DSV Financial Performance

Cash 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

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