DSV Financial Performance

2026 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

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