • Net interest costs came to DKK 1,047 million, including interest on leasing of DKK 570 million, impacted by higher NWC and sale- and-leaseback of properties. • Diluted, adjusted EPS was DKK 56.1 for the last twelve months, an increase of 11.5% compared to the same period last year.
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Cash flow and financial ratios 14 Management commentary • Adjusted free cash flow of DKK 6,439 million in Q3 2026 with an adj. cash conversion ratio of 128.6%. • NWC increased by DKK 137 million during the quarter, due to increased freight rates and fuel prices. • Cash flow from receivables related to property disposals of DKK 1,060 million, driven by payment from previous transactions, partly offset by new disposals in Q3 2026. • NWC to revenue ratio was 3.4% at the end of Q3 2026 and 3.0% adjusted for Schenker properties. • On 30 September 2026, net interest-bearing debt including lease liabilities was DKK 82,868 million with a gearing ratio of 2.5x. • The NIBD has been reduced by DKK 12.6 billion since completion of the Schenker transaction. (DKKm) Q3 2026 Q3 2025 9M 2026 9M 2025 EBITDA before special items 9,314 7,876 25,688 20,184 Change in working capital (444) 761 (10,329) 3,166 Tax, interest, change in provisions, etc. (1,615) (1,643) (5,005) (6,153) Special items (1,693) (613) (4,649) (1,511) Cash flow from operating activities 5,562 6,381 5,705 15,686 Sale of property, plant and equipment 1,978 (367) 6,405 (218) Cash flow from other investing activities (1,047) (1,052) (2,678) (1,698) Cash flow from investing activities 931 (1,419) 3,727 (77,706) Free cash flow 6,493 4,962 9,432 (62,020) Proceeds and repayment of debt (2,884) 33 (9,994) 946 Transactions with shareholders - 73 957 (489) Cash flow from financing activities (2,884) 106 (9,037) 457 Cash flow for the period 3,609 5,068 395 (61,563) Calculation of adjusted free cash flow: Free cash flow 6,493 4,962 9,432 (62,020) Acquisition of subsidiaries reversed - - - 75,790 Special items reversed 1,693 613 4,649 1,511 Repayment of lease liabilities (1,747) (1,746) (5,339) (4,305) Adjusted free cash flow 6,439 3,829 8,742 10,976 KPIs Adjusted cash conversion ratio (%) 128.6 95.6 79.7 115.5 Net working capital (NWC) 10,926 5,018 NWC in % of revenue 3.4 1.7 Net interest-bearing debt (NIBD) 82,868 88,985 Gearing ratio (NIBD/EBITDA before special items) 2.5x 2.7x ROIC before tax (%) 11.4 11.8 ROIC bef. tax (excl. goodwill & customer rel., %) 43.5 44.2
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Allocations to shareholders 15 Management commentary • Launch of new share buyback programme of DKK 1.5 billion, starting 21 October 2026 and running until 1 February 2027. • First share buyback programme since the announcement of the Schenker transaction, as the gearing ratio has been reduced to 2.5x and we remain on track for further deleveraging. • We remain committed to DSV’s capital allocation policy and achieving our targeted gearing ratio (NIBD below 2.0x EBITDA) during 2027. • On 21 October 2026, the portfolio of treasury shares was 1,666 million (0.69% of share capital). 920 1,320 1,424 1,533 1,683 1,683 17,841 20,313 13,997 3,347 1,500 2021 2022 2023 2024 2025 2026 Allocations to shareholders 2026 (DKKm) YTD Q3 2026 Q4 2026 Q1 2027 Total announced Dividend for 2025 1,683 1,683 Share buyback – 1.5 billion (partly in Q1 2027) 1,000 500 1,500 Total allocations 1,683 1,000 500 3,183 Announced share buyback Share buyback Dividend DKKm Schenker acquisition and integration Partly in Q1 2027
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Narrowed outlook for 2026 (DKKm) Updated outlook Previous outlook Actual 2025 EBIT before special items 24,000-25,000 23,500-25,500 19,611 Special items 5,500 6,500 4,527 Effective tax rate 28.0% 28.0% 30.3% 16 Main assumptions • For Q4 2026, we assume gains from property disposals broadly in line with recent quarters. • We expect around DKK 4,000 million of incremental synergies compared to 2025. As certain synergies have been delayed into 2027, around DKK 1,000 million of the previously expected 2026 integration costs (special items) are now expected be recognised in 2027. • The Middle East conflict continues to contribute to a highly uncertain and volatile macroeconomic environment due to rising inflation and interest rates. We continuously monitor activity levels and will adjust our capacity and cost base as needed to enhance productivity and maintain profitability. • We assume the addressable global air and sea freight markets will grow around mid-single digits in 2026. For Q4 2026, we assume volume growth for DSV Air & Sea below the market and with slightly lower average gross profit yields compared to Q3 2026. • We expect flat to low-single-digit growth for the road freight market for the remainder of the year. The contract logistics market is expected to grow at mid-single-digit rates. • The Schenker integration has led to a temporary increase in the effective tax rate compared to the historical levels. • Currency exchange rates, especially the US dollar against the DKK, will remain at current levels.
