INTERIM FINANCIAL REPORT

H1 2025

Company Announcement No. 1159

31 July 2025

Stable organic financial performance and strong start to the integration of Schenker in a challenging market environment

The integration of Schenker is off to a strong start both commercially and organisationally, with integration of the first countries set to commence in Q3 2025. Reaffirming expected synergies in the level of DKK 9 billion by the end of 2028.
The DSV Group reported EBIT before special items of DKK 4,725 million in Q2 2025 driven by stable organic performance and a solid contribution of DKK 925 million from the acquisition of Schenker, despite a challenging market environment.
Adjusted free cash flow of DKK 3,982 million in Q2 2025 with adjusted cash conversion of 143%, contributed to the deleveraging, resulting in a pro forma gearing ratio of 2.7x.
Full-year 2025 guidance for EBIT before special items remains unchanged in the range of DKK 19.5 21.5 billion. Market development remains highly uncertain due to the current situation related to trade tariffs and macroeconomic outlook.

Jens H. Lund, Group CEO: "The second quarter has been extraordinary, with the completion of the acquisition of Schenker. While delivering on our financial expectations with stable organic earnings and a positive contribution from Schenker, we continue our commercial approach by servicing our customers in a highly volatile and unpredictable market. The integration of Schenker is off to a strong start, with the establishment of a new global leadership team. We have also engaged in close dialogue with our customers to ensure a smooth transition. In addition, we have held thorough and constructive negotiations with works councils in Germany, resulting in a frame agreement that will allow us to move forward with the integration and reduce uncertainty for employees and customers. We are confident that this acquisition will deliver significant benefits to our customers and create long-term value for our shareholders."

Selected key figures and ratios for the period 1 January – 30 June 2025

	Q2 2025	Q2 2024	YTD 2025	YTD 2024
Key figures (DKKm)
Revenue	61,983	41,157	103,663	79,497
Gross profit	17,241	10,841	28,232	21,106
Operating profit (EBIT) before special items	4,725	4,099	8,585	7,740
Profit for the period	2,356	2,712	5,168	5,105
Adjusted earnings for the period	3,059	2,790	5,932	5,253
Adjusted free cash flow	3,982	1,229	7,147	1,672

Ratios
Conversion ratio	27.4%	37.8%	30.4%	36.7%
Diluted adjusted earnings per share of DKK 1 for the last 12 months			51.5	52.7

DSV A/S, Hovedgaden 630, 2640 Hedehusene, Denmark, tel. +45 43 20 30 40, CVR No. 58233528, www.dsv.com. DSV Group

We provide and manage supply chain solutions for thousands of companies every day – from the small family run business to the large global corporation. Our reach is global, yet our presence is local and close to our customers. Approximately 160,000 employees in more than 90 countries work passionately to deliver great customer experiences and high-quality services. Read more at www.dsv.com

Performance in Q2 2025

While market conditions in Q2 2025 have been challenging and volatile for global trade due to the uncertainties related to trade tariffs, geopolitical issues and the macroeconomic outlook, DSV reported EBIT before special items of DKK 4,725 million compared to DKK 4,099 million in the same period last year. The growth in EBIT before special items was driven by stable organic performance, especially in Air & Sea, and positive contribution of DKK 925 million from the acquisition of Schenker.

The Air & Sea division reported a higher EBIT before special items of DKK 3,461 million, compared to DKK 2,898 million in the same period last year with positive organic earnings growth due to higher gross profit combined with a solid contribution from Schenker.

Road reported a lower EBIT before special items of DKK 520 million, compared to DKK 549 million in the same period last year. While Schenker contributed positively to earnings, the performance in the division was negatively affected by the overall low activity level and weak market conditions within some markets in Europe and the US.

Contract Logistics reported a higher EBIT before special items of DKK 724 million, compared to DKK 661 million last year, based on a positive contribution from Schenker and a soft organic earnings performance. The division continues to focus on improving margins and return on invested capital through strict cost control and commercial initiatives.

