DSV Q3 2023 Financial Performance and NEOM Joint Venture Update

Air freight Q3 2023 Air freight volumes continue to be impacted by lower demand and a shift from air to sea. Gross profit yields are declining, as expected, but are still at high absolute levels. We pursue growth in a competitive market - but always with the aim to maximise absolute gross profit. Gross profit (DKKm) YoY change: (32%)* FX impact: (4%) Volume & yields Yield YoY change: (21%)* FX impact: (4%) 4,793 4,063 3,727 3,574 3,089 12,748 11,026 11,373 11,294 9,521 376 368 328 316 324 Volume development YoY (incl. M&A) (3%) (16%) (20%) (21%) (14%) (19%) Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 YTD-23 *) Growth rates are in constant currencies. DSV Tonnes, '000 Gross profit/tonne, DKK 5

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