#1DSV A/S Investor presentation FULL-YEAR 2022 RESULTS DSV .#2Forward-looking statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties, as various factors, many of which are beyond DSV A/S' control, may cause actual developments and results to differ materially from the expectations contained in the presentation. Badman#3Content • Highlights • Business segments • Financial review Outlook for 2023 and financial targets . Appendix#4Highlights Strong results across all divisions and EPS growth of 60% in 2022. An eventful year: GIL integration and extreme market volatility. Solid cash flow and DKK 21.6 billion allocated to shareholders in 2022. 2023 EBIT guidance of DKK 16 - 18 billion - reflecting freight market normalisation and macroeconomic headwind. We raise our sustainability ambitions and commit to net-zero by 2050. (3.1%)* Gross profit (DKKm) +33.3%* 11,674 11,656 52,149 37,615 Q4-21 Q4-22 FY-21 *) Growth rates are in constant currencies and including the impact from Agility GIL. 5,113 EBIT before special items (DKKm) (10.6%)* +48.0%* 4,749 16,223 25,204 16,000 - 18,000 FY-22 Q4-21 Q4-22 FY-21 FY-22 Guidance FY-23 4#5Air & Sea (DKKm) Q4 2022 Q4 2021 Growth* FY 2022 FY 2021 Growth* Gross profit Air 4,063 4,063 (3.8%) 18,603 13,051 35.6% Gross profit Sea 3,214 3,462 (10.4%) 16,021 10,718 41.9% Total gross profit 7,277 7,525 (6.9%) 34,624 23,769 38.5% • EBIT 3,816 4,011 (8.6%) 20,658 12,768 53.0% • Conversion ratio *) Growth rates are in constant currencies and including M&A. Operating margin 13.0% 64.4% 12.0% 60.5% 59.7% 11.4% 10.6% 53.3% 52.4% 8.7% Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 • Management commentary • Strong 2022 results in extraordinary markets. Growth across all regions and a positive impact from the addition of GIL. Q4-22 was impacted by lower volumes and gradual market normalisation. We expect this trend will continue in the first part of 2023 and are taking relevant steps to adjust our cost base. With our strong network and high service levels our target of gaining market shares remains intact. 5#6Air freight Q4 2022 I DSV Tonnes, '000 Gross profit/tonne, DKK 12,549 12,748 11,426 11,026 9,263 439 411 403 376 368 Management commentary • • • Global air cargo tonnages have been in decline since February 2022 - with export from Asia as the weakest market. Normal peak season did not materialise in Q4-22. We estimate that DSV's organic volume performance in 2022 was slightly ahead of the general market growth. Gradual yield decline as supply chain congestion eases and belly-space capacity returns. Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Volume growth air DSV including M&A 35% 22% 15% (3%) (16%) 3% DSV organic (estimate) 12% 2% (4%) (10%) (16%) (7%) Market estimate 10-15% 0% (7-10%) (11-13%) (15-17%) (8-10%) 6 DSV's volume growth was impacted by the addition of GIL in the period Q3-21 to Q3-22.#7Sea freight Q4 2022 DSV TEUS, '000 Gross profit/TEU, DKK 6,549 6,379 5,904 4,905 5,133 706 668 691 681 • 626 Management commentary • • • 2022 was a year with extreme rate volatility from record-high and back to close to pre-pandemic levels. The negative development in global container volumes accelerated in Q4- 22. No real pick-up in activity prior to Chinese New Year. Asia-Europe and Trans-Pacific were the weakest trade lanes during most of 2022. Yields declined towards the end of 2022 as supply chain disruptions and port congestion eased. Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Volume growth sea DSV including M&A 29% 15% 20% 7% (11%) 7% DSV organic (estimate) 1% (7%) (5%) (4%) (11%) (7%) Market estimate (3-0%) (3-7%) (3-5%) (4-6%) (9-11%) (5-7%) 7 DSV's volume growth was impacted by the addition of GIL in the period Q3-21 to Q3-22.#8Road (DKKm) Q4 2022 Q4 2021 Growth* FY 2022 FY 2021 Growth* Revenue 10,078 9,914 1.5% 41,507 35,416 16.4% Management commentary • • Gross profit 1,910 1,925 (0.6%) 7,911 7,095 11.0% EBIT 451 513 (12.4%) Gross margin Conversion ratio 2,040 1,857 9.2% *) Growth rates are in constant currencies and including M&A. • Operating margin • 27.3% 5.2% 5.2% 26.6% 26.4% 4.9% 5.0% 19.4% 19.0% 19.1% 19.1% 19.0% 25.7% 4.5% 23.6% Good performance and market share gains across all regions, with the exception of South Africa. In 2022, the European market was impacted by new EU regulation and the war in Ukraine. DSV Road successfully navigated these changes. Q4-22 was impacted by market slow-down and continued inflationary pressure on cost base. On the Road Way Forward project, the development of our European groupage network is progressing well. We made less progress on the new transport management system than planned in 2022 - we have now changed our approach and reduced vendor dependency. Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 8#9Solutions (DKKm) Revenue Q4 2022 Q4 2021 Growth* FY 2022 FY 2021 Growth* 6,224 6,389 (4.9%) 24,409 18,734 26.2% • Gross profit 2,347 2,211 2.8% 9,318 6,653 35.3% EBIT Gross margin 546 748 (29.7%) Conversion ratio 2,701 1,775 47.4% • *) Growth rates are in constant currencies and including M&A. 39.8% 33.8% 34.0% 37.7% 37.6% 37.7% 32.4% 34.6% 26.4% 23.3% • Operating margin 12.8% 12.2% 11.7% 10.5% 8.8% Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 • Management commentary Solid financial performance and growth across all regions in 2022. Positive impact from the addition of GIL. In 2022 the division continued to benefit from the multi-client campus strategy and consolidation of IT systems. Continued high warehouse utilisation in Q4-22 but slowdown in activity levels - mainly in retail and e-commerce sector. Increasing impact from cost inflation towards the end of 2022. Furthermore, Q4-22 was impacted by certain one-off costs. 9#10P&L 2022 (DKKm) Headlines Q4 2022 Q4 2021 Growth* FY 2022 FY 2021 Growth* Revenue 51,231 61,302 (18.9%) 235,665 182,306 24.3% Gross profit 11,656 11,674 (3.1%) 52,149 37,615 33.3% EBIT before special items 4,749 5,113 (10.6%) 25,204 16,223 48.0% Profit for the period 3,789 3,237 17,671 11,254 P&L items Cost base (staff, other ext., depreciations) 6,907 6,561 26,945 21,392 Special items, costs 324 1,117 478 Financial items, FX adj. (gain in "()") (402) 204 (276) 56 Net financial costs, other 317 198 1,142 785 Management commentary • • Revenue in Q4-22 was impacted by lower freight rates and declining volumes. Gross profit has been less volatile than revenue. Cost base impacted by inflation and higher currency rates - especially in the second half of 2022. Relevant cost initiatives are being implemented to protect conversion ratio. Foreign exchange adjustments are mainly related to intra-group loans and have no cash impact. Effective tax rate at 24% for the full year - in line with expectations. EPS growth of 60% - driven by strong earnings growth. We expect a normalisation in 2023. KPIs • Gross margin (%) 22.8 19.0 22.1 20.6 Operating margin (%) 9.3 8.3 10.7 8.9 Conversion ratio (%) 40.7 43.8 48.3 43.1 Effective tax rate (%) 21.6 26.2 23.9 24.5 Employees (end of period) 76,283 77,958 Diluted adjusted EPS 12 months 81.4 50.9 59.9% *) Growth rates are in constant currencies and including M&A. 10 10#11Cash flow 2022 (DKKm) EBITDA before special items Change in working capital Tax, interest, change in provisions, etc. Special items Cash flow from operating activities Cash flow from investing activities Free cash flow FY 2022 FY 2021 30,275 20,417 2,840 (4,604) (5,605) (2,783) (664) (828) 164 26,846 12,202 14,644 (966) 420 25,880 12,622 (1,386) 13,258 Variance 9,858 7,444 (2,822) Management commentary • • Significant growth in free cash flow, driven by higher earnings and improved NWC offset by higher tax payments. - NWC reduction at the end of 2022 was driven by lower freight rates and lower activity levels. We have also optimised processes, especially related to the GIL business. Gearing ratio will increase as EBITDA declines in 2023. We maintain our target of staying below 2.0x. Weighted average duration of corporate bonds, committed loans and credit facilities was 8.3 years at year-end 2022. ROIC at a very satisfactory 25.1% for 2022 also impacted by the strong growth in earnings. Cash flow from financing activities (24,245) (8,680) (15,565) Calculation of adjusted free cash flow: Free cash flow 25,880 12,622 Acquisition of subsidiaries and activities reversed (1,631) Special items reversed 664 828 Repayment of lease liabilities (3,734) Adjusted free cash flow 22,810 (3,160) 8,659 14,151 • KPIs Net working capital (NWC) NWC in % of revenue Net interest-bearing debt (NIBD) 5,116 2.2 8,031 3.5 29,870 29,245 Gearing ratio (NIBD/EBITDA before special items) 1.0x 1.4x ROIC before tax (%) 25.1 19.6 ROIC before tax (excl. goodwill and customer relationships, %) 105.1 77.9 11#12Allocations to shareholders Management commentary • Our capital allocation policy remains unchanged. • Proposed dividend of DKK 6.50 per share for 2022. • 18.6 million shares bought back in 2022 at an average price of DKK 1,093. • 21.0 million treasury shares cancelled in 2022 (share capital reduction of 8.75%). • On 2 February 2023, the portfolio of treasury shares was 3.1 million shares (representing 1.4% of the share capital). . New safe harbour share buyback programme of DKK 2.5 billion starting 2 February 2023 and running until 26 April 2023. Allocations to shareholders 2022 (DKKm) Actual 2022 Q1-2023 Q2-2023 Announced 2023 Dividend for 2021 (DKK 5.50 per share) 1,320 Proposed dividend 2022 (DKK 6.50 per share) 1,424 1,424 Share buyback programmes concluded in 2022 17,510 Share buyback - 4.0 billion (partly