Delivering sustainable growth

DSV is a global leader in the freight forwarding and logistics industry. We connect our customers with the world and ensure flexible and efficient supply chains through storage and transport of goods by air, sea and road.

We enable the business of our customers by keeping supply chains flowing – from shipper to consignee. By giving our customers the logistics services they require and by running a profitable operation that delivers return on investment for our shareholders.

Combining the latest technologies with our leading global network and the talent of our strong global workforce, we continuously develop our business and maintain industry-leading margins to deliver sustainable growth.

Welcome to our Annual Report 2025.

DSV A/S

Hovedgaden 630, 2640 Hedehusene, Denmark

Tel. +45 43 20 30 40, CVR no. 58233528

Annual Report for the year ending 31 December 2025

(49th financial year). Published 4 February 2026.

Solid financial performance

Despite geopolitical uncertainty and disruptions in global freight markets, we delivered solid results with positive contribution from Schenker. In 2025, our gross profit reached DKK 66,859 million (59.0%) and operating profit before special items totalled DKK 19,611 million (24.8%) in line with our financial guidance. Our adjusted free cash flow came to DKK 16,335 million (194.3%).

The earnings growth was primarily driven by the addition of Schenker, sup- ported by the synergies and our ongoing commitment to digitalising our work- flows. We are confident that the anticipated synergies of about DKK 9 billion annually will raise the combined company’s profit margins to at least DSV’s historical levels during the integration.

Navigating the challenging markets

In 2025, the transport and logistics sector was impacted by complex global market conditions and the implementation of trade tariffs. These tariffs, ongoing trade disputes, macroeconomic shifts, and persistent geopolitical uncertainties together with fluctuating currencies all contributed to increased volatility and had significant impact on customers’ supply chains and overall demand. Despite these challenges, global transport volumes sustained their long-term growth trajectory, especially in the first half of the year, followed by more muted activity in the second half.

We are proud that by utilising our flexible business model, digital platform and global operations in more than 90 countries, we kept supply chains flowing, enabling our customers’ businesses to continue.

The air freight market was impacted by changes to the de minimis exemption regulations in the US, particularly the low-cost e-commerce segment, shifting capacity and volumes to other markets. For ocean freight, regional instability in the Middle East and incidents involving commercial vessels in the Red Sea compelled ocean carriers to adopt alternate routes. This continued throughout 2025 and constrained shipping capacity, leading to extended transit times.

European road freight remained highly competitive as volumes aligned with the slow growth of European economies. During the second half of 2025, markets have stabilised. The contract logistics market stayed stable, with growth mainly driven by increased demand in the technology sector.

A new global leader

The combination with Schenker marks a major milestone in our growth journey and positions DSV as a global leader in the transport and logistics industry. The acquisition has strengthened our global network, making DSV the leader in global air and sea freight, European road freight and a top-five player in contract logistics. Our strategy remains focused on enhancing our network, supported by a strong foundation of digitalised solutions, the use of artificial intelligence and the expertise of our people on the ground. All with the aim of delivering the best service for our customers.

With the integration of Schenker, we are creating a platform for sustainable growth, both organic and inorganic. By enhancing our offering across divisions, this will enable us to drive organic growth and offer more comprehensive solu- tions to our customers, building on our commercial approach and our strong customer relationships. We continue to strengthen our value proposition and develop our service portfolio, including the expansion of our bespoke industry- specific solutions within dedicated verticals, utilising our industry expertise.

Integrating at unprecedented speed

We completed the Schenker transaction on 30 April 2025 and welcomed more than 85,000 dedicated Schenker colleagues to DSV. We are building an even stronger organisation and consolidating operations across divisions, back-office functions and finance, IT and logistics infrastructure. By doing this, we will achieve significant synergies and create a more efficient, unified business.

In the first month, we formed the global leadership team combining leaders from DSV and Schenker, establishing a foundation for group-wide integration. This has improved employee understanding of the process and what it means for them. With a robust organisation, effective change management and our commercial structure, we are well equipped to support our customers through the transition. Customer dialogue remains strong, with ongoing positive feed- back and commitment.

The actual integration happens when central functions merge and the individual countries are integrated. We embarked on this process in Q2 2025, and in just 8 months, we have completed 30% of the integration, including in several of our largest markets. Due to strong progress, we now expect to finalise the integration already by the end of 2026.

Driving change

To remain competitive, we must adopt new technologies. Every year, comput- ing power grows, helping us optimise our workflows. Advancement in artificial intelligence is especially important – it is reshaping organisations and opening up new opportunities. This is why we invest heavily in leadership development and communication. It is essential that all employees understand how techno- logies affect them and how they can help DSV stay ahead.

Moving forward on sustainability

As a global leader, we acknowledge our responsibility, and we continue to focus on sustainability to fulfil our commitments. This includes operating in a more sustaina- ble manner, minimising resource consumption and caring for our staff and stake- holders. Throughout the Schenker integration, we have maintained a strong focus on our people and prioritised an efficient and transparent selection process, which has been well received in the organisation. Overall, we are proud to offer a safe and inclusive workplace where our employees can thrive and grow professionally.

We continue to address decarbonisation challenges by combining the capabilities of DSV and Schenker into an enhanced framework, ensuring our growth objectives align with our decarbonisation ambitions. As part of this integration, we have revised our baseline, reaffirmed our targets and maintained our SBTi commitments.

An even larger people business

In a year with significant macroeconomic uncertainty, market volatility as well as our most complex integration to date, our approximately 150,000 employ- ees delivered fantastic results. Integrating a company as large as Schenker is a significant task that demands focus, adaptability and collaboration. I would like to thank everyone across the organisation for your tremendous efforts. As DSV approaches its 50th anniversary in 2026 (a remarkable milestone), we can look ahead to another year of significant progress as we continue to develop the industry-leading strengths of DSV.

Jens H. Lund

Group CEO, DSV A/S

5 DSV Annual Report 2025 Introduction

Air & Sea

Global freight markets were characterised by high volatility and uncertainty due to macroeconomic and geopolitical dynamics. In the first half of the year, volume increased and freight rates were high due to frontloading ahead of trade tariffs, while the second half was more muted with declining freight rates, mainly within sea freight. In a difficult environment, DSV delivered a solid performance and, combined with Schenker, achieved growth in gross profit and EBIT before special items of 34.9% and 12.8%, respectively.

EBIT before special items: DKK 13,013 million

+12.8%

Gross profit

EBIT before special items

Europe

DKK 36,241 million

54% of total

DKK 8,726 million

45% of total

Americas

DKK 14,449 million

22% of total

DKK 4,014 million

20% of total

Middle East and Africa

DKK 4,263 million

6% of total

DKK 1,394 million

7% of total

Asia Pacific

DKK 11,906 million

18% of total

DKK 5,477 million

28% of total

Road

In the first half of 2025, the road market continued the weak market trends seen in 2024, characterised by low freight rates and utilisation levels, especially in Europe. In the second half, the market saw signs of stabilisation resulting in improved utilisation and margins. DSV Road was highly impacted by the acquisition of Schenker, which is expected to significantly improve the division’s earnings. Road reported 116.0% growth in gross profit and 46.5% growth in EBIT before special items compared to the previous year.

EBIT before special items: DKK 2,735 million

+46.5%

Contract Logistics

Contract Logistics maintained the consolidation plan to enhance ware- housing capacity utilisation and the division’s profitability. In 2025, the division benefited significantly from the addition of Schenker’s strong logistics activities, which drove improved performance in the second half of the year, enhancing both profitability and ROIC before tax. Overall, the division’s gross profit grew by 89.3%, while EBIT before special items rose by 66.0% compared to the previous year.

EBIT before special items: DKK 3,806 million

+66.0%

Carbon baseline updated and we maintain our SBTi commitments

In 2025, our total share of renewable electricity reached 53%

DSV’s heavy-duty battery electric vehicles fleet is now the largest in Europe

Scopes 1 and 2

Scope 3

Recalculation of 2019 baseline

SBTi target boundary (CO ² e - ‘000 tonnes)

DSV

Schenker

New baseline

Total

32,885

Total

12,359

Total

20,526

20,117

12,046

32,163

409

313

722

7 DSV Annual Report 2025 Introduction

2027e

2026e

2025

800

~5,000

9,000

30% of integration completed

100% of integration completed

DSV’s largest acquisition to date

In September 2024, DSV announced the acquisition of Schenker from Deutsche Bahn. Following regulatory approvals, the transaction was completed on 30 April 2025. Schenker was included in the consolidated financial statements of DSV from 1 May 2025 and has thereby contributed eight months to DSV’s 2025 financial results.

Schenker was one of the world’s leading transport and logistics providers with more than 85,000 employees. In 2024, Schenker generated revenue of approximately DKK 143 billion (EUR 19.2 billion) and a pro forma EBIT of approximately DKK 6 billion (EUR 800 million).

Strategic rationale

With the acquisition of Schenker, we are establishing a platform for sustainable growth, both organically and through M&A, by creating a global leader in trans- port and logistics. Based on the financials for 2024, the combined company had a pro forma revenue of more than DKK 300 billion and a pro forma work- force of approximately 160,000 employees. Both companies have similar business models with a focus on customer service and corporate responsibility. The combination is an excellent strategic match that complements all business segments and improves our operations, network and service offerings to the benefit of all customers.

The Air & Sea division has been notably strengthened with a broader global footprint and expanded portfolio of value-added services. The integration of Schenker has had the most significant impact on the Road division, which is now the leader in European road freight and has increased its operations in APAC and Americas. The combination has also benefitted Contract Logistics, nearly doubling the global footprint and providing valuable exposure to the APAC and North America regions.

Financial impact

The integration of Schenker will bring substantial synergies driven by consolida- tion of operations across divisions, offices, back-office functions, finance and IT infrastructure, and logistics facilities in Road and Contract Logistics. Annual synergies are expected to reach approximately DKK 9 billion with full financial impact in 2027.

Timeline for financial impact from synergies related to the Schenker integration (DKKm)

(accumulated)

It is our aspiration to raise the operating margins of the combined entity to at least DSV’s previous levels within the respective business areas by 2027. The transaction is expected to be EPS accretive (diluted and adjusted) in 2026.

In 2025, the transaction and integration costs came to DKK 4,527 million, which was above the expected level for the year due to the significant progress on the integration. Total transaction and integration costs are still expected to be in the level of DKK 11 billion. These costs will be charged to the statement of profit or loss under special items during the integration period.

Unprecedented integration speed

The integration of Schenker is progressing at unprecedented speed. Within the first month after completion of the transaction, we established the global leadership team based on a strong mix of leaders from DSV and Schenker.

The first country integrations began in August 2025 and accelerated in the following months. By end of the year, we had initiated integration processes in more than 30 countries, including several of our largest markets. In addition to the divisional integrations, we are progressing on the integration of back- office functions, including in Germany. Since the Schenker integration process commenced and we started combining our two companies, we have seen a reduction of more than 5,000 white-collar employees (FTEs).

Through significant integration efforts, we completed more than 30% of the integration in 2025, and we now expect to finalise the integration by the end of 2026 which is just 20 months after completion of the acquisition. We expect full financial impact from synergies in 2027.

For 2026, we expect at least DKK 4,000 million incremental financial impact from synergies, in addition to a financial impact of DKK 800 million in 2025. We expect total accumulated impact on EBIT before special items of around DKK 5,000 million in 2026.

Our strong organisational structure and commercial approach enable us to effectively support our customers, also during the integration process, and we remain committed to maintaining transparent and close communication with our customers. We have received very positive feedback and satisfaction scores from our customers since the start of the integration.

9 DSV Annual Report 2025 Introduction

Our physical, organisational and digital infrastructure must be scalable to sup- port our growth, including M&A, and must follow the principle of one main system per business area. We use a combination of standard off-the-shelf IT systems and our own IT platforms, all of which connect to our own-controlled master data with a high focus on data quality and security.

With Schenker, we are improving our systems landscape, especially for Road and Air & Sea, and we will in the coming years embark on an IT journey that includes significant use of artificial intelligence to create an even stronger setup.

M&A and integration

M&A and integration of companies remain a cornerstone of our strategy. Through M&A, we have consistently lifted our productivity, while improving our service offerings and achieving scale and network advantages. The acquisition of Schenker is a testament to DSV’s strategy, establishing a global leader in the transport and logistics industry with unique service offerings to our customers.

Driving successful integrations is a strategic priority at DSV, enabling us to extract the full value of our acquisitions. It ensures that each acquisition is not only completed legally on paper but fully integrated into our operations, achiev- ing synergies, strengthening our global network and supporting long-term growth. Our ability to successfully integrate acquired companies at speed remains a key enabler of our growth .

The transport and logistics industry remains highly fragmented, and despite our leading position, we still only have approximately 6% market share. Combined with increasing complexity in the global supply chains, we continue to see M&A opportunities to support the future growth of the company.

Commercial

Our commercial strategy is the foundation for our organic growth ambitions as well as supportive for our M&A strategy. With a stronger operational and commercial foundation, we are better positioned to support existing and new customers, as illustrated with the positive commercial integration of Schenker’s customers. Our organic growth ambition remains to drive profitable, above- market growth and gain market share across all divisions.

The acquisition of Schenker have complemented our commercial strategy, and we have strengthened our value proposition towards our large customers.

We are continuously advancing our industry expertise, enabling us to understand our customers’ key challenges and to proactively address these. We offer enter- prise-wide integrated solutions to our customers across Air & Sea, Road and Contract Logistics with dedicated expertise within the aerospace and defence, automotive, consumer, healthcare, industrial and technology sectors.

For small and mid-sized customers, we enhance the customer journey by upgrading our digital platform to improve experience, supply chain visibility and efficiency. Our local teams provide daily direct support, ensuring that these segments remain a core strength for DSV.

Sustainability is a central part of DSV’s strategy and is embedded into our business operations, enabling us to align our financial targets with our environ- mental and social responsibilities, thereby continuously generating value for both DSV and society at large. We remain committed to reducing our environ- mental impact, acting responsibly as a people business and conducting business with integrity. We have set an ambitious goal of achieving net-zero carbon emissions across all scopes by 2050. Furthermore, we have defined near-term targets for 2030 supported by a detailed roadmap. As part of the Schenker integration, we have revised our baseline, reaffirmed our emission reduction targets and maintained our commitments. We continuously work to improve efficiency and reduce any negative impact on the environment.

Operations

As our organisation grows, organically or through M&A, the services we offer to customers become more advanced and digitalised. Our mission to deliver operational excellence is based on optimised, digitalised operations and a global end-to-end network. We leverage our scale, consolidate procurement, imple- ment enterprise-wide solutions and collaborate to ensure standardisation and an efficient cost structure while centralising key operational and back- office functions. By standardising our service offerings across markets, we ensure consistent service offerings, thereby enabling digitalisation, including the use of artificial intelligence. Combined with a scalable physical and digital infrastructure, this facilitates efficient workflows for our customers and drives industry- leading profitability. The acquisition of Schenker has strengthened our offerings and operational efficiency, enabling us to meet even more complex customer demands while maintaining streamlined operations.

