DSV Financial Performance

Cash 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

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