in 2023) 2,803 1,197 1,197 Share buyback - 2.5 billion (estimated quarterly split) 1,850 650 2,500 Total announced allocations 21,633 4,471 650 5,121 12#13Outlook 2023 (DKKm) EBIT before special items Effective tax rate Main assumptions . Outlook 2023 Actual 2022 16,000-18,000 24.0% 25,204 23.9% We expect the negative development in freight volumes to continue in the first part of 2023 and that markets will gradually recover in the second half of the year. • We have assumed declines in air and sea freight volumes of 2-5% for the full year. As supply chain disruptions ease, we expect a decline in gross profit yields of around 20-25% compared to the average level in 2022. • For Road and Solutions, we expect that markets will be flat or decline by low single digits in 2023. • Across all divisions our aim of taking market share remains intact. • We continue to monitor activity levels closely and adjust our capacity and cost base accordingly. We assume currency exchange rates will remain at the current level (1 February 2023). 13#142026 financial targets reiterated Aiming for 45% conversion ratio for the Group DSV Group Conversion ratio ROIC (before tax) Divisional conversion ratios Air & Sea Road Solutions Conversion ratio: EBIT before special items in % of gross profit. 2021 actual 2022 actual 2026 targets 43.1% 48.3% >45.0% 19.6% 25.1% >20.0% Assumptions • • . • Our 2023 outlook implies a decline in margins, from the extraordinary 2022 levels - mainly related to Air & Sea. For 2024-26 we assume that annual GDP growth will be around 3% and transport market growth at the same level. We target market share gains in all divisions. We assume that gross profit yields for air and sea will stabilise above pre-pandemic levels. Targets are based on organic growth, excluding the potential impact from large acquisitions. Effective tax rate of approx. 24%. Net CAPEX: 0.5-0.75% of revenue. NWC around 3% of net revenue, measured at year end. Gearing ratio target: NIBD below 2.0x EBITDA before special items. • 53.7% 59.7% >50.0% • • 26.2% 25.8% >30.0% 26.7% 29.0% >30.0% 14#15Appendix DSV .#16DSV Global operations +75,000 Employees One company - three divisions Air & Sea A global network DSV Nasdaq Copenhagen No majority shareholder 100% free float (Stable) by Moody's DSV +1,600 Offices and logistics facilities +80 Countries DSV DSV Road Overland transport in Europe, North America, Middle East and South Africa A3 A- (Stable) by Standard & Poors 曾 Fortune Global 500 company UN Global Compact & SDG Oullity AFFORDABLE AND 8 ECONOMIC GROWTH DECENT WORK AND 10 INEQUALITIES REDUCED Solutions Contract logistics services worldwide CLEAN ENERGY 13 CLIMATE ACTION 16 PEACE, JUSTICE AND STRONG INSTITUTIONS 17 PARTNERSHIPS FOR THE GOALS RESPONSIBLE 12 CONSUMPTION AND PRODUCTION GO SUSTAINABLE DEVELOPMENT GOALS 16#17Our purpose, vision and mission Purpose Keeping supply chains flowing in a world of change Vision Sustainable growth Mission Operational excellence We are part of the critical infrastructure driving world trade. We have a responsibility to play a leading role in the green transition of our industry. We conduct our business with integrity. We believe in contributing our fair share to the local communities we operate in while minimising the environmental footprint of our operations. We help our customers grow by keeping their supply chains flowing - and by helping them reduce the environmental footprint of their supply chains. We provide equal growth opportunities for all employees. We help societies grow. We grow shareholder value through a combination of acquisitions and organic growth. We create more efficient and sustainable global trade flows. We design our physical and digital infrastructure to support high service levels and efficient workflows. Operational excellence goes hand in hand with sustainability We are forwarders. We take ownership and show initiative. We always seek to find the better and most efficient solution. 17#18100% From local haulier to global player A global network created through organic growth and M&A Breakdown of EBIT by division Air & Sea Road Solutions Breakdown of EBIT by geography 3% EMEA Americas APAC 2000 59% 38% 2016 2008 2006 1997 1976 2,694 DKKm 19,478 DKKm 10 independent hauliers established DSV Revenue 98 DKKm EBIT DSV acquired Samson Transport Revenue 31,972 DKKm Revenue 37,435 DKKm 67,747 DKKm Revenue Revenue 854 DKKm EBIT 1,504 DKKm EBIT 1,936 DKKm EBIT DSV acquired DFDS Dan Transport Group DSV acquired Frans Maas DSV acquired ABX LOGISTICS 2020 2021 8% 11% 81% 2022 3,475 DKKm EBIT DSV acquired UTI Worldwide 115,932 DKKm Revenue 9,520 DKKm EBIT In 2019, DSV acquired Panalpina 182,306 DKKm Revenue 16,223 DKKm EBIT In August 2021, DSV acquired Agility GIL 235,665 DKKm Revenue 25,204 DKKm