Communication

Transparent communication with our stakeholders – employees, customers, shareholders, investors, financial analysts, media, authorities and suppliers – is a central part of our strategy. As our company expands, it is increasingly important that both internal and external stakeholders understand our business, our strategy and our initiatives to secure their continued support. As DSV has grown into a global industry leader, the number of stakeholders and their level of attention have increased significantly.

Strengthening our communication and marketing efforts is central to sup- porting both our commercial and our operational initiatives, as well as the Schenker integration. The enterprise approach is important to cascade infor- mation to all levels of the organisation to ensure alignment around common goals and ways of working. Consequently, effective internal communication remains essential.

People & Leadership

Our employees are key to DSV’s long-term success, and we now have approxi- mately 150,000 employees across more than 90 countries. As we continue to grow, it is increasingly important to maintain a flat, locally empowered organisation with a high degree of ownership and financial accountability.

As DSV expands in size and complexity, transparency and alignment across all leadership levels become increasingly important. This growth poses higher demands for leadership and change management capabilities, making strong leadership a strategic priority. Our enterprise approach is designed to ensure transparency and provide our people with a robust foundation to support efficient operations.

At DSV, leadership is tied to financial accountability, ownership and a perfor- mance-driven culture. To deliver global services and integrate companies successfully, leaders must adopt an enterprise-wide perspective, encourage collaboration and utilise our global network.

Following the Schenker acquisition, we have focused on setting the right lead- ership team to lead the combined organisation – and to do it quickly. Within the first month after completion of the transaction, we successfully appointed over 500 executive roles, providing immediate clarity and enabling leaders to take ownership of country integration activities.

13 DSV Annual Report 2025 Strategy and financial targets

Auto- nomous freight systems

Technology trend radar

Small modular reactors

Circular supply chain

Computer vision

Quantum computing

Autonomous mobile robots

Fully- autonomous vehicles

Hyperloop and high- speed rail

Autonomous drones for delivery

Agentic AI

Digital cargo twins

Digital warehouse twin

Generative and predictive AI

Semi- autonomous vehicles

Tracking

Testing

Adopting

Data is the foundation of our operations

In the data layer, we have dedicated significant effort over the past decades to con- solidate our master data across critical areas, such as customer, vendor and employee master data and CRM hierarchies. In parallel, we are advancing our Enterprise Data Platform (EDP), shifting from a traditional flow-based architecture built on an Enterprise Service Bus (ESB) toward a modern data platform capable of streaming data directly to the relevant systems.

In terms of infrastructure, we have over the past decade consolidated more than 40 acquired physical data centres into a unified, global infrastructure based on three DSV-operated data centres strategically located in three different regions. Additionally, several cloud-based hosting locations have been consolidated and optimised to utilise hyperscaler capabilities and technology. In recent years, we have integrated hundreds of applications into the DSV IT platform and closed more than 5,000 applications, including their associated databases.

Technological focus

We are continuously monitoring and testing emerging technologies as part of our digitalisation journey. Innovations and technological improvement can help us remain competitive and unlock opportunities that benefit our customers and operations. By investing and embracing new technologies, we are building a smarter, more resilient and scalable IT infrastructure for tomorrow. The following are some of the key initiatives that are on our technology agenda.

Artificial Intelligence (AI)

We are currently implementing AI in our operations – from automation to predictions – as AI is no longer only relevant for isolated applications, but becoming an integral part of our digital operations and platform. In 2025, we rolled out several transformative pro- jects such as our Customs AI tool, which has lifted both the quality and efficiency of our customs handling, and we saw good progress in digitalising manual booking data through AI.

Via our inhouse AI Factory platform, we are exploring planning, forecasting and develop- ing AI tools that will help optimise routes and processes to further leverage our strong network and infrastructure. Our AI Factory platform is highly flexible and can utilise and combine open-source, own-developed and external solutions from cloud-based hyper- scale vendors to create the optimal setup and use of AI for our company. In DSV, we also utilise our strong change management capabilities and our flexibility to organise the company to implement and maximise the potential of new AI solutions.

The introduction of autonomous AI agents is also impacting how we manage our logistics operations and service our customers. These intelligent systems can handle previously manual tasks, such as shipment booking, quoting, scheduling, exception management and customer communication, helping our employees work more efficiently.

Transport management systems

We are advancing our transport management systems, with TANGO for Air & Sea and STAR for Road. Both systems are in use in our operations. We are assessing the TANGO system, while we plan to broaden the application of STAR further in the coming years. At present, we are focusing on ensuring that the systems’ architecture is based on the latest available technology. We are also exploring the use of our cloud-based warehouse man- agement system for Contract Logistics and enhancing its capabilities.

Enterprise Data Platform

Our Enterprise Data Platform is the foundation for further digitalisation and AI initia- tives. We are actively expanding the scope of our global data platform by integrating more domains. Leveraging our enterprise data model, we can further consolidate data to an even higher degree and, though efficient integration, micro-services, generative AI and agentic AI, enhance data integrity.

Digital Twins

We are working on increasing automation and digitalisation of our warehouses through the implementation of digital twins as a key enabler. With digital twins, we virtually replicate the physical flows in real time using sensor data, enabling simulation, monitoring and optimisation. Bridging the physical and digital flows allows us to reduce labour intensive tasks, optimise warehouse utilisation, reduce damages, improve our planning and predict outcomes.

Decarbonisation 360

Reliable emissions data and an accurate baseline are essential for developing effective decarbonisation strategies. Yet, many companies struggle with unreliable data, and without confidence in the baseline, it is difficult to justify investments or measure the real impact of decarbonisation initiatives.

We offer a suite of decarbonising logistics offerings, including data insights, which have been enhanced with tools from Schenker. By sourcing and consolidating all relevant data points across the entire supply chain, we create a transparent view of emissions and enable accurate calculations and establishment of a baseline. This allows every invest- ment to be tracked and translated into measurable decarbonisation outcomes.

15 DSV Annual Report 2025 Strategy and financial targets

Trends

Their impact

Our response

Geopolitical instability and protectionism

Geopolitical instability causes tension and unrest. Global trade flows and economies are impacted by factors like protec- tionism, trade wars, and political and military conflicts.

In 2025, global trade experienced significant volatility due to the uncertainty caused by the tariffs introduced by the new US administration, not only on countries but also on specific goods. This affected seasonal patterns throughout the year, as shippers front-loaded prior to the tariffs taking effect.

The war in Ukraine and the conflict in the Middle East continued to contribute to geopolitical tensions and disruptions to the global supply chains during the year.

Swift reaction is needed to keep supply chains flowing, both in terms of providing alternative routings and transport modes short-term and helping our customers adapt and optimise their long-term supply chains.

With our strong global network and flexible business model, DSV is in a good position to adjust our operations and support our customers with both short- and long-term solutions.

Dual sourcing and regionalisation

Companies are adjusting their supply chains to reduce depend- encies and protect their business against future risks. In recent years, many companies have implemented dual sourcing strategies and moved part of their production out of China.

While China remains a significant production hub, countries like Vietnam, South Korea and India have seen significant production sector growth. Sourcing from multiple countries reduces dependencies but creates more complexity in the supply chains.

Nearshoring or regionalisation leads to new production hubs, with Mexico and Brazil as the best examples.

We help our customers optimise and improve the reliability of their supply chains by providing monitoring and digital services that increase efficiency and reduce the environmental impact.

Growing complexity in global supply chains due to dual sourcing increases demand for our value-added services – e.g., purchase order management, cargo consolidation, customs clearance and warehousing.

Digitalisation and automation

Technology has transformed our industry in recent decades. This evolution will continue, especially given the significant focus and investments in artificial intelligence (AI), and is expected to impact the way we operate and interact with customers and other stakeholders.

The demand for increased visibility and higher productivity to mitigate cost inflation and improve supply chain reliability is a key driver of technological advancement.

Customer and vendor interactions are gradually moving towards more modern API connections, and warehouses are increasingly operating with automation technology.

Digitalisation, including AI, plays a key role in our strategy. We use strategic roadmaps to integrate our logistics expertise with the development of our digital and physical infrastructure, relying on scalable technologies across our organisation.

Read more about our approach to innovation in the following chapter.

Sustainable supply chains

The demand for more sustainable supply chain solutions is growing – driven by increasing environmental regulations and consumer pressure.

The transport and logistics industry is a major carbon emitter, and the sector must make significant efforts to develop more environmentally sustainable business practices and reduce emissions from its activities.

For transport and logistics companies, having a sustainability strategy and related services is essen- tial in achieving net-zero emissions.

As the leading player in the industry, we have a responsibility to enable decarbonisation across our operations and value chain. DSV is committed to achieving net-zero carbon emissions in all scopes by 2050 with near-term targets for 2030 to support our journey.

In 2025, we made further progress on our decarbonisation roadmap. Please see page 56 for more information.

Growth in e-commerce

Consumer behaviour is becoming increasingly digital, sending

fulfilment centre and last-mile delivery activities skyward.

During 2025, e-commerce continued to grow, especially out of China, impacting the available air freight capacity. We expect higher growth into European markets after the US cancelled the de minimis exemption. This could have an impact on the available air freight capacity and freight rates over the coming period.

We see growth opportunities within the dynamic e-commerce landscape, especially in Contract Logistics, where we are focusing on establishing automated e-fulfilment centres and customised solutions for large customers, based on our e-commerce “plug & play” warehouse concept.

A competitive industry

Our industry has always been characterised by a high degree of competition, and in recent years, new competitors have entered the industry. These include digital forwarders and a few of the established ocean carriers.

Digital forwarders typically offer strong digital features based on a simple, standardised suite of services, mainly focused on online price quoting and booking, but less advanced logistics capabilities.

A few of the established ocean carriers have launched door-to-door transport services, creating situations where these carriers are both suppliers and competitors to the freight forwarders.

With our flexible business model, we have a strong position in an industry which is highly fragmented and competitive with many global and local providers.

With our robust logistics expertise, supported by approximately 150,000 skilled freight forwarders, advanced digital capabilities, top-tier service offerings and an extensive global network, we are the leading player in the industry. With these capabilities, which have been further enhanced by the Schenker integration, we are confident that DSV will remain highly competitive in the market.

17 DSV Annual Report 2025 Strategy and financial targets

Results

Schenker has been included in DSV’s consolidated financial statements since 1 May 2025 and is thereby contributing eight months of results to DSV’s 2025 financial performance. Due to the ongoing integration, it is not possible to distinguish between the financial performance of the former DSV and Schenker business units for the full year.

Revenue Revenue for the Group grew significantly by 51.3% compared to the previous year, driven by the positive contribution from the acquisition of Schenker.

For the Air & Sea division, revenue increased by 35.6% compared to 2024. The increase was due to the acquisition of Schenker, partly offset by lower average freight rates, especially within sea freight in the second half of the year.

The Road division reported an increase in revenue of 93.0% compared to the previous year. The increase was mainly driven by the Schenker acquisition, partly offset by lower average freight rates and lower activity levels during most of the year, especially related to domestic groupage shipments in Europe.

Contract Logistics reported a 72.4% increase in revenue compared to the previous year. The growth was primarily driven by the acquisition of Schenker, which complemented the division’s business mix and commercial approach, particularly contributing to growth in the Technology vertical.

Gross profit Gross profit was DKK 66,859 million, up by 59.0% for the year compared to 2024. The contribution from Schenker led to higher gross profit across divisions.

Revenue (DKKm)

2025

2024

Growth 1

Air & Sea

137,320

104,496

35.6%

Road

77,977

40,507

93.0%

Contract Logistics

43,463

25,624

72.4%

Non-allocated items and

eliminations

(11,429)

(3,521)

Total

247,331

167,106

51.3%

1 Growth including M&A and in constant currencies.

Air & Sea delivered 34.9% higher gross profit in 2025 compared to the previous year. Beyond Schenker, the increase was driven by growth in value-added services and positive impact from focus on yield management in air freight. The positive development was offset by lower gross profit yields in sea freight due to declining freight rates caused by the market conditions, mainly in the second half of the year. Schenker contributed with relatively lower gross profit yields in both air and sea freight compared to the organic DSV yield levels.

Road delivered 116.0% higher gross profit than the previous year, primarily driven by the acquisition of Schenker and partly offset by cost inflation and lower utilisation due to the soft market conditions, especially in Europe.

Contract Logistics saw an increase of 89.3% in gross profit for the year due to strong contribution from Schenker and overall focus on improved operational efficiency and increased warehouse utilisation.

Gross margin for the Group was 27.0%, compared to 25.7% in 2024. Schenker contributed with a lower gross profit margin in Air & Sea, but higher gross profit in both Road and Contract Logistics.

Gross margin for the Air & Sea division remained largely unchanged at 23.6% with a positive effect from growth in value-added services, while margins were diluted by Schenker due to lower Schenker yields for both air and sea.

The gross margin for Road was 21.3%, compared to 19.0% in 2024. Schenker had a positive impact on the gross margin, as a large part of the acquired business was focused on groupage operations. However, price inflation from suppliers and lower utilisation within our network negatively affected the gross margin.

Gross profit (DKKm)

2025

2024

Growth 1

Air & Sea

32,386

24,721

34.9%

Road

16,623

7,710

116.0%

Contract Logistics

18,648

10,056

89.3%

Non-allocated items and

eliminations

(798)

487

Total

66,859

42,974

59.0%

1 Growth including M&A and in constant currencies.

In Contract Logistics, the gross margin was 42.9%, compared to 39.2% in 2024. In addition to the acquisition of Schenker, the increase was largely related to higher average utilisation of warehousing facilities compared to the previous year, driven by the new mix of client-controlled, multi-client and owned facilities. The division continues to focus on targeted commercial initia- tives and further capacity optimisation to improve utilisation and profitability.

EBIT before special items

For the Group, EBIT before special items increased by 24.8%, driven by the acquisition of Schenker. Compared to 2024, our cost base increased due to the acquisition of Schenker and cost inflation. We maintained focus on reducing the cost base as part of the synergies from the Schenker integration and through productivity improvements.

Staff costs, excluding blue-collar workers, increased to DKK 29,170 million in 2025 (2024: DKK 16,491 million) due to the inclusion of Schenker. The inflationary pres- sure was partly offset by cost-saving initiatives. Since the start of the integration, we have seen a reduction of more than 5,400 white-collar employees (FTEs).

Other external costs increased to DKK 9,445 million in 2025 (2024: DKK 4,652 million), predominantly driven by the addition of Schenker and general cost inflation. We maintain our focus on cost management and productivity gains.

The conversion ratio was 29.3%, compared to 37.5% in 2024. The decline was primarily due to change in business mix as the acquisition of Schenker led to higher exposure to road and contract logistics activities, which carry lower conversion ratios. Furthermore, the conversion ratio was impacted by a higher cost base in Schenker, prior to realisation of material synergies.

EBIT before special items (DKKm)

2025

2024

Growth 1

Air & Sea

13,013

11,888

12.8%

Road

2,735

1,864

46.5%

Contract Logistics

3,806

2,328

66.0%

Non-allocated items and eliminations

57

16

Total

19,611

16,096

24.8%

1 Growth including M&A and in constant currencies.

21 DSV Annual Report 2025 Financial performance

Depreciation increased to DKK 8,633 million in 2025 (2024: DKK 5,735 million) due to an increase in leased right-of-use assets related to the expansion of warehouse capacity in the Contract Logistics division and the inclusion of Schenker.

