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Chapter 1

Basis of preparation

The 2025 Annual Report of DSV A/S is prepared on a going concern basis in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Stand-ards as adopted by the European Union and further requirements for listed companies in the Danish Financial Statements Act.

The consolidated financial statements are presented in Danish kroner (DKK) and rounded to the nearest million.

Introduction

The financial statements of DSV A/S comprise the consolidated financial statements of DSV A/S and its subsidiaries.

The Board of Directors and Executive Board considered and approved the 2025 Annual Report of DSV A/S on 4 February 2026. The Annual Report will be submitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 19 March 2026.

Material accounting policy information

The financial statements are prepared under the historical cost convention with the exception of derivative financial instruments, which are measured at fair value. Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The accounting policies de-scribed in the notes to the consolidated financial statements have been applied consistently for the financial year and for the comparative figures.

Changes in accounting policies

All amendments to the IFRS Accounting Standards effective for the financial year 2025 have been implemented as basis for preparing the consolidated financial statements and notes to the financial statements.

None of the implementations have had any material impact on the statements or notes presented.

Management judgements and estimates

In preparing the consolidated financial statements, Management makes various accounting judgements and estimates that affect the reported amounts and disclosures in the financial statements and notes to the statements.

The financial statements items for which significant accounting judgements and estimates are applied are listed below:

\u2022\tContract assets and accrued cost of services (note 3.4)

\u2022\tProvisions (note 3.8)

\u2022\tDeferred tax (note 5.2)

\u2022\tFair value of acquired net assets (note 6.1)

Additional description of management judgements and estimates made are provided in the relevant notes.

Climate-related risks in the financial statements

In preparing the consolidated financial statements, Management assesses

how climate-related risks may affect the consolidated financial statements and the measures that have been, or will be, put in place to mitigate them. Management assesses that climate-related risks do not have a significant impact on the 2025 financial statements.

While climate-related risks do not currently impact the financial statements significantly, we are closely monitoring changes and developments in these risks. Our assessment of climate-related risks is included in the notes to the financial statements regarding the financial statement items that are assessed to be potentially exposed to climate-related risks in the future. These are:

\u2022\tImpairment testing (note 3.1)

\u2022\tProperty, plant and equipment (note 3.3)

Basis of consolidation

The consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities over which the Group has joint control are accounted for as joint ventures and measured using the equity method. Entities over which the Group has significant influence are accounted for as associates and measured using the equity method.

The consolidated financial statements are prepared based on uniform account-ing policies in all Group entities. Consolidation of Group entities is performed after elimination of all intra-group transactions, balances, income and expenses.

Group composition

The Group held interests in 598 entities (2024: 428 entities) and is composed as follows:

Entities 2025(Number)

Region

Europe

Middle East and Africa

Americas

Asia Pacific

Total

Subsidiaries

276

104

70

130

580

Joint ventures

-

1

-

-

1

Associates

14

1

-

2

17

Entities 2024(Number)

Europe

Middle East and Africa

Americas

Asia Pacific

Total

Subsidiaries

184

85

59

95

423

Joint ventures

-

1

-

-

1

Associates

1

1

-

2

4

Foreign currency

Functional currency

A functional currency is determined for each Group entity. The functional currency is the currency used in the primary financial environment in which the individual Group entity operates.

Foreign currency translation

On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign currency translation differences between the exchange rates at the transaction date and the date of payment are recognised in the statement of profit or loss under financial items.

Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. The difference between the exchange rate at the report-ing date and the transaction date or the exchange rate used in the latest financial statements is recognised in the statement of profit or loss under financial items.

Foreign currency translation differences arising on the translation of non-mon-etary items, such as investments in associates, are recognised directly in other comprehensive income.

Recognition in the consolidated financial statements

When preparing the consolidated financial statements, the statement of profit or loss of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and statement of financial position items are translated at the closing rate at the end of the reporting period.

Foreign exchange differences arising on translation of the equity of foreign entities and on translation of receivables considered part of net investment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of statement of profit or loss from the average exchange rate for the period to the exchange rate at the reporting date are recognised in other compre-hensive income. Adjustments are presented within the translation reserve in equity.

Presentation of the financial statements

Statement of cash flows

The statement of cash flows is prepared using the indirect method based on operating profit before amortisation and depreciation (EBITDA) before special items. The statement of cash flows cannot be derived directly from the state-ment of financial position and the statement of profit or loss.

Applying materiality in financial reporting

In preparing the financial statements, Management seeks to achieve a high information value by presenting the information in a way that supports the understanding of the Group\u2019s performance in the reporting period.

This objective is achieved by presenting fair transactional aggregation levels on items and other financial information, emphasising information that is considered of material importance to the user. Disclosures that are considered immaterial to the decision making of the primary users of these financial statements are omitted.

Presentation of financial statement items and subtotals

The presentation of financial statement items and subtotals is based on separate classification of material groups of similar items.

In the statement of profit or loss, income and expense items are classified using a hybrid approach. To best reflect the nature of our business, direct costs are disclosed separately, while the other cost items are classified according to the 'nature of expense' method, in compliance with IAS 1. Furthermore, the use of special items is applied to improve the transparency and understanding of the Group\u2019s financial statements by separating the core performance of the Group from exceptional items. For a definition and reconciliation of Group results before and after special items, please refer to note 2.7Special items.

New accounting regulations

The IASB has issued new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2025 consolidated financial statements. DSV expects to implement the standards and amendments when they take effect. Management assesses that none of the issued standards and amendments not yet in effect will significantly impact the recognition and measurement policies of the Group.

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18, which replaces IAS 1 Presentation of Financial Statements, introduces

new presentation requirements related to the statement of profit or loss, including new categories of income and expenses (i.e., operating, financing, investing). IFRS 18 requires disclosure of management-defined performance measures and includes new requirements for the aggregation and disaggrega-tion of financial information. In addition, amendments have been made to IAS 7 Statement of Cash Flows, to change the starting point for determining cash flows from operations under the indirect method and to remove the optionality around classification of cash flows from dividends and interest. There are also consequential amendments to several other standards.

The adoption of the standard is not expected to result in major changes to our existing accounting policies and is not expected to affect net profits. However, the introduction of new categories to the statement of profit or loss is expect-ed to require reclassification of certain accounts in the statement of profit or loss and redefinition of our key financial measures. IFRS 18 and all consequential amendments are expected to take effect on 1 January 2027 and will be applied retrospectively.

Accounting policies

Operating segments are defined by the operational and management structure of DSV, which is derived from the types of services we deliver and our geo-graphical presence on the global market. As such, our operating segments re-flect our divisional and Group reporting used for Management decision making.

Accounting policies

Revenue comprises sale of services and other operating income. Sale of services comprises freight forwarding services, contract logistics, sale of property projects and other related services rendered. Other operating income includes rental income from terminal and building leases, gains from disposal of non-current assets and income from insurance contracts.

Revenue from services rendered is recognised in accordance with the over time recognition principle following the satisfaction of various milestones as the performance obligations are fulfilled towards the customer. Our main services comprise the following:

Air services

Air services comprise air freight logistics. Air services are reported within the Air & Sea operating segment. Air services are characterised by short delivery times, as most air transports are completed within a few days.

Sea services

Sea services comprise sea freight logistics. Sea services are reported within the Air & Sea operating segment. Sea services are characterised by longer delivery times, averaging one month depending on destination.

Road services

Road services comprise road freight logistics. Road services are reported within the Road operating segment. Road services are characterised by short delivery times, as most road transports are completed within a few days.

Contract Logistics services

Contract Logistics services include warehousing and inventory management services. Contract Logistics services are reported within the Contract Logistics operating segment. Contract Logistics services are characterised by very short delivery times, happening almost instantaneously.

Recognition principles

Revenue from services rendered are recognised based on the price specified in the contract with the customer. Revenue is measured excluding VAT and other

taxes collected on behalf of third parties, and any discounts are offset against the revenue. Incremental costs of obtaining a contract with a customer are not recognised as an asset but as a cost when incurred, due to the short delivery times.

Trade receivables are not adjusted for financing components due to short credit terms, typically ranging from 14 to 60 days, rendering the financing component insignificant. Where services rendered have yet to be invoiced and invoices on services received from hauliers still have to be received, contract assets and accrued cost of services are recognised at the reporting date.

Revenue allocated to remaining performance obligations are not disclosed following the practical expedient of IFRS 15. Revenue also comprises income from sale of property projects in the form of sale of land and buildings acquired, constructed and held for sale in the ordinary course of business.

Revenue from property projects is recognised at a point in time in the operating segment to which it relates. Delivery times on property projects are typically 8-18 months. If the property is leased back after completion, the right-of-use asset arising from the leaseback is recognised at the proportion of the previous carrying amount of the asset that relates to the right of use retained by DSV.

Accounting policies

Direct costs comprise costs paid to generate the revenue. Direct costs include settlement of accounts with haulage contractors, shipping companies, airlines, etc. Direct costs also include staff costs relating to hourly workers used for fulfilling orders and other direct costs of operation, such as rental of logistics facilities and costs relating to property projects.

Accounting policies

Other external costs comprise costs relating to IT, marketing, consultants, other rent, training and education, office premises, travelling, communications as well as other selling and administrative costs, less costs transferred to direct costs.

Accounting policies

Staff costs comprise salaries and wages, pension costs, social security costs, costs relating to share options schemes and other staff costs for salaried employees. Staff costs for hourly workers, recognised as direct costs, are excluded.

Reference is made to note 3.7for detailed information regarding pensions and other post-employment benefit plans, note 6.3for information on remu-neration of the Executive Board and the Board of Directors and note 6.2for detailed information on the Group\u2019s share option schemes.

Accounting policies

Amortisation and depreciation for the year are recognised based on the amor-tisation and depreciation profiles of the underlying assets. Rreference is made to notes 3.2, 3.3and 3.6.

Accounting policies

Special items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which, by their nature, are not related to the Group\u2019s ordinary operations or investment in future activities.

Special items in these financial statements comprise restructuring costs, transaction costs relating to acquisitions, impairment costs, etc., relating to material structural, procedural or managerial reorganisations as well as any related gains or losses on disposals.

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

Goodwill

The carrying amount of goodwill is tested for impairment at least annually together with other non-current assets of the Group.

The cash-generating units thereby follow our divisional structure: Air & Sea, Road and Contract Logistics.

The recoverable amount is determined as the present value of the discounted future net cash flow from the cash-generating unit to which the goodwill relates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Other non-current intangible assets and property, plant and equipment

The carrying amount of other non-current assets is tested for impairment at least once a year in connection with the impairment test of goodwill. If the tests show evidence of impairment, the asset is written down to the recovera-ble amount through profit or loss. The recoverable amount is the higher of the fair value of the asset less the expected costs to sell and its value in use.

The value in use is calculated as the present value of expected future cash flows from the asset or the division of which the asset forms part.

Accounting policies

Goodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared to the fair value of identifiable net assets on the date of acquisition.

Goodwill is not amortised, but is tested for impairment at least annually.

Customer relationships

On initial recognition, customer relationships identified from business com-binations are recognised in the statement of financial position at fair value. Subsequently, customer relationships are measured at cost less accumulated amortisation and impairment losses.

Customer relationships are amortised over a period of eight years using the diminishing balance method.

Software and software in progress

Software bought or developed for internal use is measured at the lower of cost less accumulated amortisation and impairment losses and the recoverable amount. Cost comprises payments for the software and other directly attribut-able costs of preparing the software for its intended use.

After commissioning, software is amortised on a straight-line basis over its expected useful life. The amortisation period is 1-8 years.

Accounting policies

Land and buildings and other plant and operating equipment are measured at cost less accumulated depreciation and impairment losses.

The cost comprises the acquisition price and other costs directly attributable to preparing the asset for its intended use. The present value of estimated costs for dismantling and disposing of assets as well as restoration costs are added to the cost if such costs are recognised as provisions. Material borrowing costs directly attributable to the construction of the individual asset are also added to cost.

If the individual components of an asset have different useful lives, each component will be depreciated separately.

The cost of self-constructed assets comprises direct and indirect costs for materials, components, subcontractors, wages and salaries. Costs for self-constructed assets are recognised as property, plant and equipment in progress on an ongoing basis until the assets are ready for use.

Subsequent costs, such as partial replacement of property, plant and equipment (PPE), are included in the carrying amount of the asset in question when it is probable that such costs will result in future economic benefits.

The carrying amount of the replaced parts is disposed from the financial position and recognised in the profit or loss.

The basis of depreciation takes into account the residual value of assets and is reduced by any impairment losses. The residual value is calculated on the date of acquisition and reassessed once a year. Depreciation will be halted if the residual value exceeds the carrying amount of the asset.

Assets are transferred to assets held for sale if it is highly probable that their carrying amount will be recovered primarily through sale rather than through continuing use.

Accounting policies

Contract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress.

Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Please refer to note 4.5for disclosure of credit risk, as trade receivables carry substantially the same characteristics as contract assets.

Accrued costs of services are estimated and recognised when supplier invoices relating to recognised revenue for the reporting period have yet to be received.

Accounting policies

Write-downs of inventories to net realisable value are recognised as direct costs in the statement of profit or loss.

Accounting policies

Whether a contract contains a lease is assessed at contract inception. For iden-tified leases, a right-of-use (ROU) asset and corresponding lease liability are recognised on the lease commencement date.

Upon initial recognition, the ROU asset is measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including dismantling and restoration costs. The lease liability is measured at the present value of lease payments of the leasing period discounted using the interest rate implicit in the lease contract. In cases where the implicit interest rate cannot be determined, an appropriate incremental DSV borrowing rate is used.

At subsequent measurement, the ROU asset is measured less accumulated de-preciation and impairment losses and adjusted for any remeasurements of the lease liability. Depreciation follows the straight-line method over the lease term or the useful life of the ROU asset, whichever is shortest.

The lease liability is measured at amortised cost using the effective interest method and adjusted for any remeasurements or modifications made to the contract.

ROU assets and lease liabilities are not recognised for low value lease assets or leases with a lease term of 12 months or less. These are recognised as an expense on a straight-line basis over the term of the lease.

Any service elements separable from the lease contract are accounted for following the same principle.

Extension options are only included in the lease term if extension of the lease is reasonably certain. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.

ROU assets classified as land and buildings mainly relate to leases of warehouses, terminals and office buildings, whereas assets recognised as other plant and operating equipment mainly relate to leases of trailers, trucks, company cars, forklifts, IT hardware and other office equipment.

Land and building leases normally have a lease term of up to ten years, whereas leases of other plant and operating equipment normally have a lease term of up to five years. The leases may include extension options with the intention of securing flexibility in the lease \u2013 however, any leasing period beyond the normal ten years expected at the initiation of the lease will normally be reflected in the contractual lease term agreed.

Accounting policies

Pension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the statement of profit or loss for the period in which they are earned. Contributions payable are recognised in the statement of financial position under other current liabilities.

In regards to defined benefit plans, an actuarial valuation of the present value of future benefits payable under the plan is made once a year. The present val-ue is calculated based on various assumptions, including the future develop-ment in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become enti-tled during their employment with the Group. The actuarial calculation of the present value less the fair value of assets under the plan is recognised in the statement of financial position under pensions and other post-employment benefit plans. Pension costs for the year are recognised in the statement of profit or loss based on actuarial estimates and the financial outlook at the beginning of the year.

Differences between the calculated development in pension plan assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains or losses.

Changes in benefits payable for employees\u2019 past services to the company result in an adjustment of the actuarial calculation of the present value, which is clas-sified as past service costs. Past service costs are charged to the statement of profit or loss immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the statement of profit or loss over the period in which the employees earn the right to the adjusted benefits.

Accounting policies

Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation and it is proba-ble that the Group will have to give up future economic benefits to meet the obligation.

Provisions are measured on the basis of Management\u2019s best estimate of the anticipated expenditure for settlement of the relevant obligation and are discounted if deemed material.

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2024: 240 million shares) with a nominal value of DKK 1 each.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the previous page.

Treasury share reserve

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.

Treasury shares are bought to meet obligations under the Company\u2019s incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The reserve comprises the fair value of hedging instruments qualifying for hedge accounting. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-current financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss over the term of the loan. Lease liabilities are described in further detail in note 3.6.

Other liabilities are measured at amortised cost, which does not differ signifi-cantly from the net realisable value.

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial position. Positive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settlement of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.

When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net investments in foreign entities. The effectiveness of recognised financial instruments is assessed on a monthly basis, and any ineffectiveness is recognised in the statement of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging transaction is transferred from equity and recognised together with the hedged item.

Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the statement of profit or loss under financial items.

Accounting policies

Tax for the year comprises current and deferred tax on profit or loss for the year including global minimum top-up taxes, penalties related to pending tax disputes and adjustments to previous years, including adjustments due to tax rulings.

Accounting policies

In cases where it is possible to calculate the tax value according to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.

Deferred tax is adjusted for elimination of unrealised intra-group gains and losses. Deferred tax is measured on the basis of the tax rules and tax rates of the rele-vant countries that will be effective under current legislation at the reporting date on which the deferred tax is expected to materialise as current tax.

Accounting policies

When accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.

Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss as staff costs over the vesting period. The offsetting item is recognised directly in equity.

The value of employee services received during the vesting period in exchange for share options granted corresponds to the fair value of the share options at the date of granting.

The fair value of the options granted is determined based on the Black & Scholes valuation model. The assumptions used in the valuation takes into account the terms and conditions applicable to the options granted and Management\u2019s expectations of the various parameters on which the valuation model is based.

Upon initial recognition, an estimate is made of the number of share options that the employees are expected to earn. The estimated number of share options is subsequently adjusted to reflect the actual number of share options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2025 and 2024 is based on the following assumptions:

Accounting policies

Contingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.

Definition of key figures and ratios

Key figures

Net interest- bearing debt (NIBD)

=

Interest-bearing debt less interest-bearing assets and cash and cash equivalents

Net working\tcapital (NWC)

=

Receivables and other current operating assets less trade payables and other payables and other current operating liabilities

Invested capital

=

NWC + property, plant and equipment, right-of-use assets, intangible assets including goodwill and customer relationships less long-term provisions

Adjusted earnings

=

The DSV A/S shareholders\u2019 share of profit for the re-porting period from continuing operations adjusted for amortisation and impairment of goodwill and customer relationships, costs related to share-based payments and special items. The tax effect of the adjustments has been taken into account

Net financial\texpenses

=

Financial expenses less financial income

Special items

=

Exceptional items of income or cost which by nature are not related to the Group\u2019s ordinary operation or investments in future activities. Please refer to note 2.7for additional details on items included

Adjusted free\tcash flow

=

Free cash flow adjusted for net acquisition of sub-sidiaries and activities, lease liability repayments, special items and normalisation of working capital in subsidiaries and activities acquired

Key figures and ratios are disclosed in accordance with \u2018Recommendations & Ratios\u2019 published by the Danish Finance Society, except for financial ratios marked with (*), as these are either derived or not included in the Recom-mendations. Earnings per share and diluted earnings per share are disclosed in accordance with IAS 33. For a definition of sustainability data, please refer to the accounting policies of the sustainability statement.

Financial ratios

Gross margin

=

Gross profit * 100

Revenue

Operating margin

=

Operating profit (EBIT) before special items * 100

Revenue

Conversion ratio

=

Operating profit (EBIT) before special items * 100

Gross profit

Effective tax rate*

=

Tax on profit for the year * 100

Profit before tax

Return on invested capital (ROIC) before tax

=

Operating profit (EBIT) before special items * 100

Average invested capital

Return on equity

=

Profit attributable to the shareholders

of DSV A/S * 100

Average equity excluding non-controlling interests

Solvency ratio

=

Equity excluding non-controlling interests * 100

Total assets

Gearing ratio*

=

Net interest-bearing debt

Operating profit before amortisation, depreciation (EBITDA) before special items

Adjusted cash conversion ratio

=

Adjusted free cash flow before net financial

items and tax * 100

EBIT before special items

Share ratios

Earnings per share

=

Profit attributable to the shareholders of DSV A/S

Average number of shares

Diluted earnings\tper share

=

Profit attributable to the shareholders of DSV A/S

Average number of shares diluted

Diluted adjusted earnings per share

=

Adjusted earnings

Average number of shares diluted

Number of shares issued

=

Total number of shares issued at the reporting date

Average number of shares outstanding

=

Average number of shares issued adjusted for treasury shares

Average number\tof shares diluted

=

Average number of shares outstanding during the reporting period including share options, but excluding out-of-the-money options measured relative to the average share price for the period

", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__18-1": { "value": "

Basis of preparation

The 2025 Annual Report of DSV A/S is prepared on a going concern basis in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Stand-ards as adopted by the European Union and further requirements for listed companies in the Danish Financial Statements Act.

The consolidated financial statements are presented in Danish kroner (DKK) and rounded to the nearest million.

Introduction

The financial statements of DSV A/S comprise the consolidated financial statements of DSV A/S and its subsidiaries.

The Board of Directors and Executive Board considered and approved the 2025 Annual Report of DSV A/S on 4 February 2026. The Annual Report will be submitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 19 March 2026.

Material accounting policy information

The financial statements are prepared under the historical cost convention with the exception of derivative financial instruments, which are measured at fair value. Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The accounting policies de-scribed in the notes to the consolidated financial statements have been applied consistently for the financial year and for the comparative figures.

Changes in accounting policies

All amendments to the IFRS Accounting Standards effective for the financial year 2025 have been implemented as basis for preparing the consolidated financial statements and notes to the financial statements.

None of the implementations have had any material impact on the statements or notes presented.

Climate-related risks in the financial statements

In preparing the consolidated financial statements, Management assesses

how climate-related risks may affect the consolidated financial statements and the measures that have been, or will be, put in place to mitigate them. Management assesses that climate-related risks do not have a significant impact on the 2025 financial statements.

While climate-related risks do not currently impact the financial statements significantly, we are closely monitoring changes and developments in these risks. Our assessment of climate-related risks is included in the notes to the financial statements regarding the financial statement items that are assessed to be potentially exposed to climate-related risks in the future. These are:

\u2022\tImpairment testing (note 3.1)

\u2022\tProperty, plant and equipment (note 3.3)

Basis of consolidation

The consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities over which the Group has joint control are accounted for as joint ventures and measured using the equity method. Entities over which the Group has significant influence are accounted for as associates and measured using the equity method.

The consolidated financial statements are prepared based on uniform account-ing policies in all Group entities. Consolidation of Group entities is performed after elimination of all intra-group transactions, balances, income and expenses.

Group composition

The Group held interests in 598 entities (2024: 428 entities) and is composed as follows:

Entities 2025(Number)

Region

Europe

Middle East and Africa

Americas

Asia Pacific

Total

Subsidiaries

276

104

70

130

580

Joint ventures

-

1

-

-

1

Associates

14

1

-

2

17

Entities 2024(Number)

Europe

Middle East and Africa

Americas

Asia Pacific

Total

Subsidiaries

184

85

59

95

423

Joint ventures

-

1

-

-

1

Associates

1

1

-

2

4

Foreign currency

Functional currency

A functional currency is determined for each Group entity. The functional currency is the currency used in the primary financial environment in which the individual Group entity operates.

Foreign currency translation

On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign currency translation differences between the exchange rates at the transaction date and the date of payment are recognised in the statement of profit or loss under financial items.

Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. The difference between the exchange rate at the report-ing date and the transaction date or the exchange rate used in the latest financial statements is recognised in the statement of profit or loss under financial items.

Foreign currency translation differences arising on the translation of non-mon-etary items, such as investments in associates, are recognised directly in other comprehensive income.

Recognition in the consolidated financial statements

When preparing the consolidated financial statements, the statement of profit or loss of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and statement of financial position items are translated at the closing rate at the end of the reporting period.

Foreign exchange differences arising on translation of the equity of foreign entities and on translation of receivables considered part of net investment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of statement of profit or loss from the average exchange rate for the period to the exchange rate at the reporting date are recognised in other compre-hensive income. Adjustments are presented within the translation reserve in equity.

Presentation of the financial statements

Statement of cash flows

The statement of cash flows is prepared using the indirect method based on operating profit before amortisation and depreciation (EBITDA) before special items. The statement of cash flows cannot be derived directly from the state-ment of financial position and the statement of profit or loss.

Applying materiality in financial reporting

In preparing the financial statements, Management seeks to achieve a high information value by presenting the information in a way that supports the understanding of the Group\u2019s performance in the reporting period.

This objective is achieved by presenting fair transactional aggregation levels on items and other financial information, emphasising information that is considered of material importance to the user. Disclosures that are considered immaterial to the decision making of the primary users of these financial statements are omitted.

Presentation of financial statement items and subtotals

The presentation of financial statement items and subtotals is based on separate classification of material groups of similar items.

In the statement of profit or loss, income and expense items are classified using a hybrid approach. To best reflect the nature of our business, direct costs are disclosed separately, while the other cost items are classified according to the 'nature of expense' method, in compliance with IAS 1. Furthermore, the use of special items is applied to improve the transparency and understanding of the Group\u2019s financial statements by separating the core performance of the Group from exceptional items. For a definition and reconciliation of Group results before and after special items, please refer to note 2.7Special items.

New accounting regulations

The IASB has issued new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2025 consolidated financial statements. DSV expects to implement the standards and amendments when they take effect. Management assesses that none of the issued standards and amendments not yet in effect will significantly impact the recognition and measurement policies of the Group.

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18, which replaces IAS 1 Presentation of Financial Statements, introduces

new presentation requirements related to the statement of profit or loss, including new categories of income and expenses (i.e., operating, financing, investing). IFRS 18 requires disclosure of management-defined performance measures and includes new requirements for the aggregation and disaggrega-tion of financial information. In addition, amendments have been made to IAS 7 Statement of Cash Flows, to change the starting point for determining cash flows from operations under the indirect method and to remove the optionality around classification of cash flows from dividends and interest. There are also consequential amendments to several other standards.

The adoption of the standard is not expected to result in major changes to our existing accounting policies and is not expected to affect net profits. However, the introduction of new categories to the statement of profit or loss is expect-ed to require reclassification of certain accounts in the statement of profit or loss and redefinition of our key financial measures. IFRS 18 and all consequential amendments are expected to take effect on 1 January 2027 and will be applied retrospectively.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__19": { "value": "

The 2025 Annual Report of DSV A/S is prepared on a going concern basis in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Stand-ards as adopted by the European Union and further requirements for listed companies in the Danish Financial Statements Act.

The consolidated financial statements are presented in Danish kroner (DKK) and rounded to the nearest million.

", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__20": { "value": "DSV A/S ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__22": { "value": "A/S ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__23": { "value": "The Board of Directors and Executive Board considered and approved the 2025 Annual Report of DSV A/S on 4 February 2026. The Annual Report will be submitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 19 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__25": { "value": "

Changes in accounting policies

All amendments to the IFRS Accounting Standards effective for the financial year 2025 have been implemented as basis for preparing the consolidated financial statements and notes to the financial statements.

None of the implementations have had any material impact on the statements or notes presented.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__26": { "value": "

Changes in accounting policies

All amendments to the IFRS Accounting Standards effective for the financial year 2025 have been implemented as basis for preparing the consolidated financial statements and notes to the financial statements.

None of the implementations have had any material impact on the statements or notes presented.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__17": { "value": "

Management judgements and estimates

In preparing the consolidated financial statements, Management makes various accounting judgements and estimates that affect the reported amounts and disclosures in the financial statements and notes to the statements.

The financial statements items for which significant accounting judgements and estimates are applied are listed below:

\u2022\tContract assets and accrued cost of services (note 3.4)

\u2022\tProvisions (note 3.8)

\u2022\tDeferred tax (note 5.2)

\u2022\tFair value of acquired net assets (note 6.1)

Additional description of management judgements and estimates made are provided in the relevant notes.

Climate-related risks in the financial statements

In preparing the consolidated financial statements, Management assesses

how climate-related risks may affect the consolidated financial statements and the measures that have been, or will be, put in place to mitigate them. Management assesses that climate-related risks do not have a significant impact on the 2025 financial statements.

While climate-related risks do not currently impact the financial statements significantly, we are closely monitoring changes and developments in these risks. Our assessment of climate-related risks is included in the notes to the financial statements regarding the financial statement items that are assessed to be potentially exposed to climate-related risks in the future. These are:

\u2022\tImpairment testing (note 3.1)

\u2022\tProperty, plant and equipment (note 3.3)

Management judgements and estimates

In the classification of special items, judgement is applied in ensuring that only exceptional items not associated with the ordinary operations of the Group are included.

Management judgements and estimates

For goodwill impairment testing, a number of estimates are made on the de-velopment in revenues, gross profits, conversion ratios, future capital expendi-tures, discount rates and growth expectations in the terminal period. These are based on an assessment of current and future developments in the three cash-generating units and on historical data and assumptions of future expect-ed market developments, including expected long-term average market growth rates. Data includes both internal and external data sources.

Material value drivers affecting the future net cash flows of the three cash-generating units are:

Air & Sea

The Air & Sea division operates globally, so developments in the global econo-my and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in gross profit per shipment, cost development and management initiatives relating to internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Road

The Road division operates a European network and furthermore has operations in Americas, Asia Pacific, Middle East and Africa, which means that the division\u2019s future net cash flow is affected by the growth rate in these regions. Develop-ments in gross profit per shipment, including truck and terminal utilisation rates, cost development and management initiatives relating to internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Contract Logistics

The Contract Logistics division operates globally, so developments in the global economy and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost development and management initiatives relating to internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.

Climate-related risks

Management has assessed that no climate-related assumptions are key as-sumptions for the 2025 impairment test of goodwill. Investments associated with our climate change initiatives, including our commitment to achieving net-zero carbon emissions, are considered when determining the recoverable amount of each cash-generating unit.

Management judgements and estimates

Judgement is applied in determining the depreciation period and future residual value of the assets recognised and is generally based on historical experience. Reassessment is done annually to ascertain that the depreciation basis applied is still representative and reflects the expected life and future residual value of the assets.

Climate-related risks

Management has considered the influence of climate-related risks on property, plant and equipment, including inherent impact on useful lives of underlying asset groups. Climate-related risks assessed encompass accelerated technolog-ical deterioration of assets due to climate-related innovations, regulatory requirements and customer demand, as well as increased demolition and re-storation costs on premises vacated, due to stricter environmental regulations.

Management judgements and estimates

In the preparation of the consolidated financial statements, significant esti-mates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experience and con-tinuous follow-up on services in progress relative to subsequent invoicing.

Management judgements and estimates

In accounting for lease contracts, various judgements are applied in determining ROU assets and lease liabilities. Judgements include assessment of lease periods, utilisation of extension and termination options and applicable discount rates.

Management judgements and estimates

In determining pension obligations, Management makes use of valuations from external and independent actuaries as basis for the estimates applied. The actuarial assumptions used in the valuations vary from country to country owing to national, economic and social conditions.

Management judgements and estimates

Management continually assesses provisions, including contingencies and the likely outcome of pending and potential legal proceedings. The outcome of such proceedings depends on future events, which are, by nature, uncertain.

When considering provisions involving significant estimates, opinions and estimates by external legal experts as well as existing case law are applied in assessing the probable outcome of material legal proceedings, etc.

Management judgements and estimates

Management applies significant judgements and estimates when recognising and measuring deferred tax assets and uncertain tax positions.

Deferred tax assets, including the tax base of tax loss carryforwards, are recognised if it is assessed that there will be sufficient future taxable income against which the temporary differences and unutilised tax losses can be uti-lised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if it is probable that future taxable profit will allow the deferred tax asset to be recovered.

Uncertain tax positions include ongoing disputes with tax authorities and have been provided for in accordance with the accounting policies. Management believes that the provisions made are adequate. The actual obligations may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.

Of unrecognised tax loss carryforwards, DKK 210 million (2024: DKK 198 million) may be carried forward indefinitely.

Management judgements and estimates

In applying the acquisition method of accounting, estimates are an integral part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available.

Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition.

More significant estimates are typically applied in accounting for property, plant and equipment, customer relationships, trade receivables and payables, contract assets, accrued cost of services, deferred tax, ROU assets, lease liabil-ities and borrowings, and provisions. As a result of the uncertainties inherentin fair value estimation, measurement period adjustments may be applied.

Management judgements and estimates

Management applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met.

These judgements may involve advice from external experts, legal advisors, etc.

As an international transport service provider, the Group is regularly involved in tax and VAT disputes, legal proceedings or inquiries from competition author-ities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.

A detailed disclosure of individual contingent liabilities is considered impracti-cable and is therefore not included in the notes to the financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__27": { "value": "

Basis of consolidation

The consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities over which the Group has joint control are accounted for as joint ventures and measured using the equity method. Entities over which the Group has significant influence are accounted for as associates and measured using the equity method.

The consolidated financial statements are prepared based on uniform account-ing policies in all Group entities. Consolidation of Group entities is performed after elimination of all intra-group transactions, balances, income and expenses.