EBIT#19Our market position Third-party logistics providers by 2021 revenue in USD billion 1 Kuehne + Nagel (CH) 2 DHL Logistics (DE) 3 DSV (DK) 4 31.8* LO CO 6 5 DB Schenker (DE) C.H. Robinson (US) Sinotrans (CN) 27.6 22.4 19.1 7 Nippon Express (JP) 18.6 8 Expeditors (US) 16.5 9 UPS Supply Chain (US) 14.6 10 CEVA Logistics (CH) 12.0 11 SNCF Geodis (FR) 11.9 12 13 14 3 4 5 67% 120 16 17 J.B. Hunt (US) Kerry Logistics (HK) Maersk Logistics (DK) Kintetsu (JP) XPO Logistics (US) Dachser (DE) 11.4 10.5 9.8 9.0 8.9 30 - 40% The estimated market share of the top 20 third-party logistics providers 8.3 18 GXO Logistics (US) 7.9 19 TQL (US) 7.9 20 Yusen Logistics (JP) 7.8 Sources: Armstrong & Associates, DSV estimates. *Pro-forma full-year DSV revenue including full impact from GIL. 37.7 40.8 4% The estimated market share of DSV 19#20Working together to support your entire supply +75,000 people in more than 80 countries at your service Third-party logistics services (3PL) 4 PL services Lead Logistics Enabling intelligent supply chains Planning and control • Procurement and provider Air and Sea Road Solutions Access to all markets through our global network . Road freight services in EMEA and North America • Contract logistics worldwide • • Strategic partnerships with leading carriers and airlines FCL/LCL and project transports • Groupage and LTL/FTL E-fulfilment / Omnichannel fulfilment services Pharma & Healthcare . Air Charter Network DSV Xpress Specialised services within temperature-controlled transports, hazardous cargo etc. warehouses • Dedicated / Multi-user facilities Warehouse automation management Execution management and support • Freight audit and pay ⚫ DSV Purchase Order Management • DSV Supply Chain Optimisation • DSV Insurance 20 20#21Creating value in the supply chain From A to B and much more Freight forwarding services Shipment booking ― Pick-up-Warehouse - Documentation & customs clearance Cargo consolidation - Purchase order management Cross-dock terminal Insurance From shipper To consignee E Scope 3 Subcontracted transport CO2 Scope 1+2+3 End-to-end logistics Through our global network, we provide a wide range of end-to-end supply chain solutions. We track our environmental impact systematically with a view to making our operations as carbon, energy and resource efficient as possible. The majority of our CO2 emissions come from subcontracted transport (scope 3). CO2 Scope 1+2+3 CO2 Warehousing Logistics and distribution - Picking/packing - Cross-dock terminal - Deconsolidation Labelling, configuration, testing - Distribution - Documentation & customs clearance E-commerce fulfilment - Carbon emission reports - Supply chain optimisation - 4PL Green logistics services CO2 reporting - Green supply chain design & optimisation Sustainable fuel offerings - Carbon offsetting 21 221#22Vertical specialists closely connected to our customers Our industry-specific expertise and solutions offered globally Retail & Fashion -25% Automotive -15% Other industries -20% Technology -15% Healthcare & Pharma -10% Energy -10% Other ~5% Specialised Air & Sea verticals TTTT ㅁ Chemicals Oil & Gas Semiconductors Project Logistics Aerospace 22 22#23Our value proposition ୩୩ 0000 Expertise Global network and a team of experienced freight forwarders. We have the know-how to deal with unforeseen events and disruptions. Neutrality We have strong relationships with leading carriers. We offer flexibility - we are not limited to just one carrier. Proven products One of the largest global forwarders with access to capacity and competitive rates. Complete door-to-door service offering including Green Logistics. Systems Strong suite of customer integrations and Purchase Order Management. High data quality enabling customers to monitor supply chains. 23 23#24Sustainability DSV#25A clear strategy for sustainability is a license to operate It is the right thing to do Tightening regulations § Stakeholder demands For our planet and for our future. Governments and NGOs are setting robust targets to avert climate change and support ESG agenda. Increasing demand from customers, employees, investors and societies at large. 