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Key takeaways 17 Full-year 2026 guidance for EBIT before special items narrowed to DKK 24.0 - 25.0 billion Normalised Road operations, now with focus on productivity and commercial performance Strong cash flow and launch of first share buyback programme since the Schenker acquisition
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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
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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 Q3 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 80,702 227,806 Direct costs 144,691 183,516 106,967 124,132 30,689 44,742 52,475 52,566 180,472 51,513 56,411 60,449 168,373 Gross profit 37,615 52,149 43,818 42,974 10,991 17,241 19,508 19,119 66,859 18,903 20,277 20,253 59,433 Other external costs 4,173 5,559 4,838 4,652 1,216 2,380 2,875 2,974 9,445 2,448 2,573 2,546 7,567 Staff costs 13,025 16,315 15,983 16,491 4,402 7,926 8,757 8,085 29,170 8,983 8,802 8,393 26,178 EBITDA before special items 20,417 30,275 22,997 21,831 5,373 6,935 7,876 8,060 28,244 7,472 8,902 9,314 25,688 Depreciation of right-of-use assets 3,144 3,783 3,981 4,380 1,163 1,571 1,779 1,841 6,354 1,918 1,966 1,989 5,873 Amortisation and depreciation of owned assets 1,050 1,288 1,293 1,355 350 639 663 627 2,279 699 681 719 2,099 EBIT before special items 16,223 25,204 17,723 16,096 3,860 4,725 5,434 5,592 19,611 4,855 6,255 6,606 17,716 Special Items, net costs 478 1,117 - 853 - 817 1,154 2,556 4,527 1,453 1,468 1,276 4,197 Financial income 206 606 473 650 664 336 8 81 1,089 56 44 49 149 Financial expenses - lease liabilities 495 727 851 1,152 329 401 443 496 1,669 515 547 570 1,632 Financial expenses 552 745 855 1,318 471 556 605 725 2,357 649 588 571 1,808 Profit before tax 14,904 23,221 16,490 13,423 3,724 3,287 3,240 1,896 12,147 2,294 3,696 4,238 10,228 Tax on profit for the period 3,650 5,550 4,083 3,248 912 931 1,080 761 3,684 656 1,069 1,221 2,946 Profit for the period 11,254 17,671 12,407 10,175 2,812 2,356 2,160 1,135 8,463 1,638 2,627 3,017 7,282 Gross margin (%) 20.6 22.1 29.1 25.7 26.4 27.8 27.1 26.7 27.0 26.8 26.4 25.1 26.1 Operating margin (%) 8.9 10.7 11.8 9.6 9.3 7.6 7.5 7.8 7.9 6.9 8.2 8.2 7.8 Conversion ratio (%) 43.1 48.3 40.4 37.5 35.1 27.4 27.9 29.2 29.3 25.7 30.8 32.6 29.8 Effective tax rate 24.5 23.9 24.8 24.2 24.5 28.3 33.3 40.1 30.3 28.6 28.9 28.8 28.8 Blue-collar costs (included in direct costs) 6,280 7,647 7,669 8,199 2,098 3,978 4,776 5,163 16,015 5,199 5,338 5,270 15,807 Number of full-time employees (end of period) 77,958 76,283 73,577 73,338 73,402 158,692 159,490 151,751 151,751 148,830 147,222 148,405 148,405 19
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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 Q3 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 45,645 124,068 Direct costs 108,132 139,807 67,002 79,775 19,735 25,989 29,528 29,682 104,934 28,635 32,794 36,303 97,732 Gross profit 23,769 34,624 25,970 24,721 6,373 8,486 9,160 8,367 32,386 8,093 8,901 9,342 26,336 Other external costs 3,366 4,244 3,574 3,732 1,009 1,375 1,596 1,691 5,671 1,634 1,499 1,602 4,735 Staff costs 6,598 8,471 7,877 7,945 2,117 3,252 3,599 3,147 12,115 3,311 3,138 2,970 9,419 EBITDA before special items 13,805 21,909 14,519 13,044 3,247 3,859 3,965 3,529 14,600 3,148 4,264 4,770 12,182 Depreciation of right-of-use assets 708 902 859 877 232 276 302 308 1,118 346 349 354 1,049 Amortisation