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| ifrs-full:Assets | 2025-12-31 | 290373000000 | dkk |
| ifrs-full:Assets | 2024-12-31 | 236545000000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
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| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 247331000000 | dkk |
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 167106000000 | dkk |
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<mrv:SustainabilityReport contextRef="ctx-1" id="f0__s10__8__6-1" xml:lang="en">Our business modelWe move freight by land, sea and air and provide contract logistics as well as a wide range of freight forwarding and logistics services at both origin and destination. Our business model is flexible and asset light, which allows us to keep supply chains flowing efficiently, from shipper to consignee. A light model for the right reasonsDSV is the worldâs largest freight forwarding and logistics company, operating primarily in the global business-to-business market. Our business model allows us to quickly scale activities to match customer needs and changes in the mar-ket. While we do warehousing activities based on leased facilities, the transpor-tation of goods is handled by third parties. We work with a global network of container carriers, airlines, road hauliers and railway operators and choose the best partners based on capacity, reliability, sustainability, transit time and price. As one of the largest buyers of transportation services globally, we and our customers benefit from keen pricing and strong relationships with carriers. Being a platform business, our customers see greater value as our network grows. The Schenker acquisition has further strengthened our platform. Adding value to complex supply chains We offer a full range of transport and logistics services designed to support our customersâ supply chains. Our core services consist of organising transports, contracting with global, regional and local freight suppliers, consolidating goods in our terminals and delivering a wide range of value-added services, such as customs clearance, tracking and insurance. Although we are a global business, we are always close to local markets. We provide supply chain services across most sectors, including bespoke solutions within the Aerospace and Defence, Automotive, Consumer, Healthcare, Industrials and Technology verticals. We offer a unique combination of our own inputs â a highly skilled workforce with industry know-how, advanced IT systems, physical infrastructure with modern warehouses and terminals, and a global network across more than 90 countries â and third-party inputs such as strong carrier relationships. Our workflows are highly digitalised and our advanced IT systems, including AI tools, are tightly integrated with those of our customers and suppliers. To reduce the environmental impact of our business, we work closely with customers and suppliers to track and minimise emissions across our supply chain â from shipper to consignee. Of the seven members of the Board of Directors, six are considered independent (86%1) in accordance with the definitions of the Danish Recommendation on Corporate Governance. Executive Board1Jens H. Lund OfficeCEOMember since2002Born1969Michael Ebbe OfficeCFOMember since2021Born1970Board positions ME EET Group Holdings ApSBrian Ejsing OfficeCOOMember since2024Born1966ME = Member1These sections refer to ESRS GOV-1 20a and 21d regarding the composition and diversity of the Boards. 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 ASME Better Collective A/S*Jørgen Møller OfficeDeputy ChairmanMember since2015Up for re-electionNoIndependentYesBorn1950CommitteeAudit Committee-Nomination Committee-Remuneration Committee-Skills and experience⢠General international management experience⢠Extensive experience in shipping and logistics (industry expert)⢠CEO of DSV Air & Sea Holding A/S 2002-2015Benedikte Leroy OfficeMemberMember since2022Up for re-electionYesIndependentYesBorn1970CommitteeAudit Committee-Nomination CommitteeChairmanRemuneration CommitteeMemberSkills and experience⢠Professional 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)⢠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* Sabine BendiekOfficeMemberMember since2025Up for re-electionYesIndependentYesBorn1966CommitteeAudit CommitteeMemberNomination CommitteeMember Remuneration Committee-Skills and experience⢠Professional board and general international management experience⢠Extensive experience in information technology, digital transformation and cybersecurity from positions held in SAP, Microsoft and DellOther Board positionsCM Sensio ASME Schaeffler AG*ME Vistra Group Ltd.Natalie Shaverdian Riise-Knudsen OfficeMemberMember since2025Up for re-electionYesIndependentYesBorn1981CommitteeAudit CommitteeChairmanNomination Committee- Remuneration Committee-Skills and experience⢠Professional board and general management experience⢠Extensive experience in finance, accounting and regulatory compliance (Sustainability expert)Other Board positionsCFO COWI Holding A/S, and member of the Board in 8 connected subsidiariesTarek Sultan Al-Essa OfficeMemberMember since2021Up for re-electionYesIndependentYesBorn1964CommitteeAudit Committee-Nomination Committee-Remuneration Committee-Skills and experience⢠General international management experience⢠Extensive experience in shipping and logistics⢠Acquisition and divestment of enterprises⢠Extensive insight in Environmental, Social and Governance regulation (Sustainability expert)Other Board positionsCM Agility Global Plc.*CM Sultan Center Food Products Company K.S.C1The section Board of Directors refers to ESRS GOV-1 paragraphs 20a, 20c, 21a, and 21c (Board composition and diversity, expertise and skills, independence and experience). CM = ChairmanME = MemberDC = Deputy Chairman* = Listed companyGeneral informationWe continue our commitment and support for the principles of the United Nations Global Compact.Sustainability at 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. At DSV, sustainability is an integrated part of our strategy and value creation model. We recognise our responsibility to create long-term value for our shareholders, stakeholders and society at large by embedding sustainability into our core business strategy and practices. Our ambition is clear: we are committed to providing efficient and resilient transport and logistics services that support our customers' global supply chains, while reducing our environmental impact, conducting business with integrity and providing a safe, respectful workplace where our people can thrive and develop their talent. Following the acquisition of Schenker in 2025, DSV is now the worldâs leading trans-port and logistics company. Today, we employ approximately 150,000 full-time employees working across more than 90 countries, within our three divisions; Air & Sea, Road and Contract Logistics. With the acquisition, our footprint and impact have grown significantly. While this expansion increases the scale of the challenges we need to address, it will also strengthen our ability to drive sustainability impacts across a broader network. As part of our integration process, we have carefully assessed Schenker's sustainability capabilities to ensure that DSV can leverage the strengths and resources of both legacy companies.Sustainability strategy DSV's sustainability strategy is designed to ensure that material topics are managed in line with the commitments and ambitions outlined in our Sustainability Policy. It pro-vides the framework for developing subject-specific policies, programmes and actions, and defines the metrics used to monitor performance and report on voluntary targets. We regularly review our business strategy to ensure our sustainability efforts are aligned with both long-term value creation and evolving stakeholder expectations. Each year, the sustainabilitystrategy is evaluated according to the latest double materiality assessment. This yearâs evaluation also assessed the impact of integrating Schenker. Given the similarities between the two companies' business models, our assessment confirmed that the associated impacts, risks and opportunities are also closely aligned. As a result, no new material topics emerged which required amend-ments to our sustainability strategy. Our strategy centres on three core commitments: Reducing our impact, being a peo-ple business and doing business with integrity.We reduce theenvironmental impact by testing and scaling proven solutions, using data to guide decisions, commercialis-ing sustainable offerings, and enablingaction across our value chain. This approach reflects DSV's culture, and by applying the same method to our environmental impact, we ensure that our business capabilities support our sustainability ambitions.As a people business, we foster a diverse and inclusive work environment where employees can realise their potential.We respecthuman and labour rights and priori-tise health and safety. Guided by strong ethical standards, we promote transparency, accountability and ethical conduct across our global operations and supply chain. In the following sections, we provide insights into our strategic sustainability priorities, performance and future commitments across environmental, social and governance dimensions. 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.Materialtopics⢠Climate change ⢠Air pollution ⢠Waste management⢠Talent development ⢠Diversity and inclusion ⢠Health and safety⢠Working conditions and work-related rights ⢠Business integrity ⢠Supplier relationsTargets2026: ⢠28% reduction in scopes 1 and 2 emissions2030: ⢠50% reduction in scopes 1 and 2 emissions⢠30% reduction in scope 3 emissions⢠60% waste prepared for reuse and recycling 2050: ⢠Carbon net-zero across all emissions scopes2026: ⢠Zero fatalities⢠Max. 6.0 work-related accidents per million working hours2030: ⢠Global targets for women at senior management levels 2026: ⢠100% employees at risk trained in DSVâs Code of Conduct every 24 monthsSustainability governanceSustainability is anchored at the highest management levels with the Board of Directors and Executive Board. In addition to having the oversight of our material impacts, risks and opportunities (IROs), the Boards are responsible for defining our strategy, setting targets and for the annual review and approval of control systems, key policies and procedures. The Board have delegated the responsibility for sustainability reporting and compliance with applicable regulation to the Audit Committee. Additionally, the Audit Committee assesses the effectiveness of the measures used to manage IROs across all material topics. The responsibility for specific topics such as remuneration and diversity is delegated to the Remuneration and Nomination Committees, respectively. Operational sustainabilityDSV also has a Sustainability Board, which supports the Management Boards and Board Committees in managing the sustainability strategy. Chaired by our CEO, the Sustainability Board consists of the Executive Board, divisional CEOs and other management representatives with sustainability expertise across our operations. In 2025, all DSV's material IROs were on the agenda to track progress. Operational management of IROs rests with relevant divisional and country management, while Group functions are responsible for ensuring consistent sustainability practices by implementing an appropriate framework. Sustain-ability performance is continuously monitored, and key metrics are reported quarterly to the Executive Board and the Board of Directors. Incentive structureIn order to link sustainability performance with management compensation, variable remuneration to the Executive Board is partly determined based on sustainability targets. These are set in dialogue with the Remuneration Committee and the Chairman of the Board of Directors. Of the total variable share options up for grant in 2025, 20% were based on achievement of sustainability targets set for the benchmark year 2024. Sustainability targets included greenhouse gas (GHG) scopes 1 and 2 reduction target for 2024 compared to the baseline year and various other GHG scope 3 reduction initiatives. Control environmentThe effectiveness and performance of DSVâs sustainability strategy and actions are measured using internal and publicly available metrics. Compliance is sup-ported by internal audits and, where relevant, external audits for sites that have elected to certify their management systems according to ISO standards. Our control environment is established through detailed guidelines, a clear organisa-tional structure and well-defined responsibilities. As our business grows, we continuously strengthen our control environment, while appropriately considering both risk and materiality. DSVâs sustainability metrics are governed by a robust sustainability accounting framework which covers reporting approach and methodology, verification and data manage-ment process, and controlling.Sustainability policiesOur sustainability strategy is supported by several policies. DSVâs Code of Conduct and Supplier Code of Conduct as well as DSV's Sustainability Policy provide the overall framework for managing material impacts and risks across our own operations and our value chain. These are supported by stand-alone policies and manuals addressing specific topics such as health and safety, human rights, diversity and inclusion, and waste management.Our policies apply to the entire DSV Group and are subject to the same corporate governance structure, with the Board of Directors responsible for oversight and implementation. Our policies are available on our website https://www.dsv.com/en/policies.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 are essential for our ability to deliver on our business strategy, drive growth and create long-term value. We have several processes in place to ensure regular stakeholder engagement, and we analyse and use their input to inform the development of our business strategy, services and the way we address our IROs.Our stakeholder engagement processes ensure that we continuously consider how stakeholders are or may be affected by our business activities throughout our value chain. We use this analysis to map and group them into key stake-holder categories. In addition to providing us with input about their priorities, stakeholders help us identify societal changes and emerging trends. This gives us an opportunity to adjust our strategy and business model to new challenges and opportunities. Stakeholder perspectives are continuously considered and presented to the Executive Board and to the Board of Directors as part of their annual review of DSV's Sustainability Strategy.Stakeholder engagement and analysis take place at both global and local levels to ensure that all views and interests are appropriately identified and acted upon where most relevant. The stakeholder dialogue and analysis con-ducted in 2025 confirmed that our current business model and Sustainability Strategy align with stakeholder expectations, requiring no significant amendments.Key stakeholdersEngagement purpose Examples of engagement channelsCustomersWe 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 ongoing customer dialogue to further develop our decarbonisation services and to meet their expectations related to other sustainability topics. Ongoing business dialogue with customers is anchored across the organisation from divisional involvement to the Executive Board, sustainability criteria in tender processes and customers' perception of services through the 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 (including our freight carriers) is essential for a more responsible supply chain. Dialogue with suppliers is anchored across the organisation from local and divisional management involvement to the 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 Surveys.DSV Global People Survey, ongoing dialogue between employees and managers.Investors and rating agenciesWe engage in active dialogue with investors on sustainability topics. Conference calls, group meetings and one-to-one meetings, including participating at conferences and roadshows, investor surveys, sustainability roadshow and DSV Capital Markets Day. We usually participate in more than 500 investor meetings annually.AuthoritiesConducting our operations according to relevant regulatory requirements is a core principle in running our business. To ensure compliance, we maintain a regular and transparent dialogue with public authorities. In return, this provides us with vital input on societal and regulatory requirements to shape our compliance programmes.Ongoing bilateral engagement with authorities nationally and internationally. Double materiality assessment Impacts, risks and opportunities remain unchanged following the Schenker