Special items totalled DKK 4,527 million in 2025 (2024: DKK 853 million) and comprised transaction and integration costs related to the acquisition of Schenker. Due to the accelerated integration of Schenker, special items for the full year 2025 exceeded our expectations. Total transaction and integration costs for the Schenker integration are still anticipated at around DKK 11 billion.

Net financial expenses totalled DKK 2,937 million in 2025 (2024: DKK 1,820 million). The increase in net financial expenses was primarily attributable to the financing of the acquisition of Schenker from 1 May 2025 as well as higher lease liabilities and other interest cost.

The effective tax rate was 30.3% in 2025, compared to 24.2% in 2024. The increase in effective tax rate was driven by non-deductible specials items related to the acquisition and integration of Schenker. The effective tax rate will temporarily exceed the historical effective tax rate of 24% during the integration period.

Result from discontinued operations

With the acquisition of Schenker, DSV assumed control over Schenker's road activities in the US. Part of these activities were acquired with the intention of future resale and classified as discontinued operations in Q3 2025 and were subsequently sold in December 2025. These activities reported a net loss of DKK 291 million for 2025.

Net financial expenses (DKKm)

2025

2024

Interest on lease liabilities

1,669

1,152

Other interest cost, net

995

250

Interest on pensions

74

46

Currency translation, net

199

372

Total

2,937

1,820

Profit for the year

Profit for the year from continuing operations was DKK 8,463 million, compared to DKK 10,175 million for 2024. Despite a higher EBIT, the profit decreased compared to the previous year due to negative impact from special items, increased net financial expenses and a temporary higher effective tax rate, all of which are related to the acquisition of Schenker.

Diluted adjusted earnings per share

Diluted adjusted earnings per share decreased by 1.4% to DKK 50.9 in 2025 (2024: DKK 51.6). The lower earnings per share for 2025 related to a higher effective tax rate as well as an increased average number of outstanding shares due to a capital increase in October 2024 to finance the Schenker acquisition. While the capital increase had full impact, the acquired Schenker business only contributed with earnings from May 2025.

Net working capital

On 31 December 2025, net working capital was DKK 1,242 million, compared to DKK 9,317 million at the end of 2024. The improvement mainly resulted from a net negative NWC from Schenker, primarily related to the Road division. Funds tied up in property projects under development decreased compared to previous year, contributing to a lower NWC. In addition, NWC temporarily benefitted from provisions of special items related to the Schenker integration.

Relative to normalised revenue, funds tied up in NWC were at 0.4% at year end, compared to 5.4% in 2024. The improvement was driven by a combination of improved NWC and increased revenue due to the Schenker acquisition. NWC was below our long-term NWC-to-revenue ratio target of 2-3%, partly due to the temporary benefit from provisions related to special items.

Cash flow statement

Cash flow from operating activities increased by 84.4% to DKK 21,481 million in 2025 (2024: DKK 11,651 million), primarily due to higher EBITDA combined with a significant improvement in NWC. Special items paid amounted to DKK 2,865 million related to the Schenker integration.

Cash flow from investing activities was an outflow of DKK 77,723 million in 2025, compared to an outflow of DKK 2,375 million in 2024. Cash flow from investing activities was primarily impacted by the acquisition of Schenker.

Cash flow from financing activities was an outflow of DKK 13,457 million in 2025 (2024: an inflow of DKK 67,943 million). In 2025, we distributed DKK 1,683 million to shareholders as dividends and repaid net borrowings of DKK 7,535 million. We did not commence share buyback programmes in 2025, as our financial gearing ratio was 2.8x, temporarily exceeding our target ratio due to the Schenker acquisition. We remain committed to reaching our target NIBD/ EBITDA ratio of below 2.0x again by mid-2027 at the latest.

Adjusted free cash flow (adjusted for acquisitions, special items and IFRS 16 leases) was DKK 16,335 million, compared to DKK 5,550 million in the previous year. The increase was primarily due to higher EBITDA and improved NWC.

(DKKm)

2025

2024

EBITDA before special items

28,244

21,831

Change in net working capital

5,029

(4,212)

Tax, interests, change in provisions, etc.

(8,927)

(5,442)

Special items

(2,865)

(526)

Cash flow from operating activities

21,481

11,651

Cash flow from investing activities

(77,723)

(2,375)

Free cash flow

(56,242)

9,276

Proceeds and repayment of debt

(13,261)

34,715

Transactions with shareholders

(196)

33,228

Cash flow from financing activities

(13,457)

67,943

Cash flow for the period

(69,699)

77,219

Free cash flow

(56,242)

9,276

Acquisition of subsidiaries and activities (reversed)

75,790

-

Special items, paid (reversed)

2,865

526

Repayment of lease liabilities

(6,078)

(4,252)

Adjusted free cash flow

16,335

5,550

22 DSV Annual Report 2025 Financial performance

100

80

60

40

20

0

70,000

60,000

50,000

40,000

30,000

20,000

10,000

0

(DKKm)

(DKKm)

(DKK)

(%)

(%)

70

60

50

40

30

20

10

0

30,000

25,000

20,000

15,000

10,000

5,000

0

2024

2024

2024

2023

2023

2023

2022

2022

2022

2021

2021

2021

2025

2025

2025

18

15

12

9

6

3

0

Conversion ratio

Gross profit

Capital structure

On 31 December 2025, DSV shareholders’ share of equity was DKK 117,414 million (2024: DKK 114,182 million). The increase was attributable to profit for the period offset by currency translation of foreign enterprises and distributions to shareholders.

The share capital was nominally DKK 240 million by the end of 2025 (2024: 240 million). The share capital is divided into 240 million shares of DKK 1 each. Each share carries one vote.

The solvency ratio excluding non-controlling interests was 40.4% on 31 December 2025, compared to 48.3% on 31 December 2024.

Gross profit

EBIT before special items

Diluted adjusted earnings per share

Net interest-bearing debt (including IFRS 16 lease liabilities) amounted to DKK 86,624 million at the end of 2025 (2024: negative DKK 529 million). The increase relates to the completion of the Schenker transaction. Since completion of the transaction, the net interest-bearing debt (including IFRS 16 lease liabilities) has been reduced by DKK 9,996 million.

Weighted average duration of corporate bonds, committed loans and credit facilities was 5.1 years on 31 December 2025, against 5.8 years on 31 December 2024. Bonds totalling DKK 9.33 billion (EUR 1.25 billion) are scheduled for repayment in November 2026. The Company had undrawn committed credit lines of DKK 7,524 million at 31 December 2025.

Invested capital and ROIC

The invested capital including goodwill and customer relationships amounted to DKK 198,499 million on 31 December 2025 (2024: DKK 108,935 million). The increase is primarily due to the acquisition of Schenker. Return on invested capital (including goodwill and customer relationships) was 12.8% for 2025 (2024: 15.4%). Excluding goodwill and customer relationships, return on invested capital was 48.1% for 2025 (2024: 57.7%). The decrease is driven by higher invested capital from the Schenker acquisition, including goodwill and customer relationships, and Schenker’s impact on the business mix with more exposure to road and contract logistics activities, which generally carry a lower return on invested capital than air and sea. We expect to lift the returns as synergies materialise.

Operating margin

EBIT

23 DSV Annual Report 2025 Financial performance

The sea freight market continued to face uncertainty and volatility due to trade issues, geopolitical tensions and re-routed trade flows, which led to increased congestion and rate fluctuations. Despite a reduction of the effective capacity due to the Red Sea situation, the global fleet expanded, which led to overca- pacity and declining freight rates, especially in the second half of the year.

For 2025, DSV Air & Sea reported air freight volume growth of 44% and a 38% increase in sea freight volumes compared to the previous year, driven by Schenker. Due to significant integration progress, it is not possible to separate organic and inorganic growth. However, we estimate that organic growth in air freight was relatively consistent with market growth, after adjusting for the exit of low-yield volumes, while organic sea freight volumes were below the market growth, partly due to the trade lanes shifts. The average shipment size was smaller than previous years, providing some stability to the gross profit.

Air freight (DKKm)

2025

2024

Revenue

75,470

55,167

Direct costs

58,877

43,209

Gross profit

16,593

11,958

Gross margin (%)

22.0

21.7

Volume (tonnes) 1

2,013,127

1,398,398

Gross profit per unit (DKK)

8,242

8,551

Sea freight (DKKm)

Revenue

61,850

49,329

Direct costs

46,057

36,566

Gross profit

15,793

12,763

Gross margin (%)

25.5

25.9

Volume (TEUs) 1

3,695,424

2,686,009

Gross profit per unit (DKK)

4,274

4,752

1 Volume is defined as the quantity of export cargo processed within the DSV network. Sea volume is measured in TEUs (twenty-foot equivalent units), while air volume is determined by chargeable weight, quantified in tonnes.

Strategic and operational highlights

With the acquisition of Schenker, the Air & Sea division has significantly expanded its global footprint and become a leading player within air and sea freight. We now service our customers through a leading global air and sea network across more than 90 countries.

In 2025, we focused on integrating Schenker’s network to leverage the com- bined volumes, co-loading and charter agreements to benefit our customers, while optimising our network and procurement processes. In addition to creat- ing a leading global network, the integration also provides significant cost synergies from economies of scale and operational leverage. The integration is progressing fast, and we are well on track to achieve the targeted synergies.

During the year, we made further progress on our global transport manage- ment system strategy and enhanced the digital customer experience. We also made strides in artificial intelligence, including digitalised booking handling.

We continued to develop our commercial platform and improve our vertical offerings, resulting in continued growth with our largest customers, especially within Technology. We remain committed to strengthening our regional and country engagement to better serve our small- and mid-sized customers.

Operationally, we achieved considerable progress in combining our networks, enabling us to optimise our operations, introduce new trade lanes, strengthen our air charter and less-than-container load (LCL) networks and consolidate volumes with suppliers. We enhanced our service portfolio, which includes value-added services such as customs formalities and insurance, while we further developed our supply chain and projects solutions. Our improved ser- vice offerings were reflected in consistently high customer satisfaction scores.

In 2025, we accelerated our sustainability efforts through expanded customer biofuel partnerships and the launch of our decarbonised transatlantic LCL prod- uct. We also enhanced the carbon-optimisation capabilities in our rate systems, improving emissions accuracy and enabling customers to compare and select lower-emission solutions. Together, these initiatives support our strategic ambition to drive decarbonisation through data, transparency and collaboration across the value chain.

Results

Air & Sea revenue was DKK 137,320 million in 2025 (2024: DKK 104,496 million), up 35.6% in constant currencies compared to the previous year. The development in revenue was driven by the contribution from Schenker, offsetting lower average freight rates, especially within sea freight.

The division reported a gross profit of DKK 32,386 million for 2025 (2024: DKK 24,721 million), an increase of 34.9% in constant currencies. Besides the positive impact from Schenker, the development in value-added services per shipment contributed to the growth. In a competitive market, the division maintained its focus on pricing discipline and high-margin business.

The division’s gross margin was 23.6% for 2025, compared to 23.7% in the previous year. The gross margin was diluted by the inclusion of Schenker due to relatively lower gross profit yields in air and sea in the Schenker business. It remains our ambition to improve the combined yields from the current level for both segments as the integration progresses.

EBIT before special items was DKK 13,013 million (2024: DKK 11,888 million), an increase of 12.8% in constant currencies, reflecting a margin of 9.5% (2024: 11.4%). The changes were mainly driven by Schenker contributing with positive EBIT, but with a relatively lower EBIT margin, prior to the realisation of cost synergies.

The conversion ratio was 40.2%, compared to 48.1% in the previous year. The lower ratio is primarily due to the initial impact of the Schenker acquisition and an overall higher cost level. We expect to lift the ratio as the positive effects from the Schenker integration and synergies materialise.

Net working capital was DKK 3,933 million at the end of the year, compared to DKK 5,153 million at year-end 2024. The decrease in NWC was driven by lower average freight rates, offsetting the impact from the acquisition of Schenker.

In 2025, return on invested capital stood at 16.1%, compared to 18.2% in 2024. The decrease was primarily driven by the dilutive effect of the acquisition of Schenker.

26 DSV Annual Report 2025 Financial performance

20

16

12

8

4

0

Gross profit

Conversion ratio

Operating margin

EBIT

(DKKm)

(DKKm)

(DKKm)

200,000

175,000

150,000

125,000

100,000

75,000

50,000

25,000

0

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

25,000

20,000

15,000

10,000

5,000

0

(%)

(%)

80

70

60

50

40

30

20

10

0

2024

2023

2022

2021

2025

2024

2023

2022

2021

2025

2024

2023

2022

2021

2025

Focus areas in 2026

In 2026, our primary focus will be the ongoing integration of Schenker. As part of this process, we will continue to combine our activities across more than 90 countries and optimise the network to realise planned synergies. This will include integrating volumes, co-loading and charter agreements and enhancing overall procurement and volume management within the division. These efforts will strengthen the entire network, deliver benefits to our customers and generate significant cost savings from scale economies.

We will focus on improving shipment profitability through optimised procure- ment processes, more efficient cargo handling and more value-added services per shipment, particularly relating to the previous Schenker shipments. We have an ambition of lifting the combined gross profit yields for air and sea freight towards the pre-acquisition DSV levels.

Revenue

To further expand our network, we continuously open new trade lanes, and the Air & Sea division works closely with the Road division to optimise the customer experience and enable more cross-selling. In 2026, the division will focus on connecting our services across all three divisions for a full end-to-end network.

Commercially, we will continue to strengthen our commercial approach and vertical expertise, with a particular focus on our large, global customers. In 2025, we saw significant growth within Technology and Aerospace & Defence, and we aim to pursue further profitable growth by leveraging the capabilities gained through the Schenker acquisition. However, achieving market share gains can be challenging during the initial phases of large-scale M&A integra- tions, and we therefore expect the organic growth rate to align with the overall market trends in 2026.

Gross profit

Enhanced productivity remains a central part of our strategy. We will achieve this by further digitalising services for small customers, automating quoting processes and right-sizing the organisation, while we expect further optimi- sation of certain areas through artificial intelligence. Our commitment to operational excellence will continue to ensure consistently high service standards across all regions.

We will also continue to advance our sustainability efforts by scaling data-driven optimisation and strengthening collaboration with customers and carriers. We aim to broaden our biofuel partnerships, enhance carbon transparency across our digital platforms and expand green corridor initiatives on high-volume trade lanes. These actions aim to support wider adoption of low-emission transport solutions and reinforce our long-term decarbonisation ambitions.

