Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2024-12-31	236545000000	dkk
ifrs-full:Assets	2023-12-31	147110000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2024-01-01	2024-12-31	167106000000	dkk
ifrs-full:Revenue	2023-01-01	2023-12-31	150785000000	dkk

XML

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   <mrv:SustainabilityReport contextRef="ctx-1" id="s10__7__8-1" xml:lang="en">Executive Board1Jens H. Lund OfficeCEOMember since2002Born1969Michael Ebbe OfficeCFOMember since2021Born1970Board positions ME EET Group Holdings ApSBrian Ejsing OfficeCOOMember since2024Born1966ME = Member1The section Executive Board (Items: name and office) refers to ESRS GOV-1 paragraph 22a.Board of Directors1Thomas Plenborg OfficeChairmanMember since2011Up for re-electionYesIndependentNoBorn1967CommitteeAudit CommitteeMemberNomination CommitteeMemberRemuneration CommitteeMemberSkills and experience• International management experience from directorships and honorary offices• Strategy and financial management• Professor of accounting and auditing at Copenhagen Business SchoolOther Board positionsCM	ECIT AS	ME	Menzies Aviation LimitedJørgen Møller OfficeDeputy ChairmanMember since2015Up for re-electionYesIndependentYesBorn1950CommitteeAudit Committee-Nomination Committee-Remuneration Committee-Skills and experience• General international management experience• Extensive experience in shipping and logistics (industry expert)• CEO of DSV Air &amp; Sea Holding A/S 2002-2015Benedikte Leroy OfficeMemberMember since2022Up for re-electionYesIndependentYesBorn1970CommitteeAudit Committee-Nomination CommitteeChairmanRemuneration CommitteeMemberSkills and experience• International board and general management experience• Extensive experience in technology from international leadership roles in Dell, Symantec, GE and Apple• Legal compliance, ethics and extensive insight in environmental, social and governance regulation (sustainability expert), latest in Volvo Trucks• Acquisition and divestment of enterprisesBeat Walti OfficeMemberMember since2019Up for re-electionYesIndependentYesBorn1968CommitteeAudit Committee-Nomination Committee- Remuneration CommitteeChairmanSkills and experience• Professional board and general management experience• Dr. jur. and legal experience serving as an attorney-at-law• Acquisition and divestment of enterprisesOther Board positionsCM	Ernst Göhner Foundation	ME	Wenger Vieli AGCM	Rahn AG	ME	EGS Beteiligungen LtdME	Siegfried Holding AG*	Marie-Louise AamundOfficeMemberMember since2019Up for re-electionNoIndependentYesBorn1969CommitteeAudit CommitteeMemberNomination CommitteeMember Remuneration Committee-Skills and experience• International board chair experience• International tech leadership experience from Microsoft, IBM and Google• Cybersecurity, digital transformation and sustainability• Acquisition and divestment of enterprisesOther Board positionsME	The Lego Foundation	ME	Matas*ME	KIRKBI A/S Helle Østergaard Kristiansen OfficeMemberMember since2023Up for re-electionNoIndependentYesBorn1978CommitteeAudit CommitteeChairmanNomination Committee- Remuneration Committee-Skills and experience• General international management experience • Extensive experience in finance, renewable energy and sustainability (sustainability expert)• Corporate strategy, operation and resource advisoryOther Board positionsDC	Rambøll Gruppen A/SME	Systematic A/SCEO	Danske Commodities A/SNiels Smedegaard OfficeMemberMember since2020Up for re-electionNoIndependentYesBorn1962CommitteeAudit CommitteeMemberNomination Committee- Remuneration Committee-Skills and experience• General international management experience• Extensive experience in shipping, logistics and the airline industry (industry expert)• Acquisition and divestment of enterprises• International board chair experienceOther Board positionsCM	ISS A/S*CM	BikubenfondenCM	Falck A/SCM	Nordic Ferry InfrastructureME	UK P&amp;IME	TT ClubTarek Sultan Al-Essa OfficeMemberMember since2021Up for re-electionYesIndependentYesBorn1964CommitteeAudit Committee-Nomination Committee-Remuneration Committee-Skills and experience• Extensive experience in shipping and logistics• Acquisition and divestment of enterprises• General international management experience• Extensive insight in environmental, social andgovernance regulation (sustainability expert)Other Board positionsCM	Sultan Center Food Products Company K.S.C* DC/CEO	Agility Public Warehousing Company K.S.C.P.*CM	Agility Global PLC*ME	National Real Estate Company K.P.S.C.*1The section Board of Directors (Items: name, office, independent, committee, and skills and experiences) refers to ESRS GOV-1 paragraphs 20c, 21c, and 22a.CM	=	Chairman ME	=	Member DC	=	Deputy Chairman * = Listed companySustainability-related risks1Sustainability presents both risks and opportunities for our industry, and we are closely monitoring the potential impacts. Currently, we do not classify sustain-ability-related risks as key strategic risks. However, we actively assess, monitor and manage these risks. In line with the Corporate Sustainability Reporting Directive (CSRD) requirements, our double materiality assessment (DMA) ensures that we evaluate both the financial impact of the identified issues on the Group and the Group’s impact on the environment, society and economy. For further details on our 2024 DMA, please see page 46.1The text under this heading refers to ESRS GOV-5 paragraph 36b.General informationWe continue our commitment and support for the principles of the United Nations Global Compact.Sustainability in DSVWe are committed to reducing our environmental impact, being a people business where all our employees can thrive and grow their careers and doing business with integrity in everything that we do. DSV is a world-leading freight forwarding and logistics company operating pri-marily in the global business-to-business market for the transportation of goods, semi-finished products, etc. We organise and arrange transports by land, sea and air and provide a full range of freight forwarding services, logistics and distribu-tion services to support our customers’ end-to-end supply chain requirements. DSV's customers include large key industrial companies within the technology, healthcare, industrials, automotive and consumer verticals. In addition, we are proud to provide business customers across most industrial sectors with supply chain support services.Our asset-light business model allows us to quickly scale activities to match changes in market demand. While we mainly handle warehousing activities our-selves, the actual transportation is almost entirely executed by third parties. To deliver our services, we rely on own inputs in the form of our skilled global teams with industry know-how and competencies, our physical assets in the form of modern warehouses, terminals, offices and a small fleet of own trucks and equipment as well as third-party inputs such as strong carrier relationship to offer a global transport network.With a 2024 revenue of DKK 167,106 million and approximately 73,000 FTE (approximately 66,000 headcount) working in more than 80 countries, DSV is structured in three divisions; DSV Air &amp; Sea, DSV Road and DSV Solutions across EMEA, Americas and APAC regions. DSV is a top three global freight forwarder and will after the announced acquisition of Schenker have an estimated market share of 6-7%. In a highly fragmented market, DSV connects a large share of the global transportation and logistics buyers with a large global network of trans-port providers such as our key suppliers namely container carriers, airlines, road hauliers and railway operators.Our commitment to sustainable business practices is a central element in DSV’s overall business strategy. By embedding sustainability into our core business strategy and practices, we align economic success with environmental and social responsibility to create value for DSV and society at large. We consider any sustainability impact across our service offerings, and we are continuously working to improve the efficiency and reduce negative impact of our business model and services. As part of our commitment to enable decar-bonisation across our value chain, we offer our decarbonisation service catalogue to those of our customers who want to accelerate their sustainability efforts.Our efforts range from taking action to address our material impacts on environ-ment, social and governance issues to employee volunteering and providing transport and logistics support for humanitarian aid. On our Sustainability Impact Map we collect and present more than 175 different examples of how we are working with sustainability in DSV.DSV Sustainability Impact Map Explore our impact map athttps://www.dsv.com/en/sustainability-impact-mapSustainability strategyThe purpose of the strategy is to ensure that DSV adequately manages sus-tainability impacts, risks and opportunities (IROs) in line with the commitments and ambitions outlined in our Sustainability Policy. The strategy sets the frame-work for developing subject-matter policies, programmes and actions, and defines metrics to monitor performance and report on targets. The sustainabil-ity strategy is evaluated annually based on our double materiality assessment (DMA). This ensures that we continuously monitor and evaluate if additional policies, actions, or targets are required to manage our material IROs. The DMA carried out as the basis for DSV’s 2024 sustainability statement, did not iden-tify changes to our IRO landscape that require significant amendments to our sustainability strategy.We remain committed to reducing our environmental impact, acting responsibly as a people business and continuing to do business with integrity, always gov-erned by our high ethical standards, thus addressing our material IROs.Sustainability governanceAt DSV, we work consistently to integrate and anchor sustainability within our management structures, compliance frameworks and business activities. Sustainability is anchored at our highest management levels at DSV with the Board of Directors and Executive Board. Sustainability is integrated throughout our group and operational management with clearly defined roles and responsi-bilities, supported by clear policies and strong control functions, and with a full reporting set-up to support and monitor our practices.Board of Directors and Board committeesDSV's Board of Directors is responsible for setting the direction for our sustain-ability efforts, by defining our strategy and selecting targets in close alignment with the Executive Board. This includes the transition plan for climate mitigation. Reducing our impactBeing a people businessDoing business with integrityEnvironmentSocialGovernanceSustainabilitycommitmentsWe act as a key enabler for decarbonisation across our value chain with the aim of reducing transport and logistics emissions. We are committed to reducing our environmental impact throughout our operations.We strive to ensure that all employees can thrive and realise their potential in a diverse and inclusive environment. We respect human and labour rights and are committed to ensuring a healthy and safe working environment. We engage locally and globally to support communities and address global challenges.We are governed by a strong set of ethical standards, which set expectations for our own operations and for our suppliers. We do business with integrity by putting in place measures to promote transparency, ethical conduct and accountability throughout our global operations and supply chain.MaterialtopicsClimate change mitigation • Air pollution • Waste managementTalent development • Diversity and inclusion • Health and safety• Working conditions and work-related rightsBusiness integrity • Supplier relationsTargets2025:• 8% reduction in scope 1 and 2 emissions2030: • 50% reduction in scope 1 and 2 emissions• 30% reduction in scope 3 emissions• 60% waste prepared for reuse and recycling2050:• Carbon net-zero across all emissions scopes2025: • Zero fatalities among DSV employees• 3.5 per million working hours maximum work-related accident rate2030: • Global targets for women at various senior management levels2025: • 100% employees at risk trained in DSV’s Code of Conduct every 24 months• Roll-out Global Responsible Sourcing FrameworkAt least once a year, the Board of Directors in close cooperation with the Executive Board review and approve all essential policies, procedures and con-trol systems. These elements are part of DSV’s management of all material sustainability IRO’s and DSV’s Sustainability Policy. The Board of Directors comprises eight members (five male and three female). Most of the Board of Directors are considered independent (seven out of eight). Five Board members have Danish citizenship, while three live in countries other than Denmark and have other citizenships. DSV's Board of Directors has three members consid-ered sustainability experts across environmental, social and governance mat-ters. For more information about skills, expertise, relevant experience, and geographic locations of the Board of Directors, see page 34.Audit CommitteeOur Audit Committee is chaired by a sustainability expert and supervises sus-tainability reporting and processes, including compliance with applicable legisla-tion, standards, and other regulation. DSV’s monitoring, management, and oversight of IROs are fully integrated into our control environment, and the effectiveness of these measures is therefore also monitored by the Committee. The Committee also oversees DSV’s sustainability initiatives and monitors the implementation of relevant policies, procedures and performance in areas such as climate, biodiversity, human rights, health and safety, business ethics, anti-corruption, corporate governance, supplier risk management, tax, information security and sustainability reporting and related risks.Nomination CommitteeDSV’s Nomination Committee is responsible for ensuring an optimal composi-tion of the Board of Directors and the Executive Board. This includes oversee-ing the policy for the employment of leaders in the Group, as well as strategies, policies, activities and performance within workforce diversity.Executive Board and Executive Management The Executive Board is formed by the DSV's CEO, CFO and COO, who all have strong experience in the transport and logistics industry and long tenure in DSV. Group Executive Committee (Executive Management) comprises the Executive Board and the direct management level below (other management levels). Currently, the Executive Management comprises 10 members, who are all male. For more information about the Executive Board, see page 33.Linking our sustainability strategies to management remuneration, share options granted to the Executive Board are partly determined based on sus-tainability targets set in dialogue with the Remuneration Committees and ulti-mately decided by the Chairman of the Board of Directors. Currently, of varia-ble share options up for grant, 20% are based on performance achieved on sustainability targets set. For the benchmark year 2024, incentives were tied to DSV’s climate targets in the form of various 2024 scope 1, 2 and 3 emission reduction initiatives. Performance review is based on CO2emission data. For additional disclosures on remuneration of the Board of Directors and Executive Board, please see the DSV Remuneration Report 2024 available at https://www.dsv.com/en/remuneration-reports.Sustainability organisation across DSVSustainability BoardThe Sustainability Board is chaired by our CEO and consists of the Executive Board and other relevant management representatives who supports the Executive Board with expertise in sustainability and subject matter responsibility including DSV’s IRO management across our operations. DSV’s Sustainability Board is responsible for supporting the Board of Directors and Executive Board in the management of relevant sustainability matters, including policy develop-ment, monitoring of performance and providing mandates for new initiatives. The Sustainability Board meets four times a year. Key sustainability performance metrics are reported to both Executive Board and Board of Directors quarterly. In 2024, all DSV’s material IROs addressed in our sustainability strategy were on the agenda in at least one of the Sustainability Board meetings.Group functions The Group functions are responsible for the day-to-day development and implementation of DSV’s sustainability related IROs and provides continuous reporting on performance to the Boards. Group functions are also the link between local operations and our management, ensuring alignment on IRO management across the company. Divisional and local management The operationalisation of our sustainability strategy is embedded with dedicated teams at divisional and local levels supporting DSV’s divisional and country man-agement in taking appropriate action across our global operations. They are supported by a global network of Sustainability Ambassadors as well as Quality, Health, Safety and Environment (QHSE) specialists and other employees with sustainability-related responsibilities. Local management is responsible for ensuring that all employees are aware of our sustainability commitments and comply with our policies and Codes of Conduct, and, where relevant, that these are disseminated to relevant agency workers, temporary workers and other groups of workers who perform their day-to-day activities at DSV’s locations.Control environmentEffectiveness and performance of DSV’s sustainability strategy and actions are measured through internal or publicly available metrics. Compliance is sup-ported by an internal audit framework and, where relevant, external audits, e.g. for those of our sites which have elected to certify their management systems according to relevant ISO standards.Our control environment is defined by clear guidelines, a streamlined organisa-tional structure, and clear definitions of responsibilities. It is characterised by continuous effort to improve the control environment as the business grows, while ensuring that risk and materiality are taken into due consideration. DSV’s sustainability metrics are governed by a robust sustainability accounting frame-work incorporating a controlling framework, reporting approach and methodol-ogy, verification and data management process.Sustainability policiesOur sustainability strategy is supported by several policies. DSV’s Code of Conduct and Supplier Code of Conduct as well as DSV's Sustainability Policy provides the overall framework for managing the material impacts and risks for our own operations and our value chain. They are supported by stand-alone policies and manuals addressing sub-topics such as health and safety, diversity and inclusion, energy management and more. Key policies•	Sustainability Policy •	Code of Conduct •	Diversity and Inclusion Policy •	Human Rights Policy •	Health &amp; Safety Policy •	Whistleblower Policy •	Supplier Code of ConductOur policies apply to the entire DSV Group and are subject to the same govern-ance structure, with the Board of Directors being responsible for overseeing their implementation.Engaging with stakeholdersAs a global company, DSV has a wide variety of stakeholders who we depend on to achieve our long-term objectives. Engaging with our stakeholders, under-standing their views and expectations is essential for our ability to deliver on our business strategy, grow our business and create long-term value. We have several processes in place to ensure that we regularly engage with stakehold-ers. The input that we receive from them is analysed and used to inform the ongoing development of our business strategy, services and the way we address our sustainability related IROs.We consider how stakeholders are or may be affected by our business activities throughout our value chain and use this analysis to map the stakeholder groups we engage with. At least once annually, DSV conducts a stakeholder mapping session to categorise stakeholders based on their strength and level of interest. Strength can roughly be translated to level of influence, and level of interest covers the frequency in which a stakeholder wishes to engage with us. Stake-holders are then consolidated into key stakeholder groups.In addition to providing us with input about the issues that matter to them the most, stakeholders help us identify societal changes and trends. This gives us opportunity to adjust our strategy and business model as new challenges and opportunities emerge. Stakeholder views are continuously considered and pre-sented to Executive Board and to the Board of Directors as part of their annual review of DSV's sustainability strategy. Stakeholder engagement and analysis are carried out both at a global and local levels to ensure that all views and interests are appropriately identified and acted on where most relevant. The stakeholder dialogue and analysis per-formed in 2024 confirmed that the current business model and sustainability strategy are in line with stakeholder expectations, and as such did not result in significant amendments.Key stakeholdersDescriptionEngagement channelsCustomersOur account teams conduct regular market reviews, screening for new business opportunities and services that may interest our customers. We combine this insight with customer feedback as the basis for our on-going customer dialogue to develop our decarbonisation services. Ongoing business dialogue with customers is anchored across the organisation from divisional involve-ment to Executive Board, sustainability criteria in tender processes and customers' perception of service through Net Promotor System. SuppliersAs a freight forwarder with no direct ownership or operational control of majority of the freight carrying equipment, engaging with our suppliers (freight carriers) is essential for a more responsible supply chain. Dialogue with suppliers is anchored across the organisation from divisional involvement to Executive Board.EmployeesAcross our organisation, we encourage an open and honest dialogue on all relevant topics. We ask our employees to give their perspectives on several issues through DSV Global People Survey, which is con-ducted on a yearly basis.DSV Global People Survey, ongoing dialogue between employees and managers. Investors and rating agenciesWe engage in active dialogue with investors on sustainability topics. We usually participate in more than 500 investor meetings annually.Conference calls, group meetings and one-to-one meetings, including participating at conferences and roadshows, investor surveys, sustainability roadshow and DSV Capital Markets Day.AuthoritiesConducting our operations according to relevant regulatory requirements is a core principle in running our business. By ensuring compliance, we maintain a regular and transparent dialogue with tax and other public authorities. In return, this provides us with vital input on societal and regulatory requirements. Bilateral engagement with authorities nationally and internationally. Double materiality assessment Understanding how our business interacts with the world around us, forms the basis for our sustainability strategy and reporting.Our double materiality assessment (DMA) process encompasses our own oper-ations as well as our upstream and downstream value chain and reflects DSV’s unique strategic and operational environment. Our DMA process consists of three steps - mapping, identification and assessment to identify the impacts, risks and opportunities (IRO) that are material to our business model and mandatory for reporting as part of our sustainability statement.In 2024, we updated our existing DMA process to ensure it aligns with the European Sustainability Reporting Standards (ESRS). To identify actual and potential, positive and/or negative impacts, as well as risks and opportunities we conduct a mapping based on various internal and external sources. This includes input from our regular engagement with stakeholders, findings from established due diligence processes, peer and sector studies focused on sustainability matters, media monitoring, and scientific research.Through the mapping conducted as part of the 2024 DMA process, we identi-fied more than 200 individual actual and potential IROs across our major busi-ness areas and in short-, medium-, and long-term horizons. The short-term (2024), medium-term (2025 to 2030) and long-term (beyond 2030) time horizons used are aligned with the ESRS for all sustainability topics. In addition, we also included projections aligned with the Intergovernmental Panel on Climate Change (IPCC), which extends to 2100. Risks and opportunities were mainly identified based on impacts, as well as from existing processes such as the Enterprise Risk Management process, which is described on pages 35-39.The identified actual and potential, positive/negative impacts, as well as risks and opportunities were subsequently assessed to determine their materiality and determine which ones are mandatory for reporting. The IROs were rated from 1 to 5 for their scale, scope and irremediability in order to assess the identified impacts on their relative severity and likelihood. Ratings were based on assump-tions and a combination of own and third-party quantitative data (where possible and feasible) and qualitative input from meetings with internal and external stakeholders. When relevant, location-specific aspects were also considered when assessing the identified IROs. Pre-existing records, self-assessment results, document analysis, academic research, etc., were also used to enrich the assess-ment process. Our assessment also considered by proxy silent stakeholders, such as nature, using NGOs. Financial risks and opportunities were identified and assessed for the identified actual and potential impacts. DSV’s assessments include potential impacts from future events on assets, performance and value creation as well as data on impacts from past events. Past events are informed by DSV’s own financial data and future events are based on scientific peer-reviewed publications, best practise, and available guidance. Third-party data, such as stakeholder input, benchmarking, and input from financial institutions, is also used to inform finan-cial materiality. The combination of magnitude of the financial effect and prob-ability of its occurrence defines the financial materiality. The financial risk assessment applies the same monetary thresholds as is used in DSV’s overall financial risk assessment (enterprise risk management). No risks or opportuni-ties surpassed the financial materiality threshold in 2024. The result is mainly due to DSV’s asset-light business model, which ensures a high resilience to external shocks across all time horizons. DSV continues to monitor and disclose financial risks and opportunities via our ERM system, and as an integrated process of our DMA.To conclude our assessment, any IROs that met either the impact materiality or the financial materiality thresholds were then consolidated into a final list of material IROs that are mandatory for reporting. The list of material impacts then formed the basis for determining the disclosure requirements and data points to be included in line with ESRS 1, paragraphs 31 and 33-35.Governance and reassessmentThe final list of material topics and material impacts were discussed with inter-nal subject matter experts and the Executive Board and approved by the Board of Directors at the 2024 Board of Directors Strategy Day. The DMA is reviewed and updated annually. Any changes in DSV's material IRO's will be reflected in DSV's Sustainability Policy and strategy and presented for approval by the Board of Directors.Our material topicsIn 2024, our DMA resulted in one stand-alone impact surpassing the materiality threshold compared to previous years, namely air pollution. Required disclosures have therefore been added to our 2024 sustainability statement, where previ-ously data on air pollution emissions had been published only on DSV’s website. The addition does not result in any significant modifications to the sustainability strategy, as all emissions caused by the use of fossil fuels in transportation are already managed as part of our decarbonisation strategy and our strategic commitment to reducing the environmental impact of our operations.Material environmental impacts have been identified in the short-, medium- and long-term. For social impacts, material impacts have been identified in the short- and medium-term, while our governance impacts have been identified in the short-term horizon.Applying the ESRS and methodology as framework for our reporting also means that certain sub-topics included in previous sustainability reports did not meet our materiality threshold. The application of the reporting threshold does not change our strategic approach to addressing these topics. This includes our approach to tax transparency, community engagement, data ethics and cybersecurity.TopicImpacts, Risks and OpportunitiesPositive/negativeOwn operations/value chainActual/potentialDSV approach	EnvironmentClimate change mitigation Impacts on climate change caused by burning of fossil fuels––––++–––+BothBothEnvironmental information Pages 51 - 68Air pollutionImpacts on air pollution caused by burning of fossil fuelsBothBothWaste managementImpacts related to waste generation and management connected to storage activitiesBothBothSocialWorking conditions and work-related rightsImpacts from procedures and practices related to work-related conditions and rightsBothBothSocial informationPages 69 - 80Talent developmentImpacts related to career advancement for own workforceOwn operationsActualDiversity and inclusionImpacts related to discrimination related to nationality, ethnicity and gender etc.Own operationsActualHealth and safetyImpacts related to risk of injuries connected to transport and logistics servicesBothBothGovernanceBusiness integrityImpacts from corruption and bribery in own operations and in the value chainBothActualGovernance informationPages 81 - 84Supplier relationsImpacts related to supplier management and payment practicesValue chainActualTopical IRO process descriptionsMaterial climate and pollution impacts related to burning of fossil fuelsAs a freight forwarder operating an asset-light business model, we arrange and organise transport and logistics solutions, that are carried out by third-party operators. This means that most of our CO2emissions are indirect transporta-tion emissions accounted for in scope 3.Our DMA identified material negative impacts on climate and air pollution from DSV’s operations and services that are caused by the burning of fossil fuels for energy. We identify and assess climate and environmental IROs based on a combination of DSV’s own and value chain emissions, strategy and forecasts, as well as projections and scenarios from sources such as the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC). In our assessment, we focus on both DSV’s impact on global warming and cli-mate change and well as the associated effects on the environment. The analy-sis also considers what the expected future developments will mean for our business model and services. Read more about how we mitigate our material impacts related to the burning of fossil fuels on pages 51-59.Physical climate riskOur asset light business model provides resilience to risks related to physical climate impacts in our assets. To assess the exposure against physical climate risks (climate adaptation) in our own operations and