Group composition

The Group held interests in 598 entities (2024: 428 entities) and is composed as follows:

Entities 2025(Number)

Region

Europe

Middle East and Africa

Americas

Asia Pacific

Total

Subsidiaries

276

104

70

130

580

Joint ventures

-

1

-

-

1

Associates

14

1

-

2

17

Entities 2024(Number)

Europe

Middle East and Africa

Americas

Asia Pacific

Total

Subsidiaries

184

85

59

95

423

Joint ventures

-

1

-

-

1

Associates

1

1

-

2

4

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__28": { "value": "Entities over which the Group has joint control are accounted for as joint ventures and measured using the equity method. Entities over which the Group has significant influence are accounted for as associates and measured using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__29": { "value": "Entities over which the Group has joint control are accounted for as joint ventures and measured using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__30": { "value": "Entities over which the Group has significant influence are accounted for as associates and measured using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__31": { "value": "

Foreign currency

Functional currency

A functional currency is determined for each Group entity. The functional currency is the currency used in the primary financial environment in which the individual Group entity operates.

Foreign currency translation

On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign currency translation differences between the exchange rates at the transaction date and the date of payment are recognised in the statement of profit or loss under financial items.

Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. The difference between the exchange rate at the report-ing date and the transaction date or the exchange rate used in the latest financial statements is recognised in the statement of profit or loss under financial items.

Foreign currency translation differences arising on the translation of non-mon-etary items, such as investments in associates, are recognised directly in other comprehensive income.

Recognition in the consolidated financial statements

When preparing the consolidated financial statements, the statement of profit or loss of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and statement of financial position items are translated at the closing rate at the end of the reporting period.

Foreign exchange differences arising on translation of the equity of foreign entities and on translation of receivables considered part of net investment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of statement of profit or loss from the average exchange rate for the period to the exchange rate at the reporting date are recognised in other compre-hensive income. Adjustments are presented within the translation reserve in equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__32": { "value": "

Foreign currency

Functional currency

A functional currency is determined for each Group entity. The functional currency is the currency used in the primary financial environment in which the individual Group entity operates.

Foreign currency translation

On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign currency translation differences between the exchange rates at the transaction date and the date of payment are recognised in the statement of profit or loss under financial items.

Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. The difference between the exchange rate at the report-ing date and the transaction date or the exchange rate used in the latest financial statements is recognised in the statement of profit or loss under financial items.

Foreign currency translation differences arising on the translation of non-mon-etary items, such as investments in associates, are recognised directly in other comprehensive income.

Recognition in the consolidated financial statements

When preparing the consolidated financial statements, the statement of profit or loss of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and statement of financial position items are translated at the closing rate at the end of the reporting period.

Foreign exchange differences arising on translation of the equity of foreign entities and on translation of receivables considered part of net investment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of statement of profit or loss from the average exchange rate for the period to the exchange rate at the reporting date are recognised in other compre-hensive income. Adjustments are presented within the translation reserve in equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__33": { "value": "

Presentation of the financial statements

Statement of cash flows

The statement of cash flows is prepared using the indirect method based on operating profit before amortisation and depreciation (EBITDA) before special items. The statement of cash flows cannot be derived directly from the state-ment of financial position and the statement of profit or loss.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__34-1": { "value": "

Presentation of the financial statements

Statement of cash flows

The statement of cash flows is prepared using the indirect method based on operating profit before amortisation and depreciation (EBITDA) before special items. The statement of cash flows cannot be derived directly from the state-ment of financial position and the statement of profit or loss.

The profit or loss and cash flow impact of leases recognised for the year are specified below:

Lease effects recognised in profit or loss and cash flow (DKKm)

2024

2025

Profit or loss

Income from subleasing of ROU assets

168

94

Gain on sale and leaseback transactions

342

56

Expenses relating to short-term leases

(987)

(564)

Expenses relating to leases of low-value assets

(1,719)

(780)

Expenses relating to variable lease payments not included in the measurement of lease liabilities

(161)

(74)

Depreciation of ROU assets

(6,374)

(4,416)

Interest expenses on lease liabilities

(1,669)

(1,152)

Total profit or loss for leases

(10,400)

(6,836)

Cash flow

Total cash outflow for leases

10,104

6,822

Non-cash change

Financing activities 2025(DKKm)

Beginning

of year

Cash flow

Foreign currency exchange rate adjustments

Other1

End of year

Overdraft and credit facilities

362

(9,698)

(58)

15,471

6,077

Issued bonds

60,782

-

146

-

60,928

Lease liabilities

21,673

(7,747)

(1,095)

18,099

30,930

Total financial liabilities

82,817

(17,445)

(1,007)

33,570

97,935

Financing activities 2024(DKKm)

Overdraft and credit facilities

677

(1,296)

19

962

362

Issued bonds

21,450

39,299

25

8

60,782

Lease liabilities

17,947

(5,404)

285

8,845

21,673

Total liabilities from financing activities

40,074

32,599

329

9,815

82,817

Other financial liabilities

16

-

-

(16)

-

Total financial liabilities

40,090

34,709

329

7,689

82,817

1Other includes additions and remeasurement of financial liabilities.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__35": { "value": "

New accounting regulations

The IASB has issued new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2025 consolidated financial statements. DSV expects to implement the standards and amendments when they take effect. Management assesses that none of the issued standards and amendments not yet in effect will significantly impact the recognition and measurement policies of the Group.

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18, which replaces IAS 1 Presentation of Financial Statements, introduces

new presentation requirements related to the statement of profit or loss, including new categories of income and expenses (i.e., operating, financing, investing). IFRS 18 requires disclosure of management-defined performance measures and includes new requirements for the aggregation and disaggrega-tion of financial information. In addition, amendments have been made to IAS 7 Statement of Cash Flows, to change the starting point for determining cash flows from operations under the indirect method and to remove the optionality around classification of cash flows from dividends and interest. There are also consequential amendments to several other standards.

The adoption of the standard is not expected to result in major changes to our existing accounting policies and is not expected to affect net profits. However, the introduction of new categories to the statement of profit or loss is expect-ed to require reclassification of certain accounts in the statement of profit or loss and redefinition of our key financial measures. IFRS 18 and all consequential amendments are expected to take effect on 1 January 2027 and will be applied retrospectively.

", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__36": { "value": "

2.1 Segment information

Accounting policies

Operating segments are defined by the operational and management structure of DSV, which is derived from the types of services we deliver and our geo-graphical presence on the global market. As such, our operating segments re-flect our divisional and Group reporting used for Management decision making.

Operating segments

Our business operations are carried out by three divisions, forming the basis of our segment reporting.

Air & Sea

The Air & Sea division operates a global network specialising in transportation of cargo by air and sea. The division offers both conventional freight forwarding services and tailored project cargo solutions.

Road

The Road division offers road freight services, including full load, part load and groupage. The division operates a European network and furthermore has operations in Americas, Asia Pacific, Middle East and Africa.

Contract Logistics

The Contract Logistics division, previously referred to as the Solutions division, offers warehousing and logistics services globally. The service portfolio includes freight management, customs clearance, order management and e-commerce solutions.

Measurement of earnings by segment

Our operating segments are measured and reported down to operating profit before special items. This reporting adheres to the accounting policies disclosed in these consolidated financial statements.

Segment income and costs, as well as assets and liabilities, comprise itemsdirectly attributable to the segment as well as items that may be allocated to the segment on a reliable basis.

Income and costs relating to Group functions etc., are managed at Group level. These items are not included in the statement of segment information, but are presented under \u2018non-allocated items and eliminations\u2019.

Financial position of operating segments

Assets and liabilities are included in the segmental reporting to the extent they are used for the operation of the segment.

Assets and liabilities that cannot be attributed to any of the three segments on a reliable basis are presented under \u2018non-allocated items and eliminations\u2019.

Geographical information

DSV operates in most parts of the world and has activities in more than 90 countries, which are divided into the following geographical regions:

\u2022\tEurope

\u2022\tMiddle East and Africa

\u2022\tAmericas, comprising North and South America

\u2022\tAsia Pacific, comprising Asia, Australia and the Pacific

Revenue and non-current assets are allocated to the geographical areas according to the country in which the individual consolidated entity is based. Segmentation of revenue is restated to reflect the split of the EMEA region between Europe region and Middle East and Africa region. Please refer to note 2.2for regional segmentation of revenue.

The corporate headquarters of DSV is located in Denmark, which is in the Europe region. Our business is based on transactions in our global network rather than in individual countries or regions.

Intersegment transactions are made on an arm\u2019s length basis.

Major customers

DSV is not reliant on any major customers. No single customer exceeds 5% of the consolidated Group revenue.

2.1 Segment information \u2013 continued

Segment information \u2013 divisions(DKKm)

Air & Sea

Road

Contract Logistics

Non-allocated items

and eliminations

Total

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

Condensed statement of profit or loss

Revenue

132,991

103,926

72,017

37,740

42,106

25,009

217

431

247,331

167,106

Intersegment revenue

4,329

570

5,960

2,767

1,357

615

(11,646)

(3,952)

-

-

Divisional revenue

137,320

104,496

77,977

40,507

43,463

25,624

(11,429)

(3,521)

247,331

167,106

Direct costs

104,934

79,775

61,354

32,797

24,815

15,568

(10,631)

(4,008)

180,472

124,132

Gross profit

32,386

24,721

16,623

7,710

18,648

10,056

(798)

487

66,859

42,974

Other external costs

5,671

3,732

3,950

1,207

4,633

1,794

(4,809)

(2,081)

9,445

4,652

Staff costs

12,115

7,945

8,120

3,700

5,384

2,631

3,551

2,215

29,170

16,491

Operating profit before amortisation and depreciation (EBITDA) before special items

14,600

13,044

4,553

2,803

8,631

5,631

460

353

28,244

21,831

Amortisation and depreciation

1,587

1,156

1,818

939

4,825

3,303

403

337

8,633

5,735

Operating profit (EBIT) before special items from continuing operations 1

13,013

11,888

2,735

1,864

3,806

2,328

57

16

19,611

16,096

Condensed statement of financial position

Total gross investments

14,977

1,256

32,372

3,008

12,831

5,429

54,761

318

114,941

10,011

Total assets

111,871

81,102

73,900

26,106

54,647

36,895

49,955

92,442

290,373

236,545

Total liabilities

90,444

48,032

63,914

19,313

42,839

30,521

(24,514)

24,176

172,683

122,042

1Reference is made to the statement of profit or loss for reconciliation of operating profit (EBIT) before special items to profit for the year.

Geographical information \u2013 major countries(DKKm)

Revenue

Non-current assets2

2025

2024

2025

2024

USA

40,878

28,222

5,038

4,302

Germany

29,853

13,627

6,144

1,809

Sweden

11,488

6,568

4,836

1,445

Denmark

11,041

14,850

6,918

6,181

Netherlands

10,274

6,089

3,442

1,462

Other

143,797

97,751

31,087

14,593

Total

247,331

167,106

57,465

29,792

Geographical information\u2013 regions(DKKm)

Non-current assets2

2025

2024

Europe

37,750

17,132

Middle East and Africa

4,071

3,585

Americas

7,856

6,158

Asia Pacific

7,788

2,917

Total

57,465

29,792

2Non-current assets less tax assets, customer relationships and goodwill.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__40": { "value": "

Accounting policies

Operating segments are defined by the operational and management structure of DSV, which is derived from the types of services we deliver and our geo-graphical presence on the global market. As such, our operating segments re-flect our divisional and Group reporting used for Management decision making.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__39": { "value": "global ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__37": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__38": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__41": { "value": "

2.2 Revenue

Accounting policies

Revenue comprises sale of services and other operating income. Sale of services comprises freight forwarding services, contract logistics, sale of property projects and other related services rendered. Other operating income includes rental income from terminal and building leases, gains from disposal of non-current assets and income from insurance contracts.

Revenue from services rendered is recognised in accordance with the over time recognition principle following the satisfaction of various milestones as the performance obligations are fulfilled towards the customer. Our main services comprise the following:

Air services

Air services comprise air freight logistics. Air services are reported within the Air & Sea operating segment. Air services are characterised by short delivery times, as most air transports are completed within a few days.

Sea services

Sea services comprise sea freight logistics. Sea services are reported within the Air & Sea operating segment. Sea services are characterised by longer delivery times, averaging one month depending on destination.

Road services

Road services comprise road freight logistics. Road services are reported within the Road operating segment. Road services are characterised by short delivery times, as most road transports are completed within a few days.

Contract Logistics services

Contract Logistics services include warehousing and inventory management services. Contract Logistics services are reported within the Contract Logistics operating segment. Contract Logistics services are characterised by very short delivery times, happening almost instantaneously.

Recognition principles

Revenue from services rendered are recognised based on the price specified in the contract with the customer. Revenue is measured excluding VAT and other

taxes collected on behalf of third parties, and any discounts are offset against the revenue. Incremental costs of obtaining a contract with a customer are not recognised as an asset but as a cost when incurred, due to the short delivery times.

Trade receivables are not adjusted for financing components due to short credit terms, typically ranging from 14 to 60 days, rendering the financing component insignificant. Where services rendered have yet to be invoiced and invoices on services received from hauliers still have to be received, contract assets and accrued cost of services are recognised at the reporting date.

Revenue allocated to remaining performance obligations are not disclosed following the practical expedient of IFRS 15. Revenue also comprises income from sale of property projects in the form of sale of land and buildings acquired, constructed and held for sale in the ordinary course of business.

Revenue from property projects is recognised at a point in time in the operating segment to which it relates. Delivery times on property projects are typically 8-18 months. If the property is leased back after completion, the right-of-use asset arising from the leaseback is recognised at the proportion of the previous carrying amount of the asset that relates to the right of use retained by DSV.

Services and geographical segmentation of revenue are specified as follows:

Services and geogra-phical segmentation of revenue1(DKKm)

Europe

Middle East and Africa

Americas

Asia Pacific

Total

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

Air services

26,430

18,536

3,085

2,758

20,023

15,144

25,932

18,729

75,470

55,167

Sea services

27,800

20,688

4,426

3,950

17,381

15,824

12,243

8,867

61,850

49,329

Road services

66,492

34,893

2,201

1,924

7,225

3,690

2,059

-

77,977

40,507

Contract Logistics services

20,758

14,212

3,565

3,203

11,345

4,969

7,795

3,240

43,463

25,624

Total

141,480

88,329

13,277

11,835

55,974

39,627

48,029

30,836

258,760

170,627

Non-allocated items and eliminations

(11,429)

(3,521)

Total revenue

247,331

167,106

1This table refers to ESRS SBM-1 40a(ii) and 40b.

Revenue is specified as follows:

Revenue(DKKm)

2025

2024

Sale of services

245,208

166,206

Other operating income

2,123

900

Total

247,331

167,106

Sale of property projects presented within sale of services constitutes approxi-mately 1% of total revenue (2024: approximately 2%). Income from insurance contracts presented within other operating income constitutes less than 1% of total revenue (2024: less than 1%).

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__42-1": { "value": "

2.2 Revenue

Accounting policies

Revenue comprises sale of services and other operating income. Sale of services comprises freight forwarding services, contract logistics, sale of property projects and other related services rendered. Other operating income includes rental income from terminal and building leases, gains from disposal of non-current assets and income from insurance contracts.

Revenue from services rendered is recognised in accordance with the over time recognition principle following the satisfaction of various milestones as the performance obligations are fulfilled towards the customer. Our main services comprise the following:

Air services

Air services comprise air freight logistics. Air services are reported within the Air & Sea operating segment. Air services are characterised by short delivery times, as most air transports are completed within a few days.

Sea services

Sea services comprise sea freight logistics. Sea services are reported within the Air & Sea operating segment. Sea services are characterised by longer delivery times, averaging one month depending on destination.

Road services

Road services comprise road freight logistics. Road services are reported within the Road operating segment. Road services are characterised by short delivery times, as most road transports are completed within a few days.

Contract Logistics services

Contract Logistics services include warehousing and inventory management services. Contract Logistics services are reported within the Contract Logistics operating segment. Contract Logistics services are characterised by very short delivery times, happening almost instantaneously.

Recognition principles

Revenue from services rendered are recognised based on the price specified in the contract with the customer. Revenue is measured excluding VAT and other

taxes collected on behalf of third parties, and any discounts are offset against the revenue. Incremental costs of obtaining a contract with a customer are not recognised as an asset but as a cost when incurred, due to the short delivery times.

Trade receivables are not adjusted for financing components due to short credit terms, typically ranging from 14 to 60 days, rendering the financing component insignificant. Where services rendered have yet to be invoiced and invoices on services received from hauliers still have to be received, contract assets and accrued cost of services are recognised at the reporting date.

Revenue allocated to remaining performance obligations are not disclosed following the practical expedient of IFRS 15. Revenue also comprises income from sale of property projects in the form of sale of land and buildings acquired, constructed and held for sale in the ordinary course of business.

Revenue from property projects is recognised at a point in time in the operating segment to which it relates. Delivery times on property projects are typically 8-18 months. If the property is leased back after completion, the right-of-use asset arising from the leaseback is recognised at the proportion of the previous carrying amount of the asset that relates to the right of use retained by DSV.

Services and geographical segmentation of revenue are specified as follows:

Services and geogra-phical segmentation of revenue1(DKKm)

Europe

Middle East and Africa

Americas

Asia Pacific

Total

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

Air services

26,430

18,536

3,085

2,758

20,023

15,144

25,932

18,729

75,470

55,167

Sea services

27,800

20,688

4,426

3,950

17,381

15,824

12,243

8,867

61,850

49,329

Road services

66,492

34,893

2,201

1,924

7,225

3,690

2,059

-

77,977

40,507

Contract Logistics services

20,758

14,212

3,565

3,203

11,345

4,969

7,795

3,240

43,463

25,624

Total

141,480

88,329

13,277

11,835

55,974

39,627

48,029

30,836

258,760

170,627

Non-allocated items and eliminations

(11,429)

(3,521)

Total revenue

247,331

167,106

1This table refers to ESRS SBM-1 40a(ii) and 40b.

Revenue is specified as follows:

Revenue(DKKm)

2025

2024

Sale of services

245,208

166,206

Other operating income

2,123

900

Total

247,331

167,106

Sale of property projects presented within sale of services constitutes approxi-mately 1% of total revenue (2024: approximately 2%). Income from insurance contracts presented within other operating income constitutes less than 1% of total revenue (2024: less than 1%).

3.4 Contract assets and accrued cost of services

Accounting policies

Contract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress.

Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Please refer to note 4.5for disclosure of credit risk, as trade receivables carry substantially the same characteristics as contract assets.

Accrued costs of services are estimated and recognised when supplier invoices relating to recognised revenue for the reporting period have yet to be received.

Management judgements and estimates

In the preparation of the consolidated financial statements, significant esti-mates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experience and con-tinuous follow-up on services in progress relative to subsequent invoicing.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__43-1": { "value": "

Accounting policies

Revenue comprises sale of services and other operating income. Sale of services comprises freight forwarding services, contract logistics, sale of property projects and other related services rendered. Other operating income includes rental income from terminal and building leases, gains from disposal of non-current assets and income from insurance contracts.

Revenue from services rendered is recognised in accordance with the over time recognition principle following the satisfaction of various milestones as the performance obligations are fulfilled towards the customer. Our main services comprise the following:

Air services

Air services comprise air freight logistics. Air services are reported within the Air & Sea operating segment. Air services are characterised by short delivery times, as most air transports are completed within a few days.

Sea services

Sea services comprise sea freight logistics. Sea services are reported within the Air & Sea operating segment. Sea services are characterised by longer delivery times, averaging one month depending on destination.

Road services

Road services comprise road freight logistics. Road services are reported within the Road operating segment. Road services are characterised by short delivery times, as most road transports are completed within a few days.

Contract Logistics services

Contract Logistics services include warehousing and inventory management services. Contract Logistics services are reported within the Contract Logistics operating segment. Contract Logistics services are characterised by very short delivery times, happening almost instantaneously.

Recognition principles

Revenue from services rendered are recognised based on the price specified in the contract with the customer. Revenue is measured excluding VAT and other

taxes collected on behalf of third parties, and any discounts are offset against the revenue. Incremental costs of obtaining a contract with a customer are not recognised as an asset but as a cost when incurred, due to the short delivery times.

Trade receivables are not adjusted for financing components due to short credit terms, typically ranging from 14 to 60 days, rendering the financing component insignificant. Where services rendered have yet to be invoiced and invoices on services received from hauliers still have to be received, contract assets and accrued cost of services are recognised at the reporting date.

Revenue allocated to remaining performance obligations are not disclosed following the practical expedient of IFRS 15. Revenue also comprises income from sale of property projects in the form of sale of land and buildings acquired, constructed and held for sale in the ordinary course of business.

Revenue from property projects is recognised at a point in time in the operating segment to which it relates. Delivery times on property projects are typically 8-18 months. If the property is leased back after completion, the right-of-use asset arising from the leaseback is recognised at the proportion of the previous carrying amount of the asset that relates to the right of use retained by DSV.

Accounting policies

Contract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress.

Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Please refer to note 4.5for disclosure of credit risk, as trade receivables carry substantially the same characteristics as contract assets.

Accrued costs of services are estimated and recognised when supplier invoices relating to recognised revenue for the reporting period have yet to be received.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__44": { "value": "

Revenue is specified as follows:

Revenue(DKKm)

2025

2024

Sale of services

245,208

166,206

Other operating income

2,123

900

Total

247,331

167,106

Sale of property projects presented within sale of services constitutes approxi-mately 1% of total revenue (2024: approximately 2%). Income from insurance contracts presented within other operating income constitutes less than 1% of total revenue (2024: less than 1%).

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__45-1": { "value": "

Revenue is specified as follows:

Revenue(DKKm)

2025

2024

Sale of services

245,208

166,206

Other operating income

2,123

900

Total

247,331

167,106

Sale of property projects presented within sale of services constitutes approxi-mately 1% of total revenue (2024: approximately 2%). Income from insurance contracts presented within other operating income constitutes less than 1% of total revenue (2024: less than 1%).

2.4 Other external costs

Accounting policies

Other external costs comprise costs relating to IT, marketing, consultants, other rent, training and education, office premises, travelling, communications as well as other selling and administrative costs, less costs transferred to direct costs.

Other external costs(DKKm)

2025

2024

Other external costs

21,468

12,099

Transferred to direct costs

(12,023)

(7,447)

Total

9,445

4,652

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__46-1": { "value": "

2.3 Direct costs

Accounting policies

Direct costs comprise costs paid to generate the revenue. Direct costs include settlement of accounts with haulage contractors, shipping companies, airlines, etc. Direct costs also include staff costs relating to hourly workers used for fulfilling orders and other direct costs of operation, such as rental of logistics facilities and costs relating to property projects.

Direct costs(DKKm)

2025

2024

Cost of carriers

152,434

108,486

Staff costs, hourly workers

16,015

8,199

Other costs of operation

12,023

7,447

Total

180,472

124,132

2.4 Other external costs

Accounting policies

Other external costs comprise costs relating to IT, marketing, consultants, other rent, training and education, office premises, travelling, communications as well as other selling and administrative costs, less costs transferred to direct costs.

Other external costs(DKKm)

2025

2024

Other external costs

21,468

12,099

Transferred to direct costs

(12,023)

(7,447)

Total

9,445

4,652

2.5 Staff costs

Accounting policies

Staff costs comprise salaries and wages, pension costs, social security costs, costs relating to share options schemes and other staff costs for salaried employees. Staff costs for hourly workers, recognised as direct costs, are excluded.

Reference is made to note 3.7for detailed information regarding pensions and other post-employment benefit plans, note 6.3for information on remu-neration of the Executive Board and the Board of Directors and note 6.2for detailed information on the Group\u2019s share option schemes.

Staff costs(DKKm)

2025

2024

Salaries and wages, etc.

37,024

20,300

Defined contribution pension plans

1,780

823

Defined benefit pension plans

114

50

Other social security costs

5,908

3,190

Share-based payments

359

327

Total

45,185

24,690

Statement of profit or loss classification:

Hourly workers \u2013 recognised as direct costs

16,015

8,199

Salaried employees \u2013 recognised as staff costs

29,170

16,491

Total

45,185

24,690

Weighted average number of FTEs

136,669

73,892

Number of FTEs at year-end

151,751

73,338

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__47-1": { "value": "

Accounting policies

Direct costs comprise costs paid to generate the revenue. Direct costs include settlement of accounts with haulage contractors, shipping companies, airlines, etc. Direct costs also include staff costs relating to hourly workers used for fulfilling orders and other direct costs of operation, such as rental of logistics facilities and costs relating to property projects.

Accounting policies

Other external costs comprise costs relating to IT, marketing, consultants, other rent, training and education, office premises, travelling, communications as well as other selling and administrative costs, less costs transferred to direct costs.

Accounting policies

Staff costs comprise salaries and wages, pension costs, social security costs, costs relating to share options schemes and other staff costs for salaried employees. Staff costs for hourly workers, recognised as direct costs, are excluded.

Reference is made to note 3.7for detailed information regarding pensions and other post-employment benefit plans, note 6.3for information on remu-neration of the Executive Board and the Board of Directors and note 6.2for detailed information on the Group\u2019s share option schemes.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__49": { "value": "

2.4 Other external costs

Accounting policies

Other external costs comprise costs relating to IT, marketing, consultants, other rent, training and education, office premises, travelling, communications as well as other selling and administrative costs, less costs transferred to direct costs.

Other external costs(DKKm)

2025

2024

Other external costs

21,468

12,099

Transferred to direct costs

(12,023)

(7,447)

Total

9,445

4,652

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__52-1": { "value": "

2.5 Staff costs

Accounting policies

Staff costs comprise salaries and wages, pension costs, social security costs, costs relating to share options schemes and other staff costs for salaried employees. Staff costs for hourly workers, recognised as direct costs, are excluded.

Reference is made to note 3.7for detailed information regarding pensions and other post-employment benefit plans, note 6.3for information on remu-neration of the Executive Board and the Board of Directors and note 6.2for detailed information on the Group\u2019s share option schemes.

Staff costs(DKKm)

2025

2024

Salaries and wages, etc.

37,024

20,300

Defined contribution pension plans

1,780

823

Defined benefit pension plans

114

50

Other social security costs

5,908

3,190

Share-based payments

359

327

Total

45,185

24,690

Statement of profit or loss classification:

Hourly workers \u2013 recognised as direct costs

16,015

8,199

Salaried employees \u2013 recognised as staff costs

29,170

16,491

Total

45,185

24,690

Weighted average number of FTEs

136,669

73,892

Number of FTEs at year-end

151,751

73,338

3.7 Pensions and other post-employment benefit plans

Accounting policies

Pension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the statement of profit or loss for the period in which they are earned. Contributions payable are recognised in the statement of financial position under other current liabilities.

In regards to defined benefit plans, an actuarial valuation of the present value of future benefits payable under the plan is made once a year. The present val-ue is calculated based on various assumptions, including the future develop-ment in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become enti-tled during their employment with the Group. The actuarial calculation of the present value less the fair value of assets under the plan is recognised in the statement of financial position under pensions and other post-employment benefit plans. Pension costs for the year are recognised in the statement of profit or loss based on actuarial estimates and the financial outlook at the beginning of the year.

Differences between the calculated development in pension plan assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains or losses.

Changes in benefits payable for employees\u2019 past services to the company result in an adjustment of the actuarial calculation of the present value, which is clas-sified as past service costs. Past service costs are charged to the statement of profit or loss immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the statement of profit or loss over the period in which the employees earn the right to the adjusted benefits.

Management judgements and estimates

In determining pension obligations, Management makes use of valuations from external and independent actuaries as basis for the estimates applied. The actuarial assumptions used in the valuations vary from country to country owing to national, economic and social conditions.

Pension obligations

Net pension obligations at 31 December are specified as follows:

Pension obligations(DKKm)

2025

2024

Present value of defined benefit plans

9,456

5,005

Fair value of pension plan assets

7,358

4,548

Pension obligations, net

2,098

457

Of these obligations, DKK 2,562 million relate to unfunded pension obligations (2024: DKK 842 million) and a net pension asset of DKK 464 million relate to funded obligations (2024: A net asset of DKK 385 million related to partly funded obligations). The latter is primarily due to the German plans being overfunded.

Total pension costs for the year

In 2025, net costs of DKK 1,968 million relating to the Group\u2019s pension plans were recognised in the statement of profit or loss (2024: DKK 919 million) and is specified as follows:

Pension cost 2025(DKKm)

Defined contribution plans

Defined benefit

plans

Total

Staff costs

1,780

114

1,894

Financial expenses

-

74

74

Total costs recognised

1,780

188

1,968

Pension cost 2024(DKKm)

Defined contribution plans

Defined benefit

plans

Total

Staff costs

823

50

873

Financial expenses

-

46

46

Total costs recognised

823

96

919

Defined benefit pension obligations

Development in the present value of defined benefit pension obligations is specified as follows:

Defined benefit pension obligations(DKKm)

2024

2025

Obligations at 1 January

5,005

4,983

Current service cost

145

50

Past service cost from plan amendments, curtailments and gains/losses on settlements

(31)

-

Calculated interest on obligations

240

148

Actuarial gains/losses arising from changes in financial assumptions

(362)

24

Actuarial gains/losses arising from changes in demographic assumptions

7

(39)

Actuarial gains/losses arising from experience adjustments

75

69

Payments from the plan

(498)

(267)

Settlement payments from the plan

(22)

-

Additions from business combinations

4,984

-

Currency translation

(87)

37

Obligations at 31 December

9,456

5,005

The expected average duration of the obligations is 11 years (2024: 13 years).

Expected maturity of pension obligations(DKKm)

2024

2025

0-1 year

754

355

1-5 years

2,083

1,161

> 5 years

6,619

3,489

Total obligations recognised

9,456

5,005

3.7 Pensions and other post-employment benefit plans \u2014 continued

Sensitivity analysis

The following table illustrates the change in the gross obligation relating to de-fined benefit plans from a change in the key actuarial assumptions. The analysis is based on reasonably probable changes, provided that the other parameters remain unchanged.

Sensitivity analysis(DKKm)

2025

2024

Defined benefit pension obligations

9,456

5,005

Discount rate

Increase of 0.5 percentage point

8,921

4,723

Decrease of 0.5 percentage point

9,938

5,286

Future wage/salary increase

Increase of 0.5 percentage point

9,508

5,034

Decrease of 0.5 percentage point

9,398

4,957

Inflation

Increase of 0.5 percentage point

9,677

5,105

Decrease of 0.5 percentage point

9,236

4,888

Life expectancy

Increase of 1 year

9,708

5,161

Decrease of 1 year

9,187

4,831

Pension plan assets

The composition of the pension plan assets is as follows:

Composition of pension plan assets(%)

2025

2024

Shares

28%

38%

Bonds

39%

48%

Other incl. insurance contracts

33%

14%

Development in the fair value of pension plan assets is specified as follows:

Pension plan assets(DKKm)

2025

2024

Pension plan assets at 1 January

4,548

3,702

Calculated interest on plan assets

166

102

Return on plan assets excluding calculated interest

72

176

Contributions to the plan

174

109

Payments from the plan

(419)

(245)

Settlement payments from the plan

(18)

-

Additions from business combinations

2,940

-

Asset ceiling

(103)

693

Currency translation

(2)

11

Pension plan assets at 31 December

7,358

4,548

Actuarial gain included in statement of comprehensive income amounts to DKK 249 million (2024: DKK 815 million gain). DSV expects to contribute DKK 286 million to defined benefit plan assets in 2026 (2025: DKK 67 million).

Significant pension plans

The most significant defined benefit plans of the Group relate to Europe, more specifically Germany and Switzerland. No other countries have individual significant net pension obligations. Germany\u2019s pension plans comprise defined benefit obligations of DKK 3,601 million and pension plan assets of DKK 1,456 million, resulting in a net pension obligation of DKK 2,144 million. For Switzer-land, the plans comprise defined benefit obligations of DKK 2,689 million and pension plan assets of DKK 3,372 million, resulting in a net pension asset of DKK 683 million.

The plan in Germany covers both salaried and hourly workers. Under this plan, employees earn a fixed amount for each year in service. The plan has been closed for new employees since 1994. The pension arrangements taken over from Schenker cover active employees across different employee groups.

Under these plans, employees earn a fixed annual pension credit for each year of service. Several legacy plans continue to apply to long serving employees, reflecting historical arrangements that remain in place for specific groups.

We continuously work to change our defined benefit plans into defined con-tribution plans for the benefit of the Group and the employees.

Key assumptions applied for the most significant pension plans are as follows:

Key assumptions 2025 (%)

Discount rate

Future

wage/salary

increase

Future rate

of inflation

Germany

4.1%

2.6 - 4.1%

2.1%

Switzerland

1.8%

1.0%

1.0%

Other

0 - 23.2%

0 - 16.0%

0 - 16.0%

Weighted average

5.1%

2.7%

2.7 - 4.3%

Mortality prognosis tables

Germany

RT Heubeck 2018 G

Switzerland

BVG 2020

Key assumptions 2024 (%)

Discount rate

Future

wage/salary

increase

Future rate

of inflation

Germany

3.4%

2.7%

2.2%

Switzerland

1.0%

1.0%

1.0%

Other

0-6.8%

0-10.0%

0-2.5%

Weighted average

3.4%

2.6%

2.1%

Mortality prognosis tables

Germany

RT Heubeck 2018 G

Switzerland

BVG 2020

6.2 Share option schemes

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss as staff costs over the vesting period. The offsetting item is recognised directly in equity.