acquisition.Our double materiality assessment (DMA) process covers DSV's own opera-tions as well as our upstream and downstream value chain, reflecting our unique strategic and operational environment. Our DMA process consists of three steps - mapping, identification and rating - in order to determine which impacts, risks and opportunities (IROs) are material to our business model. The mapping and identification steps seek to uncover IROs across our major business areas, business relationships and time horizons. Time horizons are defined as: short-term (current year), medium-term (end of short term up to five years) and long-term (beyond five years). Our assessment draws on a combination of stakeholder dialogue and internal and external sources, including DSV and third-party data, due diligence findings, peer and sector studies, media monitoring, risk surveys and scientific research. The assessment prioritises own and third-party data.Materiality of sustainability impacts is determined by rating scale, scope, like-lihood and irremediabilty. Financial risks and opportunities are determined by rating likelihood and magnitude. The range applied is from 1-5. The process considers the connection between impacts and dependencies and the risks and opportunities that may arise from them. Ratings are based on assumptions and a combination of own and third-party quantitative data where possible and qualitative input from meetings with internal and external stakeholders. Positive impacts are identified and rated only when they reflect a net benefit beyond standard practice, excluding any mitigating actions.When relevant, location-specific aspects are also considered when assessing identified IROs. IROs that meet either the impact materiality or financial materiality thresholds are consolidated into a final list which determines the mandatory disclosure requirements and data points for reporting.A resilient business modelTo assess the exposure against physical climate risks in our own operations and upstream and downstream value chain, we analyse location-specific climate risks for a selection of DSVâs operations in each country based on their relative importance to global supply chains and DSVâs operations. Regional differences and socioeconomic developments, as well as potential negative effects of any mitigating activities, are also taken into consideration. DSV has applied the Intergovernmental Panel on Climate Change's (IPCC) low- and high-emission scenarios ranging from optimistic (limit warming to 1.5°C) to dangerous (approximately 4.4°C) to determine climate IROs.For transitional climate risks, we review global regulatory and policy develop-ments, 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 ESG ratings and investment focus. Our asset-light business model provides resilience against physical and transi-tional climate risks. Although none of the identified climate risks or opportuni-ties exceed the materiality threshold, we continue to monitor and manage these through our due diligence and governance processes. Read more about our approach on page 44. Governance and reassessment The final list of material topics is reviewed by internal subject matter experts and the Executive Board and approved by the Audit Committee. The DMA is reviewed and updated annually, and any changes in material IROs are presented for approval by the Audit Committee and, if relevant, reflected in DSV's Sustainability Policy and strategy.2025 DMA processIn 2025, the DMA was reviewed to determine if current or new material IROs would be affected by the integration of Schenker, thereby potentially triggering additional reporting obligations. As both companies operate within the same industry, share comparable business models and provide services within similar regions, no new material IROs were identified. As a result, DSV's material sustainability topics remain unchanged following the acquisition of Schenker.To further align DSV's DMA with our Enterprise Risk Management (ERM), we have in 2025 included two sustainability-related risks in our DMA which have historically been managed as key enterprise risks within our ERM setup. This concerns employee attraction and retention and non-compliance with sustain-ability-related regulation and internal policies. These known risks are not expected to result in effects on cash flows, financial position and performance or material changes to the carrying amount of assets or liabilities in the financial statements. As in 2024, no opportunities surpassed the materiality threshold. 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. TopicImpacts and risksPositive/negative impactOwn operations/value chainActual/PotentialEnvironmentClimate change mitigationImpacts on climate change caused by burning of fossil fuelsâBothBothAir pollutionImpacts on air pollution caused by burning of fossil fuelsâBothBothWaste managementImpacts related to waste generation and managementâBothBothSocialWorking conditions and work-related rightsImpacts from procedures and practices related to working conditionsâ+BothBothEmployee attraction and developmentImpacts and risks related to employee attraction and retention, influenced by career development options and other factors+Own operationsBothDiversity and inclusionImpacts related to discrimination related to nationality, ethnicity, gender etc.âOwn operationsActualHealth and safetyImpacts related to risk of injuries connected to transport and logistics servicesâBothBothGovernanceBusiness integrity Impacts from corruption and bribery in own operations and in the value chain and risks related to non-compliance with policies and regulationsâBothBothSupplier relationsImpacts related to supplier management and payment practices+Value chainActualMaterial IROsClimate and pollution impacts Our DMA identified material negative impacts on climate and air pollution from DSVâs operations and services, particularly due to scope 3 emissions. We identify and assess climate and environmental IROs based on a combination of DSVâs own and value chain emissions, strategy and forecasts, as well as projec-tions and scenarios from sources such as the International Energy Agency and the IPCC. We focus on both DSVâs impact on global warming and climate change as well as the associated effects on the environment. The analysis also considers how expected future developments may influence our business model and services. Read more about how we mitigate our material impacts related to the burning of fossil fuels on pages 51-58.Waste management IROs connected to waste management are identified by determining the most common waste streams related to our operations. As a company whose primary economic activity is planning of transportation activities, DSV does not have any significant resource inflows and outflows other than waste. In our contract logistics activities, we use a variety of packaging materials, such as plastics and cardboard, to safely store and transport goods. As such, we consider waste management to be material for DSV. Read more about how we mitigate our material negativeimpact related to waste management on page 60.Social impacts and risksWe recognise that our success is built on the dedication, expertise, and diver-sity of our global workforce. To support this, we offer a work environment where positive impacts have been identified concerning working conditions and opportunities for career advancement, as well as fair and attractive benefit packages. This approach helps us to attract and retain a diverse talent pipeline. Failure to do so could negatively impact performance, delay strategic initiatives and hinder progress toward our long-term objectives, potentially leading to financial risks. Furthermore, as a company operating in more than 90 countries, we also acknowledge the potential of negative impacts related to discrimina-tion in our own operations or violations of work-related rights. Additionally, health and safety incidents could also adversely affect both our own workforce and workers in our value chain. Read more about how we mitigate our material negative impacts and risk and enhance our positive impacts related to people onpages 67-75.Business integrity DSV operates globally, including in regions where bribery and corruption are prevalent. As a result, corruption and bribery are deemed to be material both in our own operations and in the value chain. Operating globally exposes DSV to multiple jurisdictions and rapidly changing conditions which contribute to an elevated compliance risk profile. Non-compliance with sustainability-related policies or regulations could adversely affect DSVâs reputation and lead to financial consequences, including fines and penalties. Read more about how DSV mitigates these impacts and risks on pages 79-80.Supplier relations and payment practicesAs a freight forwarder, managing transport supplier relationships is essential to our business. Our suppliers are mainly large aviation and shipping companies, as well as small to medium-sized road hauliers, the latter generally being more vulnerable to liquidity fluctuations and administrative burdens. In DSV, we proactively collaborate with our small and medium-sized transport suppliers, offering fair terms that are tailored to their operational needs and liquidity circumstances. Furthermore, we offer beneficial supplier framework agreements that give access to significant freight volumes across our road network, which may facilitate greater business stability through long-term cooperation. Additionally, our road hauliers benefit from access to competitive service offerings, enabling further reductions in operational costs. Read more about our supplier management on page 81.DSV-specific metrics DSV reports entity-specific metrics on impacts related to climate change mitigation, waste management, diversity, turnover adjusted for synergies, and business integ-rity, as the existing European Sustainability Reporting Standards disclosure require-ments do not cover the specific impacts we have identified.Topicsoutside of reporting scopeWater impact assessmentTo assess the potential impacts of DSVâs water management practices on local communities, we conducted a screening based on activity type and geographical location, with special focus on areas experiencing high water stress. The screening concluded that DSV has an immaterial impact on water consumption and water pollution from third-party transportation activities. Although water is not considered a material topic for DSV, efficient water management is mandatory in our global construction standards. Biodiversity impact assessment DSV assesses its biodiversity impacts across our own operations and for key business activities in our value chain. Our impacts are evaluated 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 was found to exceed the materiality threshold. Biodiversity considerations are integrated into our global building standards, which seek to minimise impact on local flora and fauna through careful site selection and use of nature-based solutions. On a global scale, DSV's climate change mitigation actions indirectly help prevent ecosystem changes caused by global warming.UNICEF ÃDSV: Providing essential supplies for children in needThrough our strategic partnership with UNICEF, we are committed to providing rapid emergency re-sponses and strengthening global supply chains. DSV supports UNICEF by offering free trans-ports for the swift delivery of essential supplies during emer-gencies, along with flexible fund-ing to ensure timely support for children worldwide. In collaboration with UNICEF, we leverage our industry expertise to strengthen supply chains, improv-ing access to vital goods and ser-vices for children in Latin America. The UNICEF partnership pillars:⢠In-kind air transport to secure rapid delivery of critical sup-plies for children and their families during emergencies⢠Strengthening national supply chains in five countries in Latin America to improve childrenâs ac-cess to vital goods and services⢠Providing flexible funding to help children worldwide and support where needs are most pressing.Strenghtening supply chainsin Latin America In 2025, seven assessments were rolled out across Latin America in 5 countriesWorldwide in-kind transports From September 2024 to October 2025, critical supplies for children were delivered, totalling more than490 tonnesBasis for preparationIntroductionThe sustainability statement presented in this Annual Report forms an inte-grated part of Management's Review. It addresses material sustainability matters across the ESG areas. The sustainability matters addressed have been determined based on the results of the latest double materiality assessment (DMA). 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 has been prepared on a consolidated basis, apply-ing the same consolidation group principles 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 exercises control. In addition, non-controlling interests over which DSV exercises operational control are included for greenhouse gas (GHG) reporting purposes. For a complete over-view of the DSV consolidation group, see the Group company overview in the financial statements section on pages 123-130. Of the subsidiaries falling within the definitions of article 19a or 29a of Directive 2013/34/EU, the exemption rules of 19a (9) and 29a (8) have generally been applied, exempting these from preparing individual or consolidated sustainability reporting. Subsidiaries acquired during the year are included in the sustainability state-ment from the date DSV gains control. Accordingly, all sustainability data pre-sented in the sustainability statement reflect DSVâs full 12-month performance (1 January â 31 December 2025) and include Schenker data for the period 1 May â 31 December 2025. Subsidiaries disposed of during the year are included until the date DSV no longer has control (seepage 117for discontinued operations).Reporting frameworkThe sustainability statement has been prepared in accordance with the European Sustainability Reporting Standards (ESRS) and covers DSV reporting obligations under article 99a of the Danish Financial Statements Act. In addi-tion, several guiding frameworks have been applied to support interpretations and disclosures made under the ESRS standards. These include the GHG Protocol and the 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. Furthermore, for climate matters, long-term time horizons have been further disaggregated factoring in climate projections by the Intergovernmental Panel on Climate Change.Key accounting estimation and uncertaintiesFor the 2025 sustainability statement, certain quantitative disclosures are based on estimates and assumptions made where direct measurable data was not available, as outlined below. These disclosures may be subject to a higher level of measurement uncertainty. Where relevant, uncertainties are evaluated through internal validation procedures and sensitivity analyses on pages 63-64.Energy consumption and waste generation at DSV sitesEstimates have been applied in assessing both energy consumption and waste generation for offices below 500 m2, using factors observed at larger DSV offices. This estimation approach generally affects quantitative reporting of energy consumption, waste generation, scopes 1 and 2 GHG emissions and air pollution. In cases where actual data for the full reporting period are not availa-ble for any of the larger DSV sites, relevant extrapolations are applied at site level in accordance with the internal DSV reporting guidelines.Energy consumption and GHG emissions â energy mixEnergy consumption and related GHG emissions are reported using the energy share composition provided by energy providers. Where these data are not attainable, the GHG Protocol market-based scope 2 data hierarchy is used. In 2025, 34% of DSVâs total electricity consumption relied on national or regional estimated emission factors. On scope 3 emissions, category 4 â subcontracted transport, the share associated with road transport is calculated using 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, a 10% add-on factor is applied on pages 61-63.Remuneration metricsAverage and median remuneration are calculated using individual employee data. In 2025, data availability for variable remuneration improved, allowing the use of actual amounts for variable components disaggregated by gender and authorisation level. These amounts were allocated to individual employees within each respective group. This approach inherently involves a degree of estimation uncertainty and judgement. For one element of variable remunera-tion â one-time payments â data was not available for a share of employees. For these employees, amounts were estimated based on the distribution observed among employees with available actual data. As one-time payments represent an immaterial share of total remuneration, this estimation does not materially affect the reported results.Changes in accounting policies and statement presentationIn its second year of reporting under the ESRS, DSV has introduced several new disclosures and adjusted existing disclosures to meet legal requirements. These changes did not result in any adjustments to the 2024 disclosures.Key updates to quantitative disclosures include:⢠Health and safety metrics: Disclosures have been further disaggregated to dis-tinguish between DSV employees and non-employees. This includes data on the percentage of employees covered by DSVâs health & safety management system, the number of fatalities due to work-related injuries and ill health, and the number and rate of work-related accidents, as required by ESRS S1-14. ⢠Adequate wages: A new disclosure on adequate wages has been introduced in line with ESRS S1-10, based on the 2025 DMA results.