upstream and downstream value chain, we have analysed location-specific climate risks for a selection of DSV’s operations in each country based on their relative importance to global supply chains and DSV’s operations. Regional differences and socioeconomic developments are also taken into consideration, as well as potential negative effects from mitigating activities.Our analysis concluded that physical climate risks is not material for DSV’s busi-ness model as a whole. Regardless, we always consider location-specific climate and environmental risk to our facilities and employees when we develop new constructions, in close dialogue with local planning authorities. Specific adapta-tion measures are included if deemed relevant for the building or site.Transitional climate riskTo assess transitional climate risks, DSV conducted an analysis of regulatory and policy developments globally, including potential and actual risks connected to emerging low-carbon technologies, changes in market demand due to shifting consumer preferences and competition, reputational risks for DSV, and shifts in ratings and investment focus. The data considered included internal data, such as energy consumption, and external data gathered through relevant sources, including market analyses, peer and sector studies, expert sources and more. Finally, scenarios were also used to inform the future projections. The assess-ment did not identify any risks that surpassed the materiality threshold. The overall evaluation of DSV’s risk exposure to transitional climate risks is consid-ered relatively low. Having already committed to aligning our business model to net-zero carbon emissions and the well below 2°C degree warming scenario in line with the Science Based Targets initiative (SBTi), DSV is in the process of aligning our assets in line with our decarbonisation roadmap. Although major investments are necessary to transition the transportation and logistics industry to a net-zero scenario, most of those investments concern transport equipment and infrastructure and as such will be made by actors in DSV’s down-stream value chain and forwarded to transport buyers in our upstream value chain. Furthermore, as global economic development is the main driver for demand in transportation and logistics and IPCC assumes that the global economy will con-tinue to rise in the medium- to long-term, our assessment considers the likely-hood of the global demand for transportation and logistics services being mark-edly negatively affected by the transition to a net-zero economy as low.Although neither physical nor transitional climate risks are considered material, we continue to monitor and manage them as part of our overall management of risks connected to environment and climate.A business resilient to climate changeDSV assesses its resilience to climate change as an integrated part of our climate risk assessment following the same criteria. DSV is largely resilient to climate change due to its asset-light model which allows us to scale up service offerings without acquiring additional equipment and to avoid having excess equipment when volumes decline. As DSV’s primary service offering is planning of transpor-tation activities and not the actual execution hereof, our DSV’s business model is not limited by dependence on a specific location or transportation mode, allowing for prompt adaptation of trade flows when unexpected shocks occur.Climate opportunitiesClimate change is expected to translate to opportunities for DSV. This may especially be the case in a low-emissions scenario, where the world is taking the necessary steps to reduce warming to 1.5°C. In this scenario, climate leaders in each economic sector will likely outperform companies that are not aligning their business model, products and services to support the Paris Agreement. Demand for low-emission logistics is expected to increase in the coming years as policies increasingly focus on expanding the share of low- and zero-emission technologies. DSV’s ability to continue to meet demands for low-emission logistics is important to our strategic ambition to achieve sus-tainable growth and remain a preferred logistics partners for customers with higher sustainability ambitions. We offer a dedicated decarbonisation service catalogue to ensure that we meet our customer needs and stay in line with the latest low-carbon technological developments. Although none of the oppor-tunities DSV has identified have been assessed to be above the materiality threshold, we continue to monitor these through our due diligence and gov-ernance processes.Water impact assessmentTo determine whether DSV’s water management practices have any significant impact on local communities, we conducted a screening based on type of activity and geographical location, with a special focus on areas of high water-stress. The screening concluded that DSV has an immaterial impact on water consumption, as water is almost exclusively used for drinking and household purposes, as well as on water pollution related third party transportation activi-ties. Although water is not considered a material topic for DSV, our Building Management System (BMS), which is mandatory for all new buildings, monitors consumption with the aim of ensuring efficient water management. Our global construction standards contain several responsible water management consid-erations, such as water installations which reduce water consumption, use of rainwater for flushing where possible, leakage protection, etc. In addition, DSV engages with local authorities and complies with national norms, regulations, and other provisions in this area. Data on global water usage in our buildings can be found at https://www.dsv.com/en/sustainability-data.Biodiversity impact assessmentDSV assesses its impacts on biodiversity for own operations and for key business activities in our value chain. Using a variety of tools, our impacts are assessed against the five direct drivers of changes in nature: land- and sea-use change, direct exploitation, climate change, pollution, and invasive alien species. No impact met the materiality threshold. DSV continues to address local impacts on biodiversity at our sites. Biodiversity considerations are integrated into our global building standards, which to minimize impact on local flora and fauna, through careful selection of building location and by supporting the use of nature-based solutions. On a global scale, DSV's climate change mitigation actions indirectly contribute to prevent changes in ecosystems caused by global warming.Waste management material impactsIROs connected to circular economy were identified by determining the most common waste streams for freight forwarding companies and types of opera-tions globally, while taking the waste hierarchy framework into account. As a company whose primary economic activity is planning of transportation activities, DSV does not have any significant resource inflows and outflows. However, in our Solutions warehouses, we use a variety of packaging materials, such as plastics and cardboard, to safely store and transport goods. Many of these materials are single use or short-lived, meaning that to be optimally used they should at least be recovered or recycled. As such we consider waste man-agement to be material for DSV, mainly due to the volume of single use materi-als used, coupled with the fact that plastic production is forecast to triple by 2060 under a business-as-usual scenario. Read more about how we mitigate our material impact related to waste management on pages 60-61.Business integrity material impactsBusiness conduct in DSV is governed by our Code of Conduct and Supplier Code of Conduct. IROs connected to business conduct have primarily been identified and assessed based on our due diligence processes and annual reviews of our Global Compliance Programme. Examples of due diligence pro-cesses include internal audits and assessments of control mechanisms and other processes, whistleblower reports, external benchmarks and more. The scale and the scope of corruption globally is not well-documented, however, considering with other factors, such as prevalence in certain cultures in which DSV operates makes it likely that corruption and bribery also occur in the value chain. Corruption and bribery have thus been concluded to be material both in own operations and in the value chain. Read more about how DSV mitigates this material impact on pages 81-82.Supplier relations material impactsAs a freight forwarder, DSV’s management of relationships with suppliers is one of the key inputs we rely on to create business value. Our key supplier group are companies which provide transportation services. To assess our impact on our suppliers, DSV conducted an analysis which consisted of internal review of payment practices, expert reports, and media search. DSV's suppliers in the aviation and shipping sector are large companies, whereas road haulage is made up of mainly micro-, small- or medium-sized enterprises that are more vulner-able to long payment terms and other administration burdens. Read more about our supplier management on page 83.DSV specific metricsDSV reports entity-specific metrics on impacts related to climate change mitigation, waste management, diversity and business integrity, as there is no specific ESRS disclosure requirement that covers the specific impact we have identified.Basis for preparationIntroductionThe sustainability statement presented in this Annual Report forms an inte-grated part of Management's Review addressing sustainability matters within environmental, social and governance areas material to the DSV Group for the reporting year 2024. Sustainability matters addressed have been determined based on double mate-riality assessment performed during 2024 for the DSV Group.The sustainability statement has been subjected to a limited assurance review by DSV's group auditors (PwC).Reporting scope and basis for measurementThe sustainability statement presented has been prepared on consolidated basis applying the same consolidation group as in the financial statements of this Annual Report. The consolidation group has been determined in accordance with IFRS 10 and includes the ultimate parent company of the Group (DSV A/S) and its subsidiaries over which DSV A/S has operational control, as well as leased or rented assets under DSV operational control. Associated companies, joint-ventures and other entities over which DSV does not exercise operational control are not included as basis for this statement.For a complete overview of the DSV consolidation group, refer to the Group company overview in the financial statements section (pages 124-129). Of the subsidiaries highlighted falling within the definitions of article 19a or 29a of Directive 2013/34/EU, the exemption rules of 19a (9) and 29a (8) has gener-ally been applied, exempting these from preparing individual or consolidated sustainability reporting. Subsidiaries acquired during the year are recognised in the sustainability statement from the date DSV gains control of the company, while subsidiaries disposed of during the year are recognised until DSV no longer has control of the company.Reporting frameworkThe sustainability statement has been prepared in accordance with the European Sustainability Reporting Standards (ESRS) and covers DSV reporting obligation under article 99a of the Danish Financial Statements Act.In addition, a number of guiding frameworks have been applied supporting interpretations and disclosures made under the ESRS standards. These include the Greenhouse Gas Protocol and ISO 14083:2023 standard. Short-, medium- and long-term time horizons applied in the sustainability statement align with those suggested in section 6.4 of ESRS 1. In addition, on climate matters long-term time horizons have been further disaggregated factoring in climate projections by the Intergovernmental Panel on Climate Change (IPCC). Key accounting estimation and uncertaintiesIn presenting the 2024 sustainability statement, estimates and assumptions have been applied as basis for some of the quantitative disclosures made where direct measurable data is not available, as highlighted in the following. These disclosures may be subject to a higher level of measurement uncertainty. Energy consumption and waste generation at DSV sitesEstimates have been applied in assessing consumption and waste generation for office buildings below 500 m2which have been assessed based on factors applied at larger comparable DSV building sites. This estimation approach gen-erally affects quantitative disclosures within energy consumption, waste gener-ation, scope 1 and 2 greenhouse gas (GHG) emissions and air pollution. In cases where actual data for the full reporting period is not available for any of the larger DSV sites, relevant extrapolations are applied at the site level in accordance with the internal DSV reporting guidelines.Energy consumption and GHG emissions – energy mixWhen reporting on energy consumption and related GHG emissions, the energy share composition obtained by energy providers is applied. However, when not attainable, the Greenhouse Gas Protocol market-based scope 2 data hierarchy is used instead. For 2024, 29% of total DSV’s energy share for DSV consump-tion has been estimated based on country or regional share as estimation fac-tors. On scope 3 emissions, category 4 – subcontracted transport, the share associated with Road transport is calculated via our EcoTransIT World emission calculator tool which splits each trip into different legs and attributes to each leg the shortest possible route. Real distances are slightly longer than those calculated. Therefore, to avoid underestimations, and in line with the investiga-tion performed when submitting DSV baseline for GHG emissions Science Based Targets initiative (SBTi), a 10% add-on is applied. Male-female pay gap and Remuneration ratioTo calculate median and average employee remuneration, an estimation has been applied for the variable component of total salary per employee taking into consideration the base salary variation on gender, organisational level and geographical location. In 2025 DSV will work towards obtaining more granular information on the variable pay component.Changes in accounting policies and statement presentationFirst time reporting under the new ESRS has expanded the scope of DSV's sustainability reporting and has required a number of smaller adjustments to existing accounting policies and quantitative disclosures to align with the new framework. On quantitative disclosures, main adjustments have been done in the following disclosure areas:•	Energy consumption and mix: the disclosure on energy sources has been aligned to follow the definitions in ESRS E1-5. Therefore, total DSV energy consumption has been split by energy consumption originated from fossil sources, nuclear sources and renewable sources. Energy production split between renewable and non-renewable sources and the metric on energy intensity per net revenue have been introduced. •	GHG emissions: naming and presentation have been adjusted to align with the definitions in ESRS E1-6, meaning that scope 1 emissions from com-pany cars, own fleet and buildings have been aggregated to gross scope 1 GHG emissions. Disclosure on gross scope 2 GHG emissions location based, total GHG emissions (both market and location based), internal carbon pric-ing, and carbon intensity per net revenue have been added as well.•	Air pollution: previously disclosed in the Sustainability Factbook, the metrics have been assessed and aligned in accordance with the definitions in ESRS E2-4.•	Waste generation: has been disaggregated in additional waste categories in accordance with ESRS E5-5. For both hazardous and non-hazardous waste, the waste diverted from disposal has been categorised into recycled waste, waste prepared for reuse and waste subjected to other recovery treatment; while disposed waste has been classified into incinerated, landfilled and sub-jected to other disposal operations.•	Workforce disclosures: scope, age group, geographical aggregation and gender definitions on workforce metrics have been adjusted to align with the definitions and disclosure requirements in ESRS S1-6.•	Disclosure on remuneration ratio and gender pay gap has been introduced to align with definitions and disclosure requirements in ESRS S1 - 16.•	Disclosure on work-related incidents and complaints related to social and human rights matters have been introduced to align with ESRS S1-17.•	Disclosure on incidents of corruption or bribery and related fines have been introduced to align with ESRS G1-4.•	Disclosure on supplier payment practices such as payments aligned with standard payment terms and average invoice payment days has been intro-duced to align with ESRS G1-6.Restatement policy, methodology changes and prior period errors In general, DSV applies a restatement policy in case of methodology changes as well as material errors following the 5% materiality threshold. However, DSV may apply additional considerations depending on the KPI-specific materiality. No material errors have been identified in the 2023 sustainability statement. Scope 3 emissions 'Other categories', which are calculated applying the spend-based approach, are restated for 2023 due to granularity in cost categorisation. Emissions from purchased goods and services and capital goods within Other categories scope 3 emissions have been re-calculated. This led to a reduction of roughly 10% in scope 3 Other categories when compared with what was disclosed in 2023. The overall materiality of scope 3 Other categories com-pared to total scope 3 is 3%.In 2024, we did not change our activities or our carbon accounting policies to an extent that required a recalculation of the baseline. We monitor the changes in the carbon accounting methodology within transport and logistics. This methodology is continuously developing and impacted by the latest sci-ence, new regulations and standards, and continuous improvements in carbon calculation tools. In 2024, we concluded the implementation of our carbon accounting methodology towards the new ISO 14083:2023, impacting our Category 4 emissions. The update establishes a common methodology for the quantification and reporting of greenhouse gas (GHG) emissions from transport including the most recent emission factors for transportation fuels based on life cycle assessments (LCAs). The main reason for the general emission increase has been due to high levels of the greenhouse gas methane venting in the fossil fuel extraction phase (well-to-tank (WTT)) being previously unidentified and underreported within the carbon accounting standards. The new standard has thereby led to calculations of greater accuracy.Incorporation by referenceIn presenting the sustainability statement, ESRS disclosure requirements incor-porated by reference to other sections of the Annual Report include:•	GOV-1: information related to the Executive Board (22a) on page 33.•	GOV-1: information related to the Board of Directors (20c, 21c and 22a) on page 34.•	GOV-5: information related to risk management approach (34b) on page 36.Use of phase-in provisionsFor the first year of reporting under ESRS, the transitional provision in ESRS 1:137 allowing for phasing-in certain datapoint disclosures has been applied, more specifically encompassing E1 (E1-9), E5 (E5-6) and S1 (S1-7, S1-8, S1-11, S1-12, S1-13, S1-14, S1-15).Among the best rated companies in our industryScore 81/100 (Platinum)from EcoVadisClimate score A-from CDP*AA score from MSCI ESG ratingsScore 12.9 (low risk) from Sustainalytics*	Climate Change 2023 score.Environmental informationWe act as a key enabler for decar-bonisation across our value chain with the aim of reducing transport and logistics emissions. We are committed to reducing our envi-ronmental impact throughout our operations.Reducing our impactTopicClimate change mitigationESRS E1Key policies•	Sustainability Policy•	Building Design Manual•	DSV Energy Manual•	Manuals for energy procurement, including renewable energy and sustainable fuelsTargets2025: •	8% reduction in scopes 1 and 2 compared to 20242030: •	50% reduction in scopes 1 and 2•	30% reduction in scope 32050:•	Carbon net-zero across all emission scopesKey actions•	Decarbonisation roadmap •	Carbon Fee Funding Programme•	Customer decarbonisation service catalogue •	Environmental Management Systems (EMS)•	41% (537) DSV locations ISO 14001 certified•	199 internal EMS audits•	105 third-party ISO 14001 auditsClimate change mitigation is the key environmental challenge for DSV and the transportation sector.As one of the world’s largest freight forwarders, DSV plays an important part in addressing the decarbonisation challenges in the transportation industry – both from a supply and demand perspec-tive. We remain committed to playing an important role in enabling the changes necessary to reach net-zero emissions in our own operations, value chain and the industry at large.To guide our mitigation actions, DSV has in place policies and tar-gets. Our Sustainability Policy confirms our commitment to reduce our negative impact on climate and use our position in the industry to support and enable decarbonisation across our value chain and in the industry at large. In addition to the Sustainability Policy that covers the approach for scopes 1, 2 and 3, DSV has specific poli-cies and manuals addressing our operations' impact on scope 1 and 2 emissions. This includes our Building Design Manual that defines levels of energy efficiency and measures for reducing embedded CO2emissions in building materials, as well as DSV Energy manual which defines approaches to local renewable energy production and charging infrastructure and battery energy storage systems. Furthermore, we have manuals for energy procurement, including renewable energy and sustainable fuels as well as for deployment of low- and zero-emission trucks. In 2024, 41% of our locations were ISO14001 certified (38% in 2023). We are committed to continuous improvement of our envi-ronmental management system, managing risk and enhancing opportunities as well as monitoring and preventing accidents and violations of environmental regulations. In 2024, we did not regis-ter any major accidents or environmental violations.Full greenhouse gas emissions inventory 2024Other categories scope 33%SBTi target boundary:Business travel scope 30%Scopes 1 and 23% Transport scope 394%Our GHG emission reduction ambitionDSV has committed to reaching net-zero carbon emissions across all scopes by 2050 and set targets aligned with the Paris Agreement. Our decarbonisa-tion targets encompasses both own operations and our value chains. Our 2030 near-term target requires us to reduce the emissions under our direct control (scopes 1 and 2) by 50% and scope 3 emissions by 30% compared to a 2019 baseline. The remainder of our GHG inventories is disclosed under ‘other categories'. Other categories constitute 3% of our total scope 3 emis-sions and are therefore immaterial compared to our total scope 3 emissions. Our target boundary includes our scope 1 and 2 emissions and our scope 3 emissions from subcontracted transport and business travel. Our baseline includes all acquired companies since 2019. This enables us to track our pro-gress regardless of when DSV took ownership of the acquired companies. The scope 1 and 2 targets are aligned with a 1.5°C global warming scenario, while our scope 3 targets are aligned to a well-below 2°C warming scenario. Our targets and accounting principles are developed in line with the Science Based Targets Initiative (SBTi) framework, and our near-term target are vali-dated by SBTi. In 2024, we submitted our long-term net-zero target to SBTi for validation and expect it completed in 2025. The SBTi framework is guided by the latest International Panel on Climate Change (IPCC) research and fol-lows the Greenhouse Gas Protocol.Assuming an annual activity growth rate of 3%, we set yearly, near-term as well as long-term targets for our climate impact mitigation efforts.Basis for target settingDSV's climate mitigation targets are set in line with SBTi. We have used IPCC climate scenarios to project emission development and defined near-term and net-zero targets and decarbonisation trajectories. In addition to IPCC climate scenarios, we have enriched our scenarios with inputs from sources such as the International Energy Agency and the International Transport Forum. DSV has applied IPCC’s low- and high-emission scenarios (SSPs) ranging from optimistic (limit warming to 1.5°C) to dangerous (approximately 4.4°C) to determine climate IROs. The time horizons align with the main long-term climate pro-jection scenarios. The 1.5°C climate scenario is characterised by lower physical risks in the long-term, but high transitional risks in the short-term. For climate warming above this threshold, we expect more severe physical risks and lower transitional risks.To respond to the climate projections, DSV's climate transition plan was created complementing the climate scenarios with modelling tools and non-climatic inputs. Baseline and alternative scenarios have been developed to explore dif-ferent policy outcomes, technological advancements, and economic develop-ments required to reach our net-zero target. Internal subject matter experts and strategic carriers were involved in the process to ensure diverse perspec-tives, considering that the majority of DSV’s negative impacts stem from sources beyond our operational control.Decarbonisation servicesDSV offers a comprehensive catalogue of decarbonisation solu-tions that provide our customers with strategic insights to identify high-impact decarbonisation opportunities, as well as ready-to-deploy solutions for swift and effective implementation.These services are:•	CO2 reporting•	Supply chain optimisation•	Sustainable warehousing•	Sustainable fuel offerings•	Carbon offsettingRead more about our customer decarbonisation services at https://www.dsv.com/en/decarbonisation-servicesOur journeytowards net-zeroNear-term targets*By 2030 reduce by 50%Scopes 1 and 2 absolute emissions 30%Scope 3 absolute emissionsCompared to a 2019 baseline. Validated by SBTiLong-term commitment*By 2050 achieveNET-ZEROcarbon emissions in all scopesOur net-zero target has been submitted to SBTi for validation.*	The target boundary includes land-related emissions and removals from bioenergy feedstocks.Our decarbonisation roadmapThe targets and ambitions outlined in our policies are operationalised in our decarbonisation roadmap, which sets out our transition plan. The roadmap identifies the key decarbonisation levers that are critical for our ability to reach our targets across our operations and in all scopes. We then create action plans for each lever and for each division, and regularly update them.The roadmap considers the different transition paths and challenges faced across our division and operations and includes DSV’s owned and leased assets and third-party land, sea and air transportation. Our transition plan takes all identified negative impacts from mitigating measures into account, for example by being cautious about the types of biofuels we use, and by seeking to achieve the right balance between least negative impact and implementation feasibility.In 2024, DSV initiated the process of breaking down our global targets into local ones and distributing them based on capacity and potential in close collab-oration with regional executives and local management across all divisions and regions. Each local action plan is based on local conditions, opportunities and challenges to ensure steady development.Critical technologies at different levels of maturity Across our divisions we depend on technologies that differ markedly in both maturity and cost. In our Road division, we are seeing increasing maturity of technologies, which allows us to further apply these technologies at scale in a fit for purpose solution across our network. In our Solutions division, we are applying well-tested and mature technologies to deliver emission reductions. In our Air &amp; Sea division, most reductions will stem from efficiency improve-ments in the short- and medium-term, as low-emission technologies are still maturing and available only at limited scale and at high-cost premiums. Partnerships, technological development and framework conditionsAchieving net-zero carbon emissions in transport by 2050 will require collaboration and joint effort from many industry actors. As the majority of DSV’s reported carbon emissions stem from our subcontracted transport, achieving our decarbonisation targets is highly dependent on our ability to mobilise and partner with our carriers, hauliers and other suppliers across our value chain. Our decarbonisation roadmap therefore include initiatives to develop and offer low-carbon logistics services to our customers in our upstream value chain and to join other ambitious partners in the transportation and energy sector to test new technologies, achieve economies of scale and bring low-carbon or renewable solutions to our value chain faster. The ability of the transportation industry to achieve net-zero carbon emissions by 2050 and the speed with which reductions can be achieved towards 2030 is highly dependent on development, scaling and adoption of new technologies.Large global companies such as DSV can play an important role in the transition towards net-zero. But it is also clear that reaching the necessary global carbon reduction target will require the implementation of a broad set of initiatives to support the transition. Availability at scale of sustainable fuels based on renew-able energy sources, scaling of biofuel production, sufficient charging infrastruc-ture and increasing the grid capacity as well as necessary incentives and subsidies are all critical framework conditions that impact the ability of the transportation and logistics industry to decarbonise by 2050. DSV welcomes national and inter-national regulation that can accelerate the decarbonisation of the transportation and logistics industry and promote a level playing field with fair competition.Periodic review of the transition planThe full path towards net-zero by 2050 will be impacted by the speed of the transition in the coming years and of regulatory decisions and technological development and improvements. Continued monitoring and adjustments will be required to ensure progress in the most cost-efficient manner.DSV’s transition plan is therefore periodically reviewed to ensure effective implementation through continuous iterations. By regularly assessing and adjust-ing our transition plan, we can respond to changes in the business environment, technology landscape, or regulatory requirements that may impact carbon reduction efforts. Any changes in the regulatory environment, data granularity improvements, life cycle assessment of fuel and technologies, introduction of new technologies, or acquisitions will prompt a reassessment of our projections, framework and targets. This ensures that our decarbonisation strategy and roadmap are always built on the latest best practice and knowledge. In 2025, we will recalculate our baseline and reassess the targets to include Schenker's CO2emissions. Financing the transitionAcross our operations, investments are continuously made to support our decarbonisation roadmaps and efforts to reach our targets. In 2023, as part of the decarbonisation strategy we implemented a carbon fee on our transport divisions based on their