The acquisition of Schenker was completed on 30 April 2025 with two months of financial contribution to DSV in Q2 2025. The integration is off to a strong start with the global leadership team in place after the appointment of more than 500 executives already by May 2025. After thorough and constructive negotiations with German works councils, we have negotiated a frame agreement. This will allow us to begin the integration in Germany in H2 2025 and hereby reduce the uncertainty for employees and customers. The integration of the first countries will commence in Q3 2025, with the Air & Sea activities first in line.

With reference to DSV's Announcement No. 1149 and Announcement No. 1154, DSV's Board of Directors intended to nominate former CEO of Schenker, Jochen Thewes, for election to the Board of Directors. However, Jochen Thewes has recently accepted an executive position, starting late this year, at a company investing in global supply chains, and the DSV Board of Directors and Jochen Thewes have agreed not to proceed with his nomination to the Board, as his new role is not considered compatible with a seat on the DSV Board. Board succession planning is ongoing, and the Board of Directors intends to nominate an additional member for shareholder approval.

Outlook for 2025

Based on the performance in H1 2025 and the expectations for H2 2025, the full-year outlook for 2025 is as follows:

EBIT before special items in the range of DKK 19.5 21.5 billion (unchanged).
A limited part of the total synergies related to the Schenker integration still expected in 2025 in the range of DKK 500-600 million.
Amortisation of purchase price allocations below DKK 500 million (previously DKK 500 million).
Special items related to restructuring and integration costs in the range of DKK 2.0-2.5 billion (unchanged).
The effective tax rate is expected in the range of 26-28% (previously approximately 24%). During the integration of Schenker, we expect an elevated effective tax rate with the long-term effective tax rate still expected at 24%.

The current uncertainties related to trade tariffs, the geopolitical landscape, including the Red Sea situation and macroeconomic factors, which all can impact the global trading environment and activity level, remain uncertain, and unforeseen changes may impact our financial expectations. We continue to monitor activity across our organisation, and we will adjust capacity and our cost base if needed.

Synergies and integration costs related to Schenker

We maintain our expectation of achieving annual synergies at the level of DKK 9 billion by the end of 2028, when the majority of the integration is expected to be completed. We expect that around 50% of the integration will be completed by the end of 2026 and 75% by the end of 2027. Total transaction and integration costs are still expected to be in the level of DKK 11 billion with the majority of the cost expected in 2026 and 2027. These costs will be charged to the statement of profit and loss as special items during the integration period.

Contacts

Investor Relations Stig Frederiksen, tel. +45 43 20 36 38, [email protected] Alexander Plenborg, tel. +45 43 20 33 73, [email protected]

Media

Jonatan Rying Larsen, tel. +45 25 41 77 37, [email protected]

Yours sincerely, DSV A/S

DSV A/S, Hovedgaden 630, 2640 Hedehusene, Denmark, tel. +45 43 20 30 40, CVR No. 58233528, www.dsv.com. DSV Group

Interim Financial Report H1 2025

Creating the future platform for growth

Page 2 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025

Financial highlights	3
Management's commentary	4
Air & Sea	9
Road	12
Contract Logistics	14
Interim financial statements	16
Notes to the interim financial statements	21
Statement by the Board of Directors and the Executive Board	26