25 25#26Leading the way for a sustainable future Our ESG strategy 12 RESPONSIBLE CONSUMPTION AND PRODUCTION • Climate change • Waste management and recycling CLIMATE 7AFFORDABLE AND CLEAN ENERGY 13 ACTION Environment Reducing our impact. We recognise the urgent need to protect the planet. We play our part by reducing our environmental impact. And we want to lead our industry in tackling climate change and decarbonising transport and logistics. Governance Doing business with integrity. We do business compliantly and honestly and pay taxes where we generate our profits. We handle data ethically with the right safeguards around data privacy. Running a responsible supply chain. We make sure all suppliers match our standards, environmental and social criteria, and understand our sustainability goals. . • PEACE, JUSTICE 16 AND STRONG INSTITUTIONS Business integrity • Responsible supply chain Tax transparency • Data ethics and cybersecurity 17 PARTNERSHIPS FOR THE GOALS 10 DECENT WORK AND ECONOMIC GROWTH REDUCED • Diversity and inclusion • • • Human capital development Health and safety • Labour rights & working conditions • Human rights • Community engagement Social Caring for our employees. We strive to be a safe and inclusive place to work. We work hard to attract and keep talent by giving employees responsibility and growth opportunities. We want to promote diversity, protect rights and improve our employees well-being. Engaging with communities. We work with local communities across the globe. We respond to local needs, challenges and emergencies everywhere we do business. 26#27Our carbon footprint Accelerated targets and new adjusted 2019 baseline summited Total carbon footprint (2022) New Science-based targets 2023 Our emissions by scope Scope 3 by transport mode Scope 1 & 2 Scope 3 Tonne CO2 0.44 million (Buildings, company cars, own truck fleet) 50% Reduction by 2030 Base year 2019 97.3% SCOPE 3 15.5 million Subcontracted transport 30% Reduction by 2030 Base year 2019 1.3% SCOPE 1 1.3% -1.4% SCOPE 2 29.6% ROAD RAIL O 11.5% 57.6% SEA AIR#28Committed to net zero in 2050 Accelerated environmental targets TARGET 2030 (NEAR TERM) Scopes of emissions UNITED NATIONS PARIS CLIMATE AGREEMENT SIGNING CEREMONY 22 APRIL 2015 SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION The SBTi framework uses the reporting standards established by the Greenhouse Gas Protocol, dividing greenhouse gas emissions into scopes: Committed to reaching net-zero carbon emissions across our operations by 2050. Following the recognised Science Based Targets initiative's Net-Zero Standard, ensuring alignment with the goals of the Paris Agreement to limit global warming to 1.5 C above pre-industrial levels. We have recalculated our emissions baseline (2019) to reflect our larger business and in effect also accelerating our near-term science-based targets (2030) related to our own operations in scope 1 and 2. Our next step is to develop a new roadmap to achieve net-zero no later than 2050. • We have raised our ambitions to leave the planet in a better state for future generations. Scope 3 Indirect emissions (not included in scope 2) that occur in our value chain, including all our subcontracted transport. 30% reduction by 2030 Scope 2 Indirect emissions from the generation of purchased electricity, steam, heat or cooling. 50% reduction by 2030 Scope 1 Direct emissions, typically from the burning of fuels, from owned or controlled sources, including our facilities and company vehicles 50% reduction by 2030 28#29DSV Green Logistics A set of solutions to help our customers reduce the carbon footprint in their supply chains. CO2 customer report Reporting of customer related carbon emissions in the supply chain. Green supply chain design & optimization Customer analysis to determine and reduce current carbon footprint. Sustainable fuel offerings Sustainable fuel alternatives for customer transport. Carbon offsetting Offsetting of customer carbon emissions through climate projects.#30660 Our approach to IT 900 DSV 00 00 000 000 Сс 00 00 000#31Our platforms handle massive volumes - enabling DSV's growth Air & Sea Road D5V Solutions DSV Global TMS Platform +8 million jobs handled in 2022 Global TMS Platform +40 million shipments handled in 2022 Global WMSS +320 million order lines handled in 2022 EDI 圓 Public API Customer portal EDI Standard & EDI Plus +40 million monthly messages on EDI Public API Portal +160,000 public API bookings monthly myDSV +400,000 monthly bookings via myDSV 31#32Our IT landscape Designed to support good customer service, high data quality and growth Customer Air and Sea Road III DSV myDSV - EDI / API DSV Solutions DSV Global transport management system Off-the-shelf system . One primary transport management system New TMS system planned as part of Road Way Forward Global warehouse management system Modified off-the-shelf system Global CRM and ERP systems, data platform and digital services System integration platform and global master data management 32#33Digital capabilities Broad and deep service offerings based on a solid IT platform DSV is uniquely positioned to combine logistical and digital capabilities Digital forwarders Winning formula to compete in the future Asset owners Established forwarders Logistical capabilities DSV Digital capabilities Utilising our global platform to provide complex supply chain solutions Governance & change capacity Digital customer interaction tools Master data management Data platform Fully integrated IT infrastructure Operational expertise Logistics service offerings Global sales force Customer relationships Carrier relationships Global physical infrastructure ESG Consolidated IT and data platform Global integrated transport network Logistical capabilities 33 33#34Our technology trend radar Tracking Micro satellites Mass personalization H2 Hyperloop technology Asset sharing Quantum computing Metaverse Fully autonomous trucks Assessing Micro mobility Hydrogen Trucks Semi- autonomous trucks Biodegradable packaging Operational Technology (OT) Network Supporting warehouse mobility Internet of Things Live-Tracking DSV Visibility Automated Guided Vehicles Warehouses B Power-to-X Artificial intelligence Churn prediction, Customs declaration, vendor invoice, etc. Conversational Augmented reality Pick and pack Testing Adopting Wearables Smart watches & glasses 5G network For better positioning Autonomous Drones For stock count 产 Digital warehouse twin Blockchain Space access Circular supply chain Autonomous Drones For delivery Digital Cargo Twins Warehouses Electric artificial intelligence IT service chatbot, Automatic translation trucks Hybrid Computing Platform tool Public and private cloud Smart robots Combining Al and robotics Micro Distribution Centers 34#35Financial details DSV#36Earnings per share • Flexible and scalable business model Performance driven organisation . Strong M&A track record • 16% CAGR in a non-inflated market environment from 2010-2020 Graph illustrates diluted adjusted earnings per share of DKK 1 16% CAGR* 2010-2020 50.9 81.4 26.5 22.1 22.1 18.4 12.9 13.4 7.8 9.5 10.1 10.5 6.2 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 *Average annual growth (CAGR) including M&A 36#37Financial performance over the years Revenue (DKKm) 240,000 210,000 Gross profit (DKKm) 56,000 180,000 150,000 120,000 90,000 60,000 30,000 HI 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CAGR* 20.0% 49,000 42,000 35,000 28,000 21,000 14,000 7,000 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CAGR* 20.1% EBIT before special items (DKKm) Margins (%) Conversion ratio 28,000 49% 24,000 42% 20,000 35% 16,000 28% 25.5% 5.6% 12,000 21% 8,000 4,000 0 H 14% Operating margin (Rhs) 48.3% 14% 12% 10.7% 10% 8% 6% 4% 7% 2% 0% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 2014 2015 2016 2017 2018 2019 *Average annual growth (CAGR) including M&A 2020 2021 2022 37 CAGR* 29.0%#38Financial performance per division DSV Group DSV Air & Sea EBIT DKKM Conversion ratio Operating margin EBIT DKKM Conversion ratio Operating margin 28,000 24,000 49% 21,000 70% 42% 18,000 60% 20,000 16,000 12,000 8,000 4,000 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 35% 15,000 50% 28% 12,000 40% 21% 9,000 30% 14% 6,000 20% 7% 3,000 10% 90 0% 0 900 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 DSV Road DSV Solutions EBIT DKKM Gross margin Conversion ratio Operating margin EBIT DKKM Gross margin Conversion ratio Operating margin 2,100 1,800 1,500 1,200 28% 2,800 42% 24% 2,400 36% 20% 2,000 30% 16% 1,600 24% 900 12% 1,200 18% 600 8% 800 12% 300 4% 400 6% 0 0% 0 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 38#39Cash flow and ROIC Operating cash flow (DKKm) 28,000 24,000 Cash conversion ratio* (%) 140% 113% 120% 105% 20,000 100% 16,000 80% 12,000 60% 8,000 40% 4,000 20% 0 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 Average: 99% 2022 Invested capital (DKKm) Invested capital * Cash conversion ratio: (Adjusted free cash flow before net financial items and tax)/EBIT before special items ROIC before tax (%) Goodwill and customer relations Right-of-use assets 28% 105,000 25.1% 90,000 75,000 60,000 45,000 30,000 15,000 24% 21.1% 20% 16% 12% 8% 4% 0 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 39#40Divisional and geographical exposure 2022 Gross profit by division Air & Sea 67% Road 15% Solutions 18% Gross profit by region EMEA 53% Americas 25% APAC 22% EBIT before special items by division Air & Sea 81% Road 8% Solutions 11% EBIT before special items by region EMEA 44% Americas 28% APAC 28% 40#41Capital structure and capital allocation 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 20,313 17,841 Management commentary Financial gearing target Net interest-bearing debt below 2.0x EBITDA before special items. Free cash flow priorities Dividend policy 4,888 5,031 4,161 2,000 1,559 Capital expenditures 342 380 423 588 920 1,320 0 2017 2018 2019 2020 2021 2022 ■Dividend ■Share buyback 1. Repayment of debt (if above target gearing ratio). 2. Value-adding investments in the form of acquisitions or development of the existing business. 