The value of employee services received during the vesting period in exchange for share options granted corresponds to the fair value of the share options at the date of granting.

The fair value of the options granted is determined based on the Black & Scholes valuation model. The assumptions used in the valuation takes into account the terms and conditions applicable to the options granted and Management\u2019s expectations of the various parameters on which the valuation model is based.

Upon initial recognition, an estimate is made of the number of share options that the employees are expected to earn. The estimated number of share options is subsequently adjusted to reflect the actual number of share options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2025 and 2024 is based on the following assumptions:

Assumptions

2025-1

2025-2

2024

Exercise price (DKK)

1,376.0

1,521.0

1,106.0

Volatility

20.0%

20.0%

20.0%

Risk-free interest rate

2.4%

2.3%

3.0%

Expected dividends

0.8%

0.8%

0.8%

Expected remaining life (years)

3.5

3.3

3.5

Current share option schemes

Scheme

Options granted

Exercise period

Exercise price (DKK)

Number of

employees

Fair value at date of granting (DKKm)

2021

2,438,300

01.04.2024 - 31.03.2026

1,325.0

2,202

205.3

2022

2,640,900

01.04.2025 - 31.03.2027

1,485.0

2,524

279.8

2023

2,664,000

01.04.2026 - 31.03.2028

1,485.0

2,516

368.1

2024

2,017,165

01.04.2027 - 31.03.2029

1,106.0

2,196

366.2

2025-1

1,782,215

01.04.2028 - 31.03.2030

1,376.0

2,235

381.2

2025-2

124,985

01.04.2028 - 31.03.2030

1,521.0

92

28.2

Share option schemes at 31 December 2025

Scheme

Executive Board

Key employees

Total

Average exercise price per option (DKK)

20211

66,000

883,243

949,243

1,325.0

20221

125,500

1,983,050

2,108,550

1,485.0

2023

129,300

2,376,550

2,505,850

1,485.0

2024

116,945

1,828,750

1,945,695

1,106.0

2025-1

134,330

1,631,380

1,765,710

1,376.0

2025-2

-

124,985

124,985

1,521.0

Outstanding at 31 December 2025

572,075

8,827,958

9,400,033

1,370.4

Open for exercise at 31 December 2025

191,500

2,866,293

3,057,793

1,435.3

Life (years)

2.5

2.4

2.4

n.a.

Fair value (DKKm)

179.3

2,694.7

2,874.0

n.a.

1Share options granted in 2021 and 2022 are currently exercisable.

6.2 Share option schemes \u2014 continued

Share option schemes

DSV has launched share-based incentive schemes with the purpose of moti-vating and retaining key employees across the organisation and aligning their interests with those of our shareholders. Share options are awarded to key employees and members of the Executive Board.

Retention is motivated by requiring continued service for a period covering the vesting period as a minimum. The schemes are also intended to align the interests of employees and shareholders.

All active schemes entail a three-year vesting period and a two-year exercise period. In case of a change of control, all outstanding share options will vest. Exercise prices are set based on the quoted market prices leading up to the date of granting. The share options can be exercised by cash purchase of shares only. The obligation relating to the schemes is partly covered by the Company\u2019s treasury shares.

Share options are granted in accordance with the procedures outlined in the Group\u2019s Remuneration Policy for the respective year. In 2025, two share option schemes were granted.

A total of 3,184 employees held share options at 31 December 2025 (2024: 3,054 employees).

Total costs recognised in 2025 for services received but not recognised as an asset amounted to DKK 359 million (2024: DKK 327 million).

The average share price for options exercised in the financial year was DKK 1,475.9 per share at the date of exercise (2024: DKK 1,245.8 per share).

Outstanding share options

ExecutiveBoard

Key employees

Total

Average exercise price per option (DKK)

Outstanding at 1 January 2025

467,745

8,966,411

9,434,156

1,323.8

Granted 2025-1

134,330

1,647,885

1,782,215

1,376.0

Granted 2025-2

-

124,985

124,985

1,521.0

Exercised

(30,000)

(1,782,460)

(1,812,460)

1,147.8

Options waived/expired

-

(128,863)

(128,863)

1,315.9

Outstanding at 31 December 2025

572,075

8,827,958

9,400,033

1,370.4

Outstanding at 1 January 2024

565,750

9,351,375

9,917,125

1,219.1

Transferred1

(190,950)

190,950

-

n.a.

Granted

116,945

1,900,220

2,017,165

1,106.0

Exercised

(24,000)

(2,237,172)

(2,261,172)

664.2

Options waived/expired

-

(238,962)

(238,962)

1,380.3

Outstanding at 31 December 2024

467,745

8,966,411

9,434,156

1,323.8

1Brian Ejsing has previously received share options in the Director\u2019s former capacity as key employee. These have been transferred from key employees to Executive Board. Due to the CEO change that took effect in 2024, share options granted to Jens Bj\u00f8rn Andersen have been transferred from Executive Board to key employees.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__54-1": { "value": "

Accounting policies

Staff costs comprise salaries and wages, pension costs, social security costs, costs relating to share options schemes and other staff costs for salaried employees. Staff costs for hourly workers, recognised as direct costs, are excluded.

Reference is made to note 3.7for detailed information regarding pensions and other post-employment benefit plans, note 6.3for information on remu-neration of the Executive Board and the Board of Directors and note 6.2for detailed information on the Group\u2019s share option schemes.

Accounting policies

Pension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the statement of profit or loss for the period in which they are earned. Contributions payable are recognised in the statement of financial position under other current liabilities.

In regards to defined benefit plans, an actuarial valuation of the present value of future benefits payable under the plan is made once a year. The present val-ue is calculated based on various assumptions, including the future develop-ment in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become enti-tled during their employment with the Group. The actuarial calculation of the present value less the fair value of assets under the plan is recognised in the statement of financial position under pensions and other post-employment benefit plans. Pension costs for the year are recognised in the statement of profit or loss based on actuarial estimates and the financial outlook at the beginning of the year.

Differences between the calculated development in pension plan assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains or losses.

Changes in benefits payable for employees\u2019 past services to the company result in an adjustment of the actuarial calculation of the present value, which is clas-sified as past service costs. Past service costs are charged to the statement of profit or loss immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the statement of profit or loss over the period in which the employees earn the right to the adjusted benefits.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__55": { "value": "

Staff costs(DKKm)

2025

2024

Salaries and wages, etc.

37,024

20,300

Defined contribution pension plans

1,780

823

Defined benefit pension plans

114

50

Other social security costs

5,908

3,190

Share-based payments

359

327

Total

45,185

24,690

Statement of profit or loss classification:

Hourly workers \u2013 recognised as direct costs

16,015

8,199

Salaried employees \u2013 recognised as staff costs

29,170

16,491

Total

45,185

24,690

Weighted average number of FTEs

136,669

73,892

Number of FTEs at year-end

151,751

73,338

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__58": { "value": "

2.6 Amortisation and depreciation

Accounting policies

Amortisation and depreciation for the year are recognised based on the amor-tisation and depreciation profiles of the underlying assets. Rreference is made to notes 3.2, 3.3and 3.6.

Amortisation and depreciation(DKKm)

2025

2024

Customer relationships

331

131

Software

268

180

Buildings

655

375

Other plant and operating equipment

1,048

667

ROU assets \u2013 land and buildings

6,315

4,338

ROU assets \u2013 other plant and operating equipment

59

78

Net gain on sale of assets

(43)

(34)

Total

8,633

5,735

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__59-1": { "value": "

Accounting policies

Amortisation and depreciation for the year are recognised based on the amor-tisation and depreciation profiles of the underlying assets. Rreference is made to notes 3.2, 3.3and 3.6.

Accounting policies

Land and buildings and other plant and operating equipment are measured at cost less accumulated depreciation and impairment losses.

The cost comprises the acquisition price and other costs directly attributable to preparing the asset for its intended use. The present value of estimated costs for dismantling and disposing of assets as well as restoration costs are added to the cost if such costs are recognised as provisions. Material borrowing costs directly attributable to the construction of the individual asset are also added to cost.

If the individual components of an asset have different useful lives, each component will be depreciated separately.

The cost of self-constructed assets comprises direct and indirect costs for materials, components, subcontractors, wages and salaries. Costs for self-constructed assets are recognised as property, plant and equipment in progress on an ongoing basis until the assets are ready for use.

Subsequent costs, such as partial replacement of property, plant and equipment (PPE), are included in the carrying amount of the asset in question when it is probable that such costs will result in future economic benefits.

The carrying amount of the replaced parts is disposed from the financial position and recognised in the profit or loss.

The basis of depreciation takes into account the residual value of assets and is reduced by any impairment losses. The residual value is calculated on the date of acquisition and reassessed once a year. Depreciation will be halted if the residual value exceeds the carrying amount of the asset.

Assets are transferred to assets held for sale if it is highly probable that their carrying amount will be recovered primarily through sale rather than through continuing use.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__60": { "value": "

2.7 Special items

Accounting policies

Special items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which, by their nature, are not related to the Group\u2019s ordinary operations or investment in future activities.

Special items in these financial statements comprise restructuring costs, transaction costs relating to acquisitions, impairment costs, etc., relating to material structural, procedural or managerial reorganisations as well as any related gains or losses on disposals.

Management judgements and estimates

In the classification of special items, judgement is applied in ensuring that only exceptional items not associated with the ordinary operations of the Group are included.

Special items(DKKm)

2025

2024

Restructuring and integration costs

3,973

657

Transaction costs relating to acquisitions

554

196

Special items, costs

4,527

853

2025

2024

Special items bridge(DKKm)

Reported statement of profit or loss

Special items

Adjusted statement of profit or loss

Reported statement of profit or loss

Special

items

Adjusted statement of profit or loss

Revenue

247,331

-

247,331

167,106

-

167,106

Direct costs

180,472

236

180,708

124,132

23

124,155

Gross profit

66,859

(236)

66,623

42,974

(23)

42,951

Other external costs

9,445

1,605

11,050

4,652

366

5,018

Staff costs

29,170

2,642

31,812

16,491

229

16,720

Operating profit before amortisation and depreciation

28,244

(4,483)

23,761

21,831

(618)

21,213

Amortisation and depreciation

8,633

40

8,673

5,735

200

5,935

Operating profit

19,611

(4,523)

15,088

16,096

(818)

15,278

Special items, costs

4,527

(4,527)

-

853

(853)

-

Financial income

1,089

-

1,089

650

-

650

Financial expenses

4,026

4

4,030

2,470

35

2,505

Profit before tax

12,147

-

12,147

13,423

-

13,423

", "dimensions": { "concept": "DSV:DisclosureOfSpecialItems", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__61": { "value": "

Accounting policies

Special items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which, by their nature, are not related to the Group\u2019s ordinary operations or investment in future activities.

Special items in these financial statements comprise restructuring costs, transaction costs relating to acquisitions, impairment costs, etc., relating to material structural, procedural or managerial reorganisations as well as any related gains or losses on disposals.

", "dimensions": { "concept": "DSV:DescriptionOfAccountingPolicyForSpecialItems", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__62": { "value": "

Accounting policies

Special items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which, by their nature, are not related to the Group\u2019s ordinary operations or investment in future activities.

Special items in these financial statements comprise restructuring costs, transaction costs relating to acquisitions, impairment costs, etc., relating to material structural, procedural or managerial reorganisations as well as any related gains or losses on disposals.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__63": { "value": "

2.8 Financial income and expenses

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

Financial income(DKKm)

2025

2024

Interest income

1,084

650

Share of associates\u2019 net result, net of tax

5

-

Total

1,089

650

Interest income includes interest on financial assets of DKK 1,084 million mea-sured at amortised cost (2024: DKK 650 million).

Financial expenses (DKKm)

2025

2024

Interest expenses on lease liabilities

1,669

1,152

Interest expenses on borrowings

1,627

410

Interest expenses, bank

325

364

Share of associates\u2019 net result, net of tax

-

23

Financial expenses on pension obligations, refer to note 3.7

74

46

Foreign exchange loss, net

199

372

Other financial expenses

132

103

Total

4,026

2,470

Interest expenses include interest on financial liabilities measured at amortised cost of DKK 3,621 million (2024: DKK 1,926 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__64": { "value": "

2.8 Financial income and expenses

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

Financial income(DKKm)

2025

2024

Interest income

1,084

650

Share of associates\u2019 net result, net of tax

5

-

Total

1,089

650

Interest income includes interest on financial assets of DKK 1,084 million mea-sured at amortised cost (2024: DKK 650 million).

Financial expenses (DKKm)

2025

2024

Interest expenses on lease liabilities

1,669

1,152

Interest expenses on borrowings

1,627

410

Interest expenses, bank

325

364

Share of associates\u2019 net result, net of tax

-

23

Financial expenses on pension obligations, refer to note 3.7

74

46

Foreign exchange loss, net

199

372

Other financial expenses

132

103

Total

4,026

2,470

Interest expenses include interest on financial liabilities measured at amortised cost of DKK 3,621 million (2024: DKK 1,926 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__69": { "value": "

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__72": { "value": "

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__75": { "value": "

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__65-1": { "value": "

Financial income(DKKm)

2025

2024

Interest income

1,084

650

Share of associates\u2019 net result, net of tax

5

-

Total

1,089

650

Interest income includes interest on financial assets of DKK 1,084 million mea-sured at amortised cost (2024: DKK 650 million).

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__66-1": { "value": "

Financial income(DKKm)

2025

2024

Interest income

1,084

650

Share of associates\u2019 net result, net of tax

5

-

Total

1,089

650

Interest income includes interest on financial assets of DKK 1,084 million mea-sured at amortised cost (2024: DKK 650 million).

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__67-1": { "value": "

Financial expenses (DKKm)

2025

2024

Interest expenses on lease liabilities

1,669

1,152

Interest expenses on borrowings

1,627

410

Interest expenses, bank

325

364

Share of associates\u2019 net result, net of tax

-

23

Financial expenses on pension obligations, refer to note 3.7

74

46

Foreign exchange loss, net

199

372

Other financial expenses

132

103

Total

4,026

2,470

Interest expenses include interest on financial liabilities measured at amortised cost of DKK 3,621 million (2024: DKK 1,926 million).

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__68-1": { "value": "

Financial expenses (DKKm)

2025

2024

Interest expenses on lease liabilities

1,669

1,152

Interest expenses on borrowings

1,627

410

Interest expenses, bank

325

364

Share of associates\u2019 net result, net of tax

-

23

Financial expenses on pension obligations, refer to note 3.7

74

46

Foreign exchange loss, net

199

372

Other financial expenses

132

103

Total

4,026

2,470

Interest expenses include interest on financial liabilities measured at amortised cost of DKK 3,621 million (2024: DKK 1,926 million).

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__76": { "value": "

3.1 Impairment test

Goodwill

The carrying amount of goodwill is tested for impairment at least annually together with other non-current assets of the Group.

The cash-generating units thereby follow our divisional structure: Air & Sea, Road and Contract Logistics.

The recoverable amount is determined as the present value of the discounted future net cash flow from the cash-generating unit to which the goodwill relates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Other non-current intangible assets and property, plant and equipment

The carrying amount of other non-current assets is tested for impairment at least once a year in connection with the impairment test of goodwill. If the tests show evidence of impairment, the asset is written down to the recovera-ble amount through profit or loss. The recoverable amount is the higher of the fair value of the asset less the expected costs to sell and its value in use.

The value in use is calculated as the present value of expected future cash flows from the asset or the division of which the asset forms part.

Management judgements and estimates

For goodwill impairment testing, a number of estimates are made on the de-velopment in revenues, gross profits, conversion ratios, future capital expendi-tures, discount rates and growth expectations in the terminal period. These are based on an assessment of current and future developments in the three cash-generating units and on historical data and assumptions of future expect-ed market developments, including expected long-term average market growth rates. Data includes both internal and external data sources.

Material value drivers affecting the future net cash flows of the three cash-generating units are:

Air & Sea

The Air & Sea division operates globally, so developments in the global econo-my and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in gross profit per shipment, cost development and management initiatives relating to internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Road

The Road division operates a European network and furthermore has operations in Americas, Asia Pacific, Middle East and Africa, which means that the division\u2019s future net cash flow is affected by the growth rate in these regions. Develop-ments in gross profit per shipment, including truck and terminal utilisation rates, cost development and management initiatives relating to internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Contract Logistics

The Contract Logistics division operates globally, so developments in the global economy and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost development and management initiatives relating to internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.

Climate-related risks

Management has assessed that no climate-related assumptions are key as-sumptions for the 2025 impairment test of goodwill. Investments associated with our climate change initiatives, including our commitment to achieving net-zero carbon emissions, are considered when determining the recoverable amount of each cash-generating unit.

3.1 Impairment test \u2014 continued

Impairment test 2025

Goodwill was tested for impairment at 31 December 2025. The tests did not result in any impairment of carrying amounts.

The expected future net cash flow is based on budgets and business plans ap-proved by Management for the year 2026 and projections for subsequent years up to and including 2030. These projections assume single-digit growth rates, broadly in line with expected global GDP and market growth. The projections reflect DSV\u2019s continued focus on the integration of Schenker, as well as current market uncertainties related to trade tariffs, the geopolitical landscape and macroeconomic factors, which are expected to persist. The projected cash flows beyond 2030 are extrapolated using a terminal growth rate of 2.5%, which remain in line with the expected long-term average growth rate of the industry.

The budget for 2026 assumes growth in air and sea volumes of around 2-3%, in line with or slightly lower than global GDP forecast. For the road market, the budget assumes flat to low-single digit volume growth, while the contract logistics market is expected to achieve low- to mid-single digit growth rate. The budget for 2026 assumes that the currency exchange rates, especially the US dollar against DKK, will remain at the current level.

Sensitivity analysis

The sensitivity analysis assesses the impact of changes in cash flows and discount rates on the impairment test results. The analysis concluded that even negative changes which are unlikely to occur will not result in impairment of goodwill in any of the three cash-generating units.

The sensitivity analysis shows the lowest possible growth rate or highest possible discount rate in percentage points by which the assumptions used can change before goodwill becomes impaired.

Other non-current intangible assets and property, plant and equipment

Other non-current assets were also tested for impairment indications together with goodwill at 31 December 2025. No indication of impairment was identi-fied in connection with these tests.

Goodwill impairment test at 31 December

2025

2024

Air & Sea

Road

Contract

Logistics

Air & Sea

Road

Contract

Logistics

Carrying amount of goodwill (DKKm)

85,708

36,166

25,566

58,840

8,076

9,729

Budget period

Annual revenue growth

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

Conversion ratio

50.0%

30.0%

30.0%

50.0%

30.0%

30.0%

Terminal period

Growth

2.5%

2.5%

2.5%

2.5%

2.5%

2.5%

Pre-tax discount rate

9.3%

7.6%

7.8%

9.9%

6.7%

8.5%

Sensitivity analysis

Growth in budget period \u2013 allowed decline (percentage points)

19.2

23.9

22.9

19.9

34.0

3.3

Discount rate \u2013 allowed increase (percentage points)

6.0

6.4

6.3

6.7

10.4

2.2

", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__77-1": { "value": "

3.1 Impairment test

Goodwill

The carrying amount of goodwill is tested for impairment at least annually together with other non-current assets of the Group.

The cash-generating units thereby follow our divisional structure: Air & Sea, Road and Contract Logistics.

The recoverable amount is determined as the present value of the discounted future net cash flow from the cash-generating unit to which the goodwill relates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Other non-current intangible assets and property, plant and equipment

The carrying amount of other non-current assets is tested for impairment at least once a year in connection with the impairment test of goodwill. If the tests show evidence of impairment, the asset is written down to the recovera-ble amount through profit or loss. The recoverable amount is the higher of the fair value of the asset less the expected costs to sell and its value in use.

The value in use is calculated as the present value of expected future cash flows from the asset or the division of which the asset forms part.

Management judgements and estimates

For goodwill impairment testing, a number of estimates are made on the de-velopment in revenues, gross profits, conversion ratios, future capital expendi-tures, discount rates and growth expectations in the terminal period. These are based on an assessment of current and future developments in the three cash-generating units and on historical data and assumptions of future expect-ed market developments, including expected long-term average market growth rates. Data includes both internal and external data sources.

Material value drivers affecting the future net cash flows of the three cash-generating units are:

Air & Sea

The Air & Sea division operates globally, so developments in the global econo-my and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in gross profit per shipment, cost development and management initiatives relating to internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Road

The Road division operates a European network and furthermore has operations in Americas, Asia Pacific, Middle East and Africa, which means that the division\u2019s future net cash flow is affected by the growth rate in these regions. Develop-ments in gross profit per shipment, including truck and terminal utilisation rates, cost development and management initiatives relating to internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Contract Logistics

The Contract Logistics division operates globally, so developments in the global economy and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost development and management initiatives relating to internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.

Climate-related risks

Management has assessed that no climate-related assumptions are key as-sumptions for the 2025 impairment test of goodwill. Investments associated with our climate change initiatives, including our commitment to achieving net-zero carbon emissions, are considered when determining the recoverable amount of each cash-generating unit.

3.1 Impairment test \u2014 continued

Impairment test 2025

Goodwill was tested for impairment at 31 December 2025. The tests did not result in any impairment of carrying amounts.

The expected future net cash flow is based on budgets and business plans ap-proved by Management for the year 2026 and projections for subsequent years up to and including 2030. These projections assume single-digit growth rates, broadly in line with expected global GDP and market growth. The projections reflect DSV\u2019s continued focus on the integration of Schenker, as well as current market uncertainties related to trade tariffs, the geopolitical landscape and macroeconomic factors, which are expected to persist. The projected cash flows beyond 2030 are extrapolated using a terminal growth rate of 2.5%, which remain in line with the expected long-term average growth rate of the industry.

The budget for 2026 assumes growth in air and sea volumes of around 2-3%, in line with or slightly lower than global GDP forecast. For the road market, the budget assumes flat to low-single digit volume growth, while the contract logistics market is expected to achieve low- to mid-single digit growth rate. The budget for 2026 assumes that the currency exchange rates, especially the US dollar against DKK, will remain at the current level.

Sensitivity analysis

The sensitivity analysis assesses the impact of changes in cash flows and discount rates on the impairment test results. The analysis concluded that even negative changes which are unlikely to occur will not result in impairment of goodwill in any of the three cash-generating units.

The sensitivity analysis shows the lowest possible growth rate or highest possible discount rate in percentage points by which the assumptions used can change before goodwill becomes impaired.

Other non-current intangible assets and property, plant and equipment

Other non-current assets were also tested for impairment indications together with goodwill at 31 December 2025. No indication of impairment was identi-fied in connection with these tests.

Goodwill impairment test at 31 December

2025

2024

Air & Sea

Road

Contract

Logistics

Air & Sea

Road

Contract

Logistics

Carrying amount of goodwill (DKKm)

85,708

36,166

25,566

58,840

8,076

9,729

Budget period

Annual revenue growth

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

Conversion ratio

50.0%

30.0%

30.0%

50.0%

30.0%

30.0%

Terminal period

Growth

2.5%

2.5%

2.5%

2.5%

2.5%

2.5%

Pre-tax discount rate

9.3%

7.6%

7.8%

9.9%

6.7%

8.5%

Sensitivity analysis

Growth in budget period \u2013 allowed decline (percentage points)

19.2

23.9

22.9

19.9

34.0

3.3

Discount rate \u2013 allowed increase (percentage points)

6.0

6.4

6.3

6.7

10.4

2.2

3.2 Intangible assets

Accounting policies

Goodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared to the fair value of identifiable net assets on the date of acquisition.

Goodwill is not amortised, but is tested for impairment at least annually.

Customer relationships

On initial recognition, customer relationships identified from business com-binations are recognised in the statement of financial position at fair value. Subsequently, customer relationships are measured at cost less accumulated amortisation and impairment losses.

Customer relationships are amortised over a period of eight years using the diminishing balance method.

Software and software in progress

Software bought or developed for internal use is measured at the lower of cost less accumulated amortisation and impairment losses and the recoverable amount. Cost comprises payments for the software and other directly attribut-able costs of preparing the software for its intended use.

After commissioning, software is amortised on a straight-line basis over its expected useful life. The amortisation period is 1-8 years.

2025

2024

Intangible assets(DKKm)

Goodwill

Customer

relationships

Software

Software in progress

Total

Goodwill

Customer

relationships

Software

Software in progress

Total

Cost at 1 January

76,645

2,563

1,571

356

81,135

75,774

2,564

1,411

364

80,113

Additions from business combinations/previous period adjustments

75,106

1,627

678

47

77,458

-

-

-

-

-

Additions

-

-

145

378

523

7

-

33

297

337

Disposals

-

-

(67)

(2)

(69)

-

(1)

(171)

(7)

(179)

Transfers

-

-

288

(288)

-

-

-

298

(298)

-

Currency translation

(4,311)

-

30

8

(4,273)

864

-

-

-

864

Total cost at 31 December

147,440

4,190

2,645

499

154,774

76,645

2,563

1,571

356

81,135

Total amortisation and impairment at 1 January

-

2,279

979

-

3,258

-

2,149

858

-

3,007

Amortisation for the year

-

331

268

-

599

-

131

180

-

311

Disposals

-

-

(37)

-

(37)

-

(1)

(59)

-

(60)

Total amortisation and impairment at 31 December

-

2,610

1,210

-

3,820

-

2,279

979

-

3,258

Carrying amount at 31 December

147,440

1,580

1,435

499

150,954

76,645

284

592

356

77,877

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__78-1": { "value": "

3.1 Impairment test

Goodwill

The carrying amount of goodwill is tested for impairment at least annually together with other non-current assets of the Group.

The cash-generating units thereby follow our divisional structure: Air & Sea, Road and Contract Logistics.

The recoverable amount is determined as the present value of the discounted future net cash flow from the cash-generating unit to which the goodwill relates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Management judgements and estimates

For goodwill impairment testing, a number of estimates are made on the de-velopment in revenues, gross profits, conversion ratios, future capital expendi-tures, discount rates and growth expectations in the terminal period. These are based on an assessment of current and future developments in the three cash-generating units and on historical data and assumptions of future expect-ed market developments, including expected long-term average market growth rates. Data includes both internal and external data sources.

Material value drivers affecting the future net cash flows of the three cash-generating units are:

Air & Sea

The Air & Sea division operates globally, so developments in the global econo-my and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in gross profit per shipment, cost development and management initiatives relating to internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Road

The Road division operates a European network and furthermore has operations in Americas, Asia Pacific, Middle East and Africa, which means that the division\u2019s future net cash flow is affected by the growth rate in these regions. Develop-ments in gross profit per shipment, including truck and terminal utilisation rates, cost development and management initiatives relating to internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Contract Logistics

The Contract Logistics division operates globally, so developments in the global economy and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost development and management initiatives relating to internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.

Climate-related risks

Management has assessed that no climate-related assumptions are key as-sumptions for the 2025 impairment test of goodwill. Investments associated with our climate change initiatives, including our commitment to achieving net-zero carbon emissions, are considered when determining the recoverable amount of each cash-generating unit.

Impairment test 2025

Goodwill was tested for impairment at 31 December 2025. The tests did not result in any impairment of carrying amounts.

The expected future net cash flow is based on budgets and business plans ap-proved by Management for the year 2026 and projections for subsequent years up to and including 2030. These projections assume single-digit growth rates, broadly in line with expected global GDP and market growth. The projections reflect DSV\u2019s continued focus on the integration of Schenker, as well as current market uncertainties related to trade tariffs, the geopolitical landscape and macroeconomic factors, which are expected to persist. The projected cash flows beyond 2030 are extrapolated using a terminal growth rate of 2.5%, which remain in line with the expected long-term average growth rate of the industry.

The budget for 2026 assumes growth in air and sea volumes of around 2-3%, in line with or slightly lower than global GDP forecast. For the road market, the budget assumes flat to low-single digit volume growth, while the contract logistics market is expected to achieve low- to mid-single digit growth rate. The budget for 2026 assumes that the currency exchange rates, especially the US dollar against DKK, will remain at the current level.

Sensitivity analysis

The sensitivity analysis assesses the impact of changes in cash flows and discount rates on the impairment test results. The analysis concluded that even negative changes which are unlikely to occur will not result in impairment of goodwill in any of the three cash-generating units.

The sensitivity analysis shows the lowest possible growth rate or highest possible discount rate in percentage points by which the assumptions used can change before goodwill becomes impaired.

Other non-current intangible assets and property, plant and equipment

Other non-current assets were also tested for impairment indications together with goodwill at 31 December 2025. No indication of impairment was identi-fied in connection with these tests.

Goodwill impairment test at 31 December

2025

2024

Air & Sea

Road

Contract

Logistics

Air & Sea

Road

Contract

Logistics

Carrying amount of goodwill (DKKm)

85,708

36,166

25,566

58,840

8,076

9,729

Budget period

Annual revenue growth

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

Conversion ratio

50.0%

30.0%

30.0%

50.0%

30.0%

30.0%

Terminal period

Growth

2.5%

2.5%

2.5%

2.5%

2.5%

2.5%

Pre-tax discount rate

9.3%

7.6%

7.8%

9.9%

6.7%

8.5%

Sensitivity analysis

Growth in budget period \u2013 allowed decline (percentage points)

19.2

23.9

22.9

19.9

34.0

3.3

Discount rate \u2013 allowed increase (percentage points)

6.0

6.4

6.3

6.7

10.4

2.2

Goodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared to the fair value of identifiable net assets on the date of acquisition.

Goodwill is not amortised, but is tested for impairment at least annually.

2025

2024

Intangible assets(DKKm)

Goodwill

Customer

relationships

Software

Software in progress

Total

Goodwill

Customer

relationships

Software

Software in progress

Total

Cost at 1 January

76,645

2,563

1,571

356

81,135

75,774

2,564

1,411

364

80,113

Additions from business combinations/previous period adjustments

75,106

1,627

678

47

77,458

-

-

-

-

-

Additions

-

-

145

378

523

7

-

33

297

337

Disposals

-

-

(67)

(2)

(69)

-

(1)

(171)

(7)

(179)

Transfers

-

-

288

(288)

-

-

-

298

(298)

-

Currency translation

(4,311)

-

30

8

(4,273)

864

-

-

-

864

Total cost at 31 December

147,440

4,190

2,645

499

154,774

76,645

2,563

1,571

356

81,135

Total amortisation and impairment at 1 January

-

2,279

979

-

3,258

-

2,149

858

-

3,007

Amortisation for the year

-

331

268

-

599

-

131

180

-

311

Disposals

-

-

(37)

-

(37)

-

(1)

(59)

-

(60)

Total amortisation and impairment at 31 December

-

2,610

1,210

-

3,820

-

2,279

979

-

3,258

Carrying amount at 31 December

147,440

1,580

1,435

499

150,954

76,645

284

592

356

77,877

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__79": { "value": "

Goodwill

The carrying amount of goodwill is tested for impairment at least annually together with other non-current assets of the Group.

The cash-generating units thereby follow our divisional structure: Air & Sea, Road and Contract Logistics.

The recoverable amount is determined as the present value of the discounted future net cash flow from the cash-generating unit to which the goodwill relates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Other non-current intangible assets and property, plant and equipment

The carrying amount of other non-current assets is tested for impairment at least once a year in connection with the impairment test of goodwill. If the tests show evidence of impairment, the asset is written down to the recovera-ble amount through profit or loss. The recoverable amount is the higher of the fair value of the asset less the expected costs to sell and its value in use.

The value in use is calculated as the present value of expected future cash flows from the asset or the division of which the asset forms part.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__80": { "value": "

Goodwill

The carrying amount of goodwill is tested for impairment at least annually together with other non-current assets of the Group.

The cash-generating units thereby follow our divisional structure: Air & Sea, Road and Contract Logistics.

The recoverable amount is determined as the present value of the discounted future net cash flow from the cash-generating unit to which the goodwill relates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Other non-current intangible assets and property, plant and equipment

The carrying amount of other non-current assets is tested for impairment at least once a year in connection with the impairment test of goodwill. If the tests show evidence of impairment, the asset is written down to the recovera-ble amount through profit or loss. The recoverable amount is the higher of the fair value of the asset less the expected costs to sell and its value in use.

The value in use is calculated as the present value of expected future cash flows from the asset or the division of which the asset forms part.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__84": { "value": "

3.2 Intangible assets

Accounting policies

Goodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared to the fair value of identifiable net assets on the date of acquisition.

Goodwill is not amortised, but is tested for impairment at least annually.

Customer relationships

On initial recognition, customer relationships identified from business com-binations are recognised in the statement of financial position at fair value. Subsequently, customer relationships are measured at cost less accumulated amortisation and impairment losses.