emissions. The initiative has two aims: firstly, to incen-tivise carbon reduction efforts across our operations. Secondly, the fee pro-vides ear-marked financing for our decarbonisation initiatives. We expect to raise more than DKK 1 billion to support decarbonisation initiatives in our operations towards 2027.The carbon fee is designed to ensure that the DSV entities emitting the most CO2will pay the highest carbon fee. The funds are used for initiatives which seek to reduce our emissions and hence reach our targets. A governance process has been established where applications are assessed and approved if they meet defined criteria. Since the launch of the Carbon Fee Funding Programme in 2023, 51 projects have been approved. In 2024, the fund has contributed DKK 58.2 million towards investments in sustainable technologies, while the countries con-tributed DKK 184 million. Since its launch, the programme has supported a total of DKK 331 million towards investments in our decarbonisation roadmap.DSV investment in sustainable technologies driven by the carbon fundElectric forklifts9.5%Electric operating equipment2.5%LED3.3%Low &amp; Zero Emission Vehicles10.3%Other2.9%Solar71.5%Our roadmap towards net-zero emissionsLever 1Energy efficiency and optimisationReduce energy consumption in our operations and across transportation modesLever 2Phasing out fossil fuels in transportationShift to low-carbon and renewable energy in all transport modesLever 3Renewable energy production and charging infrastructureRenewable energy to enable decarbonisationLever 4Innovation and partnershipsTesting and scaling new technologies through innovation and partnershipsDecarbonisation leversEnergy efficiency and optimisationEnergy efficiency and carbon optimisation remain the quickest and most cost-effective approach to reducing our emissions. As such, improving energy effi-ciency will play a very important role, especially until new sustainable fuels be-come available at scale in air and sea transport and zero-emission technologies are more widely implemented at scale in road transportation. By continuously expanding our network capacities and optimising transport routes, modes and networks, we are able to drive continuous optimisations in costs, time and CO2. Towards 2030, the majority of the carbon reductions in our Air &amp; Sea division will come from operational and technical optimisation gains, including fleet renewal, improved operational efficiencies, routing efficiencies and energy saving technol-ogies such as new propellers and hull coating. Our carriers' performance is key to achieving our decarbonisation targets. To actively engage with our top carriers, we have created a collaborative platform to access primary data and ensure dia-logue on aligning our decarbonisation ambitions. We are continuously developing new supporting tools and solutions for our commercial systems in order to enable our commercial teams to include carbon emission perspective when choosing the most optimal supply chain solutions in close dialogue with our customers. Where low- and zero-emission trucks cannot be deployed due to e.g. current range limitations or lack of infrastructure, our Road decarbonisation efforts are focused on ensuring a more efficient diesel fleet with best-in-class (BIC) trucks. By 2030, we anticipate a significant reduction in carbon emissions through the deployment of BIC diesel trucks. In 2024, we have strengthened our global Fleet Management systems and onboarded relevant environmental data from a large portion of our sub-contracted fleet. This enables us to further work strategically with our hauliers and support both theirs and our transition. At pres-ent, more than 400 BIC trucks are part of our third-party haulier fleet. We expect at least 5,000 of our third-party trucks to operate at BIC level by 2030. For our own buildings, we set strict standards for building design whenever we commission a new project. The requirements for buildings range from life cycle CO2emissions, energy efficiency to good indoor air quality. To ensure that our buildings are highly energy efficient, all new buildings must be able to achieve a “gold” certification under at least one of the DGNB, LEED or BREAM sustainable construction standards. DSV deploys energy efficiency solutions such as light emitting diode (LED) lighting and building management systems (BMS) in our existing offices, terminals and warehouses to reduce energy demand. Lighting and dimming controls also decrease energy use in our buildings, together with other measures such as better insulation and deployment of Aquifer Thermal Energy Storage systems. As part of these efforts, more than 1,800,000 m2of our warehouses were fitted with LED lighting in 2024.Technologies and key actions• Operational and technical optimasation in Air &amp; Sea• Best in class diesel trucks• Energy efficiency at DSV facilitiesPhasing out fossil fuels in transportationAcross all freight transport modes, reliance on fossil fuels as an energy source remains very high. As internal combustion engines are likely to remain the prev-alent option for shipping and aviation, and global demand for transportation is set to continue to rise towards 2050, achieving net-zero for heavy transporta-tion will require alternative fuels. The IPCC considers biofuels an important component in decarbonising the sector, especially in areas where electrification is currently not feasible. The use of alternative fuels is therefore an essential part of a balanced strategy to limit carbon emissions. At present, alternative fuels for trucks, ships and aeroplanes are at different stages of maturity and come at different price points. Furthermore, some types of alternative fuels are not considered sustainable due to, e.g., negative impacts on availability of water and land for food production and biodiversity. It is DSV’s policy to only use sec-ond-generation (non-food biomass) fuels thereby mitigating the potential neg-ative impact by banning the use of any feedstocks related to palm oil, first-generation crops and first-generation woody biomass. Our Air &amp; Sea division is reliant on decarbonisation technologies that are less mature and that come with cost-premiums compared to conventional solutions. Both industries are critically dependent on availability at scale of low carbon fuels such as liquefied natural gas (LNG) and biogas, ammonia, methanol, hydrogen, biofuels and eFuels. We work closely with our carriers to ensure that alternative fuels used by our carriers are aligned with applicable sustainability standards. For our customers we provide sustainable fuel options with third-party assur-ance and where the full life cycle of the fuel is traceable from origin to final use. Within our scope of control, DSV purchases Sustainable Aviation Fuel (SAF) for all company business flights through an in-setting (book and claim) process.Battery electric vehicles (BEV's), hydrotreated vegetable oil (HVO), biogas and hydrogen fuel cell technologies will drive the change toward reducing fossil fuels in road transport. At DSV, we consider BEV the most mature and promising solution for achieving net-zero targets in our Road division. To accelerate the deployment of BEVs, we are working to establish the necessary conditions throughout our operations,including investment in charging infra-structure, testing, collaborating with manufacturers etc. We are committed to deploying more than 2,000 BEV's and other low- and zero-emission solutions for our road transportation division by 2030. In 2024, we operated more than 190 low- and zero-emission vehicles across our fleet. For those routes and countries where BEV's cannot yet be deployed due to range limitations and lack of charging infrastructure, we are deploying other low-emission solutions such as HVO, biogas and BIC diesel trucks. Continuously adding zero-emission (hydrogen fuel cell, battery electric) vehicles to our global fleets is also important to meet new emission requirements in zero-emission zones. We are engaging closely with our hauliers to establish the framework conditions that allow us to scale and expand these solutions and make it as feasible as possible for our hauliers to choose sustainable solutions. Technologies and key actions• Low- and zero-emission truck technologies including battery electric trucks• Sustainable fuels, including Sustainable Aviation Fuel and marine biofuel• Strategic partnerships and engagement with carriers and hauliersRenewable energy production and charging infrastructureWith the rapid technological development of BEV technologies, an increasing share of DSV’s equipment, trucks and third-party road transport will be decar-bonised using electrification. Ensuring sufficient charging infrastructure and grid capacity, supplied with energy from renewable sources, is therefore vital for ena-bling our strategy and the green transition beyond our operational boundaries. A central part of our decarbonisation roadmap is focused on installing solar panels on DSV’s rooftops to generate renewable electricity, which can provide charging for equipment and trucks as well as produce renewable energy for the operation of our terminals and office facilities. Our Building Design Manual dic-tates that each new facility is constructed with solar panels that produce enough energy to cover the buildings’ own energy demand and that any surplus energy is used for charging of vehicles. Additionally, solar panels are installed at existing facilities where we expect the biggest uptake of own and leased BEVs. In cooperation with our partners, by 2030,we plan to have implemented at least 400 MWp from solar panels on new and existing properties. In 2024, we added more than 55 MWp of photovoltaic (PV) production ca-pacity across our facilities. In locations where the implementation of solar panels is not a feasible strategy for ensuring renewable energy supply for our operations and on-site charging, DSV is applying Green Premiums, Power Purchase Agreements (PPAs) and Renewable Energy Certificates (REC) as alternative solutions. Furthermore, in 2024 we developed a Group-wide concept for establishing charging at our facilities, ensuring a scalable approach to charging of trucks at our sites. Technologies and key actions• Renewable Energy production at DSV facilites• Battery Energy Storage Systems (BESS)• Charging infrastructure conceptDSV Energy: Key achievements in 2024•	New Facilities: Opened two logistics centres in Denmark (Horsens) and Sweden (Landskrona) with 600,000 m2 capacity.•	Sustainability Certified: Both facilities are certified to DGNB gold sustainability standard•	Renewable Energy:	- Solar panels: +50 MWp capacity, producing 44 GWh annually (equivalent to powering 13,000 Danish households).	- Horsens: With 35 MWp, the installation is among the world's largest roof-based solar systems	- Energy covers onsite use and vehicle charging for DSV and third-party hauliers	- Added 4 MWp rooftop solar capacity in Netherlands (Venlo)•	Charging infrastructure: First chargers operational in Denmark and SwedenInnovation and partnershipsAs the vast majority of DSV’s emissions are in scope 3, achieving our decarbon-isation targets depends on our ability to mobilise and partner with customers, suppliers and investors across our value chain and the industry at large. Ensuring consistency and accuracy in carbon accounting is a fundamental part of driving performance and collaboration across the value chain on decarboni-sation in the global freight sector. Among other initiatives, DSV is engaged as part of the steering committee in the Clean Cargo Working Group, where we can contribute to support standards for transparent carbon information, iden-tify decarbonisation pathways and best practices in the shipping sector. DSV is also part of the Smart Freight Centre's Clean Air Transport Initiative. This initiative aims to bring together first-movers on sustainable aviation in the freight industry, leveraging increased transparency of emissions from air freight services to drive decarbonisation measures and alignment on standards across the air transport industry. For DSV to succeed with our decarbonisation targets, we rely on carriers with a solid and aligned plan of how they intend to reach net-zero by 2050. By including decarbonisation as a criteria for selecting stra-tegic carriers, DSV can contribute to the development of new sustainable tech-nologies within the air and ocean freight sector.The transport market is highly fragmented, especially in road transport, which is characterised by many smaller hauliers. To overcome this barrier for dissemi-nation and adoption of new technologies, we leverage our strong partnership with truck manufacturers and technology providers to make lower carbon solu-tions available to our third-party hauliers at competitive prices. We work con-tinuously with many developers and manufacturers to test and develop new sustainable solutions that support DSV and our third-party hauliers in reaching our decarbonisation targets.Technologies and key actions• Strategic partnerships and engagement with carriers and hauliers• Industry partnerships, including the Smart Freight Centre• Innovation initiatives Volvo: Agreement signed in 2024In 2024, DSV and Volvo entered into a strategic agreement to drive the decarbonisation of road freight. This partnership enables DSV to expand our electric fleet with 300 new electric trucks and an additional 500 of Volvo’s best-in-class diesel trucks and gas-pow-ered trucks. It thereby strengthens our commitment to sustainable freight operations while maintaining support for our core business activities.Decarbonisation performance in 2024Scope 1 and 2 emissions decreased by 10.7% driven by increasing renewable electricity share and our energy efficiency efforts. Scope 3 emissions increased by 10.5% driven mainly by an increase in volumes transported by air and longer distances sailed.Scope 1 and 2 emissions development In 2024, we continued to progress towards our 2030 near-term targets. Our scope 1 and 2 emissions are generated from usage of energy in warehouses, terminals and offices as well as own and leased fleet of trucks, material-han-dling equipment and company cars. In 2024, DSV's scope 1 and 2 emissions decreased by 10.7% compared to 2023. This is considerably above the short-term target of 4% reduction in scope 1 and 2 that we set for 2024. The result is based on a significant increase of renewable electricity usage along with our focused effort on energy efficiency in our buildings. In many countries where we operate, self-generated electricity and renewable energy procurement are increasingly part of local decarbonisation plans. With more than 12,000 MWh self-generated electricity, in 2024 we were able to increase our renewable electricity usage by 6% to reach 44% in total.As we continue to grow our business, we are adding more physical infrastructure as well as more heated and cooled square metres into our business, which means that our energy demand is increasing. As a result of our ongoing decarbonisation efforts to systematically increase our energy efficiency and use of renewable energy to supply our buildings, trucks and material-handling equipment, we have been able to decrease our scope 1 and 2 emissions by 9.8% against the 2019 baseline despite the fact that the energy demand has increased by 21.4% in the same period. Effectively, we have thus managed to decouple growth in our scope 1 and 2 activities from their associated CO2emissions. Based on the strong reduction performance in 2024, we have set a short-term target of achieving 8% reduction in scopes 1 and 2 in 2025. Scope 3 (SBTi target boundary) emission developmentIn 2024, total scope 3 target boundary emissions increased by 10.5% com-pared to 2023, primarily driven by increases in volumes transported by air and sea. Compared to our 2019 baseline, total target boundary scope 3 emissions have decreased by 35.5% mainly due to significant volume reductions across all modes of transport. Our current scope 3 target boundary emissions are thus below 2030 target level. However, as we expect freight demand to increase in the coming years, we must continue our efforts to reduce emissions in all modes to achieve the 2030 target of a 30% reduction against the 2019 baseline.Carbon emission developmentSBTi target boundary (CO2e - ‘000 tonnes)2019baseline20,526202312,1472024progress13,3402030target14,287Scopes 1 and 2Scope 3Scopes 1 and 2 carbon emission development(CO2e - ‘000 tonnes)2019baseline40920234132024progress3692030target205During 2024, we have implemented the ISO 14083 update in our calculation model using EcoTransIT. This has resulted in a total CO2increase of around 4% across all modes of transport driven by newer life cycle assessments for the fossil fuel extraction phase (well-to-tank).Our SBTi target boundary also includes business travel. In 2023, DSV intro-duced a Sustainable Aviation Fuel (SAF) programme to reduce business travel emissions. In 2024, the use of SAF contributed to the reduction of business travel emissions by 94%, which is as much as current SAF production technolo-gy allows. Residual emissions are compensated by additional volumes of SAF. By adopting this solution for business travel emissions, DSV contributes to raising the demand for SAF and sending a signal for producers to increase production. Subcontracted transport emissions developmentOur subcontracted transport emissions constitute over 95% of our total scope 3 emissions. These emissions are significantly impacted by global demand for transportation which is in turn impacted by global economic development. DSV's year-to-year scope 3 transport emissions are also impacted by geo-political conflicts and disruptions in global supply chains. Air transportation Air freight remains our largest source of emissions, accounting for more than half of the total emissions from subcontracted transportation. In 2024, the total air emissions increased by 20.9% compared to 2023. The biggest impact is a result of higher volume being transported by air especially on long-haul routes from China and Southeast Asia. The higher share of long-distance routes has increased our air emissions by approximately 6% in 2024. Furthermore, a higher share of belly-freight volumes in 2024 has led to a higher air carbon intensity and thereby an emissions increase coupled with the fuel emission factor increase (due to the implementation of ISO 14083). At the same time, the emission factor for freighter plane types also increased compared to 2023 driven by aircraft model shifts and fuel type updates which contributed to the overall CO2increase. We attribute some of the increase in air transportation volumes to the effects of the ongoing geopolitical conflicts.Sea transportation Sea freight is the most carbon efficient of our transportation modes. Despite being the largest in terms of volume in tonne-kilometres, sea freight makes up only 14% of our total scope 3 transport emissions. In 2024, total scope 3 emissions related to sea transport activities increased by 18.9% compared to 2023 due to larger volumes and longer routes mostly driv-en by an increase in sea freight volumes from Asia to North America. Due to the ongoing Red Sea conflict, most carriers avoided sailing through the Suez Canaland instead sought alternative routes with increased sailing distances primarily from China and Southeast Asia. The situation was the main driver of the increased distance sailed during 2024 and has led to around 17% longer dis-tances and around 12% higher CO2for sea transportation. We keep monitoring the operational performance from our carriers compared to pre-crisis levels. Despite an increase of the fuel emission factor related to ISO 14083, the 2024 sea emission factors have significantly decreased compared to 2023. The main contributor to the decrease is the updated calculation of the global fleet performance from Clean Cargo, which results in an average decrease across our trade lanes of approximately 8%.Land transportation Emissions from land transportation constitute one third of our total scope 3 transport emissions. In 2024, land transportation emissions have decreased by 6.3% compared to 2023, mostly due to less tonnage moved as well as lower utilisation within domestic network in Road.Despite an increase of the fuel emission factor related to ISO 14083, the 2024 emission factors have been reduced by 3% compared to 2023 for land trans-portation. Low- and zero-emission third-party trucks and increasing availability of biofuels across countries have contributed to the reductions.Air pollution All reported air pollutants from operations under DSV's direct control decreased in 2024 compared to 2023.TopicAir pollutionESRS E2Key policies•	Sustainability Policy•	Crisis Management Policy•	Group Dangerous Goods and Hazardous Materials Policy•	Building Design Manual•	DSV Energy Manual•	Manuals for energy procurement, including renewable energy and sustainable fuelsKey actions•	Decarbonisation roadmap •	Carbon Fee Funding Programme•	Environmental Management Systems (EMS)•	41% (537) DSV locations ISO 14001 certified•	199 internal EMS audits•	105 third-party ISO 14001 auditsThe transport sector's reliance on internal combustion engines that run on fossil fuels results in the emission of a number of pollutants to the atmosphere. Operation of DSV’s own trucks, cars, equipment as well as third-party trucks, ships and airplanes emit several harmful gases. These comprise nitrogen oxides (NOx), sulphur oxides (SOx) and particu-late matter (PM). These emissions stem from the burning of addi-tives to the fossil fuel. Nitrogen oxides (NOx) and sulphur oxides (SOx) contribute to acidification of rain, ground-level water and soil. Air emissions are also related to adverse effects on human health as high concentrations can cause respiratory illnesses. DSV’s Sustainability Policy defines air pollution as a material topic, and air pollution is part of the environmental impacts monitored and managed as part of our integrated environmental management system and ISO 14001 certification. Emergencies and incidents handling, including pollution is governed by our Group Crisis Management Policy. DSV’s Dangerous Goods and Hazardous Materials Policy sets the framework for preventing environmental impact from unsafe handling of dangerous goods. The policies apply to all entities within the DSV Group. Air pollution actionsMitigating our impact on air pollution is closely connected to our ability to succeed with our climate mitigation strategy and decar-bonisation roadmaps, since both impacts are caused by the use of fossil fuels for energy use. In most cases, eliminating fossil fuels will also have a beneficial impact on mitigating air pollution. As such, DSV’s climate mitigation policies, actions and targets as reported on pages 51-58also form part of the framework for mitigating our air pollution impacts.Air pollution performance in 2024Total reported air pollutants from DSV’s direct energy consumption related to own operations from buildings, own and leased fleet, and company cars decreased in 2024 compared to 2023. The total NOx and PM emissions decreased by 30% and 25%, respectively, compared to last year due to a 7% reduction in diesel consumption in DSV’s own fleet of trucks operations.The reduction was also impacted by a 2023 methodology update of the emission factor for NOx and PM emission factors for diesel trucks and vans according to the EMEP/EEA (European Monitoring and Evaluation Programme / European Environment Agency) Air Pollutant Emissions Inventory Guidebook.The total SOx emissions decreased by 13%, mainly driven by the 21% reduction of use of fossil fuel consumption in DSV's buildings in 2024.Waste management We are committed to managing waste safely and responsibly, reducing the amount of waste generated and improving recycling rates.TopicWaste managementESRS E5Key policies•	Sustainability Policy•	Waste Management PolicyTargets2030:•	60% of waste prepared for reuse and recyclingKey actions•	Sorting of waste on site or via waste operator•	Awareness raising•	Innovation and partnerships•	Environmental Management Systems (EMS)•	41% (537) DSV locations ISO 14001 certified•	199 internal EMS audits•	105 third-party ISO 14001 auditsAs our primary economic activity is the planning of transportation activities, DSV does not have any significant resource inflows and outflows. However, transportation and warehousing services gen-erate waste, primarily related to the packaging and safe transpor-tation of our customers’ goods. DSV’s Waste Management PolicyThe Waste Management Policy defines our approach to waste management by setting operational principles for waste minimi-sation and circularity practices according to the waste hierarchy as outlined in the EU Waste Framework Directive. In turn, countries locally establish procedures for correct storage of waste to elim-inate any potential negative impacts, directly or indirectly, on the environment (e.g. through accidental discharges or environmental spills) or people (ill health, strong smells, vermin, etc.).The policy supports our commitment to reduce our environmental impact by setting global ambitions for DSV's waste management practices and assigning responsibilities and processes for identi-fying, assessing and monitoring elements of our operations that generate waste. We aim to reduce the amount of waste generated in our operations, ensure waste fractions are treated as high in the waste hierarchy as possible, and minimise hazardous waste and waste sent to landfills.We have also set strict requirements for proper chain of custody and duty of care traceability. DSV’s Waste Management Policy is made available for all relevant stakeholders. The policy applies to the entire DSV Group and is approved by DSV Executive Board. Waste management targets DSV’s Waste Management Policy requires all entities to establish local goals and actions based on sound business principles and local conditions to reduce the overall amount of waste, increase the recycling rate and minimise hazardous waste and landfill waste. In addition, all entities must collect sufficient data on waste management to ensure documentation, reporting and tracking of operations.While we are setting in place actions and activities across our sites, our aim to increase recycling and reduce waste depends strongly on the capabilities and maturity of global waste management infrastructure in the countries in which we operate. As these vary significantly and set limitations to our ability to reach our targets, it is part of our ambition to engage with subcontractors, partners and customers on the development of solutions to minimise the use of plastic, paper, cardboard and other resources. We also work with suppliers that help us in finding recycling streams for our waste.In past years, DSV has set year-on-year targets for our waste management performance. We recognise that to move significantly beyond our current waste management and recycling performance, a strengthened long-term strategic effort is required. In 2024, we reviewed our approach to waste management and established Types of waste(tonnes)Hazardous waste generated in operations1,327Non-hazardous waste generated in operations64,939 a near-term ambition with a high-level roadmap outlining key milestones and group wide initiatives. In 2025, we will set in place specific roadmaps with an emphasis on setting regional targets and identifying global and regional partners to support our ambitions.We aim to have 60% of total waste prepared for reuse and recycling by end of 2030. The target considers current performance, EU Waste Framework Directive and the process maturity across operations to ensure ambitions in view of the global infrastructure challenges. Achieving this target requires the development of infrastructure, strengthening supplier networks, and building partnerships at local and regional levels, to overcome the challenge of diverse maturity levels of waste management systems and infrastructures across the countries we operate. Waste management actionsAs part of our transport and warehousing services we use a variety of pack-aging materials, such as plastics and cardboard, to safely store and transport goods. Many of these materials are single use or short-lived. As part of our commitment to circular economy practices and sustainable use of resources to keep products and materials in use as long as possible, we have an ongoing focus on waste minimisation, recovery and recycling through innovation and internal sorting initiatives. Other recurrent initiatives include business process re-engineering within the transport and logistics supply chain for reduction or recycling of plastic wrapping, cardboard, and other packaging materials. To ensure employees and contractors understand waste sorting and handling requirements, we conduct local awareness-raising campaigns. Waste management performance in 2024Share of waste prepared for reuse and recycled was 52.8% in 2024, an im-provement of approximately 3% compared to 2023 and in line with this year target of 53%. The recycling rate improved in several countries in 2024 due to local efforts and collaborations with recycling companies, which has allowed our teams to obtain not only more granular information about waste treatment but also address recycling practices. However, many countries still face challenges in terms of access to granular waste treatment information, which will be our ongoing focus. Our results were also impacted by the alignment of our waste reporting methodology with ESRS requirements in 2024. As part of this process, eight additional categories were introduced in our reporting. The increasing granu-larity of waste reporting means that the composition and scopes of the reported waste categories have changed, and complicating historical com-parison. In particular, the methodology update means that waste-to-energy is no longer included in the recycling rate, which affects our performance and the ability to fully compare the 2024 performance on recycled waste rate against the 2024 target.DSV waste treatment 2024Incineration4%Other disposal methods2%Other recovery methods13%Landfill28%Reused and recycled53%Environmental dataGHG emissionsAccounting policiesGross scope 1 GHG emissions ('000 tonnes CO2e) The reporting of direct scope 1 CO2e emissions is based on the Greenhouse Gas Protocol and covers all direct emissions from owned or controlled sources, which are natural gas, oil, diesel for stationary sources, etc., consumed in buildings owned, leased or rented by DSV, company cars and our owned and leased small fleet of trucks, vans and forklifts. Emissions from company cars are calculated through our central company car fleet management system. Road emissions from our own fleet are based on reported fuel consumptions from owned and leased trucks, vans and forklifts used for cargo transportation, multiplied by emission factors from DESNZ (2024) database applicable for each fuel type. Direct emissions from buildings are based on reported consumptions of gas, oil and diesel, etc., multiplied by emission factors from DESNZ (2024) database applicable for each fuel type.Scope 1 emissions from regulated trading schemes (%)Scope 1 emissions from regulated schemes is the percentage fraction of scope 1 emissions associated with regulated Emission Trading Schemes, both inside and outside the EU. At this point, the only area to be regulated under ETS (Emission Trading Schemes) is associated with fuel consumption from both vessels and aircraft. DSV does