EBIT before special items

27 DSV Annual Report 2025 Financial performance

12

10

8

6

4

2

0

Gross profit

Conversion ratio

Operating margin

EBIT

(DKKm)

(DKKm)

(DKKm)

100,000

75,000

50,000

25,000

0

20,000

15,000

10,000

5,000

0

3,000

2,500

2,000

1,500

1,000

500

0

(%)

(%)

2024

2024

2024

2023

2023

2023

2022

2022

2022

2021

2021

2021

40

30

20

10

0

2025

2025

2025

Revenue

Gross profit

EBIT before special items

Strategic and operational highlights

The acquisition of Schenker significantly strengthened all regions, especially Europe, which remains our core market with around 85% of the division’s reve- nue. The combination with Schenker has created a leading European road net- work with strong groupage and full- and part-truckload (FTL/LTL) capabilities. We have also received positive customer reactions regarding our capabilities in APAC and LATAM, where we see opportunities for cross-selling.

In 2025, we began combining and consolidating the infrastructure of DSV and Schenker to create a denser and more flexible road network while remaining asset-light, including rightsizing our groupage network and our linehauls. We further strengthened our control tower set-up and progressed on migrating to STAR, which will be our core transport management system for road freight. With the acquisition of Schenker, DSV assumed control over Schenker's road activities in the US. Part of these activities were acquired with the intention of future resale and have been designated as discontinued operations and subsequently sold by the end of December 2025.

We have advanced our commercial approach, which includes an enhanced organi- sational setup with a strong focus on our product offerings. During the year, we further strengthened our value-added delivery services, which include “white glove” and installation services. Based on these efforts, we saw strong traction within the technology vertical. Our focus remains on retaining and expanding our mid- to large-sized customer base, while improving margins through procurement optimisation, network management and by addressing low-performing markets.

Following the Schenker acquisition, we operate the largest fleet of electric trucks in Europe. In 2025, we continued to deploy low- and zero-emission vehicles, and we took steps to prepare strategic locations for further electrification. Additionally, we launched a new decarbonisation service that allows customers to purchase carbon reductions linked to the rollout of our low- and zero-emission fleet.

Results

DSV Road revenue increased by 93.0% to DKK 77,977 million in 2025 (2024: DKK 40,507 million), driven by the acquisition of Schenker and partly offset by lower freight rates and lower overall activity levels, especially in Europe.

Gross profit was DKK 16,623 million in 2025 (2024: DKK 7,710 million), an annual increase of 116.0% in constant currencies. The division’s gross margin

was 21.3% for 2025, compared to 19.0% for 2024. The gross margin was positively impacted by Schenker’s business mix, as groupage activities yield a higher gross margin than full- and part-truckload activities. The margin improvement was partly offset by increasing cost inflation from suppliers and lower utilisation within our domestic network.

The division reported EBIT before special items of DKK 2,735 million in 2025, an increase of 46.5% compared to DKK 1,864 million in the previous year, reflecting an operating margin of 3.5% (2024: 4.6%). The conversion ratio was 16.5%, compared to 24.2% in the previous year. The lower ratio is primarily due to the higher cost level in the Schenker business and only limited realisation of the expected synergies until now. We expect to lift the operating margin and the conversion ratio as synergies materialise.

Net working capital was a negative DKK 5,783 million at the end of the year, against a negative DKK 1,059 million at year-end 2024, driven by the large Schenker activities contributing with a negative net working capital.

Return on invested capital stood at 9.1% in 2025, compared to 14.8% for 2024. The decline was due to the dilutive effect from the Schenker acquisition, especially a significant increase in the invested capital.

Focus areas in 2026

In 2026, our primary focus will remain on combining DSV’s and Schenker’s road infrastructure and maintaining our asset-light model, especially related to our European groupage network. We will focus on organic growth in Americas and in growing markets in APAC and MEA to generate commercial synergies, especially with large customers.

To advance our commercial strategy and vertical offerings, we will continue to develop our products and services within groupage, full- and part-truckload (FTL/LTL) and special products, and we will maintain close collaboration with the other divisions to further enhance the customer experience. Meanwhile, we will increase the roll-out of the STAR system and advance our digitalisation efforts.

We remain committed to reducing our environmental impact by further con- solidating and optimising the DSV and Schenker infrastructure. In addition, we will enable our customers to access carbon neutral transport options on dedicated routes to further scale zero-emission transportation.

29 DSV Annual Report 2025 Financial performance

20

15

10

5

0

Gross profit

Conversion ratio

Operating margin

EBIT

(DKKm)

(DKKm)

(DKKm)

50,000

40,000

30,000

20,000

10,000

0

20,000

15,000

10,000

5,000

0

4,000

3,000

2,000

1,000

0

(%)

(%)

2024

2024

2024

2023

2023

2023

2022

2022

2022

2021

2021

2021

40

30

20

10

0

2025

2025

2025

Revenue

Gross profit

EBIT before special items

Throughout the year, we maintained focus on improving returns through strict capital allocation. Our approach remained to align our footprint with regional roadmaps and client needs, while increasing capacity utilisation and return on invested capital (ROIC) through consolidation of sites and targeted country plans.

In 2025, we further optimised and standardised our warehouse operations to deliver consistent global service, enhancing our capability to serve large customers with complex needs. The Schenker acquisition has strengthened the division’s footprint and offering with a strong combination of client- controlled, multi-client and dedicated facilities.

The Schenker acquisition further complements our commercial strategy, and we saw strong growth with our large- and mid-sized accounts in 2025, especially within the Technology vertical. We are focusing more on building strategic partnerships and expanding value-added services instead of simply growing our warehousing footprint. Our customers have recognised these efforts, as reflected in our consistently high satisfaction scores.

In 2025, we advanced our carbon reduction initiatives by further expanding our solar panel capacity and outfitting around 2.2 million sqm of additional warehousing space with LED lighting to improve energy efficiency. We began replacing acid-battery forklifts with lithium-ion models as part of our ongoing efforts towards more carbon-efficient operations. In parallel, we improved data quality, which is key to creating a roadmap based on measurable progress and enabling our customers to better plan their decarbonisation journey.

Results

Contract Logistics revenue was DKK 43,463 million in 2025 (2024: DKK 25,624 million), an annual increase of 72.4%. The growth was driven by strong results in the Technology and Healthcare verticals, most notably in North America and Europe, along with a significant contribution from Schenker.

Gross profit was DKK 18,648 million in 2025 (2024: DKK 10,056 million), corresponding to an annual growth of 89.3% driven by a strong contribution from Schenker. The division achieved a gross margin of 42.9%, compared to 39.2% in 2024. Warehouse utilisation was higher in the second half of the year and closer to the target levels, driven by ongoing consolidation efforts as well as targeted commercial initiatives to reduce white space throughout the organisation.

EBIT before special items was DKK 3,806 million (2024: DKK 2,328 million), an increase of 66.0% compared to 2024, reflecting an operating margin of 8.8% (2024: 9.1%). The EBIT margin was still impacted by higher depreciation from right-of-use lease assets due to expanded warehouse capacity; however, this was offset by improved utilisation.

The conversion ratio stood at 20.4%, compared to 23.2% in the previous year, driven by a higher cost base from the Schenker business, as a limited part of the expected synergies had financial impact in 2025.

Net working capital was DKK 4,411 million for 2025, compared to DKK 5,330 million in the previous year. The decrease was driven by completion of ware- housing projects previously under development, while the operational NWC declined from the previous year, driven by the Schenker acquisition.

Return on invested capital increased to 8.8%, compared to 8.5% in the previous year, driven by higher EBIT but partly offset by an increase in invested capital due to the Schenker acquisition.

Focus areas in 2026

In 2026, we will continue consolidating our footprint as part of the Schenker integration and eliminating loss-making operations. Our goal is to optimise ROIC and right-size our capacity to align with the market situation across regions.

In addition to enhancing utilisation of existing capacity, we prioritise growing our largest customer accounts, especially within Technology, and expanding our Control Tower concept. We see attractive growth opportunities in North America and APAC, where demand remains high.

Commercially, we will focus on high-profitability areas in attractive verticals, cus- tomer segments and geographies. Our strategy includes differentiating our offer- ings to specific customer needs while continuously investing in our organisational capabilities to deliver complex large-scale solutions. In addition, we will continue to optimise and streamline our warehouse operations for global service consistency.

In 2026, we will install additional solar panels across our sites to further increase the use of renewable energy. We will maintain focus on energy efficiency through the implementation of LED lightning and use of lithium-ion technology in material-handling equipment.

31 DSV Annual Report 2025 Financial performance

5

2

4

6

1

7

3

Key risk assessment 2025

The annual enterprise risk assessment was conducted in Q3 2025. This year, the assessment focused specifically on risk stemming from the integration of Schenker across relevant risk categories.

The 2025 enterprise risk assessment reconfirmed DSV’s seven key risk categories, consistent with those identified in previous years. Changes to key risks in terms of assessed impact and likelihood are presented in the risk map. Risks are listed in a random sequence. Assessment of potential likelihood and EBIT impact are based on estimates after mitigations, implying a certain level of uncertainty. Further insights to each of the risks presented are detailed on the following pages.

Financial risks

Although our daily operations involve various financial risks, these are not classified as key risks. Our Group Finance department actively moni- tors identified financial risks to ensure our hedging strategies remain effective. For more detailed information on our financial risks, please refer to Chapter 4 in the notes to the financial statements.

Sustainability-related risks

Sustainability presents both risks and opportunities for our industry, and we continue to closely monitor potential impacts, risks and opportunities as part of our double materiality assessment (DMA). For information on our 2025 DMA, please see page 46 .

Estimated annual EBIT impact in case of occurence

Moderate: DKK 1,700 million

Zoomed key risk map

Minor

Critical

Catastrophic

Likelihood of occurrence

Unlikely

Moderate

Likely

Almost

certain

IT security System breakdowns and cyberattacks

Macroeconomy Recessions, geopolitical issues and shifts in global supply chains

Employees Retention and attrac- tion of employees

Compliance Fines, claims and damages resulting from non-compliance

M&A Acquisitions and integration failure

Technology Disruption, innovation and technological adoption

Commercial Failure to execute on organic growth strategy

1

3

5

7

4

2

6

2025

2024

36 DSV Annual Report 2025 Corporate governance and shareholder information

Risk description

Mitigation strategies

Risk assessment

IT security:

Building resilience amid increasing cyber threats

IT systems are vital to DSV’s operations, supporting our core logistics ser- vices, analytics and financial reporting. This reliance makes us vulnerable to system failures and cyberattacks.

Failure to modernise IT infrastructure or respond effectively to cyber threats could disrupt operations, compromise data and impact our compet- itiveness. Prolonged IT failures or security breaches, including ransomware or supply-chain attacks, pose significant risks to financial and operational systems, customer trust and data integrity.

Our IT security strategy emphasises system consolidation and modernisation, alongside robust IT security measures, such as cyber awareness training, disaster recovery testing and proactive threat monitoring. Resilience is further enhanced through measures such as multi-factor authenti- cation, patch management and regular audits and is further supported by our ISO 27001 Information Security Management System certification.

The IT security strategy is implemented by our Group IT department with active oversight and monitoring by the Executive Board and the Audit Committee.

IT security risk remains high. This is due to an increasing global cyber threat environ- ment, which includes supply-chain attacks and AI-driven adversarial tools. During the Schenker integration, the operation of parallel systems, legacy platforms and onboarding of new employees temporarily increases exposure to system and human error risks until full consolidation and training has been completed. The outlook into 2026 suggests growing pressure on enterprises to detect and respond to increas- ingly sophisticated cyberattacks.

Macroeconomy:

Navigating volatility and protectionism

Global economic conditions are affected by geopolitical tensions, inflation, interest rate fluctuations and trade conflicts, including trade tariffs. Protectionist measures, trade barriers and geopolitical disruptions, such as country conflicts and instability or potential tensions, could significantly impact global trade volumes and supply chain stability. Changes in con- sumer behaviour, dual-sourcing, regionalisation and shorter supply chains driven by sustainability concerns are reshaping demand for logistics services.

Deglobalisation trends, introduction of new tariffs and insourcing practices may reduce long-distance trade, especially in air and sea freight, and shift focus to more regional logistics solutions.

Our flexible and asset-light business model is designed to adapt to economic and geopolitical vola- tility. Stringent cost controls, efficiency measures and operational adjustments ensure optimisation of financial performance across all regions and business areas. By leveraging external transport partners and leased facilities, DSV remains agile in responding to fluctuations in demand and capacity needs.

Our global network and diversified customer base reduce dependency on single regions and indus- tries, enabling alignment with evolving supply chain patterns. As customers adopt dual-sourcing strategies and expand into emerging markets, DSV actively supports these shifts, identifying areas with high growth potential and enhancing our service offerings to remain competitive.

Demand for our transport services increased in 2025 with a similar trend expected to carry into 2026. However, overall economic predictions for 2026 remain cautious. The OECD forecasts moderate global GDP growth of around 3.0%, with continued uneven growth across regions. The freight and logistics sector may face margin pres- sure and slower volume recovery, particularly in markets exposed to protectionism and nearshoring. Near-term risk is highest within the air and sea freight market due to reliance on the US market and potential for supply-demand challenges.

The acquisition of Schenker has enhanced DSV’s global network and value-added services, strengthened our position and increased our scale, enabling us to better navigate market volatility. By continuing our historic approach to disciplined cost management and strong working capital control, DSV remains well-positioned in adapting to the changes in the macroeconomic landscape.

Employees:

Retention and attraction in a competitive market

Our success depends on attracting and retaining skilled employees who can execute strategies and meet targets in a competitive and complex environment. Losing key talent or failing to attract specialised skills could impact performance, delay strategic initiatives and challenge the achieve- ment of long-term objectives.

Leadership transitions, organisational changes and evolving workforce expectations add further challenges to maintaining a strong and engaged workforce.

Fostering a positive and inclusive workplace remains central to attracting and retaining talent. We prioritise safe, modern and inspiring working environments across our offices, terminals and ware- houses. Upholding our performance-driven culture empowers employees to take responsibility and make decisions, adding to employee engagement.

Furthermore, we continue to invest in initiatives that attract, retain and develop employees, including career development programmes, leadership training, the DSV Academy and succession planning. We promote an open and collaborative culture that supports different perspectives and ways of working, ensuring a dynamic, future-ready organisation. By maintaining robust employee engagement efforts, we align our workforce with long-term strategic objectives and prepare for new workforce trends.

Retaining key employees remain a priority, with continued focus on managing lead- ership transitions and adapting to changing workforce dynamics. The integration of Schenker has temporarily increased our organisational complexity, doubled the workforce and restructured leadership layers. This raises short-term retention and alignment risk for both legacy DSV and Schenker teams. While labour markets remain competitive in critical fields, our investment in training, engagement, flexible work models, incentive schemes and succession planning positions DSV well to mitigate this risk.

Looking ahead to 2026, talent retention, leadership continuity, and cultural integra- tion will remain key challenges as competition for digital, technical and logistics expertise intensifies.

37 DSV Annual Report 2025 Corporate governance and shareholder information

Risk description

Mitigation strategies

Risk assessment

Compliance:

Managing increasing regulatory complexity

DSV operates within an increasingly complex regulatory environment, including in areas such as tax, customs, sustainability, data privacy, cyber- security and competition law. Non-compliance could lead to significant fines, claims and reputational damage.