and depreciation of owned assets 329 349 297 279 66 122 131 150 469 134 139 138 411 EBIT before special items 12,768 20,658 13,363 11,888 2,949 3,461 3,532 3,071 13,013 2,668 3,776 4,278 10,722 Gross margin (%) 18.0 19.8 27.9 23.7 24.4 24.6 23.7 22.0 23.6 22.0 21.3 20.5 21.2 Operating margin (%) 9.7 11.8 14.4 11.4 11.3 10.0 9.1 8.1 9.5 7.3 9.1 9.4 8.6 Conversion ratio (%) 53.7 59.7 51.5 48.1 46.3 40.8 38.6 36.7 40.2 33.0 42.4 45.8 40.7 Number of full-time employees (end of period) 24,675 23,032 21,385 21,103 21,352 38,865 37,646 36,009 36,009 34,698 31,945 31,573 31,573 Air & Sea split and volume Air Revenue (DKKm) 70,846 90,591 50,604 55,167 13,626 18,551 21,076 22,217 75,740 20,158 23,731 24,569 68,458 Gross profit (DKKm) 13,051 18,603 13,420 11,958 3,066 4,294 4,742 4,492 16,593 4,260 4,869 5,012 14,141 Airfreight (volume, tonnes) 1,510,833 1,557,972 1,305,827 1,398,398 334,089 508,595 578,569 591,874 2,013,127 518,038 558,218 560,890 1,637,146 GP/ton (DKK) 8,638 11,941 10,277 8,551 9,177 8,443 8,196 7,589 8,242 8,223 8,722 8,936 8,638 Sea Revenue (DKKm) 61,055 83,840 42,368 49,329 12,482 15,924 17,612 15,832 61,850 16,570 17,964 21,076 55,610 Gross profit (DKKm) 10,718 16,021 12,550 12,763 3,307 4,193 4,418 3,875 15,793 3,833 4,032 4,330 12,195 Sea freight (volume, TEUs) 2,493,951 2,665,147 2,519,295 2,686,009 652,623 950,267 1,072,808 1,019,726 3,695,424 976,356 1,007,622 1,045,436 3,029,414 GP/TEU (DKK) 4,298 6,011 4,982 4,752 5,067 4,412 4,118 3,800 4,274 3,926 4,002 4,142 4,026 20
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Contract Logistics (DKKm) FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 Divisional revenue 18,734 24,409 23,140 25,624 6,325 10,054 13,113 13,971 43,463 12,678 13,534 14,280 40,492 Direct costs 12,081 15,091 13,630 15,568 3,747 5,423 7,303 8,342 24,815 7,201 7,668 8,324 23,193 Gross profit 6,653 9,318 9,510 10,056 2,578 4,631 5,810 5,629 18,648 5,477 5,866 5,956 17,299 Other external costs 1,338 1,759 1,782 1,794 514 1,246 1,662 1,211 4,633 1,122 1,143 1,038 3,303 Staff costs 1,664 2,254 2,418 2,631 726 1,445 1,673 1,540 5,384 1,643 1,710 1,764 5,117 EBITDA before special items 3,651 5,305 5,310 5,631 1,338 1,940 2,475 2,878 8,631 2,712 3,013 3,154 8,879 Depreciation of right-of-use assets 1,546 2,067 2,374 2,703 704 972 1,111 1,157 3,944 1,182 1,201 1,218 3,601 Amortisation and depreciation of owned assets 330 537 581 600 164 244 266 207 881 266 281 263 810 EBIT before special items 1,775 2,701 2,355 2,328 470 724 1,098 1,514 3,806 1,264 1,531 1,673 4,468 Gross margin (%) 35.5 38.2 41.1 39.2 40.8 46.1 44.3 40.3 42.9 43.2 43.3 41.7 42.7 Operating margin (%) 9.5 11.1 10.2 9.1 7.4 7.2 8.4 10.8 8.8 10.0 11.3 11.7 11.0 Conversion ratio (%) 26.7 29.0 24.8 23.2 18.2 15.6 18.9 26.9 20.4 23.1 26.1 28.1 25.8 Number of full-time employees (end of period) 31,866 32,077 31,427 31,291 30,984 66,124 69,338 66,243 66,243 63,811 64,024 66,456 66,456 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 Q3 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 23,375 71,146 Direct costs 28,321 33,596 30,295 32,797 8,208 16,418 18,397 18,331 61,354 18,075 19,319 18,877 56,271 Gross profit 7,095 7,911 7,860 7,710 1,956 4,256 5,021 5,390 16,623 5,224 5,153 4,498 14,875 Other external costs 1,122 1,425 1,428 1,207 312 974 1,281 1,383 3,950 1,011 1,089 1,122 3,222 Staff costs 3,149 3,543 3,574 3,700 975 2,267 2,416 2,462 8,120 2,649 2,513 2,240 7,402 EBITDA before special items 2,824 2,943 2,858 2,803 669 1,015 