Customer relationships are amortised over a period of eight years using the diminishing balance method.

Software and software in progress

Software bought or developed for internal use is measured at the lower of cost less accumulated amortisation and impairment losses and the recoverable amount. Cost comprises payments for the software and other directly attribut-able costs of preparing the software for its intended use.

After commissioning, software is amortised on a straight-line basis over its expected useful life. The amortisation period is 1-8 years.

2025

2024

Intangible assets(DKKm)

Goodwill

Customer

relationships

Software

Software in progress

Total

Goodwill

Customer

relationships

Software

Software in progress

Total

Cost at 1 January

76,645

2,563

1,571

356

81,135

75,774

2,564

1,411

364

80,113

Additions from business combinations/previous period adjustments

75,106

1,627

678

47

77,458

-

-

-

-

-

Additions

-

-

145

378

523

7

-

33

297

337

Disposals

-

-

(67)

(2)

(69)

-

(1)

(171)

(7)

(179)

Transfers

-

-

288

(288)

-

-

-

298

(298)

-

Currency translation

(4,311)

-

30

8

(4,273)

864

-

-

-

864

Total cost at 31 December

147,440

4,190

2,645

499

154,774

76,645

2,563

1,571

356

81,135

Total amortisation and impairment at 1 January

-

2,279

979

-

3,258

-

2,149

858

-

3,007

Amortisation for the year

-

331

268

-

599

-

131

180

-

311

Disposals

-

-

(37)

-

(37)

-

(1)

(59)

-

(60)

Total amortisation and impairment at 31 December

-

2,610

1,210

-

3,820

-

2,279

979

-

3,258

Carrying amount at 31 December

147,440

1,580

1,435

499

150,954

76,645

284

592

356

77,877

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__85": { "value": "

Accounting policies

Goodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared to the fair value of identifiable net assets on the date of acquisition.

Goodwill is not amortised, but is tested for impairment at least annually.

Customer relationships

On initial recognition, customer relationships identified from business com-binations are recognised in the statement of financial position at fair value. Subsequently, customer relationships are measured at cost less accumulated amortisation and impairment losses.

Customer relationships are amortised over a period of eight years using the diminishing balance method.

Software and software in progress

Software bought or developed for internal use is measured at the lower of cost less accumulated amortisation and impairment losses and the recoverable amount. Cost comprises payments for the software and other directly attribut-able costs of preparing the software for its intended use.

After commissioning, software is amortised on a straight-line basis over its expected useful life. The amortisation period is 1-8 years.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__86": { "value": "

Goodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared to the fair value of identifiable net assets on the date of acquisition.

Goodwill is not amortised, but is tested for impairment at least annually.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__88": { "value": "

Customer relationships

On initial recognition, customer relationships identified from business com-binations are recognised in the statement of financial position at fair value. Subsequently, customer relationships are measured at cost less accumulated amortisation and impairment losses.

Customer relationships are amortised over a period of eight years using the diminishing balance method.

Software and software in progress

Software bought or developed for internal use is measured at the lower of cost less accumulated amortisation and impairment losses and the recoverable amount. Cost comprises payments for the software and other directly attribut-able costs of preparing the software for its intended use.

After commissioning, software is amortised on a straight-line basis over its expected useful life. The amortisation period is 1-8 years.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__90": { "value": "

3.3 Property, plant and equipment

Accounting policies

Land and buildings and other plant and operating equipment are measured at cost less accumulated depreciation and impairment losses.

The cost comprises the acquisition price and other costs directly attributable to preparing the asset for its intended use. The present value of estimated costs for dismantling and disposing of assets as well as restoration costs are added to the cost if such costs are recognised as provisions. Material borrowing costs directly attributable to the construction of the individual asset are also added to cost.

If the individual components of an asset have different useful lives, each component will be depreciated separately.

The cost of self-constructed assets comprises direct and indirect costs for materials, components, subcontractors, wages and salaries. Costs for self-constructed assets are recognised as property, plant and equipment in progress on an ongoing basis until the assets are ready for use.

Subsequent costs, such as partial replacement of property, plant and equipment (PPE), are included in the carrying amount of the asset in question when it is probable that such costs will result in future economic benefits.

The carrying amount of the replaced parts is disposed from the financial position and recognised in the profit or loss.

2025

2024

Property, plant and equipment(DKKm)

Land and buildings

Other plant

and operating equipment

Property, plant and equipment

in progress

Total

Land and buildings

Other plant

and operating

equipment

Property, plant and equipment

in progress

Total

Cost at 1 January

4,200

6,209

592

11,001

3,962

5,256

580

9,798

Additions from business combinations/previous period adjustments

14,020

2,194

1,613

17,827

-

-

-

-

Additions

1,198

1,247

265

2,710

448

1,165

479

2,092

Disposals

(727)

(385)

(57)

(1,169)

(441)

(342)

(201)

(984)

Reclassifications

827

197

(1,024)

-

147

130

(277)

-

Currency translation

(200)

(74)

(62)

(336)

84

-

11

95

Total cost at 31 December

19,318

9,388

1,327

30,033

4,200

6,209

592

11,001

Total depreciation and impairment at 1 January

1,630

2,589

3

4,222

1,402

2,182

-

3,584

Depreciation for the year

655

1,048

-

1,703

375

667

-

1,042

Disposals

(122)

(213)

(3)

(338)

(147)

(263)

-

(410)

Currency translation

3

22

-

25

-

3

3

6

Total depreciation and impairment at 31 December

2,166

3,446

-

5,612

1,630

2,589

3

4,222

Carrying amount at 31 December

17,152

5,942

1,327

24,421

2,570

3,620

589

6,779

3.3 Property, plant and equipment \u2014 continued

Depreciation is carried out on a straight-line basis over the expected useful

lives of the assets. The expected useful lives of the overall asset categories

are as follows:

\u2022\tTerminals and administration buildings:

50-60 years

\u2022\tOther buildings and building elements:

10-30 years

\u2022\tTechnical plant and machinery:

6-10 years

\u2022\tOther plant and operating equipment:

3-8 years

\u2022\tLand is not depreciated

The basis of depreciation takes into account the residual value of assets and is reduced by any impairment losses. The residual value is calculated on the date of acquisition and reassessed once a year. Depreciation will be halted if the residual value exceeds the carrying amount of the asset.

Assets are transferred to assets held for sale if it is highly probable that their carrying amount will be recovered primarily through sale rather than through continuing use.

Management judgements and estimates

Judgement is applied in determining the depreciation period and future residual value of the assets recognised and is generally based on historical experience. Reassessment is done annually to ascertain that the depreciation basis applied is still representative and reflects the expected life and future residual value of the assets.

Climate-related risks

Management has considered the influence of climate-related risks on property, plant and equipment, including inherent impact on useful lives of underlying asset groups. Climate-related risks assessed encompass accelerated technolog-ical deterioration of assets due to climate-related innovations, regulatory requirements and customer demand, as well as increased demolition and re-storation costs on premises vacated, due to stricter environmental regulations.

", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__91-1": { "value": "

Accounting policies

Land and buildings and other plant and operating equipment are measured at cost less accumulated depreciation and impairment losses.

The cost comprises the acquisition price and other costs directly attributable to preparing the asset for its intended use. The present value of estimated costs for dismantling and disposing of assets as well as restoration costs are added to the cost if such costs are recognised as provisions. Material borrowing costs directly attributable to the construction of the individual asset are also added to cost.

If the individual components of an asset have different useful lives, each component will be depreciated separately.

The cost of self-constructed assets comprises direct and indirect costs for materials, components, subcontractors, wages and salaries. Costs for self-constructed assets are recognised as property, plant and equipment in progress on an ongoing basis until the assets are ready for use.

Subsequent costs, such as partial replacement of property, plant and equipment (PPE), are included in the carrying amount of the asset in question when it is probable that such costs will result in future economic benefits.

The carrying amount of the replaced parts is disposed from the financial position and recognised in the profit or loss.

The basis of depreciation takes into account the residual value of assets and is reduced by any impairment losses. The residual value is calculated on the date of acquisition and reassessed once a year. Depreciation will be halted if the residual value exceeds the carrying amount of the asset.

Assets are transferred to assets held for sale if it is highly probable that their carrying amount will be recovered primarily through sale rather than through continuing use.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__97": { "value": "

3.4 Contract assets and accrued cost of services

Accounting policies

Contract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress.

Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Please refer to note 4.5for disclosure of credit risk, as trade receivables carry substantially the same characteristics as contract assets.

Accrued costs of services are estimated and recognised when supplier invoices relating to recognised revenue for the reporting period have yet to be received.

Management judgements and estimates

In the preparation of the consolidated financial statements, significant esti-mates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experience and con-tinuous follow-up on services in progress relative to subsequent invoicing.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__98": { "value": "

3.5 Inventories

Accounting policies

Write-downs of inventories to net realisable value are recognised as direct costs in the statement of profit or loss.

Inventories(DKKm)

2025

2024

Property projects under construction

1,986

4,926

Stocks

109

81

Total

2,095

5,007

Inventories consists of property projects under construction held for the purpose of sale in the ordinary course of business and stocks. Costs relating to property projects presented within direct costs constitute less than 2% of total direct costs (2024: less than 3%).

", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__99": { "value": "

Accounting policies

Write-downs of inventories to net realisable value are recognised as direct costs in the statement of profit or loss.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__100": { "value": "

3.6 Leases

Accounting policies

Whether a contract contains a lease is assessed at contract inception. For iden-tified leases, a right-of-use (ROU) asset and corresponding lease liability are recognised on the lease commencement date.

Upon initial recognition, the ROU asset is measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including dismantling and restoration costs. The lease liability is measured at the present value of lease payments of the leasing period discounted using the interest rate implicit in the lease contract. In cases where the implicit interest rate cannot be determined, an appropriate incremental DSV borrowing rate is used.

At subsequent measurement, the ROU asset is measured less accumulated de-preciation and impairment losses and adjusted for any remeasurements of the lease liability. Depreciation follows the straight-line method over the lease term or the useful life of the ROU asset, whichever is shortest.

The lease liability is measured at amortised cost using the effective interest method and adjusted for any remeasurements or modifications made to the contract.

ROU assets and lease liabilities are not recognised for low value lease assets or leases with a lease term of 12 months or less. These are recognised as an expense on a straight-line basis over the term of the lease.

Any service elements separable from the lease contract are accounted for following the same principle.

Extension options are only included in the lease term if extension of the lease is reasonably certain. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.

ROU assets classified as land and buildings mainly relate to leases of warehouses, terminals and office buildings, whereas assets recognised as other plant and operating equipment mainly relate to leases of trailers, trucks, company cars, forklifts, IT hardware and other office equipment.

Land and building leases normally have a lease term of up to ten years, whereas leases of other plant and operating equipment normally have a lease term of up to five years. The leases may include extension options with the intention of securing flexibility in the lease \u2013 however, any leasing period beyond the normal ten years expected at the initiation of the lease will normally be reflected in the contractual lease term agreed.

Management judgements and estimates

In accounting for lease contracts, various judgements are applied in determining ROU assets and lease liabilities. Judgements include assessment of lease periods, utilisation of extension and termination options and applicable discount rates.

2025

2024

Right-of-use assets(DKKm)

Land and buildings

Other plantand operating equipment

Total

Land and buildings

Other plant and operating equipment

Total

Carrying amount at 1 January

18,459

254

18,713

15,356

299

15,655

Additions

7,749

32

7,781

7,552

30

7,582

Additions from business combinations

8,642

-

8,642

-

-

-

Disposals

(245)

-

(245)

(305)

(6)

(311)

Depreciation for the year

(6,315)

(59)

(6,374)

(4,338)

(78)

(4,416)

Currency translation

(745)

-

(745)

194

9

203

Carrying amount at 31 December

27,545

227

27,772

18,459

254

18,713

Analysis of lease liabilities showing the remaining contractual maturities is pro-vided in the table below:

Contractual maturity of lease liabilities(DKKm)

2024

2025

0-1 year

8,368

5,447

1-5 years

19,679

14,224

> 5 years

11,054

7,674

Total undiscounted lease liabilities at 31 December

39,101

27,345

Non-current/current classification (discounted)

Non-current

24,084

17,324

Current

6,846

4,349

The profit or loss and cash flow impact of leases recognised for the year are specified below:

Lease effects recognised in profit or loss and cash flow (DKKm)

2024

2025

Profit or loss

Income from subleasing of ROU assets

168

94

Gain on sale and leaseback transactions

342

56

Expenses relating to short-term leases

(987)

(564)

Expenses relating to leases of low-value assets

(1,719)

(780)

Expenses relating to variable lease payments not included in the measurement of lease liabilities

(161)

(74)

Depreciation of ROU assets

(6,374)

(4,416)

Interest expenses on lease liabilities

(1,669)

(1,152)

Total profit or loss for leases

(10,400)

(6,836)

Cash flow

Total cash outflow for leases

10,104

6,822

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__103": { "value": "

Accounting policies

Whether a contract contains a lease is assessed at contract inception. For iden-tified leases, a right-of-use (ROU) asset and corresponding lease liability are recognised on the lease commencement date.

Upon initial recognition, the ROU asset is measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including dismantling and restoration costs. The lease liability is measured at the present value of lease payments of the leasing period discounted using the interest rate implicit in the lease contract. In cases where the implicit interest rate cannot be determined, an appropriate incremental DSV borrowing rate is used.

At subsequent measurement, the ROU asset is measured less accumulated de-preciation and impairment losses and adjusted for any remeasurements of the lease liability. Depreciation follows the straight-line method over the lease term or the useful life of the ROU asset, whichever is shortest.

The lease liability is measured at amortised cost using the effective interest method and adjusted for any remeasurements or modifications made to the contract.

ROU assets and lease liabilities are not recognised for low value lease assets or leases with a lease term of 12 months or less. These are recognised as an expense on a straight-line basis over the term of the lease.

Any service elements separable from the lease contract are accounted for following the same principle.

Extension options are only included in the lease term if extension of the lease is reasonably certain. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.

ROU assets classified as land and buildings mainly relate to leases of warehouses, terminals and office buildings, whereas assets recognised as other plant and operating equipment mainly relate to leases of trailers, trucks, company cars, forklifts, IT hardware and other office equipment.

Land and building leases normally have a lease term of up to ten years, whereas leases of other plant and operating equipment normally have a lease term of up to five years. The leases may include extension options with the intention of securing flexibility in the lease \u2013 however, any leasing period beyond the normal ten years expected at the initiation of the lease will normally be reflected in the contractual lease term agreed.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__101-1": { "value": "

Contractual maturity of lease liabilities(DKKm)

2024

2025

0-1 year

8,368

5,447

1-5 years

19,679

14,224

> 5 years

11,054

7,674

Total undiscounted lease liabilities at 31 December

39,101

27,345

Non-current/current classification (discounted)

Non-current

24,084

17,324

Current

6,846

4,349

Expected maturity of pension obligations(DKKm)

2024

2025

0-1 year

754

355

1-5 years

2,083

1,161

> 5 years

6,619

3,489

Total obligations recognised

9,456

5,005

3.7 Pensions and other post-employment benefit plans \u2014 continued

Sensitivity analysis

The following table illustrates the change in the gross obligation relating to de-fined benefit plans from a change in the key actuarial assumptions. The analysis is based on reasonably probable changes, provided that the other parameters remain unchanged.

Sensitivity analysis(DKKm)

2025

2024

Defined benefit pension obligations

9,456

5,005

Discount rate

Increase of 0.5 percentage point

8,921

4,723

Decrease of 0.5 percentage point

9,938

5,286

Future wage/salary increase

Increase of 0.5 percentage point

9,508

5,034

Decrease of 0.5 percentage point

9,398

4,957

Inflation

Increase of 0.5 percentage point

9,677

5,105

Decrease of 0.5 percentage point

9,236

4,888

Life expectancy

Increase of 1 year

9,708

5,161

Decrease of 1 year

9,187

4,831

Liquidity risk

The cash readiness of the Group is ensured through short and long-term credit facilities from the main banks of the Group and through the issuance of bonds. The purpose of issuing bond loans is to diversify the Group\u2019s long-term debt, making the Group less dependent on bank loans.

The Group\u2019s bond loans, credit and overdraft facilities are subject to standard clauses, according to which the Group\u2019s debt must be repaid in case of a change of control.

The total duration of the Group\u2019s long-term loan commitments and the undrawn amounts on our credit lines at 31 December 2025 are presented in the accom-panying table. The weighted duration of the Group\u2019s drawn long-term loan facilities was 5.1 years at 31 December 2025.

Furthermore, a maturity analysis has been provided based on contractual cash flows, including estimated interest payments. The amounts have not been discounted and as such do not reconcile directly to the statement of financial position.

Supplier finance arrangements

DSV facilitates immaterial supplier finance arrangements presented within trade payables. These arrangements have no significant impact on the Group\u2019s liquidity risk.

Commitments and amounts drawn on long-term loan facilities at 31 December 2025:

Loan facilities

Principal amount (EURm)

Principal amount (DKKm)

Fixed/floating interest rate

Expiry of commitments

Duration (years)

Undrawn (DKKm)

Bond loan - ISIN XS2387735470

500

3,734

Fixed

17/09/2036

10.7

-

Bond loan - ISIN XS2932829356

750

5,602

Fixed

06/11/2034

8.9

-

Bond loan - ISIN XS2360881549

600

4,481

Fixed

05/07/2033

7.5

-

Bond loan - ISIN XS2932836211

750

5,602

Fixed

06/11/2032

6.9

-

Bond loan - ISIN XS2308616841

500

3,734

Fixed

03/03/2031

5.2

-

Bond loan - ISIN XS2932834604

1,250

9,336

Fixed

06/11/2030

4.9

-

Bond loan - ISIN XS2458285355

600

4,481

Fixed

16/03/2030

4.2

-

Bond loan - ISIN XS2850439642

500

3,734

Fixed

26/06/2029

3.5

-

Bond loan - ISIN XS2932831923

1,000

7,469

Fixed

06/11/2028

2.9

-

Bond loan - ISIN 212542679

500

3,734

Fixed

26/02/2027

1.2

-

Long-term credit facility I

700

5,228

Floating

30/04/2027

1.3

-

Revolving credit facility IV

75

560

Floating

31/01/2031

5.1

560

Revolving credit facility II

200

1,494

Floating

15/12/2030

5.0

1,494

Revolving credit facility III

200

1,494

Floating

14/12/2030

5.0

1,494

Revolving credit facility I

200

1,494

Floating

01/10/2029

3.8

1,462

Revolving credit facility VI

200

1,494

Floating

28/07/2028

2.6

1,494

Revolving credit facility V

100

747

Floating

15/01/2028

2.0

617

Overdraft facility I

75

560

Floating

31/01/2031

5.1

560

Total

8,700

64,978

5.1

7,681

Loan facilities (DKKm)

2025

2024

Carryingamount

Fixed/floating interest rate

Expiry

Carrying amount

Fixed/floating interest rate

Expiry

Bond loans

60,928

Mainly fixed

2026-2036

60,782

Fixed/floating

2026-2036

Credit facilities

5,448

Floating

2026-2029

70

Floating

2026-2029

Overdraft facilities

629

Floating

2026

292

Floating

2025

Loan facilities at 31 December

67,005

61,144

Non-current/current classification:

Non-current liabilities

56,950

60,852

Current liabilities

10,055

292

The Group\u2019s financial liabilities fall due as follows:

Financial liabilities - 2025(DKKm)

Carrying amount

Total cash flow,

incl. interest

0-1 year

1-5 years

5-9 years

>9 years

Overdraft and credit facilities

6,077

6,215

826

5,389

-

-

Issued bonds

60,928

68,033

10,797

32,731

20,715

3,790

Lease liabilities

30,930

39,101

8,368

19,679

7,566

3,488

Trade payables

23,493

23,493

23,493

-

-

-

Currency derivatives

4

4

4

-

-

-

Total

121,432

136,846

43,488

57,799

28,281

7,278

Financial liabilities - 2024(DKKm)

Carrying amount

Total cash flow,

incl. interest

0-1 year

1-5 years

5-9 years

>9 years

Overdraft and credit facilities

362

387

303

84

-

-

Issued bonds

60,782

69,456

1,504

28,943

29,435

9,574

Lease liabilities

21,673

27,345

5,447

14,224

5,901

1,773

Trade payables

14,456

14,456

14,456

-

-

-

Currency derivatives

63

63

63

-

-

-

Total

97,336

111,707

21,773

43,251

35,336

11,347

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__107": { "value": "

3.8 Provisions

Accounting policies

Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation and it is proba-ble that the Group will have to give up future economic benefits to meet the obligation.

Provisions are measured on the basis of Management\u2019s best estimate of the anticipated expenditure for settlement of the relevant obligation and are discounted if deemed material.

Management judgements and estimates

Management continually assesses provisions, including contingencies and the likely outcome of pending and potential legal proceedings. The outcome of such proceedings depends on future events, which are, by nature, uncertain.

When considering provisions involving significant estimates, opinions and estimates by external legal experts as well as existing case law are applied in assessing the probable outcome of material legal proceedings, etc.

Provisions

Provisions have not been discounted, as the effect thereof is immaterial. Provisions are expected to be settled within two years in all material respects.

Restructuring costs

Restructuring costs relate mainly to the integration of acquirees and the re-structuring plans previously announced, which consist mainly of termination benefits and costs under terminated leases.

Disputes and legal actions

Provisions for disputes and legal actions relate mainly to ongoing disputes and legal proceedings.

Value-added taxes and other taxes subject to indemnificationIndemnification liabilities totalled DKK 1,494 million (2024: DKK 1,763 million) and relate to various company- and value-added taxes from the GIL acquisition. A corresponding indemnification asset has been recognised as other non-current receivables.

Other provisions

Other provisions include restoration obligations linked to properties (DKK 1,843 million). The remaining balance primarily includes provisions for employ-ee related obligations and liabilities arising from onerous contracts.

Provisions - 2025(DKKm)

Restructuring costs

Disputes and legal actions

Indemnification liabilities

Other provisions

Total

Provisions at 1 January

426

1,012

1,763

2,089

5,290

Additions for the year

1,730

227

-

1,277

3,234

Additions from business combinations

781

2,100

-

5,227

8,108

Used for the year

(305)

(674)

-

(2,832)

(3,811)

Reversal of provisions made in previous years

(49)

(120)

-

140

(29)

Currency translation

(2)

(37)

(269)

(67)

(375)

Provisions at 31 December

2,581

2,508

1,494

5,834

12,417

Non-current/current classification:

Non-current liabilities

745

1,318

1,494

2,371

5,928

Current liabilities

1,836

1,190

-

3,463

6,489

Provisions at 31 December

2,581

2,508

1,494

5,834

12,417

", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__108": { "value": "

Accounting policies

Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation and it is proba-ble that the Group will have to give up future economic benefits to meet the obligation.

Provisions are measured on the basis of Management\u2019s best estimate of the anticipated expenditure for settlement of the relevant obligation and are discounted if deemed material.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__109": { "value": "

4.1 Capital structure and capital allocation

Capital structure

The capital structure of DSV is intended to maintain financial stability, optimise cost of capital and to ensure financial readiness allowing to act on business opportunities as they present themselves. The gearing ratio was 2.8 at 31 December 2025 (2024: 0.0). The long-term target gearing ratio remains below 2.0x EBITDA, but is currently affected by the acquisition of Schenker.

Capital allocation

The Group aims to spend its free cash flow in the following order of priority:

1.\tRepayment of net interest-bearing debt in periods when the financial gearing ratio is above target;

2.\tValue-adding investments in the form of acquisitions or development of the existing business;

3.\tDistribution to the Company\u2019s shareholders by means of share buybacks and dividends.

Net interest-bearing debt

The Group increased its net interest-bearing debt in 2025 by DKK 87,153 million (2024: decreased by DKK 35,112 million). At 31 December 2025, net interest-bearing debt was impacted by the acquisition of Schenker on 30 April 2025.

Net interest-bearing debt can be specified as follows:

Net interest-bearing debt (DKKm)

2025

2024

Lease liabilities

30,930

21,673

Interest-bearing borrowings

67,002

61,144

Pensions and other post-employment benefit plans

2,098

457

Other receivables

(227)

(227)

Cash and cash equivalents

(13,179)

(83,576)

Total

86,624

(529)

", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__110": { "value": "

Distribution to the Company\u2019s shareholders

In 2025, the Group spent DKK 0 million on the purchase of treasury shares and DKK 1,683 million on dividends distributed (2024: DKK 3,347 million and DKK 1,533 million, respectively). It is proposed to distribute a dividend of DKK 7.00 per share for 2026 (2025: DKK 7.00).

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__111": { "value": "7.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f0__s10__9__112": { "value": "7.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f0__s10__8__113-1": { "value": "

Cash and capital restrictions

Cash and cash equivalents comprise cash on hand, short-term cash deposits and short-term liquid assets that are readily convertible to cash and are subject to insignificant risk of changes in value. Of total cash and cash equivalents, DKK 2,651 million (2024: DKK 1,786 million) are subject to restrictions implying that the cash may not be readily available for general use or distribution by the Group. Specification of cash and capital restrictions is provided below:

Exchange control restrictions

Exchange control restrictions comprise cash balances in countries where vari-ous forms of foreign exchange controls or other legal restrictions apply. While the cash balances are available for the daily operations of the local entities, the balances cannot be immediately repatriated to the ultimate parent company. To a limited extent, certain cash balances cannot currently be repatriated to the ultimate parent company due to legal restrictions.

Insurance collaterals

Insurance collaterals constitute security for outstanding insurance contracts sold to customers by DSV Insurance. The amount is regulated and measured in accordance with laws and regulations issued by the Danish Financial Super-visory Authority.

Cash and capital restrictions(DKKm)

2025

2024

Exchange control restrictions

2,256

1,350

Insurance collaterals

388

430

Other collaterals

7

6

Total

2,651

1,786

", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__114-1": { "value": "

Insurance collaterals

Insurance collaterals constitute security for outstanding insurance contracts sold to customers by DSV Insurance. The amount is regulated and measured in accordance with laws and regulations issued by the Danish Financial Super-visory Authority.

Cash and capital restrictions(DKKm)

2025

2024

Exchange control restrictions

2,256

1,350

Insurance collaterals

388

430

Other collaterals

7

6

Total

2,651

1,786

Security for debt

Bank guarantees

As part of its ordinary operations, DSV has provided bank guarantees to authorities, suppliers, etc.

The counterparties may claim appropriation of collateral if DSV fails to pay any amount due.

Pledges

At 31 December 2025, property, plant and equipment and other financial assets with a carrying amount of DKK 3 million were pledged as security (2024: DKK 3 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__116": { "value": "

4.2 Equity

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2024: 240 million shares) with a nominal value of DKK 1 each.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the previous page.

Treasury share reserve

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.

Treasury shares are bought to meet obligations under the Company\u2019s incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The reserve comprises the fair value of hedging instruments qualifying for hedge accounting. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

Reserves(DKKm)

Treasury share reserve

Hedging reserve

Foreign currency translation reserve

Total

Reserves at 1 January 2025

(6)

(8)

251

237

Other comprehensive income, net of tax

-

12

(5,644)

(5,632)

Transactions with shareholders:

Purchase of treasury shares

-

-

-

-

Sale of treasury shares

2

-

-

2

Capital reduction

-

-

-

-

Reserves at 31 December 2025

(4)

4

(5,393)

(5,393)

Reserves at 1 January 2024

(10)

(4)

(704)

(718)

Other comprehensive income, net of tax

-

(4)

955

951

Transactions with shareholders:

Purchase of treasury shares

(3)

-

-

(3)

Sale of treasury shares

2

-

-

2

Capital reduction

5

-

-

5

Reserves at 31 December 2024

(6)

(8)

251

237

2025

2024

Treasury shares

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Portfolio at 1 January

8,395

2.2%

5.4

11,664

4.5%

9.8

Cancellation of treasury shares

-

-

-

(6,221)

(2.3%)

(5.0)

Portfolio, adjusted for number of shares

8,395

2.2%

5.4

5,443

2.0%

4.8

Purchased during the year

-

-

-

3,347

1.2%

2.9

Sold during the year

(2,207)

(0.7%)

(1.7)

(2,783)

(1.0%)

(2.3)

Value adjustment

(248)

-

-

2,388

-

-

Portfolio at 31 December

5,940

1.5%

3.7

8,395

2.2%

5.4

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__117": { "value": "

4.2 Equity

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2024: 240 million shares) with a nominal value of DKK 1 each.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the previous page.

Treasury share reserve

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.

Treasury shares are bought to meet obligations under the Company\u2019s incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The reserve comprises the fair value of hedging instruments qualifying for hedge accounting. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

Reserves(DKKm)

Treasury share reserve

Hedging reserve

Foreign currency translation reserve

Total

Reserves at 1 January 2025

(6)

(8)

251

237

Other comprehensive income, net of tax

-

12

(5,644)

(5,632)

Transactions with shareholders:

Purchase of treasury shares

-

-

-

-

Sale of treasury shares

2

-

-

2

Capital reduction

-

-

-

-

Reserves at 31 December 2025

(4)

4

(5,393)

(5,393)

Reserves at 1 January 2024

(10)

(4)

(704)

(718)

Other comprehensive income, net of tax

-

(4)

955

951

Transactions with shareholders:

Purchase of treasury shares

(3)

-

-

(3)

Sale of treasury shares

2

-

-

2

Capital reduction

5

-

-

5

Reserves at 31 December 2024

(6)

(8)

251

237

2025

2024

Treasury shares

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Portfolio at 1 January

8,395

2.2%

5.4

11,664

4.5%

9.8

Cancellation of treasury shares

-

-

-

(6,221)

(2.3%)

(5.0)

Portfolio, adjusted for number of shares

8,395

2.2%

5.4

5,443

2.0%

4.8

Purchased during the year

-

-

-

3,347

1.2%

2.9

Sold during the year

(2,207)

(0.7%)

(1.7)

(2,783)

(1.0%)

(2.3)

Value adjustment

(248)

-

-

2,388

-

-

Portfolio at 31 December

5,940

1.5%

3.7

8,395

2.2%

5.4

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__118": { "value": "

4.2 Equity

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2024: 240 million shares) with a nominal value of DKK 1 each.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the previous page.

Treasury share reserve

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.

Treasury shares are bought to meet obligations under the Company\u2019s incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The reserve comprises the fair value of hedging instruments qualifying for hedge accounting. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

Reserves(DKKm)

Treasury share reserve

Hedging reserve

Foreign currency translation reserve

Total

Reserves at 1 January 2025

(6)

(8)

251

237

Other comprehensive income, net of tax

-

12

(5,644)

(5,632)

Transactions with shareholders:

Purchase of treasury shares

-

-

-

-

Sale of treasury shares

2

-

-

2

Capital reduction

-

-

-

-

Reserves at 31 December 2025

(4)

4

(5,393)

(5,393)

Reserves at 1 January 2024

(10)

(4)

(704)

(718)

Other comprehensive income, net of tax

-

(4)

955

951

Transactions with shareholders:

Purchase of treasury shares

(3)

-

-

(3)

Sale of treasury shares

2

-

-

2

Capital reduction

5

-

-

5

Reserves at 31 December 2024

(6)

(8)

251

237

2025

2024

Treasury shares

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Portfolio at 1 January

8,395

2.2%

5.4

11,664

4.5%

9.8

Cancellation of treasury shares

-

-

-

(6,221)

(2.3%)

(5.0)

Portfolio, adjusted for number of shares

8,395

2.2%

5.4

5,443

2.0%

4.8

Purchased during the year

-

-

-

3,347

1.2%

2.9

Sold during the year

(2,207)

(0.7%)

(1.7)

(2,783)

(1.0%)

(2.3)

Value adjustment

(248)

-

-

2,388

-

-

Portfolio at 31 December

5,940

1.5%

3.7

8,395

2.2%

5.4

", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__119": { "value": "

4.2 Equity

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2024: 240 million shares) with a nominal value of DKK 1 each.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the previous page.

Treasury share reserve

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.

Treasury shares are bought to meet obligations under the Company\u2019s incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The reserve comprises the fair value of hedging instruments qualifying for hedge accounting. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

Reserves(DKKm)

Treasury share reserve

Hedging reserve

Foreign currency translation reserve

Total

Reserves at 1 January 2025

(6)

(8)

251

237

Other comprehensive income, net of tax

-

12

(5,644)

(5,632)

Transactions with shareholders:

Purchase of treasury shares

-

-

-

-

Sale of treasury shares

2

-

-

2

Capital reduction

-

-

-

-

Reserves at 31 December 2025

(4)

4

(5,393)

(5,393)

Reserves at 1 January 2024

(10)

(4)

(704)

(718)

Other comprehensive income, net of tax

-

(4)

955

951

Transactions with shareholders:

Purchase of treasury shares

(3)

-

-

(3)

Sale of treasury shares

2

-

-

2

Capital reduction

5

-

-

5

Reserves at 31 December 2024

(6)

(8)

251

237

2025

2024

Treasury shares

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Portfolio at 1 January

8,395

2.2%

5.4

11,664

4.5%

9.8

Cancellation of treasury shares

-

-

-

(6,221)

(2.3%)

(5.0)

Portfolio, adjusted for number of shares

8,395

2.2%

5.4

5,443

2.0%

4.8

Purchased during the year

-

-

-

3,347

1.2%

2.9

Sold during the year

(2,207)

(0.7%)

(1.7)

(2,783)

(1.0%)

(2.3)

Value adjustment

(248)

-

-

2,388

-

-

Portfolio at 31 December

5,940

1.5%

3.7

8,395

2.2%

5.4

", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__120": { "value": "

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2024: 240 million shares) with a nominal value of DKK 1 each.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the previous page.