Cases of non-compliance may also harm our brand and stakeholder trust. The growing complexity and inconsistency of regulations across regions create challenges in maintaining compliance while supporting business operations. Additionally, regulatory demands continue to increase, potentially raising costs and affecting competitiveness.

We are committed to ethical business practices as defined by our Code of Conduct and ensuring compliance with all relevant local and international regulations. Our compliance framework covers key areas such as business ethics, tax, customs, trade, finance, legal compliance, data protection, IT and IT security, defining clear global policies, organisational processes, internal controls and audit frameworks.

Compliance is embedded in operations through mandatory training, awareness initiatives and investments in automated tools and systems that enhance monitoring and reporting capabilities. We work closely with local teams to manage regional requirements and ensure consistent implementation across all regions and operations.

Compliance risks are monitored and managed at Group level in collaboration with divisional and local business units.

Compliance requirements will continue to grow in scope and complexity. Transparency, reporting obligations and regulatory enforcement remain key focus areas. The integration of Schenker in 2025 temporarily increasing compliance expo- sure due to overlapping systems and processes, which are being aligned through a dedicated integration and training programme.

Although compliance risk scores remain moderate, the strategic significance of compliance is increasing, driven by expanding ESG reporting, cybersecurity obliga- tions, trade compliance and sanctions obligations as well as evolving industry- specific requirements for logistics services. In 2026, transparency and digital traceability requirements are expected to intensify.

M&A:

Integration of large-scale acquisitions

Strategic acquisitions are a cornerstone of our long-term growth model. Following the acquisition of Schenker, the principal risk now lies in the successful integration into our operations and realising expected synergies from one of the largest integrations in the industry. The scale and complex- ity of this transaction heighten the exposure to potential value erosion through delayed synergy capture, operational disruption or cultural misalignment.

While DSV has a strong integration track record, the size of this transaction and its multi-year scope make disciplined execution and sustained perfor- mance management critical to safeguarding competitiveness and long- term value.

DSV applies a well-established integration framework built on experience from previous large acquisitions, including Panalpina and GIL. The framework combines central governance, clear accountability and phased execution to ensure clear structure, transparency and focus throughout the integration process.

Dedicated integration teams manage operations, systems and cultural alignment while safeguard- ing customer relationships and business continuity. Progress and risk indicators are monitored closely by the Executive Board.

This disciplined approach supports timely synergy achievement, operational stability and consistent value creation, ensuring that integration activities strengthen, rather than disrupt, daily performance.

The Schenker integration is making significant progress across key operational and functional areas, advancing ahead of schedule with approximately 30% of activities completed by the end of 2025. Consequently, we expect to finalise the integration by the end of 2026.

The DKK 9 billion annual synergy target remains realistic and is now expected to have full effect for the financial year 2027, underpinned by identified efficiency gains, network optimisation and system consolidation. Short-term challenges persist, particularly around harmonising IT systems and aligning organisational structures, but no material deviations from the original plan have been identified.

The modest reduction in financial impact reflects the improved visibility and confi- dence in execution. Given the scale and duration of the integration, M&A risk will continue to require sustained executive focus in 2026.

38 DSV Annual Report 2025 Corporate governance and shareholder information

Risk description

Mitigation strategies

Risk assessment

Technology:

Adapting to accelerating digital disruption

The freight forwarding industry is affected by rapid technological advance- ments, transforming traditional models. Technologies such as AI, machine learning and predictive analytics are enabling greater efficiency, cost savings and enhanced sustainability. At the same time, shifts in customer expectations, including the rise of direct carrier-to-client models and e-commerce growth, are reshaping the competitive landscape.

Digitalisation, automation and evolving sustainability demands are driving supply chains to become more localised, flexible and efficient. Failure to innovate or adapt to these changes could impact market share, earnings and overall competitiveness.

We are actively monitoring emerging trends and technologies, including AI, to stay ahead of customer needs and competitive developments. Innovation remains a priority, supported by our Group Innovation team, which drives collaboration and idea sharing across the organisation.

Ongoing investments in digital infrastructure and automation enable us to enhance our service offerings, streamline operations and strengthen competitiveness. Strategic roadmaps guide the development of systems and processes to match customer requirements and respond to changes in market demand. By leveraging our transport and logistics expertise and advanced technology, we strengthen our ability to meet customer needs and remain competitive in a fast-evolving market.

Technology risk remains one of the highest-ranked risks, reflecting the accelerating pace of digital disruption and competitive pressure from AI-driven logistics plat- forms and automation. The risk has risen slightly compared to 2024, driven by

rapid technological advancements, intensified digital competition and execution challenges linked to large-scale system integration.

We are consistently advancing our platforms, expanding AI adoption, and supporting the evolution of supply chain models to drive productivity and resilience. The Schenker acquisition enables us to further scale and strengthen our digital infra- structure, while also temporarily increasing system complexity and integration risk. By maintaining a strong focus on innovation and technology, we are well-positioned to navigate these developments effectively and uphold our competitive leadership.

For additional information about our current technology focus areas, please see ‘A leading technology company within transport and logistics’ on page 14 .

Commercial:

Protecting growth momentum under market pressures

Adding the positive commercial integration of Schenker's customers, DSV's commercial risk primarily relates to sustaining strong organic growth, aligning with customer needs and effectively executing on commercial strategies in a competitive and evolving market.

Increasing customer price sensitivity and intensified competition challenge our ability to preserve margins and differentiate our value proposition. Resource constraints or cross-divisional misalignment could hinder execu- tion of the organic growth strategy, with potential impact on long-term financial performance.

To drive organic growth, our commercial approach focuses on building strong customer partner- ships and increasing cross-divisional cooperation to deliver high value for our customers. We lever- age our industry-specific competencies and invest in sustainable and value-driven solutions.

Strategic initiatives, network services and customer alignment are regularly reviewed to maintain financial and operational discipline. The Executive Board and Group Executive Committee oversee commercial risk, ensuring alignment of commercial initiatives with the Group’s strategic objectives.

In 2025, a key aspect of our integration planning and execution involved addressing customer attrition and applying lessons from past integrations. The commercial integration workstream prioritised timely communication and proactive outreach to Schenker’s customers along with other focused commercial activities.

The acquisition of Schenker has significantly enhanced our network strength and capacity, giving us a solid foundation for our continued ability to provide attractive, competitive supply chain services and a strong commercial value proposition to our customers.

Our commitment to organic growth, customer engagement and satisfaction contin- ues to be a top priority during the integration, and our efforts in 2025 are reflected in consistently high customer satisfaction scores and minimal customer attrition. As we look ahead to 2026, DSV must remain responsive to margin pressure, a strong competition landscape, integration challenges and the ongoing evolution of customer expectations.

39 DSV Annual Report 2025 Corporate governance and shareholder information

Communication with shareholders

We wish to provide the basis for fair and efficient pricing of the DSV share by practising open and proactive communication.

To keep investors and other stakeholders up to date with the latest develop- ments, our Executive Board hosts conference calls following the release of financial results. Throughout the year, the Executive Board and Investor Relations maintain close contact with existing and potential investors as well as market analysts, engaging with them through roadshows and conferences hosted by various brokers.

Following the acquisition of Schenker, we have seen strong interest from investors around the world, resulting in increased investor activity and close to 700 meetings during 2025. To share additional insight into DSV’s strategy and operations, we plan to host a Capital Markets Day on 12 May 2026.

A four-week silent period is observed prior to the publication of annual and interim reports. These standard procedures may be temporarily waived in specific cases, such as the issuance of share capital or company bonds. DSV is covered by 25 equity analysts. For more information about analyst coverage, please visit https://www.dsv.com/en/investor .

DSV share data

Number of shares of DKK 1 on 31 Dec. 2025

240,444,523

Share classes

1

Restrictions on transferability and voting rights

None

Listed

Nasdaq Copenhagen

Trading symbol

DSV

ISIN code

DK0060079531

Company announcements

In 2025, we published 17 company announcements (Nos. 1147 - 1163). The most important of these are listed below:

28 Jan.

No. 1149

Nomination of new board members

04 Feb.

No. 1150

Annual Report 2024

20 Mar.

No. 1152

Annual General Meeting

15 Apr.

No. 1153

DSV obtains all regulatory clearances for the acquisition of Schenker

30 Apr.

No. 1154

DSV completes the acquisition of Schenker

30 Apr.

No. 1155

Interim Financial Report Q1 2025

31 Jul.

No. 1159

Interim Financial Report H1 2025

23 Oct.

No. 1161

Interim Financial Report Q3 2025

Financial calendar

The financial calendar for 2026 is as follows:

Annual General Meeting

19 March

Q1 2026 Report

29 April

2026 Capital Markets Day

12 May

H1 2026 Report

22 July

Q3 2026 Report

21 October

The geographical distribution of our shareholders

9%

Kuwait

Switzerland

35%

USA

18%

Others

18%

Denmark

11%

UK

9%

41 DSV Annual Report 2025 Corporate governance and shareholder information

Reducing our impact

Being a people business

Doing business with integrity

Environment

Social

Governance

Sustainability

commitments

We act as a key enabler for decarbonisation across our value chain with the aim of reducing transport and logistics emissions. We are committed to reducing our environmental impact throughout our operations.

We strive to ensure that all employees can thrive and realise their potential in a diverse and inclusive environment. We respect human and labour rights and are committed to ensuring a healthy and safe working environment. We engage locally and globally to support communities and address global challenges.

We are governed by a strong set of ethical standards, which set expectations for our own operations and for our suppliers. We do business with integrity by putting in place measures to promote transparency, ethical conduct and accountability throughout our global operations and supply chain.

Material

topics

• Climate change • Air pollution • Waste management

• Talent development • Diversity and inclusion • Health and safety• Working conditions and work-related rights

• Business integrity • Supplier relations

Targets

2026: • 28% reduction in scopes 1 and 2 emissions

2030: • 50% reduction in scopes 1 and 2 emissions

• 30% reduction in scope 3 emissions

• 60% waste prepared for reuse and recycling

2050: • Carbon net-zero across all emissions scopes

2026: • Zero fatalities

• Max. 6.0 work-related accidents per million working hours

2030: • Global targets for women at senior management levels

2026: • 100% employees at risk trained in DSV’s Code of Conduct every 24 months

43 DSV Annual Report 2025 Sustainability statement

Topic

Impacts and risks

Positive/negative impact

Own operations/value chain

Actual/Potential

Environment

Climate change mitigation

Impacts on climate change caused by burning of fossil fuels

–

Both

Both

Air pollution

Impacts on air pollution caused by burning of fossil fuels

–

Both

Both

Waste management

Impacts related to waste generation and management

–

Both

Both

Social

Working conditions and work-related rights

Impacts from procedures and practices related to working conditions

–

+

Both

Both

Employee attraction and development

Impacts and risks related to employee attraction and retention, influenced by career development options and other factors

+

Own operations

Both

Diversity and inclusion

Impacts related to discrimination related to nationality, ethnicity, gender etc.

–

Own operations

Actual

Health and safety

Impacts related to risk of injuries connected to transport and logistics services

–

Both

Both

Governance

Business integrity

Impacts from corruption and bribery in own operations and in the value chain and risks related to non-compliance with policies and regulations

–

Both

Both

Supplier relations

Impacts related to supplier management and payment practices

+

Value chain

Actual

Material IROs

Climate and pollution impacts

Our DMA identified material negative impacts on climate and air pollution from DSV’s operations and services, particularly due to scope 3 emissions. We identify and assess climate and environmental IROs based on a combination of DSV’s own and value chain emissions, strategy and forecasts, as well as projec-tions and scenarios from sources such as the International Energy Agency and the IPCC. We focus on both DSV’s impact on global warming and climate change as well as the associated effects on the environment. The analysis also considers how expected future developments may influence our business model and services. Read more about how we mitigate our material impacts related to the burning of fossil fuels on pages 51-58.

Waste management

IROs connected to waste management are identified by determining the most common waste streams related to our operations. As a company whose primary

economic activity is planning of transportation activities, DSV does not have any significant resource inflows and outflows other than waste. In our contract logistics activities, we use a variety of packaging materials, such as plastics and cardboard, to safely store and transport goods. As such, we consider waste management to be material for DSV. Read more about how we mitigate our material negativeimpact related to waste management on page 60.

Social impacts and risks

We recognise that our success is built on the dedication, expertise, and diver-sity of our global workforce. To support this, we offer a work environment where positive impacts have been identified concerning working conditions and opportunities for career advancement, as well as fair and attractive benefit packages. This approach helps us to attract and retain a diverse talent pipeline. Failure to do so could negatively impact performance, delay strategic initiatives and hinder progress toward our long-term objectives, potentially leading to financial risks. Furthermore, as a company operating in more than 90 countries, we also acknowledge the potential of negative impacts related to discrimina-

tion in our own operations or violations of work-related rights. Additionally, health and safety incidents could also adversely affect both our own workforce and workers in our value chain. Read more about how we mitigate our material negative impacts and risk and enhance our positive impacts related to people onpages 67-75.

Business integrity

DSV operates globally, including in regions where bribery and corruption are prevalent. As a result, corruption and bribery are deemed to be material both in our own operations and in the value chain. Operating globally exposes DSV to multiple jurisdictions and rapidly changing conditions which contribute to an elevated compliance risk profile. Non-compliance with sustainability-related policies or regulations could adversely affect DSV’s reputation and lead to financial consequences, including fines and penalties. Read more about how DSV mitigates these impacts and risks on pages 79-80.

47 DSV Annual Report 2025 Sustainability statement

• Employees covered by workers’ representatives, by country: Disclosure has been added this year. In 2024, no countries exceeded the 10% headcount threshold requiring country-level disclosure. This metric is presented in accordance with ESRS S1-8.

• Employee turnover: The reporting has been expanded beyond the actual turnover rate disclosed in 2024 to include a rate adjusted for acquisition-synergy terminations, reflecting the impact of the integration of Schenker and improving year-on-year comparability.

• GHG emissions baseline: The acquisition of Schenker has significantly increased our emissions and therefore triggered a recalculation of the 2019 baseline to ensure comparability of our current performance with historical data. The updated baseline has been prepared in accordance with the GHG Protocol, using 2019 performance data, and applies the same methodolo-gies, accounting policies and internal control framework used for scope 1, scope 2 and scope 3 emissions reporting. The update also incorporates minor methodological refinements following the ISO 14083 update as well as structural changes arising from discontinued operations.

Restatement policy

For quantitative sustainability disclosures, DSV applies a restatement policy for methodological changes or material errors, using a 5% materiality threshold as guideline. Additional considerations may be applied depending on KPI-specific materiality.

Use of phase-in provisions

In accordance with section 10.4 of ESRS 1 and the Omnibus quick-fix resolu-tion, phase-in provisions have been applied for the reporting year 2025 on quantitative disclosure requirements under ESRS 2 SBM-1, ESRS S1-7, S1-11, S1-13, S1-14 (Number of work-related ill health cases and number of days lost due to injuries, accidents, fatalities and work-related ill health) and S1-15.