3. Allocation to shareholders via share buyback and dividend. Dividend per share for 2022: DKK 6.50 per share (2021: DKK 5.50). DSV aims to ensure an annual dividend pay-out ratio of approximately 10-15% of net profit. Normalised CAPEX around 0.5-0.75% of revenue. 41#42FY 2018 FY 2019 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 79,053 94,701 115,932 33,616 37,831 49,557 61,302 182,306 61,125 62,749 60,560 51,231 235,665 61,564 70,947 87,398 25,831 29,498 39,734 49,628 144,691 48,248 48,671 47,022 39,575 183,516 17,489 23,754 28,534 7,785 8,333 9,823 11,674 37,615 12,877 14,078 13,538 11,656 52,149 P&L details - Group Group (DKKm) Revenue Direct costs Gross profit Other external expenses Staff costs 3,036 3,133 3,291 849 818 1,030 1,476 4,173 1,289 1,338 1,431 1,501 5,559 8,241 10,329 11,684 2,920 2,970 3,277 3,858 13,025 3,912 4,039 4,333 4,031 16,315 6,212 10,292 13,559 4,016 4,545 5,516 6,340 20,417 7,676 8,701 7,774 6,124 30,275 EBITDA before special items Depreciation of right-of-use assets 2,734 2,990 752 730 771 891 3,144 892 912 942 1,037 3,783 Amortisation and depreciation of owned assets 762 904 1,049 197 244 273 336 1,050 288 336 326 338 1,288 EBIT before special items 5,450 6,654 9,520 3,067 3,571 4,472 5,113 16,223 6,496 7,453 6,506 4,749 25,204 Special Items, net costs 800 2,164 154 324 478 404 257 456 1,117 Financial income 131 254 208 (16) 119 (105) 206 67 76 83 380 606 Financial expenses - lease liabilities 383 434 119 108 125 143 495 162 175 181 209 727 Financial expenses 249 606 1,549 110 129 159 154 552 234 417 8 86 745 Profit before tax 5,201 4,996 5,627 3,046 3,318 4,153 4,387 14,904 5,763 6,680 5,944 4,834 23,221 Tax on profit for the period 1,213 1,290 1,369 717 791 992 1,150 3,650 1,377 1,610 1,518 1,045 5,550 Profit for the period 3,988 3,706 4,258 2,329 2,527 3,161 3,237 11,254 4,386 5,070 4,426 3,789 17,671 Gross margin, % Operating margin, % Conversion ratio, % Tax percentage Blue-collar costs (included in direct costs) 22.1 25.1 24.6 23.2 22.0 19.8 19.0 20.6 21.1 22.4 22.4 22.8 22.1 6.9 7.0 8.2 9.1 9.4 9.0 8.3 8.9 10.6 11.9 10.7 9.3 10.7 31.2 28.0 33.4 39.4 42.9 45.5 43.8 43.1 50.4 52.9 48.1 40.7 48.3 23.3 25.8 24.3 23.5 23.8 23.9 26.2 24.5 23.9 24.1 25.5 21.6 23.9 4,791 5,299 5,274 1,405 1,457 1,553 1,865 6,280 1,802 1,882 1,942 2,021 7,647 Number of full-time employees (end of period) 47,394 61,216 56,621 57,642 59,871 79,325 77,958 77,958 77,358 76,071 76,715 76,283 76,283#43P&L details - Air & Sea Air & Sea (DKKm) Divisional revenue Direct costs Gross profit Other external expenses Staff costs FY 2018 FY 2019 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 36,972 51,151 73,689 22,924 25,948 36,861 46,168 131,901 45,887 47,282 45,339 35,923 174,431 27,779 38,634 56,780 18,136 20,806 30,547 38,643 108,132 37,250 37,707 36,204 28,646 139,807 9,193 12,517 16,909 4,788 5,142 6,314 7,525 23,769 8,637 9,575 9,135 7,277 34,624 1,854 2,267 2,870 753 663 814 1,136 3,366 1,076 1,028 1,097 1,043 4,244 3,560 5,093 6,048 1,445 1,435 1,698 2,020 6,598 2,033 2,082 2,276 2,080 8,471 3,779 5,157 7,991 2,590 3,044 3,802 4,369 13,805 5,528 6,465 5,762 4,154 21,909 EBITDA before special items Depreciation of right-of-use assets 484 679 136 144 189 239 708 220 216 217 249 902 Amortisation and depreciation of owned assets 86 167 286 61 57 92 119 329 84 86 90 89 349 EBIT before special items 3,693 4,506 7,026 2,393 2,843 3,521 4,011 12,768 5,224 6,163 5,455 3,816 20,658 Gross margin, % Operating margin, % Conversion ratio, % 24.9 24.5 22.9 20.9 19.8 17.1 16.3 18.0 18.8 20.3 20.1 20.3 19.8 10.0 8.8 9.5 10.4 11.0 9.6 8.7 9.7 11.4 13.0 12.0 10.6 11.8 40.2 36.0 41.6 50.0 55.3 55.8 53.3 53.7 60.5 64.4 59.7 52.4 59.7 Number of full-time employees (end of period) 12,130 21,516 18,008 17,999 18,067 25,742 24,675 24,675 23,700 23,292 23,225 23,032 23,032 Air & Sea split and volume Air Revenue, DKKm Gross profit DKKm Airfreight, ton GP/ton, DKK 18,892 4,627 689,045 6,715 27,134 6,594 1,071,266 6,155 44,756 12,975 14,197 10,275 1,272,405 8,075 2,762 336,307 8,213 2,897 349,210 8,296 18,399 3,329 386,702 8,609 25,275 4,063 438,614 9,263 70,846 24,207 13,051 4,695 1,510,833 410,911 8,638 11,426 25,032 5,052 402,594 12,549 22,499 4,793 375,990 12,748 18,853 90,591 4,063 18,603 368,477 1,557,972 11,026 11,941 Sea Revenue, DKKm Gross profit DKKm 18,080 4,566 24,017 5,923 28,933 6,634 9,949 2,026 11,751 2,245 Sea freight, TEU 1,442,348 GP/TEU, DKK 3,166 1,907,126 3,106 2,204,902 3,009 581,019 3,487 573,385 3,915 18,462 2,985 633,690 4,711 20,893 3,462 705,857 4,905 61,055 10,718 2,493,951 4,298 21,680 3,942 667,653 5,904 22,250 4,523 690,621 22,840 17,070 83,840 4,342 680,683 3,214 16,021 626,190 2,665,147 6,549 6,379 5,133 6,011#44P&L details - Road and Solutions Road (DKKm) FY 2018 FY 2019 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Divisional