⢠Employees covered by workersâ representatives, by country: Disclosure has been added this year. In 2024, no countries exceeded the 10% headcount threshold requiring country-level disclosure. This metric is presented in accordance with ESRS S1-8.⢠Employee turnover: The reporting has been expanded beyond the actual turnover rate disclosed in 2024 to include a rate adjusted for acquisition-synergy terminations, reflecting the impact of the integration of Schenker and improving year-on-year comparability.⢠GHG emissions baseline: The acquisition of Schenker has significantly increased our emissions and therefore triggered a recalculation of the 2019 baseline to ensure comparability of our current performance with historical data. The updated baseline has been prepared in accordance with the GHG Protocol, using 2019 performance data, and applies the same methodolo-gies, accounting policies and internal control framework used for scope 1, scope 2 and scope 3 emissions reporting. The update also incorporates minor methodological refinements following the ISO 14083 update as well as structural changes arising from discontinued operations.Restatement policy For quantitative sustainability disclosures, DSV applies a restatement policy for methodological changes or material errors, using a 5% materiality threshold as guideline. Additional considerations may be applied depending on KPI-specific materiality. Use of phase-in provisions In accordance with section 10.4 of ESRS 1 and the Omnibus quick-fix resolu-tion, phase-in provisions have been applied for the reporting year 2025 on quantitative disclosure requirements under ESRS 2 SBM-1, ESRS S1-7, S1-11, S1-13, S1-14 (Number of work-related ill health cases and number of days lost due to injuries, accidents, fatalities and work-related ill health) and S1-15.Incorporation by referenceIn the sustainability statement, ESRS disclosure requirements incorporated by reference to other sections of the Annual Report include:Disclosure requirementData point(s)DescriptionPageGOV-120 aComposition of supervisory bodies33, 3420 cSustainability expertise3421 aNumber of executive members3421 cExperience relevant to sectors3421 dPercentage by gender and other aspects of diversity3321 eBoard independence32G1 5 bBusiness conduct expertise34GOV-430Statement on due diligence15032Practices related to due diligence150SBM-140 a iServices offered1140 a iiSignificant markets and customer groups11, 9340 bTotal revenue9342 a-cBusiness model and value chain11Among the best rated companies in our industryScore 87/100 (Platinum)from EcoVadisClimate Change score Bfrom CDPAA score from MSCI ESG ratingsScore 12.7 (low risk) from SustainalyticsEnvironmental informationWe act as a key enabler for decar-bonisation across our value chain with the aim of reducing transport and logistics emissions. We are com-mitted to reducing our environmental impact throughout our operations.Reducing our impactMitigating climate change remains a key focus for DSV and the industry.TopicClimate change mitigationESRS E1Key policies⢠Sustainability Policy⢠Building Design Manual⢠DSV Energy Manual⢠Manuals for energy procurement, including renewable energy and sustainable fuelsTargets12026: ⢠28% reduction in scopes 1 and 2 2030: ⢠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 decarbonisa-tion service catalogue ⢠Environmental Management Systems (EMS)⢠171 internal EMS audits2⢠529 (42%) ISO 14001 certified locations2⢠96 third-party ISO 14001 audits2As a global leader,we play an important part in addressing the decarbonisation challenges in the transport and logistics sector. We are committed to enabling the changes required to reach net-zero emissions in our own operations, value chain and the industry at large. To reduce our environmental impact, we focus on scaling proven solutions, leveraging data to guide decisions, commercialising sustainable offerings, and partnering with customers and suppliers to drive action across our value chain. These efforts are examples of activities that support our EMS, which guides how we manage risks, meet regulatory requirements and ensure continuous improvement.Our commitment to net-zero emissions in 2050 is described in our Sustainability Policy. We employ supporting processes, manuals, and scalable products and services to effectively translate ourambitions into actions and maintain momentum on our decar- bonisation journey.In 2025, we continued our efforts to reduce our environmental impact and advance our decarbonisation targets. We also strength-ened our operational decarbonisation organisation across the company and are in the process of integrating Schenker's decar-bonisation capabilities in our roadmaps and operations. This integrationis helping us accelerate progress on our sustainability journey.Empowering customers to succeedTo enable decarbonisation throughout our value chain, we have tailored our portfolio of solutions to support customers wherever they are on their decarbonisation journey. Read more about our Decarbonising Logistics services at https://www.dsv.com/en/decarbonisation-services.DSVâs carbon digitalisation services provide customers with insights into their emissions throughout the customer journey, supporting the development of reliable baselines. Using a digital climate twin, we connect our operational and customer systems end to end, providing transparency and enabling our customers to take informed and efficient action in their decarbonisation pathways.In 2025, we streamlined our book and claim process, ensuring transparency and full traceability of COâ reductions from low- and zero-emission trucks and from our air and sea freight partners. It is one of the first systems of its kind to capture the insetting process end to end, providing customers with verified data and confidence in their sustainability claims.Scopes 1 and 2Scope 3Full GHG emissions inventory 2025Other categories scope 34%SBTi target boundary:Business travel scope 30%Scopes 1 and 23%Transport scope 393%Our GHG emission reduction ambitionDSV remains committed to reaching net-zero greenhouse gas (GHG) emissions across all scopes by 2050.Our near-term target for 2030 requires us to reduce emissions under our direct control (scopes 1 and 2) by 50% and emis-sions from our value chain (scope 3) by 30% compared to our 2019 baseline. The baseline includes all companies acquired since 2019, allowing us to track progress regardless of when DSV took ownership of the acquired companies.Basis for target settingOur target boundary includes our scope 1 and scope 2 emissions, as well as scope 3 emissions from business travel and subcontracted transport, with this representing the most material share of our GHG inventory. The remaining GHG scope 3 categories, reported under âOther categories,â account for only roughly 2% of our total Scope 3 footprint in 2019 and are considered immaterial.The scopes 1 and 2 targets are aligned with a 1.5°C global warming scenario, while the scope 3 targets are aligned to a well-below 2°C scenario. Our targets and accounting principles are developed in line with the Science Based Targets Initiative (SBTi) framework with an assumed annual activity growth rate of 3%. Our near-term targets was validated by SBTi in 2023, and in 2025, our long-term net-zero target also received formal validation.To define near-term and long-term targets, we have used climate scenarios from the Intergovernmental Panel on Climate Change to project future emis-sions and decarbonisation trends. To address projections, DSV's climate transi-tion plan complements this scenario modelling with additional tools and non-climate-related inputs.Recalculation of 2019 baselineIn 2025, we recalculated our baseline to incorporate carbon emissions from Schenker to ensure that we measure our targets against the full baseline for the combined operations. While our near-term targets and long-term com-mitment remain unchanged, our progress will now be measured against this updated baseline.Our journeytowards net-zeroNear-term targets*By 2030 reduce by 50%Scopes 1 and 2 absolute emissions 30%Scope 3 absolute emissionsLong-term commitment*By 2050 achieveNET-ZEROcarbon emissions in all scopes* The target boundary includes land-related emissions and removals from bioenergy feedstocks.DSV investment in sustainable technologies driven by the carbon fundElectric forklifts7.6%Electric operating equipment3.6%Light emitting diode Sustainable aviation fuel 4.1%5.3%Low and zero emission vehicles 21.0%Other3.6%Solar54.8%Our decarbonisation roadmapThe targets and ambitions outlined in our policies are implemented via our decarbonisation roadmap. The roadmap identifies the key decarbonisation levers that are essential for us to achieve our targets across all our operational areas and scopes. Each lever is operationalised through detailed action plans for our global operations, and adapted to fit divisional and local requirements and conditions. The decarbonisation levers are not materially affected by the acquisition and remain unchanged.Our roadmap addresses the same carbon emissions which are included in our target boundary, and relies on assumptions and projections about technological progress and market trends. The roadmap also considers identified potential negative impacts from carbon reduction initiatives, such as setting strict sustainability requirements for biofuels usage.Critical technologies at different levels of maturityEach lever comprises technologies and key actions that must be employed to achieve our targets. The impact of the levers varies over time and across divi-sions and is dependent on technology maturity and cost. For clarity, the levers are presented in order of overall impact, starting with those expected to deliver the greatest effect. Within our Road division, we are seeing increasing maturity of technologies enabling us to implement scalable fit-for-purpose solutions across our network. In Contract Logistics, we are implementing proven, mature technologies to achieve emission reductions. For our Air & Sea division, efficiency improvements will drive most emission reductions in the shortand medium term, as low-emission technologies are still developing and are only available at limited scale and high-cost premiums.Partnerships, technological development and framework conditionsAchieving net-zero carbon emissions in the transport sector by 2050 requires collaboration and joint effort from many industry actors. As the majority of DSV's reported carbon emissions stem from our subcontracted transport services, achieving our decarbonisation targets relies heavily on our ability to mobilise and partner with our customers, carriers, hauliers and other suppliers across our value chain. The ability of the transportation industry to achieve net-zero carbon emissions by 2050 and the progress toward reducing emissions by 2030 is highly dependent on the development, scaling and adoption of innova-tive and new technologies. Our projected reduction trajectory beyond 2030 also takes these factors into account. Large global companies like DSV can play an important role in the transition towards net-zero. However, it is also clear that reaching the global carbon reduction target requires a broad set of initia-tives to support the transition. Availability at scale of sustainable fuels based on renewable energy sources, scaling of biofuel production, sufficient charging infrastructure, increased grid capacity, and appropriate incentives and subsidies are essential framework conditions for the transportation and logistics industry to achieve decarbonisation targets by 2050. DSV welcomes national and international regulation that can help accelerate the decarbonisation of the transportation and logistics industry, while promoting a level playing field and fair competition. Financing the transitionThroughout our operations, ongoing investments are directed toward advancing our decarbonisation roadmaps and achieving our targets. In 2023, to support our decarbonisation strategy, we introduced a carbon fee on our transportation activities based on their respective emissions. The aim of this initiative is two-fold: firstly, to incentivise carbon reduction efforts across our operations. Secondly, the fee provides ear-marked financing for our decarbonisation initiatives. We expect to raise more than DKK 1 billion for decarbonisation initiatives across our operations by 2027.The carbon fee is designed to ensure that the DSV entities emitting the most CO²pay the highest carbon fee. Our governance framework ensures that each initiative is evaluated and approved based on established criteria. Since the launch of the Carbon Fee Funding Programme in 2023, 107 projects have been approved. The programme has supported DKK 433.2 million towards investments in our decarbonisation roadmap. Periodic review of the decarbonisation roadmapDSVâs roadmap is periodically reviewed and adjusted to ensure we stay respon-sive to developments that impact our carbon reduction efforts. Any significant changes, such as new regulatory requirements, data granularity improvements, new technologies, updated life cycle assessments of fuel and technologies, or acquisitions, will trigger a reassessment of our projections, framework and targets. This process ensures that our strategy and roadmap remain aligned with the latest available knowledge and industry best practice.Decarbonisation leversEnergy efficiency and optimisationEnergy efficiency and carbon optimisation remain the fastest and most cost-effective ways to reduce our emissions. Until sustainable fuels are widely available at scale for air and sea transport, and zero-emission technologies are fully adopted in road transportation, improving energy efficiency will continue to play a critical role for our energy reduction efforts. That is why we continuously expand our network capacities and optimise transport routes and modes, allowing us to continuously enhance cost efficiency, speed andCO2performance.Operational and technical optimisation in Air & Sea Looking towards 2030, a significant share of the carbon reductions in our Air & Sea divisionwill come from selecting the most carbon-efficient carriers. These reductions are enabled by our parnters' operational and technical improvements, such as investments in newer and more fuel-efficient aircrafts, fleet renewal in ocean shipping, routing optimisation, and energy-saving technologies such as advanced propellers and hull coatings. We work closely with our key air and ocean carriers to improve transparency on emissions data and align our decarbonisation ambitions. Towards our customers, we are integrating carbon emission data in our commercial systems and developing low-emission solutions allowing our customers to choose the most optimal supply chain solutions in close dialogue with us.Best-in-class diesel trucks Best-in-class diesel trucks use fuel more efficiently, which leads to lower CO²-emissions per km. As a result, these trucks contribute significantly to reducing carbon emissions. In 2025, we strengthened our global Fleet Management systems and integrated environ-mental data from a large portion of our sub-contracted fleet. This allows us to collaborate more strategically with our hauliers, supporting both their and our transition. Energy efficiency and optimisation at DSV facilities, including LED, BMS and ATES We set strict standards for building design whenever we commission a new real estate project. These requirements cover aspects such as life cycle CO2emissions, energy efficiency and good indoor air quality. To ensure high energy performance, all new buildings must be able to achieve a âgoldâ certification under at least one sustainable construction standards, including DGNB, LEED or BREAM.Our existing offices, terminals and warehouses are equipped with energy efficient solutions such as light emitting diode (LED) lighting and building management systems (BMS). Lighting and