1,324 1,545 4,553 1,564 1,551 1,136 4,251 Depreciation of right-of-use assets 858 785 721 773 220 313 355 362 1,250 375 399 402 1,176 Amortisation and depreciation of owned assets 109 118 128 166 41 182 171 174 568 193 153 208 554 EBIT before special items 1,857 2,040 2,009 1,864 408 520 798 1,009 2,735 996 999 526 2,521 Gross margin (%) 20.0 19.1 20.6 19.0 19.2 20.6 21.4 22.7 21.3 22.4 21.1 19.2 20.9 Operating margin (%) 5.2 4.9 5.3 4.6 4.0 2.5 3.4 4.3 3.5 4.3 4.1 2.3 3.5 Conversion ratio (%) 26.2 25.8 25.6 24.2 20.9 12.2 15.9 18.7 16.5 19.1 19.4 11.7 16.9 Number of full-time employees (end of period) 16,888 16,701 16,718 16,437 16,563 44,303 43,248 40,425 40,425 40,381 38,955 38,019 38,019 21
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Balance sheet (DKKm) 22 Assets 30.09.2026 30.09.2025 Variance 31.12.2025 Equity and liabilities 30.09.2026 30.09.2025 Variance 31.12.2025 Intangibles assets 153,646 150,853 2,793 150,954 DSV shareholders’ share of equity 129,297 115,141 14,156 117,414 Right-of-use assets 28,439 25,909 2,530 27,772 Non-controlling interests 375 556 (181) 276 Property, plant and equipment 20,946 23,901 (2,955) 24,421 Total equity 129,672 115,697 13,975 117,690 Other receivables 3,097 3,339 (242) 3,338 Lease liabilities 26,035 22,337 3,698 24,084 Deferred tax assets 5,356 6,075 (719) 5,681 Borrowings 48,232 61,485 (13,253) 56,950 Pensions and other post- employment benefit plans 1,844 1,729 115 2,098 Provisions 6,255 5,855 400 5,928 Deferred tax liabilities 1,136 1,531 (395) 1,330 Total non-current assets 211,484 210,077 1,407 212,166 Total non-current liabilities 83,502 92,937 (9,435) 90,390 Trade receivables 56,173 45,660 10,513 45,130 Lease liabilities 6,916 6,531 385 6,846 Contract assets 14,311 11,179 3,132 9,928 Borrowings 13,795 18,548 (4,753) 10,055 Inventories 1,625 3,447 (1,822) 2,095 Trade payables 27,275 24,736 2,539 23,493 Other receivables 9,111 9,735 (624) 7,834 Accrued cost of services 14,433 13,809 624 12,726 Cash and cash equivalents 13,753 21,413 (7,660) 13,179 Provisions 6,491 5,564 927 6,489 Assets held for sale 45 1,694 (1,649) 41 Other payables 20,286 18,926 1,360 19,115 Tax payables 4,132 4,750 (618) 3,569 Liabilities directly associated with assets held for sale - 1,707 (1,707) - Total current assets 95,018 93,128 1,890 78,207 Total current liabilities 93,328 94,571 (1,243) 82,293 Total assets 306,502 303,205 3,297 290,373 Total equity and liabilities 306,502 303,205 3,297 290,373 Net working capital (NWC) 10,926 5,018 5,908 1,242 Net interest-bearing debt (NIBD) 82,868 88,985 (6,117) 86,624
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23 Investor Relations Financial calendar 2027 02 Feb. 2027 Annual Report 2026 18 Mar. 2027 Annual General Meeting 2027 21 Apr. 2027 Interim Financial Report, Q1 2027 21 Jul. 2027 Interim Financial Report, H1 2027 27 Oct. 2027 Interim Financial Report, Q3 2027 Share information DSV A/S is listed on the Copenhagen stock exchange under the symbol ‘DSV’. For further company information, please visit: www.dsv.com Investor Relations contacts DSV A/S Hovedgaden 630, 2640 Hedehusene, Denmark investor@dsv.com Stig Frederiksen, EVP, Head of IR stig.frederiksen@dsv.com, +45 4320 3638 Alexander Plenborg, Senior IR Officer alexander.plenborg@dsv.com, +45 4320 3373 Sander Kongsøre, IR Officer sander.kongsoere@dsv.com Veronica Pontoppidan, IR Coordinator veronica.pontoppidan@dsv.com, +45 4111 0646 Magnus Cedergreen, IR Student Assistant magnus.cedergreen@dsv.com