Treasury share reserve

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.

Treasury shares are bought to meet obligations under the Company\u2019s incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The reserve comprises the fair value of hedging instruments qualifying for hedge accounting. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__121": { "value": "

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the previous page.

Treasury share reserve

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.

Treasury shares are bought to meet obligations under the Company\u2019s incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The reserve comprises the fair value of hedging instruments qualifying for hedge accounting. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__122": { "value": "

4.3 Earnings per share

Earnings per share(DKKm)

2025

2024

Profit for the year

8,172

10,175

Non-controlling interests\u2019 share of

consolidated profit for the year

77

66

DSV A/S shareholders\u2019 share of profit for the year

8,095

10,109

Amortisation of customer relationships

331

131

Share-based payment

359

327

Special items, costs

4,527

853

Related tax effect

(1,581)

(317)

Adjusted profit for the year

11,731

11,103

(\u2018000 shares)

Total average number of shares issued

240,445

221,837

Average number of treasury shares

(4,658)

(7,108)

Average number of shares outstanding

235,787

214,729

Average dilutive effect of outstanding share

options under incentive schemes

372

448

Diluted average number of shares outstanding

236,159

215,177

Earnings per share of DKK 1

34.3

47.1

Diluted earnings per share of DKK 1

34.3

47.0

Continuing operations/discontinued operations

Earnings per share of DKK 1

35.6/(1.2)

47.1/n.a.

Diluted earnings per share of DKK 1

35.5/(1.2)

47.0/n.a.

Adjusted earnings per share of DKK 1

51.0/n.a.

51.7/n.a.

Diluted adjusted earnings per share of DKK 1

50.9/n.a.

51.6/n.a.

Diluted average number of shares

Diluted earnings per share and diluted adjusted earnings per share have been calculated excluding out-of-the money share options. The average number of non-vested out-of-the money share options was 2,620,493 in 2025 (2024: 5,083,767).

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__123-1": { "value": "

4.4 Financial liabilities

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-current financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss over the term of the loan. Lease liabilities are described in further detail in note 3.6.

Other liabilities are measured at amortised cost, which does not differ signifi-cantly from the net realisable value.

Financial liabilities(DKKm)

2025

2024

Non-current liabilities

81,034

78,176

Current liabilities

16,901

4,641

Total

97,935

82,817

Non-cash change

Financing activities 2025(DKKm)

Beginning

of year

Cash flow

Foreign currency exchange rate adjustments

Other1

End of year

Overdraft and credit facilities

362

(9,698)

(58)

15,471

6,077

Issued bonds

60,782

-

146

-

60,928

Lease liabilities

21,673

(7,747)

(1,095)

18,099

30,930

Total financial liabilities

82,817

(17,445)

(1,007)

33,570

97,935

Financing activities 2024(DKKm)

Overdraft and credit facilities

677

(1,296)

19

962

362

Issued bonds

21,450

39,299

25

8

60,782

Lease liabilities

17,947

(5,404)

285

8,845

21,673

Total liabilities from financing activities

40,074

32,599

329

9,815

82,817

Other financial liabilities

16

-

-

(16)

-

Total financial liabilities

40,090

34,709

329

7,689

82,817

1Other includes additions and remeasurement of financial liabilities.

Commitments and amounts drawn on long-term loan facilities at 31 December 2025:

Loan facilities

Principal amount (EURm)

Principal amount (DKKm)

Fixed/floating interest rate

Expiry of commitments

Duration (years)

Undrawn (DKKm)

Bond loan - ISIN XS2387735470

500

3,734

Fixed

17/09/2036

10.7

-

Bond loan - ISIN XS2932829356

750

5,602

Fixed

06/11/2034

8.9

-

Bond loan - ISIN XS2360881549

600

4,481

Fixed

05/07/2033

7.5

-

Bond loan - ISIN XS2932836211

750

5,602

Fixed

06/11/2032

6.9

-

Bond loan - ISIN XS2308616841

500

3,734

Fixed

03/03/2031

5.2

-

Bond loan - ISIN XS2932834604

1,250

9,336

Fixed

06/11/2030

4.9

-

Bond loan - ISIN XS2458285355

600

4,481

Fixed

16/03/2030

4.2

-

Bond loan - ISIN XS2850439642

500

3,734

Fixed

26/06/2029

3.5

-

Bond loan - ISIN XS2932831923

1,000

7,469

Fixed

06/11/2028

2.9

-

Bond loan - ISIN 212542679

500

3,734

Fixed

26/02/2027

1.2

-

Long-term credit facility I

700

5,228

Floating

30/04/2027

1.3

-

Revolving credit facility IV

75

560

Floating

31/01/2031

5.1

560

Revolving credit facility II

200

1,494

Floating

15/12/2030

5.0

1,494

Revolving credit facility III

200

1,494

Floating

14/12/2030

5.0

1,494

Revolving credit facility I

200

1,494

Floating

01/10/2029

3.8

1,462

Revolving credit facility VI

200

1,494

Floating

28/07/2028

2.6

1,494

Revolving credit facility V

100

747

Floating

15/01/2028

2.0

617

Overdraft facility I

75

560

Floating

31/01/2031

5.1

560

Total

8,700

64,978

5.1

7,681

Loan facilities (DKKm)

2025

2024

Carryingamount

Fixed/floating interest rate

Expiry

Carrying amount

Fixed/floating interest rate

Expiry

Bond loans

60,928

Mainly fixed

2026-2036

60,782

Fixed/floating

2026-2036

Credit facilities

5,448

Floating

2026-2029

70

Floating

2026-2029

Overdraft facilities

629

Floating

2026

292

Floating

2025

Loan facilities at 31 December

67,005

61,144

Non-current/current classification:

Non-current liabilities

56,950

60,852

Current liabilities

10,055

292

", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__125": { "value": "

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-current financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss over the term of the loan. Lease liabilities are described in further detail in note 3.6.

Other liabilities are measured at amortised cost, which does not differ signifi-cantly from the net realisable value.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__126": { "value": "

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-current financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss over the term of the loan. Lease liabilities are described in further detail in note 3.6.

Other liabilities are measured at amortised cost, which does not differ signifi-cantly from the net realisable value.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__127": { "value": "

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-current financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss over the term of the loan. Lease liabilities are described in further detail in note 3.6.

Other liabilities are measured at amortised cost, which does not differ signifi-cantly from the net realisable value.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__128": { "value": "

4.5 Financial risks

Liquidity risk

The cash readiness of the Group is ensured through short and long-term credit facilities from the main banks of the Group and through the issuance of bonds. The purpose of issuing bond loans is to diversify the Group\u2019s long-term debt, making the Group less dependent on bank loans.

The Group\u2019s bond loans, credit and overdraft facilities are subject to standard clauses, according to which the Group\u2019s debt must be repaid in case of a change of control.

The total duration of the Group\u2019s long-term loan commitments and the undrawn amounts on our credit lines at 31 December 2025 are presented in the accom-panying table. The weighted duration of the Group\u2019s drawn long-term loan facilities was 5.1 years at 31 December 2025.

Furthermore, a maturity analysis has been provided based on contractual cash flows, including estimated interest payments. The amounts have not been discounted and as such do not reconcile directly to the statement of financial position.

Supplier finance arrangements

DSV facilitates immaterial supplier finance arrangements presented within trade payables. These arrangements have no significant impact on the Group\u2019s liquidity risk.

Foreign currency risk

Due to its global activities, the Group is to some degree exposed to exchange rate fluctuations. DSV seeks to eliminate foreign currency risks by hedging cur-rency exposures centrally via the Group\u2019s Treasury department. The risk exposure is managed on a net basis, primarily by using foreign exchange forward contracts.

The Group\u2019s foreign subsidiaries are not affected where trading income and costs are denominated in the local functional currency. This applies to a large part of the Group\u2019s subsidiaries. Furthermore, a large proportion of the income and expenses of the Group are denominated in EUR, and the total foreign currency risk is therefore limited.

Commitments and amounts drawn on long-term loan facilities at 31 December 2025:

Loan facilities

Principal amount (EURm)

Principal amount (DKKm)

Fixed/floating interest rate

Expiry of commitments

Duration (years)

Undrawn (DKKm)

Bond loan - ISIN XS2387735470

500

3,734

Fixed

17/09/2036

10.7

-

Bond loan - ISIN XS2932829356

750

5,602

Fixed

06/11/2034

8.9

-

Bond loan - ISIN XS2360881549

600

4,481

Fixed

05/07/2033

7.5

-

Bond loan - ISIN XS2932836211

750

5,602

Fixed

06/11/2032

6.9

-

Bond loan - ISIN XS2308616841

500

3,734

Fixed

03/03/2031

5.2

-

Bond loan - ISIN XS2932834604

1,250

9,336

Fixed

06/11/2030

4.9

-

Bond loan - ISIN XS2458285355

600

4,481

Fixed

16/03/2030

4.2

-

Bond loan - ISIN XS2850439642

500

3,734

Fixed

26/06/2029

3.5

-

Bond loan - ISIN XS2932831923

1,000

7,469

Fixed

06/11/2028

2.9

-

Bond loan - ISIN 212542679

500

3,734

Fixed

26/02/2027

1.2

-

Long-term credit facility I

700

5,228

Floating

30/04/2027

1.3

-

Revolving credit facility IV

75

560

Floating

31/01/2031

5.1

560

Revolving credit facility II

200

1,494

Floating

15/12/2030

5.0

1,494

Revolving credit facility III

200

1,494

Floating

14/12/2030

5.0

1,494

Revolving credit facility I

200

1,494

Floating

01/10/2029

3.8

1,462

Revolving credit facility VI

200

1,494

Floating

28/07/2028

2.6

1,494

Revolving credit facility V

100

747

Floating

15/01/2028

2.0

617

Overdraft facility I

75

560

Floating

31/01/2031

5.1

560

Total

8,700

64,978

5.1

7,681

Loan facilities (DKKm)

2025

2024

Carryingamount

Fixed/floating interest rate

Expiry

Carrying amount

Fixed/floating interest rate

Expiry

Bond loans

60,928

Mainly fixed

2026-2036

60,782

Fixed/floating

2026-2036

Credit facilities

5,448

Floating

2026-2029

70

Floating

2026-2029

Overdraft facilities

629

Floating

2026

292

Floating

2025

Loan facilities at 31 December

67,005

61,144

Non-current/current classification:

Non-current liabilities

56,950

60,852

Current liabilities

10,055

292

4.5 Financial risks \u2014 continued

The Group is exposed to foreign currency risks relating to the translation of debt denominated in foreign currency other than the functional currency and the translation of net investments in entities with a functional currency other than DKK. The risk affects profit before tax.

On recognition of net investments in foreign subsidiaries, the Group is exposed to a translation risk when the profit or loss and equity of foreign subsidiaries are translated into DKK at the reporting date based on the average rates of exchange and the closing rates. The need to hedge the Parent\u2019s net invest-ments in subsidiaries is assessed on a regular basis. It is Group policy to reduce net investments in Group subsidiaries on an ongoing basis by distributing the subsidiaries\u2019 profits as dividends.

The Group hedges booked external net currency positions and currencies with large expected short-term operational cash flows for up to six months. At year-end 2025, 76.3% of expected six-month cash flows in USD were hedged.

Hedge accounting is only applied to a limited extent and we do not hedge cur-rency exposure related to intra-group balances with no underlying cash flow impact. The Group does not hedge EUR positions, as it expects that the official Danish fixed exchange-rate policy against the EUR will continue. Unhedged intra-group balances at 31 December are outlined in the main currency expo-sures table to the right.

Sensitivity analysis

The sensitivity analysis provides an overview of the Group\u2019s consolidated transla-tion risk associated with significant currency exposures. The Group is not materi-ally exposed to transaction risk. For EUR/DKK exposure, the sensitivity analysis evaluates the impact of a 2% variation in average exchange rates during the year on profit/loss (EBIT) and the effect of a 2% variation in year-end exchange rates on other comprehensive income. For other significant currency exposures, the analysis assesses the impact of a 5% variation in average exchange rates during the year on profit/loss (EBIT) and the effect of a 5% variation in year-end exchange rates on other comprehensive income. The methodology applied in the sensitivity analysis remains consistent with that used in prior years.

Unhedged intra-group balances

Foreign currency translation risk

Main currency exposures - sensitivity(DKKm)

2025

2024

2025

2024

Net position

Impact on profit/loss

Net position

Impact on profit/loss

Impact on profit/loss

Impact

on OCI

Impact on profit/loss

Impact on OCI

EUR/DKK (2%)

(65,628)

\u00b1 1,313

(53,056)

\u00b1 1,061

\u00b1 96

\u00b1 1,285

\u00b1 73

\u00b1 450

CNY/DKK (5%)

(2,175)

\u00b1 109

(2,053)

\u00b1 103

\u00b1 95

\u00b1 570

\u00b166

\u00b1310

USD/DKK (5%)

6,757

\u00b1338

1,026

\u00b151

\u00b1115

\u00b1 1,278

\u00b1123

\u00b1831

CHF/DKK (5%)

(1,458)

\u00b173

(726)

\u00b136

\u00b1 16

\u00b1 309

\u00b116

\u00b1234

PLN/DKK (5%)

(1,090)

\u00b155

(554)

\u00b128

\u00b118

\u00b1 150

\u00b117

\u00b168

SGD/DKK (5%)

(1,398)

\u00b170

(544)

\u00b127

\u00b134

\u00b1 576

\u00b1 11

\u00b1119

SEK/DKK (5%)

(3,709)

\u00b1185

(244)

\u00b1 12

\u00b144

\u00b1 556

\u00b1 22

\u00b1 55

Total

n.a.

\u00b11,467

n.a.

\u00b1 1,216

\u00b1 418

\u00b1 4,724

\u00b1 328

\u00b1 2,067

The Group\u2019s financial liabilities fall due as follows:

Financial liabilities - 2025(DKKm)

Carrying amount

Total cash flow,

incl. interest

0-1 year

1-5 years

5-9 years

>9 years

Overdraft and credit facilities

6,077

6,215

826

5,389

-

-

Issued bonds

60,928

68,033

10,797

32,731

20,715

3,790

Lease liabilities

30,930

39,101

8,368

19,679

7,566

3,488

Trade payables

23,493

23,493

23,493

-

-

-

Currency derivatives

4

4

4

-

-

-

Total

121,432

136,846

43,488

57,799

28,281

7,278

Financial liabilities - 2024(DKKm)

Carrying amount

Total cash flow,

incl. interest

0-1 year

1-5 years

5-9 years

>9 years

Overdraft and credit facilities

362

387

303

84

-

-

Issued bonds

60,782

69,456

1,504

28,943

29,435

9,574

Lease liabilities

21,673

27,345

5,447

14,224

5,901

1,773

Trade payables

14,456

14,456

14,456

-

-

-

Currency derivatives

63

63

63

-

-

-

Total

97,336

111,707

21,773

43,251

35,336

11,347

4.5 Financial risks \u2014 continued

Interest rate risk

At 31 December 2025, 84.3% (2024: 92%) of Group borrowings were secured through fixed-rate loans. The weighted duration of the fixed-rate loans was 5.1 years at 31 December 2025 (2024: 5.1 years).

The weighted average interest rate on the Group\u2019s loans, credit and overdraft facilities was 2.5% at the end of 2025 (2024: 2.5%).

A 1 percentage point increase in interest rates would not have a significant impact on the statement of profit or loss or other comprehensive income, based on average net interest-bearing debt for 2025. The calculation method applied in the sensitivity analysis is unchanged compared to previous years. The Group does not hedge interest rate risk.

Credit risk

The Group\u2019s credit risk mainly relates to trade receivables.

The Group is not dependent on particular customer segments or any specific customers, and all customers are subjected to individual credit assessments and credit limits in accordance with the Group\u2019s Credit Policy. As a result, the credit risk of the Group is generally considered insignificant.

The Group mainly hedges credit risks through the use of credit insurance.

For a number of customers, the Group uses non-recourse factoring. At 31 December 2025, non-recourse factoring amounted to DKK 2,263 million (2024: DKK 2,445 million).

DSV is exposed to counterparty credit risk when entering into derivative finan-cial instruments. In order to reduce this risk, DSV only enters into derivative financial instruments with the existing banks of the Group whose credit ratings from Standard & Poor\u2019s are long-term A or higher.

As a general rule, the Group only makes short-term deposits with banks rated short-term A-2 or higher by Standard & Poor\u2019s and/or P-2 or higher by Moody\u2019s.

Impairment of trade receivables

Impairment of trade receivables is assessed on an ongoing basis and insurance policies are taken out for the majority of these.

At 31 December 2025, credit insurance amounted to DKK 21,553 million, corre-sponding to 48% of total trade receivables (2024: DKK 18,288 million or 67%).

Loss allowances for impaired trade receivables are provided for following an expected credit loss model. The model includes uninsured trade receivables and contract assets. The model also factors in any own risk on insured receivables. Expected credit loss at 31 December 2025 and 31 December 2024 is pre-sented in the following tables:

Expected credit loss 2025

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

47,513

0.2%

100

Overdue 1-30 days

5,274

1.8%

96

Overdue 31-60 days

1,399

6.4%

89

Overdue 61-90 days

714

14.4%

103

Overdue 91-120 days

329

28.0%

92

Overdue >121 days

1,088

71.6%

779

Total

56,317

1,259

Expected credit loss 2024

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

28,685

0.1%

43

Overdue 1-30 days

3,428

1.2%

42

Overdue 31-60 days

854

4.4%

38

Overdue 61-90 days

364

9.6%

35

Overdue 91-120 days

210

16.7%

35

Overdue >121 days

406

43.8%

178

Total

33,947

371

Current receivables are considered to have high creditworthiness with a low risk of loss.

The loss allowance provision for the year is specified below:

Loss allowance provision

(DKKm)

2024

2025

Provision at 1 January

371

331

Losses recognised

(210)

(120)

Reversal of provisions from previous years

(250)

(206)

Additions for the year

355

363

Additions from business combinations

1,036

-

Currency translation

(43)

3

Provision at 31 December

1,259

371

Impairment losses on trade receivables for 2025 amounted to DKK 210 million, corresponding to 0.08% of consolidated revenue (2024: DKK 120 million, or 0.07%).

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__130-1": { "value": "

Foreign currency risk

Due to its global activities, the Group is to some degree exposed to exchange rate fluctuations. DSV seeks to eliminate foreign currency risks by hedging cur-rency exposures centrally via the Group\u2019s Treasury department. The risk exposure is managed on a net basis, primarily by using foreign exchange forward contracts.

The Group\u2019s foreign subsidiaries are not affected where trading income and costs are denominated in the local functional currency. This applies to a large part of the Group\u2019s subsidiaries. Furthermore, a large proportion of the income and expenses of the Group are denominated in EUR, and the total foreign currency risk is therefore limited.

Sensitivity analysis

The sensitivity analysis provides an overview of the Group\u2019s consolidated transla-tion risk associated with significant currency exposures. The Group is not materi-ally exposed to transaction risk. For EUR/DKK exposure, the sensitivity analysis evaluates the impact of a 2% variation in average exchange rates during the year on profit/loss (EBIT) and the effect of a 2% variation in year-end exchange rates on other comprehensive income. For other significant currency exposures, the analysis assesses the impact of a 5% variation in average exchange rates during the year on profit/loss (EBIT) and the effect of a 5% variation in year-end exchange rates on other comprehensive income. The methodology applied in the sensitivity analysis remains consistent with that used in prior years.

Unhedged intra-group balances

Foreign currency translation risk

Main currency exposures - sensitivity(DKKm)

2025

2024

2025

2024

Net position

Impact on profit/loss

Net position

Impact on profit/loss

Impact on profit/loss

Impact

on OCI

Impact on profit/loss

Impact on OCI

EUR/DKK (2%)

(65,628)

\u00b1 1,313

(53,056)

\u00b1 1,061

\u00b1 96

\u00b1 1,285

\u00b1 73

\u00b1 450

CNY/DKK (5%)

(2,175)

\u00b1 109

(2,053)

\u00b1 103

\u00b1 95

\u00b1 570

\u00b166

\u00b1310

USD/DKK (5%)

6,757

\u00b1338

1,026

\u00b151

\u00b1115

\u00b1 1,278

\u00b1123

\u00b1831

CHF/DKK (5%)

(1,458)

\u00b173

(726)

\u00b136

\u00b1 16

\u00b1 309

\u00b116

\u00b1234

PLN/DKK (5%)

(1,090)

\u00b155

(554)

\u00b128

\u00b118

\u00b1 150

\u00b117

\u00b168

SGD/DKK (5%)

(1,398)

\u00b170

(544)

\u00b127

\u00b134

\u00b1 576

\u00b1 11

\u00b1119

SEK/DKK (5%)

(3,709)

\u00b1185

(244)

\u00b1 12

\u00b144

\u00b1 556

\u00b1 22

\u00b1 55

Total

n.a.

\u00b11,467

n.a.

\u00b1 1,216

\u00b1 418

\u00b1 4,724

\u00b1 328

\u00b1 2,067

", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__131-1": { "value": "

Foreign currency risk

Due to its global activities, the Group is to some degree exposed to exchange rate fluctuations. DSV seeks to eliminate foreign currency risks by hedging cur-rency exposures centrally via the Group\u2019s Treasury department. The risk exposure is managed on a net basis, primarily by using foreign exchange forward contracts.

The Group\u2019s foreign subsidiaries are not affected where trading income and costs are denominated in the local functional currency. This applies to a large part of the Group\u2019s subsidiaries. Furthermore, a large proportion of the income and expenses of the Group are denominated in EUR, and the total foreign currency risk is therefore limited.

The Group is exposed to foreign currency risks relating to the translation of debt denominated in foreign currency other than the functional currency and the translation of net investments in entities with a functional currency other than DKK. The risk affects profit before tax.

On recognition of net investments in foreign subsidiaries, the Group is exposed to a translation risk when the profit or loss and equity of foreign subsidiaries are translated into DKK at the reporting date based on the average rates of exchange and the closing rates. The need to hedge the Parent\u2019s net invest-ments in subsidiaries is assessed on a regular basis. It is Group policy to reduce net investments in Group subsidiaries on an ongoing basis by distributing the subsidiaries\u2019 profits as dividends.

The Group hedges booked external net currency positions and currencies with large expected short-term operational cash flows for up to six months. At year-end 2025, 76.3% of expected six-month cash flows in USD were hedged.

Hedge accounting is only applied to a limited extent and we do not hedge cur-rency exposure related to intra-group balances with no underlying cash flow impact. The Group does not hedge EUR positions, as it expects that the official Danish fixed exchange-rate policy against the EUR will continue. Unhedged intra-group balances at 31 December are outlined in the main currency expo-sures table to the right.

Sensitivity analysis

The sensitivity analysis provides an overview of the Group\u2019s consolidated transla-tion risk associated with significant currency exposures. The Group is not materi-ally exposed to transaction risk. For EUR/DKK exposure, the sensitivity analysis evaluates the impact of a 2% variation in average exchange rates during the year on profit/loss (EBIT) and the effect of a 2% variation in year-end exchange rates on other comprehensive income. For other significant currency exposures, the analysis assesses the impact of a 5% variation in average exchange rates during the year on profit/loss (EBIT) and the effect of a 5% variation in year-end exchange rates on other comprehensive income. The methodology applied in the sensitivity analysis remains consistent with that used in prior years.

Unhedged intra-group balances

Foreign currency translation risk

Main currency exposures - sensitivity(DKKm)

2025

2024

2025

2024

Net position

Impact on profit/loss

Net position

Impact on profit/loss

Impact on profit/loss

Impact

on OCI

Impact on profit/loss

Impact on OCI

EUR/DKK (2%)

(65,628)

\u00b1 1,313

(53,056)

\u00b1 1,061

\u00b1 96

\u00b1 1,285

\u00b1 73

\u00b1 450

CNY/DKK (5%)

(2,175)

\u00b1 109

(2,053)

\u00b1 103

\u00b1 95

\u00b1 570

\u00b166

\u00b1310

USD/DKK (5%)

6,757

\u00b1338

1,026

\u00b151

\u00b1115

\u00b1 1,278

\u00b1123

\u00b1831

CHF/DKK (5%)

(1,458)

\u00b173

(726)

\u00b136

\u00b1 16

\u00b1 309

\u00b116

\u00b1234

PLN/DKK (5%)

(1,090)

\u00b155

(554)

\u00b128

\u00b118

\u00b1 150

\u00b117

\u00b168

SGD/DKK (5%)

(1,398)

\u00b170

(544)

\u00b127

\u00b134

\u00b1 576

\u00b1 11

\u00b1119

SEK/DKK (5%)

(3,709)

\u00b1185

(244)

\u00b1 12

\u00b144

\u00b1 556

\u00b1 22

\u00b1 55

Total

n.a.

\u00b11,467

n.a.

\u00b1 1,216

\u00b1 418

\u00b1 4,724

\u00b1 328

\u00b1 2,067

Interest rate risk

At 31 December 2025, 84.3% (2024: 92%) of Group borrowings were secured through fixed-rate loans. The weighted duration of the fixed-rate loans was 5.1 years at 31 December 2025 (2024: 5.1 years).

The weighted average interest rate on the Group\u2019s loans, credit and overdraft facilities was 2.5% at the end of 2025 (2024: 2.5%).

A 1 percentage point increase in interest rates would not have a significant impact on the statement of profit or loss or other comprehensive income, based on average net interest-bearing debt for 2025. The calculation method applied in the sensitivity analysis is unchanged compared to previous years. The Group does not hedge interest rate risk.

", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__138": { "value": "

Credit risk

The Group\u2019s credit risk mainly relates to trade receivables.

The Group is not dependent on particular customer segments or any specific customers, and all customers are subjected to individual credit assessments and credit limits in accordance with the Group\u2019s Credit Policy. As a result, the credit risk of the Group is generally considered insignificant.

The Group mainly hedges credit risks through the use of credit insurance.

For a number of customers, the Group uses non-recourse factoring. At 31 December 2025, non-recourse factoring amounted to DKK 2,263 million (2024: DKK 2,445 million).

DSV is exposed to counterparty credit risk when entering into derivative finan-cial instruments. In order to reduce this risk, DSV only enters into derivative financial instruments with the existing banks of the Group whose credit ratings from Standard & Poor\u2019s are long-term A or higher.

As a general rule, the Group only makes short-term deposits with banks rated short-term A-2 or higher by Standard & Poor\u2019s and/or P-2 or higher by Moody\u2019s.

Impairment of trade receivables

Impairment of trade receivables is assessed on an ongoing basis and insurance policies are taken out for the majority of these.

At 31 December 2025, credit insurance amounted to DKK 21,553 million, corre-sponding to 48% of total trade receivables (2024: DKK 18,288 million or 67%).

Loss allowances for impaired trade receivables are provided for following an expected credit loss model. The model includes uninsured trade receivables and contract assets. The model also factors in any own risk on insured receivables. Expected credit loss at 31 December 2025 and 31 December 2024 is pre-sented in the following tables:

Expected credit loss 2025

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

47,513

0.2%

100

Overdue 1-30 days

5,274

1.8%

96

Overdue 31-60 days

1,399

6.4%

89

Overdue 61-90 days

714

14.4%

103

Overdue 91-120 days

329

28.0%

92

Overdue >121 days

1,088

71.6%

779

Total

56,317

1,259

Expected credit loss 2024

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

28,685

0.1%

43

Overdue 1-30 days

3,428

1.2%

42

Overdue 31-60 days

854

4.4%

38

Overdue 61-90 days

364

9.6%

35

Overdue 91-120 days

210

16.7%

35

Overdue >121 days

406

43.8%

178

Total

33,947

371

Current receivables are considered to have high creditworthiness with a low risk of loss.

The loss allowance provision for the year is specified below:

Loss allowance provision

(DKKm)

2024

2025

Provision at 1 January

371

331

Losses recognised

(210)

(120)

Reversal of provisions from previous years

(250)

(206)

Additions for the year

355

363

Additions from business combinations

1,036

-

Currency translation

(43)

3

Provision at 31 December

1,259

371

Impairment losses on trade receivables for 2025 amounted to DKK 210 million, corresponding to 0.08% of consolidated revenue (2024: DKK 120 million, or 0.07%).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__139": { "value": "

Impairment of trade receivables

Impairment of trade receivables is assessed on an ongoing basis and insurance policies are taken out for the majority of these.

At 31 December 2025, credit insurance amounted to DKK 21,553 million, corre-sponding to 48% of total trade receivables (2024: DKK 18,288 million or 67%).

Loss allowances for impaired trade receivables are provided for following an expected credit loss model. The model includes uninsured trade receivables and contract assets. The model also factors in any own risk on insured receivables. Expected credit loss at 31 December 2025 and 31 December 2024 is pre-sented in the following tables:

Expected credit loss 2025

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

47,513

0.2%

100

Overdue 1-30 days

5,274

1.8%

96

Overdue 31-60 days

1,399

6.4%

89

Overdue 61-90 days

714

14.4%

103

Overdue 91-120 days

329

28.0%

92

Overdue >121 days

1,088

71.6%

779

Total

56,317

1,259

Expected credit loss 2024

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

28,685

0.1%

43

Overdue 1-30 days

3,428

1.2%

42

Overdue 31-60 days

854

4.4%

38

Overdue 61-90 days

364

9.6%

35

Overdue 91-120 days

210

16.7%

35

Overdue >121 days

406

43.8%

178

Total

33,947

371

Current receivables are considered to have high creditworthiness with a low risk of loss.

The loss allowance provision for the year is specified below:

Loss allowance provision

(DKKm)

2024

2025

Provision at 1 January

371

331

Losses recognised

(210)

(120)

Reversal of provisions from previous years

(250)

(206)

Additions for the year

355

363

Additions from business combinations

1,036

-

Currency translation

(43)

3

Provision at 31 December

1,259

371

Impairment losses on trade receivables for 2025 amounted to DKK 210 million, corresponding to 0.08% of consolidated revenue (2024: DKK 120 million, or 0.07%).

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__140": { "value": "

Impairment of trade receivables

Impairment of trade receivables is assessed on an ongoing basis and insurance policies are taken out for the majority of these.

At 31 December 2025, credit insurance amounted to DKK 21,553 million, corre-sponding to 48% of total trade receivables (2024: DKK 18,288 million or 67%).

Loss allowances for impaired trade receivables are provided for following an expected credit loss model. The model includes uninsured trade receivables and contract assets. The model also factors in any own risk on insured receivables. Expected credit loss at 31 December 2025 and 31 December 2024 is pre-sented in the following tables:

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__141": { "value": "

Impairment of trade receivables

Impairment of trade receivables is assessed on an ongoing basis and insurance policies are taken out for the majority of these.

At 31 December 2025, credit insurance amounted to DKK 21,553 million, corre-sponding to 48% of total trade receivables (2024: DKK 18,288 million or 67%).

Loss allowances for impaired trade receivables are provided for following an expected credit loss model. The model includes uninsured trade receivables and contract assets. The model also factors in any own risk on insured receivables. Expected credit loss at 31 December 2025 and 31 December 2024 is pre-sented in the following tables:

Expected credit loss 2025

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

47,513

0.2%

100

Overdue 1-30 days

5,274

1.8%

96

Overdue 31-60 days

1,399

6.4%

89

Overdue 61-90 days

714

14.4%

103

Overdue 91-120 days

329

28.0%

92

Overdue >121 days

1,088

71.6%

779

Total

56,317

1,259

Expected credit loss 2024

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

28,685

0.1%

43

Overdue 1-30 days

3,428

1.2%

42

Overdue 31-60 days

854

4.4%

38

Overdue 61-90 days

364

9.6%

35

Overdue 91-120 days

210

16.7%

35

Overdue >121 days

406

43.8%

178

Total

33,947

371

Current receivables are considered to have high creditworthiness with a low risk of loss.

The loss allowance provision for the year is specified below:

Loss allowance provision

(DKKm)

2024

2025

Provision at 1 January

371

331

Losses recognised

(210)

(120)

Reversal of provisions from previous years

(250)

(206)

Additions for the year

355

363

Additions from business combinations

1,036

-

Currency translation

(43)

3

Provision at 31 December

1,259

371

Impairment losses on trade receivables for 2025 amounted to DKK 210 million, corresponding to 0.08% of consolidated revenue (2024: DKK 120 million, or 0.07%).

", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__142": { "value": "

4.6 Derivative financial instruments

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial position. Positive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settlement of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.

When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net investments in foreign entities. The effectiveness of recognised financial instruments is assessed on a monthly basis, and any ineffectiveness is recognised in the statement of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging transaction is transferred from equity and recognised together with the hedged item.

Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the statement of profit or loss under financial items.

Foreign exchange forward contracts

The Group mainly uses foreign exchange forward contracts to manage foreign currency risks. The forward contracts are used to manage currency exposures relating to external assets and liabilities as well as expected short-term opera-tional cash flows, mainly in USD.

A gain on foreign exchange forward contracts of DKK 456 million was recog-nised in the statement of profit or loss for 2025 (2024: a loss of DKK 294 million). The forward contracts partially counteracted a loss of DKK 655 million arising from foreign exchange risks related to underlying assets and liabilities (2024: a loss of DKK 78 million).

Currency instruments (DKKm)

2025

2024

Contractual value

12,216

14,063

Maturity (year)

2026

2025

Fair value

21

(58)

Of which recognised in profit or loss

22

(63)

Of which recognised in OCI

(1)

5

", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__143": { "value": "

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial position. Positive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settlement of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.

When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net investments in foreign entities. The effectiveness of recognised financial instruments is assessed on a monthly basis, and any ineffectiveness is recognised in the statement of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging transaction is transferred from equity and recognised together with the hedged item.

Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the statement of profit or loss under financial items.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__144": { "value": "

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial position. Positive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settlement of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.

When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net investments in foreign entities. The effectiveness of recognised financial instruments is assessed on a monthly basis, and any ineffectiveness is recognised in the statement of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging transaction is transferred from equity and recognised together with the hedged item.

Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the statement of profit or loss under financial items.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__145": { "value": "

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial position. Positive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settlement of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.

When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net investments in foreign entities. The effectiveness of recognised financial instruments is assessed on a monthly basis, and any ineffectiveness is recognised in the statement of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging transaction is transferred from equity and recognised together with the hedged item.

Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the statement of profit or loss under financial items.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__146": { "value": "

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial position. Positive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settlement of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.

When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net investments in foreign entities. The effectiveness of recognised financial instruments is assessed on a monthly basis, and any ineffectiveness is recognised in the statement of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging transaction is transferred from equity and recognised together with the hedged item.

Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the statement of profit or loss under financial items.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__147": { "value": "

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial position. Positive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settlement of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.

When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net investments in foreign entities. The effectiveness of recognised financial instruments is assessed on a monthly basis, and any ineffectiveness is recognised in the statement of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging transaction is transferred from equity and recognised together with the hedged item.

Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the statement of profit or loss under financial items.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__148": { "value": "

4.7 Financial instruments \u2014 fair value hierarchy

Fair value hierarchy by category

Derivative financial instruments

DSV has no financial instruments measured at fair value based on level 1 input (quoted active market prices) or level 3 input (non-observable market data). Financial instruments are measured based on level 2 input (input other than quoted prices that are observable either directly or indirectly). The fair value of currency derivatives is determined based on generally accepted valuation methods using available observable market data. Calculated fair values are verified against comparable external market quotes on a monthly basis.

Issued bonds

Issued bonds are measured at amortised cost. The fair value of issued bonds is determined based on quoted active market prices, within level 1 of the fair value hierarchy.

Overdraft and credit facilities

The carrying amount of overdraft and credit facilities measured at amortised cost is not considered to differ significantly from the fair value.

Trade receivables, trade payables and other receivables

Receivables and payables pertaining to operating activities with short churn ratios are considered to have a carrying amount equal to fair value.

Cash and cash equivalents

The carrying amount of cash and cash equivalents is not considered to differ significantly from the fair value.

2025

2024

Financial instruments by category(DKKm)

Carrying amount

Fair value

Carrying amount

Fair value

Financial assets:

Currency derivatives

25

25

5

5

Trade receivables

45,130

45,130

27,222

27,222

Other receivables

11,172

11,172

7,668

7,668

Cash and cash equivalents

13,179

13,179

83,576

83,576

Financial assets measured at amortised cost

69,481

69,481

118,466

118,466

Financial liabilities:

Currency derivatives

4

4

63

63

Issued bonds

60,928

58,693

60,782

58,813

Overdraft and credit facilities

6,077

6,077

362

362

Trade payables

23,493

23,493

14,456

14,456

Financial liabilities measured at amortised cost

90,498

88,263

75,600

73,631

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__149": { "value": "

Fair value hierarchy by category

Derivative financial instruments

DSV has no financial instruments measured at fair value based on level 1 input (quoted active market prices) or level 3 input (non-observable market data). Financial instruments are measured based on level 2 input (input other than quoted prices that are observable either directly or indirectly). The fair value of currency derivatives is determined based on generally accepted valuation methods using available observable market data. Calculated fair values are verified against comparable external market quotes on a monthly basis.

Issued bonds

Issued bonds are measured at amortised cost. The fair value of issued bonds is determined based on quoted active market prices, within level 1 of the fair value hierarchy.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__150": { "value": "

Fair value hierarchy by category

Derivative financial instruments

DSV has no financial instruments measured at fair value based on level 1 input (quoted active market prices) or level 3 input (non-observable market data). Financial instruments are measured based on level 2 input (input other than quoted prices that are observable either directly or indirectly). The fair value of currency derivatives is determined based on generally accepted valuation methods using available observable market data. Calculated fair values are verified against comparable external market quotes on a monthly basis.

Issued bonds

Issued bonds are measured at amortised cost. The fair value of issued bonds is determined based on quoted active market prices, within level 1 of the fair value hierarchy.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__151": { "value": "

Issued bonds

Issued bonds are measured at amortised cost. The fair value of issued bonds is determined based on quoted active market prices, within level 1 of the fair value hierarchy.

Overdraft and credit facilities

The carrying amount of overdraft and credit facilities measured at amortised cost is not considered to differ significantly from the fair value.

Trade receivables, trade payables and other receivables

Receivables and payables pertaining to operating activities with short churn ratios are considered to have a carrying amount equal to fair value.

Cash and cash equivalents

The carrying amount of cash and cash equivalents is not considered to differ significantly from the fair value.

2025

2024

Financial instruments by category(DKKm)

Carrying amount

Fair value

Carrying amount

Fair value

Financial assets:

Currency derivatives

25

25

5

5

Trade receivables

45,130

45,130

27,222

27,222

Other receivables

11,172

11,172

7,668

7,668

Cash and cash equivalents

13,179

13,179

83,576

83,576

Financial assets measured at amortised cost

69,481

69,481

118,466

118,466

Financial liabilities:

Currency derivatives

4

4

63

63

Issued bonds

60,928

58,693

60,782

58,813

Overdraft and credit facilities

6,077

6,077

362

362

Trade payables

23,493

23,493

14,456

14,456

Financial liabilities measured at amortised cost

90,498

88,263

75,600

73,631

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__152": { "value": "

5.1 Income tax

Accounting policies

Tax for the year comprises current and deferred tax on profit or loss for the year including global minimum top-up taxes, penalties related to pending tax disputes and adjustments to previous years, including adjustments due to tax rulings.

Income tax(DKKm)

2025

2024

Tax on profit for the year

3,684

3,248

Tax on other changes in equity

(70)

(130)

Tax on other comprehensive income

28

136

Total tax for the year

3,642

3,254

Current tax

3,816

3,591

Deferred tax

33

(169)

Tax adjustment relating to previous years

(165)

(174)

Total tax on profit for the year

3,684

3,248

Tax on fair value adjustment of hedging instruments

3

1

Tax on actuarial gains

25

135

Total tax on other comprehensive income

28

136

Tax rate(%)

2025

2024

Calculated tax on profit for the year before tax

22.0%

22.0%

Adjustment of calculated tax in foreign

Group entities relative to 22.0%

(0.1%)

1.9%

Change in deferred tax based on change

in income tax rate

0.0%

0.0%

Tax effect of:

Non-deductible expenses/non-taxable income

(0.1%)

2.1%

Non-deductible losses/non-taxable

gains on shares

6.9%

(2.0%)

Tax adjustment relating to previous years

(1.2%)

(1.2%)

Tax asset valuation adjustments, net

(0.2%)

(0.2%)

Other taxes and adjustments

3.0%

1.6%

Effective tax rate

30.3%

24.2%

5.1 Income tax \u2014 continued

Global minimum top-up tax

Pillar Two aims to address Base Erosion and Profit Shifting (BEPS) by introduc-ing a global minimum tax rate of 15 % and implementing tax legislation for the allocation of taxing rights. As of the reporting date, legislation implementing Pillar Two has been substantively enacted in over 50 jurisdictions.

In 2024, the Group\u2019s ultimate parent, based in Denmark, became subject to legislation, which extended the application to all the subsidiaries of the Group.

As of 31 December 2025, there are no indications that the top-up tax will have material impact on the Group.

The Group\u2019s assessment incorporated the Schenker acquisition and related integration transactions. Although Pillar Two tax exposure remains immaterial, the transaction caused additional jurisdictions to fail the Transitional CbCR Safe Harbour, leading to expanded compliance obligations.

The top-up taxes for 2025 are primarily incurred due to low statutory tax rates and will mainly be due in the second half of 2027. In most of the jurisdictions where the Group was present during the fiscal year 2025, the Group is eligible for the Transitional CbCR Safe Harbour.

In accordance with IAS 12 amendments issued by the IASB, the Group has ap-plied a temporary mandatory relief from deferred tax accounting for the impact of the top-up tax and accounts for it as a current tax when it is incurred.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__153": { "value": "

Accounting policies

Tax for the year comprises current and deferred tax on profit or loss for the year including global minimum top-up taxes, penalties related to pending tax disputes and adjustments to previous years, including adjustments due to tax rulings.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__154": { "value": "

5.2 Deferred tax

Accounting policies

In cases where it is possible to calculate the tax value according to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.

Deferred tax is adjusted for elimination of unrealised intra-group gains and losses. Deferred tax is measured on the basis of the tax rules and tax rates of the rele-vant countries that will be effective under current legislation at the reporting date on which the deferred tax is expected to materialise as current tax.

Management judgements and estimates

Management applies significant judgements and estimates when recognising and measuring deferred tax assets and uncertain tax positions.

Deferred tax assets, including the tax base of tax loss carryforwards, are recognised if it is assessed that there will be sufficient future taxable income against which the temporary differences and unutilised tax losses can be uti-lised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if it is probable that future taxable profit will allow the deferred tax asset to be recovered.

Uncertain tax positions include ongoing disputes with tax authorities and have been provided for in accordance with the accounting policies. Management believes that the provisions made are adequate. The actual obligations may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.

Of unrecognised tax loss carryforwards, DKK 210 million (2024: DKK 198 million) may be carried forward indefinitely.

Deferred tax recognised in the statement of financial position (DKKm)

2024

2025

Deferred tax at 1 January

2,904

2,691

Deferred tax for the year

(33)

169

Tax adjustment relating to previous years

65

249

Tax on changes in equity

(74)

(234)

Additions from business combinations

1,592

(7)

Other adjustments

(114)

(38)

Currency translation

11

74

Deferred tax at 31 December

4,351

2,904

Deferred tax not recognised in the statement of financial position(DKKm)

2024

2025

Temporary differences

19

14

Tax loss carryforwards

392

387

Total tax assets not recognised

411

401

5.2 Deferred tax \u2014 continued

The deferred tax assets and liabilities recognised are allocated to the following items:

Deferred tax allocation 2025 (DKKm)

Intangible assets

PPE, ROU assets, lease liabilities

Provisions

Other liabilities

Tax base of

tax loss carry-

forwards

Total

Deferred tax at 1 January

60

513

670

583

1,078

2,904

Recognised in profit or loss

20

491

(336)

(92)

(51)

32

Recognised in equity

-

-

(39)

(35)

-

(74)

Additions from business combinations

(557)

(361)

1,536

836

138

1,592

Other adjustments

65

14

(104)

(64)

(25)

(114)

Currency translation

-

2

3

2

4

11

Deferred tax at 31 December

(412)

659

1,730

1,230

1,144

4,351

Recognised as follows:

Deferred tax assets

(324)

1,423

2,042

1,439

1,101

5,681

Deferred tax liabilities

(88)

(764)

(312)

(209)

43

(1,330)

Deferred tax allocation 2024(DKKm)

Intangibleassets

PPE, ROU assets, lease liabilities

Provisions

Other liabilities

Tax base of

tax loss carry-

forwards

Total

Deferred tax at 1 January

11

99

855

570

1,156

2,691

Recognised in profit or loss

42

142

(54)

334

(46)

418

Recognised in equity

-

-

(111)

(123)

-

(234)

Additions from business combinations

-

1

-

(4)

(4)

(7)

Other adjustments

7

268

(43)

(210)

(60)

(38)

Currency translation

-

3

23

16

32

74

Deferred tax at 31 December

60

513

670

583

1,078

2,904

Recognised as follows:

Deferred tax assets

130

624

859

640

1,059

3,312

Deferred tax liabilities

(70)

(111)

(189)

(57)

19

(408)

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__155": { "value": "

Accounting policies

In cases where it is possible to calculate the tax value according to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.

Deferred tax is adjusted for elimination of unrealised intra-group gains and losses. Deferred tax is measured on the basis of the tax rules and tax rates of the rele-vant countries that will be effective under current legislation at the reporting date on which the deferred tax is expected to materialise as current tax.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__156": { "value": "

6.1 Acquisition and disposal of entities

Accounting policies

When accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.

Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.

Management judgements and estimates

In applying the acquisition method of accounting, estimates are an integral part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available.

Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition.

More significant estimates are typically applied in accounting for property, plant and equipment, customer relationships, trade receivables and payables, contract assets, accrued cost of services, deferred tax, ROU assets, lease liabil-ities and borrowings, and provisions. As a result of the uncertainties inherentin fair value estimation, measurement period adjustments may be applied.

Acquisitions and disposals

On 30 April 2025, DSV acquired 100% of the global freight forwarding and contract logistics business DB Schenker (operated by Schenker

Aktiengesellschaft and its affiliates) from Deutsche Bahn AG.

Schenker was one of the world\u2019s leading transport and logistics providers with more than 85,000 employees. The company operated land, air and ocean transportation services and offered comprehensive logistics and global supply chain management solutions. In 2024, Schenker generated revenue of approximately DKK 143 billion (EUR 19.2 billion).

Strategic rationale and synergies

DSV has a strong M&A track record, and with the completion of the acquisition of Schenker we have established the basis for sustainable organic growth by creating a world-leading player within global transport and logistics. Based on the 2024 financials, the combined company had a proforma revenue of approximately DKK 310 billion and a total proforma workforce of around 160,000 employees.

Schenker was included in the consolidated financial statements of DSV from 1 May 2025, thereby contributing with eight months to DSV\u2019s 2025 financial results. Synergies are expected from the consolidation of operations across divisions, logistics facilities in Road and Contract Logistics, back-office functions, finance and IT infrastructure.

Consideration transferred

The consideration for Schenker was settled through an all-cash transaction of DKK 86,807 million. Please refer to Company Announcement no. 1154. The net cash outflow was DKK 75,595 million, with DKK 11,212 million in cash and cash equivalents acquired. There are no contingent consideration arrangements.

Transaction costs

Total transaction costs recognised in 2025 amount to DKK 554 million (2024: DKK 196 million). Transaction costs are presented as special items.

Earnings impact

As a result of the integration of Schenker into DSV, it is not possible to disclose the earnings impact, as DSV does not maintain financial reporting capabilities that provide detailed consolidated financial information for the separatepre-acquisition consolidation groups.

If the acquisition had occurred on 1 January 2025, consolidated proforma revenue and total proforma profit of the combined Group for 2025 would have been approximately DKK 293,368 million and approximately DKK 8,644 million, respectively.

Disposal group

With the acquisition of Schenker, DSV assumed control over Schenker's road activities in the US. Part of the activities were acquired with the intention of future resale, resulting in a portion of Schenker US Road operations being classified as a disposal group held for sale upon acquisition and designated as discontinued operations. The disposal group held for sale was measured at fair value less cost to sell at acquisition date and was subsequently sold on31 December 2025. Since the disposal group was held for sale on acquisition, analysis of loss from discontinued operations and major classes of assets and liabilities are not presented.

Fair value of acquired net assets and recognised goodwill

Fair value of acquired net assets has been identified and goodwill recognised. Net assets, goodwill and contingent assets and liabilities recognised at the reporting date are to some extent still provisional. Adjustments may be applied to these amounts for a period of up to twelve months from the acquisition date in accordance with IFRS 3.

The major categories of net assets for which acquisitional accounting is still ongoing mainly relate to property, plant and equipment, contract assets, ac-crued cost of services, provisions and deferred taxes. In addition, other minor adjustments may be applied to the various net asset categories as full align-ment to DSV accounting policies is finalised.

The fair value of acquired trade receivables, contract assets and other receiv-ables amounts to DKK 30,397 million. Collectability of receivables has been assessed based on credit assessment policies and reflected in the fair value.

Goodwill recognised mainly relates to the expertise and knowhow of the acquired workforce and expected synergies from the integration into the DSV Group. Recognised goodwill is non-deductible for tax purposes.

Fair value measurement

Material net assets acquired for which significant estimates have been applied in the fair value assessment have been recognised using the following valuation techniques:

Property, plant and equipment

Fair value of individual material property, plant and equipment assets has been measured based on external market valuations carried out by professional appraisers and assessments of prices on an active market.

Customer relationships

Customer relationships have been measured using a multiperiod excess earnings model (MPEE), by which the present value of future cash flows from recurring contract customers expected to be retained after the date of acquisition has been valuated using a peer-group WACC of 8.25% as discount rate. In total, customer relationships amounting to DKK 1,627 million have been included in the opening balance. The main input value drivers in the MPEE model used are the estimated future retention rate and net cash flow of the acquired contract customer base. These inputs have been estimated based on Management\u2019s professional judgement from analysis of the acquired customer base, historical data, experience from previous acquisitions and general business insight.

Trade receivables and payables, contract assets and accrued cost of services

Fair value of trade receivables and trade payables, contract assets and accrued cost of services has been measured at the contractual amount expected to be received or paid. In addition, collectability has been taken into consideration on trade receivables. The amounts have not been discounted, as maturity on trade receivables and trade payables generally is very short and the discounted effect therefore immaterial.

Financial liabilities and provisions

Lease liabilities have been measured at the present value of the remaining lease payments at the acquisition date discounted using an appropriate incremental borrowing rate. Other financial liabilities and provisions have been measured at the present value of the repayable amounts discounted using a representative DSV borrowing rate, unless the discount effect is insignificant. A DSV borrow-ing rate has been applied as DSV vouches for the acquired debt, hence the credit enhancement of the Group has been applied in the valuation.

The provisional fair value of identified net assets and goodwill recognised may be specified as follows:

(DKKm)

Assets identified at fair value (provisional)

Customer relationships

1,627

Other intangible assets

725

Right-of-use assets

8,642

Property, plant and equipment

17,827

Trade receivables

21,894

Contract assets

4,258

Inventories

40

Deferred tax assets

2,209

Other receivables

4,245

Cash and cash equivalents

11,212

Assets held for sale

1,320

Total assets

73,999

Liabilities identified at fair value (provisional)

Lease liabilities

8,593

Borrowings

13,645

Provisions

8,108

Pensions and other post-employment benefit plans

2,044

Trade payables

11,621

Accrued cost of services

6,441

Deferred tax liabilities

617

Tax payables

1,987

Other payables

7,677

Liabilities directly associated with the assets held for sale

1,320

Total liabilities

62,053

Non-controlling interests share of the acquired net assets

245

Total net assets acquired

11,701

Fair value of total consideration transferred

86,807

Goodwill arising from the acquisition

75,106

", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__157": { "value": "

Accounting policies

When accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.

Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__158": { "value": "

Accounting policies

When accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.

Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__159-1": { "value": "

6.2 Share option schemes

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss as staff costs over the vesting period. The offsetting item is recognised directly in equity.

The value of employee services received during the vesting period in exchange for share options granted corresponds to the fair value of the share options at the date of granting.

The fair value of the options granted is determined based on the Black & Scholes valuation model. The assumptions used in the valuation takes into account the terms and conditions applicable to the options granted and Management\u2019s expectations of the various parameters on which the valuation model is based.

Upon initial recognition, an estimate is made of the number of share options that the employees are expected to earn. The estimated number of share options is subsequently adjusted to reflect the actual number of share options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2025 and 2024 is based on the following assumptions:

Assumptions

2025-1

2025-2

2024

Exercise price (DKK)

1,376.0

1,521.0

1,106.0

Volatility

20.0%

20.0%

20.0%

Risk-free interest rate

2.4%

2.3%

3.0%

Expected dividends

0.8%

0.8%

0.8%

Expected remaining life (years)

3.5

3.3

3.5

Current share option schemes

Scheme

Options granted

Exercise period

Exercise price (DKK)

Number of

employees

Fair value at date of granting (DKKm)

2021

2,438,300

01.04.2024 - 31.03.2026

1,325.0

2,202

205.3

2022

2,640,900

01.04.2025 - 31.03.2027

1,485.0

2,524

279.8

2023

2,664,000

01.04.2026 - 31.03.2028

1,485.0

2,516

368.1

2024

2,017,165

01.04.2027 - 31.03.2029

1,106.0

2,196

366.2

2025-1

1,782,215

01.04.2028 - 31.03.2030

1,376.0

2,235

381.2

2025-2

124,985

01.04.2028 - 31.03.2030

1,521.0

92

28.2

Share option schemes at 31 December 2025

Scheme

Executive Board

Key employees

Total

Average exercise price per option (DKK)

20211

66,000

883,243

949,243

1,325.0

20221

125,500

1,983,050

2,108,550

1,485.0

2023

129,300

2,376,550

2,505,850

1,485.0

2024

116,945

1,828,750

1,945,695

1,106.0

2025-1

134,330

1,631,380

1,765,710

1,376.0

2025-2

-

124,985

124,985

1,521.0

Outstanding at 31 December 2025

572,075

8,827,958

9,400,033

1,370.4

Open for exercise at 31 December 2025

191,500

2,866,293

3,057,793

1,435.3

Life (years)

2.5

2.4

2.4

n.a.

Fair value (DKKm)

179.3

2,694.7

2,874.0

n.a.

1Share options granted in 2021 and 2022 are currently exercisable.

6.2 Share option schemes \u2014 continued

Share option schemes

DSV has launched share-based incentive schemes with the purpose of moti-vating and retaining key employees across the organisation and aligning their interests with those of our shareholders. Share options are awarded to key employees and members of the Executive Board.

Retention is motivated by requiring continued service for a period covering the vesting period as a minimum. The schemes are also intended to align the interests of employees and shareholders.

All active schemes entail a three-year vesting period and a two-year exercise period. In case of a change of control, all outstanding share options will vest. Exercise prices are set based on the quoted market prices leading up to the date of granting. The share options can be exercised by cash purchase of shares only. The obligation relating to the schemes is partly covered by the Company\u2019s treasury shares.

Share options are granted in accordance with the procedures outlined in the Group\u2019s Remuneration Policy for the respective year. In 2025, two share option schemes were granted.

A total of 3,184 employees held share options at 31 December 2025 (2024: 3,054 employees).

Total costs recognised in 2025 for services received but not recognised as an asset amounted to DKK 359 million (2024: DKK 327 million).

The average share price for options exercised in the financial year was DKK 1,475.9 per share at the date of exercise (2024: DKK 1,245.8 per share).

Outstanding share options

ExecutiveBoard

Key employees

Total

Average exercise price per option (DKK)

Outstanding at 1 January 2025

467,745

8,966,411

9,434,156

1,323.8

Granted 2025-1

134,330

1,647,885

1,782,215

1,376.0

Granted 2025-2

-

124,985

124,985

1,521.0

Exercised

(30,000)

(1,782,460)

(1,812,460)

1,147.8

Options waived/expired

-

(128,863)

(128,863)

1,315.9

Outstanding at 31 December 2025

572,075

8,827,958

9,400,033

1,370.4

Outstanding at 1 January 2024

565,750

9,351,375

9,917,125

1,219.1

Transferred1

(190,950)

190,950

-

n.a.

Granted

116,945

1,900,220

2,017,165

1,106.0

Exercised

(24,000)

(2,237,172)

(2,261,172)

664.2

Options waived/expired

-

(238,962)

(238,962)

1,380.3

Outstanding at 31 December 2024

467,745

8,966,411

9,434,156

1,323.8

1Brian Ejsing has previously received share options in the Director\u2019s former capacity as key employee. These have been transferred from key employees to Executive Board. Due to the CEO change that took effect in 2024, share options granted to Jens Bj\u00f8rn Andersen have been transferred from Executive Board to key employees.

6.3 Remuneration of the Executive Board and the Board of Directors

Executive Board

The members of the Executive Board are subject to a notice period of up to 24 months. Remuneration of the members of the Executive Board and the Board of Directors complies with the principles of the Company\u2019s Remuneration Policy and is described further in detail in the DSV Remuneration Report 2025.

The aggregate remuneration for the members of the Executive Board for 2025 was DKK 75.4 million (2024: DKK 55.0 million).

Board of Directors

The aggregate remuneration to the Board of Directors of DSV A/S for 2025 was DKK 11.1 million (2024: DKK 9.0 million).

Executive Board remuneration

(DKKm)

2024

2025

Fixed salary

36.7

34.4

Pension

2.3

2.1

Performance bonus

7.2

-

Discretionary bonus

6.1

-

Share-based payment

23.1

18.5

Total aggregate remuneration

75.4

55.0

6.5 Related parties

DSV has no related parties with control of the Group and no related parties with significant influence other than key management personnel.

Related-party transactions

Board of Directors and Executive Board

No transactions with the Board of Directors and Executive Board were made in 2025 other than ordinary remuneration and termination benefits, as described in notes 6.2and 6.3.

Associated companies and joint ventures

DSV holds ownership interests in 18 associated companies and joint ventures (2024: 5). The Group\u2019s share of associates\u2019 net result amounted to an income of DKK 5 million (2024: an expense of DKK 23 million). The Group\u2019s share of joint ventures\u2019 profit for the year amounted to DKK 0 million (2024: DKK 0 million). The carrying amount of the investment was DKK 110 million at 31 December 2025 (2024: DKK 19 million).

The Group had the following transactions with associated companies and joint ventures:

Associated companies and joint ventures transactions (DKKm)

2024

2025

Sale of services

-

-

Purchase of services

-

3

The Group had the following outstanding balances with associated companies and joint ventures:

Associated companies and joint ventures balances(DKKm)

2024

2025

Receivables

-

19

Payables

-

-

", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__160": { "value": "

6.2 Share option schemes

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss as staff costs over the vesting period. The offsetting item is recognised directly in equity.

The value of employee services received during the vesting period in exchange for share options granted corresponds to the fair value of the share options at the date of granting.

The fair value of the options granted is determined based on the Black & Scholes valuation model. The assumptions used in the valuation takes into account the terms and conditions applicable to the options granted and Management\u2019s expectations of the various parameters on which the valuation model is based.

Upon initial recognition, an estimate is made of the number of share options that the employees are expected to earn. The estimated number of share options is subsequently adjusted to reflect the actual number of share options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2025 and 2024 is based on the following assumptions:

Assumptions

2025-1

2025-2

2024

Exercise price (DKK)

1,376.0

1,521.0

1,106.0

Volatility

20.0%

20.0%

20.0%

Risk-free interest rate

2.4%

2.3%

3.0%

Expected dividends

0.8%

0.8%

0.8%

Expected remaining life (years)

3.5

3.3

3.5

Current share option schemes

Scheme

Options granted

Exercise period

Exercise price (DKK)

Number of

employees

Fair value at date of granting (DKKm)

2021

2,438,300

01.04.2024 - 31.03.2026

1,325.0

2,202

205.3

2022

2,640,900

01.04.2025 - 31.03.2027

1,485.0

2,524

279.8

2023

2,664,000

01.04.2026 - 31.03.2028

1,485.0

2,516

368.1

2024

2,017,165

01.04.2027 - 31.03.2029

1,106.0

2,196

366.2

2025-1

1,782,215

01.04.2028 - 31.03.2030

1,376.0

2,235

381.2

2025-2

124,985

01.04.2028 - 31.03.2030

1,521.0

92

28.2

Share option schemes at 31 December 2025

Scheme

Executive Board

Key employees

Total

Average exercise price per option (DKK)

20211

66,000

883,243

949,243

1,325.0

20221

125,500

1,983,050

2,108,550

1,485.0

2023

129,300

2,376,550

2,505,850

1,485.0

2024

116,945

1,828,750

1,945,695

1,106.0

2025-1

134,330

1,631,380

1,765,710

1,376.0

2025-2

-

124,985

124,985

1,521.0

Outstanding at 31 December 2025

572,075

8,827,958

9,400,033

1,370.4

Open for exercise at 31 December 2025

191,500

2,866,293

3,057,793

1,435.3

Life (years)

2.5

2.4

2.4

n.a.

Fair value (DKKm)

179.3

2,694.7

2,874.0

n.a.

1Share options granted in 2021 and 2022 are currently exercisable.

6.2 Share option schemes \u2014 continued

Share option schemes

DSV has launched share-based incentive schemes with the purpose of moti-vating and retaining key employees across the organisation and aligning their interests with those of our shareholders. Share options are awarded to key employees and members of the Executive Board.

Retention is motivated by requiring continued service for a period covering the vesting period as a minimum. The schemes are also intended to align the interests of employees and shareholders.

All active schemes entail a three-year vesting period and a two-year exercise period. In case of a change of control, all outstanding share options will vest. Exercise prices are set based on the quoted market prices leading up to the date of granting. The share options can be exercised by cash purchase of shares only. The obligation relating to the schemes is partly covered by the Company\u2019s treasury shares.

Share options are granted in accordance with the procedures outlined in the Group\u2019s Remuneration Policy for the respective year. In 2025, two share option schemes were granted.

A total of 3,184 employees held share options at 31 December 2025 (2024: 3,054 employees).

Total costs recognised in 2025 for services received but not recognised as an asset amounted to DKK 359 million (2024: DKK 327 million).

The average share price for options exercised in the financial year was DKK 1,475.9 per share at the date of exercise (2024: DKK 1,245.8 per share).

Outstanding share options

ExecutiveBoard

Key employees

Total

Average exercise price per option (DKK)

Outstanding at 1 January 2025

467,745

8,966,411

9,434,156

1,323.8

Granted 2025-1

134,330

1,647,885

1,782,215

1,376.0

Granted 2025-2

-

124,985

124,985

1,521.0

Exercised

(30,000)

(1,782,460)

(1,812,460)

1,147.8

Options waived/expired

-

(128,863)

(128,863)

1,315.9

Outstanding at 31 December 2025

572,075

8,827,958

9,400,033

1,370.4

Outstanding at 1 January 2024

565,750

9,351,375

9,917,125

1,219.1

Transferred1

(190,950)

190,950

-

n.a.

Granted

116,945

1,900,220

2,017,165

1,106.0

Exercised

(24,000)

(2,237,172)

(2,261,172)

664.2

Options waived/expired

-

(238,962)

(238,962)

1,380.3

Outstanding at 31 December 2024

467,745

8,966,411

9,434,156

1,323.8

1Brian Ejsing has previously received share options in the Director\u2019s former capacity as key employee. These have been transferred from key employees to Executive Board. Due to the CEO change that took effect in 2024, share options granted to Jens Bj\u00f8rn Andersen have been transferred from Executive Board to key employees.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__162-1": { "value": "

6.2 Share option schemes

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss as staff costs over the vesting period. The offsetting item is recognised directly in equity.

The value of employee services received during the vesting period in exchange for share options granted corresponds to the fair value of the share options at the date of granting.

The fair value of the options granted is determined based on the Black & Scholes valuation model. The assumptions used in the valuation takes into account the terms and conditions applicable to the options granted and Management\u2019s expectations of the various parameters on which the valuation model is based.

Upon initial recognition, an estimate is made of the number of share options that the employees are expected to earn. The estimated number of share options is subsequently adjusted to reflect the actual number of share options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2025 and 2024 is based on the following assumptions:

Assumptions

2025-1

2025-2

2024

Exercise price (DKK)

1,376.0

1,521.0

1,106.0

Volatility

20.0%

20.0%

20.0%

Risk-free interest rate

2.4%

2.3%

3.0%

Expected dividends

0.8%

0.8%

0.8%

Expected remaining life (years)

3.5

3.3

3.5

Current share option schemes

Scheme

Options granted

Exercise period

Exercise price (DKK)

Number of

employees

Fair value at date of granting (DKKm)

2021

2,438,300

01.04.2024 - 31.03.2026

1,325.0

2,202

205.3

2022

2,640,900

01.04.2025 - 31.03.2027

1,485.0

2,524

279.8

2023

2,664,000

01.04.2026 - 31.03.2028

1,485.0

2,516

368.1

2024

2,017,165

01.04.2027 - 31.03.2029

1,106.0

2,196

366.2

2025-1

1,782,215

01.04.2028 - 31.03.2030

1,376.0

2,235

381.2

2025-2

124,985

01.04.2028 - 31.03.2030

1,521.0

92

28.2

Share option schemes at 31 December 2025

Scheme

Executive Board

Key employees

Total

Average exercise price per option (DKK)

20211

66,000

883,243

949,243

1,325.0

20221

125,500

1,983,050

2,108,550

1,485.0

2023

129,300

2,376,550

2,505,850

1,485.0

2024

116,945

1,828,750

1,945,695

1,106.0

2025-1

134,330

1,631,380

1,765,710

1,376.0

2025-2

-

124,985

124,985

1,521.0

Outstanding at 31 December 2025

572,075

8,827,958

9,400,033

1,370.4

Open for exercise at 31 December 2025

191,500

2,866,293

3,057,793

1,435.3

Life (years)

2.5

2.4

2.4

n.a.