Financial highlights

	Q2 2025	Q2 2024	YTD 2025	YTD 2024
Results (DKKm)
Revenue	61,983	41,157	103,663	79,497
Gross profit	17,241	10,841	28,232	21,106
Operating profit before amortisation and depreciation (EBITDA) before	6,935	5,509	12,308	10,541
special items
Operating profit (EBIT) before special items	4,725	4,099	8,585	7,740
Special items, costs	817	-	817	-
Net financial expenses	621	521	757	1,005
Profit for the period	2,356	2,712	5,168	5,105
Adjusted earnings for the period	3,059	2,790	5,932	5,253
Cash flows (DKKm)
Operating activities	4,577	2,462	9,305	4,218
Investing activities	(75,794)	(128)	(76,287)	(486)
Free cash flow	(71,217)	2,334	(66,982)	3,732
Adjusted free cash flow	3,982	1,229	7,147	1,672
Share buyback	-	(915)	-	(2,528)
Dividends distributed	-	-	(1,683)	(1,533)
Cash flow for the period	(68,755)	2,411	(66,631)	2,530
Gross investment in property, plant and equipment	326	422	722	983
Financial position (DKKm)
DSV A/S shareholders' share of equity			113,365	70,899
Non-controlling interests			561	269
Total equity			113,926	71,168
Total assets			299,781	157,775
Net working capital (NWC)			6,911	8,750
Net interest-bearing debt (NIBD)			93,280	38,199
Invested capital			202,896	105,735
Financial ratios (%)
Gross margin	27.8	26.3	27.2	26.5
Operating margin	7.6	10.0	8.3	9.7
Conversion ratio	27.4	37.8	30.4	36.7
Effective tax rate	28.3	24.2	26.3	24.2
ROIC before tax for the last 12 months			11.0	15.9
ROIC before tax (last 12 months) excl. goodwill and customer relationships			41.3	64.4
Return on equity			11.0	15.3
Solvency ratio			37.8	44.9
Gearing ratio (NIBD/12 months EBITDA adjusted for Schenker)			2.7x	1.8x
Share ratios
Earnings per share (EPS) of DKK 1 for the last 12 months			44.6	51.3
Diluted adjusted earnings per share of DKK 1 for the last 12 months			51.5	52.7
Number of shares issued ('000) at 30 June			240,445	214,000
Number of treasury shares ('000) at 30 June			4,400	6,094
Average number of shares outstanding ('000) for the last 12 months			228,051	209,971
Average diluted number of shares ('000) for the last 12 months			228,787	210,804
Diluted number of shares ('000) at 30 June			236,642	208,037
Share price end of period (DKK)			1,522.0	1,067.0

Non-financial data Full-time employees (FTE) at 30 June			158,692	73,881

For definition of key figures and ratios, please refer to page 123 of the DSV Annual Report 2024.

For definition of non-financial data, please refer to page 78 of the DSV Annual Report 2024.

Management's commentary

The DSV Group achieved EBIT before special items of DKK 4,725 million in Q2 2025, compared to DKK 4,099 million in the same period last year. The stable organic earnings level was achieved despite a challenging and volatile market environment and confirms the resilience of our flexible, asset-light business model, especially in Air & Sea. For Q2 2025, the adjusted free cash flow was DKK 3,982 million with an adjusted cash conversion ratio of 143%.

The integration of Schenker is off to a strong start with a focus on establishing the global leadership team, negotiating labour agreements in Germany and launching commercial initiatives towards our global customers and verticals. The integration of the first countries will commence in Q3 2025.

Update on Schenker acquisition

On 30 April 2025, DSV completed the acquisition of Schenker from Deutsche Bahn. Schenker was one of the world's leading transport and logistics providers with around 85,800 employees. In 2024, Schenker generated revenue of approximately DKK 143 billion (EUR 19.2 billion) and a pro forma EBIT of approximately DKK 6 billion (EUR 800 million).

With the acquisition of Schenker, we are establishing a platform for sustainable growth, both organically and inorganically, by creating a world-leading player within global transport and logistics. Based on the financials for 2024, the combined company had a pro forma revenue of approximately DKK 310 billion and a workforce of around 160,000 employees.

Schenker was included in the consolidated financial statements of DSV from 1 May 2025, thereby contributing two months to DSV's Q2 2025 financial results.

Annual synergies are expected to be in the level of DKK 9 billion by the end of 2028, when the majority of the integration is expected to be complete. Approximately 50% of the integration is expected to be completed by the end of 2026 and 75% by the end of 2027. The synergies relate to consolidation of operations across divisions, logistics facilities in Road and Contract Logistics, back-office functions, finance and IT infrastructure.

After thorough and constructive negotiations with German works councils, we have negotiated a frame agreement. This means, that we can begin the integration in Germany in H2 2025 and hereby reduce the level of uncertainty for employees and customers. The integration of the first countries will commence in Q3 2025, with the Air & Sea activities first in line.

Total transaction and integration costs are expected to be at the level of DKK 11 billion with the majority expected in 2026 and 2027. These costs will be charged to the statement of profit and loss under special items during the integration period.

The transaction is expected to be EPS accretive (diluted and adjusted) at the latest in 2026, and it is DSV's aspiration to lift the operating margins of the combined entity to at least DSV's levels within the respective business areas by 2028.

Quarterly business highlights

After completion of the transaction, the integration of Schenker commenced, while maintaining our strong focus on driving our

operational and commercial priorities, based on our strategic enterprise approach and focus on execution. Alongside communication, leadership and people, these priorities are the foundation for our future growth.

In the beginning of the integration, the focus has been on setting the global leadership team with the appointment of more than 500 executives based on a 'best athlete' principle already by May 2025. The appointments were executed at an unprecedented speed, in line with our ambition of a fast integration to deliver on our synergy targets and to ensure strong commercial focus towards our customers.

Building on DSV's commercial approach and strong operational performance, combined with Schenker's customer relationships, we are enhancing our ability to support the supply chains of our large customers at a global scale. We are also taking a more structured approach to serving mid-sized customers through our dedicated local and regional teams.

Since completion of the Schenker acquisition, we have engaged in close dialogue with our large customers to ensure a smooth transition. We have received positive customer feedback with high customer satisfaction scores on our proactive outreach. By strengthening our global network and harmonised customer service offerings following the integration, we see clear opportunities to increase wallet share with our existing accounts across verticals and attract new customers.

Our strong track record within M&A and integrations, combined with our robust change management capabilities and enterprise approach enables us to continuously develop our business and create economies of scale. This provides a strong foundation for the integration of Schenker, supporting the expected synergies while laying the platform for future organic and M&A growth.

In Q2 2025, we continued the strong growth within the Technology vertical, also for the Schenker business, with the vertical contributing to growing volumes and higher gross profit. We also saw growth within Aerospace and Defence, while both the Automotive and Consumer verticals remained negatively impacted by weaker market conditions, leading to negative volume growth, especially in air freight.

The planned logistics joint venture with NEOM has not yet commenced operations, and no capital has been allocated to the joint venture. We still do not expect any material financial contribution from the joint venture in 2025.

Results for the period

Growth 2024 – 2025

		Currency
(DKKm)	Q2 2024	translation	Schenker	Growth	Growth %*	Q2 2025
Revenue	41,157	(1,083)	22,348	(439)	(1.1%)	61,983
Gross profit	10,841	(270)	6,414	256	2.4%	17,241
EBIT before special items	4,099	(116)	925	(183)	(4.6%)	4,725

Gross margin (%)	26.3					27.8
Operating margin (%)	10.0					7.6
Conversion ratio (%)	37.8					27.4

		Currency
(DKKm)	YTD 2024	translation	Schenker	Growth	Growth %*	YTD 2025
Revenue	79,497	(906)	22,348	2,724	3.5%	103,663
Gross profit	21,106	(189)	6,414	901	4.3%	28,232
EBIT before special items	7,740	(74)	925	(6)	(0.1%)	8,585

Gross margin (%)	26.5					27.2
Operating margin (%)	9.7					8.3
Conversion ratio (%)	36.7					30.4

* In constant currencies excluding Schenker impact

Revenue

In Q2 2025, revenue increased to DKK 61,983 million, compared to DKK 41,157 million in the same period last year. The Air & Sea division saw positive organic growth, while there was negative organic growth in the Road and Contract Logistics divisions. In constant currencies excluding Schenker, revenue was slightly lower in than the same period last year.

For H1 2025, revenue amounted to DKK 103,663 million, compared to DKK 79,497 million in the same period last year. Measured in constant currencies excluding Schenker, growth in H1 2025 was 3.5%.

Revenue and growth by division compared to the same period last year are specified below:

(DKKm)	Q2 2025	Growth*	YTD 2025	Growth*
Air & Sea	34,475	4.5%	60,583	9.4%
Road	20,674	(4.1%)	30,838	(3.5%)
Contract Logistics Group and	10,054	(14.9%)	16,379	(5.6%)
eliminations	(3,220)		(4,137)
Total	61,983	(1.1%)	103,663	3.5%

* In constant currencies excluding Schenker impact

For H1 2025, the Air & Sea organic revenue growth was positively impacted by increasing sea freight volumes and higher average freight rates combined with growth in revenue from value-added services.

The Road division reported slightly lower organic revenue growth in H1 2025 compared to the same period last year, owing to a combination of lower rates and weaker market activity in several domestic groupage markets in Europe and in the US.

The Contract Logistics division saw negative organic revenue growth in H1 2025 compared to the same period last year, partly due to revenue contribution in Q2 2024 from the sale of properties. The division saw higher activity levels with large accounts in APAC and the Americas.

Schenker contributed with total revenue of DKK 22,348 million for two months in Q2 2025 with DKK 9,771 million related to Air and Sea, while the Road and Contract Logistics divisions contributed DKK 10,580 million and DKK 4,254 million, respectively.

Revenue by division, H1 2025 (DKKm)

Gross profit

For Q2 2025, gross profit for the Group increased to DKK 17,241 million, compared to DKK 10,841 million in the same period last year. In constant currencies excluding Schenker, growth in Q2 2025 was 2.4%.

For H1 2025, gross profit amounted to DKK 28,232 million, compared to DKK 21,106 million in the same period last year. In constant currencies excluding Schenker, gross profit increased by 4.3%.

Gross profit and growth by division compared to the same period last year are specified below:

(DKKm)	Q2 2025	Growth*	YTD 2025	Growth*
Air & Sea	8,486	9.2%	14,859	9.3%
Road	4,256	(7.5%)	6,212	(4.3%)
Contract Logistics	4,631	(3.7%)	7,209	1.4%
Group and
eliminations	(132)		(48)
Total	17,241	2.4%	28,232	4.3%

* In constant currencies excluding Schenker impact

Air & Sea generated gross profit of DKK 14,859 million for H1 2025, representing a positive organic growth of 9.3% compared to the same period last year. The growth was driven by higher volume in sea freight, higher average gross profit yields and more value-added services per shipment, partly offset by lower air freight volumes. The improved gross profit was achieved despite the volatile market situation where announcements and the withdrawal of tariffs impacted both volumes and freight rates.

For H1 2025, the Road division delivered gross profit of DKK 6,212 million, which organically was 4.3% lower than the same period last year, driven by cost inflation and lower activity in the US, in European groupage and within the Automotive vertical.

Contract Logistics reported gross profit of DKK 7,209 million for H1 2025, which was organically 1.4% higher compared to the same period last year, driven by commercial initiatives to improve margins and efficiency improvements.

The gross profit contribution from Schenker for two months in Q2 2025 was DKK 6,414 million, of which DKK 2,098 million was related to Air & Sea, while the Road and Contract Logistics divisions contributed with DKK 2,355 million and DKK 2,188 million, respectively.

Gross profit by division, H1 2025 (DKKm)

The gross profit margin for the Group was 27.8% in Q2 2025, compared to 26.3% for the same period last year, driven partly by an overall higher gross margin in the Schenker business, especially in Contract Logistics.

The gross profit margin for the Group was 27.2% for H1 2025, compared to 26.5% in the same period last year. Organic gross margin was stable at 26.8% with the gross margins in Air & Sea and Road in line with the same period last year and the organic gross margin in Contract Logistics slightly higher.

EBIT before special items

For Q2 2025, EBIT before special items increased to DKK 4,725 million compared to DKK 4,099 million in the same period last year, reflecting a decrease of 4.6% in constant currencies excluding Schenker. The decrease was due to lower earnings in Road and Contract Logistics and a negative impact from amortisation of customer relationships related to Schenker.

EBIT before special items amounted to DKK 8,585 million for H1 2025 compared to DKK 7,740 million in the same period last year. In constant currencies excluding Schenker, EBIT before special items was on level with the same period last year, with positive growth in earnings from Air & Sea and lower earnings in Road and Contract Logistics.

EBIT and growth by division compared to the same period last year are specified below:

(DKKm)	Q2 2025	Growth*	YTD 2025	Growth*
Air & Sea	3,461	9.4%	6,410	10.0%
Road	520	(28.8%)	928	(23.2%)
Contract Logistics	724	(41.6%)	1,194	(26.3%)
Group	20		53
Total	4,725	(4.6%)	8,585	(0.1%)

* In constant currencies excluding Schenker impact

The EBIT before special items contribution from Schenker was DKK 925 million in Q2 2025, of which Air & Sea contributed with DKK 412 million, Road with DKK 129 million and Contract Logistics DKK 341 million.

The conversion ratio for the Group was 27.4% in Q2 2025, compared to 37.8% in the same period last year. For H1 2025, the conversion ratio was 30.4% compared to 36.7% for the same period last year. The lower conversion ratios were partly due to a lower conversion ratio in the Schenker business.

EBIT by division, H1 2025 (DKKm)

Transaction and integration costs

Transaction and integration costs (reported under special items, costs) totalled DKK 817 million for Q2 and H1 2025. The costs are related to the transaction and integration costs linked to the acquisition of Schenker.

Financial items

Net financial expenses amounted to DKK 757 million for H1 2025, compared to DKK 1,005 million in the same period last year. The improvement was driven by lower other interest costs and foreign exchange adjustments, partly offset by higher interest on lease liabilities.

The interest on lease liabilities increased due to new DSV facilities compared to the same period last year and the inclusion of Schenker in Q2 2025.

Other net interest costs were lower in H1 2025 than in the same period last year driven by the four months prior to completion and payment of the Schenker acquisition. The financing of Schenker will have full impact on the interest level from Q3 2025.

(DKKm)	YTD 2025	YTD 2024
Interest on lease liabilities	730	530
Other interest cost, net	149	327
Interest on pensions	21	22
Foreign exchange adjustments	(143)	126
Net financial expenses	757	1,005

Tax on profit for the period

The effective tax rate was 26.3% for H1 2025, compared to 24.2% for the same period last year. The effective tax rate was affected by non-deductible transactions and integration costs. During the integration process, the effective tax rate will temporarily be higher than the normal 24% effective tax rate.

Profit for the period

Profit for H1 2025 was DKK 5,168 million, compared to DKK 5,105 million for the same period in 2024. The increase was mainly due to the higher EBIT before special items but was offset by special items costs.

Diluted adjusted earnings per share

Diluted adjusted EPS (rolling 12-months) decreased by 2.3% compared to the same period last year and was DKK 51.5 per share (30 June 2024: DKK 52.7 per share). The decline in earnings per share was solely related to the increase in the average number of outstanding shares related to financing of the Schenker transaction.

Cash flow

Cash flow statement – summary

(DKKm)	Q2 2025	Q2 2024	YTD 2025	YTD 2024
EBITDA before special items	6,935	5,509	12,308	10,541
Change in net working capital	2,092	(1,681)	2,405	(3,773)
Tax, interests, change in provisions, etc.	(3,607)	(1,366)	(4,510)	(2,550)
Special items, paid	(843)	-	(898)	-
Cash flow from operating activities	4,577	2,462	9,305	4,218
Cash flow from investing activities	(75,794)	(128)	(76,287)	(486)
Free cash flow	(71,217)	2,334	(66,982)	3,732
Proceeds and repayment of financing liabilities	1,711	973	913	2,278
Transactions with shareholders	751	(896)	(562)	(3,480)
Cash flow from financing activities	2,462	77	351	(1,202)
Cash flow for the period	(68,755)	2,411	(66,631)	2,530
Free cash flow	(71,217)	2,334	(66,982)	3,732
Acquisition of subsidiaries (reversed)	75,790	-	75,790	-
Special items, paid (reversed)	843	-	898	-
Repayment of lease liabilities	(1,434)	(1,105)	(2,559)	(2,060)
Adjusted free cash flow	3,982	1,229	7,147	1,672