dimming controls decrease energy use in our buildings, together with other measures, such as better insulation and deployment of Aquifer Thermal Energy Storage systems (ATES). Key actions supporting our targets⢠Operational and technical optimisation in Air & Sea⢠More than 600 best-in-class diesel trucks in our third-party haulier fleet⢠Energy efficiency and optimisation, including approximately 2,200,000 m2 of LED lightning at DSV facilitiesPhasing out fossil fuels in transportationReliance on fossil fuels remains very high across all transport modes. As global demand for transportation is set to continue to rise towards 2050, and internal combustion engines are expected to remain dominant in shipping and aviation, achieving net-zero for heavy transportation will require alternative fuels. For our road operations, both alternative fuels and low- and zero-emissions truck technologies are deployed to enable the phasing out of fossil fuels towards 2050.Sustainable fuels, including sustainable aviation fuel and marine biofuel In Air & Sea, our decarbonisation efforts are closely linked to the availability and scalability of low-carbon fuels. At present, biofuels represent the most accessible option across both air and ocean transport. We continuously monitor the development of emerging fuel solu-tions and technologies, recognising that a broader portfolio of sustainable alternatives will be essential to enable long-term emissions reductions across global transport modes.Furthermore, some types of alternative fuels are not considered sustainable because of the negative impacts on availability of water and land for food production and biodiversity. DSVâs alternative fuel procurement policy allows only second-generation (non-food biomass) fuels and prohibits the use of first-generation crops and woody biomass.To navigate this evolving landscape, we are advancing decarbonisation through scalable short-term solutions like sustainable biofuels, while closely monitoring the development of next-generation alternatives. These emerging fuels promise deeper emissions reduc-tions over time, although they require further technological developments and infra-structure investments.Strategic partnerships and engagement with carriers and hauliersWe work closely with our carriers to ensure that any alternative fuels used align with applicable sustainability standards. For our customers, we provide sustainable fuel options with third-party assurance and full life cycle traceability from origin to final use. Within our scope of control, DSV purchases sustainable aviation fuel (SAF) for all business travel through an insetting (book and claim) model. 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 workclosely with our hauliers to establish conditions that allow us to scale and expand these solutions and make it as feasible as possible for our hauliers to choose sustainable solutions.Low- and zero-emission truck technologies including battery electric trucksBattery electric vehicles (BEVs), hydrotreated vegetable oil (HVO), biogas and hydrogen fuel cell technologies all play a valuable role in driving the change toward reducing fossil fuels in our Road division. Following the integration, our land transport operations have expanded outside of Europe, and we acknowledge that scaling of these decarbonisation levers vary significantly across regions due to differences in infrastructure, regulation and market readiness.To accelerate the use of BEVs, we are investing in charging infrastructure, conducting test-ing, and collaborating with manufacturers. We are committed to continue deploying more BEVs and other low- and zero-emission solutions in our Road division towards 2030. Several of these vehicles operate via our established 'Groupage Network' with fixed routes and sites that offer favourable conditions for deploying low- and zero-emission trucks.For the routes and countries where BEVs cannot be used due to range limitations and lack of charging infrastructure, we are deploying other low-emission solutions. Key actions supporting our targets⢠Strategic partnerships and engagement with carriers and hauliers⢠More than 500 low- and zero emission vehicles across the fleet⢠Sustainable fuels, including HVO, SAF and marine biofuelRenewable energy production and charging infrastructureAs technology advances, an increasing share of DSVâs equipment, trucks and third-party road transport will be decarbonised through electrification. Ensuring sufficient charging infrastructure, adequate grid capacity and a reliable supply of renewable energy is essential for enabling our strategy and advancing the green transition. Renewable energy production capacity at DSV facilitiesA central part of our decarbonisation roadmap involves installing solar panels on DSV rooftops to generate renewable electricity for powering electric equipment and trucks, terminals, warehouses and offices. Solar panels are added to DSVâs buildings where necessary, practical and feasible, such as locations with high BEV truck traffic, or where the electricity grid relies heavily on fossil fuels. In these instances, adding solar panels can lead to significant emission reductions and help support the transition in markets that are at the early stages of the green transition. As part of these efforts, DSV continued installing photovoltaic systems in our new and existing properties in 2025.Charging infrastructureFurthermore, in 2025 we strengthened the Group-wide charging concept for our facilities by optimising porcesses and the underlying blueprint, enabling more scalable charging solutions throughout our facilities.Key actions supporting our targets⢠Renewable energy production capacity at DSV facilities increased by 46MWp⢠Battery Energy Storage Systems (BESS)⢠Charging infrastructureDSV Energy: Key achievements in 2025⢠New facilities: New 240,000 m2 facility in Moerdijk, the Netherlands. ⢠Sustainability certified: Certified to BREEAM Excellent⢠Renewable energy: - Solar panels: 8 MWp capacity in Moerdijk - BESS: 14MWh of BESS constructed and operated in Horsens, Denmark and Landskrona, Sweden ⢠Charging infrastructure:New deployments of chargers across Europe adding up to 21 chargers (approximately 4.5 MW) dedicated for eTruck chargingInnovation and partnershipsAs the majority of DSVâs reported carbon emissions stem from subcontracted transports, achieving our decarbonisation targets is highly dependent on our ability to mobilise and partner with other actors in our industry and with carriers, hauliers and other suppliers across our value chain. Industry partnershipsEnsuring consistent and accurate carbon accounting is a fundamental part of advancing decarbonisation efforts and collaboration across the global freight value chain. Among other initiatives, DSV is part of the steering committee of the Clean Cargo Working Group, through which we can help shape standards for transparent carbon reporting, identify decarbonisation pathways and promote best practices in the shipping sector.DSV also participates in the Smart Freight Centre's Clean Air Transport Initiative. This initiative aims to bring together early adopters of sustainable aviation within the freight industry, using increased transparency about emissions from air freight services to drive decarbonisation measures and alignment on standards across the air transport sector. Strategic partnerships and engagement with carriers, hauliers and suppliersBy including decarbonisation as a criterion for selecting strategic carriers, DSV can con-tribute to the development of new sustainable technologies within the air and sea freight sector.The transport market is highly fragmented, especially in road transport, which is characterised by many small hauliers. To overcome this barrier for dissemination and adoption of new technologies, we leverage our strong partnerships with truck manufacturers and technology providers to make lower-carbon solutions available to our third-party hauliers at competitive prices. We actively collaborate with multiple manufacturers to test and develop new and more sustainable solutions that support DSV and our third-party hauliers in reaching decarboni-sation objectives. We use this expertise to inform industry-wide collaboration, and DSV has also joined the Smart Freight Centerâs Road Book and Claim community as a modal supporter, leveraging our experience in scaling this process across our business.Book and claim models To further support global scaling of low- and zero-emission technologies, we have expanded the use of our book and claim model through our service offering 'Road Indirect Reductions'. Achieving this requires collaboration between multiple suppliers, including hauliers and fuel providers. Key actions supporting our targets⢠Strategic partnerships and engagement with carriers, hauliers and suppliers⢠Industry partnerships⢠Book and claim modelsRoad indirect reductions â scalable, immediate emission cutsDSVâs Road Indirect Reductions service enables customers and DSV to achieve verified CO2 reductions through a book and claim model, powered by low- and zero-emission technologies within our road operations. It enables access to emission reductions for customers operating in markets that await low emission road freight infrastructure maturity.Key benefits:⢠Immediate action: Decarbonise even in markets lacking sustainable fuel or BEV infrastructure⢠Scalable access: Leverage low- and zero-emission vehicles where direct procurement is not feasible⢠Traceable and auditable: All reductions are documented and fully verifiable⢠Global flexibility: Claim reductions regardless of your operating locationOur 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 partnershipsScope 1Scope 22019baseline72220242025progress57736937%63%Scopes 1 and 2 carbon emission development(CO2e - â000 tonnes)Scope 2achieved by 53% of renewable electricity Scope 1achieved by 11% of biofuelsDecarbonisation performance in 2025Our decarbonisation journey continued in a year with significant impact from the Schenker acquisition and shifts in trade patterns. Carbon emissions baseline updateOur emissions increased across all scopes in 2025 as an expected consequence of the Schenker acquisition, which has doubled the size of DSV. Our new 2019 baseline for scopes 1 and 2 hasincreasedby 77%and scope 3 by55%.Scopes 1 and 2 emissions developmentOur scopes 1 and 2 emissions come from energy consumption in warehouses,terminals and offices as well as our own and leased fleet of trucks, material-han-dling equipment and company cars. In 2025, total scopes 1 and 2 emissions increased by 56.4% compared to last year due to the integration of Schenker, noting that Schenkerâs emissions are included for only eight months of the year.Progress against our 2030 target Throughout 2025 we continued our decarbonisation efforts and our focus on progressing towards our 2030 near-term targets of reducing scope 1 and 2 emissions by 50% compared to the 2019 baseline. As our business continues to expand, additional physical infrastructure and an increasing share of climate-controlled facilities means that the energy required to run our own operations has significantly increased. Despite this growth, we have maintained a consistent downward trajectory in scopes 1 and 2 emissions through our ongoing decarbonisation initiatives. A key driver of this progress is the growing integration of renewable energy, which has enabled us to decouple business growth from scopes 1 and 2 emissions and reduced our fossil fuel usage. This development is driven both by our self generated and procured renewable energy, supported by compre-hensive energy efficiency improvements across our buildings. With more than 69 GWh self-generated electricity in 2025, our total renewable electricity share reached 53%, which is a 9 percentage point increase compared to 2024.Total reduction in scopes 1 and 2 emission since 2019 has now reached 20% and based on our strong reduction performance trend, we have set a short-term target to achieve a 28% reduction in scopes 1 and 2 in 2026 against the updated baseline. Progress against our 2025 legacy DSV targetOur 2025 legacy DSV target to reduce emissions by 8% compared to 2024 was achieved with a reduction of 10.8% in scopes 1 and 2 emissions. 2019baseline20242025progressScope 3 (SBTi target boundary) emission developmentTotal emissionsincreased by 41% compared to last year due to the integration of Schenker. Progress against our 2030 target Compared to our revised 2019 baseline, total scope 3 emissions decreased by43%, mainly due to significant volume reductions across all transport modes as well as the only partial inclusion of Schenker volumes in 2025. Currently, our scope 3 target boundary emissions are below the target level set for 2030. However, as we expect freight demand to increase in the coming years, we must continue our efforts to reduce emissions across all modes to achieve the 2030 target of a 30% reduction against the 2019 baseline.Subcontracted transport emissions developmentSubcontracted transport emissions constitute over96% of our total scope 3 emissions. These emissions are significantly impacted by global demand for transportation, which, in turn, is influenced by broader trends in the global economy, geopolitical events and trade barriers.Air transportationAir freight remains our largest source of emissions, accounting for more than half of the total emissions from subcontracted transportation. In 2025, total air emissions increased by 40.3% compared to 2024, mainly due to higher air freight volumes, especially driven by added volumes from Schenker. However, air carbon intensity decreased by 3.5%, owing to more freighter activity, use of sustainable aviation fuel (SAF) and general trend for air freight shifting capacity and volumes to other markets.Sea transportationSea freight is our most carbon efficient transportation mode. Despite carrying the largest share of volume measured in tonne-kilometres, sea freight makes up only 16% of our total scope 3 transport emissions. In 2025, total scope 3 emissions from sea transport activities increased by 63.3% compared to 2024, mainly due to increased volumes from Schenker. Following the acquisition, we have seen positive outcomes driven by shifts in route compositions. DSV's carbon intensity rose by only 1.6% year on year, as global averages on our main routes increased due to carriers navigating longer rerouted journeys prompted by geopolitical instability in the Middle East and Red Sea. Land transportationEmissions from land transportation constitute approximately one-thirdof our total scope 3 transport emissions. In 2025, land transportation emissions increasedby 32.8%compared to 2024, mostly due to increased tonnage from the Schenker acquisition. The carbon intensity of our subcontracted fleet fell by 9% compared to the revised baseline and by 0.2% compared to last year, driven by increased efficiency and overall change in trade patterns following the acquisition. Sustainable aviation fuel programmeOur SBTi target boundary also includes business travel. In 2023, DSV intro-duced a SAF programme to reduce business travel emissions. In 2025, the use of SAF contributed to the reduction of business travel emissions by 87%, which matches the current capabilities of SAF production technology. Any remain-ing emissions are offset with additional SAF volumes. Through this approach to business travel emissions, DSV helps boost demand for SAF, encouraging producers to increase production.Air pollution TopicAir pollutionESRS E2Ongoing monitoring of air pollution impacts in our own operations.Key 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)⢠171 internal EMS audits1⢠529 (42%) ISO 14001 certified locations1⢠96 third-party ISO 14001 audits1The operation of internal combustion engines emits several pollut-ants to the atmosphere. In addition to CO², these gases comprise nitrogen oxides (NOx), sulphur oxides (SOx) and particulate matter (PM). These emissions can have severe impact on human health with high concentrations potentially causing respiratory illnesses. Additionally, these gases can contribute to acidification of rain, ground-level water and soil.DSVâs Sustainability Policy addresses air pollution, alongside other environmental commitments. Additionally, air pollution is monitored and managed as part of our integrated EMS and ISO 14001 certifi-cation. Emergencies and incidents handling, including pollution, is conducted in accordance with the Group Crisis Management Policy. DSVâs Dangerous Goods and Hazardous Materials Policy sets the framework for preventing environmental impact from unsafe han-dling of dangerous goods. In 2025, we recorded no major accidents or environmental violations.ActionsReducing air pollution is closely linked to our climate mitigation strategy and decarbonisation roadmaps, as both rely heavily on reducing fossil fuel