Fair value (DKKm)

179.3

2,694.7

2,874.0

n.a.

1Share options granted in 2021 and 2022 are currently exercisable.

6.2 Share option schemes \u2014 continued

Share option schemes

DSV has launched share-based incentive schemes with the purpose of moti-vating and retaining key employees across the organisation and aligning their interests with those of our shareholders. Share options are awarded to key employees and members of the Executive Board.

Retention is motivated by requiring continued service for a period covering the vesting period as a minimum. The schemes are also intended to align the interests of employees and shareholders.

All active schemes entail a three-year vesting period and a two-year exercise period. In case of a change of control, all outstanding share options will vest. Exercise prices are set based on the quoted market prices leading up to the date of granting. The share options can be exercised by cash purchase of shares only. The obligation relating to the schemes is partly covered by the Company\u2019s treasury shares.

Share options are granted in accordance with the procedures outlined in the Group\u2019s Remuneration Policy for the respective year. In 2025, two share option schemes were granted.

A total of 3,184 employees held share options at 31 December 2025 (2024: 3,054 employees).

Total costs recognised in 2025 for services received but not recognised as an asset amounted to DKK 359 million (2024: DKK 327 million).

The average share price for options exercised in the financial year was DKK 1,475.9 per share at the date of exercise (2024: DKK 1,245.8 per share).

Outstanding share options

ExecutiveBoard

Key employees

Total

Average exercise price per option (DKK)

Outstanding at 1 January 2025

467,745

8,966,411

9,434,156

1,323.8

Granted 2025-1

134,330

1,647,885

1,782,215

1,376.0

Granted 2025-2

-

124,985

124,985

1,521.0

Exercised

(30,000)

(1,782,460)

(1,812,460)

1,147.8

Options waived/expired

-

(128,863)

(128,863)

1,315.9

Outstanding at 31 December 2025

572,075

8,827,958

9,400,033

1,370.4

Outstanding at 1 January 2024

565,750

9,351,375

9,917,125

1,219.1

Transferred1

(190,950)

190,950

-

n.a.

Granted

116,945

1,900,220

2,017,165

1,106.0

Exercised

(24,000)

(2,237,172)

(2,261,172)

664.2

Options waived/expired

-

(238,962)

(238,962)

1,380.3

Outstanding at 31 December 2024

467,745

8,966,411

9,434,156

1,323.8

1Brian Ejsing has previously received share options in the Director\u2019s former capacity as key employee. These have been transferred from key employees to Executive Board. Due to the CEO change that took effect in 2024, share options granted to Jens Bj\u00f8rn Andersen have been transferred from Executive Board to key employees.

6.3 Remuneration of the Executive Board and the Board of Directors

Executive Board

The members of the Executive Board are subject to a notice period of up to 24 months. Remuneration of the members of the Executive Board and the Board of Directors complies with the principles of the Company\u2019s Remuneration Policy and is described further in detail in the DSV Remuneration Report 2025.

The aggregate remuneration for the members of the Executive Board for 2025 was DKK 75.4 million (2024: DKK 55.0 million).

Board of Directors

The aggregate remuneration to the Board of Directors of DSV A/S for 2025 was DKK 11.1 million (2024: DKK 9.0 million).

Executive Board remuneration

(DKKm)

2024

2025

Fixed salary

36.7

34.4

Pension

2.3

2.1

Performance bonus

7.2

-

Discretionary bonus

6.1

-

Share-based payment

23.1

18.5

Total aggregate remuneration

75.4

55.0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__163": { "value": "

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss as staff costs over the vesting period. The offsetting item is recognised directly in equity.

The value of employee services received during the vesting period in exchange for share options granted corresponds to the fair value of the share options at the date of granting.

The fair value of the options granted is determined based on the Black & Scholes valuation model. The assumptions used in the valuation takes into account the terms and conditions applicable to the options granted and Management\u2019s expectations of the various parameters on which the valuation model is based.

Upon initial recognition, an estimate is made of the number of share options that the employees are expected to earn. The estimated number of share options is subsequently adjusted to reflect the actual number of share options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2025 and 2024 is based on the following assumptions:

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__166": { "value": "

6.4 Fees to auditors appointed at the Annual General Meeting

Audit fees and services(DKKm)

2024

2025

Statutory audit fees

73

50

Other assurance services

6

5

Tax and VAT advisory services

4

1

Other services

3

11

Total fees to auditors appointed at the Annual General Meeting

86

67

Statutory audit fees

41

4

Tax and VAT advisory services

8

2

Other services

4

1

Total fees, other

53

7

Total

139

74

Non-audit services provided by PwC Denmark amounted to DKK 7 million in 2025, relating to various assurance and advisory services on sustainability

matters, transaction advisory services, limited assurance over IT systems and various tax advisory services and other advisory services. Non-audit services provided by PwC Denmark did not exceed 70% of the audit fees in accordance with EU audit legislation. KPMG was auditor of the DB Schenker Group prior to the acquisition and has remained auditor for the majority of the Schenker entities for 2025. Generally, entities continue to retain their respective auditors for standalone statutory audits for 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__168": { "value": "

6.6 Contingent liabilities and security for debt

Contingent liabilities

Accounting policies

Contingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.

Management judgements and estimates

Management applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met.

These judgements may involve advice from external experts, legal advisors, etc.

As an international transport service provider, the Group is regularly involved in tax and VAT disputes, legal proceedings or inquiries from competition author-ities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.

A detailed disclosure of individual contingent liabilities is considered impracti-cable and is therefore not included in the notes to the financial statements.

Commitments

Joint ventures

The Group has a funding commitment towards joint ventures of USD 2,450 million, corresponding to DKK 15,557 million (2024: DKK 17,490 million). The commitment is callable until 31 December 2031. At 31 December 2025, the Group had a remaining commitment of USD 2,450 million, corresponding to DKK 15,557 million (2024: DKK 17,490 million), if called.

Contracts

DSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.

Security for debt

Bank guarantees

As part of its ordinary operations, DSV has provided bank guarantees to authorities, suppliers, etc.

The counterparties may claim appropriation of collateral if DSV fails to pay any amount due.

Pledges

At 31 December 2025, property, plant and equipment and other financial assets with a carrying amount of DKK 3 million were pledged as security (2024: DKK 3 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__169": { "value": "

6.6 Contingent liabilities and security for debt

Contingent liabilities

Accounting policies

Contingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.

Management judgements and estimates

Management applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met.

These judgements may involve advice from external experts, legal advisors, etc.

As an international transport service provider, the Group is regularly involved in tax and VAT disputes, legal proceedings or inquiries from competition author-ities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.

A detailed disclosure of individual contingent liabilities is considered impracti-cable and is therefore not included in the notes to the financial statements.

Commitments

Joint ventures

The Group has a funding commitment towards joint ventures of USD 2,450 million, corresponding to DKK 15,557 million (2024: DKK 17,490 million). The commitment is callable until 31 December 2031. At 31 December 2025, the Group had a remaining commitment of USD 2,450 million, corresponding to DKK 15,557 million (2024: DKK 17,490 million), if called.

Contracts

DSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.

Security for debt

Bank guarantees

As part of its ordinary operations, DSV has provided bank guarantees to authorities, suppliers, etc.

The counterparties may claim appropriation of collateral if DSV fails to pay any amount due.

Pledges

At 31 December 2025, property, plant and equipment and other financial assets with a carrying amount of DKK 3 million were pledged as security (2024: DKK 3 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__170": { "value": "

6.6 Contingent liabilities and security for debt

Contingent liabilities

Accounting policies

Contingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.

Management judgements and estimates

Management applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met.

These judgements may involve advice from external experts, legal advisors, etc.

As an international transport service provider, the Group is regularly involved in tax and VAT disputes, legal proceedings or inquiries from competition author-ities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.

A detailed disclosure of individual contingent liabilities is considered impracti-cable and is therefore not included in the notes to the financial statements.

Commitments

Joint ventures

The Group has a funding commitment towards joint ventures of USD 2,450 million, corresponding to DKK 15,557 million (2024: DKK 17,490 million). The commitment is callable until 31 December 2031. At 31 December 2025, the Group had a remaining commitment of USD 2,450 million, corresponding to DKK 15,557 million (2024: DKK 17,490 million), if called.

Contracts

DSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.

Security for debt

Bank guarantees

As part of its ordinary operations, DSV has provided bank guarantees to authorities, suppliers, etc.

The counterparties may claim appropriation of collateral if DSV fails to pay any amount due.

Pledges

At 31 December 2025, property, plant and equipment and other financial assets with a carrying amount of DKK 3 million were pledged as security (2024: DKK 3 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__171": { "value": "

6.6 Contingent liabilities and security for debt

Contingent liabilities

Accounting policies

Contingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.

Management judgements and estimates

Management applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met.

These judgements may involve advice from external experts, legal advisors, etc.

As an international transport service provider, the Group is regularly involved in tax and VAT disputes, legal proceedings or inquiries from competition author-ities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.

A detailed disclosure of individual contingent liabilities is considered impracti-cable and is therefore not included in the notes to the financial statements.

Commitments

Joint ventures

The Group has a funding commitment towards joint ventures of USD 2,450 million, corresponding to DKK 15,557 million (2024: DKK 17,490 million). The commitment is callable until 31 December 2031. At 31 December 2025, the Group had a remaining commitment of USD 2,450 million, corresponding to DKK 15,557 million (2024: DKK 17,490 million), if called.

Contracts

DSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.

Security for debt

Bank guarantees

As part of its ordinary operations, DSV has provided bank guarantees to authorities, suppliers, etc.

The counterparties may claim appropriation of collateral if DSV fails to pay any amount due.

Pledges

At 31 December 2025, property, plant and equipment and other financial assets with a carrying amount of DKK 3 million were pledged as security (2024: DKK 3 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__172": { "value": "

Accounting policies

Contingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__174": { "value": "

Group company overview

The overview below lists the companies in the DSV Group at 31 December 2025, showing the companies by segment and not by legal structure.

Activity:

Company

Country

Ownership share

Activity

Parent

DSV A/S

Denmark

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Subsidiaries

Europe

DSV Andorra, SLU

Andorra

100.0%

DSV Air & Sea GmbH

Austria

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Road GmbH

Austria

100.0%

SCHENKER & CO AG

Austria

100.0%

DSV Contract Logistics GmbH

Austria

100.0%

Panalpina Central Asia EC - Azerbaijan Branch

Azerbaijan

100.0%

\"\"
\"\"
\"\"
\"\"

DB Schenker FLLC

Belarus

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea NV

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina World Transport N.V.

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"

AD Handling NV

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"

ABX Worldwide Holdings NV/SA

Belgium

100.0%

Air & Sea

Road

Contract Logistics

Group

DSV Road Holding NV

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Belgium NV

Belgium

100.0%

DSV Contract Logistics NV

Belgium

100.0%

DSV Logistics N.V.

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Ghent NV

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road N.V.

Belgium

100.0%

MCI Brokers N.V.

Belgium

99.9%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker NV

Belgium

100.0%

SCHENKER d.o.o.

Bosnia And

Herzegovina

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea EOOD

Bulgaria

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Road EOOD

Bulgaria

100.0%

SCHENKER EOOD

Bulgaria

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Croatia d.o.o.

Croatia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea s.r.o.

Czech Republic

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Czech Republic s.r.o.

Czech Republic

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics s.r.o.

Czech Republic

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road a.s.

Czech Republic

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SCHENKER spol. s r.o.

Czech Republic

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Insurance A/S

Denmark

100.0%

DSV Group Services A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV FS A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road A/S - Energy branch

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Holding A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Ocean Transport A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"

PC KH ApS

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Denmark ApS

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Holding A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Hedeland Workshop A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Magdeburg A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Holding A/S

Denmark

100.0%

DSV Road A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Hedeland 5 A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Services A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Sky Partners O\u00dc

Estonia

100.0%

DSV Estonia AS

Estonia

100.0%

DSV Road AS

Estonia

100.0%

DSV Air & Sea Oy

Finland

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Oy

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Rengaslinja Oy

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Suomi Oy

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Oy

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Kiinteist\u00f6 Oy Tir-Trans

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Kiinteist\u00f6 Oy Tampereen Rahtiasema

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Kiinteist\u00f6 Oy Sein\u00e4joen Kiitolinja-asema

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Kiinteist\u00f6 Oy Turun Nosturinkatu 6

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DB France Holding SAS

France

100.0%

DSV Air & Sea SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"

Air Terminal Handling SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"

DSV International Air & Sea France

France

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Holding S.A.

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

ASIMEX Anterist + Schneider Import - Export SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SCHENKER FRANCE SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

ATLANTIQUE EXPRESS SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Les Triporteurs Francais SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina Georgia LLC

Georgia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Group Services GmbH

Germany

100.0%

DSV Holding Germany GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Aktiengesellschaft1

Germany

100.0%

Schenker AG & Co.

Beteiligungsverwaltungs OHG

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker GmbH f\u00fcr Beteiligungen

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Global Management &

Services GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Germany GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Deutschland AG i.V.

SCHENKER AG

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Deutschland GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Flight Services GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Europe GmbH i.V. Schenker AG

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Services GmbH

Germany

100.0%

Bitergo GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Group GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Stuttgart GmbH & Co. KG

Germany

100.0%

DSV Stuttgart Verwaltung GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Fairs & Events GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Deutschland AG

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Technik GmbH

Germany

100.0%

Schenker Europe GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SW Zoll-Beratung GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Single Member S.A.

Greece

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Road Single Member S.A.

Greece

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker A.E.

Greece

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Hungary Kft.

Hungary

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Kft.

Hungary

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Hungaria Kft.

Hungary

100.0%

Schenker Nemzetk\u00f6zi Szallitmanyozasi es Logisztikai Kft.

Hungary

100.0%

DSV Real Estate Hungary Kft.

Hungary

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

Ireland

100.0%

Panalpina World Transport (Ireland) Ltd.

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"

DSV GIL Ireland Limited

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker (Ireland) Ltd.

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Insurance Designated Activity Company

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (Ireland) Limited

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Ltd.

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Inventory Management Solutions Limited

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Limited

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV S.p.A.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina Trasporti Mondiali S.p.A.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Italiana S.p.A.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate S.p.A.

Italy

89.8%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Italy S.r.l.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions S.R.L.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Novara S.r.l.

Italy

66.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Modena S.r.l.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road S.R.L.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

HANGARTNER Terminal S.r.l.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GIL Kazakhstan LLP

Kazakhstan

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Kazakhstan LLP

Kazakhstan

100.0%

DSV Latvia SIA

Latvia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SIA Schenker

Latvia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Lithuania UAB

Lithuania

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

UAB \"Schenker\"

Lithuania

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea GmbH

Luxembourg

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air Services

Luxembourg

100.0%

\"S.C. Schenker\" S.R.L.

Moldova

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics International BV

Netherlands

100.0%

TransOceanic Holdings BV

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Finance B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

UTi (Netherlands) Holdings BV

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Nederland B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Logistics Nederland B.V.

Netherlands

100.0%

DSV Solutions Holding B.V.

Netherlands

100.0%

DSV Contract Logistics B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

IMS Holdings BV

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions (Moerdijk) B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Nederland B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Transport Groep B.V.

Netherlands

100.0%

DSV Road Holding N.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Salfetsin B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV ROAD DOOEL Skopje

North Macedonia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SCHENKER DOOEL

North Macedonia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea AS

Norway

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina AS

Norway

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Norway AS

Norway

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions AS

Norway

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road AS

Norway

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Global Business Services Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Warsaw II Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Technology Center (Warsaw) sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Sp. z o.o.

Poland

100.0%

Panalpina Polska Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Poland Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Services Sp. z o.o.

Poland

100.0%

DSV Real Estate Lodz Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Sp. z o.o.

Poland

100.0%

Schenker Sp. z o.o.

Poland

99.7%

DSV Contract Logistics Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Group Services Unipessoal, Lda

Portugal

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Portugal, LDA

Portugal

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions, Lda.

Portugal

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV SGPS, Lda.

Portugal

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Transitarios, S.A.

Portugal

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Transitarios, Lda.

Portugal

100.0%

DSV Global Business Services S.R.L.

Romania

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea SRL

Romania

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics S.R.L.

Romania

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road S.R.L.

Romania

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics Romania S.A.

Romania

99.5%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road d.o.o.

Serbia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SCHENKER d.o.o.

Serbia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Slovakia s. r. o.

Slovakia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Slovakia s.r.o.

Slovakia

100.0%

\"\"
\"\"
\"\"
\"\"

SCHENKER s.r.o.

Slovakia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Slovakia, s.r.o.

Slovakia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea d.o.o.

Slovenia

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Transport d.o.o.

Slovenia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker d.d.

Slovenia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Tacisa Transitaria S.L.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea International, S.L.U.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Spain S.A.U.

Spain

100.0%

Servicios Logisticos Integrados SLI, S.A.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"

DSV REAL ESTATE LA BISBAL S.L.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Spain S.A.U.

Spain

100.0%

DSV Holding Spain S.L.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea, S.A.U.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Road AB - Energy branch

Sweden

100.0%

DSV Air & Sea AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Nordic AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"

Agility AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Group AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road AB

Sweden

100.0%

Schenker Property Sweden AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Transport Aktiebolag

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Filen 8 Aktiebolag

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Langtradaren i J\u00e4mtland AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Trafikaktiebolaget NP Kagstr\u00f6m

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Fastighets Aktiebolaget Orbyn

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Langtradaren 2 Borl\u00e4nge

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB S\u00f6rby 24:3 -G\u00e4vle

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB \u00c4tteh\u00f6gen \u00d6stra 1 -Helsingborg

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Transporten 1 -Hultsfred

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Bleket 1 -Karlstad

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB \u00d6nnestad 108:4 -Kristianstad

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Maskinen 3 -Link\u00f6ping

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Storheden 1:8 -Lulea

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Benkammen 12 -Malm\u00f6

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

KB Norr\u00e4nget 62 Hudiksvall

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Lertaget 1, Skara

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Vivstamon 1:13 -Timra

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Baggb\u00f6le 2:35 -Umea

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Transport\u00f6ren 1 -V\u00e4rnamo

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB K\u00f6pmannen 10 -V\u00e4ster\u00e5s

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Pantern 1 -V\u00e4xj\u00f6

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Distribut\u00f6ren 3 och 4 -\u00d6rebro

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB \u00d6ver\u00f6n 1:66 -\u00d6rnsk\u00f6ldsvik

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Vindtrycket 1 -Bor\u00e5s

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Backa 107:3

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB \u00c4delgasen 1 -J\u00f6nk\u00f6ping

Sweden

100.0%

KB \u00c4lghunden J\u00f6nk\u00f6ping

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Malm\u00f6 Hamnen 22 Malm\u00f6

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Forsmark 5 Stockholm

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Arbetsbasen 4 -Stockholm

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Forsmark 3 -Stockholm

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Forsmark 2 -Stockholm

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Tveta-Valsta 4:5 S\u00f6dert\u00e4lje

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Frysen 1 Visby

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Fryshuset 3-Visby

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Fuller\u00f6 67:2 Uppsala Aktiebolag

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

G\u00f6inge Frakt EK

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Property Holding AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker AB

Sweden

100.0%

Schenker Equipment AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Consulting AB

Sweden

100.0%

Schenker Dedicated Services Sweden AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Akeri AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GIL Switzerland 4 AG

Switzerland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina Welttransport Holding AG

Switzerland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Corporate Services AG

Switzerland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina International AG

Switzerland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea AG

Switzerland

100.0%

Schenker Schweiz AG

Switzerland

100.0%

DSV Logistics S.A.

Switzerland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea A.S.

T\u00fcrkiye

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker-Arkas Nakliyat Ve Tic. A.S.

T\u00fcrkiye

55.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV International Hava ve Deniz

Ta\u015fimacili\u011fi Ltd.\u015eirketi

T\u00fcrkiye

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Road & Solutions A.S.

T\u00fcrkiye

100.0%

Panalpina World Transport Ltd.

Ukraine

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Logistics LLC

Ukraine

100.0%

DP Schenker

Ukraine

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Kyiv LLC

Ukraine

100.0%

DSV GIL Holding Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

DSV GIL UK Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

DSV GIL Fairs & Events Limited

United Kingdom

100.0%

DSV GIL Pension Trustees Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea 2018 (UK) Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Lead Logistics Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV GIL Solutions Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

DSV GIL Management Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Thrapston Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

G T Exhibitions Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Mercia Park Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Holding Ltd.

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Commercials Ltd.

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Ltd.

United Kingdom

100.0%

DSV Pension Trustees Ltd.

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Limited

United Kingdom

100.0%

DSV Real Estate Tamworth Ltd.

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Americas

UTi Logistics Argentina S.A.

Argentina

100.0%

DSV Air & Sea S.A.

Argentina

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Argentina S.A.

Argentina

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GeoLogistics Holdings (Bermuda)

Limited

Bermuda

100.0%

DSV Contract Logistics Brasil Servi\u00e7os de Log\u00edstica Ltda.

Brazil

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Brasil Ltda.

Brazil

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker do Brasil Transportes

Internacionais Ltda.

Brazil

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

UTi Worldwide Inc.

Brit. Virgin Islands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

UTi Logistics (Proprietary) Limited

Brit. Virgin Islands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility (Asia/Pacific) Limited

Brit. Virgin Islands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

PWC Global Logistics Holdings Ltd

Brit. Virgin Islands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Inc.

Canada

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker of Canada Ltd.

Canada

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Flinnco Shipping Limited

Canada

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Inc.

Canada

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road, Inc.

Canada

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (Latin America) Holding S.A.

Chile

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea S.A.

Chile

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Logistics Corp. Holding SpA

Chile

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Logistics Chile SA

Chile

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Chile S.A.

Chile

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea S.A.S.

Colombia

100.0%

AGENCIA DE ADUANAS DSV S.A.S. NIVEL 1

Colombia

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics S.A.S.

Colombia

100.0%

DSV Contract Logistics Zona Franca SAS

Colombia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea S.A.

Costa Rica

100.0%

\"\"
\"\"
\"\"
\"\"

DSV AIR & SEA DOMINICANA, S.R.L.

Dominican Republic

100.0%

\"\"
\"\"
\"\"
\"\"

DSV-AIR&SEA S.A.

Ecuador

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea, S.A. de C.V.

El Salvador

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker S.A.

Guatemala

100.0%

\"\"
\"\"
\"\"
\"\"

DB Schenker GBS Americas, S. de R.L. de C.V.

Mexico

100.0%

DSV Air & Sea, S.A. de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"

DSV International Shared Services S.A. de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

TransOceanic Shipping Co. S. de RL de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker International S.A. de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics, S.A. de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Manufacturing Services S.A. de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road, S.A. de C.V.

Mexico

100.0%

DSV Air & Sea PA Inc.

Panama

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina SEM, S.A.

Panama

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina S.A.

Panama

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Almacenadora Mercantil S.A.

Panama

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Paraguay S.A.

Paraguay

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea S.A.

Peru

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics Peru S.A.

Peru

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Peru S.R.L.

Peru

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (PR) Inc.

Puerto Rico

100.0%

Arabella Shipping Ltd

Saint Vincent And The Grenadines

100.0%

\"\"
\"\"
\"\"
\"\"

DSV 4PL Inc.

United States

100.0%

Schenker Global Management &

Technology Center Americas Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Holding Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea International Holding Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker, Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Karpeles Freight Services, Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics, LLC

United States

100.0%

DSV Inventory Management Solutions Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV US Property Holding, Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Americas, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Los Angeles, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Phoenix, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Chicago, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate New Albany, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Pharr, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Portland, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Laredo, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Market Industries LLC

United States

100.0%

DSV Road Transport, Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road, Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Uruguay S.A.

Uruguay

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Pty. Ltd.

Australia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Pty. Ltd.

Australia

100.0%

A.C.N. 116 779 876 PTY LTD

Australia

100.0%

A.C.N. 004 265 721 PTY LTD

Australia

100.0%

\"\"
\"\"
\"\"
\"\"

A.C.N. 078 189 296 PTY LTD

Australia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Australia Pty. Ltd.

Australia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Ltd.

Bangladesh

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Ltd.

Bangladesh

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Bangladesh)

Limited

Bangladesh

40.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (Cambodia) Co., Ltd.

Cambodia

100.0%

\"\"
\"\"
\"\"
\"\"

Prime Cargo (Cambodia) Co., Ltd.

Cambodia

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Integration 1 (Cambodia) Co., Ltd.

Cambodia

100.0%

\"\"
\"\"
\"\"
\"\"

DB Schenker (Cambodia) Limited

Cambodia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Co., Ltd.

Cambodia

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Business Services (Nanjing) Co., Ltd.

China

100.0%

DSV Air & Sea Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Co., Ltd. (China)

China

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Logistics Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker BITCC Logistics (Beijing) Co., Ltd.

China

70.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker China Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Zhejiang DSV supply chain

management CO.,LTD

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Logistics (Nanjing) Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker BITCC Customs Broker

(Beijing) Co. Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Chongqing) Co. Ltd

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Shanghai) Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Xiamen) Co. Ltd.

China

100.0%

Schenker Logistics (Guangzhou)

Company Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Suzhou) Company Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Shenzhen) Co. Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Chengdu) Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Jinbei Logistics (Shenyang) Co. Ltd.

China

50.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Kunshan) Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Jiaxing) Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Co., Ltd.

China

100.0%

Schenker (H.K.) Ltd.

Hong Kong

100.0%

DSV Air & Sea Ltd.

Hong Kong

100.0%

Pantainer (H.K.) Ltd.

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Logistics Limited

Hong Kong

100.0%

Schenker International (HK) Ltd.

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Limited

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (HK) Ltd.

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina China Ltd.

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Global Business Services Private Limited

India

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Pvt. Ltd.

India

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea International Private Limited

India

100.0%

\"\"
\"\"
\"\"
\"\"

SCHENKER INDIA PRIVATE LIMITED

India

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Coload & Clearance Pvt. Ltd.

India

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Private Limited

India

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

PT. DSV Transport Indonesia

Indonesia

100.0%

\"\"
\"\"
\"\"
\"\"

PT GIL Solusi Indonesia

Indonesia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

PT DSV Contract Logistics Ltd.

Indonesia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

PT Synergy Indonesia

Indonesia

100.0%

PT. Schenker Logistics Indonesia

Indonesia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Japan GK

Japan

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Co., Ltd.

Japan

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker-Seino Co. Ltd.

Japan

60.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Co., Ltd.

Japan

100.0%

DSV Air & Sea Ltd.

Korea

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Ltd.

Korea

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Korea Ltd.

Korea

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea International Ltd.

Korea

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea (Lao) Sole Co., Ltd

Laos

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea Limited

Macao

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Sdn. Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"

Litvest Corporation Sdn Bhd

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions (DC) Sdn. Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Shared Services Asia Sdn Bhd

Malaysia

100.0%

DSV Solutions (Management) Sdn. Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Malaysia) Sdn Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Logistics Sdn. Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV STATIONARY SDN. BHD.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina Transport (Malaysia) Sdn. Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Inventory Management Solutions Sdn. BHD.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (Myanmar) Limited

Myanmar

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Myanmar Co., Ltd.

Myanmar

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

New Zealand

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker (NZ) Limited

New Zealand

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air and Sea Pakistan

(SMC-Private) Limited

Pakistan

100.0%

\"\"
\"\"
\"\"
\"\"

DSV SOLUTIONS (PRIVATE) LIMITED

Pakistan

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

Papua New Guinea

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Global Business Services Inc.

Philippines

100.0%

Schenker Manila Administrative

Competence Center Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Holding Co Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Logistics Holding Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"

GIL International Logistics Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Philippines, Inc.

Philippines

100.0%

DSV Contract Logistics Inc.

Philippines

100.0%

Panalpina World Transport (Philippines) Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Global Solutions Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GIL Logistics Distribution Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Distribution Solutions, Inc.

Philippines

100.0%

Schenker Philippines (Subic) Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics Holdings Pte Ltd

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics Holdings (S) Pte. Ltd.

Singapore

100.0%

DSV Singapore Real Estate Holding Pte. Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker (Asia Pacific) Pte. Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Global Management &

Services PTE. LTD.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility International Logistics Pte. Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

China Baisui Logistics Pte Ltd

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Singapore (PTE) Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

The Great Ocean Line Pte. Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Pte Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Singapore Pte. Ltd.

Singapore

100.0%

DSV Inventory Management Solutions Pte. Ltd

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Pership (Private) Limited

Sri Lanka

40.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Co., Ltd.

Taiwan

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker (H.K.) Limited Taiwan Branch

Taiwan

100.0%

DSV Air & Sea (Taiwan) Ltd.

Taiwan

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Co., Ltd.

Taiwan

100.0%

Panalpina Asia-Pacific Services

(Thailand) Ltd.

Thailand

100.0%

Supreme Eliga Co. Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Air & Sea (Thailand) Co., Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker (Thai) Holdings Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker (Thai) Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Holding (Thailand) Co., Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina World Transport (Thailand) Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Thai) Ltd.

Thailand

100.0%

DSV Air & Sea Company Limited

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Co., Ltd

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics Vietnam Joint Stock Company

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Ltd

Vietnam

71.0%

\"\"
\"\"
\"\"
\"\"

Schenker Vietnam Co., Ltd.

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Vietnam Limited

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"

Inventory Management Solutions

Vietnam Limited

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics Vietnam Co., Ltd.

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Middle East & Africa

Agility Logistics Limited

Afghanistan

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Logistics SARL

Algeria

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Frans Maas Algerie S.a.r.l.

Algeria

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Transitarios Angola, S.A.

Angola

92.0%

Global Integrated Logistics Lda

Angola

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Angola, Limitada

Angola

99.9%

\"\"
\"\"
\"\"
\"\"

DSV AIR & SEA W.L.L.

Bahrain

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina Central Asia EC

Bahrain

100.0%

\"\"
\"\"
\"\"
\"\"

Almoayed Schenker W.L.L.

Bahrain

49.0%

DSV Solutions B.S.C Closed

Bahrain

100.0%

DSV Air & Sea (PTY) Limited

Botswana

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina Transports Mondiaux

Cameroun S.A.R.L.

Cameroon

90.0%

\"\"
\"\"
\"\"
\"\"

DSV-UTI Egypt Ltd.

Egypt

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina World Transport Egypt LLC

Egypt

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Egypt Limited Liability Company

Egypt

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Egypt Ltd.

Egypt

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract logistics S.A.E.

Egypt

100.0%

Global Options Worldwide Express Investments (Pty) Ltd

Eswatini

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Al-Alb Co. for General Transportation (PLLC)

Iraq

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Kurdistan Company for

Administration of Warehouses and Facilitate Storage Process Limited

Iraq

67.5%

\"\"
\"\"
\"\"
\"\"

The Warehousing Company for

Shipping, Discharging and Custom Clearance LLC

Iraq

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Ltd.

Israel

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Marine Insurance Agency Ltd.

Israel

100.0%

\"\"
\"\"
\"\"
\"\"

DSV - E-COMMERCE LTD.

Israel

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Ltd

Israel

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

U.T.I.-Inventory Management Solutions Limited partnership

Israel

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

UTI IMS Ltd.

Israel

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Jordan

Jordan

100.0%

Public warehousing Company -Jordan PSC

Jordan

100.0%

\"\"
\"\"
\"\"
\"\"

Public Warehousing Company for

Storage and Distribution Services

Jordan

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Public warehousing Company -Jordan PSC - Aqaba Branch

Jordan

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

Kenya

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina Kenya Ltd.

Kenya

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Limited

Kenya

100.0%

DSV Holding for Company Business Management W.L.L

Kuwait

100.0%

Global Logistics for General Trading and Contracting Co. WLL

Kuwait

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Co. W.L.L.

Kuwait

49.0%

\"\"
\"\"
\"\"
\"\"

DSV A&S for Shipping and Transport\u00a0 W.L.L

Kuwait

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics for

Warehousing Co. S.P.C.