revenue Direct costs 31,243 31,621 30,395 8,056 8,663 8,783 9,914 35,416 10,188 10,835 10,406 10,078 41,507 25,935 25,465 24,257 6,399 6,895 7,038 7,989 28,321 8,250 8,761 8,417 8,168 33,596 Gross profit Other external expenses Staff costs 5,308 6,156 6,138 1,657 1,768 1,745 1,925 7,095 1,938 2,074 1,989 1,910 7,911 1,326 1,060 1,021 258 272 282 310 1,122 341 373 342 369 1,425 2,706 2,864 2,799 742 779 761 867 3,149 871 904 895 873 3,543 EBITDA before special items 1,276 2,232 2,318 657 717 702 748 2,824 726 797 752 668 2,943 Depreciation of right-of-use assets 862 828 236 220 196 206 858 205 202 193 185 785 Amortisation and depreciation of owned assets 129 119 100 18 21 41 29 109 23 29 34 32 118 EBIT before special items 1,147 1,251 1,390 403 476 465 513 1,857 498 566 525 451 2,040 Gross margin, % 17.0 19.5 20.2 20.6 20.4 19.9 19.4 20.0 19.0 19.1 19.1 19.0 19.1 Operating margin, % 3.7 4.0 4.6 5.0 5.5 5.3 5.2 5.2 4.9 5.2 5.0 4.5 4.9 Conversion ratio, % 21.6 20.3 22.6 24.3 26.9 26.6 26.6 26.2 25.7 27.3 26.4 23.6 25.8 Number of full-time employees (end of period) 12,850 13,644 14,003 14,222 15,503 16,942 16,888 16,888 17,001 16,484 16,496 16,701 16,701 Solutions (DKKm) FY 2018 FY 2019 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Divisional revenue 13,229 14,390 14,608 3,609 3,997 4,739 6,389 18,734 6,162 6,182 5,841 6,224 24,409 Direct costs 10,194 9,421 9,239 2,261 2,620 3,022 4,178 12,081 3,840 3,858 3,516 3,877 15,091 Gross profit Other external expenses Staff costs 3,035 4,969 5,369 1,348 1,377 1,717 2,211 6,653 2,322 2,324 2,325 2,347 9,318 955 1,088 1,089 281 297 348 412 1,338 423 405 448 483 1,759 1,141 1,306 1,449 377 377 418 492 1,664 525 552 600 577 2,254 EBITDA before special items 939 2,575 2,831 690 703 951 1,307 3,651 1,374 1,367 1,277 1,287 5,305 Depreciation of right-of-use assets 1,326 1,422 369 359 378 440 1,546 461 486 525 595 2,067 Amortisation and depreciation of owned assets 230 236 248 58 66 87 119 330 124 128 139 146 537 EBIT before special items 709 1,013 1,161 263 278 486 748 1,775 789 753 613 546 2,701 Gross margin, % 22.9 34.5 36.8 37.4 34.5 36.2 34.6 35.5 37.7 37.6 39.8 37.7 38.2 Operating margin, % 5.4 7.0 7.9 7.3 7.0 10.3 11.7 9.5 12.8 12.2 10.5 8.8 11.1 Conversion ratio, % 23.4 20.4 21.6 19.5 20.2 28.3 33.8 26.7 34.0 32.4 26.4 23.3 29.0 Number of full-time employees (end of period) 20,025 22,777 21,478 22,188 22,814 32,007 31,866 31,866 31,845 31,730 32,588 32,077 32,077#45Growth tables Q4 2022 and FY 2022 DSV (DKKm) Revenue Gross profit EBIT before special items (DKKm) Revenue Gross profit EBIT before special items DSV Air & Sea (DKKm) Revenue Gross profit EBIT before special items (DKKm) Revenue Gross profit EBIT before special items *) Growth rates are in constant currencies and including M&A. Q4 2021 FX translation adjustments Growth* 61,302 1,864 (11,935) Growth* (18.9%) 11,674 352 (370) (3.1%) 5,113 201 (565) (10.6%) Q4 2022 51,231 11,656 4,749 FY 2021 FY 2022 182,306 7,229 46,130 37,615 1,500 16,223 805 13,034 8,176 24.3% 33.3% 235,665 52,149 48.0% 25,204 Q4 2021 Q4 2022 46,168 1,715 (11,960) 7,525 286 (534) (25.0%) (6.8%) 35,923 7,277 4,011 165 (360) (8.6%) 3,816 FY 2021 FY 2022 131,901 6,474 36,056 26.1% 174,431 23,769 1,235 9,620 38.5% 34,624 12,768 737 7,153 53.0% 20,658 45#46Growth tables Q4 2022 and FY 2022 DSV Road (DKKm) Revenue Gross profit EBIT before special items (DKKm) Revenue Gross profit EBIT before special items DSV Solutions (DKKm) Revenue Gross profit EBIT before special items (DKKm) Revenue Gross profit EBIT before special items *) Growth rates are in constant currencies and including M&A. Q4 2021 FX translation adjustments Growth* Growth* 9,914 1,925 16 148 1.5% (3) (12) (0.6%) 513 2 (64) (12.4%) Q4 2022 10,078 1,910 451 FY 2021 FY 2022 35,416 247 5,844 16.4% 41,507 7,095 31 785 11.0% 1,857 11 172 9.2% 7,911 2,040 Q4 2021 6,389 155 (320) 2,211 71 65 748 29 (231) (4.9%) 2.8% (29.7%) Q4 2022 6,224 2,347 546 FY 2021 FY 2022 18,734 600 5,075 26.2% 24,409 6,653 234 2,431 35.3% 9,318 1,775 57 869 47.4% 2,701 46#47Investor Relations Share information Financial calendar 2023 Investor Relations contacts DSV A/S is listed on the Copenhagen stock exchange under the symbol 'DSV'. For further company information, please visit: www.dsv.com 16 Mar. 2023 Annual General Meeting 2023 27 Apr. 2023 Interim Financial Report, Q1 2023 25 Jul. 2023 Interim Financial Report, H1 2023 24 Oct. 2023 Interim Financial Report, Q3 2023 DSV A/S Hovedgaden 630, 2640 Hedehusene, Denmark [email protected] Flemming Ole Nielsen, EVP, Head of IR [email protected], +45 4320 3392 Alexander Plenborg, IR Officer [email protected], +45 4320 3373 Sebastian Rosborg, IR Officer [email protected], +45 4320 3387 Veronica Pontoppidan, IR Coordinator [email protected], +45 4111 0646 47 44