Incorporation by reference

In the sustainability statement, ESRS disclosure requirements incorporated by reference to other sections of the Annual Report include:

Disclosure requirement

Data point(s)

Description

Page

GOV-1

20 a

Composition of supervisory bodies

33, 34

20 c

Sustainability expertise

34

21 a

Number of executive members

34

21 c

Experience relevant to sectors

34

21 d

Percentage by gender and other aspects of diversity

33

21 e

Board independence

32

G1 5 b

Business conduct expertise

34

GOV-4

30

Statement on due diligence

150

32

Practices related to due diligence

150

SBM-1

40 a i

Services offered

11

40 a ii

Significant markets and customer groups

11, 93

40 b

Total revenue

93

42 a-c

Business model and value chain

11

Among the best rated companies in our industry

Score 87/100 (Platinum)

from EcoVadis

Climate Change score B

from CDP

AA score from

MSCI ESG ratings

Score 12.7 (low risk)

from Sustainalytics

50 DSV Annual Report 2025 Sustainability statement

Scopes 1 and 2

Scope 3

Full GHG emissions inventory 2025

Other categories scope 3

4%

SBTi target boundary:

Business travel scope 3

0%

Scopes 1 and 2

3%

Transport scope 3

93%

Recalculation of 2019 baseline

SBTi target boundary (CO ² e - ‘000 tonnes)

DSV

Schenker

New baseline

Total

32,885

Total

12,359

Total

20,526

Our GHG emission reduction ambition

DSV remains committed to reaching net-zero greenhouse gas (GHG) emissions across all scopes by 2050.Our near-term target for 2030 requires us to reduce emissions under our direct control (scopes 1 and 2) by 50% and emis-sions from our value chain (scope 3) by 30% compared to our 2019 baseline. The baseline includes all companies acquired since 2019, allowing us to track progress regardless of when DSV took ownership of the acquired companies.

Basis for target setting

Our target boundary includes our scope 1 and scope 2 emissions, as well as scope 3 emissions from business travel and subcontracted transport, with this representing the most material share of our GHG inventory. The remaining GHG scope 3 categories, reported under “Other categories,” account for only roughly 2% of our total Scope 3 footprint in 2019 and are considered immaterial.

The scopes 1 and 2 targets are aligned with a 1.5°C global warming scenario, while the scope 3 targets are aligned to a well-below 2°C scenario. Our targets

and accounting principles are developed in line with the Science Based Targets Initiative (SBTi) framework with an assumed annual activity growth rate of 3%. Our near-term targets was validated by SBTi in 2023, and in 2025, our long-term net-zero target also received formal validation.

To define near-term and long-term targets, we have used climate scenarios from the Intergovernmental Panel on Climate Change to project future emis-sions and decarbonisation trends. To address projections, DSV's climate transi-tion plan complements this scenario modelling with additional tools and non-climate-related inputs.

Recalculation of 2019 baseline

In 2025, we recalculated our baseline to incorporate carbon emissions from Schenker to ensure that we measure our targets against the full baseline for the combined operations. While our near-term targets and long-term com-mitment remain unchanged, our progress will now be measured against this updated baseline.

Our journeytowards net-zero

Near-term targets*

By 2030 reduce by

50%

Scopes 1 and 2 absolute emissions

30%

Scope 3 absolute emissions

Long-term commitment*

By 2050 achieveNET-ZERO

carbon emissions in all scopes

* The target boundary includes land-related emissions and removals from bioenergy feedstocks.

20,117

12,046

32,163

409

313

722

Compared to our 2019 baseline.

Validated by SBTi.

52 DSV Annual Report 2025 Sustainability statement – Environmental information

Decarbonisation levers

Energy efficiency and optimisation

Energy efficiency and carbon optimisation remain the fastest and most cost-effective ways to reduce our emissions. Until sustainable fuels are widely available at scale for air and sea transport, and zero-emission technologies are fully adopted in road transportation, improving energy efficiency will continue to play a critical role for our energy reduction efforts. That is why we continuously expand our network capacities and optimise transport routes and modes, allowing us to continuously enhance cost efficiency, speed andCO2performance.

Operational and technical optimisation in Air & Sea

Looking towards 2030, a significant share of the carbon reductions in our Air & Sea divisionwill come from selecting the most carbon-efficient carriers. These reductions are enabled by our parnters' operational and technical improvements, such as investments in newer and more fuel-efficient aircrafts, fleet renewal in ocean shipping, routing optimisation, and energy-saving technologies such as advanced propellers and hull coatings.

We work closely with our key air and ocean carriers to improve transparency on emissions data and align our decarbonisation ambitions. Towards our customers, we are integrating carbon emission data in our commercial systems and developing low-emission solutions allowing our customers to choose the most optimal supply chain solutions in close dialogue with us.

Best-in-class diesel trucks

Best-in-class diesel trucks use fuel more efficiently, which leads to lower CO²-emissions per km. As a result, these trucks contribute significantly to reducing carbon emissions. In 2025, we strengthened our global Fleet Management systems and integrated environ-mental data from a large portion of our sub-contracted fleet. This allows us to collaborate more strategically with our hauliers, supporting both their and our transition.

Energy efficiency and optimisation at DSV facilities, including LED, BMS and ATES

We set strict standards for building design whenever we commission a new real estate project. These requirements cover aspects such as life cycle CO2emissions, energy

efficiency and good indoor air quality. To ensure high energy performance, all new buildings must be able to achieve a “gold” certification under at least one sustainable construction standards, including DGNB, LEED or BREAM.

Our existing offices, terminals and warehouses are equipped with energy efficient solutions such as light emitting diode (LED) lighting and building management systems (BMS). Lighting and dimming controls decrease energy use in our buildings, together with other measures, such as better insulation and deployment of Aquifer Thermal Energy Storage systems (ATES).

Key actions supporting our targets• Operational and technical optimisation in Air & Sea

• More than 600 best-in-class diesel trucks in our third-party haulier fleet

• Energy efficiency and optimisation, including approximately 2,200,000 m2 of LED lightning at DSV facilities

Phasing out fossil fuels in transportation

Reliance on fossil fuels remains very high across all transport modes. As global demand for transportation is set to continue to rise towards 2050, and internal combustion engines are expected to remain dominant in shipping and aviation, achieving net-zero for heavy transportation will require alternative fuels. For our road operations, both alternative fuels and low- and zero-emissions truck technologies are deployed to enable the phasing out of fossil fuels towards 2050.

Sustainable fuels, including sustainable aviation fuel and marine biofuel

In Air & Sea, our decarbonisation efforts are closely linked to the availability and scalability of low-carbon fuels. At present, biofuels represent the most accessible option across both air and ocean transport. We continuously monitor the development of emerging fuel solu-tions and technologies, recognising that a broader portfolio of sustainable alternatives will be essential to enable long-term emissions reductions across global transport modes.

Furthermore, some types of alternative fuels are not considered sustainable because of the negative impacts on availability of water and land for food production and biodiversity. DSV’s alternative fuel procurement policy allows only second-generation (non-food biomass) fuels and prohibits the use of first-generation crops and woody biomass.

To navigate this evolving landscape, we are advancing decarbonisation through scalable short-term solutions like sustainable biofuels, while closely monitoring the development of next-generation alternatives. These emerging fuels promise deeper emissions reduc-tions over time, although they require further technological developments and infra-structure investments.

Strategic partnerships and engagement with carriers and hauliers

We work closely with our carriers to ensure that any alternative fuels used align with applicable sustainability standards. For our customers, we provide sustainable fuel options with third-party assurance and full life cycle traceability from origin to final use. Within our scope of control, DSV purchases sustainable aviation fuel (SAF) for all business travel through an insetting (book and claim) model.

Continuously adding zero-emission (hydrogen fuel cell, battery electric) vehicles to our global fleets is also important to meet new emission requirements in zero-emission zones. We workclosely with our hauliers to establish conditions that allow us to scale and expand these solutions and make it as feasible as possible for our hauliers to choose sustainable solutions.

Low- and zero-emission truck technologies including battery electric trucks

Battery electric vehicles (BEVs), hydrotreated vegetable oil (HVO), biogas and hydrogen

fuel cell technologies all play a valuable role in driving the change toward reducing fossil fuels in our Road division. Following the integration, our land transport operations have expanded outside of Europe, and we acknowledge that scaling of these decarbonisation levers vary significantly across regions due to differences in infrastructure, regulation and market readiness.

To accelerate the use of BEVs, we are investing in charging infrastructure, conducting test-ing, and collaborating with manufacturers. We are committed to continue deploying more BEVs and other low- and zero-emission solutions in our Road division towards 2030. Several of these vehicles operate via our established 'Groupage Network' with fixed routes and sites that offer favourable conditions for deploying low- and zero-emission trucks.

For the routes and countries where BEVs cannot be used due to range limitations and lack of charging infrastructure, we are deploying other low-emission solutions.

Key actions supporting our targets

• Strategic partnerships and engagement with carriers and hauliers

• More than 500 low- and zero emission vehicles across the fleet

• Sustainable fuels, including HVO, SAF and marine biofuel

54 DSV Annual Report 2025 Sustainability statement – Environmental information

Renewable energy production and charging infrastructure

As technology advances, an increasing share of DSV’s equipment, trucks and third-party road transport will be decarbonised through electrification. Ensuring sufficient charging infrastructure, adequate grid capacity and a reliable supply of renewable energy is essential for enabling our strategy and advancing the green transition.

Renewable energy production capacity at DSV facilities

A central part of our decarbonisation roadmap involves installing solar panels on DSV rooftops to generate renewable electricity for powering electric equipment and trucks, terminals, warehouses and offices.

Solar panels are added to DSV’s buildings where necessary, practical and feasible, such as locations with high BEV truck traffic, or where the electricity grid relies heavily on fossil

fuels. In these instances, adding solar panels can lead to significant emission reductions and help support the transition in markets that are at the early stages of the green transition. As part of these efforts, DSV continued installing photovoltaic systems in our new and existing properties in 2025.

Charging infrastructure

Furthermore, in 2025 we strengthened the Group-wide charging concept for our facilities by optimising porcesses and the underlying blueprint, enabling more scalable charging solutions throughout our facilities.

Key actions supporting our targets• Renewable energy production capacity at DSV facilities increased by 46MWp

• Battery Energy Storage Systems (BESS)

• Charging infrastructure

DSV Energy: Key achievements in 2025

• New facilities: New 240,000 m2 facility in Moerdijk, the Netherlands.

• Sustainability certified: Certified to BREEAM Excellent

• Renewable energy:

- Solar panels: 8 MWp capacity in Moerdijk

- BESS: 14MWh of BESS constructed and operated in Horsens, Denmark and Landskrona, Sweden

• Charging infrastructure:New deployments of chargers across Europe adding up to 21 chargers (approximately 4.5 MW) dedicated for eTruck charging

Innovation and partnerships

As the majority of DSV’s reported carbon emissions stem from subcontracted transports, achieving our decarbonisation targets is highly dependent on our ability to mobilise and partner with other actors in our industry and with carriers, hauliers and other suppliers across our value chain.

Industry partnerships

Ensuring consistent and accurate carbon accounting is a fundamental part of advancing decarbonisation efforts and collaboration across the global freight value chain. Among other initiatives, DSV is part of the steering committee of the Clean Cargo Working Group, through which we can help shape standards for transparent carbon reporting, identify decarbonisation pathways and promote best practices in the shipping sector.

DSV also participates in the Smart Freight Centre's Clean Air Transport Initiative. This initiative aims to bring together early adopters of sustainable aviation within the freight industry, using increased transparency about emissions from air freight services to drive decarbonisation measures and alignment on standards across the air transport sector.

Strategic partnerships and engagement with carriers, hauliers and suppliers

By including decarbonisation as a criterion for selecting strategic carriers, DSV can con-tribute to the development of new sustainable technologies within the air and sea freight sector.

The transport market is highly fragmented, especially in road transport, which is characterised by many small hauliers. To overcome this barrier for dissemination and adoption of new technologies, we leverage our strong partnerships with truck manufacturers and technology providers to make lower-carbon solutions available to our third-party hauliers at competitive prices.

We actively collaborate with multiple manufacturers to test and develop new and more sustainable solutions that support DSV and our third-party hauliers in reaching decarboni-sation objectives. We use this expertise to inform industry-wide collaboration, and DSV has also joined the Smart Freight Center’s Road Book and Claim community as a modal supporter, leveraging our experience in scaling this process across our business.

Book and claim models

To further support global scaling of low- and zero-emission technologies, we have expanded the use of our book and claim model through our service offering 'Road Indirect Reductions'. Achieving this requires collaboration between multiple suppliers, including hauliers and fuel providers.

Key actions supporting our targets• Strategic partnerships and engagement with carriers, hauliers and suppliers

• Industry partnerships

• Book and claim models

Road indirect reductions – scalable, immediate emission cuts

DSV’s Road Indirect Reductions service enables customers and DSV to achieve verified CO2 reductions through a book and claim model, powered by low- and zero-emission technologies within our road operations. It enables access to emission reductions for customers operating in markets that await low emission road freight infrastructure maturity.

Key benefits:

• Immediate action: Decarbonise even in markets lacking sustainable fuel or BEV infrastructure

• Scalable access: Leverage low- and zero-emission vehicles where direct procurement is not feasible

• Traceable and auditable: All reductions are documented and fully verifiable

• Global flexibility: Claim reductions regardless of your operating location

55 DSV Annual Report 2025 Sustainability statement – Environmental information

12 mth DSV

12 mth DSV + 8 mth Schenker

2023

2024

2025

32,121

9,594

5,179

17,348

5,417

4,080

2,902

1,777

9,978

7,114

Air transport

Sea transport

Land transport

18,297

12,971

Air transport

Sea transport

Land transport

100

90

80

7

6

0

700

600

627.6

7.0

94.3

91.5

91.3

6.4

6.5

669.7

646.3

Transport emissions

(CO 2 e - ‘000 tonnes)

Carbon intensity

CO 2 e (g/tonnes-km)

2019

baseline

2024

2025

progress

Scope 3 (SBTi target boundary) emission development

Total emissionsincreased by 41% compared to last year due to the integration of Schenker.

Progress against our 2030 target

Compared to our revised 2019 baseline, total scope 3 emissions decreased by43%, mainly due to significant volume reductions across all transport modes as well as the only partial inclusion of Schenker volumes in 2025. Currently, our scope 3 target boundary emissions are below the target level set for 2030. However, as we expect freight demand to increase in the coming years, we must continue our efforts to reduce emissions across all modes to achieve the 2030 target of a 30% reduction against the 2019 baseline.

Subcontracted transport emissions development

Subcontracted transport emissions constitute over96% of our total scope 3 emissions. These emissions are significantly impacted by global demand for transportation, which, in turn, is influenced by broader trends in the global economy, geopolitical events and trade barriers.

Air transportation

Air freight remains our largest source of emissions, accounting for more than half of the total emissions from subcontracted transportation. In 2025, total air emissions increased by 40.3% compared to 2024, mainly due to higher air freight volumes, especially driven by added volumes from Schenker. However, air carbon intensity decreased by 3.5%, owing to more freighter activity, use of sustainable aviation fuel (SAF) and general trend for air freight shifting capacity and volumes to other markets.