Kuwait

100.0%

GIL Logistics Cargo Transport W.L.L

Kuwait

100.0%

Agility Freight Forwarding (Lebanon) SARL

Lebanon

100.0%

\"\"
\"\"
\"\"
\"\"

PWC Trading and contracting Lebanon SAL (Holding)

Lebanon

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

PWC Lebanon (Holding) SAL

Lebanon

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

PWC investments (Lebanon) SARL

Lebanon

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GIL Africa Holdings Ltd

Mauritius

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina Morocco S.A.R.L.

Morocco

100.0%

\"\"
\"\"
\"\"
\"\"

Global Integrated Logistics Company SARL AU

Morocco

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Transport Int'l S.A

Morocco

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Maroc S.A.S

Morocco

100.0%

DSV Air & Sea Limitada

Mozambique

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

GIL Mozambique, LDA

Mozambique

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker South Africa (PTY) LTD

(Maputo Branch)

Mozambique

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea (Pty) Ltd.

Namibia

100.0%

Globeflight Worldwide Express (Pty) Ltd

Namibia

100.0%

DSV Freight International Limited

Nigeria

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea LLC

Oman

70.0%

\"\"
\"\"
\"\"
\"\"

Global Logistics (Oman) LLC

Oman

50.0%

Schenker Khimji's LLC

Oman

60.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air and Sea Shipping WLL

Qatar

49.0%

\"\"
\"\"
\"\"
\"\"

DSV Panalpina Marine Shipping W.L.L.

Qatar

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Logistics W.L.L.

Qatar

49.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Ocean Freight Services WLL

Qatar

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea for Logistics Services Company

Saudi Arabia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Regional Headquarter of DSV Arabia

Saudi Arabia

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Saudi Arabia LLC

Saudi Arabia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions for Logistics Services Company

Saudi Arabia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV South Africa (Pty) Ltd.

South Africa

75.0%

\"\"
\"\"
\"\"
\"\"

DSV Shared Services (Pty) Ltd.

South Africa

100.0%

UTi Logistics (Proprietary) Limited - SC OCS Division

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV AFRICA HOLDING (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Skyservices (Pty) Ltd

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Real Estate Johannesburg (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

Firefly Investments 337 Properties Proprietary Limited

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

Linkit lnvestments (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker South Africa (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

BAX Global (Pty.) Ltd.

South Africa

100.0%

Schenker International (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Healthcare (Pty) Ltd.

South Africa

100.0%

DSV Contract Logistics Proprietary Limited

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Assembly Services (Pty) Ltd.

South Africa

65.3%

\"\"
\"\"
\"\"
\"\"
\"\"

DB Schenker Logistics Campus MEA (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road (Pty) Ltd.

South Africa

100.0%

Globeflight Worldwide Express (SA) Pty Ltd

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Mercury Couriers (Pty) Ltd

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics & Freight Tanzania Limited

Tanzania

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Limited (Uganda Branch)

Uganda

100.0%

\"\"
\"\"
\"\"
\"\"

GIL INTERNATIONAL HOLDINGS I

LIMITED

United Arab Emirates

100.0%

GIL INTERNATIONAL HOLDINGS II LIMITED

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GIL INTERNATIONAL HOLDINGS III LIMITED

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics DWC-LLC

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina Jebel Ali Ltd.

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Gulf Customs Broker LLC

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea DWC-LLC

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea Middle East DWC-LLC

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions PJSC

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics L.L.C.

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions MENA FZE

United Arab Emirates

100.0%

Schenker Middle East FZE

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker (L.L.C)

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics - L.L.C - S.P.C

United Arab Emirates

100.0%

DSV Contract Logistics FZE

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV FAIRS & EVENTS L.L.C

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

Zambia

100.0%

DSV Air & Sea (Private) Limited

Zimbabwe

100.0%

\"\"
\"\"
\"\"
\"\"

Joint Ventures

NEOM DSV Logistics Company Limited

Saudi Arabia

49.0%

Associates

Trans-Link Cambodia Ltd

Cambodia

49.0%

Les Triporteurs Rochekais SARL

France

30.0%

Les Triporteurs Tourangeaux SARL

France

20.0%

Les Triporteurs Montpellierains SAS

France

20.0%

Les Triporteurs Parisiens SAS

France

20.0%

Express Air Systems GmbH (EASY)

Germany

50.0%

Mesa Technologies GmbH

Germany

10.6%

I.M. \"Moldromukrtrans\" S.R.L.

Moldova

33.3%

AEP Logistics Properties Venlo B.V.

Netherlands

30.0%

Volla Eiendom AS

Norway

50.0%

Tristar Transport (Private) Limited

Pakistan

50.0%

ADRIA KOMBI d.o.o., Ljubljana

Slovenia

33.7%

Trans Jelabel S.L.

Spain

20.0%

Germans Corbalan & Alvarez, S.L.

Spain

20.0%

B\u00e4ckebols Akeri AB

Sweden

35.0%

BTU - Bilspedition Transport\u00f6rer

Utvecklings AB

Sweden

50.0%

Polymer Logistics Investments LLC

United Arab

Emirates

36.5%

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s10__8__175": { "value": "

Group company overview

The overview below lists the companies in the DSV Group at 31 December 2025, showing the companies by segment and not by legal structure.

Activity:

Company

Country

Ownership share

Activity

Parent

DSV A/S

Denmark

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Subsidiaries

Europe

DSV Andorra, SLU

Andorra

100.0%

DSV Air & Sea GmbH

Austria

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Road GmbH

Austria

100.0%

SCHENKER & CO AG

Austria

100.0%

DSV Contract Logistics GmbH

Austria

100.0%

Panalpina Central Asia EC - Azerbaijan Branch

Azerbaijan

100.0%

\"\"
\"\"
\"\"
\"\"

DB Schenker FLLC

Belarus

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea NV

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina World Transport N.V.

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"

AD Handling NV

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"

ABX Worldwide Holdings NV/SA

Belgium

100.0%

Air & Sea

Road

Contract Logistics

Group

DSV Road Holding NV

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Belgium NV

Belgium

100.0%

DSV Contract Logistics NV

Belgium

100.0%

DSV Logistics N.V.

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Ghent NV

Belgium

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road N.V.

Belgium

100.0%

MCI Brokers N.V.

Belgium

99.9%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker NV

Belgium

100.0%

SCHENKER d.o.o.

Bosnia And

Herzegovina

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea EOOD

Bulgaria

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Road EOOD

Bulgaria

100.0%

SCHENKER EOOD

Bulgaria

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Croatia d.o.o.

Croatia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea s.r.o.

Czech Republic

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Czech Republic s.r.o.

Czech Republic

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics s.r.o.

Czech Republic

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road a.s.

Czech Republic

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SCHENKER spol. s r.o.

Czech Republic

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Insurance A/S

Denmark

100.0%

DSV Group Services A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV FS A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road A/S - Energy branch

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Holding A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Ocean Transport A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"

PC KH ApS

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Denmark ApS

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Holding A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Hedeland Workshop A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Magdeburg A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Holding A/S

Denmark

100.0%

DSV Road A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Hedeland 5 A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Services A/S

Denmark

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Sky Partners O\u00dc

Estonia

100.0%

DSV Estonia AS

Estonia

100.0%

DSV Road AS

Estonia

100.0%

DSV Air & Sea Oy

Finland

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Oy

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Rengaslinja Oy

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Suomi Oy

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Oy

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Kiinteist\u00f6 Oy Tir-Trans

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Kiinteist\u00f6 Oy Tampereen Rahtiasema

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Kiinteist\u00f6 Oy Sein\u00e4joen Kiitolinja-asema

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Kiinteist\u00f6 Oy Turun Nosturinkatu 6

Finland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DB France Holding SAS

France

100.0%

DSV Air & Sea SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"

Air Terminal Handling SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"

DSV International Air & Sea France

France

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Holding S.A.

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

ASIMEX Anterist + Schneider Import - Export SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SCHENKER FRANCE SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

ATLANTIQUE EXPRESS SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Les Triporteurs Francais SAS

France

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina Georgia LLC

Georgia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Group Services GmbH

Germany

100.0%

DSV Holding Germany GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Aktiengesellschaft1

Germany

100.0%

Schenker AG & Co.

Beteiligungsverwaltungs OHG

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker GmbH f\u00fcr Beteiligungen

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Global Management &

Services GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Germany GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Deutschland AG i.V.

SCHENKER AG

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Deutschland GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Flight Services GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Europe GmbH i.V. Schenker AG

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Services GmbH

Germany

100.0%

Bitergo GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Group GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Stuttgart GmbH & Co. KG

Germany

100.0%

DSV Stuttgart Verwaltung GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Fairs & Events GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Deutschland AG

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Technik GmbH

Germany

100.0%

Schenker Europe GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SW Zoll-Beratung GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road GmbH

Germany

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Single Member S.A.

Greece

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Road Single Member S.A.

Greece

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker A.E.

Greece

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Hungary Kft.

Hungary

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Kft.

Hungary

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Hungaria Kft.

Hungary

100.0%

Schenker Nemzetk\u00f6zi Szallitmanyozasi es Logisztikai Kft.

Hungary

100.0%

DSV Real Estate Hungary Kft.

Hungary

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

Ireland

100.0%

Panalpina World Transport (Ireland) Ltd.

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"

DSV GIL Ireland Limited

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker (Ireland) Ltd.

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Insurance Designated Activity Company

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (Ireland) Limited

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Ltd.

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Inventory Management Solutions Limited

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Limited

Ireland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV S.p.A.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina Trasporti Mondiali S.p.A.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Italiana S.p.A.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate S.p.A.

Italy

89.8%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Italy S.r.l.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions S.R.L.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Novara S.r.l.

Italy

66.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Modena S.r.l.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road S.R.L.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

HANGARTNER Terminal S.r.l.

Italy

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GIL Kazakhstan LLP

Kazakhstan

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Kazakhstan LLP

Kazakhstan

100.0%

DSV Latvia SIA

Latvia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SIA Schenker

Latvia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Lithuania UAB

Lithuania

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

UAB \"Schenker\"

Lithuania

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea GmbH

Luxembourg

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air Services

Luxembourg

100.0%

\"S.C. Schenker\" S.R.L.

Moldova

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics International BV

Netherlands

100.0%

TransOceanic Holdings BV

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Finance B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

UTi (Netherlands) Holdings BV

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Nederland B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Logistics Nederland B.V.

Netherlands

100.0%

DSV Solutions Holding B.V.

Netherlands

100.0%

DSV Contract Logistics B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

IMS Holdings BV

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions (Moerdijk) B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Nederland B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Transport Groep B.V.

Netherlands

100.0%

DSV Road Holding N.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Salfetsin B.V.

Netherlands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV ROAD DOOEL Skopje

North Macedonia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SCHENKER DOOEL

North Macedonia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea AS

Norway

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina AS

Norway

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Norway AS

Norway

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions AS

Norway

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road AS

Norway

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Global Business Services Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Warsaw II Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Technology Center (Warsaw) sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Sp. z o.o.

Poland

100.0%

Panalpina Polska Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Poland Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Services Sp. z o.o.

Poland

100.0%

DSV Real Estate Lodz Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Sp. z o.o.

Poland

100.0%

Schenker Sp. z o.o.

Poland

99.7%

DSV Contract Logistics Sp. z o.o.

Poland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Group Services Unipessoal, Lda

Portugal

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Portugal, LDA

Portugal

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions, Lda.

Portugal

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV SGPS, Lda.

Portugal

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Transitarios, S.A.

Portugal

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Transitarios, Lda.

Portugal

100.0%

DSV Global Business Services S.R.L.

Romania

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea SRL

Romania

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics S.R.L.

Romania

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road S.R.L.

Romania

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics Romania S.A.

Romania

99.5%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road d.o.o.

Serbia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

SCHENKER d.o.o.

Serbia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Slovakia s. r. o.

Slovakia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Slovakia s.r.o.

Slovakia

100.0%

\"\"
\"\"
\"\"
\"\"

SCHENKER s.r.o.

Slovakia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Slovakia, s.r.o.

Slovakia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea d.o.o.

Slovenia

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Transport d.o.o.

Slovenia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker d.d.

Slovenia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Tacisa Transitaria S.L.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea International, S.L.U.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Spain S.A.U.

Spain

100.0%

Servicios Logisticos Integrados SLI, S.A.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"

DSV REAL ESTATE LA BISBAL S.L.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Spain S.A.U.

Spain

100.0%

DSV Holding Spain S.L.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea, S.A.U.

Spain

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Road AB - Energy branch

Sweden

100.0%

DSV Air & Sea AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Nordic AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"

Agility AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Group AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road AB

Sweden

100.0%

Schenker Property Sweden AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Transport Aktiebolag

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Filen 8 Aktiebolag

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Langtradaren i J\u00e4mtland AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Trafikaktiebolaget NP Kagstr\u00f6m

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Fastighets Aktiebolaget Orbyn

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Langtradaren 2 Borl\u00e4nge

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB S\u00f6rby 24:3 -G\u00e4vle

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB \u00c4tteh\u00f6gen \u00d6stra 1 -Helsingborg

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Transporten 1 -Hultsfred

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Bleket 1 -Karlstad

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB \u00d6nnestad 108:4 -Kristianstad

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Maskinen 3 -Link\u00f6ping

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Storheden 1:8 -Lulea

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Benkammen 12 -Malm\u00f6

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

KB Norr\u00e4nget 62 Hudiksvall

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Lertaget 1, Skara

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Vivstamon 1:13 -Timra

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Baggb\u00f6le 2:35 -Umea

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Transport\u00f6ren 1 -V\u00e4rnamo

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB K\u00f6pmannen 10 -V\u00e4ster\u00e5s

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Pantern 1 -V\u00e4xj\u00f6

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Distribut\u00f6ren 3 och 4 -\u00d6rebro

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB \u00d6ver\u00f6n 1:66 -\u00d6rnsk\u00f6ldsvik

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Vindtrycket 1 -Bor\u00e5s

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Backa 107:3

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB \u00c4delgasen 1 -J\u00f6nk\u00f6ping

Sweden

100.0%

KB \u00c4lghunden J\u00f6nk\u00f6ping

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Malm\u00f6 Hamnen 22 Malm\u00f6

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Forsmark 5 Stockholm

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Arbetsbasen 4 -Stockholm

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Forsmark 3 -Stockholm

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Forsmark 2 -Stockholm

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Tveta-Valsta 4:5 S\u00f6dert\u00e4lje

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Frysen 1 Visby

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

KB Fryshuset 3-Visby

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Fuller\u00f6 67:2 Uppsala Aktiebolag

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

G\u00f6inge Frakt EK

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Property Holding AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker AB

Sweden

100.0%

Schenker Equipment AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Consulting AB

Sweden

100.0%

Schenker Dedicated Services Sweden AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Akeri AB

Sweden

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GIL Switzerland 4 AG

Switzerland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina Welttransport Holding AG

Switzerland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Corporate Services AG

Switzerland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina International AG

Switzerland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea AG

Switzerland

100.0%

Schenker Schweiz AG

Switzerland

100.0%

DSV Logistics S.A.

Switzerland

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea A.S.

T\u00fcrkiye

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker-Arkas Nakliyat Ve Tic. A.S.

T\u00fcrkiye

55.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV International Hava ve Deniz

Ta\u015fimacili\u011fi Ltd.\u015eirketi

T\u00fcrkiye

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Road & Solutions A.S.

T\u00fcrkiye

100.0%

Panalpina World Transport Ltd.

Ukraine

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Logistics LLC

Ukraine

100.0%

DP Schenker

Ukraine

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Kyiv LLC

Ukraine

100.0%

DSV GIL Holding Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

DSV GIL UK Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

DSV GIL Fairs & Events Limited

United Kingdom

100.0%

DSV GIL Pension Trustees Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea 2018 (UK) Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Lead Logistics Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV GIL Solutions Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

DSV GIL Management Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Thrapston Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

G T Exhibitions Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Mercia Park Limited

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Holding Ltd.

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Commercials Ltd.

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Ltd.

United Kingdom

100.0%

DSV Pension Trustees Ltd.

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Limited

United Kingdom

100.0%

DSV Real Estate Tamworth Ltd.

United Kingdom

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Americas

UTi Logistics Argentina S.A.

Argentina

100.0%

DSV Air & Sea S.A.

Argentina

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Argentina S.A.

Argentina

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GeoLogistics Holdings (Bermuda)

Limited

Bermuda

100.0%

DSV Contract Logistics Brasil Servi\u00e7os de Log\u00edstica Ltda.

Brazil

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Brasil Ltda.

Brazil

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker do Brasil Transportes

Internacionais Ltda.

Brazil

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

UTi Worldwide Inc.

Brit. Virgin Islands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

UTi Logistics (Proprietary) Limited

Brit. Virgin Islands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility (Asia/Pacific) Limited

Brit. Virgin Islands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

PWC Global Logistics Holdings Ltd

Brit. Virgin Islands

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Inc.

Canada

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker of Canada Ltd.

Canada

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Flinnco Shipping Limited

Canada

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Inc.

Canada

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road, Inc.

Canada

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (Latin America) Holding S.A.

Chile

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea S.A.

Chile

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Logistics Corp. Holding SpA

Chile

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Logistics Chile SA

Chile

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Chile S.A.

Chile

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea S.A.S.

Colombia

100.0%

AGENCIA DE ADUANAS DSV S.A.S. NIVEL 1

Colombia

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics S.A.S.

Colombia

100.0%

DSV Contract Logistics Zona Franca SAS

Colombia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea S.A.

Costa Rica

100.0%

\"\"
\"\"
\"\"
\"\"

DSV AIR & SEA DOMINICANA, S.R.L.

Dominican Republic

100.0%

\"\"
\"\"
\"\"
\"\"

DSV-AIR&SEA S.A.

Ecuador

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea, S.A. de C.V.

El Salvador

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker S.A.

Guatemala

100.0%

\"\"
\"\"
\"\"
\"\"

DB Schenker GBS Americas, S. de R.L. de C.V.

Mexico

100.0%

DSV Air & Sea, S.A. de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"

DSV International Shared Services S.A. de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

TransOceanic Shipping Co. S. de RL de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker International S.A. de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics, S.A. de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Manufacturing Services S.A. de C.V.

Mexico

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road, S.A. de C.V.

Mexico

100.0%

DSV Air & Sea PA Inc.

Panama

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina SEM, S.A.

Panama

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina S.A.

Panama

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Almacenadora Mercantil S.A.

Panama

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Paraguay S.A.

Paraguay

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea S.A.

Peru

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics Peru S.A.

Peru

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Peru S.R.L.

Peru

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (PR) Inc.

Puerto Rico

100.0%

Arabella Shipping Ltd

Saint Vincent And The Grenadines

100.0%

\"\"
\"\"
\"\"
\"\"

DSV 4PL Inc.

United States

100.0%

Schenker Global Management &

Technology Center Americas Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Holding Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea International Holding Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker, Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Karpeles Freight Services, Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics, LLC

United States

100.0%

DSV Inventory Management Solutions Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV US Property Holding, Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Americas, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Los Angeles, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Phoenix, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Chicago, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate New Albany, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Pharr, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Portland, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Laredo, LLC

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Market Industries LLC

United States

100.0%

DSV Road Transport, Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road, Inc.

United States

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Uruguay S.A.

Uruguay

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Pty. Ltd.

Australia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Pty. Ltd.

Australia

100.0%

A.C.N. 116 779 876 PTY LTD

Australia

100.0%

A.C.N. 004 265 721 PTY LTD

Australia

100.0%

\"\"
\"\"
\"\"
\"\"

A.C.N. 078 189 296 PTY LTD

Australia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Australia Pty. Ltd.

Australia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Ltd.

Bangladesh

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Ltd.

Bangladesh

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Bangladesh)

Limited

Bangladesh

40.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (Cambodia) Co., Ltd.

Cambodia

100.0%

\"\"
\"\"
\"\"
\"\"

Prime Cargo (Cambodia) Co., Ltd.

Cambodia

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Integration 1 (Cambodia) Co., Ltd.

Cambodia

100.0%

\"\"
\"\"
\"\"
\"\"

DB Schenker (Cambodia) Limited

Cambodia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Co., Ltd.

Cambodia

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Business Services (Nanjing) Co., Ltd.

China

100.0%

DSV Air & Sea Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Co., Ltd. (China)

China

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Logistics Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker BITCC Logistics (Beijing) Co., Ltd.

China

70.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker China Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Zhejiang DSV supply chain

management CO.,LTD

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Logistics (Nanjing) Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker BITCC Customs Broker

(Beijing) Co. Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Chongqing) Co. Ltd

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Shanghai) Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Xiamen) Co. Ltd.

China

100.0%

Schenker Logistics (Guangzhou)

Company Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Suzhou) Company Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Shenzhen) Co. Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Chengdu) Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Jinbei Logistics (Shenyang) Co. Ltd.

China

50.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Kunshan) Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Jiaxing) Co., Ltd.

China

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road Co., Ltd.

China

100.0%

Schenker (H.K.) Ltd.

Hong Kong

100.0%

DSV Air & Sea Ltd.

Hong Kong

100.0%

Pantainer (H.K.) Ltd.

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Logistics Limited

Hong Kong

100.0%

Schenker International (HK) Ltd.

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Limited

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (HK) Ltd.

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina China Ltd.

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Global Business Services Private Limited

India

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Pvt. Ltd.

India

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea International Private Limited

India

100.0%

\"\"
\"\"
\"\"
\"\"

SCHENKER INDIA PRIVATE LIMITED

India

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Coload & Clearance Pvt. Ltd.

India

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Private Limited

India

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

PT. DSV Transport Indonesia

Indonesia

100.0%

\"\"
\"\"
\"\"
\"\"

PT GIL Solusi Indonesia

Indonesia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

PT DSV Contract Logistics Ltd.

Indonesia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

PT Synergy Indonesia

Indonesia

100.0%

PT. Schenker Logistics Indonesia

Indonesia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Japan GK

Japan

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Co., Ltd.

Japan

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker-Seino Co. Ltd.

Japan

60.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Co., Ltd.

Japan

100.0%

DSV Air & Sea Ltd.

Korea

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Ltd.

Korea

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Korea Ltd.

Korea

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea International Ltd.

Korea

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea (Lao) Sole Co., Ltd

Laos

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea Limited

Macao

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Sdn. Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"

Litvest Corporation Sdn Bhd

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions (DC) Sdn. Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Shared Services Asia Sdn Bhd

Malaysia

100.0%

DSV Solutions (Management) Sdn. Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Malaysia) Sdn Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Logistics Sdn. Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV STATIONARY SDN. BHD.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina Transport (Malaysia) Sdn. Bhd.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Inventory Management Solutions Sdn. BHD.

Malaysia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea (Myanmar) Limited

Myanmar

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Myanmar Co., Ltd.

Myanmar

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

New Zealand

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker (NZ) Limited

New Zealand

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air and Sea Pakistan

(SMC-Private) Limited

Pakistan

100.0%

\"\"
\"\"
\"\"
\"\"

DSV SOLUTIONS (PRIVATE) LIMITED

Pakistan

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

Papua New Guinea

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Global Business Services Inc.

Philippines

100.0%

Schenker Manila Administrative

Competence Center Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Holding Co Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Logistics Holding Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"

GIL International Logistics Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Philippines, Inc.

Philippines

100.0%

DSV Contract Logistics Inc.

Philippines

100.0%

Panalpina World Transport (Philippines) Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Global Solutions Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GIL Logistics Distribution Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Distribution Solutions, Inc.

Philippines

100.0%

Schenker Philippines (Subic) Inc.

Philippines

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics Holdings Pte Ltd

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics Holdings (S) Pte. Ltd.

Singapore

100.0%

DSV Singapore Real Estate Holding Pte. Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker (Asia Pacific) Pte. Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Global Management &

Services PTE. LTD.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility International Logistics Pte. Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

China Baisui Logistics Pte Ltd

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Singapore (PTE) Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

The Great Ocean Line Pte. Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Pte Ltd.

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Singapore Pte. Ltd.

Singapore

100.0%

DSV Inventory Management Solutions Pte. Ltd

Singapore

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Pership (Private) Limited

Sri Lanka

40.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Co., Ltd.

Taiwan

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker (H.K.) Limited Taiwan Branch

Taiwan

100.0%

DSV Air & Sea (Taiwan) Ltd.

Taiwan

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics Co., Ltd.

Taiwan

100.0%

Panalpina Asia-Pacific Services

(Thailand) Ltd.

Thailand

100.0%

Supreme Eliga Co. Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Air & Sea (Thailand) Co., Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker (Thai) Holdings Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker (Thai) Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Holding (Thailand) Co., Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina World Transport (Thailand) Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Ltd.

Thailand

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Logistics (Thai) Ltd.

Thailand

100.0%

DSV Air & Sea Company Limited

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Co., Ltd

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics Vietnam Joint Stock Company

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Agility Ltd

Vietnam

71.0%

\"\"
\"\"
\"\"
\"\"

Schenker Vietnam Co., Ltd.

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Vietnam Limited

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"

Inventory Management Solutions

Vietnam Limited

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics Vietnam Co., Ltd.

Vietnam

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Middle East & Africa

Agility Logistics Limited

Afghanistan

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Logistics SARL

Algeria

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Frans Maas Algerie S.a.r.l.

Algeria

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Transitarios Angola, S.A.

Angola

92.0%

Global Integrated Logistics Lda

Angola

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Angola, Limitada

Angola

99.9%

\"\"
\"\"
\"\"
\"\"

DSV AIR & SEA W.L.L.

Bahrain

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina Central Asia EC

Bahrain

100.0%

\"\"
\"\"
\"\"
\"\"

Almoayed Schenker W.L.L.

Bahrain

49.0%

DSV Solutions B.S.C Closed

Bahrain

100.0%

DSV Air & Sea (PTY) Limited

Botswana

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina Transports Mondiaux

Cameroun S.A.R.L.

Cameroon

90.0%

\"\"
\"\"
\"\"
\"\"

DSV-UTI Egypt Ltd.

Egypt

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina World Transport Egypt LLC

Egypt

100.0%

\"\"
\"\"
\"\"
\"\"

GIL Egypt Limited Liability Company

Egypt

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Egypt Ltd.

Egypt

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract logistics S.A.E.

Egypt

100.0%

Global Options Worldwide Express Investments (Pty) Ltd

Eswatini

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Al-Alb Co. for General Transportation (PLLC)

Iraq

100.0%

\"\"
\"\"
\"\"
\"\"

Agility Kurdistan Company for

Administration of Warehouses and Facilitate Storage Process Limited

Iraq

67.5%

\"\"
\"\"
\"\"
\"\"

The Warehousing Company for

Shipping, Discharging and Custom Clearance LLC

Iraq

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Ltd.

Israel

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Marine Insurance Agency Ltd.

Israel

100.0%

\"\"
\"\"
\"\"
\"\"

DSV - E-COMMERCE LTD.

Israel

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions Ltd

Israel

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

U.T.I.-Inventory Management Solutions Limited partnership

Israel

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

UTI IMS Ltd.

Israel

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Jordan

Jordan

100.0%

Public warehousing Company -Jordan PSC

Jordan

100.0%

\"\"
\"\"
\"\"
\"\"

Public Warehousing Company for

Storage and Distribution Services

Jordan

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Public warehousing Company -Jordan PSC - Aqaba Branch

Jordan

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

Kenya

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina Kenya Ltd.

Kenya

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Limited

Kenya

100.0%

DSV Holding for Company Business Management W.L.L

Kuwait

100.0%

Global Logistics for General Trading and Contracting Co. WLL

Kuwait

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Co. W.L.L.

Kuwait

49.0%

\"\"
\"\"
\"\"
\"\"

DSV A&S for Shipping and Transport\u00a0 W.L.L

Kuwait

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics for

Warehousing Co. S.P.C.

Kuwait

100.0%

GIL Logistics Cargo Transport W.L.L

Kuwait

100.0%

Agility Freight Forwarding (Lebanon) SARL

Lebanon

100.0%

\"\"
\"\"
\"\"
\"\"

PWC Trading and contracting Lebanon SAL (Holding)

Lebanon

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

PWC Lebanon (Holding) SAL

Lebanon

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

PWC investments (Lebanon) SARL

Lebanon

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GIL Africa Holdings Ltd

Mauritius

100.0%

\"\"
\"\"
\"\"
\"\"

Panalpina Morocco S.A.R.L.

Morocco

100.0%

\"\"
\"\"
\"\"
\"\"

Global Integrated Logistics Company SARL AU

Morocco

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Transport Int'l S.A

Morocco

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Maroc S.A.S

Morocco

100.0%

DSV Air & Sea Limitada

Mozambique

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

GIL Mozambique, LDA

Mozambique

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker South Africa (PTY) LTD

(Maputo Branch)

Mozambique

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea (Pty) Ltd.

Namibia

100.0%

Globeflight Worldwide Express (Pty) Ltd

Namibia

100.0%

DSV Freight International Limited

Nigeria

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea LLC

Oman

70.0%

\"\"
\"\"
\"\"
\"\"

Global Logistics (Oman) LLC

Oman

50.0%

Schenker Khimji's LLC

Oman

60.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air and Sea Shipping WLL

Qatar

49.0%

\"\"
\"\"
\"\"
\"\"

DSV Panalpina Marine Shipping W.L.L.

Qatar

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Logistics W.L.L.

Qatar

49.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Ocean Freight Services WLL

Qatar

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea for Logistics Services Company

Saudi Arabia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Regional Headquarter of DSV Arabia

Saudi Arabia

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Saudi Arabia LLC

Saudi Arabia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions for Logistics Services Company

Saudi Arabia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV South Africa (Pty) Ltd.

South Africa

75.0%

\"\"
\"\"
\"\"
\"\"

DSV Shared Services (Pty) Ltd.

South Africa

100.0%

UTi Logistics (Proprietary) Limited - SC OCS Division

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV AFRICA HOLDING (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Skyservices (Pty) Ltd

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Real Estate Johannesburg (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

Firefly Investments 337 Properties Proprietary Limited

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

Linkit lnvestments (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker South Africa (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

BAX Global (Pty.) Ltd.

South Africa

100.0%

Schenker International (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Healthcare (Pty) Ltd.

South Africa

100.0%

DSV Contract Logistics Proprietary Limited

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Assembly Services (Pty) Ltd.

South Africa

65.3%

\"\"
\"\"
\"\"
\"\"
\"\"

DB Schenker Logistics Campus MEA (Pty) Ltd.

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road (Pty) Ltd.

South Africa

100.0%

Globeflight Worldwide Express (SA) Pty Ltd

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Mercury Couriers (Pty) Ltd

South Africa

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics & Freight Tanzania Limited

Tanzania

100.0%

\"\"
\"\"
\"\"
\"\"

Schenker Limited (Uganda Branch)

Uganda

100.0%

\"\"
\"\"
\"\"
\"\"

GIL INTERNATIONAL HOLDINGS I

LIMITED

United Arab Emirates

100.0%

GIL INTERNATIONAL HOLDINGS II LIMITED

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

GIL INTERNATIONAL HOLDINGS III LIMITED

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics DWC-LLC

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Panalpina Jebel Ali Ltd.

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Gulf Customs Broker LLC

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea DWC-LLC

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Air and Sea Middle East DWC-LLC

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"

DSV Solutions PJSC

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Contract Logistics L.L.C.

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions MENA FZE

United Arab Emirates

100.0%

Schenker Middle East FZE

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker (L.L.C)

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

Schenker Logistics - L.L.C - S.P.C

United Arab Emirates

100.0%

DSV Contract Logistics FZE

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV FAIRS & EVENTS L.L.C

United Arab Emirates

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limited

Zambia

100.0%

DSV Air & Sea (Private) Limited

Zimbabwe

100.0%

\"\"
\"\"
\"\"
\"\"

Joint Ventures

NEOM DSV Logistics Company Limited

Saudi Arabia

49.0%

Associates

Trans-Link Cambodia Ltd

Cambodia

49.0%

Les Triporteurs Rochekais SARL

France

30.0%

Les Triporteurs Tourangeaux SARL

France

20.0%

Les Triporteurs Montpellierains SAS

France

20.0%

Les Triporteurs Parisiens SAS

France

20.0%

Express Air Systems GmbH (EASY)

Germany

50.0%

Mesa Technologies GmbH

Germany

10.6%

I.M. \"Moldromukrtrans\" S.R.L.

Moldova

33.3%

AEP Logistics Properties Venlo B.V.

Netherlands

30.0%

Volla Eiendom AS

Norway

50.0%

Tristar Transport (Private) Limited

Pakistan

50.0%

ADRIA KOMBI d.o.o., Ljubljana

Slovenia

33.7%

Trans Jelabel S.L.

Spain

20.0%

Germans Corbalan & Alvarez, S.L.

Spain

20.0%

B\u00e4ckebols Akeri AB

Sweden

35.0%

BTU - Bilspedition Transport\u00f6rer

Utvecklings AB

Sweden

50.0%

Polymer Logistics Investments LLC

United Arab

Emirates

36.5%

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }