DSV, 1159 – INTERIM FINANCIAL REPORT H1 2025

Company Announcement No. 1159

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