combustion. In most cases, eliminating fossil fuels will have a beneficial impact on air quality. Therefore, climate targets and emission reduction initiatives also serve to mitigate impacts on air pollution as reported on pages 51-58.Performance 2025Total reported air pollutants from DSVâs direct energy consumption related to own operations from buildings, own fleet, and company cars increased in 2025 compared to 2024. The increase is driven by a greater volume of road operations following the Schenker acquisition, which has led to higher fossil fuel consumption within scopes 1 and 2.The total NOx and PM emissions increased by 43% and 64%, respectively, compared to last year due to a 87% increase in diesel consumption in DSVâs own truck fleet operations. The total SOx emissions increased by 57%, primarily driven by the 69% increase in fossil fuel consumption in DSV's buildings in 2025.In 2025, 42% (529) of DSV locations were ISO 14001 certified, representing an increase driven by economies of scale. In total, 96 locations underwent third-party ISO audits, and an additional 171 internal internal EMS audits were conducted1.The largest fleet of heavy-duty BEVs in EuropeBattery electric vehicle (BEV) technology for heavy-duty transport is still maturing and cur-rently comes with higher costs and limitations, including reduced range. Despite these chal-lenges, it represents a promising path toward decarbonisation and better air quality. With the integration of Schenker, DSV now oper-ates the largest fleet of BEVs in Europe. We both share a pragmatic approach to decarbonisation, leveraging biofuels for immediate impact while steadily advancing BEV technology for long-term transformation. Now, with our combined fleets and shared infrastructure, we are operating more than 400 electric trucks, and the BEV fleet is active across several European countries, and new trucks are being added monthly. As such, we are better positioned than ever to help customers reduce their road freight emissions across Europe.Types of waste(tonnes)Hazardous waste generated in operations2,253Non-hazardous waste generated in operations127,733 DSV waste treatment 2025Incineration3%Other disposal methods1%Other recovery methods16%Landfill28%Reused and recycled52%Waste management We are committed to managing waste 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)⢠171 internal EMS audits1⢠529 (42%) ISO 14001 certified locations1⢠96 third-party ISO 14001 audits1As DSV generates waste from packaging materials used in trans-portation and warehousing operations, proper waste management is a material environmental topic and priority in our Sustainability Policy. Our stand-alone Waste Management Policy establishes detailed standards for the handling of wastein accordance with the EU Waste Framework Directive. These policies aim to reduce waste, promote recycling and reuse, and ensure that hazardous materials are safely stored, handled and disposed in order to prevent negative impacts on the environment (e.g. accidental discharges or spills) and on people (e.g. health risks, odours, vermin).ActionsIn 2025, our main focus has been to establish an effective gover-nance framework that supports the achievement of our 2030 target. As a result, we are actively cascading targets across the organisation, enhancing data quality and identifying concrete actions at both divisional and regional levels. To support this process, we have implemented a system which enables a unified approach to waste management. In parallel with these actions, the integration of Schenker required a comprehensive evaluation and consolidation of data. Findings from the assessment indicated that waste management performance and maturity levels at both Schenker and DSV are comparable.Furthermore, we have consistently maintained our efforts to op-timise processes to minimise waste generation wherever feasible. Examples of these initiatives include printing of barcodes directly onto boxes, thereby eliminating the need for separate labels; repurposing cardboard waste as fill-in materials; and introducing paper tape to reduce plastics and packaging waste. TargetOur goal is to prepare 60% of our total waste for reuse and recycling by 2030 against a 2024 baseline. Achieving this target is dependant on the development of national and regional waste handling infrastructure in the countries where we operate, strengthening of our supplier networks, and building partnerships at local and regional levels. These actions will address the challenge posed by varying maturity levels of waste manage-ment systems and infrastructures.Performance in 2025The share of waste prepared for reuse and recycling reached 52.1% in 2025. The combined data for this year is slightly lower than last yearâs figure of 52.8%, which represented DSV only.Following the acquisition, the geographical distribution of waste streams has become more scattered across regions and many countries still face challenges in accessing granular waste treatment data, which remains a key focus for DSV.However, recycling rates improved in several countries thanks to local initiatives and partnerships with recycling companies. These efforts have provided our teams with more granular information on waste treatment and improved recycling practices.Environmental dataGHG emissionsAccounting policiesScope 1 GHG emissionsThe reporting of direct scope 1 CO2e emissions is based on the Greenhouse Gas (GHG) 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 or leased by DSV, company cars and our owned and leased small fleet of trucks, vans and forklifts. Emissions from company cars are calcu-lated based on the country-reported number of cars and our central company car fleet management system. Road emissions from our own fleet are based on reported fuel consumption from owned and leased trucks, vans and forklifts used for cargo transportation, multiplied by emission factors from the DESNZ (2025) 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 the DESNZ (2025) database applicable to each fuel type.Scope 1 emissions from regulated trading schemes (%)Scope 1 emissions from regulated schemes are the percentage fraction of scope 1 emissions associated with regulated Emission Trading Schemes (ETS), both inside and outside the EU. At this point, the only area to be regulated under ETS relates to fuel consumption from vessels and aircrafts. DSV does not own or have operational control of any vessels or aircraft and, consequently, these emissions fall under scope 3 and are not in scope for this metric. ESRS E1-6 â Gross Scopes 1, 2, 3 and Total GHG emissions20242023Baseline20194â%2024/2025Target2026Target2030Annual % target /Base year2025Total market-based Scopes 1 and 2 GHG emissions ('000 tCO2e)57736941356.4%Total market-based Scopes 1 and 2 GHG emissions ('000 tCO2e) excl. discontinued operations465722520361(5.9%)Scope 1 GHG emissionsGross scope 1 GHG emissions ('000 tCO2e)36220222079.2%Percentage of scope 1 GHG emissions from regulated emission trading schemes (%)1----Scope 2 GHG emissionsGross location-based scope 2 GHG emissions ('000 tCO2e)127420520733.7%Gross market-based scope 2 GHG emissions ('000 tCO2e)21516719328.7%Total Gross scope 3 GHG emissions ('000 tCO2e)19,03113,44012,187132,84941.6%Significant scope 3 GHG emissions/SBTi target boundary ('000 tCO2e)18,29912,97111,73432,16341.1%22,514(7.2%)4 - Upstream transportation and distribution ('000 tCO2e)18,29712,97111,73432,12141.1%Air transport ('000 tCO2e)9,9787,1145,88517,34840.3%Sea transport ('000 tCO2e)2,9021,7771,4955,17963.3%Land transport ('000 tCO2e)5,4174,0804,3549,59432.8% 6 - Business travel ('000 tCO2e)22--42GHG emissions scope 3 - Other categories ('000 tCO2e)1,373246945368656.1%Total GHG emissionsTotal GHG emissions (location-based) ('000 tCO2e)119,66713,84712,61442.0%Total GHG emissions (market-based) ('000 tCO2e)119,60813,80912,60042.0%1The comparative information for 2023 is not covered by PwC's limited assurance conclusion on pages 147-148.2For business travel, 2025 gross emissions were 15,000 tonnes of CO2e. DSV reduced 13,000 tonnes of CO2e through market-based measures (sustainable aviation fuel certificates).3The 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-factbook4Baseline 2019 has been updated following Schenker aquisition, comparative figures thus has been restated.Gross scope 2 GHG emissions - market-based and location-based ('000 tonnes CO2e)Scope 2 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 and DESNZ (all dated 2025) are applied if other instruments are unavailable. Location-based emissions are calculated using average national grid emissions intensity factors from IEA (2025) and DESNZ (2025).Total Gross scope 3 GHG emissions ('000 tonnes CO2e) The reporting of indirect scope 3 emissions is based on the GHG 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 (capital goods), 3 (fuels and energy-related activities), 4 (upstream transpor-tation and distribution), 5 (waste generated in operations), 6 (business travel), 7 (employee commuting), and 12 (end-of-life treatment of sold products). Most of DSV's scope 3 emissions are from subcontracted transportation ac-tivities accounted for in category 4. In this category, calculations of emissions from freight forwarding services (transportation by air, sea, road and rail) within our value chain are performed by splitting routes into relevant legs and applying granular parameters at shipment level. Carbon dioxide equivalent emissions (CO2e) from transport activities are recorded based on calculations performed by EcoTransIT World emission calculator tool, aligned with the ISO 14083 standard methodology, and accredited to the GLEC framework, with reporting disclosed following the well-to-wheel approach for subcontracted transport. CO2e emissions from air, sea, rail and road operations are calculated using DSV's subcontracted transport data from our main transport systems, covering 95% of the total scope 3 category 4 emissions. The remaining CO2e emissions are esti-mated based on extrapolation from average emission 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 modes (air, sea or land transport). Obtained carbon reductions using the fuel-switch process from our book and claim approach are subtracted from the total scope 3 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 employees for business related activities in vehicles owned or operated by third parties, such as aircraft, trains, buses, and passenger cars. CO2e emissions from business travel are based on data collected from travel agencies covering DSV companies in countries with around 87% of all white-collar employees. For countries not covered by travel agencies, the emissions are extrapolated based on the share of white-collar FTEs out of the total number of white-collar FTEs 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 generated in operations), 7 (employee commuting), and 12 (end-of-life treatment of sold products). Calculations are performed using GHG Protocol-endorsed methods: 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)The DSV scope 3 boundary for near-term target includes subcontracted transport (category 4) and as business travel (category 6). The accounting policies are in line with the Gross scope 3 GHG emissions metric.Scope 3 GHG emissions â Other categories ('000 tonnes CO2e) GHG emissions associated with scope 3 other categories as defined by the Gross scope 3 GHG emissions metric. Total GHG emissions - market-based ('000 tonnes CO2e) Total GHG emissions market-based are 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 are 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's 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 transportation distance are disclosed as grams of CO2e per one tonne of freight moved one km. The information is split accordingly within the three main transportation 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 emissions - market-based) and location-based (Total GHG emissions â location-based), divided by total net revenue. Total net revenue is reconciled to financial state-ments on page 93.Emissions outside of scopes: biogenic emissions ('000 tonnes CO2)The reporting of biogenic emissions is based on the GHG 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 hydrotreated vegetable oil (HVO) from scope 3. Environmental attributes for scope 3 emis-sions are based on primary data from biofuel suppliers. Carbon pricing and intensity202520242023GHG emission covered by DSV carbon pricing programme1Scope 1 (â000 tCO2e)168192220Scope 2 (â000 tCO2e)150167187Scope 3 (â000 tCO2e)12,69212,97111,734Scope 1(%)46.395.099.9Scope 2 (%)69.6100.097.0Scope 3 (%)66.796.595.9Carbon intensity (gram CO2e per tonne transported one km)Air transport (CO2e (g/tonnes-km))646.3669.7627.6Sea transport (CO2e (g/tonnes-km))6.56.47.0Land transport (CO2e (g/tonnes-km))91.391.594.3GHG revenue intensity - market-based (CO2e (tonnes/DKKm))179.382.683.9GHG revenue intensity - location-based (CO2e (tonnes/DKKm))179.582.984.0Emissions outside of scopes (â000 tCO2)Biogenic emissions6019201The comparative information for 2023 is not covered by PwC's limited assurance conclusion on pages 147-148.Energy consumption and productionAccounting policiesTotal energy consumption (GWh) Total energy represents all energy coming from fuels, electricity, district heating and cooling consumed by DSV across all our activities. The total energy consumed 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-nating from nuclear energy production. Renewable sources include renewable fuels (HVO and biofuels), electricity, heating, and cooling sourced from renewable energy, as well as consumed electricity generated by solar panels installed on 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. Where such agreements are not available, the GHG Protocol's market-based scope 2 data hierarchy is used. Consumption estimation for smaller office buildings is described in the Basis for preparation on pages 49-50.Energy production â renewable/non-renewable (GWh)The energy produced by any energy generation method â whether fossil-based, nuclear or renewable â that is under direct operational control of DSV, and produced either for consumption in DSVâs own operations or for sale to third parties. At present, DSV's energy production consists almost entirely of electricity generated from solar panels. Energy intensity (MWh/DKKm)The ratio between total energy consumption and total net revenue. Total net revenue is used in the calculation as more than 99% of DSV revenue is asso-ciated with high climate impact sectors as defined by EU 2022/1288. Total net revenue is reconciled to financial statements on page 93.Biofuel/renewable fuel share (%) Total consumption of renewable fuels relative to the total fuels consumed by DSV's owned and leased fleet. Renewable electricity share (%) Total consumption of purchased and self-generated renewable electricity relative to the total electricity consumption by DSV operations.Energy metrics3,4202520242023Total energy consumption (GWh)22,7381,3901,484Fossil sources2,1111,0871,285Nuclear sources382537Renewable sources589278162Energy consumption - Fossil sources (GWh)22,1111,0871,285Coal and coal products---Crude oil and petroleum products1,302728828Natural gas 179101124Other fossil sources293--Acquired electricity, heat, steam or cooling from fossil sources 337258333Energy consumption - Renewable sources (GWh)2589278162Biomass, biofuels, biogas, hydro-gen from renewable sources1624318Electricity, heat, steam or cooling from renewable sources373213125Self-generated non-fuel renewable energy542219Energy production (GWh)16912Non-renewable energy production--Renewable energy production6912Energy intensity (MWh/DKKm)211.18.39.8Biofuel/renewable fuel share (%)1162Renewable electricity share (%)25344381Full three-year historical data not available.2The comparative information for 2023 is not covered by PwC's limited assurance conclusion on pages 147-148.3The scope of disclosure has been adjusted according to the ESRS requirements in 2024, comparative 2023 figures have not been restated.4Energy metrics include discontinued operations. Total energy consumption was 461 GWh, of which 443 GWh came from fossil sources, mainly crude oil and petroleum products (441 GWh). Renewable energy consumption amounted to approximately 17 GWh and mainly comprised biomass, biofuels, biogas, and hydrogen.Air pollutionAccounting policiesPollutants emitted through own operations (tonnes) Direct nitrogen oxides (NOx), sulphur oxides (SOx) and particulate matter (PM) emissions from DSVâs owned or controlled sources, mainly from natural gas, oil, diesel, petrol, HVO, LPG, LNG and CNG consumed in buildings owned or leased by DSV, company cars and our owned and leased small fleet of trucks, vans and forklifts. NOx, SOx and PM emissions are based on scope 1 energy consumption multiplied by