not own or have operational control of any vessels and aircraft and, consequently, these emissions fall under scope 3 and are not to be considered for this metric. Gross scope 2 GHG emissions - market-based and location-based ('000 tonnes CO2e)Scope 2 greenhouse gas (GHG) emissions are calculated and disclosed using both the market-based and location-based approaches, following GHG Protocol principles. GHG emissions in scope 2 arise from purchased electricity, heating, and cooling in buildings owned or leased by DSV. Market-based emissions are calculated using energy consumption at DSV locations and emission factors from energy contracts with utility companies, where available, following the GHG Protocol market-based hierarchy. Emission factors from IEA, AIB, Green-e, NZECS, and DESNZ (all dated 2024), are applied if other instruments are una-vailable. Location-based emissions are calculated using average national grid emissions intensity factors from IEA (2024) and DESNZ (2024).ESRS E1-6 – Gross scope 1, 2, 3 and Total GHG emissions20232022Baseline2019∆%20232024Target2025Target2030Annual % target /Base year2024Total market-based Scope 1 and 2 GHG emissions ('000 tCO2e)369413441409(10.7%)339205(2.0%)Gross scope 1 GHG emissions ('000 tCO2e)202220215(8.2%)Percentage of scope 1 GHG emissions from regulated emission trading schemes (%)1---Gross location-based scope 2 GHG emissions ('000 tCO2e)1205207219(1.0%)Gross market-based scope 2 GHG emissions ('000 tCO2e)167193226(13.5%)Total Gross scope 3 GHG emissions ('000 tCO2e)213,44012,187115,48910.3%Significant scope 3 GHG emissions/SBTi target boundary ('000 tCO2e)12,97111,73415,48920,11710.5%14,082(7.1%)4 - Upstream transportation and distribution ('000 tCO2e)12,97111,73415,48420,09110.5%Air transport ('000 tCO2e)7,1145,8858,91112,20920.9%Sea transport ('000 tCO2e)1,7771,4951,7862,68118.9%Land transport ('000 tCO2e)4,0804,3544,7875,201(6.3%)6 - Business travel ('000 tCO2e)3--526GHG emissions scope 3 - Other categories ('000 tCO2e)1,2,4,54694533.5%Total GHG emissions (location-based) ('000 tCO2e)113,84712,61415,9239.8%Total GHG emissions (market-based) ('000 tCO2e)113,80912,60015,9309.6%1The comparative information for 2022-2023 is not covered by PwC's limited assurance conclusion on pages 146-147.2Comparative figures have been restated.3For business travel, 2024 gross emissions were 7.77 ('000 tonnes of CO2e). DSV reduced 7.31 ('000 tonnes of CO2e) through market-based measures (SAF certificates).4The breakdown and further details of 'GHG emissions scope 3 - Other categories' are included in our Extended sustainability factbook at https://www.dsv.com/en/sustainability-factbook5Full three-year historical data not available.Total Gross scope 3 GHG emission ('000 tonnes CO2e) The reporting of indirect scope 3 emissions is based on the Greenhouse Gas Protocol, which divides the scope 3 inventory into 15 categories (C1- C15). The following scope 3 categories are applicable, based on DSV materiality assessment and screening: Category 1 (purchased goods and services), 2 (cap-ital goods), 3 (fuels and energy-related activities), 4 (upstream transportation and distribution), 5 (waste generated in operations), 6 (business travel), 7 (employee commuting), and 12 (end-of-life treatment of sold products).DSV scope 3 significant emissions are primarily stemming from subcontracted transportation activities accounted for in category 4. In this category, calcula-tions of emissions from freight forwarding services (transportation by air, sea, road and rail) in our value chain are performed by splitting routes into relevant legs and applying granular parameters on shipment level. Carbon dioxide equiv-alent emissions (CO2e) from transport activities are recorded based on calcula-tions performed by EcoTransIT World emission calculator tool, aligned to the ISO 14083 standard methodology, and accredited to the GLEC framework, with reporting disclosed following the well-to-wheel (WTW) approach for sub-contracted transport.CO2e emissions from air, sea, rail carriers and road hauliers are calculated based on DSV transport data from subcontracted transport from our main transport systems, covering 91% of the total scope 3 category 4 emissions. The remain-ing CO2e emissions are estimated based on extrapolation from average emis-sion factors and volume reporting.Emissions related to third-party transport services purchased by DSV are included in category 4 disclosures. In addition, scope 3 emissions from category 4 are split and disclosed depending on the subcontracted transport typologies (air, sea or land transport).Obtained carbon reductions using the fuel switch process from our book and claim approach is subtracted from the scope 3 total emissions. Environmental attributes for scope 3 carbon reductions are based on primary data from biofuel suppliers.Category 6 (business travel) includes emissions from the transportation of employ-ees for business related activities in vehicles owned or operated by third parties, such as aircraft, trains, buses, and passenger cars. CO2e emissions from business travels are based on data collected from travel agencies covering DSV companies in countries with around 85% of all white-collar employees. For countries not covered by travel agencies, the emissions are extrapolated based on the proportion of FTE’s out of the total number of FTE’s in countries covered by travel agencies.Other categories include disclosures from categories 1 (purchased goods and services), 2 (capital goods), 3 (fuels and energy-related activities), 5 (waste gen-erated in operations), 7 (employee commuting), and 12 (end-of-life treatment of sold products). Calculations were performed using GHG Protocol-endorsed meth-ods: spend-based for categories 1 and 2, average-method for categories 3, 5, and 7, and waste-type-specific for Category 12.Significant scope 3 GHG emissions (SBTi target boundary) ('000 tonnes CO2e)DSV scope 3 boundary for near-term target includes subcontracted transport (category 4) as well as business travel (category 6). Accounting policies are in line with Gross scope 3 GHG emissions.Scope 3 GHG emissions – Other categories ('000 tonnes CO2e) GHG emissions associated with scope 3 other categories as defined by the metric Gross scope 3 GHG emissions. Total GHG emissions - market-based ('000 tonnes CO2e) Total GHG emissions market-based is the sum of the scope 1 emissions, scope 2 (market-based) emissions and total scope 3 emissions.Total GHG emissions - location-based ('000 tonnes CO2e) Total GHG emissions location-based is the sum of the scope 1 emissions, scope 2 (location-based) emissions and total scope 3 emissions.GHG emissions covered by DSV carbon pricing programme, by scopes (000' tonnes CO2e, %)Total GHG emissions covered by the DSV internal carbon pricing programme in thousands of tonnes of CO2e, and percentage of total GHG emissions. Scope 1, 2 and 3 split is disclosed. Emissions from company cars, business travel and scope 3 other categories are not covered by DSV carbon pricing programme. Carbon Intensity for Air, Sea and Land transport for scope 3 (gram CO2e per tonne transported one km)Average emissions from shipments relative to freight volume and transpor-tation distance is disclosed as grams of CO2e per one tonne of freight moved one km. The information is split accordingly within the three main transpor-tation typologies (air, sea and land transport).GHG revenue intensity (CO2e (tonnes/DKKm))Total GHG emissions (scope 1, 2 and 3), both market-based (Total GHG emis-sions - market-based) and location-based (Total GHG emissions - location-based), divided by total net revenue. Total net revenue is reconciled to financial statements on page 86.Carbon pricing and intensity202420232022GHG emission covered by DSV carbon pricing programme1,2Scope 1 (‘000 tCO2e)192220Scope 2 (‘000 tCO2e)167187Scope 3 (‘000 tCO2e)12,97111,734Scope 1(%)95.099.9Scope 2 (%)100.097.0Scope 3 (%)96.595.9Carbon intensity (gram CO2e per tonne transported one km)Air transport (CO2e (g/tonnes-km))669.7627.6694.4Sea transport (CO2e (g/tonnes-km))6.47.06.6Land transport (CO2e (g/tonnes-km))91.594.389.4GHG revenue intensity - market-based (CO2e (tonnes/DKKm))282.683.967.6GHG revenue intensity - location-based (CO2e (tonnes/DKKm))282.984.067.6Emissions outside of scopes (’000 tCO2)1Biogenic emissions19201Full three-year historical data not available.2The comparative information for 2022-2023 is not covered by PwC's limited assurance conclusion on pages 146-147.Emissions outside of scopes: biogenic emissions ('000 tonnes CO2)The reporting of biogenic emissions is based on the Greenhouse Gas Protocol and covers emissions originating from renewable fuels from scope 1, as well as obtaining environmental attributes via the book and claim approach through obtained reductions for maritime biofuels, sustainable aviation fuel, and HVO from scope 3. Environmental attributes for scope 3 emissions are based on primary data from biofuel suppliers. Energy consumption and productionAccounting policiesTotal energy consumption (GWh) Total energy represents all energy coming from fuels, electricity, district heat-ing and cooling consumed by DSV across all its activities. The total energy is split into fossil, nuclear and renewable sources.Fossil sources include fossil fuels (petroleum products and natural gas), as well as electricity, heating or cooling obtained from non-renewable energy sources.Nuclear sources come from the acquired electricity, heating and cooling origi-nated from nuclear energy production.Renewable sources include renewable fuels (HVO and biofuels), electricity, heating, and cooling sourced from renewable energy, as well as consumed elec-tricity generated by solar panels installed in DSV buildings.For purchased electricity, district heating and cooling, agreements with energy providers are used to determine the share of fossil, nuclear and renewable energy. When these agreements are not available, the Greenhouse Gas Protocol's market-based scope 2 data hierarchy is utilised.Energy production – renewable/non-renewable (GWh) Amount of energy produced by any processes of energy generation – whether fossil, nuclear or renewable in nature – under direct DSV operational control, either intended for consumption in DSV’s operations or for sale to a third party. Currently, DSV energy production constitutes exclusively electricity generated by solar panels. Energy metrics3202420232022Total energy consumption (GWh)21,3901,4841,414Fossil sources 1,0871,2851,241Nuclear sources253739Renewable sources278162134Energy consumption - Fossil sources (GWh)21,0871,2851,241Coal and coal products---Crude oil and petroleum products728828765Natural gas 101124121Other fossil sources---Acquired electricity, heat, steam or cooling from fossil sources 258333355Energy consumption - Renewable sources (GWh)2278162134Biomass, biofuels, biogas, hydro-gen from renewable sources431821Electricity, heat, steam or cooling from renewable sources213125113Self-generated non-fuel renewable energy12219Energy production (GWh)112Non-renewable energy production-Renewable energy production12Energy intensity (MWh/DKKm)28.39.86.0Biofuel/renewable fuel share (%)623Renewable electricity share (%)1, 244381Full three-year historical data not available.2The comparative information for 2022-2023 is not covered by PwC's limited assurance conclusion on pages 146-147.3The scope of disclosure has been adjusted according to the ESRS requirements in 2024, comparative figures have not been restated.Energy intensity (MWh/DKKm)Ratio between the total energy consumption and total net revenue. Total net revenue is used in the calculation as more than 99% of DSV revenue are asso-ciated with high climate impact sectors as defined by EU 2022/1288. Total net revenue is reconciled to financial statements on page 86.Biofuel/renewable fuel share (%) Total consumption of renewable fuels relative to the total fuels consumed by DSV-owned and leased fleet. Renewable electricity share (%) Total consumption of purchased and self-generated renewable electricity relative to the total electricity consumption from DSV operations.Air pollutionAccounting policiesPollutants emitted through own operations (tonnes) Direct nitrogen oxides (NOx), sulphur oxides (SOx) and particulate matter (PM) emissions from DSV’s owned or controlled sources, which are mainly generated by natural gas, oil, diesel, petrol, HVO, LPG, LNG and CNG consumed in buildings owned, leased or rented by DSV, company cars and our owned and leased small fleet of trucks, vans and forklifts. NOx, SOx and PM emissions are based on the energy consumption within scope 1 multiplied by emission factors from EMEP/EEA Air Pollutant Emission Inventory Guidebook and GREET model from Argonne National Laboratory of US applicable per fuel type and technology.Air pollution metrics2202420232022NOx emissions (tonnes)401.3570.5649.1SOx emissions (tonnes)0.70.80.9PM emissons (tonnes)5.57.38.7Waste managementAccounting policiesWaste generated from own operations, by composition (tonnes)Total weight of hazardous and non-hazardous waste generated by DSV opera-tions directed to disposal or diverted from disposal during the reporting period. Waste diverted from disposal is defined as waste that is recycled, prepared for re-use or recovered with any other processes. Waste directed to disposal is split into waste that has been incinerated, landfilled or undergone other disposal operations. Waste is considered hazardous if it manifests one or more of the characteristics listed in the Annex III of the EU Directive 2008/98/EC.Non-recycled waste generated from own operations (tonnes, %)Total weight in tonnes and percentage of waste that has not been recycled, calculated as the total waste directed to disposal, plus the waste prepared for re-use and the waste that underwent other recovery treatments, and expressed both as weight in tonnes and as percentage of the total amount of waste generated.Share of waste prepared for reuse and recycled (%)Total of waste that has been recycled and reused expressed as percentage of the total waste generated. Waste is classified as recycled when it undergoes any kind of processes/treatments converting it into new materials that can have an application.Waste metrics202420232022Total waste generated by own operations by composition (tonnes)66,26670,34957,339Total waste diverted from disposal (tonnes)43,74235,10728,508Total waste directed to disposal (tonnes)22,52435,24228,831Total hazardous waste 1,3274,7181,651Hazardous waste directed to disposal (tonnes)8374,401958Incineration1285Landfill1210Other disposal operation1342Hazardous waste diverted from disposal (tonnes)490317693Preparation for reuse1197Recycling196Other recovery operation1197Total non-hazardous waste (tonnes)64,93965,63155,688Non-hazardous waste directed to disposal (tonnes)21,68730,84127,873Incineration12,446Landfill118,435Other disposal operation1806Non-hazardous waste diverted from disposal (tonnes)43,25234,79027,815Preparation for reuse1226Recycling134,494Other recovery operation18,532Non-recycled waste (%)47.850.150.3Share of waste prepared for reuse and recycled (%)52.849.949.7Non-recycled waste generated (tonnes)31,67635,24228,8311Full three-year historical data not available.Social informationWe strive to ensure that all em-ployees can thrive and realise their potential in a diverse and inclusive environment. We respect human and labour rights and are committed to ensuring a healthy and safe working environment. We engage locally and globally to support communities and address global challenges.Being a people businessThrough our commitment to safe and inclusive workplaces, fair and attractive remuneration and benefits, we strive to attract, motivate and foster a diverse talent pipeline.SocialTalent developmentESRS S1Key policies•	Sustainability Policy •	Code of Conduct•	Policy for Succession Planning and Senior Recruitments within DSV Group•	Global Learning &amp; Development Policy•	Global Employee Benefit Policy•	Diversity and Inclusion Policy •	Human Rights Policy •	Health &amp; Safety PolicyKey actions in 2024•	More than 10,000 generic e-learning activities•	More than 230,000 hours spent on online training by employees•1,000 leaders participated in leadership training •	85% participationin DSV Global People Survey•	Employee Net Promotor Score at 35DSV employs approximately 73,000 employees (FTE) in more than 80 countries. Our workforce represents a wide diversity of back-grounds and experiences and more than 160 nationalities.Our global workforce consists of an almost equal proportion of salaried and hourly workers, 39% of which are women and 61% men. Our salaried employees mainly work in an office environment with freight forwarding, sales, business development or general administration. Hourly workers primarily work at our terminals, logistics centres or as drivers. Overall, more than 9 out of 10 DSV headcounts have a permanent contract with DSV, while temporary and non-guaranteed hours contracts cover less than 8% and 1% of headcount, respectively. Non-employees such as agency workers are routinely hired in to accommodate for general activity fluctua-tions and are also hired to fill in for regular DSV employees who are temporarily absent due to, e.g., illness, parental leave, etc. DSV's workforce has the largest regional presence in EMEA (63%), followed by the Americas (20%) and APAC (17%) with an almost equal size of operations. Engagement and dialogueEngaging with our employees and sharing feedback and perspec-tives is crucial for our performance as a company. We believe that the best solutions are found when our employees play an active role in shaping our culture and workplace. DSV engages in open and constructive dialogue with employees about their rights and conditions. These include workers’ rights to freedom of association and collective bargaining, and other rights covered by international laws and conventions. These and other rights are specifically addressed in our Codes of Conduct, which in addition to our own employees, also address the rights of non-employees and workers in the value chain.We have established various processes to facilitate dialogue with our employees, including an annual engagement survey, collective bargaining and annual performance reviews. DSV also engages with employees through workers councils in several European countries, including via a broader European Works Council. Time allocated to employees to perform their council duties is aligned with local legal requirements. The European Works Council meets twice a year and regularly has direct discussions with representatives of the Group Executive Board. At the meetings, the Council is updated about strategic and employee-related developments.Employees can use these forums to raise concerns about working conditions such as flexible working time, benefits, etc. The Council provides their input, which can subsequently be used to improve engagement. Ad-hoc consultations are also arranged as needed during the year to address important matters.We adapt our practices to align with local regulatory requirements, even in regions where formal workers consultation frameworks may not exist, ensuring that employees remain actively involved in identifying risks and can voice concerns and provide valuable input to local management decision making. Specific ambassador networks and employee resource groups have been formed for critical topics, such as health and safety and sustainability, to ensure dialogue between employees and management on these topics.The annual performance and development review process is mandatory for all man-agers and salaried employees, and serves as an important communication channel to ensure continued workforce development and alignment with our objectives.Additionally, we utilise town halls, events and our intranet to keep employees informed about key company developments. Employees are also invited to provide input about their experiences and expectations via our annual DSV Global People Survey, which is disseminated to all employees. Group HR follows up on the results and ensures that follow-up dialogue and actions are taken in all teams. The survey is also used to gain insight into our employees’ assessment of material topics such as diversity and inclusion. Based on the annual DSV Global People Survey we cal-culate the average employee Net Promotor Score (eNPS) for the DSV Group. In 2024, the NPS was 35, which is above the global external benchmark. In total, 85% of ouremployees participated in the global survey in 2024, a significant increase from the 2023 participation rate of 76%.The results showed high over-all job satisfaction and motivation score, also above the global benchmarks.DSV’s whistleblower system, Integrity Line, is also available to ensure that any-one, DSV employees or third parties, can securely and anonymously report concerns or knowledge of misconduct. See pages 81-82for further infor-mation on our Whistleblower Policy and investigation process.These various methods of engagement ensure that our practices are adaptable and responsive to local conditions, reducing the risk of material negative impacts on our own workforce while supporting their well-being and the company’s growth.Attractive and fair employment conditionsThe ability to attract and retain talent is essential for our business performance, our ability to deliver on strategic projects and achieve our business goals. We continuously develop and adjust our benefits packages to meet or exceed local practice. Our ambition is supported by our Group HR policies, which encompass a variety of different actions tailored to balance business and employee needs. These actions vary from benefits offered which exceed legal requirements to promoting the DSV way of managing people through mandatory training for management at all levels and through regular check-ins with employees.Employee turnover remained at the same level as in 2023, at approximately 20%. The turnover rate is highest among blue-collar employees, such as termi-nal and warehouse workers, and remains on a par with industry levels.Employee benefitsDSV is committed to paying fair wages and offering attractive benefits tailored to local needs. Wages should not fall under the living wage. We work closely with all local markets to ensure our local benefits schemes are fair and attrac-tive and in accordance with the DSV Global Employee Benefit Policy. The policy covers retirement plans, healthcare and risk insurance plans , which are struc-tured according to local. Each country and region have their regulations and ways of rewarding employees or providing social protection in areas where these are not made available through public programmes. Therefore, our ben-efit models are primarily delegated to the local country management teams. They are closer to the market, familiar with local industry standards and empowered to act quickly upon any changes in rules and regulations. Examples of benefits include pension, health care and insurance plans, employee wellbe-ing programmes, various leave options and more.Globally, 30% of DSV’s employees are covered by collective bargaining agree-ments but there are significant regional differences, reflecting the differences in labour market traditions and regulations in the countries in which DSV operates. Training and people development at DSVBuilding competencies and skills is a strong focus for us. It strengthens our company’s performance and enables our employees to achieve their career and development goals. We support this through formalised, global procedures and our extensive global training programmes, which are available to all employees across the organisation. DSV’s training and development approach is anchored around diverse training opportunities ranging from on-the-job training and e-learning activities to tailored external educational courses. In 2024, we launched a new Global Learning &amp; Development Policy to support a standardised global approach to employee training and development. The purpose of the policy is to ensure that all employees, from entry-level to senior leaders, have access to the resources and training necessary to excel in their roles and drive the continued growth of DSV. The policy provides a comprehen-sive overview of our global training offerings, underscoring our commitment to continuous learning that offers both professional and personal development as a critical component of our business strategy.All DSV’s employees have access to training opportunities either directly via our online training platform or via local training partners and activities. The platform contains a wide selection of e-learning courses and webinars covering many different topics. In addition to our internally developed e-learning courses, we have an external library of over 10,000 generic e-learning activities and courses. The platform facilitates upskilling and reskilling of relevant employees through competency gap identification, thereby ensuring continued develop-ment and employability. Specific training programmes are available for man-agers, specialists and trainees in our Young DSV Programme. DSV has global measurable targets for completion of mandatory Code of Conduct training for all employees. In total, DSV employees spent more than 230,000 hours on online training in 2024.Performance review and personal development plansTo ensure mutual alignment of expectations, we have implemented a global performance and development process, which is executed through our global HR platform. Our approach invites to an open dialogue between employees and their managers and ensures that employees work towards shared department objectives. This allows employees to develop and grow in accordance with current role, future plans and own ambitions.As we grow, so does our need for more skilled employees and leaders. To ensure that we remain competitive, we have a global policy and process for talent review and succession planning in place. As part of this process, employ-ees and managers are continuously evaluated to assess their ability to take on more responsibility. Based on these reviews, appropriate talent management action plans are developed.Partnering to deliver essential supplies to children worldwideThrough our strategic partnership with UNICEF, we are committed to providing rapid emergency responses and strengthening global sup-ply chains. DSV supports UNICEF by offering free flights for the swift delivery of essential supplies during emergencies, along with flexible funding to ensure timely support for children worldwide. As part of this partnership, we will leverage our industry expertise to collaborate with UNICEF in strengthening supply chains, with a re-gional focus on Latin America, to improve children’s access to vital goods and services.The UNICEF partnership pillars:•	In-kind air transport to secure rapid delivery of critical supplies for children and their families during emergenciesDiversity and inclusionDiversity and inclusion are essential values in DSV. As a global organisation, we have employees from diverse cultures, religious beliefs, ages and back-grounds, who bring unique skills and expertise to our company.TopicDiversity and inclusionESRS S1Key policies•	Sustainability Policy •	Code of Conduct•	Diversity and Inclusion Policy •	DSV Recruitment Policy•	Policy for Succession Planning and Senior Recruitments within DSV GroupTargets2030•	Global targets for women at various senior management levelsKey actions•	Mandatory D&amp;I e-learning for all managers and HR •	Mandatory recruitment training with focus on biases for all managers and HR•	Mandatory D&amp;I module in DSV Leadership Training •	Gender focus in senior succession planning and recruitment•	Women in DSV Leadership programme•	Global Diversity, Equity, and Inclusion GroupA diverse and inclusive workplace Our workforce is made up of many different cultures, backgrounds, experiences and skills. This diversity contributes to our unique cor-porate culture and forward-thinking work environment, enabling employees to thrive and realise their potential. It also gives us a business advantage as it contributes to our collective development and growth and, ultimately, ensures better business decisions.In addition to our material topic of gender, our Diversity and Inclusion Policy covers other diversity traits, such as race, religion, age, disability, sexual, religious or political orientation, national ori-gin and cultural background. Our approach is supported by our Codes of Conduct. Employees and suppliers’ employees are required to adopt a stance against discrimination, differential treat-ment, harassment, inappropriate or unreasonable interference with work performance, whether based on nationality, race, disability, age or gender, including gender identity or gender expression, sexual, religious, or political orientation or ethnic or social back-ground or any other forms of discrimination. Physical, sexual, mental or verbal abuse is prohibited, as is any threat of abuse or any other form of intimidation. Our position on diversity and inclu-sion applies to all people working with DSV globally, regardless of their employment status.Our commitment to diversity is also embedded in other policies, such as our Policy for Succession Planning and Senior Recruitments, which outlines the requirements for gender representation in suc-cession planning and internal and external recruitment situations. As an example, the policy requires both genders to be represented on the shortlist of eligible candidates for director-level and above.Global gender diversity targetWomen remain underrepresented in senior management positions at DSV, as is the case generally for companies within the transport and logistic industry. We monitor the development in the gender composition globally at all employee and managerial levels to track performance and development and identify areas for improve-ments. In 2024, female employees represented 39% of the total workforce, which is above the industry benchmark.DSV has elected to set a global, three-tiered target for women at various senior management levels in 2030. The target is set against the 2024 baseline and supports our ambition to create a strong talent pipeline for recruitment to our highest management levels from both genders.In 2024, the proportion of female managers was 35%, which is an increase compared to 2023 (34%). Diversity and inclusion actionsTo support our ambition, we have selected several key initiatives based on input from relevant stakeholders and departments, experience gained from success-ful past initiatives and best practice. These include a mix of training and aware-ness-raising activities and requirements for minimum representation in key processes, such as recruitment and succession planning.Training and leadership initiativesTraining in diversity and inclusion is mandatory for all managers and HR employ-ees. Additional trainings are assigned to managers and HR employees, who are regularly involved in recruitment activities. A mandatory module on diversity and inclusion is also part of DSV’s general leadership training programme. The training aims to remove barriers to equal opportunities by increasing awareness about potential biases and stereotyping that may limit our ability to see individ-ual differences and capabilities. To facilitate knowledge sharing between our HR teams and managers, we have a dedicated Diversity, Equity and Inclusion group to drive the agenda forward across our organisation.Monitoring remuneration differences DSV also monitors