Sea transportation

Sea freight is our most carbon efficient transportation mode. Despite carrying the largest share of volume measured in tonne-kilometres, sea freight makes up only 16% of our total scope 3 transport emissions. In 2025, total scope 3 emissions from sea transport activities increased by 63.3% compared to 2024, mainly due to increased volumes from Schenker. Following the acquisition, we have seen positive outcomes driven by shifts in route compositions. DSV's carbon intensity rose by only 1.6% year on year, as global averages on our main routes increased due to carriers navigating longer rerouted journeys prompted by geopolitical instability in the Middle East and Red Sea.

Land transportation

Emissions from land transportation constitute approximately one-thirdof our total scope 3 transport emissions. In 2025, land transportation emissions increasedby 32.8%compared to 2024, mostly due to increased tonnage from the Schenker acquisition. The carbon intensity of our subcontracted fleet fell by 9% compared to the revised baseline and by 0.2% compared to last year, driven by increased efficiency and overall change in trade patterns following the acquisition.

Sustainable aviation fuel programme

Our SBTi target boundary also includes business travel. In 2023, DSV intro-duced a SAF programme to reduce business travel emissions. In 2025, the use of SAF contributed to the reduction of business travel emissions by 87%, which matches the current capabilities of SAF production technology. Any remain-ing emissions are offset with additional SAF volumes. Through this approach to business travel emissions, DSV helps boost demand for SAF, encouraging producers to increase production.

58 DSV Annual Report 2025 Sustainability statement – Environmental information

EU taxonomy statements

Proportion of turnover (revenue), CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – Summary KPIs 2025 

Breakdown by environmental objectives of Taxonomy-aligned activities

KPI

Total

(DKKm)

Proportion of Taxonomy eligible

activities

(%)

Taxonomy aligned

activities

(DKKm)

Proportion of Taxonomy aligned

activities

(%)

Climate change

mitigation

(%)

Climate change

adaptation

(%)

Water

(%)

Circular Economy

(%)

Pollution

(%)

Biodiversity (%)

Proportion of enabling

activities

(%)

Proportion of transitional activities

(%)

Not assessed activities considered non-material (%)

Taxonomy aligned

activities

in previous

financial year

(DKKm)

Proportion of Taxonomy aligned

activities

in previous

financial year

(%)

Turnover (revenue)

247,331

-

-

-

-

-

-

-

-

-

-

-

2.6%

-

-

CapEx

38,208

79.7

-

-

-

-

-

-

-

-

-

-

-

-

-

OpEx1

3,458

-

-

-

-

-

-

-

-

-

-

-

100.0%

-

-

1Of total OpEx expenditures of DKK 3,458 million as defined by 1.1.3.1 of (EU) 2021/2178, purchased output from taxonomy-aligned economic activities are currently not material (equal to zero) – neither when considering the monetary value of expenditures realised, nor when considering these in light of our business model.

Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – Activity breakdown 2025

Environmental objective of Taxonomy-aligned activities

Economic activities

Code

Taxonomy eligible KPI (Proportion of Taxonomy eligible CapEx)

(%)

Taxonomy aligned KPI (monetary value of CapEx) (DKKm)

Taxonomy aligned KPI (Proportion of Taxonomy aligned CapEx)

(%)

Climate change

mitigation

(%)

Climate change

adaptation

(%)

Water

(%)

Circular Economy

(%)

Pollution

(%)

Biodiversity (%)

Enablingactivity

(E)

Transitionalactivity

(T)

Proportion of Taxonomy aligned in Taxonomy eligible

Construction of new buildings

CCM 7.1

7.0%

-

-

-

-

-

-

-

-

-

-

-

Acquisition and ownership of buildings

CCM 7.7

72.7%

-

-

-

-

-

-

-

-

-

-

-

Sum of alignment per objective

-

-

-

-

-

-

Total KPI

79.7%

-

-

-

-

-

-

-

-

-

-

-

66 DSV Annual Report 2025 Sustainability statement – Environmental information

Our workforce per region

(headcount)

Asia

Pacific

Middle East and Africa

19%

10%

Americas

19%

52%

Europe

Our workforce

Full-time employees (FTE)

Headcount (HC)

30

25

20

15

10

5

0

Employee turnover

(%)

2023

2024

2025

137,504

65,810

73,338

151,751

15.4%

20.9%

20.2%

20.7%

For a definition of FTE and headcounts please refer to employee accounting policies definition on page 7 6 .

180

150

120

90

60

30

0

('000)

2024

2025

Turnover

Turnover (adjusted for synergies)

In 2025, 41% of DSV’s employees globally were covered by collective bargain-ing agreements, compared to 30% in 2024. The increase is mainly due to the acquisition of Schenker. There are, however, significant regional differences, reflecting variations in labour market traditions and regulations across the countries where DSV operates.

We adapt our practices to align with local regulatory requirements, includingin regions where formal worker consultation frameworks are not established. This approach ensures employees remain actively engaged in identifying risks and are empowered to voice concerns and contribute valuable insights to local management decisions. Dedicated ambassador networks and employee resource groups have been formed for critical topics, such as health and safety and sustainability, facilitating ongoing dialogue between employees and man-agement on these topics.

Additionally, we engage and inform our employees about key company devel-opments through town halls, events and other internal communications chan-nels. We also conduct annual employee surveys, where all employees are invited and encouraged to participate and share their perspectives. In 2025, the survey focused on our employees' experiences concerning the integration

process and the communication and information provided.Our Group People & Organisation (P&O) function tracks the results and ensures that all teams engage in follow-up dialogues and take appropriate actions.

DSV’s whistleblower system, Integrity Line, is also available to ensure that anyone, DSV employees as well as third parties, can securely and anonymously report concerns or knowledge of misconduct. See pages 79-80for further information on our Whistleblower Policy and investigation process. These engagement methods are designed to be adaptive and responsive to local conditions, thereby mitigating the risk of material negative impacts on our own workforce and promoting employee well-being as well as the company’s continued growth.

Attractive and fair employment conditions

The ability to attract and retain talent is essential for our business performance. Our Global P&O teams work closely together to ensure that local benefit schemes are fair and attractive and align with the DSV Global Employee Benefit Policy. The policy addresses retirement plans, healthcare and risk insurance plans, which are structured according to local standards. The individual countries and regions each have their own regulations and ways of rewarding employees

or providing social protection in areas where public programmes do not provide these benefits. Therefore, our localbenefit models are managed by the country management teams, who can best tailor them to local needs. Examples of benefits include pension, health care and insurance plans, employee wellbeing programmes, various leave options and more.

In 2025, we conducted an analysis of remuneration practices across employee groups. The assessment confirmed that all employees receive adequate wages.

Training and people development at DSV

Building competencies and skills and enabling internal mobility are important priorities at DSV. Equally important is our ability to attract and retain employ-ees. These efforts enable our employees to achieve their career and develop-ment goals, ultimately strengthening our company’s performance. We support this through structured, global procedures and our extensive global training programmes, which are available to all employees across the organisation. In 2025, employee turnover remained at 20.9%, approximately the same level as in 2024, with employee turnover (adjusted for synergies) at 15.4%.

68 DSV Annual Report 2025 Sustainability statement – Social information

DSV continues to prioritise employee engagement and retention initiatives to ensure a smooth integration and maintain workforce stability, which is reflected in this year’s numbers. The turnover rate is highest among blue-collar employ-ees, such as terminal and warehouse workers.

Our Global Learning & Development Policy establishes the foundation for a stand-ardised global approach to employee training and development. The purpose of the policy is to ensure that all employees, from entry-level to senior leaders, have access to the resources and training necessary to excel in their roles and drive the continued growth of DSV. The policy outlines our global training offerings, reflecting our commitment to continuous learning that offers both professional and personal development as a critical component of our business strategy.

All DSV’s employees have access to training opportunities either directly through our online learning platform or via local training partners and activities. In addition to our internally developed e-learning courses, we have an external library of over 35,000 generic e-learning activities and courses. The platform facilitates upskilling and reskilling of relevant employees through competency gap identification, thereby ensuring continued development and employability. Specific training programmes are available for managers and specialists in addition to our Young DSV Programme designed for trainees. In total, DSV employees spent more than 1,060,000 hours on online training in 2025.

Performance review and personal development plans

To ensure alignment of expectations, we use a global performance and develop-ment process, supported by an integrated platform. All managers and salaried employees are expected to conduct an annual performance and development review. This process encourages an open dialogue between employees and their managers and ensures that employees work towards shared department objec-tives. This allows employees to develop and grow in accordance with their current role, future plans and ambitions.

As we grow, so does our need for skilled employees and leaders. Our global policy and process for talent review and succession planning ensure that we remain competitive. This approach also reduces risks associated with attracting and retaining employees. Through this process, both employees and managers undergo ongoing evaluations to assess their readiness for increased responsi-bility. Based on these assessments, appropriate talent management action plans are developed.

Training and people development

DSV Academy brings together all our global training offers within different topics

• Online training

• Leadership training

• Sales training

• Operational training

• Young DSV• Compliance trainingIn 2025,

>1,060,000

hours of learning activities completed on

our online training platform

>35,000

generic e-learning activities

69 DSV Annual Report 2025 Sustainability statement – Social information

Gender distribution by contract types (headcount)

Permanent contract

Temporary contract

Non-guaranteed hours contract

528

127,429

9,547

Male: 5,945 Female: 3,592

Other/Not reported: 10

Male: 340 Female: 179

Other/Not reported: 9

Male: 78,848 Female: 48,356

Other/Not reported: 225

Actions

To support our ambitions, we have selected several key initiatives expected to deliver the biggest impact based on feedback from relevant stakeholders and departments, insights from successful past initiatives and best practice. These initiatives combine training, awareness campaigns and requirements for minimum representation in key processes, such as recruitment and succession planning.

Training and leadership initiatives

Diversity and inclusion training is mandatory for all managers and P&O employ-ees. Employees regularly involved in recruitment activities receive additional training. Furthermore, DSV’s general leadership training programme includes a mandatory module on diversity and inclusion. The purpose of these trainings is to remove barriers to equal opportunities by raising awareness of potential biases and stereotyping that may hinder our recognition of individual differ-ences and capabilities.

To facilitate knowledge sharing between our P&O teams and managers, we have established a dedicated Diversity & Inclusion (D&I) working groupto drive this agenda throughout our organisation.

Remuneration

DSV monitors the pay gap between female and male compensation at DSV. In 2025, the average salary of female employees was 5.6% lower than the average male salary. As DSV operates in more than 90 countries, the average pay gap reflects structural and operational differences affecting workforce composition across our global operations.

In 2025, the CEO remuneration ratio compared to median DSV employee salary was 137.

Local diversity and inclusion differences

Priorities vary from country to country, which is why we work with diversity and inclusion on both global and local level. The global framework applies to the entire DSV Group, while local D&I initiatives address country-specific contexts

and requirements. In addition to our material topic of gender, local P&O teams may implement relevant actions based on their unique insights into the D&I challenges in their country or region, regardless of their materiality for the DSV Group as a whole. Local initiatives can include everything from use of recruitment agencies specialised in minority groups to developing targeted content for training and leadership programmes.

Women in Leadership

Our "Women in Leadership" programme is designed to support and motivate more women to take on leadership positions and/or to aim for higher manager positions within the organisation.

The goal of the initiative is to support women with relevant tools, build networks, engage local management and ultimately improve the gender balance at leadership positions.

71 DSV Annual Report 2025 Sustainability statement – Social information

Global Risk Assessment

Further assessment

Corrective actions

Training

Alongside the DSV Human Rights Programme, we use internal audits, our whistleblower system and investigations to monitor risk and identify non-conformity with our standards across our operations and in our value chain.

Specific supplier vetting and audit requirements are established for high-risk suppliers as part our Responsible Sourcing Policy and accompanying framework. See page 81for DSV’s approach to running a responsible supply chain.

Actions

In 2025 Human Rights Programme process,ten entities were selected toconduct human rights audits, either through self-assessment or onsite internal audits. In eight entities, corrective actions were implemented to address identified incidents of non-conformities with our policies. The main findings reaffirmed the salient human rights risks identified in earlier assessments. Additionally, more than 900 employees from these entities completed our human rights e-learning course as part of the programme.

In 2025, we developed guidance to ensure a consistent, fair and transparent approach to remediation of human rights impacts throughout our operations and in our value chain.

Human rights performance

In 2025, no cases of severe human rights violations were reported. Local P&O functions reported a total of 39 confirmed work-related cases of discrimination and harassment across our global operations. In addition, seven confirmed cases of other work-related social and human rights incidents were reported.

DSV Human Rights Programme

Fines, penalties, or compensations were paid in nine of the reported confirmed cases of work-related discrimination and harassment and other work-related social and human rights incidents. The total amount was approximately DKK 1.4 million. The nine cases were reported in DSV's US entities.

73 DSV Annual Report 2025 Sustainability statement – Social information

our locations were certified. Schenker locations will be included into our multisite certificates as the integration process progresses.

Workers in our value chain are covered by our OHSMS when performing work at DSV’s locations. Requirements for safe working conditions among our suppli-ers are outlined in our Supplier Code of Conduct. All suppliers are required to provide adequate training and equipment to ensure the health and safety of workers throughout DSV’s value chain. For more information about DSV’s approach to responsible supplier management practices, seepage 81.

Health and safety actions - own workforce

Local health and safety professionals

DSV has a global network of health and safety professionals and representa-tives, who facilitate communication and participation of employees in health and safety matters. Across our operations, these local health and safety contacts contribute with local expertise and insights into best practices to help guide local health and safety initiatives. Every year, relevant health and safety activities are carried out in our local operations. These include regular risk assessments for both routine and non-routine activities, inspections of work equipment, implementation of safe work practices, training, performance monitoring, and ensuring emergency response preparedness. In case of inci-dents, local branches must perform thorough post-incident assessments and initiate corrective measures as needed.

Health and safety training and awareness raising

We prioritise awareness-raising activities to ensure our employees remainconscious of their physical and psychosocial safety. Consequently, individuals working in health and safety roles must complete relevant training and maintain up-to-date competences. This approach empowers our workforce to effec-tively manage risks and thereby contribute to a safer working environment. In 2025, DSV employees completed health and safety training across all locations, with modules covering mandatory and role-specific topics, such as safe han-dling of dangerous goods and risk awareness. As the Schenker integration

progresses, training resources and learning modules are being standardised to ensure a consistent and scalable approach throughout all DSV operations.

Health and safety audits

We conduct internal health and safety audits to ensure that our policy and pro-cedures are followed throughout our operations. In 2025, we completed 156 internal health and safety audits. The DSV locations which have chosen to certify their management system according to the ISO 45001 standard undergo additional third-party audits conducted by Bureau Veritas. In 2025, Bureau Veritas conducted 90 healthand safety audits. All findings are compiled and reported to DSV Group, which is responsible for monitoring, follow-up with the countries on corrective actions and resolving identified non-conformities.