emission factors from EMEP/EEA Air Pollutant Emission Inventory Guidebook and GREET model from Argonne National Laboratory of US appli-cable per fuel type and technology.Air pollution metrics1202520242023NOx emissions (tonnes)574.3401.3570.5SOx emissions (tonnes)1.10.70.8PM emissons (tonnes)9.05.57.31The comparative information for 2023 is not covered by PwC's limited assurance conclusion on pages 147-148.Waste managementAccounting policiesWaste generated from own operations, by composition (tonnes)The total weight of hazardous and non-hazardous waste generated by DSV's oper-ations either 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 through any other processes. Waste directed to disposal is split into waste that has been incinerated, landfilled or undergone other disposal methods. Waste is considered hazardous if it manifests one or more of the characteristics listed in Annex III of EU Directive 2008/98/EC. Estimation of waste generated in smaller office buildings is described in the Basis for pre-paration on pages 49-50.Non-recycled waste generated from own operations (tonnes, %)Total weight in tonnes and percentage of non-recycled waste is calculated by adding together all disposed waste, plus the waste prepared for re-use and the waste processed through other recovery treatments. These results are reported both in tonnes and as percentage of the total waste generated.Share of waste prepared for reuse and recycled (%)The proportion of total recycled and reused waste calculated as a percentage of the total waste generated. Waste is considered recycled when it undergoes processes or treatments that convert it into new materials with potential applications. Waste metrics202520242023Total waste generated by own operations by composition (tonnes)129,98666,26670,349Total waste diverted from disposal (tonnes)88,83943,74235,107Total waste directed to disposal (tonnes)41,14722,52435,242Total hazardous waste 2,2531,3274,718Hazardous waste directed to disposal (tonnes)1,4548374,401Incineration194285Landfill11,148210Other disposal operation1212342Hazardous waste diverted from disposal (tonnes)799490317Preparation for reuse118197Recycling139296Other recovery operation1389197Total non-hazardous waste (tonnes)127,73364,93965,631Non-hazardous waste directed to disposal (tonnes)39,69321,68730,841Incineration13,9912,446Landfill134,53118,435Other disposal operation11,171806Non-hazardous waste diverted from disposal (tonnes)88,04043,25234,790Preparation for reuse1638226Recycling166,66234,494Other recovery operation120,7408,532Non-recycled waste (%)48.447.850.1Share of waste prepared for reuse and recycled (%)52.152.849.9Non-recycled waste generated (tonnes)62,93231,67635,2421Full three-year historical data not available.Being a people businessFostering safety, diversity, inclusion and continuous learning across our operations.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.SocialTalent developmentESRS S1Key policies⢠Sustainability Policy ⢠Code of Conduct⢠Policy for Succession Planning and Senior Recruitments within DSV Group⢠Global Learning & Development Policy⢠Global Employee Benefit Policy⢠Diversity & Inclusion Policy ⢠Human Rights Policy ⢠Health & Safety PolicyKey actions in 2025⢠More than 35,000 generic e-learning activities⢠More than1,060,000 hours spent on online training by employeesAt DSV, we are a people business. Our business relies on the dedi-cation, expertise and diversity of our global workforce. Providing safe and inclusive workplaces where all our employees can thrive and grow their talent and build their careers is essential for our ability to attract and retain a diverse talent pipeline, and ultimately, the sustained success of our company.Our approach is guided by several global policies that establish minimum global standards for human rights, working conditions, diversity and inclusion, and health and safety. With the integration of Schenker in 2025, we almost doubled the number of our colleagues to approximately 150,000 employees (FTE) across more than 90 countries. We are proud to represent a wide rangeof nationalities with different backgrounds and experiences. Our workforce is almost evenly split between salaried and hourly workers, 38% of whom are women and 62% men. Our salaried employees mainly work in an office environment with freight forwarding, sales, business development or general administration. Hourly workers pri-marily work at our terminals, logistics centres or as drivers. Overall, 93% of our employees hold permanent contracts, while temporary and non-guaranteed hours contracts make up 7% and close to 0%, respectively. We also engage non-employees, such as agency work-ers, to manage fluctuations in activity and cover temporary absences due to illness, parental leave, etc. Regionally, our workforce is mainly concentrated in Europe 52%, followed by Asia Pacific 19%, the Americas 19%, and Middle East and Africa 10%.Shared values and cultureIn 2025, our primary focus has been on the integration of Schenker.Throughout the integration, a key priority is to proactively address the legitimate concerns and questions that our employees have in this process, and to help them in adjusting to a new and larger company. We strive to make decisions about roles, structures and organisation in a fast and fair manner, and prioritising transparent internal communication to support the transition. We have provided tool kits, templates and other management resources to ensure that our leaders at all levels are equipped to address any uncer-tainties that may arise as the integration proceeds.Our new colleagues are contributing valuable expertise and strengthening our global capabilities. Moving forward, a key strategic priority will be to fully embed DSV's values and work culturethroughout our global operations. Engagement and dialogue We engage in open and constructive dialogue with employees about their rights and conditions. Work-related rights and stand-ards are specifically addressed in our Codes of Conduct, which outline the rights of our employees as well as non-employees and workers in our value chain.We have established various processes to ensure that employees are informed about strategic and employee-related developments, and to facilitate ongoing dialogue between management and employees. Examples of these processes include workers councils, engagement surveys, collective bargaining, and continuous per-formance and development dialogues. Employees can use these forums to raise concerns about working conditions, such as flexible work schedules, benefits, health and safety issues etc. In 2025, 41% of DSVâs employees globally were covered by collective bargain-ing agreements, compared to 30% in 2024. The increase is mainly due to the acquisition of Schenker. There are, however, significant regional differences, reflecting variations in labour market traditions and regulations across the countries where DSV operates.We adapt our practices to align with local regulatory requirements, includingin regions where formal worker consultation frameworks are not established. This approach ensures employees remain actively engaged in identifying risks and are empowered to voice concerns and contribute valuable insights to local management decisions. Dedicated ambassador networks and employee resource groups have been formed for critical topics, such as health and safety and sustainability, facilitating ongoing dialogue between employees and man-agement on these topics. Additionally, we engage and inform our employees about key company devel-opments through town halls, events and other internal communications chan-nels. We also conduct annual employee surveys, where all employees are invited and encouraged to participate and share their perspectives. In 2025, the survey focused on our employees' experiences concerning the integration process and the communication and information provided.Our Group People & Organisation (P&O) function tracks the results and ensures that all teams engage in follow-up dialogues and take appropriate actions. DSVâs whistleblower system, Integrity Line, is also available to ensure that anyone, DSV employees as well as third parties, can securely and anonymously report concerns or knowledge of misconduct. See pages 79-80for further information on our Whistleblower Policy and investigation process. These engagement methods are designed to be adaptive and responsive to local conditions, thereby mitigating the risk of material negative impacts on our own workforce and promoting employee well-being as well as the companyâs continued growth. Attractive and fair employment conditionsThe ability to attract and retain talent is essential for our business performance. Our Global P&O teams work closely together to ensure that local benefit schemes are fair and attractive and align with the DSV Global Employee Benefit Policy. The policy addresses retirement plans, healthcare and risk insurance plans, which are structured according to local standards. The individual countries and regions each have their own regulations and ways of rewarding employees or providing social protection in areas where public programmes do not provide these benefits. Therefore, our localbenefit models are managed by the country management teams, who can best tailor them to local needs. Examples of benefits include pension, health care and insurance plans, employee wellbeing programmes, various leave options and more. In 2025, we conducted an analysis of remuneration practices across employee groups. The assessment confirmed that all employees receive adequate wages.Training and people development at DSV Building competencies and skills and enabling internal mobility are important priorities at DSV. Equally important is our ability to attract and retain employ-ees. These efforts enable our employees to achieve their career and develop-ment goals, ultimately strengthening our companyâs performance. We support this through structured, global procedures and our extensive global training programmes, which are available to all employees across the organisation. In 2025, employee turnover remained at 20.9%, approximately the same level as in 2024, with employee turnover (adjusted for synergies) at 15.4%.DSV continues to prioritise employee engagement and retention initiatives to ensure a smooth integration and maintain workforce stability, which is reflected in this yearâs numbers. The turnover rate is highest among blue-collar employ-ees, such as terminal and warehouse workers.Our Global Learning & Development Policy establishes the foundation for a stand-ardised 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 outlines our global training offerings, reflecting our commitment to continuous learning that offers both professional and personal development as a critical component of our business strategy. All DSVâs employees have access to training opportunities either directly through our online learning platform or via local training partners and activities. In addition to our internally developed e-learning courses, we have an external library of over 35,000 generic e-learning activities and courses. The platform facilitates upskilling and reskilling of relevant employees through competency gap identification, thereby ensuring continued development and employability. Specific training programmes are available for managers and specialists in addition to our Young DSV Programme designed for trainees. In total, DSV employees spent more than 1,060,000 hours on online training in 2025. Performance review and personal development plans To ensure alignment of expectations, we use a global performance and develop-ment process, supported by an integrated platform. All managers and salaried employees are expected to conduct an annual performance and development review. This process encourages an open dialogue between employees and their managers and ensures that employees work towards shared department objec-tives. This allows employees to develop and grow in accordance with their current role, future plans and ambitions. As we grow, so does our need for skilled employees and leaders. Our global policy and process for talent review and succession planning ensure that we remain competitive. This approach also reduces risks associated with attracting and retaining employees. Through this process, both employees and managers undergo ongoing evaluations to assess their readiness for increased responsi-bility. Based on these assessments, appropriate talent management action plans are developed.Training and people developmentDSV Academy brings together all our global training offers within different topics⢠Online training⢠Leadership training⢠Sales training⢠Operational training⢠Young DSV⢠Compliance trainingIn 2025,>1,060,000hours of learning activities completed on our online training platform>35,000generic e-learning activitiesDiversity and inclusionAs a global organisation, we have employees from diverse backgrounds, who bring unique skills and expertise to our company.TopicDiversity and inclusionESRS S1Key policies⢠Code of Conduct⢠Sustainability Policy⢠Diversity & Inclusion Policy ⢠DSV Recruitment Policy⢠Policy for Succession Planning and Senior Recruitments within the DSV GroupTargets2030⢠Global targets for women at senior management levelsKey actions⢠Mandatory D&I e-learning for all managers and HR ⢠Mandatory recruitment training with focus on biases for all managers and HR⢠Mandatory D&I module in DSV Leadership Training ⢠Gender focus in senior succession planning and recruitment⢠Women in DSV Leadership programmeA diverse and inclusive workplace Our workforce comprises people of different cultures, backgrounds, experiences and skills. This diversitycontributes to our unique corporate culture and innovative work environment, enabling employees to thrive and realise their potential. Our Diversity & Inclusion Policy covers not only gender, but also other diversity traits, such as race, age, disability, sexual, religious and political orientation, national origin and cultural background. The policy is supported by our Codes of Conduct. Our own employees and suppliersâ employees are required to adopt a stance against discrimination, differential treatment, harassment, inappro-priate or unreasonable interference with work performance, or any other conduct based on diversity traits. Our position on diversity and inclusion applies to all people working at or with DSV globally, regardless of their employment status. Our commitment to diversity is also reflected in other policies, such as our Policy for Succession Planning and Senior Recruitments, which outlines criteria for gender representation in succession plan-ning and internal and external recruitment situations. As an exam-ple, the policy requires that both genders be included on the short-list of eligible candidates for director-level and above. Global gender diversity targetThe gender distribution in senior management positions at DSV reflect the broader trend of low female representation across the transport and logistic industry. We monitor the global gender composition at all organisational levels to track progress and identify areas of improvement. In 2025, female employees represented 38% of the total workforce.DSV has set a global, three-tier target for women at senior man-agement levels by 2030. The target reflects our ambition to build a gender-balanced talent pipeline at our highest management levels. In 2025, the proportion of female managers was 35%, which is on par with 2024 at 35%.ActionsTo support our ambitions, we have selected several key initiatives expected to deliver the biggest impact based on feedback from relevant stakeholders and departments, insights from successful past initiatives and best practice. These initiatives combine training, awareness campaigns and requirements for minimum representation in key processes, such as recruitment and succession planning. Training and leadership initiatives Diversity and inclusion training is mandatory for all managers and P&O employ-ees. Employees regularly involved in recruitment activities receive additional training. Furthermore, DSVâs general leadership training programme includes a mandatory module on diversity and inclusion. The purpose of these trainings is to remove barriers to equal opportunities by raising awareness of potential biases and stereotyping that may hinder our recognition of individual differ-ences and capabilities. To facilitate knowledge sharing between our P&O teams and managers, we have established a dedicated Diversity & Inclusion (D&I) working groupto drive this agenda throughout our organisation. RemunerationDSV monitors the pay gap between female and male compensation at DSV. In 2025, the average salary of female employees was 5.6% lower than the average male salary. As DSV operates in more than 90 countries, the average pay gap reflects structural