the pay gap between female and male compensation in DSV. In 2024, the average salary of female employees was 3.9% lower than average male salary. The pay gap reflects our gender composition, whereby women are underrepresented at both highest and lower salaried positions in DSV. The pay gap is on par with our peers and other companies with similar demographics.In 2024, the CEO remuneration ratio compared to median DSV employee salary was 102.Local diversity and inclusion differencesDiversity and inclusion priorities vary from country to country. Our global approach is therefore designed to allow for flexibility to accommodate for local needs while staying aligned with our global Diversity Policy. Although DSV’s material global focus area is gender, HR teams are expected to implement rele-vant local actions based on their unique insights into the diversity and inclusion challenges in their country or region, regardless of their materiality for the DSV Group as a whole. Local initiatives can include everything from use of recruit-ment agencies specialised in minority groups, such as veterans, to targeted content of training and leadership programmes.Working conditions and human rightsTopicWorking conditions andwork-related rightsESRS S1 / S2Key policies•	Sustainability Policy •	Code of Conduct•	Supplier Code of Conduct•	Diversity and Inclusion Policy •	Human Rights Policy•	Whistleblower PolicyKey actions•	DSV Human Rights Programme •	Supplier audits•	Internal audits •	Whistleblower system•	1,267 DSV employees completed human rights training•16,779 employees com-pleted Code of Conduct trainingDSV believes that human rights are fundamental and must be protected at all times. Own workforce and workers in value chainDSV is committed to ensuring that the rights of our employees, the employees of our suppliers and their sub-contractors are protected. In combination with our Codes of Conduct, DSV’s Human Rights Policy defines the rights of workers and our responsibility, stand-ards and commitments for respecting and promoting these rights in our own operations and in the value chain. We are committed to adhering to the ILO Declaration on Fundamental Principles and Rights at Work, the Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights and the Children’s Rights and Business Principles.In accordance with Modern Slavery Act reporting requirements, we publish a Human Rights report annually, which, among other, outlines our actions and future plans to ensure that any form of modern-day slavery or human trafficking does not take place in our operations or in our supply chains.Respect for human and labour rights is embedded at the highest level of our organisation, in all areas of operations and extended to our value chain. We manage and report on our human rights efforts and remediate any breaches of the policies for our own employees and non-employees and for workers in our value chain. DSV’s Human Rights Policy is approved by DSV's Executive Board. The day-to-day responsibility for the human rights strategy is managed by a dedicated team in DSV Group, which is responsible for provid-ing policies, procedures and guidance to all DSV entities.Local management teams are responsible for implementing these standards within their organisations and the supply chains. This is usually anchored within local HR teams or procurement functions.Monitoring compliance with our policiesOur commitment to protecting human rights is continuously com-municated through training and other initiatives to ensure that employees understand what their rights and responsibilities are and how to raise concerns safely. The Code of Conduct training, which is mandatory for all DSV salaried employees, includes DSV's approach to human rights. Each year, we conduct awareness cam-paigns to support compliance and adherence to our standards. Implementation of our Human Rights Policy is embedded in our global Human Rights Programme. The programme follows an annual four-step process: global risk assessment, self-assessment, cor-rective actions and training. The annual global risk assessment selects the DSV entities in scope for assessment based on consid-erations such as human rights in specific countries, the number of employees in vulnerable positions, the size of our operations, previ-ously identified risks and corrective actions taken. Stand-alone human rights training are applied in all entities included in the annual cycle of the Human Rights Programme.Our Human Rights PolicyDSV's values and approach to human rights is described in our Human Rights Policy, which addresses:•	Forced labour, human trafficking and modern slavery•	Child labour•	Passport retention•	Recruitment fees•	Discrimination and harassment•	Health, safety and environment •	Working hours and rest periods•	Living wages •	Prohibition on disciplinary deductions•	Accommodation standards•	Collective bargaining•	Protection from retaliationRead more in our Human Rights Report at https://www.dsv.com/en/human-rights-reportThe scope of the programme considers both DSV’s own workforce and the management of risk related to value chain workers. Any findings and breaches of DSV’s policies are documented and reported and appropriate corrective action plans and remediation action are created, in our operations or in relation to management of risks for workers in our supply chain.Findings from the Human Rights Programme are reported to DSV’s senior man-agement and Executive Board. We analyse findings and trends from the Human Rights Programme including insights and perspectives of value chain workers to continuously assess and improve efficiency of DSV policies and actions in miti-gating material human rights risks. We are committed to remediation where we identify any negative impacts we have caused or contributed to.In addition to the DSV Human Rights Programme, we have various other pro-cesses in place, including supplier risk management and supplier audits, internal audits and our whistleblower system and investigations that also form part of our efforts to monitor risk and identify non-conformity with our standards across our operations and in our value chain.Key actions in 2024In 2024, we have expanded the human rights elements in our internal audit frame-work. This includes risk-based approach for determining the frequency and scope of human rights audits as well as the level of audits conducted. The audit process started in 2024 and will be further rolled out during 2025.We also conducted a concerted awareness campaign within various countries in the Middle East region. The awareness campaign focused on the Code of Conduct and covered our approach and commitment to protecting human rights. In 2024, DSV introduced a Responsible Sourcing Policy, which defines a stand-ardised approach to the mitigation of human rights risks in our supply chain and other risks. As part of the policy and accompanying framework, specific supplier vetting and audit requirements are set for high-risk suppliers. See page 83for DSV’s approach to running a responsible supply chain.Specific audit requirements were set in 2024 for manpower suppliers in higher risk countries, where migrant workers are employed via these suppliers. This includes ensuring that passports are not withheld and employees are not requested to pay recruitment fees among other risks common to workers who are in a vulnerable position. The 2024 Human Rights Programme risk assessment identified 14 entities to perform self-assessment and human rights training. Inseven entities, corrective actions were implemented to address identified incidents of non-conformities with our policies. The main finding in these entities relate to ensuring that work-ing hours are within the limits as stated in our Human Rights Policy, which are lower than the statutory working hours allowed in many countries we operate in. As part of the programme 1,267 employees in the relevant entities com-pleted our stand-alone human rights training. Human rights reporting as part of CSRDIn 2024, as part of the alignment with CSRD, DSV introduced new global reporting on incidents and fines related to human rights incidents and discrimi-nation for own workforce. No cases of severe human rights violations encom-passing DSV employees were reported. In 2024, local HR functions across our global operations reported a total of 146 confirmed cases of work-related cases of discrimination and harassment. In addition, six confirmed cases of other work-related social and human rights incidents were reported. Fines, penalties, or compensations were paid in 13 of the reported confirmed cases of work-related discrimination and harassment and other work-related social and human rights incidents. The sum amounted to roughly DKK 4.8 mil-lion. The 13 cases were reported in DSV’s US and Sweden entities. Global minimum supplier requirements•	Conduct business lawfully and with integrity•	Have a written policy describing core values and behaviours aligned with DSV’s Code of Conduct and/or commit to DSV’s Supplier Code of Conduct•	Be committed to protecting human and labour rights, including preventing modern slavery and human trafficking from occurring•	Support DSV’s commitment to minimising our environmental impact •	Allow their employees and suppliers to safely speakup where breaches occur, without fear of retaliation •	Meet any additional or specific requirements set, whether by DSV directly or by law. Health and safety DSV is committed to providing a safe working environment to ensure that our employees and our partners can perform their tasks safely at our locations.TopicHealth and safetyESRS S1 / S2Key policies•	Sustainability Policy •	Code of Conduct•	Supplier Code of Conduct•	Health &amp; Safety Policy•	Human Rights PolicyTargets2025•	Zero fatalities•	Max. 3.5 work-related accidents per million working hoursKey actions •	Global Occupational Health and Safety Management system (OHSMS)•	36% DSV locations (469)certified with ISO 45001 (OHSMS)•	182 internal health and safety audits•	94 third-party audits•	More than 120,000 hours of health and safety training At DSV, we strive to be a safe workplace and always consider health and safety risks when doing business. Our commitment is anchored in our Global Health &amp; Safety Policy, which covers all entities in DSV and applies to everyone working at our locations, whether our own workforce or workers in the value chain. The policy is approved by the Executive Board.Impacts on health and safety is considered material for both DSV's own workforce and workers in the value chain. Working in ware-houses and terminals as well as transportation workers carry a risk of work-related accidents, with the risk impacted by region, sector and country specific differences. Our Occupational Health and Safety Management SystemThe Health &amp; Safety Policy is supported by our global Occupational Health and Safety Management System (OHSMS). The policy and management system together establishes the health and safety standards across all our locations worldwide. They are developed in line with best practices and based on investigations and consulta-tion with relevant stakeholders.Our OHSMS is designed to minimise the risk of accidents, incidents and work-related ill health cases, including psychosocial hazards. The system provides tools, training and guidelines based on four fundamental pillars: Safe systems, Safe people, Safe equipment, and Safe workplace. The four pillars establish essential health and safety requirements aimed at protecting people, preventing acci-dents and asset damage, and mitigating any indirect impacts on individuals or the environment. We implement health and safety controls and promote leadership and employee engagement globally to foster a strong safety culture and ensure continuous improvement in our safety performance. Everyone working in DSV is covered by our OHSMS. In addition, 36% of our locations have opted to be a part of DSV’s multisite ISO 45001 (Occupational Health and Safety Management Systems) certificate. This is an increase from 2023 when 33% of our locations were certified.Safe SystemsManage risks.Safe work practices.Comply with legislation and other requirements.Safe PeopleCompetent and trained staff.Measure safety performance.Drive improvements.Safe EquipmentProcurement standards.Operate as intended.Maintain to agreed standards.Safe WorkplaceEmergency response.Safe storage and handling.Manage all interactions.Workers in the value chain are covered by our OHSMS when they are perform-ing work at DSV’ locations. Safe working conditions requirements are set for suppliers through our Supplier Code of Conduct. We require all suppliers to pro-vide adequate training and have procedures to maintain equipment, including personal protective equipment, thereby securing healthy and safe workplaces for workers in DSV’s value chain. See page 83for DSV’s approach to responsible supplier management. Health and safety actions own workforceLocal health and safety professionals In addition to our other formalised worker-management interactions, DSV has established a global network of Quality, Health, Safety and Environment (QHSE) Managers, who facilitate communication and participation of employees in health and safety matters. Across our operations, QHSE Managers provide local expertise and insight into best practices to guide local health and safety initia-tives. Key activities performed locally every year within our health and safety pillars include regular risk assessments of routine and non-routine activities, inspection procedures for work equipment, safe work practices, training, per-formance monitoring, emergency response preparedness and more. In case of incidents, local branches are required to conduct post-incident assessments and implement corrective measures where necessary. Health and safety training and awareness raisingWe prioritise awareness-raising activities to ensure our employees are mindful of their physical and psychosocial safety. Our approach to health and safety is built on partnerships, collaboration and continuous training initiatives. As such, it is manda-tory for anyone working in a safety capacity within DSV to receive relevant training in our OHSMS. The aim is to empower our workforce to effectively manage risk and contribute to a safer working environment. In 2024, DSV employees completed more than 120,000 hours of health and safety training. In total, 3,176 employees were enrolled in our stand-alone training on correct handling of dangerous goods.Health and safety auditsAs part of our OHSMS, we conduct internal health and safety audits to ensure that our policy and procedures are followed across our operations. In 2024, we completed 184 internal health and safety audits. For those of our locations that have elected to certify their management system according to the ISO 45001 standard, additional third-party audits are performed by Bureau Veritas. In 2024, Bureau Veritas conducted 94 audits. All findings are compiled and reported to DSV Group, who ensures monitoring and follow-up with the coun-tries on corrective actions and closing of findings.Continuous reporting and monitoringWe monitor performance on key health and safety indicators across our opera-tions. Entities must submit monthly numbers to enable reporting to DSV Group Management, including Executive Board. DSV’s Board of Directors are informed of health and safety performance on a quarterly basis. Health and safety targets and 2024 performanceOur ambition to provide a safe working environment for everyone working at our locations is supported by annual targets. In 2024, we did not record any fatalities. The work-related accident rate per million working hours was 3.9, above our 2024 target of 3.5. This represents an increase from the 2023 rate of 3.3. While the rate increased, it reflects natural variations as we maintain our strong focus on safety and incident management. Over the past four years, we have achieved a reduction in the work-related accident rate. This downward trend highlights the sustained impact of our health and safety initiatives and our commitment to continuous improvement.We remain confident in our progress and maintain a 2025 target of a maximum of 3.5 work-related accidents per million working hours worked for DSV employees and maintain a target of zero fatalities.Work-related accidents – Rate(per million working hours)20206.720214.520222.820233.320243.9Social dataWorkforce characteristics Accounting policiesTotal employees (full-time workforce)Number of employees at year-end converted into full-time employee equiv-alent (FTE), including both DSV employees and DSV non-employees, such as contractors and agency workers.Employees, by region and major countries (headcount) Total number of DSV employee headcount. DSV employees are defined as all individuals on DSV payroll whom DSV guarantees the rights to an agreed salary, pension, healthcare, specific working hours, fixed amount of vacation and simi-lar benefits. The specific DSV regional split is applied, as well as the split per major countries (countries exceeding 10% of total DSV headcount).Employees, by gender (headcount) Total number of DSV employee headcount split per gender category. Gender categories are male, female, defined as biological gender, other gender, which is applied when an employee does not recognize themselves as their own biologi-cal gender, and not reported gender, which is used when the information about the employee's gender is not available. Employee’s gender is recorded based on employees' own registration in the internal employee management system.Employee turnover (number, rate) Employee turnover is expressed as the total number of DSV employees leaving DSV during the year, and as the turnover rate, meant as the total number of own employees leaving DSV during the year divided by the average number of employees during the year.Employees covered by collective bargaining agreements, by region (%) Number of DSV employees covered by a collective bargaining agreement divided by the total number of DSV employees. DSV regional split is applied.Workforce metrics202420232022Total employees (full-time workforce)73,33873,57776,283Employees (headcount)165,810EMEA41,340Americas13,241APAC11,229Employees by major countries (&gt;10% of group headcount)1South Africa7,054United States6,843Employees by gender1Male40,129Female25,681Other-Not reported-Employee turnover (number)113,304Employee turnover (rate)220.220.722.13Employees covered by collective bargaining agreements (%)2303232EMEA140Americas116APAC181Full three year historical data not available.2The scope of disclosure has been adjusted according to the ESRS requirements in 2024,comparative figures have not been restated.3Number adjusted for synergies.Diversity and inclusionAccounting policiesEmployees, by contract type and by gender (headcount) Total number of DSV employee headcount split per gender and contract type. The contract type is split by: permanent employee - an employee working in a normal long-term job role without a predetermined end date in their contract; temporary employee - an employee working in a temporary job role lasting for a defined period of time as defined by the end-date in their contract; and non-guaranteed hours employee - an employee working in a job role where the employee has to be available to work for a contractually defined period of time as required by DSV, but DSV is not contractually obliged to offer the employee a minimum or fixed number of working hours per day, week or month. Gender categories are explained in the Employees, by gender accounting policy.Top management gender distribution (headcount, %) Gender distribution of members of management at the two authorisation levels below the Group Board of Directors, including members of the Executive Board and Group Executive Committee.Senior Management gender distribution (%)Gender distribution of the senior management expressed in top three tiers of management as a percentage of each gender in the corresponding tier. Each tier includes multiple authorisation levels. Reference to the job authori-sation levels is included in the tier level description of the indicator.Employee age group distribution (%)Total number of DSV own employees at year-end divided into three age groups: under 30 years old, between 30 and 50 years old, and over 50 years old.Male-female pay gap (%) The difference between the total average hourly pay of male and female employees, expressed as a percentage of the male average pay. The averages include all DSV employees (as defined in the Employees, by geography metric), incorporating both hourly and salaried employees. Variable pay components are estimated as described in the Basis for Preparation.Remuneration ratio (ratio) Ratio between the annualised pay of the CEO and the median of all employees, both hourly and salaried, and excluding DSV’s CEO. Variable pay components for all employees, excluding the CEO, are estimated as described in the Basis for Preparation.Headcount by contract type and gender, 2024FemaleMaleOtherNot reportedTotalNumber of employees (headcount)25,68140,129--65,810Permanent contract23,33436,816--60,150Temporary contract2,1742,986--5,160Non-guaranteed hours contract173327--500Workforce diversity metrics120242023Top management gender distribution (headcount)Male10Female-Other-Not reported-Top management gender distribution (%)Male100Female-Other-Not reported-Senior management levels gender distribution (%)Executive Board, Group Executive Committee, EVPs - male90Executive Board, Group Executive Committee, EVPs - female10EVPs, VPs, Managing Directors, Senior Directors - male86EVPs, VPs, Managing Directors, Senior Directors - female14Directors, Senior Managers - male72Directors, Senior Managers - female28Employee age group distribution (%)&lt;30 years2130-50 years58&gt;50 years21Male-female pay gap (%)3.9Remuneration ratio (ratio)1021Full three year historical data not available.Working conditions and human rightsAccounting policiesWork-related incidents – Discrimination and harassment (number) Total number of confirmed work-related cases of discrimination and harass-ment identified and registered by local HR functions at DSV entities during the reporting period. The reported cases cover the entire DSV workforce. Cases reported via the whistleblower system are not included in the scope.Work-related complaints – Other social/human rights matters (number) Total number of other confirmed work-related social and human rights inci-dents, not related to harassment and discrimination, identified during the reporting period. The reported cases covers the entire DSV workforce. Cases reported via the whistleblower system are not included in the scope.Fines, penalties, and compensation paid resulting from work-related incidents and complaints (DKKm)Total amount of money spent on fines, penalties and compensation resulting from the work-related discrimination, harassment and other social human rights cases, as defined by work-related incidents – discrimination and harass-ment and work-related complaints – other social/human rights matters, paid during the reporting period. Associated legal costs are excluded. The input is reported in local currency and then converted to DKK in DSV Group’s systems.Severe human rights incidents encompassing DSV workforce (number) Total number of confirmed work-related severe human rights cases identified during the reporting period. The number of cases covers the entire DSV workforce. The scope includes severe human rights violations as defined by the UN Guiding principles on Business and Human Rights, ILO Declaration of Fundamental Principles and Rights at work and/or OECD Guidelines for Multinational Enterprises.Fines, penalties, and compensation paid resulting from severe human rights incidents (DKKm) Total amount of money spent on fines, penalties, and compensation, resulting from the work-related severe human rights cases paid during the reporting period. Associated legal costs are excluded. The input is reported in local currency and then converted to DKK in DSV Group’s systems.Work-related incidents and complaints120242023Work-related incidents - Discrimination and harassment (number)146Work-related complaints - Other social/human rights matters (number)6Fines, penalties and compensation paid resulting from work-related incidents and complaints (DKKm)4.8Severe human rights incidents encompassing DSV workforce (number)-Fines, penalties and compensation paid resulting from severe human rights incidents (DKKm)-1Full three-year historical data not available.Health and safetyAccounting policiesOwn workforce covered by health and safety management systems (%) Share of DSV’s total workforce performing tasks on behalf of DSV covered by the DSV Occupational Health and Safety Management System (OHSMS), which ensures the compliance with the minimum requirements set by the internal Health and Safety Policy. This applies to both DSV employees and non-employees. Work-related accidents (number) Number of accidents occurred while engaged in work-related activities in the interest of DSV as the employer. This includes accidents happening during working hours while performing work-related tasks. The total number includes lost time injuries, restricted work cases, and medical treatment incidents. This applies to both DSV employees and non-employees. Work-related accidents (rate)Total number of work-related accidents reported for the year per million actual total hours worked by the entire DSV workforce. This applies to both DSV employees and non-employees.Fatalities (number) Number of work-related fatalities of DSV’s own workforce (employees and non-employees), and fatalities occurring at DSV sites involving individuals, who are not part of DSV’s own workforce.Health and safety metrics202420232022Own workforce covered by health and safety management systems(%)2100100100Work-related accidents (number)1592Work-related accidents (rate)3.93.32.8Fatalities (number)-132The comparative information for 2022-2023 is not covered by PwC’s limited assurance conclusion on pages 146-147.Governance informationWe are governed by a strong set of ethical standards, which set expec-tations for our own operations and for our suppliers. We do business with integrity by putting in place measures to promote transparency, ethical conduct and accountabilitythroughout our global operations and supply chain.Conducting business with integrityBy acting in accordance with our Code of Conduct, we ensure fair, transparent and compliant business practices. TopicBusiness integrityESRS G1Key policies•	Sustainability Policy•	Code of Conduct•	Supplier Code of Conduct•	Whistleblower Policy•	Global Citizenship Policy•	Responsible Sourcing Policy•	Human Rights PolicyTargets2025:•	100% employees at risk are trained in DSV’s Code of Conduct every 24 months •	Roll-out of Global Responsible Sourcing FrameworkKey actions •	Global Citizenship Policy created •	Responsible Sourcing Framework launched•	16,779 employees com-pleted Code of Conduct training•	Annual compliance programme assessment•	Internal audits covering 66% of revenue•	Gifts and hospitality awareness campaignUnethical behaviour or misconduct by our employees or suppliers can negatively impact the societies in which we operate and poten-tially expose us to legal, reputational and operational risks. We therefore require that our behaviour is governed by our Code of Conduct and Supplier Code of Conduct, which set clear standards throughout our operations and describes the behaviour expected from our employees, business partners and suppliers.The Codes of Conduct are supported by stand-alone policies such as our Whistleblower, Global Citizenship, and Responsible Sourcing policies. This suite of policies covers a variety of areas and describesour stance and management of non-material and material topics, such as corruption and bribery and management of relationships with suppliers.Where local laws and regulations differ from the standards set in our Code of Conduct, the stricter standard must always be applied.By acting in accordance with the Code of Conduct, we ensure fair, transparent, and lawful business operations and mitigate risks to our business. The Code of Conduct applies to all employees, the Executive Board, and the Board of Directors. Our Codes of Conduct and policies are reviewed annually and updated as needed, with any changes subject to approval from DSV's Board of Directors.The Codes of Conduct are available in 12 languages. All stakehold-ers can access these and other relevant policies via our website https://www.dsv.com/en/policies.Zero tolerance towards corruption and briberyDSV has a zero-tolerance approach towards any form of bribery or corruption and we take actions to support our approach on a con-tinuous basis.The policies and processes incorporate several international guide-lines such as the UK Bribery Act, the US Foreign Corrupt Practices Act and other applicable local legislation. Our approach covers all forms of bribery and corruption, including facilitation payments and kickbacks. Any political contributions or involvement in political activities on behalf of DSV is prohibited. As such, DSV funds, prop-erty or services may not be used to support any political purposes.Key actionsOnce a year, DSV Groupreviews all our policies and procedures, which support our zero-tolerance approach against the guidance on compliance with the US Foreign Corrupt Practices Act published by the US Department of Justice. We assess the strength of our compliance programme within various areas, including tone from the top, risk assessments, due diligence, communication, training, investigations and internal audits. This enables us to identify key areas of improvement to ensure best practices.As part of our ongoing actions to create clear guidance for all employees on our integrity standards, in 2024 we created a stand-alone Global Citizenship Policy. Along with ensuring our community engagement initiatives support our sustainability strategy, the policy sets in place due diligence and transparency requirements to ensure any bribery risks are sufficiently mitigated when DSV engages with civil society.DSV monitors the number of convictions for violation of anti-corrup-tion and anti-bribery laws to correct actions. DSV was not convicted of any violation of anti-corruption and anti-bribery laws in 2024. Awareness raising and trainingWe make it a priority to ensure that DSV employees understand what is expected of them. Employees learn about the Code of Conduct through our mandatory training processes, which include clear instructions on how to report any suspected or actual breaches of the Code of Conduct. Our Code of Conduct e-learning covers several aspects, including anti-bribery and corruption, competition, conflicts of interest and whistleblowing, and tests employees on their knowledge. The e-learning is manda-tory for all salaried DSV employees, including senior and Executive Management and is assigned upon starting employment with DSV and re-assigned every two years. Local classroom training is conducted when online training is not practical. Employees primarily working in an office with freight forwarding, sales, business development or general administration such as HR, IT, Finance and Management, are considered more prone to corruption and bribery risks due to the nature of their tasks and the level of autonomy they are given e.g., in making purchasing decisions on behalf of DSV. In 2024, more than 16,000 employees were in scope for the Code of Conduct training. The completion rate