Health and safety targets and 2025 performance

In 2025, the work-related accident rate per million working hours was 6.0, which is an increase from 2024, when the rate was 3.9 for legacy DSV only. The increase is due to improved awareness of reporting requirements and that Schenker has expanded DSV’s Road business, which has historically seen a higher injury rate. Legacy DSV 2025 target for maximum work-related accidents was 3.5. The target for 2026 is a maximum of 6.0 work-related accidents per million working hours. We maintain our target of zero fatalities.

In 2025, we regretfully reported one fatality involving a DSV driver in South Africa. DSV is working with local authorities, taking proactive steps to prevent similar incidents and further strengthen safety and security measures across our operations.

Our primary focus for 2026 will be to advance the implementation of DSV’s Occupational Health & Safety Management System and incident reporting framework across all entities.

75 DSV Annual Report 2025 Sustainability statement – Social information

2.1 Segment information – continued

Segment information – 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 – 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– 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.

92 DSV Annual Report 2025 Consolidated financial statements 2025

3.1 Impairment test — 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’s 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 – allowed decline (percentage points)

19.2

23.9

22.9

19.9

34.0

3.3

Discount rate – allowed increase (percentage points)

6.0

6.4

6.3

6.7

10.4

2.2

97 DSV Annual Report 2025 Consolidated financial statements 2025

3.7 Pensions and other post-employment benefit plans — 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’s 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

103 DSV Annual Report 2025 Consolidated financial statements 2025

4.5 Financial risks — 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’s 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’ 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’s 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)

± 1,313

(53,056)

± 1,061

± 96

± 1,285

± 73

± 450

CNY/DKK (5%)

(2,175)

± 109

(2,053)

± 103

± 95

± 570

±66

±310

USD/DKK (5%)

6,757

±338

1,026

±51

±115

± 1,278

±123

±831

CHF/DKK (5%)

(1,458)

±73

(726)

±36

± 16

± 309

±16

±234

PLN/DKK (5%)

(1,090)

±55

(554)

±28

±18

± 150

±17

±68

SGD/DKK (5%)

(1,398)

±70

(544)

±27

±34

± 576

± 11

±119

SEK/DKK (5%)

(3,709)

±185

(244)

± 12

±44

± 556

± 22

± 55

Total

n.a.

±1,467

n.a.

± 1,216

± 418

± 4,724

± 328

± 2,067

The Group’s 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

109 DSV Annual Report 2025 Consolidated financial statements 2025

4.5 Financial risks — 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’s 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’s 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’s 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’s 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’s and/or P-2 or higher by Moody’s.

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%).

110 DSV Annual Report 2025 Consolidated financial statements 2025

5.2 Deferred tax — 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)

115 DSV Annual Report 2025 Consolidated financial statements 2025

6.2 Share option schemes — 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’s treasury shares.

Share options are granted in accordance with the procedures outlined in the Group’s 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’s 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 Bjørn Andersen have been transferred from Executive Board to key employees.

119 DSV Annual Report 2025 Consolidated financial statements 2025

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 für 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 Nemzetközi 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%

124 DSV Annual Report 2025 Consolidated financial statements 2025

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 Jämtland AB

Sweden

100.0%

Trafikaktiebolaget NP Kagström

Sweden

100.0%

Fastighets Aktiebolaget Orbyn

Sweden

100.0%

KB Langtradaren 2 Borlänge

Sweden

100.0%

KB Sörby 24:3 -Gävle

Sweden

100.0%

KB Ättehögen Östra 1 -Helsingborg

Sweden

100.0%

KB Transporten 1 -Hultsfred

Sweden

100.0%

KB Bleket 1 -Karlstad

Sweden

100.0%

KB Önnestad 108:4 -Kristianstad

Sweden

100.0%

KB Maskinen 3 -Linköping

Sweden

100.0%

KB Storheden 1:8 -Lulea

Sweden

100.0%

KB Benkammen 12 -Malmö

Sweden

100.0%

KB Norränget 62 Hudiksvall

Sweden

100.0%

KB Lertaget 1, Skara

Sweden

100.0%

KB Vivstamon 1:13 -Timra

Sweden

100.0%

KB Baggböle 2:35 -Umea

Sweden

100.0%

KB Transportören 1 -Värnamo

Sweden

100.0%

KB Köpmannen 10 -Västerås

Sweden

100.0%

KB Pantern 1 -Växjö

Sweden

100.0%

KB Distributören 3 och 4 -Örebro

Sweden

100.0%

KB Överön 1:66 -Örnsköldsvik

Sweden

100.0%

KB Vindtrycket 1 -Borås

Sweden

100.0%

KB Backa 107:3

Sweden

100.0%

KB Ädelgasen 1 -Jönköping

Sweden

100.0%

KB Älghunden Jönköping

Sweden

100.0%

KB Malmö Hamnen 22 Malmö

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 Södertälje

Sweden

100.0%

KB Frysen 1 Visby

Sweden

100.0%

KB Fryshuset 3-Visby

Sweden

100.0%

Fullerö 67:2 Uppsala Aktiebolag

Sweden

100.0%

Göinge 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%

125 DSV Annual Report 2025 Consolidated financial statements 2025

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.

Türkiye

100.0%

Schenker-Arkas Nakliyat Ve Tic. A.S.

Türkiye

55.0%

DSV International Hava ve Deniz

Taşimaciliği Ltd.Şirketi

Türkiye

100.0%

DSV Road & Solutions A.S.

Türkiye

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 Serviços de Logística 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%

126 DSV Annual Report 2025 Consolidated financial statements 2025

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%

127 DSV Annual Report 2025 Consolidated financial statements 2025

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%

128 DSV Annual Report 2025 Consolidated financial statements 2025

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  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%

129 DSV Annual Report 2025 Consolidated financial statements 2025

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%

Bäckebols Akeri AB

Sweden

35.0%

BTU - Bilspedition Transportörer

Utvecklings AB

Sweden

50.0%

Polymer Logistics Investments LLC

United Arab

Emirates

36.5%

¹ Schenker Aktiengesellschaft intend to utilise the simplification provisions of Section 264 (3) and Section 264b and to exempt themselves from the disclosure provisions of Sections 325 to 329 of the German Commerical Code.

130 DSV Annual Report 2025 Consolidated financial statements 2025

Management to determine the fair value of the assets acquired and liabilities assumed in the business combination, with particular attention to the fair value of the acquired customer relationships and provisions for litigations and claims as well as uncertain tax positions.

Revenue recognition, contract assets and accrued cost of services

The Group’s revenue consists primarily of services, i.e. shipments of goods between destinations, which by nature is rendered over a period of time.

We focused on this area, because at year-end, material contract assets and accrued cost of services exist, which involve significant accounting estimates regarding accrual of income (contract assets) and related costs (accrued cost of services), including methods and data applied and assumptions made by Management. The process of accruing for contract assets and cost of services rendered is, therefore, complex and dependent on relevant IT controls in certain IT systems as well as significant management judgement and estimates. Furthermore, particularly for Sea services, an inherent risk exists regarding estimates for recognising revenue in the correct period at year-end due to the services being rendered over a lengthier period of time.

In addition, we focused on this area because of the significance of revenue and as revenue consists of a substantial number of transactions with different characteristics depending on which business division the revenue relates to.

Reference is made to notes 2.2and 3.4in the Consolidated Financial Statements.

How our audit addressed the key audit matter

Our audit procedures included considering the appropriateness of the account-ing policies for revenue recognition applied by Management and assessing compliance with applicable IFRS Accounting Standards, including disclosure requirements.

We updated our understanding of relevant controls, including Group controlling procedures and IT controls, concerning the timing of revenue recognition and evaluated whether these were designed in line with the Group’s accounting policies and were operating effectively.

For contract assets and accrued cost of services, we examined reports con-cerning services in progress at year-end and challenged the estimates made by

Management regarding revenue and related cost accruals, including Management’s applied methods, assumptions and data for preparing the estimates.

We selected a sample of transactions during the year and at year-end, and traced these to underlying evidence to determine whether revenue and the related costs are recognised in the correct period.

In addition, we applied data analysis in our testing of revenue transactions in order to identify and assess transactions outside the ordinary transaction flows.

Statement on Management’s Review

Management is responsible for Management’s Review (pp 1-82and 149-153).

Our opinion on the Financial Statements does not cover Management’s Review, and we do not as part of the audit express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

Moreover, we considered whether Management’s Review includes the disclosures required by the Danish Financial Statements Act. This does not include the requirements in paragraph 99 a related to the Sustainability Statement covered by the separate auditor’s limited assurance report hereon.

Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act, except for the require-ments in paragraph 99 a related to the Sustainability Statement, cf. above. We did not identify any material misstatement in Management’s Review.

Management’s responsibilities for the Financial Statements

Management is responsible for the preparation of consolidated financial state-ments and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as issued by the IASB and in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal

control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements appli-cable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indi-vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit proce-dures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonable-ness of accounting estimates and related disclosures made by Management.

145 DSV Annual Report 2025 Statements

• Conclude on the appropriateness of Management’s use of the going con-cern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to con-tinue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related dis-closures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future eventsor conditions may cause the Group or the Parent Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.

Report on compliance with the ESEF Regulation

As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of DSV A/S for the financial year 1 January to 31 December 2025 with the filename DSV-2025-12-31-en.zipis prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes.

Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:

• The preparation of the annual report in XHTML format;

• The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary;

• Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; and

• Such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.

Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:

• Testing whether the annual report is prepared in XHTML format;

• Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process;

• Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes;

• Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified;

• Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and

• Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.

In our opinion, the annual report of DSV A/S for the financial year 1 January to 31 December 2025 with the file name DSV-2025-12-31-en.zipis prepared, in all material respects, in compliance with the ESEF Regulation.

Hellerup, 4 February 2026

PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab

CVR no 33771231

Kim Tromholt

State Authorised Public Accountant

mne33251

Anders Stig Lauritsen

State Authorised Public Accountant

mne32800

146 DSV Annual Report 2025 Statements

Auditor’s responsibilities for the assurance engagement

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.

Our responsibilities in respect of the Process include:

• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process;

• Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and

• Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in the section “Double materiality assessment”.

Our other responsibilities in respect of the Sustainability Statement include:

• Identifying where material misstatements are likely to arise, whether due to fraud or error; and

• Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Summary of the work performed

A limited assurance engagement involves performing procedures to obtain

evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statement.

In conducting our limited assurance engagement, with respect to the Process, we:

• Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by Management; and reviewing the Group’s internal documentation of its Process; and

• Evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in the section "Double materiality assessment”.

In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:• Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability Statement, including the consolidation processes, by obtaining an understanding of the Group’s control environ-ment, processes and information systems relevant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness;

• Evaluated whether the information identified by the Process is included in the Sustainability Statement;

• Evaluated whether the structure and the presentation of the Sustainability Statement are in accordance with the ESRS;

• Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement;

• Performed limited substantive assurance procedures on selected infor-mation in the Sustainability Statement;

• Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures in the Financial Statements and Management’s Review;

• Evaluated the methods, assumptions and data for developing estimates and forward-looking information; and

• Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement.

Hellerup, 4 February 2026

PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab

CVR no 33771231

Kim Tromholt State Authorised

Public Accountant

mne33251

Anders Stig Lauritsen State Authorised

Public Accountant

mne32800

148 DSV Annual Report 2025 Statements

Disclosure requirement

Data point

Legislation

Material

Page

E2-4

28

Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil

SFDR

+

64

E3-1

9

Water and marine resources

SFDR

–

-

13

Dedicated policy

SFDR

–

-

14

Sustainable oceans and seas

SFDR

–

-

E3-4

28 (c)

Total water recycled and reused

SFDR

–

-

29

Total water consumption in m 3 per net revenue on own operations

SFDR

–

-

ESRS 2 IRO 1 E4

16 (a) i

Biodiversity sensitive areas

SFDR

–

48

16 (b)

Land degradation, desertification or soil sealing

SFDR

–

48

16 (c )

Threatened species

SFDR

–

48

E4-2

24 (b)

Sustainable land / agriculture practices or policies

SFDR

–

-

24 (c )

Sustainable oceans / seas practices or policies

SFDR

–

-

24 (d)

Policies to address deforestation paragraph

SFDR

–

-

E5-5

37 (d)

Non-recycled waste

SFDR

+

64

39

Hazardous waste and radioactive waste

SFDR

-

64

Disclosure requirement

Data point

Legislation

Material

Page

ESRS 2 SBM 3 S1

14 (f)

Risk of incidents of forced labour

SFDR

+

72-73

14 (g)

Risk of incidents of child labour

SFDR

+

72-73

S1-1

20

Human rights policy commitments

SFDR

+

72-73

21

Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8

BRR

+

72-73

22

Processes and measures for preventing trafficking in human beings

SFDR

+

72-73

23

Workplace accident prevention policy or management system

SFDR

+

74-75

S1-3

32 (c )

Grievance / complaints handling mechanisms

SFDR

+

67-68 , 80

S1-14

88 (b) and (c )

Number of fatalities and number and rate of work-related accidents

SFDR, BRR

+

78

88 (e )

Number of days lost to injuries, accidents, fatalities or illness

SFDR

+

-

S1-16

97 (a)

Unadjusted gender pay gap

SFDR, BRR

+

77

97 (b)

Excessive CEO pay ratio

SFDR

+

77

S1-17

103 (a)

Incidents of discrimination

SFDR

+

78

104 (a)

Non-respect of UNGPs on Business and Human Rights and OECD guidelines

SFDR, BRR

+

78

152 DSV Annual Report 2025 Other sustainability statement information

Disclosure requirement

Data point

Legislation

Material

Page

ESRS 2 SBM 3 S2

11 (b)

Significant risk of child labour or forced labour in the value chain

SFDR

+

72-73

S2-1

17

Human rights policy commitments

SFDR

+

72-73

18

Policies related to the value chain workers

SFDR

+

72-75

19

Non-respect of UNGPs on Business and Human Rights and OECD guidelines

SFDR, BRR

+

72-73

19

Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8

BRR

+

72-73

S2-4

36

Human rights issues and incidents connected to its upstream and downstream value chain

SFDR

+

72-73

S3-1

16

Human rights policy commitments

SFDR

–

-

17

Non-respect of UNGPs on Business and Human Rights and OECD guidelines

SFDR, BRR

–

-

S3-4

36

Human rights issues and incidents

SFDR

–

-

S4-1

16

Policies related to consumers and end-users

SFDR

–

-

17

Non-respect of UNGPs on Business and Human Rights and OECD guidelines

SFDR, BRR

–

-

S4-4

35

Human rights issues and incidents

SFDR

–

-

Disclosure requirement

Data point

Legislation

Material

Page

G1-1

10 (b)

United Nations Convention against Corruption

SFDR

+

79-80

10 (d)

Protection of whistleblowers

SFDR

+

79-80

G1-4

24 (a)

Fines for violation of anti-corruption and anti-bribery laws

SFDR, BRR

+

82

24 (b)

Standard of anti-corruption and anti-bribery

SFDR

–

79-80

153 DSV Annual Report 2025 Other sustainability statement information

DSV A/S

Hovedgaden 630 2640 Hedehusene Denmark

Tel. +45 43 20 30 40 www.dsv.com

CVR no. 58 23 35 28

Annual Report for the year ending 31 December 2025 (49th financial year)

Published 4 February 2026

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