In Q2 2025, free cash flow was an outflow of DKK 71,217 million predominantly related to the completion of the acquisition of Schenker.

The adjusted free cash flow for Q2 2025 was DKK 3,982 million compared to DKK 1,229 million for the same period last year. For the first six months of 2025, the adjusted free cash flow was DKK 7,147 million, compared to DKK 1,672 million for the same period last year. The adjusted cash conversion ratio for Q2 2025 was 143% compared to 91% in Q1 2025.

The improvement in the H1 2025 adjusted free cash flow was driven by a decrease in net working capital and improved EBIT before special items.

Investing activities showed a cash outflow of DKK 75,794 million for Q2 2025 predominantly related to the acquisition of Schenker with an equity value of DKK 86,807 million.

Net cash flows from financing activities amounted to an inflow of DKK 2,462 million in Q2 2025, compared to DKK 77 million in Q2 2024. The cash inflow related to proceeds from borrowing was related to additional short-term financing for the Schenker acquisition.

For H1 2025, cash flow from financing activities showed a cash inflow of DKK 351 million compared to a cash outflow of DKK 1,202 million for the first six months of 2024.

Net working capital

On 30 June 2025, the Group's net working capital (NWC) was DKK 6,911 million based on preliminary estimates, compared to DKK 8,750 million on 30 June 2024.

On 31 March 2025, the Group's NWC was DKK 9,088 million. The quarterly NWC improvement was driven by an organic improvement in the underlying DSV NWC and by Schenker contributing with negative NWC driven by the Road division.

Relative to estimated full-year revenue (proforma incl. Schenker and based on current level), funds tied up in NWC were reduced to 2.4% as of 30 June 2025 compared to 5.3% on 30 June 2024.

Capital structure and finances

DSV A/S shareholders' share of equity

DSV shareholders' share of equity was DKK 113,365 million on 30 June 2025 (DKK 114,182 million on 31 December 2024). Equity remained stable for the period, as the profit generated for the period was offset by losses from foreign currency translation and dividends to shareholders.

The solvency ratio excluding non-controlling interests was 37.8% on 30 June 2025 (30 June 2024: 44.9%).

On 30 June 2025, the Company's portfolio of treasury shares was 4,400,141 shares. On 30 July 2025, the portfolio of treasury shares was 4,362,741 shares.

The development in equity since 1 January is specified below:

(DKKm)	YTD 2025	YTD 2024
Equity at 1 January	114,182	68,703
Profit for the period (attributable to shareholders of DSV A/S)	5,127	5,076
Currency translation, foreign enterprises	(5,920)	342
Allocated to shareholders	(1,683)	(4,061)
Sale of treasury shares	1,104	537
Other equity movements	555	302
Equity end of period	113,365	70,899

Net interest-bearing debt

Net interest-bearing debt, including IFRS 16 lease liabilities, amounted to DKK 93,280 million on 30 June 2025, compared to DKK 38,199 million on 30 June 2024. The increase in NIBD relates to the acquisition of Schenker.

The 12 months adjusted gearing ratio (NIBD/EBITDA including 12 months of EBITDA from Schenker) was 2.7x on 30 June 2025 compared to a gearing ratio of 1.8x on 30 June 2024.

As of 30 June 2025, the weighted average duration of the Company's long-term bonds and drawn credit facilities was 4.6 years, with EUR 1.25 billion in bonds scheduled for repayment in November 2026. In addition, the Company had undrawn committed credit lines of EUR 925 million as of end-June 2025.