was 100%, which is in line with our 2024 target. We maintain a 100% training target for 2025.Awareness raising campaigns on the topics covered by our Code of Conduct are conducted frequently. In 2024 we ran campaigns focused on raising awareness on specific topics around certain times of the year, such as rules on giving and receiving gifts during holiday periods.Controls and investigation of misconduct or breaches of policiesRisk mitigation is executed through several processes, including our internal auditing and controlling framework, escalation and investigation process, train-ing of employees at risk and our whistleblower programme.A central part of our control set-up consists of conducting internal on-site audits, among other covering key aspects of our business ethics framework, including anti-bribery and corruption measures. The internal audit cycle covers all DSV countries in a four-year cycle. In 2024, we performed 31 internal on-site audits, covering 66% of revenue. DSV's Whistleblower Policy supports our ability to enforce and maintain the standards of conduct set out in our policies and Code of Conduct. The policy prohibits any form of retaliation against anyone who has raised a concern in good faith or has supported an investigation. It also describes the types of mis-conduct that can be reported, including bribery and corruption, fraud, human and labour rights violations, discrimination, harassment and bullying, data pri-vacy and other relevant issues. The non-retaliation policy applies regardless of which channel is used to raise concerns, for example, direct manager, HR, local management or, for third parties, their DSV contact person or DSV’s global whistleblower system “Integrity Line”.The Integrity Line system is hosted by an external provider, ensuring that employees and third parties, including workers in the value chain, can report concerns or knowledge of misconduct in a secure and, if desired and permitted, anonymous manner. The Integrity Line is available in 42 languages.Our internal investigation team is responsible for conducting an objective investi-gation, carrying out proportionate and appropriate disciplinary and corrective measures as stipulated by our Whistleblower Policy. Depending on the nature and severity of the case, appropriate actions are carried out which range from train-ing, verbal warnings and termination of employment or contract with a third-party. Through the Integrity Line system investigators can communicate securely and anonymously with whistleblowers, ensuring the protection of their identity. The investigation team may also include other internal and/or external investiga-tors to assist in the investigation, depending on the nature of a case. Any addi-tional investigators are subject to the same responsibilities with regards to con-fidentiality and protection of whistleblowers.The investigation team, which has direct line into the CFO, reports findings from investigations, trends in reporting and number of cases to the Audit Committee throughout the year. Effectiveness of our whistleblower system is monitored through metrics and through specific questions in DSV Global People Survey, whereby we can monitor our employees' knowledge of our Whistle-blower system and the willingness to report a case.The number of whistleblower reports made in DSV’s whistleblower system has been increasing consistently since 2020. This trend has also continued in 2024, when 274 cases were registered in DSV Integrity Line. We continue to imple-ment awareness raising activities to ensure our employees are familiar with and trust our Whistleblower Scheme, and we see the continuous increase in cases registered as a positive result of these efforts.Total number of whistleblower reports20228420231362024274Running a responsible supply chainWe expect our partners to live up to the same ethical standards as we have set for ourselves and have various processes in place to assess and manage third-party risk.TopicSupplier relationsESRS G1Key policies•	Sustainability Policy•	Supplier Code of Conduct•	Responsible Sourcing Policy•	Human Rights Policy•	Whistleblower PolicyKey actions •	Roll-out of Global Respon-sible Sourcing Framework•	Supplier audits•	Internal audit of supplier risk management	•	Distribution of Supplier Code of Conduct to all suppliers with spend above 100,000 EURWe set the same standards for our suppliers as we do for our employees through our Supplier Code of Conduct. The Supplier Code of Conduct covers material topics, including anti-bribery and corruption, human and labour rights, environment and protection of whistleblowers. We continuously act to improve our processes to align with the standards we have set for our business and business partners. Management of suppliers is further defined in relevant contracts, procurement policies, etc., which define the specific terms which all suppliers must abide by, including following safety regulations and respecting human and labour rights.Our third-party risk management programme is an umbrella term describing various risk management processes for all third-party rela-tionships. These can include suppliers, customers, agents, etc. We have several processes in place to assess our third parties and manage the third-party risk depending on the agreement or third party in question.Managing supplier risk and due diligenceDue to the nature of our business, we rely heavily on third-party suppliers to deliver our services and solutions. By conducting due diligence on our suppliers, we can identify risk areas and determine what risk mitigating measures are required prior to engagement and throughout our engagement with the supplier.Global requirements for supplier risk management are set at Group level and apply to any purchase or supplier relation entered into throughout our operations. Many of DSV’s most strategic supplier relationships are managed within centralised teams either at Group level or within our divisions. This includes our strategic procurement covering global agreements over a certain threshold, EU road haulier procurement, air and ocean carrier procurement and management.Aside from our centrally managed supplier and procurement pro-cesses, our local operations manage local procurement and supplier contracts and are responsible for conducting due diligence of these supplier relationships. As part of our internal audit and controlling processes, local supplier management practices are reviewed, and any non-conformities and improvements are noted and reported to local, divisional and Executive Management.Our global requirementsIn 2024, we launched a stand-alone Responsible Sourcing Policy to further define our approach to our management of supplier risk. The Responsible Sourcing Policy defines our ambitions and sets minimum requirements that all suppliers must meet to work with DSV. It is operationalised through our Responsible Sourcing Frame-work, which aims to ensure that our strategy is implemented and adhered to throughout our operations and our supply chain.The Responsible Sourcing Framework sets a standardised global approach to assessing supplier risk, supplier onboarding, and sup-plier audit. We require that all suppliers with a spend over 100,000 EUR sign the Supplier Code of Conduct.Suppliers assessed to be high risk are required to complete a ques-tionnaire addressing compliance with DSV’s standards. Require-ments are set for supplier audits depending on the assessment of the supplier relationship's risk.Finally, the purpose of the Responsible Sourcing Framework is also to provide a global reporting set-up for the actions taken to sup-port our continuous efforts to ensure transparency and data-based approach to managing the third-party risks.Our payment practicesDSV’s business model involves relying on an extensive network of road, air and sea transportation suppliers and in markets with sig-nificant regional and country differences.Across all markets and all types of suppliers, payment terms are a part of our core business acumen. We are always aiming to strike the right balance between local, industry and individual considera-tions and requirements and our business strategy and our custom-ers's payment terms. This means that specific payment terms differ across our organisation to ensure flexibility and adaptability to the specific conditions.The standard payment terms therefore vary depending on specific divisions, market and countries as well as from supplier to supplier. To monitor payment practices, DSV introduced three reporting metrics in accordance with ESRS in 2024. In 2024, average invoice payment days across all accounts payable, reported for the first time, was 41 days. The percentage of payments aligned with standard payments terms was 53%, while DSV has no ongoing legal proceedings for late payment.Governance dataAnti-corruption and anti-bribery Accounting policiesWorkforce at risk covered by anti-corruption and anti-bribery training (%) Percentage of workforce at risk of corruption and/or bribery that is covered by anti-bribery and anti-corruption training within the DSV Code of Conduct training. The workforce at risk includes employees, non-employees, and mem-bers of management deemed to be at risk of corruption due to their job func-tions, authorisation level, tasks and responsibilities. This category includes all employees and non-employees performing administrative work who are inter-nally classified as salaried employees.Convictions for violation of anti-corruption and anti-bribery laws (number) Total number of convictions for breaches of anti-corruption and anti-bribery laws, leading to DSV being convicted and sentenced in a national court of law for violating such regulations. Conviction cases that DSV decides to appeal are included in the number reported. Fines paid for violation of anti-corruption and anti-bribery laws (DKKm)Total amount of cash settlements related to fines and penalties associated with violations of anti-corruption and anti-bribery laws, as defined in Convictions for Violation of Anti-Corruption and Anti-Briberylaws. The input is reported in local currency and then converted in DKK in DSV Group’s systems.Whistleblower reports (number)Number of reports received in the whistleblower system by internal employees and/or external third parties. The total number covers both substantiated and unsubstantiated cases.Payment practices Anti-corruption and anti-bribery metrics202420232022Workforce at risk covered by anti-cor-ruption and anti-bribery training (%)2100100100Convictions for violation of anti-cor-ruption and anti-bribery laws (number)1-Fines paid for violation of anti-cor-ruption and anti-bribery laws (DKKm)1-Whistleblower reports (number)274136841Full three-year historical data not available.2The comparative information for 2022-2023 is not covered by PwC’s limited assurance conclusion on pages 146-147.Accounting policiesAverage invoice payment days (days)Average invoice payment days are calculated as average trade payables (by month) for the year, divided by the sum of cost of carriers, other costs of operation and other external costs, and multiplied by 365.Payments aligned with standard payment terms (%) Percentage of payments executed within the specific vendor payment terms at the time of posting and calculated as the aggregate monetary value of invoices settled at or before the due date, divided by the respective monetary amount of total invoices paid during the reporting period, both expressed in EUR. Due dates are adjusted for weekends, when the latter coincide with the end of the payment terms period.Ongoing legal proceedings for late payment (number) Number of ongoing cases in court at the year-end intended to settle a dispute between a supplier and DSV, directly related to late or non-payment by DSV to the supplier.Independent auditor’s limited assurance report on the Sustainability Statement To the Stakeholders of DSV A/SLimited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of DSV A/S (the “Group”) included in Management’s Review pages 42-84and 148-156, for the financial year 1 January – 31 December 2024 (the “Sustainability Statement”).Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: •	compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by Management to identify the infor-mation reported in the Sustainability Statement (the “Process”) is in accord-ance with the description set out in the section “Double materiality assess-ment”; and•	compliance of the disclosures in subsection “EU taxonomy” within the envi-ronmental section of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engage-ment is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor’s responsibilities for the assurance engagement section of our report.Our independence and quality managementWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality man-agement including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Management’s responsibilities for the Sustainability StatementManagement is responsible for designing and implementing a process to iden-tify the information reported in the Sustainability Statement in accordance with ESRS and for disclosing this Process as included in section “Double materiality assessment” of the Sustainability Statement. This responsibility includes:•	understanding the context in which the Group’s activities and business relation-ships take place and developing an understanding of its affected stakeholders;•	identification of the actual and potential impacts (both negative and posi-tive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;•	assessment of the materiality of the identified impacts, risks and opportu-nities related to sustainability matters by selecting and applying appropriate thresholds; and•	making assumptions that are reasonable in the circumstances.Management is further responsible for preparation of the Sustainability Statement, which includes the information identified by the Process, in accord-ance with the Danish Financial Statements Act paragraph 99 a, including: •	compliance with ESRS;•	preparing the disclosures as included in subsection “EU taxonomy” within the environmental section of the Sustainability Statement in compliance with Article 8 of the Taxonomy Regulation;•	designing, implementing and maintaining such internal control that Management determines is necessary to enable preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and•	selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances. Inherent limitations in preparing the Sustainability StatementIn reporting forward-looking information in accordance with ESRS, Management is required to prepare forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since antici-pated events frequently do not occur as expected.Auditor’s responsibilities for the assurance engagementOur responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include:•	Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process including the outcome of the Process; •	Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and •	Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in section “Double materiality assessment” of the Sustainability Statement. Our other responsibilities in respect of the Sustainability Statement include: •	Identifying where material misstatements are likely to arise, whether due to fraud or error; and •	Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Summary of the work performedA limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identifi-cation of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statement.In conducting our limited assurance engagement, with respect to the Process, we: •	Obtained an understanding of the Process by performing inquiries to under-stand the sources of the information used by Management; and reviewing the Group’s internal documentation of its Process; and•	Evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in section “Double materiality assessment” of the Sustainability Statement.In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:•	Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability Statement, including the consolidation processes, by obtaining an understanding of the Group’s control environ-ment, processes and information systems relevant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness; •	Evaluated whether the information identified by the Process is included in the Sustainability Statement;•	Evaluated whether the structure and the presentation of the Sustainability Statement is in accordance with the ESRS;•	Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement;•	Performed limited substantive assurance procedures on selected infor-mation in the Sustainability Statement;•	Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures in the Financial Statements and Management’s Review;•	Evaluated the methods, assumptions and data for developing estimates and forward-looking information; and•	Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement.Other MatterThe comparative information with a footnote included in the Sustainability Statement of the Group for the financial years 1 January – 31 December 2022 and 1 January - 31 December 2023 was not subject to an assurance engage-ment. Our conclusion is not modified in respect of this limitation of scope.Hellerup4 February 2025PricewaterhouseCoopersStatsautoriseret RevisionspartnerselskabCVR no 33771231Kim TromholtAnders Stig LauritsenState Authorised	State Authorised Public Accountant	Public Accountantmne33251mne32800ESRS disclosure indexThe following tables list the ESRS disclosure requirements in ESRS 2 and the seven topical standards which are material to DSV. The tables list where information relating to a specific disclosure requirement may be found. Incorporation by reference is indicated by the sign*.TopicDescriptionSection/Report PageCommentsESRS 2 - General disclosures	BP-1General basis for preparation of the sustainability statement Basis for preparation49 - 50BP-2Disclosures in relation to specific circumstancesBasis for preparation49 - 50GOV-1The role of the administrative, management and supervisory bodiesCorporate Governance*33 - 34Refer to foot-notes in the re-spective pagesSustainabilityin DSV43 - 45GOV-2Sustainability matters addressed by the undertaking’s administrative, management and supervisory bodiesSustainability in DSV43 - 45Double materiality assessment46 - 48GOV-3Integration of sustainability-related performance in incentive schemesSustainability in DSV44GOV-4Statement on due diligenceOther sustainability statement information151TopicDescriptionSection/Report PageCommentsGOV-5Risk management and internal controls over sustainability reportingRisk manage-ment*36Refer to foot-notes in the re-spective pageSustainability in DSV44SMB-1Strategy, business model and value chainSustainability in DSV42 - 43SBM-2Interests and views of stakeholdersSustainability in DSV45 SBM-3Material impacts, risks and opportunities and their interaction with strategy and business modelDouble materiality assessment46 - 48IRO-1Description of the processes to identify and assess material impacts, risks and opportunitiesDouble materiality assessment46 - 48IRO-2Disclosure requirements in ESRS covered by the undertaking’s sustainability statementDouble materiality assessment46 - 48ESRS E1 - Climate change	E1 GOV-3Integration of sustainability-related performance in incentive schemesSustainability in DSV44E1-1Transition plan for climate change mitigationReducing our impact52 - 56TopicDescriptionSection/Report PageCommentsE1 SBM-3Material impacts, risks and opportunities and their interaction with strategy and business modelDouble materiality assessment46 - 48E1 IRO-1Description of the processes to identify and assess material climate-related impacts, risks and opportunitiesDouble materiality assessment46 - 48E1-2Policies related to climate change mitigation and adaptationReducing our impact51E1-3Actions and resources in relation to climate change policiesReducing our impact53 - 58EU Taxonomy66 - 68E1-4Targets related to climate change mitigation and adaptationEnvironmental data62 - 64EU Taxonomy66 - 68E1-5Energy consumption and mixEnvironmental data64E1-6Gross Scopes 1, 2, 3 and total GHG emissionsEnvironmental data62E1-8Internal carbon pricingEnvironmental data63ESRS E2 - Pollution	E2 IRO-1Description of the processes to identify and assess material pollution-related impacts, risks and opportunitiesDouble materiality assessment46 - 48E2-1Policies related to pollutionAir pollution59E2-2Actions and resources related to pollutionAir pollution59E2-3Targets related to pollutionAir pollution59TopicDescriptionSection/Report PageCommentsE2-4Pollution of air, water and soilEnvironmental data 64ESRS E3 - Water and marine resources	E3 IRO-1Description of the processes to identify and assess material pollution-related impacts, risks and opportunitiesDouble materiality assessment46 - 48ESRS E4 - Biodiversity and ecosystems	E4 IRO-1Description of the processes to identify and assess material pollution-related impacts, risks and opportunitiesDouble materiality assessment46 - 48ESRS E5 - Resource use and circular economy	E5 IRO-1Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunitiesDouble materiality assessment46 - 48E5-1Policies related to resource use and circular economyWaste management60E5-2Actions and resources related to resource use and circular economyWaste management61E5-3Targets related to resource use and circular economyWaste management60 - 61E5-5Resource outflowsEnvironmental data65ESRS S1 - Own workforce	S1 SBM-2Interests and views of stakeholdersSustainabilityin DSV45Being a people business69 -70S1 SBM-3Material impacts, risks and opportunities and their interaction with strategy and business modelDouble materiality assessment46 - 48TopicDescriptionSection/Report PageCommentsS1-1Policies related to own workforceBeing a people business69 - 70S1-2Processes for engaging with own workers and workers’ representatives about impactsSustainability in DSV45Being a people business69 - 70S1-3Processes to remediate negative impacts and channels for own workers to raise concernsConducting business with integrity82S1-4Taking action on material impacts on own workforce, and approa-ches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actionsBeing a people business69 - 71S1-5Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunitiesBeing a people business69 - 71S1-6Characteristics of the undertaking’s employeesSocial data78S1-9Diversity metricsSocial data79S1-14Health and safety metricsSocial data80S1-16Compensation metrics (pay gap and total compensation)Social data79S1-17Incidents, complaints and severe human rights impactsSocial data80ESRS S2 - Workers in the value chain	S2 SBM-3Material impacts, risks and opportunities and their interaction with strategy and business model Double materiality assessment46 - 48S2 - 1Policies related to value chain workersWorking conditions and human rights74Health and safety77TopicDescriptionSection/Report PageCommentsS2 - 2Processes for engaging with value chain workers about impactsSustainability in DSV45S2 - 3Channels for value chain workers to raise concernsConducting business with integrity81S2 - 4Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunitiesHealth and safety77Working conditions and human rights74ESRS G1 - Business conduct	G1 GOV-1The role of the administrative, supervisory and management bodiesSustainability in DSV43 - 45G1 IRO-1Description of the processes to identify and assess material impacts, risks and opportunitiesDouble materiality assessment46 - 48G1-1Corporate culture and business conduct policies and corporate cultureConducting business with integrity81 - 82G1-2Management of relationships with suppliersRunning a responsible supply chain83 G1-3Prevention and detection of corruption and briberyConducting business with integrity81 - 82G1-6Payment practicesRunning a responsible supply chain83Statement on Sustainability due dilligenceCore elements of due diligenceSections in the sustainability statementPagea) Embedding due diligence in governance, strategy and business modelSustainability in DSV44Double materiality assessment46 - 48b) Engaging with affected stakeholders in all key steps of the due diligenceSustainability in DSV45Being a people business69 - 70Conducting business with integrity82c) Identifying and assessing negative impactsDouble materiality assessment46 - 48Social information69 - 77Conducting business with integrity81 - 82d) Taking actions to address those negative impactsSocial information69 - 77Conducting business with integrity81 - 82e) Tracking the effectiveness of these efforts and communicatingSocial data78 - 80Governance data84ESRS disclosure index Datapoints from other EU legislationSectionData pointSFDR referencePillar 3 referenceBenchmark Regulation referenceEU Climate Law referenceMaterial (Yes/No)SectionPageESRS 2 GOV-121 (d)Board's gender diversityXXYesSustainability in DSV44ESRS 2 GOV-121 (e)Percentage of board members who are independent XYesSustainability in DSV44ESRS 2 GOV-430Statement on due diligenceXYesOther sustain-ability state-ment informa-tion151ESRS 2 SBM-140 (d) iInvolvement in activities related to fossil fuel activitiesXXXNo--ESRS 2 SBM-140 (d) iiInvolvement in activities related to chemical productionXXNo--ESRS 2 SBM-140 (d) iiiInvolvement in activities related to controversial weaponsXXNo--ESRS 2 SBM-140 (d) ivInvolvement in activities related to cultivation and production of tobaccoXNo--ESRS E1-114Transition plan to reach climate neutrality by 2050XYesReducing our impact53 - 56ESRS E1-116 (g)Undertakings excluded from Paris-aligned BenchmarksXXNo--ESRS E1-434GHG emission reduction targetsXXXYesEnvironmental data62ESRS E1-538Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)XYesEnvironmental data64ESRS E1-537Energy consumption and mixXYesEnvironmental data64ESRS E1-543Energy intensity associated with activities in high climate impact sectorsXYesEnvironmental data64SectionData pointSFDR referencePillar 3 referenceBenchmark Regulation referenceEU Climate Law referenceMaterial (Yes/No)SectionPageESRS E1-644Gross Scope 1, 2, 3 and Total GHG emissionsXXXYesEnvironmental data62ESRS E1-653-55Gross GHG emissions intensityXXXYesDecarbonisa-tion perfor-mance 202462ESRS E1-756GHG removals and carbon creditsXNo--ESRS E1-966Exposure of the benchmark portfolio to climate-related physical risks paragraphXNo--ESRS E1-966 (a)66 (c)Disaggregation of monetary amounts by acute and chronic physical risk Location of significant assets at material physical riskXNo--ESRS E1-967 (c)Breakdown of the carrying value of its real estate assets by energy-efficiencyXNo--ESRS E1-969Degree of exposure of the portfolio to climate-related opportunities paragraphXNo--ESRS E2-428Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soilXYesEnvironmental data64ESRS E3-19Water and marine resources XNo--ESRS E3-113Dedicated policyXNo--ESRS E3-114Sustainable oceans and seasXNo--ESRS E3-428 (c)Total water recycled and reusedXNo--ESRS E3-429Total water consumption in m3per net revenue on own operationsXNo--ESRS 2-IRO 1 - E416 (a) i-XNo--ESRS 2-IRO 1 - E416 (b)-XNo--ESRS 2-IRO 1 - E416 (c)-XNo--ESRS E4-224 (b)Sustainable land / agriculture practices or policies XNo--ESRS E4-224 (c)Sustainable oceans / seas practices or policiesXNo--ESRS E4-224 (d)Policies to address deforestation paragraphXNo--SectionData pointSFDR referencePillar 3 referenceBenchmark Regulation referenceEU Climate Law referenceMaterial (Yes/No)SectionPageESRS E5-537 (d)Non-recycled wasteXYesEnvironmental data65ESRS E5-539Hazardous waste and radioactive wasteXYesEnvironmental data65ESRS 2-SBM3 - S114 (f)Risk of incidents of forced labourXYesWorking conditions and human rights74 - 75ESRS 2-SBM3 - S114 (g)Risk of incidents of child labourXYesWorking conditions and human rights74 - 75ESRS S1-120Human rights policy commitmentsXYesWorking conditions and human rights74 - 75ESRS S1-121Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8XYesWorking conditions and human rights74 - 75ESRS S1-122Processes and measures for preventing trafficking in human beingsXYesWorking conditions and human rights74 - 75ESRS S1-123Workplace accident prevention policy or management systemXYesHealth and Safety76 - 77ESRS S1-332 (c)Grievance/complaints handling mechanismsXYesConducting business with integrity82ESRS S1-1488 (b) and (c)Number of fatalities and number and rate of work-related accidentsXXYesSocial data80ESRS S1 -1488(e)Number of days lost to injuries, accidents, fatalities or illnessXNoESRS S1-1697 (a)Unadjusted gender pay gapXXYesSocial data79ESRS S1-1697 (b)Excessive CEO pay ratio XYesSocial data79SectionData pointSFDR referencePillar 3 referenceBenchmark Regulation referenceEU Climate Law referenceMaterial (Yes/No)SectionPageESRS S1-17103 (a)Incidents of discrimination XYesSocial data80ESRS S1-17104 (a)Non-respect of UNGPs on Business and Human Rights and OECD guidelinesXXYesSocial data80ESRS 2-SBM3 - S211 (b)Significant risk of child labour or forced labour in the value chainXYesDouble Materiality Assessment74 - 75ESRS S2-117Human rights policy commitmentsXYesWorking conditions and human rights48XYesHealth and safety77ESRS S2-118Policies related to value chain workersXYesWorking conditions and human rights75XYesHealth and safety77ESRS S2-119Non-respect of UNGPs on Business and Human Rights and OECD guidelinesXXYesWorking conditions and human rights74 - 75XYesHealth and safety77ESRS S2-119Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8XYesWorking conditions and human rights74 - 75ESRS S2-436Human rights issues and incidents connected to its upstream and downstream value chainXYesWorking conditions and human rights75 - 76ESRS S3-116Human rights policy commitmentsXNoESRS S3-117Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelinesXXNoSectionData pointSFDR referencePillar 3 referenceBenchmark Regulation referenceEU Climate Law referenceMaterial (Yes/No)SectionPageESRS S3-436Human rights issues and incidentsXNoESRS S4-116Policies related to consumers and end-usersXNoESRS S4-117Non-respect of UNGPs on Business and Human Rights and OECD guidelinesXXNoESRS S4-435Human rights issues and incidentsXNoESRS G1-110 (b)United Nations Convention against Corruption XNoESRS G1-110 (d)Protection of whistleblowersXNoESRS G1-424 (a)Fines for violation of anti- corruption and anti-bribery lawsXXYesGovernance data84ESRS G1-424 (b)Standards of anti-corruption and anti-briberyXNoSASB disclosure index	TopicSASB codeAccounting metricCategory; unitReferenceComment/omissionGreenhouse gas emis-sionsTR-AF-110a.1Gross global Scope 1 GHG emissionsQuantitative; Metric tons (t) CO2eEnvironmental data, page 62TR-AF-110a.2Discussion of long-term and short-term strategy or plan in regards to managing; Scope 1 emissions, emissions reduction tar-gets, and an analysis of performance against those targetsDiscussion and analysis; n.a.Reducing our impact, pages 51 - 56TR-AF-110a.3Total scope 1 fuel consumed in gigajoules by transport and fuel type; road transport (GJ), natural gas (%)Quantitative; Gigajoules (GJ)n.aAir qualityTR-AF-120a.1Air emissions of the following pollutants: (1) Nox (excluding N2O), (2) SOx, and (3) particulate matter (PM10)Quantitative; Metric tons (t)Environmental data, page 64Labour practicesTR-AF-310a.1 Percentage of DSV employees (FTE) that are drivers and hired as independent contractorsQuantitative; Percentage (%) n.a.We disclose our workforce by headcount, FTE, gender, age, region and type of contract.TR-AF-310a.2Total monetary losses as a result of legal proceedings associated with labor law violationsQuantitative; Reporting currencySocial data, page 80Employee health and safetyTR-AF-320a.1Total recordable incident rate (TRIR) for work-related injuries and illnesses , fatality rate for the following employee categories; direct employees, contract employeesQuantitative; RateSocial data, page 80Our key metrics are work-related accidents per million working hours and fatalities in absolute numbers.Supply chain managementTR-AF-430a.1Percentage of carriers with BASIC percentiles above the FMCSA intervention thresholdQuantitative; Percentage (%) n.a.Not applicable to DSV.TR-AF-430a.2Total greenhouse gas (GHG) footprint across transport modesQuantitative; Metric tons (t)Environmental data, page 64TopicSASB codeAccounting metricCategory; unitReferenceComment/omissionAccident and safety managementTR-AF-540a.1Management system: description of implemenation &amp; outputDiscussion and analysis; n.a.Health and Safety, pages 76 - 77TR-AF-540a.2Number of aviation accidentsQuantitative; Number n.a.Not applicable to DSV. As a freight-forwarder we do not own or run airplains or flight connections.TR-AF-540a.3Number of road accidents and incidentsQuantitative; Number n.a.DSV does not measure these metrics at this time.TR-AF-540a.4Safety Measurement System BASIC percentiles for: (1) Unsafe Driving, (2) Hours-of-Service Compliance, (3) Driver Fitness, (4) Controlled Substances/Alcohol, (5) Vehicle Maintenance, and (6) Hazardous Materials ComplianceQuantitative; Percentilen.a.DSV does not report BASIC percentiles. We report our general health and safety training approach and the health and safety of-ficers conduct regular worksite inspections. Activity metricsTR-AF-000.ARevenue ton kilometers (RTK) for: (1) road transport and (2) air transportQuantitative; RTKn.a.DSV report emission intensity by grams per tonne transported one km.TR-AF-000.BLoad factor for: (1) road transport and (2) air transportQuantitative; Raten.a.DSV report emission intensity by grams per tonne transported one km.TR-AF-000.CNumber of employees, number of truck driversQuantitative; Number Social data, page 78Due to our reporting structure we do not record employees ac-cording to activity categories.