DSV, 1164 - 2025 ANNUAL REPORT

Solid financial performance in Q4 and full-year 2025, and anticipated completion of the Schenker integration in 2026

• We delivered solid financial results in Q4 2025 and reported a full-year performance for 2025 in line with guidance, despite challenging and volatile market conditions throughout the year.
• In Q4 2025, the gross profit was DKK 19,119 million and EBIT before special items came to DKK 5,592 million, driven by the integration of Schenker. The integration continues to progress fast, and we now expect to complete the integration by end-2026.
• We continued the deleveraging plan, reducing net interest-bearing debt by more than DKK 7,000 million since completion of the transaction, based on a strong adjusted free cash flow of DKK 16,335 million in 2025.
• Diluted adjusted earnings per share was DKK 50.9 per share for 2025, compared to DKK 51.6 in the previous year.
• Full-year 2026 guidance for EBIT before special items of DKK 23,000 - 25,500 million, including at least DKK 4,000 million of incremental synergies from the integration of Schenker.
  

Group CEO Jens H. Lund:“In 2025, we delivered a solid financial result in line with our expectations, despite significant market challenges driven by trade tensions and macroeconomic uncertainties. While supporting our customers, we progressed faster than expected on the Schenker integration, the largest and most complex integration in DSV's 50-year history. Thanks to the remarkable effort from all colleagues, we now expect to finalise the integration by the end of 2026, only 20 months after completion of the transaction. The acquisition has made DSV a new global leader in the transport and logistics industry. We have a strong position to benefit from our extensive global network and services, our commercial approach strategy and significant advancements within digitalisation and artificial intelligence. I would like to thank our customers, suppliers and all our dedicated colleagues for a tremendous effort and support.”

Selected key figures and ratios for the period 1 January - 31 December 2025

Performance in Q4 2025
Market conditions in Q4 2025 remained challenging and volatile due to macroeconomic uncertainty and geopolitical unrest. Despite the uncertain environment, DSV delivered a solid financial performance with an EBIT before special items of DKK 5,592 million, which was 48.5% higher compared to the same period in 2024 in constant currencies. The earnings growth was primarily driven by the contribution of Schenker, especially within the Road and Contract Logistics divisions.

The Air & Sea division reported EBIT before special items of DKK 3,071 million, corresponding to 4.1% growth in constant currencies compared to the same period in the previous year. The softening of the market conditions, especially within sea freight, had a negative impact on earnings, offset by the positive contribution from Schenker.

Road reported higher EBIT before special items of DKK 1,009 million in Q4 2025, compared to DKK 311 million in the same period last year. Schenker contributed positively on the division's financial performance, supported by some market stabilisation, especially in Europe, and focus on cost efficiency, also adding to earnings improvement.

Contract Logistics also reported significantly higher EBIT before special items of DKK 1,514 million in Q4 2025, compared to DKK 531 million in the same period last year. In addition to the strong contribution from Schenker, the improvement was driven by the commercial approach and consolidation of warehouses, leading to higher utilisation of the warehousing capacity.

Outlook for 2026
The full-year guidance for 2026 is presented below:

• EBIT before special items is expected to be in the range of DKK 23,000 - 25,500 million, including synergies from Schenker.
• Special items related to transaction and integration costs are expected to be around DKK 6,500 million.
• The effective tax rate is expected to remain at an elevated level around 28.0% in 2026, due to the ongoing integration of Schenker.
  

The current market uncertainties related to trade tariffs, the geopolitical landscape and macroeconomic factors are expected to persist. These factors may impact the global trade environment and activity levels, and unforeseen changes may impact our financial outlook. We continuously monitor activity levels and will adjust capacity and our cost base as necessary to improve productivity.

Synergies and integration costs related to Schenker
Due to fast progress on the integration of Schenker, with 30% of the integration completed in 2025, we now expect to finalise the integration by the end of 2026 (previously expected by the end of 2028). We continue to expect annual synergies in the level of DKK 9 billion, with full financial impact now anticipated in 2027. For 2026, we expect incremental financial impact from synergies of at least DKK 4,000 million, in addition to the financial impact of DKK 800 million in 2025. In total, we expect total, accumulated impact on EBIT before special items of around DKK 5,000 million in 2026.

Transaction and integration costs came to DKK 4,527 million in 2025, which was above the expected level for the year due to the fast integration progress. Total transaction and integration costs are still anticipated at around DKK 11 billion and will be charged to the statement of profit and loss under special items during the integration.

Dividend
The Board of Directors proposes ordinary dividends of DKK 7.00 per share for 2025 (2024: DKK 7.00 per share).

Contacts
Investor Relations:
Stig Frederiksen, tel. +45 43 20 33 92, ...
Alexander Plenborg, tel. +45 43 20 33 73, ...

Media:
Stephan Ghisler-Solvang, tel. +45 61 22 93 92, ...
Jonatan Rying Larsen, tel. +45 25 41 77 37, ...

Yours sincerely,
DSV A/S

Attachments

• DSV-2025-12-31-en
• 1164 - Announcement (04.02.2026) - 2025 ANNUAL REPORT

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