Invested capital and ROIC

The invested capital including goodwill and customer relationships amounted to DKK 202,896 million on 30 June 2025, compared to DKK 105,735 million on 30 June 2024. The increase was mainly due to the acquisition of Schenker with an invested capital excluding goodwill and customer relationships of DKK 21 billion and goodwill and customer relationships of DKK 77 billion.

Return on invested capital (including goodwill and customer relationships) was 11.0% for the rolling 12-month period ended 30 June 2025, compared to 15.9% last year. The decrease is mainly driven by the increase in invested capital from the Schenker acquisition, including goodwill and customer relationships.

Excluding goodwill and customer relationships, return on invested capital was 41.3% for the rolling 12-month period ended 30 June 2025, compared to 64.4% for the same period last year.

Outlook

Based on the performance in H1 2025 and the expectations for H2 2025, the full-year outlook for 2025 is as follows:

EBIT before special items in the range of DKK 19.5 21.5 billion (unchanged).
A limited part of the total synergies related to the Schenker integration still expected in 2025 in the range of DKK 500-600 million.
Amortisation of purchase price allocations below DKK 500 million (previously DKK 500 million).
Special items related to restructuring and integration costs in the range of DKK 2.0-2.5 billion (unchanged).
The effective tax rate is expected in the range of 26-28% (previously approximately 24%). During the integration of Schenker, we expect an elevated effective tax rate with the long-term effective tax rate still expected at 24%.

Current trade tensions and uncertainties related to the potential impact on demand from tariffs, including the impact on the macroeconomics may still lead to global air and sea volume growth below global GDP growth in 2025.

For the road market, we expect slightly negative to flat market growth in 2025, based on a market that has stabilised at a low level in recent months. We still anticipate low- to mid-single digit growth rates in the contract logistics market in 2025.

The current uncertainties related to trade tariffs, the geopolitical landscape, including the Red Sea situation and macroeconomic factors, which all can impact the global trading environment, remain uncertain, and unforeseen changes may impact our financial expectations. We continue to monitor activity across our organisation, and we will adjust capacity and our cost base if needed.

Air & Sea

Air & Sea delivered a gross profit of DKK 8,486 million and EBIT before special items of DKK 3,461 million in Q2 2025. Gross profit was up 9.2% and EBIT before special items increased by 9.4%, excluding Schenker in constant currencies, compared to the same period last year. The division continued to see positive results from the enhanced commercial approach after the start of the Schenker integration, which contributed to a strong pipeline across customer segments and verticals, especially Technology. In Q2 2025, we observed sustained organic growth in gross profit across air and sea freight, supported by strong gross profit yields and positive volume growth in sea. Weaker market conditions within the Automotive and Consumer verticals impacted volumes across both segments, which in combination with adjustment of low-yielding air volumes from last year led to negative organic volume growth in air freight.

Statement of profit or loss

(DKKm)	Q2 2025	Q2 2024	YTD 2025	YTD 2024

Divisional revenue	34,475	24,616	60,583	47,332
Direct costs	25,989	18,544	45,724	35,497
Gross profit	8,486	6,072	14,859	11,835

Other external costs	1,375	890	2,384	1,798
Staff costs	3,252	1,994	5,369	3,937
EBITDA before special items	3,859	3,188	7,106	6,100

Amortisation and depreciation	398	290	696	575
EBIT before special items	3,461	2,898	6,410	5,525

Key figures and ratios

	Q2 2025	Q2 2024	YTD 2025	YTD 2024
Gross margin (%)	24.6	24.7	24.5	25.0
Operating margin (%)	10.0	11.8	10.6	11.7
Conversion ratio (%)	40.8	47.7	43.1	46.7
Full-time employees			38,865	21,170
Total invested capital (DKKm)			99,568	65,257
Net working capital (DKKm)			5,954	3,258
ROIC before tax (%)			15.5	18.1