</mrv:SustainabilityReport>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" xml:lang="en">EU taxonomyAccounting policiesAs a listed Danish company DSV assesses and reports on our economic ac-tivities in accordance with the EU taxonomy - regulation (EU)2020/852. Our financial reporting systems, providing detailed data on business- and account level activities, have been applied as basis for assessing taxonomy-related disclosures provided, and for assessing capital and operational expen-ditures, ensuring any double counting on CapEx and OpEx disclosures made, are avoided. Revenue, capital- and operational expenditures applied in the reporting tem-plates are based on the 2024 consolidated financial statements presented in this Annual Report. For revenue, please refer to note 2.2 Revenue, for capital expenditures please refer to note 3.2 Intangible assets, 3.3 Property, plant and equipment and 3.6 Leases, and for operational expenditures please refer to note 3.6 Leases and additional maintenance, repair and service costs included as part of note 2.3 Direct costs and 2.4 Other external costs. Eligibility of DSVs economic activities DSVs core economic activity comprises freight-forwarding services and con-tract logistics (mainly within NACE code H52 – Warehousing and support activities for transportation). Applying judgement, based on analysis of the taxonomy reporting framework and related guidance we have assessed that our core activity currently is not encompassed by the Delegated Acts of the EU taxonomy.Our asset-light business model implies very limited recognition of taxono-my-eligible costs and investments as the actual physical movement of goods in our transportation services sold to our customers are purchased from- and carried out by third-party freight carrier suppliers. This means that the trans-port equipment used as basis for our revenue generating activities are owned and controlled by third parties, implying that our derived revenue is not consid-ered eligible in a taxonomy reporting perspective.Following an analysis of our capital expenditures (CapEx) for the year, taxono-my-eligible investments were identified mainly relating to 7.1 Construction of new buildings and 7.7 Acquisition and ownership of buildings. Additions on operational equipment relating to 6.6 Freight transport service by road were also identified, however as these are accounted for as low value assets in accordance with DSV accounting policies and therefore not resulting in a right-of-use asset being recognised, these investments have not been included in the CapEx reporting template in accordance with the requirements of section 1.1.2.1 of (EU)2020/852. Total operating expenditures (OpEx) of DKK 1,568.2 million as defined by 1.1.3.1 of (EU) 2021/2178, is currently not considered material – neither when consid-ering purchased output from taxonomy-aligned economic activities (equal to zero), nor when considering the nature and value of total expenditures recog-nised in relation to our business model. Operating expenditures mainly relates to various repair and maintenance costs incurred in day-to-day servicing and main-tenance of warehouses, terminals, office buildings and other plant and operational equipment such as forklifts, trailers, company cars and IT-infrastructure.Alignment of DSVs economic activities In assessing potential alignment of our identified eligible activities, we have assessed substantial contribution and do-no-significant-harm criteria based on available technical documentation e.g. from contractors and external certifi-cations. On minimum safeguards, DSV furthermore applies strict requirements with respect to human and labour rights, following national and international regulations and guidelines. Due to challenges in attaining sufficient data fully supporting the extensive and highly detailed documentation requirements for the substantial contribution and do-no-significant-harm criteria, DSV currently does not have sufficient information to assess all alignment criteria for building investments made as defined by the EU taxonomy. This implies that investments made in 2024 in new buildings have been clas-sified as eligible investments. DSV is working on extending accessibility ofdocumentation on building investments, with the intention of better being able to fulfill the documentation requirements of the Delegated Acts. This may ensure a greater share of building investments being classified as aligned in the coming years.EU taxonomy statementsProportion of revenues from products or services associated with taxonomy-aligned economic activities 2024Substantial contributionDNSHEconomic activitiesCodesAbsoluterevenue(DKK mil-lion)Propor-tion of revenue(%)Climatechangemiti-gation(%)Climatechangeadap-tation(%)Water andmarineresour-ces(%)Circulareconomy(%)Polution(%)Bio-diversityand eco-sys-tems(%)Climatechangemitigation(Y/N)Climatechangeadaptation(Y/N)Water andmarineresour-ces (Y/N)Circulareconomy(Y/N)Pollution(Y/N)Bio-diversityand eco-sys-tems(Y/N)Minimumsafe-guards(Y/N)Taxonomy aligned / eligiblepropor-tion of revenue2024 (%)Taxonomy aligned / eligiblepropor-tion of rev-enue2023 (%)Enablingactivity(E)Transi-tionalactivity(T)A. Taxonomy-eligible activitiesA.1 Environmentally sustainable activities (taxonomy-aligned)-0.0%-------------0.0%0.0%Revenue of taxonomy-aligned activities-0.0%------0.0%0.0%A.2 Taxonomy-eligible, but not aligned activities-0.0%0.0%0.0%Revenue of taxonomy-eligible but not aligned activities-0.0%0.0%0.0%Total aligned and eligible activities (A.1 + A.2)-0.0%0.0%0.0%B. Taxonomy non-eligible activitiesWarehousing and support activities for transportation(mainly NACE H.52, H.52.10, H.52.29)167,106100.0%Revenue from non-eligible activities167,106100.0%100.0%100.0%Total A + B167,106100.0%100.0%100.0%Proportion of CapEx from products or services associated with taxonomy-aligned economic activities 2024Substantial contributionDNSHEconomic activitiesCodesAbsolute 0.0% CapEx (DKK mil-lion)Proportion of CapEx(%)Climatechangemitigation(%)Climatechangeadaptation(%)Water andmarineresources(%)Circulareconomy(%)Polution(%)Bio-diversityand eco-systems(%)Climatechangemitigation(Y/N)Climatechangeadaptation(Y/N)Water andmarineresources (Y/N)Circulareconomy(Y/N)Pollution(Y/N)Bio-diversityand eco-sys-tems(Y/N)Minimumsafe-guards(Y/N)Taxonomy aligned / eligible proportion of CapEx2024 (%)Taxonomy aligned / eligible proportion of CapEx2023 (%)Enablingactivity(E)Transitionalactivity(T)A. Taxonomy-eligible activitiesA.1 Environmentally sustainable activities (taxonomy-aligned)-0.0%-------------0.0%0.0%CapEx of taxonomy-aligned activities-0.0%------0.0%0.0%A.2 Taxonomy-eligible, but not aligned activitiesConstruction of new buildings (NACE F41)7.12,960.129.6%100.0%29.6%3.2%Acquisition and ownership of buildings (NACE L68)7.74,621.946.2%100.0%46.2%63.1%CapEx of taxonomy-eligible but not aligned activities7,582.075.7%100.0%75.7%66.3%Total aligned and eligible activities (A.1 + A.2)7,582.075.7%75.7%66.3%B. Taxonomy non-eligible activitiesCapEx from non-eligible activities2,429.024.3%24.3%33.7%Total A + B10,011.0100%100.0%100.0%Proportion of OpEx from products or services associated with taxonomy-aligned economic activities 2024Substantial contributionDNSHEconomic activitiesCodesAbsoluteOpEx(DKK million)Proportion of OpEx(%)Climatechangemitigation(%)Climatechangeadaptation(%)Water andmarineresources(%)Circulareconomy(%)Polution(%)Bio-diversityand eco-systems(%)Climatechangemitigation(Y/N)Climatechangeadaptation(Y/N)Water andmarineresources (Y/N)Circulareconomy(Y/N)Pollution(Y/N)Bio-diversityand eco- systems(Y/N)Minimumsafe-guards(Y/N)Taxonomy aligned / eligible proportion of OpEx2024 (%)Taxonomy aligned / eligible proportion of OpEx2023 (%)Enablingactivity(E)Transitionalactivity(T)A. Taxonomy-eligible activitiesA.1 Environmentally sustainable activities (taxonomy-aligned)-0.0%-------------0.0%0.0%OpEx of taxonomy-aligned activities-0.0%------0.0%0.0%A.2 Taxonomy-eligible, but not aligned activities-0.0%0.0%0.0%OpEx of taxonomy-eligible but not aligned activities-0.0%0.0%0.0%Total aligned and eligible activities (A.1 + A.2)1-0.0%0.0%0.0%B. Taxonomy non-eligible activitiesOpEx from non-eligible activities1,568.2100%100.0%100.0%Total A + B1,568.2100%100.0%100.0%1Of total OpEx expenditures of DKK 1,568.2 million as defined by 1.1.3.1 of (EU) 2021/2178, purchased output from taxonomy-aligned economic activities are currently not material (equal to zero) – neither when considering the monetary value of expenditures realised, nor when considering these in light of our business model. </mrv:DescriptionofTheTaxonomyRegulation>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" xml:lang="en">Diversity and inclusionDiversity and inclusion are essential values in DSV. As a global organisation, we have employees from diverse cultures, religious beliefs, ages and back-grounds, who bring unique skills and expertise to our company.TopicDiversity and inclusionESRS S1Key policies•	Sustainability Policy •	Code of Conduct•	Diversity and Inclusion Policy •	DSV Recruitment Policy•	Policy for Succession Planning and Senior Recruitments within DSV GroupTargets2030•	Global targets for women at various senior management levelsKey actions•	Mandatory D&amp;I e-learning for all managers and HR •	Mandatory recruitment training with focus on biases for all managers and HR•	Mandatory D&amp;I module in DSV Leadership Training •	Gender focus in senior succession planning and recruitment•	Women in DSV Leadership programme•	Global Diversity, Equity, and Inclusion GroupA diverse and inclusive workplace Our workforce is made up of many different cultures, backgrounds, experiences and skills. This diversity contributes to our unique cor-porate culture and forward-thinking work environment, enabling employees to thrive and realise their potential. It also gives us a business advantage as it contributes to our collective development and growth and, ultimately, ensures better business decisions.In addition to our material topic of gender, our Diversity and Inclusion Policy covers other diversity traits, such as race, religion, age, disability, sexual, religious or political orientation, national ori-gin and cultural background. Our approach is supported by our Codes of Conduct. Employees and suppliers’ employees are required to adopt a stance against discrimination, differential treat-ment, harassment, inappropriate or unreasonable interference with work performance, whether based on nationality, race, disability, age or gender, including gender identity or gender expression, sexual, religious, or political orientation or ethnic or social back-ground or any other forms of discrimination. Physical, sexual, mental or verbal abuse is prohibited, as is any threat of abuse or any other form of intimidation. Our position on diversity and inclu-sion applies to all people working with DSV globally, regardless of their employment status.Our commitment to diversity is also embedded in other policies, such as our Policy for Succession Planning and Senior Recruitments, which outlines the requirements for gender representation in suc-cession planning and internal and external recruitment situations. As an example, the policy requires both genders to be represented on the shortlist of eligible candidates for director-level and above.Global gender diversity targetWomen remain underrepresented in senior management positions at DSV, as is the case generally for companies within the transport and logistic industry. We monitor the development in the gender composition globally at all employee and managerial levels to track performance and development and identify areas for improve-ments. In 2024, female employees represented 39% of the total workforce, which is above the industry benchmark.DSV has elected to set a global, three-tiered target for women at various senior management levels in 2030. The target is set against the 2024 baseline and supports our ambition to create a strong talent pipeline for recruitment to our highest management levels from both genders.In 2024, the proportion of female managers was 35%, which is an increase compared to 2023 (34%). Diversity and inclusion actionsTo support our ambition, we have selected several key initiatives based on input from relevant stakeholders and departments, experience gained from success-ful past initiatives and best practice. These include a mix of training and aware-ness-raising activities and requirements for minimum representation in key processes, such as recruitment and succession planning.Training and leadership initiativesTraining in diversity and inclusion is mandatory for all managers and HR employ-ees. Additional trainings are assigned to managers and HR employees, who are regularly involved in recruitment activities. A mandatory module on diversity and inclusion is also part of DSV’s general leadership training programme. The training aims to remove barriers to equal opportunities by increasing awareness about potential biases and stereotyping that may limit our ability to see individ-ual differences and capabilities. To facilitate knowledge sharing between our HR teams and managers, we have a dedicated Diversity, Equity and Inclusion group to drive the agenda forward across our organisation.Monitoring remuneration differences DSV also monitors the pay gap between female and male compensation in DSV. In 2024, the average salary of female employees was 3.9% lower than average male salary. The pay gap reflects our gender composition, whereby women are underrepresented at both highest and lower salaried positions in DSV. The pay gap is on par with our peers and other companies with similar demographics.In 2024, the CEO remuneration ratio compared to median DSV employee salary was 102.Local diversity and inclusion differencesDiversity and inclusion priorities vary from country to country. Our global approach is therefore designed to allow for flexibility to accommodate for local needs while staying aligned with our global Diversity Policy. Although DSV’s material global focus area is gender, HR teams are expected to implement rele-vant local actions based on their unique insights into the diversity and inclusion challenges in their country or region, regardless of their materiality for the DSV Group as a whole. Local initiatives can include everything from use of recruit-ment agencies specialised in minority groups, such as veterans, to targeted content of training and leadership programmes.Working conditions and human rightsTopicWorking conditions andwork-related rightsESRS S1 / S2Key policies•	Sustainability Policy •	Code of Conduct•	Supplier Code of Conduct•	Diversity and Inclusion Policy •	Human Rights Policy•	Whistleblower PolicyKey actions•	DSV Human Rights Programme •	Supplier audits•	Internal audits •	Whistleblower system•	1,267 DSV employees completed human rights training•16,779 employees com-pleted Code of Conduct trainingDSV believes that human rights are fundamental and must be protected at all times. Own workforce and workers in value chainDSV is committed to ensuring that the rights of our employees, the employees of our suppliers and their sub-contractors are protected. In combination with our Codes of Conduct, DSV’s Human Rights Policy defines the rights of workers and our responsibility, stand-ards and commitments for respecting and promoting these rights in our own operations and in the value chain. We are committed to adhering to the ILO Declaration on Fundamental Principles and Rights at Work, the Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights and the Children’s Rights and Business Principles.In accordance with Modern Slavery Act reporting requirements, we publish a Human Rights report annually, which, among other, outlines our actions and future plans to ensure that any form of modern-day slavery or human trafficking does not take place in our operations or in our supply chains.Respect for human and labour rights is embedded at the highest level of our organisation, in all areas of operations and extended to our value chain. We manage and report on our human rights efforts and remediate any breaches of the policies for our own employees and non-employees and for workers in our value chain. DSV’s Human Rights Policy is approved by DSV's Executive Board. The day-to-day responsibility for the human rights strategy is managed by a dedicated team in DSV Group, which is responsible for provid-ing policies, procedures and guidance to all DSV entities.Local management teams are responsible for implementing these standards within their organisations and the supply chains. This is usually anchored within local HR teams or procurement functions.Monitoring compliance with our policiesOur commitment to protecting human rights is continuously com-municated through training and other initiatives to ensure that employees understand what their rights and responsibilities are and how to raise concerns safely. The Code of Conduct training, which is mandatory for all DSV salaried employees, includes DSV's approach to human rights. Each year, we conduct awareness cam-paigns to support compliance and adherence to our standards. Implementation of our Human Rights Policy is embedded in our global Human Rights Programme. The programme follows an annual four-step process: global risk assessment, self-assessment, cor-rective actions and training. The annual global risk assessment selects the DSV entities in scope for assessment based on consid-erations such as human rights in specific countries, the number of employees in vulnerable positions, the size of our operations, previ-ously identified risks and corrective actions taken. Stand-alone human rights training are applied in all entities included in the annual cycle of the Human Rights Programme.Our Human Rights PolicyDSV's values and approach to human rights is described in our Human Rights Policy, which addresses:•	Forced labour, human trafficking and modern slavery•	Child labour•	Passport retention•	Recruitment fees•	Discrimination and harassment•	Health, safety and environment •	Working hours and rest periods•	Living wages •	Prohibition on disciplinary deductions•	Accommodation standards•	Collective bargaining•	Protection from retaliationRead more in our Human Rights Report at https://www.dsv.com/en/human-rights-reportThe scope of the programme considers both DSV’s own workforce and the management of risk related to value chain workers. Any findings and breaches of DSV’s policies are documented and reported and appropriate corrective action plans and remediation action are created, in our operations or in relation to management of risks for workers in our supply chain.Findings from the Human Rights Programme are reported to DSV’s senior man-agement and Executive Board. We analyse findings and trends from the Human Rights Programme including insights and perspectives of value chain workers to continuously assess and improve efficiency of DSV policies and actions in miti-gating material human rights risks. We are committed to remediation where we identify any negative impacts we have caused or contributed to.In addition to the DSV Human Rights Programme, we have various other pro-cesses in place, including supplier risk management and supplier audits, internal audits and our whistleblower system and investigations that also form part of our efforts to monitor risk and identify non-conformity with our standards across our operations and in our value chain.Key actions in 2024In 2024, we have expanded the human rights elements in our internal audit frame-work. This includes risk-based approach for determining the frequency and scope of human rights audits as well as the level of audits conducted. The audit process started in 2024 and will be further rolled out during 2025.We also conducted a concerted awareness campaign within various countries in the Middle East region. The awareness campaign focused on the Code of Conduct and covered our approach and commitment to protecting human rights. In 2024, DSV introduced a Responsible Sourcing Policy, which defines a stand-ardised approach to the mitigation of human rights risks in our supply chain and other risks. As part of the policy and accompanying framework, specific supplier vetting and audit requirements are set for high-risk suppliers. See page 83for DSV’s approach to running a responsible supply chain.Specific audit requirements were set in 2024 for manpower suppliers in higher risk countries, where migrant workers are employed via these suppliers. This includes ensuring that passports are not withheld and employees are not requested to pay recruitment fees among other risks common to workers who are in a vulnerable position. The 2024 Human Rights Programme risk assessment identified 14 entities to perform self-assessment and human rights training. Inseven entities, corrective actions were implemented to address identified incidents of non-conformities with our policies. The main finding in these entities relate to ensuring that work-ing hours are within the limits as stated in our Human Rights Policy, which are lower than the statutory working hours allowed in many countries we operate in. As part of the programme 1,267 employees in the relevant entities com-pleted our stand-alone human rights training. Human rights reporting as part of CSRDIn 2024, as part of the alignment with CSRD, DSV introduced new global reporting on incidents and fines related to human rights incidents and discrimi-nation for own workforce. No cases of severe human rights violations encom-passing DSV employees were reported. In 2024, local HR functions across our global operations reported a total of 146 confirmed cases of work-related cases of discrimination and harassment. In addition, six confirmed cases of other work-related social and human rights incidents were reported. Fines, penalties, or compensations were paid in 13 of the reported confirmed cases of work-related discrimination and harassment and other work-related social and human rights incidents. The sum amounted to roughly DKK 4.8 mil-lion. The 13 cases were reported in DSV’s US and Sweden entities. Global minimum supplier requirements•	Conduct business lawfully and with integrity•	Have a written policy describing core values and behaviours aligned with DSV’s Code of Conduct and/or commit to DSV’s Supplier Code of Conduct•	Be committed to protecting human and labour rights, including preventing modern slavery and human trafficking from occurring•	Support DSV’s commitment to minimising our environmental impact •	Allow their employees and suppliers to safely speakup where breaches occur, without fear of retaliation •	Meet any additional or specific requirements set, whether by DSV directly or by law. Health and safety DSV is committed to providing a safe working environment to ensure that our employees and our partners can perform their tasks safely at our locations.TopicHealth and safetyESRS S1 / S2Key policies•	Sustainability Policy •	Code of Conduct•	Supplier Code of Conduct•	Health &amp; Safety Policy•	Human Rights PolicyTargets2025•	Zero fatalities•	Max. 3.5 work-related accidents per million working hoursKey actions •	Global Occupational Health and Safety Management system (OHSMS)•	36% DSV locations (469)certified with ISO 45001 (OHSMS)•	182 internal health and safety audits•	94 third-party audits•	More than 120,000 hours of health and safety training At DSV, we strive to be a safe workplace and always consider health and safety risks when doing business. Our commitment is anchored in our Global Health &amp; Safety Policy, which covers all entities in DSV and applies to everyone working at our locations, whether our own workforce or workers in the value chain. The policy is approved by the Executive Board.Impacts on health and safety is considered material for both DSV's own workforce and workers in the value chain. Working in ware-houses and terminals as well as transportation workers carry a risk of work-related accidents, with the risk impacted by region, sector and country specific differences. Our Occupational Health and Safety Management SystemThe Health &amp; Safety Policy is supported by our global Occupational Health and Safety Management System (OHSMS). The policy and management system together establishes the health and safety standards across all our locations worldwide. They are developed in line with best practices and based on investigations and consulta-tion with relevant stakeholders.Our OHSMS is designed to minimise the risk of accidents, incidents and work-related ill health cases, including psychosocial hazards. The system provides tools, training and guidelines based on four fundamental pillars: Safe systems, Safe people, Safe equipment, and Safe workplace. The four pillars establish essential health and safety requirements aimed at protecting people, preventing acci-dents and asset damage, and mitigating any indirect impacts on individuals or the environment. We implement health and safety controls and promote leadership and employee engagement globally to foster a strong safety culture and ensure continuous improvement in our safety performance. Everyone working in DSV is covered by our OHSMS. In addition, 36% of our locations have opted to be a part of DSV’s multisite ISO 45001 (Occupational Health and Safety Management Systems) certificate. This is an increase from 2023 when 33% of our locations were certified.Safe SystemsManage risks.Safe work practices.Comply with legislation and other requirements.Safe PeopleCompetent and trained staff.Measure safety performance.Drive improvements.Safe EquipmentProcurement standards.Operate as intended.Maintain to agreed standards.Safe WorkplaceEmergency response.Safe storage and handling.Manage all interactions.Workers in the value chain are covered by our OHSMS when they are perform-ing work at DSV’ locations. Safe working conditions requirements are set for suppliers through our Supplier Code of Conduct. We require all suppliers to pro-vide adequate training and have procedures to maintain equipment, including personal protective equipment, thereby securing healthy and safe workplaces for workers in DSV’s value chain. See page 83for DSV’s approach to responsible supplier management. Health and safety actions own workforceLocal health and safety professionals In addition to our other formalised worker-management interactions, DSV has established a global network of Quality, Health, Safety and Environment (QHSE) Managers, who facilitate communication and participation of employees in health and safety matters. Across our operations, QHSE Managers provide local expertise and insight into best practices to guide local health and safety initia-tives. Key activities performed locally every year within our health and safety pillars include regular risk assessments of routine and non-routine activities, inspection procedures for work equipment, safe work practices, training, per-formance monitoring, emergency response preparedness and more. In case of incidents, local branches are required to conduct post-incident assessments and implement corrective measures where necessary. Health and safety training and awareness raisingWe prioritise awareness-raising activities to ensure our employees are mindful of their physical and psychosocial safety. Our approach to health and safety is built on partnerships, collaboration and continuous training initiatives. As such, it is manda-tory for anyone working in a safety capacity within DSV to receive relevant training in our OHSMS. The aim is to empower our workforce to effectively manage risk and contribute to a safer working environment. In 2024, DSV employees completed more than 120,000 hours of health and safety training. In total, 3,176 employees were enrolled in our stand-alone training on correct handling of dangerous goods.Health and safety auditsAs part of our OHSMS, we conduct internal health and safety audits to ensure that our policy and procedures are followed across our operations. In 2024, we completed 184 internal health and safety audits. For those of our locations that have elected to certify their management system according to the ISO 45001 standard, additional third-party audits are performed by Bureau Veritas. In 2024, Bureau Veritas conducted 94 audits. All findings are compiled and reported to DSV Group, who ensures monitoring and follow-up with the coun-tries on corrective actions and closing of findings.Continuous reporting and monitoringWe monitor performance on key health and safety indicators across our opera-tions. Entities must submit monthly numbers to enable reporting to DSV Group Management, including Executive Board. DSV’s Board of Directors are informed of health and safety performance on a quarterly basis. Health and safety targets and 2024 performanceOur ambition to provide a safe working environment for everyone working at our locations is supported by annual targets. In 2024, we did not record any fatalities. The work-related accident rate per million working hours was 3.9, above our 2024 target of 3.5. This represents an increase from the 2023 rate of 3.3. While the rate increased, it reflects natural variations as we maintain our strong focus on safety and incident management. Over the past four years, we have achieved a reduction in the work-related accident rate. This downward trend highlights the sustained impact of our health and safety initiatives and our commitment to continuous improvement.We remain confident in our progress and