and operational differences affecting workforce composition across our global operations. In 2025, the CEO remuneration ratio compared to median DSV employee salary was 137.Local diversity and inclusion differences Priorities vary from country to country, which is why we work with diversity and inclusion on both global and local level. The global framework applies to the entire DSV Group, while local D&I initiatives address country-specific contexts and requirements. In addition to our material topic of gender, local P&O teams may implement relevant actions based on their unique insights into the D&I 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 recruitment agencies specialised in minority groups to developing targeted content for training and leadership programmes.Women in LeadershipOur "Women in Leadership" programme is designed to support and motivate more women to take on leadership positions and/or to aim for higher manager positions within the organisation.The goal of the initiative is to support women with relevant tools, build networks, engage local management and ultimately improve the gender balance at leadership positions.Working conditions and human rightsDSV believes that human rights are fundamental and must be protected at all times.TopicWorking conditions andwork-related rightsESRS S1 / S2Key policies⢠Sustainability Policy ⢠Code of Conduct⢠Supplier Code of Conduct⢠Diversity & Inclusion Policy ⢠Human Rights Policy⢠Whistleblower PolicyKey actions⢠Human Rights Programme ⢠Supplier audits⢠Internal audits ⢠927 employees completed the stand-alone human rights training⢠22,766 employees completed Code of Conduct trainingOwn workforce and workers within our value chainDSV is committed to protecting the rights of our workforce and the workers within our value chain. Together with our Codes of Conduct, DSVâs Human Rights and Responsible Sourcing Policies define the rights of workers and our responsibility, standards and commitments for respecting and promoting these rights in our own operations and our value chain. We observe the ILO Declaration on FundamentalPrinciples and Rights at Work, the Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights and the Childrenâs Rights and Business Principles.Respect for human and labour rights is embedded at the highest level of our organisation, in all areas of our operations and across our value chain.In compliance with the reporting requirement of the Modern Slavery Act, we publish an annual Human Rights Report. This report outlines our actions and future plans to prevent instances of mod-ern-day slavery or human trafficking within both our own opera-tions and in our supply chains. Monitoring compliance with our policiesOur commitment to protecting human rights is continuously com-municated through training and other initiatives to ensure that employees understand their rights and responsibilities and how to raise concerns safely. The Code of Conduct training is mandatory for all DSV salaried employees and also addresses DSV's approach to human rights. Each year, we conduct awareness campaigns to support compliance and adherence to our standards. Our Human Rights Policy provides the foundation for our global Human Rights Programme. The Programme follows an annual four-step process: global risk assessment, self-assessment, corrective actions and training. Each year, the global risk assessment identifies the DSV entities in scope for assessment, considering factors such as country-specific human rights risks, number of employees in vulnerable positions, operational scale, previously identified risks, and corrective actions taken. Targeted human rights training is provided for all entities included in the annual cycle of the Human Rights Programme, delivered either through e-learning or in-person sessions.Both own workforce and value chain workers are covered by DSV's Human Rights Programme. Findings are reported to DSVâs senior management and Executive Board. These findings are analysed and supplemented with input from value chain workers to continuously assess and improve the efficiency of DSV policies and actions for effective mitigation of material human rights risks. We are commit-ted to remedying any negative impacts that we have caused orsignificantly contributed to. 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 athttps://www.dsv.com/en/human-rights-reportAlongside the DSV Human Rights Programme, we use internal audits, our whistleblower system and investigations to monitor risk and identify non-conformity with our standards across our operations and in our value chain. Specific supplier vetting and audit requirements are established for high-risk suppliers as part our Responsible Sourcing Policy and accompanying framework. See page 81for DSVâs approach to running a responsible supply chain.ActionsIn 2025 Human Rights Programme process,ten entities were selected toconduct human rights audits, either through self-assessment or onsite internal audits. In eight entities, corrective actions were implemented to address identified incidents of non-conformities with our policies. The main findings reaffirmed the salient human rights risks identified in earlier assessments. Additionally, more than 900 employees from these entities completed our human rights e-learning course as part of the programme. In 2025, we developed guidance to ensure a consistent, fair and transparent approach to remediation of human rights impacts throughout our operations and in our value chain. Human rights performance In 2025, no cases of severe human rights violations were reported. Local P&O functions reported a total of 39 confirmed work-related cases of discrimination and harassment across our global operations. In addition, seven confirmed cases of other work-related social and human rights incidents were reported. DSV Human Rights Programme Fines, penalties, or compensations were paid in nine of the reported confirmed cases of work-related discrimination and harassment and other work-related social and human rights incidents. The total amount was approximately DKK 1.4 million. The nine cases were reported in DSV's US entities.Health and safety DSV is committed to maintaining a safe working environment where all employees and partners can carry out their tasks safely.TopicHealth and safetyESRS S1 / S2Key policies⢠Sustainability Policy ⢠Code of Conduct⢠Supplier Code of Conduct⢠Health & Safety Policy⢠Human Rights PolicyTargets2026⢠Zero fatalities⢠Max. 6.0 work-related accidents per million working hoursKey actions ⢠Global Occupational Health & Safety Management system (OHSMS)â¢37% locations (472)certified with ISO 45001 (OHSMS)1⢠156 internal health and safety audits1⢠90 ISO45001 audits1⢠More than 178,000hours of health and safety training Our Group Health & Safety Policy applies to all DSV employees and non-employees. It also extends to value-chain workers when they are performing work at any DSV locations. The policy details the principles and responsibilities we follow to ensure safe and healthy working conditions, prevent work-related injuries and ill health, elimi-nate hazards, meet legal and other requirements, encourage worker consultation and involvement, and drive continuous improvement. Health and safety impacts are considered material for both DSV's own workforce and workers in the value chain. Warehouse, terminal and transportation workers face varying risks of work-related acci-dents, influenced by factors such as region, sector and country. Our Occupational Health and Safety Management SystemThe Health & Safety Policy is supported by our global OHSMS. Together, the policy and management system set uniform health and safety standards for all our locations worldwide. These stand-ards are developed in line with best practices and are informed by thorough investigations and consultations with relevant stakeholders. Our OHSMS is designed to reduce the risk of accidents, incidents and work-related ill health cases, including psychosocial risks. The system provides tools, training and guidelines based on four fun-damental pillars: Safe systems, Safe people, Safe equipment, and Safe workplace. These pillars establish essential health and safety requirements to protect people, implement prevention measures and mitigate any indirect impacts on individuals or the environment. We implement health and safety controls and promote leadership and employee engagement globally to cultivate a strong safety culture and drive continuous improvement in our safety performance. All employees at DSV are covered by our OHSMS. In addition, 37% of our legacy DSV locations have achieved certification under DSVâs multisite ISO 45001 (Occupational Health and Safety Management Systems) certificate. This is an increase from 2024, when 36% of 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.our locations were certified. Schenker locations will be included into our multisite certificates as the integration process progresses.Workers in our value chain are covered by our OHSMS when performing work at DSVâs locations. Requirements for safe working conditions among our suppli-ers are outlined in our Supplier Code of Conduct. All suppliers are required to provide adequate training and equipment to ensure the health and safety of workers throughout DSVâs value chain. For more information about DSVâs approach to responsible supplier management practices, seepage 81. Health and safety actions - own workforce Local health and safety professionals DSV has a global network of health and safety professionals and representa-tives, who facilitate communication and participation of employees in health and safety matters. Across our operations, these local health and safety contacts contribute with local expertise and insights into best practices to help guide local health and safety initiatives. Every year, relevant health and safety activities are carried out in our local operations. These include regular risk assessments for both routine and non-routine activities, inspections of work equipment, implementation of safe work practices, training, performance monitoring, and ensuring emergency response preparedness. In case of inci-dents, local branches must perform thorough post-incident assessments and initiate corrective measures as needed. Health and safety training and awareness raising We prioritise awareness-raising activities to ensure our employees remainconscious of their physical and psychosocial safety. Consequently, individuals working in health and safety roles must complete relevant training and maintain up-to-date competences. This approach empowers our workforce to effec-tively manage risks and thereby contribute to a safer working environment. In 2025, DSV employees completed health and safety training across all locations, with modules covering mandatory and role-specific topics, such as safe han-dling of dangerous goods and risk awareness. As the Schenker integration progresses, training resources and learning modules are being standardised to ensure a consistent and scalable approach throughout all DSV operations. Health and safety audits We conduct internal health and safety audits to ensure that our policy and pro-cedures are followed throughout our operations. In 2025, we completed 156 internal health and safety audits. The DSV locations which have chosen to certify their management system according to the ISO 45001 standard undergo additional third-party audits conducted by Bureau Veritas. In 2025, Bureau Veritas conducted 90 healthand safety audits. All findings are compiled and reported to DSV Group, which is responsible for monitoring, follow-up with the countries on corrective actions and resolving identified non-conformities. Health and safety targets and 2025 performance In 2025, the work-related accident rate per million working hours was 6.0, which is an increase from 2024, when the rate was 3.9 for legacy DSV only. The increase is due to improved awareness of reporting requirements and that Schenker has expanded DSVâs Road business, which has historically seen a higher injury rate. Legacy DSV 2025 target for maximum work-related accidents was 3.5. The target for 2026 is a maximum of 6.0 work-related accidents per million working hours. We maintain our target of zero fatalities.In 2025, we regretfully reported one fatality involving a DSV driver in South Africa. DSV is working with local authorities, taking proactive steps to prevent similar incidents and further strengthen safety and security measures across our operations.Our primary focus for 2026 will be to advance the implementation of DSVâs Occupational Health & Safety Management System and incident reporting framework across all entities.Social dataWorkforce characteristics Accounting policiesTotal employees (full-time workforce)The number of individuals at year-end converted into full-time employee equivalent (FTE), including both DSV employees and non-employees, such as agency workers and self-employed contractors performing work on DSVâs behalf and under direct instructions from DSV management.Employees, by region and major countries (headcount) Total number of DSV employee headcount. DSV employees are defined as all individuals on DSV payroll to whom DSV guarantees the right to an agreed salary, pension, healthcare, specific working hours, a fixed amount of vacation and similar benefits. The specific DSV regional split is applied, along with an allo-cation by major countries defined as countries representing more than 10% of the 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 (employees not identifying with their biological gender), and not reported gender (where gender information is unavailable). Each employeeâs gender is recorded based on their self-registration in the internal employee man-agement 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. Turnover rate is expressed as the total number of own employees leaving DSV during the year, both actual and adjusted for acquisition-synergy terminations, 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's regional split is applied.Employees covered by workersâ representatives, by country (%) The proportion of employees represented by workersâ representatives in a given country, calculated as a percentage of the total number of employees in that country. Disclosed for each European Economic Area (EEA) country where DSV employs more than 10% of the Groupâs total headcount.Workforce metrics202520242023Total employees (full-time workforce)151,75173,33873,577Employees (headcount)1137,50465,810Europe71,76329,342Middle East and Africa13,49611,998Asia Pacific26,53311,229Americas25,71213,241Employees by major countries (>10% of group headcount)1Germany 17,8014,294United States14,8526,843Employees by gender1Male85,13340,129Female52,12725,681Other10-Not reported234-Employee turnover (number)122,57813,304Employee turnover (rate)220.920.220.7Employee turnover (rate), adjusted for synergies215.420.220.7Employees covered by collective bargaining agreements (%)2413032Europe16141Middle East and Africa14036Asia Pacific1128Americas11616Germany1(>10% of group headcount)69Employees covered by workers representatives1Germany (>10% of group headcount)911Full three-year historical data not available. 