maintain a 2025 target of a maximum of 3.5 work-related accidents per million working hours worked for DSV employees and maintain a target of zero fatalities.Work-related accidents – Rate(per million working hours)20206.720214.520222.820233.320243.9Social dataWorkforce characteristics Accounting policiesTotal employees (full-time workforce)Number of employees at year-end converted into full-time employee equiv-alent (FTE), including both DSV employees and DSV non-employees, such as contractors and agency workers.Employees, by region and major countries (headcount) Total number of DSV employee headcount. DSV employees are defined as all individuals on DSV payroll whom DSV guarantees the rights to an agreed salary, pension, healthcare, specific working hours, fixed amount of vacation and simi-lar benefits. The specific DSV regional split is applied, as well as the split per major countries (countries exceeding 10% of total DSV headcount).Employees, by gender (headcount) Total number of DSV employee headcount split per gender category. Gender categories are male, female, defined as biological gender, other gender, which is applied when an employee does not recognize themselves as their own biologi-cal gender, and not reported gender, which is used when the information about the employee's gender is not available. Employee’s gender is recorded based on employees' own registration in the internal employee management system.Employee turnover (number, rate) Employee turnover is expressed as the total number of DSV employees leaving DSV during the year, and as the turnover rate, meant as the total number of own employees leaving DSV during the year divided by the average number of employees during the year.Employees covered by collective bargaining agreements, by region (%) Number of DSV employees covered by a collective bargaining agreement divided by the total number of DSV employees. DSV regional split is applied.Workforce metrics202420232022Total employees (full-time workforce)73,33873,57776,283Employees (headcount)165,810EMEA41,340Americas13,241APAC11,229Employees by major countries (&gt;10% of group headcount)1South Africa7,054United States6,843Employees by gender1Male40,129Female25,681Other-Not reported-Employee turnover (number)113,304Employee turnover (rate)220.220.722.13Employees covered by collective bargaining agreements (%)2303232EMEA140Americas116APAC181Full three year historical data not available.2The scope of disclosure has been adjusted according to the ESRS requirements in 2024,comparative figures have not been restated.3Number adjusted for synergies.Diversity and inclusionAccounting policiesEmployees, by contract type and by gender (headcount) Total number of DSV employee headcount split per gender and contract type. The contract type is split by: permanent employee - an employee working in a normal long-term job role without a predetermined end date in their contract; temporary employee - an employee working in a temporary job role lasting for a defined period of time as defined by the end-date in their contract; and non-guaranteed hours employee - an employee working in a job role where the employee has to be available to work for a contractually defined period of time as required by DSV, but DSV is not contractually obliged to offer the employee a minimum or fixed number of working hours per day, week or month. Gender categories are explained in the Employees, by gender accounting policy.Top management gender distribution (headcount, %) Gender distribution of members of management at the two authorisation levels below the Group Board of Directors, including members of the Executive Board and Group Executive Committee.Senior Management gender distribution (%)Gender distribution of the senior management expressed in top three tiers of management as a percentage of each gender in the corresponding tier. Each tier includes multiple authorisation levels. Reference to the job authori-sation levels is included in the tier level description of the indicator.Employee age group distribution (%)Total number of DSV own employees at year-end divided into three age groups: under 30 years old, between 30 and 50 years old, and over 50 years old.Male-female pay gap (%) The difference between the total average hourly pay of male and female employees, expressed as a percentage of the male average pay. The averages include all DSV employees (as defined in the Employees, by geography metric), incorporating both hourly and salaried employees. Variable pay components are estimated as described in the Basis for Preparation.Remuneration ratio (ratio) Ratio between the annualised pay of the CEO and the median of all employees, both hourly and salaried, and excluding DSV’s CEO. Variable pay components for all employees, excluding the CEO, are estimated as described in the Basis for Preparation.Headcount by contract type and gender, 2024FemaleMaleOtherNot reportedTotalNumber of employees (headcount)25,68140,129--65,810Permanent contract23,33436,816--60,150Temporary contract2,1742,986--5,160Non-guaranteed hours contract173327--500Workforce diversity metrics120242023Top management gender distribution (headcount)Male10Female-Other-Not reported-Top management gender distribution (%)Male100Female-Other-Not reported-Senior management levels gender distribution (%)Executive Board, Group Executive Committee, EVPs - male90Executive Board, Group Executive Committee, EVPs - female10EVPs, VPs, Managing Directors, Senior Directors - male86EVPs, VPs, Managing Directors, Senior Directors - female14Directors, Senior Managers - male72Directors, Senior Managers - female28Employee age group distribution (%)&lt;30 years2130-50 years58&gt;50 years21Male-female pay gap (%)3.9Remuneration ratio (ratio)1021Full three year historical data not available.Working conditions and human rightsAccounting policiesWork-related incidents – Discrimination and harassment (number) Total number of confirmed work-related cases of discrimination and harass-ment identified and registered by local HR functions at DSV entities during the reporting period. The reported cases cover the entire DSV workforce. Cases reported via the whistleblower system are not included in the scope.Work-related complaints – Other social/human rights matters (number) Total number of other confirmed work-related social and human rights inci-dents, not related to harassment and discrimination, identified during the reporting period. The reported cases covers the entire DSV workforce. Cases reported via the whistleblower system are not included in the scope.Fines, penalties, and compensation paid resulting from work-related incidents and complaints (DKKm)Total amount of money spent on fines, penalties and compensation resulting from the work-related discrimination, harassment and other social human rights cases, as defined by work-related incidents – discrimination and harass-ment and work-related complaints – other social/human rights matters, paid during the reporting period. Associated legal costs are excluded. The input is reported in local currency and then converted to DKK in DSV Group’s systems.Severe human rights incidents encompassing DSV workforce (number) Total number of confirmed work-related severe human rights cases identified during the reporting period. The number of cases covers the entire DSV workforce. The scope includes severe human rights violations as defined by the UN Guiding principles on Business and Human Rights, ILO Declaration of Fundamental Principles and Rights at work and/or OECD Guidelines for Multinational Enterprises.Fines, penalties, and compensation paid resulting from severe human rights incidents (DKKm) Total amount of money spent on fines, penalties, and compensation, resulting from the work-related severe human rights cases paid during the reporting period. Associated legal costs are excluded. The input is reported in local currency and then converted to DKK in DSV Group’s systems.Work-related incidents and complaints120242023Work-related incidents - Discrimination and harassment (number)146Work-related complaints - Other social/human rights matters (number)6Fines, penalties and compensation paid resulting from work-related incidents and complaints (DKKm)4.8Severe human rights incidents encompassing DSV workforce (number)-Fines, penalties and compensation paid resulting from severe human rights incidents (DKKm)-1Full three-year historical data not available.Health and safetyAccounting policiesOwn workforce covered by health and safety management systems (%) Share of DSV’s total workforce performing tasks on behalf of DSV covered by the DSV Occupational Health and Safety Management System (OHSMS), which ensures the compliance with the minimum requirements set by the internal Health and Safety Policy. This applies to both DSV employees and non-employees. Work-related accidents (number) Number of accidents occurred while engaged in work-related activities in the interest of DSV as the employer. This includes accidents happening during working hours while performing work-related tasks. The total number includes lost time injuries, restricted work cases, and medical treatment incidents. This applies to both DSV employees and non-employees. Work-related accidents (rate)Total number of work-related accidents reported for the year per million actual total hours worked by the entire DSV workforce. This applies to both DSV employees and non-employees.Fatalities (number) Number of work-related fatalities of DSV’s own workforce (employees and non-employees), and fatalities occurring at DSV sites involving individuals, who are not part of DSV’s own workforce.Health and safety metrics202420232022Own workforce covered by health and safety management systems(%)2100100100Work-related accidents (number)1592Work-related accidents (rate)3.93.32.8Fatalities (number)-132The comparative information for 2022-2023 is not covered by PwC’s limited assurance conclusion on pages 146-147.Governance informationWe are governed by a strong set of ethical standards, which set expec-tations for our own operations and for our suppliers. We do business with integrity by putting in place measures to promote transparency, ethical conduct and accountabilitythroughout our global operations and supply chain.</mrv:StatementOfTheDiversityPolicies>
   <gsd:NameOfSubmittingEnterprise contextRef="ctx-1" xml:lang="en">DSV A/S </gsd:NameOfSubmittingEnterprise>
   <fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" unitRef="pure">73892</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx-48" decimals="0" unitRef="pure">74839</fsa:AverageNumberOfEmployees>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" xml:lang="en">The Board of Directors and Executive Board have today con-sidered and adopted the Annual Report of DSV A/S for the financial year 1 January – 31 December 2024.The consolidated financial statements and the parent company financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standard Board (IASB) and in accordance with IFRS Accounting Standards as adopted by the European Union (EU) and further requirements in the Danish Financial Statements Act. Management’s review has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position at 31 December 2024 of the Group and the Parent Company and of the results of the Group and Parent Company operations and cash flows for 2024.In our opinion, Management’s review includes a fair review of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty, which the Group and the Parent Company are facing.Additionally, the sustainability statement, which is part of Management’s review, has been prepared, in all material respects, in accordance with paragraph 99a of the Danish Financial Statements Act. This includes compliance with the European Sustainability Reporting Standards (ESRS) including that the process undertaken by Management to identify the reported information (the “Process”) is in accordance with the description set out in the section titled "Double materiality assessment". Furthermore, disclosures in the subsection titled "EU taxonomy" in the environmental section of the sustaina-bility statement are, in all material respects, in accordance with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).The year 2024 marks the initial implementation of paragraph 99a of the Danish Financial Statements Act concerning com-pliance with ESRS. As such, more clear guidance and practice are anticipated in various areas, which are expected to be issued in the coming years. Furthermore, the sustainability statement includes forward-looking statements based on disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual out-comes are likely to be different since anticipated events fre-quently do not occur as expected.In our opinion, the annual report of DSV A/S for the financial year 1 January to 31 December 2024 with the file name DSV-2024-12-31-en.zipis prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" xml:lang="en">Hedehusene</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-1">2025-02-04</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-33" xml:lang="en">Jens H. Lund </cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-33" xml:lang="en">CEO </cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-34" xml:lang="en">Michael Ebbe</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-34" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-35" xml:lang="en">Brian Ejsing</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-35" xml:lang="en">COO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-36" xml:lang="en">Thomas Plenborg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-36" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-37" xml:lang="en">Jørgen Møller</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-37" xml:lang="en">Deputy Chairman </cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" xml:lang="en">Niels Smedegaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" xml:lang="en">Tarek Sultan Al-Essa</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-38" xml:lang="en">Marie-Louise Aamund</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" xml:lang="en">Benedikte Leroy</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-39" xml:lang="en">Beat Walti</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" xml:lang="en">Helle Østergaard Kristiansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">To the shareholders of DSV A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Our opinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2024 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January to 31 December 2024 in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (‘IASB’) and in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors.What we have auditedThe Consolidated Financial Statements (pp 85-129) and Parent Company Financial Statements (pp 130-141)of DSV A/S for the financial year 1 January to 31 December 2024 comprise statement of profit or loss and statement of comprehensive income, statement of cash flows, statement of financial posi-tion, statement of changes in equity and notes, including material accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the “Financial Statements”.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibili-ties under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropri-ate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. AppointmentWe were first appointed auditors of DSV A/S on 9 March 2017 for the financial year 2017. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of eight years including the financial year 2024.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2024. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a sepa-rate opinion on these matters.Revenue recognition, contract assets and accrued cost of services The Group’s revenue consists primarily of services, i.e. shipments of goods between destinations, which by nature is rendered over a period of time.We focused on this area, because at year-end, material contract assets and accrued cost of services exist, which involve significant accounting estimates and which are complex by nature, i.e. accrual of income (contract assets) and related costs (accrued cost of services), including methods and data applied and assumptions made by Management. The process of accruing for services rendered is, therefore, complex and dependent on relevant IT controls in certain IT systems as well as significant management judgement and estimates. For Sea services, an inherent risk exists regarding estimates for recognising revenue in the correct period at year-end due to the services being rendered over a lengthier period of time.In addition, we focused on this area because of the significance of revenue and as revenue consists of a substantial number of transactions with different char-acteristics depending on which business division the revenue relates to.Reference is made to notes 2.2and 3.4in the Consolidated Financial Statements.How our audit addressed the key audit matterOur audit procedures included considering the appropriateness of the account-ing policies for revenue recognition applied by Management and assessing compliance with applicable IFRS Accounting Standards, including disclosure requirements.We updated our understanding of relevant controls, including Group controlling procedures and IT controls, concerning the timing of revenue recognition and evaluated whether these were designed in line with the Group’s accounting policies and were operating effectively.For contract assets and accrued cost of services, we examined reports concer-ning services in progress at year-end and challenged the estimates made by Management regarding revenue and related cost accruals, including Manage-ment’s use of methods, assumptions and data for preparing the estimates.We selected a sample of transactions during the year and at year-end, and traced these to underlying evidence to determine whether revenue and the related costs are recognised in the correct period.In addition, we applied data analysis in our testing of revenue transactions in order to identify and assess transactions outside the ordinary transaction flows.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Statement on Management’s ReviewManagement is responsible for Management’s Review (pp 1-84and 148-156).Our opinion on the Financial Statements does not cover Management’s Review, and we do not as part of the audit express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowl-edge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether Management’s Review includes the disclo-sures required by the Danish Financial Statements Act. This does not include the requirements in paragraph 99 a related to the Sustainability Statement covered by the separate auditor’s limited assurance report hereon.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act, except for the require-ments in paragraph 99 a related to the Sustainability Statement, cf. above. We did not identify any material misstatement in Management’s Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" xml:lang="en">Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of consolidated financial state-ments and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (‘IASB’) and in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as Management deter-mines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alter-native but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" xml:lang="en">Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements appli-cable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indi-vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain pro-fessional scepticism throughout the audit. We also:•	Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit proce-dures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.•	Evaluate the appropriateness of accounting policies used and the reasona-bleness of accounting estimates and related disclosures made by Management.•	Conclude on the appropriateness of Management’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.•	Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.•	Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we iden-tify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or reg-ulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" xml:lang="en">Report on compliance with the ESEF RegulationAs part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of DSV A/S for the financial year 1 January to 31 December 2024 with the filename DSV-2024-12-31-en.zipis prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:•	The preparing of the annual report in XHTML format;•	The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxon-omy, for all financial information required to be tagged using judgement where necessary;•	Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; and•	For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:•	Testing whether the annual report is prepared in XHTML format;•	Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process;•	Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes;•	Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; •	Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and•	Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of DSV A/S for the financial year 1 January to 31 December 2024 with the file name DSV-2024-12-31-en.zipis prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1">2025-02-04</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx-44" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-45" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-44">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-45">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-44" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-44" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-44">mne33251</cmn:IdentificationNumberOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-45" xml:lang="en">Anders Stig Lauritsen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-45" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-45">mne32800</cmn:IdentificationNumberOfAuditor>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" xml:lang="en">Independent auditor’s limited assurance report on the Sustainability Statement To the Stakeholders of DSV A/SLimited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of DSV A/S (the “Group”) included in Management’s Review pages 42-84and 148-156, for the financial year 1 January – 31 December 2024 (the “Sustainability Statement”).Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: •	compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by Management to identify the infor-mation reported in the Sustainability Statement (the “Process”) is in accord-ance with the description set out in the section “Double materiality assess-ment”; and•	compliance of the disclosures in subsection “EU taxonomy” within the envi-ronmental section of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engage-ment is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor’s responsibilities for the assurance engagement section of our report.Our independence and quality managementWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality man-agement including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Management’s responsibilities for the Sustainability StatementManagement is responsible for designing and implementing a process to iden-tify the information reported in the Sustainability Statement in accordance with ESRS and for disclosing this Process as included in section “Double materiality assessment” of the Sustainability Statement. This responsibility includes:•	understanding the context in which the Group’s activities and business relation-ships take place and developing an understanding of its affected stakeholders;•	identification of the actual and potential impacts (both negative and posi-tive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;•	assessment of the materiality of the identified impacts, risks and opportu-nities related to sustainability matters by selecting and applying appropriate thresholds; and•	making assumptions that are reasonable in the circumstances.Management is further responsible for preparation of the Sustainability Statement, which includes the information identified by the Process, in accord-ance with the Danish Financial Statements Act paragraph 99 a, including: •	compliance with ESRS;•	preparing the disclosures as included in subsection “EU taxonomy” within the environmental section of the Sustainability Statement in compliance with Article 8 of the Taxonomy Regulation;•	designing, implementing and maintaining such internal control that Management determines is necessary to enable preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and•	selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances. Inherent limitations in preparing the Sustainability StatementIn reporting forward-looking information in accordance with ESRS, Management is required to prepare forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since antici-pated events frequently do not occur as expected.Auditor’s responsibilities for the assurance engagementOur responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include:•	Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process including the outcome of the Process; •	Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and •	Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in section “Double materiality assessment” of the Sustainability Statement. Our other responsibilities in respect of the Sustainability Statement include: •	Identifying where material misstatements are likely to arise, whether due to fraud or error; and •	Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Summary of the work performedA limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identifi-cation of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statement.In conducting our limited assurance engagement, with respect to the Process, we: •	Obtained an understanding of the Process by performing inquiries to under-stand the sources of the information used by Management; and reviewing the Group’s internal documentation of its Process; and•	Evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in section “Double materiality assessment” of the Sustainability Statement.In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:•	Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability Statement, including the consolidation processes, by obtaining an understanding of the Group’s control environ-ment, processes and information systems relevant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness; •	Evaluated whether the information identified by the Process is included in the Sustainability Statement;•	Evaluated whether the structure and the presentation of the Sustainability Statement is in accordance with the ESRS;•	Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement;•	Performed limited substantive assurance procedures on selected infor-mation in the Sustainability Statement;•	Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures in the Financial Statements and Management’s Review;•	Evaluated the methods, assumptions and data for developing estimates and forward-looking information; and•	Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement.Other MatterThe comparative information with a footnote included in the Sustainability Statement of the Group for the financial years 1 January – 31 December 2022 and 1 January - 31 December 2023 was not subject to an assurance engage-ment. Our conclusion is not modified in respect of this limitation of scope.Hellerup4 February 2025PricewaterhouseCoopersStatsautoriseret RevisionspartnerselskabCVR no 33771231Kim TromholtAnders Stig LauritsenState Authorised	State Authorised Public Accountant	Public Accountantmne33251mne32800</arr:AuditorsReportOnSubstainabilityReport>
   <arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" xml:lang="en">To the Stakeholders of DSV A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
   <arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" xml:lang="en">Limited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of DSV A/S (the “Group”) included in Management’s Review pages 42-84and 148-156, for the financial year 1 January – 31 December 2024 (the “Sustainability Statement”).</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
   <arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: •	compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by Management to identify the infor-mation reported in the Sustainability Statement (the “Process”) is in accord-ance with the description set out in the section “Double materiality assess-ment”; and•	compliance of the disclosures in subsection “EU taxonomy” within the envi-ronmental section of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
   <arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" xml:lang="en">Auditor’s responsibilities for the assurance engagementOur responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include:•	Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process including the outcome of the Process; •	Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and •	Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in section “Double materiality assessment” of the Sustainability Statement. Our other responsibilities in respect of the Sustainability Statement include: •	Identifying where material misstatements are likely to arise, whether due to fraud or error; and •	Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
   <arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" xml:lang="en">Hellerup</arr:SignatureOfSubstainabilityAuditorsPlace>
   <arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1">2025-02-04</arr:SignatureOfSubstainabilityAuditorsDate>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-46" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-47" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-46">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-47">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-46" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-47" xml:lang="en">Anders Stig Lauritsen</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-46" xml:lang="en">State Authorised Public Accountant	</cmn:DescriptionOfSubstainabilityAuditor>
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   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-46">mne33251</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-47">mne32800</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1">Annual report</gsd:InformationOnTypeOfSubmittedReport>
   <cmn:TypeOfAuditorAssistance contextRef="ctx-1">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
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   <gsd:ReportingPeriodStartDate contextRef="ctx-1">2024-01-01</gsd:ReportingPeriodStartDate>
   <gsd:ReportingPeriodEndDate contextRef="ctx-1">2024-12-31</gsd:ReportingPeriodEndDate>
   <gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1">2023-01-01</gsd:PrecedingReportingPeriodStartDate>
   <gsd:PredingReportingPeriodEndDate contextRef="ctx-1">2023-12-31</gsd:PredingReportingPeriodEndDate>
   <gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-1">529900X41C0BSLK67H70</gsd:LegalEntityIdentifierOfReportingEntity>
   <fsa:ClassOfReportingEntity contextRef="ctx-1">Reporting class D</fsa:ClassOfReportingEntity>
   <arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
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