2The scope of disclosure has been adjusted according to the ESRS requirements in 2024,comparative 2023 figures have not been restated.Diversity and inclusionAccounting policiesEmployees, by contract type and by gender (headcount) The total number of DSV employee headcount split by gender and contract type. Contract types include: permanent (employees working in a long-term job role without a predetermined end date); temporary (employees engaged for a specified contractual period); and non-guaranteed hours (employees who must be available for work during a defined timeframe as required by DSV, but DSV is not contractually obliged to provide a minimum or fixed number of working hours per day, week or month). For gender categories, see the Employees, by genderaccounting policy. Top management gender distribution (headcount, %) Gender distribution among members of the two management levels directly below the Group Board of Directors, including members of the Executive Board and Group Executive Committee.Senior management gender distribution (%)Gender distribution of senior management shows the percentage of each gender within the top three tiers of management. Each tier includes multiple authorisation levels. Reference to the job authorisation levels is included in the tier level description of the metric.Employee age group distribution (%)Total number of DSV's 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 (%) This metric represents the percentage difference between the average hourlywages of male and female employees, based on the male average pay. Theaverages include all DSV employees (as defined in the Employees, by geogra-phy metric), incorporating both hourly and salaried employees. Estimation applied is described in the Basis for preparation on pages 49-50.Remuneration ratio (ratio) The ratio compares the annualised pay of the Group CEO with the median of all employees, both hourly and salaried, excluding CEO. Estimation applied is described in the Basis for preparation on pages 49-50.Share of employees not paid adequate wagesThe proportion of employees receiving wages below the adequate level compared to the countryâs total headcount. An employeeâs wage is considered adequate when it meets or exceeds the applicable statutory minimum wage in the country of employment. Where no applicable minimum wage exists, the relevant collective bargaining agreement (CBA) rate is applied. If neither a statutory minimum wage nor an applicable CBA rate is applicable, the living wage benchmark as defined by the Fair Wage Network database, is used.20252024Headcount by contract type and genderMaleFemaleOtherNot reportedMaleFemaleOtherNot reportedTotalTotalPermanent contract78,84848,3569216127,42936,81623,334--60,150Temporary contract5,9453,592199,5472,9862,174--5,160Non-guaranteed hours contract340179-9528327173--500Number of employees (headcount)85,13352,12710234137,50440,12925,681--65,810Workforce diversity metrics20252024Top management gender distribution (headcount)Male1210Female1-Other--Not reported--Top management gender distribution (%)Male92100Female8-Other--Not reported--Remuneration metrics20252024Male-female pay gap (%)5.63.9Remuneration ratio (ratio)137102Workforce diversity metrics20252024Employee age group distribution (%)<30 years192130-50 years5758>50 years2421Working conditions and human rightsAccounting policiesWork-related incidents â Discrimination and harassment (number) The total number of confirmed work-related cases of discrimination and harassment identified and registered by local HR functions at DSV entities during the reporting period. The reported cases cover the entire DSV work-force. Cases reported via the whistleblower system are excluded. Work-related complaints â Other social/human rights matters (number) The total number of other confirmed work-related social and human rights incidents, not related to harassment and discrimination, identified during the reporting period. The reported cases cover the entire DSV workforce. Cases reported via the whistleblower system are excluded.Fines, penalties and compensation paid resulting from work-related incidents and complaints (DKKm)Total cash settlements for the reporting year relating to work-related discri-mination, harassment or other social and human rights cases. Associated legal and advisory costs are excluded.Severe human rights incidents encompassing DSV workforce (number) The total number of confirmed work-related severe human rights cases identi-fied during the reporting period across 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 cash settlements for the reporting year relating to work-related severe human rights cases. Associated legal and advisory costs are excluded..Work-related incidents and complaints20252024Work-related incidents - Discrimination and harassment (number)39146Work-related complaints - Other social/human rights matters (number)76Fines, penalties and compensation paid resulting from work-related incidents and complaints (DKKm)1.44.8Severe human rights incidents encompassing DSV workforce (number)--Fines, penalties and compensation paid resulting from severe human rights incidents (DKKm)--Health and safetyAccounting policiesOwn workforce covered by health and safety management systems (%) The proportion of DSVâs total workforce performing tasks on behalf of DSV covered by the DSV Occupational Health & Safety Management System, which ensures compliance with the minimum requirements set by the internal Health & Safety Policy. This metric includes both DSV employees and non-employees. Work-related accidents (number) Number of accidents occurring while engaged in work-related activities on behalf of DSV as the employer, including incidents during working hours while performing work-related tasks. The total figure includes lost-time injuries, restricted work cases and medical treatment incidents. This metric includes both DSV employees and non-employees. Work-related accidents (rate)Total number of work-related accidents reported during the year per one million actual total hours worked by the entire DSV workforce. This metric includes both DSV employees and non-employees.Number of fatalities due to work-related injuries and ill health cases (number) Number of work-related fatalities among DSVâs own workforce (employees and non-employees) and fatalities occurring at DSV sites involving individuals who are not part of DSVâs own workforce.Health and safety metrics202520242023Own workforce covered by health and safety management systems(%)1100100100Employees100100100Non-employees100100100Work-related accidents (number)21,458592Employees1,198Non-employees260Work-related accidents (rate)6.03.93.3Employees²5.8Non-employees²7.0Fatalities (number)1-1Employees²-Non-employees²11 The comparative information for 2023 is not covered by PwCâs limited assurance conclusion on pages 147-148.2 Full three-year historical data not available. Governance informationWe are governed by a strong set of ethical standards, which set expectations for our own operations and for our suppliers. We promote transparency, ethical conduct and accountability throughout our global operations and supply chain.Conducting business with integrityIntegrity shapes how we operate, interact with our stakeholders and build trust in the markets we serve. TopicBusiness integrityESRS G1Key policies⢠Sustainability Policy⢠Code of Conduct⢠Supplier Code of conduct⢠Whistleblower Policy⢠Global Citizenship Policy⢠Responsible Sourcing Policy⢠Human Rights PolicyTargets2026:⢠100% employees at risk trained in DSVâs Code of Conduct every 24 monthsKey actions ⢠Anti-Bribery and Corruption Guidance launched⢠22,766 employees completed Code of Conduct training⢠Annual compliance programme assessment⢠Internal audits cover-ing 25% of revenue1As a global company, we recognise that unethical conduct poses significant legal, reputational and operational risks that could under-mine our business and erode stakeholder confidence. Establishingstandards for conduct and embedding them into all areas of our operations enhance transparency, strengthen stakeholder relationships and help cultivate a resilient organisational culture. This commitment ensures that we remain compliant with evolving regulatory requirements and global standards.Our Code of Conduct and Supplier Code of Conduct set clear standards throughout our operations and outline the behaviour expected from our employees, business partners and suppliers. The Codes of Conduct are supported by separate policies, including our Whistleblower, Global Citizenship and Responsible Sourcing policies. This suite of policies covers a variety of areas and describe our approach to both non-material and material topics. Where local laws and regulations differ from the Codes of Conduct, the stricter standard must always be applied. The Codes of Conduct are available in twelve languages and are available on our website: https://www.dsv.com/en/policiesZero tolerance towards corruption and briberyDSV maintains a strict zero-tolerance approach towards any form of bribery or corruption in alignment with the UK Bribery Act, the US Foreign Corrupt Practices Act and other applicable local legislation. Any political contributions or involvement in political activities on behalf of DSV is strictly prohibited. As such, DSV funds, assets or services may not be used to support any political purposes of any kind.DSV Code of Conduct ⢠Anti-bribery and corruption⢠Use of information and data privacy⢠Environmental impact⢠Speak up⢠Donations and contributions⢠Conflicts of interest⢠Careful selection of suppliers⢠Competition⢠Export controls and sanctions⢠Human rightsTotal number of whistleblower reports202320241362025274551Key actionsOur compliance programme incorporates proactive risk management pro-cesses, continuous training initiatives and ongoing monitoring to maintain adherence to our Code of Conduct. The programme's design and effectiveness are assessed annually according to the US Foreign Corrupt Practices Act Guidelines issued by the US Department of Justice. It includes areas such as tone from the top, risk assessments, due diligence, communication, training, investigations and internal audits. These measures enable us to identify key areas for improvement within our policies and processes, ensuring best practices and consistent alignment with regulatory requirements. We monitor the effectiveness of our compliance programme through several processes, including our internal audit and controlling framework, escalation and whistleblower systems, and investigation procedures.In 2025, we introduced a dedicated Anti-Corruption Guidance as part of our ongoing commitment to provide clear guidance on our integrity standards for all employees. The Guidance was developedto further expand on the require-ments outlined in our Code of Conduct and provide employees with the tools needed to uphold DSVâs zero-tolerance policy. We monitor any convictions related to violations of anti-bribery and corruption laws. No such violations were reported in 2025.Awareness raising and training We prioritise making sure DSV employees understand what is expected of them through awareness raising activities and training. When new employees join DSV, they are required to read and sign the Code of Conduct as part of their onboarding. Employees receive training on the Code of Conduct through our mandatory programme, either via e-learning or through local classroom training when online training is not feasible. The Code of Conduct e-learning covers all aspects of the Code, including guidance on how to report actual or suspected misconduct, and includes test modules to assess the employees' knowledge. The training is mandatory for all salaried DSV employees at all levels of the organisation, assigned when employment begins and then reassigned every two years. As DSV and Schenker complete the legal integration in each country, the mandatory Code of Conduct training is rolled out to all relevant employees to ensure alignment with DSV's core values. In 2025, approximately 22,700 employees were in scope for the Code of Conduct training. The completion rate was 100%, which is in line with our 2025 target. We maintain the 100% training target for 2026.We regularly conduct awareness raising campaigns on the topics addressed in our Code of Conduct. In 2025, we organised campaigns targeted at specific countries or regions, focusing on the most significant risks identified in those areas. For example, whistleblower awareness campaigns were implemented in countries with the lowest awareness scores, and broader campaigns were launched regionally based on particular audit findings.Integrity Line and investigation teamDSV's Whistleblower Policy supports our commitment to maintaining and upholding the established standards of conduct. The policy prohibits any form of retaliation against anyone who has raised a concern in good faith or has supported an investigation. This applies regardless of which channel is used to raise concerns, for example, direct manager, P&O, local management, or DSVâs global whistleblower system âIntegrity Lineâ. The policy also describes the types of misconduct that may be reported, including any legal violations, noncompliance with DSV policies or any other actions that do not align with DSVâs standards. The Integrity Line system is hosted by an external, independent provider and is available in 42 languages, enabling employees and third parties, including workers in the value chain, to safely report concerns or knowledge of miscon-duct. Where permitted by local law, reports may be submitted anonymously.Our internal investigation team is responsible for conducting objective investi-gations and providing recommendations for proportionate and appropriate disciplinary and corrective actions. Depending on the nature and severity of the incident, corrective measures are carried out ranging from training, verbal and written warnings to termination of employment or contract with a third party.The effectiveness of our whistleblower system is tracked by use of metrics and targeted questions in the DSV Global People Survey. This allows us to assess employees' knowledge of the whistleblower system and their willingness to report incidents. The number of whistleblower reports submitted through DSVâs whistleblower system has steadily increased since 2020. We consider the continu-ous rise in reported incidents as a positive result of our awareness-raising efforts.In 2025, we registered551 cases through DSV Integrity Line representing a 101% increase compared to 2024. This reflects our expanded operations after the integration of Schenker. Running a responsible supply chainWe expect our partners to live up to the same ethical standards we set for ourselves, and we 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 ⢠Supplier audits⢠Internal audit of supplier risk management⢠Distribution of Supplier Code of Conduct to all suppliers with spend above 100,000 EUR⢠Enhanced due diligence requirements for manpower suppliersDue to the nature of our business, we rely heavily on third-party suppliers to deliver our services across markets with significant regional and country differences. Our due diligence helps us identify potential risks and determine if mitigating measures are required when working with a supplier or operating in a particular region or sector.Providing suppliers with timely payments is fundamental to running a responsible supply chain. DSV's main transportation suppliers are large companies, whereas the road haulage sector is made up of mainly micro-, small- or medium-sized enterprises that are more vulnerable to long payment terms and other administrative burdens. Managing supplier risk and due diligenceWe set the same standards for our suppliers as we do for our employees through our Supplier Code of Conduct, which addresses anti-bribery and corruption, human and labour rights, environ-mental responsibility and the protection of whistleblowers. Our third-party risk management programme outlines the various processes we have in place to manage third-party relationships and ensure that we can address any non-compliance with our standards. Global requirements for supplier risk management are defined at Group level and apply to all DSV supplier relationships. Our strategic supplier relationships are managed centrally, either at Group level or within our divisions. This includes strategic procurement activi-ties such as global agreements, EU road haulier procurement, and global air and ocean carrier procurement.Local procurement and supplier contracts are managed by the respective local operations. Each local entity is responsible for conducting due diligence on local supplier relationships in line with the requirements set at Group level and integrating applicable local standards. As part of our internal audit and control processes, we review our supplier management practices within local operations. Any non-conformities are documented and reported to local, divisional and Executive Management.Our global requirementsThe Responsible Sourcing Policy defines how we manage supplier risk and establishes the minimum requirements that all suppliers must meet to work with DSV. The policy is implemented through our Responsible Sourcing Framework, which is designed to ensure the strategy is applied consistently throughout our operations and our supply chain. The Responsible Sourcing Framework provides a standardised global approach for assessing supplier risk and supplier audit. All suppliers with an annual spend over 100,000 EUR must sign the Supplier Code of Conduct. Supplier risk is determined based on the country in which the supplier operates as well as the types of services provided to DSV.Suppliers identified as high risk are required to complete a due dili-gence questionnaire to assess their level of maturity and determine whether an improvement plan is needed to ensure compliance with our standards. All entities are responsible for regularly auditing sup-plier relationships to verify that agreed requirements are met. In addition to the Responsible Sourcing Framework, we implement supplementary and targeted initiatives to further strengthen due diligence, operational quality and assurance. For example, in 2025, we consolidated data from our internal audits and third-party indus-try risk assessments to identify potential areas of heightened risk and systemic challenges. Based on these findings, we introduced specific due diligence requirements for manpower suppliers in the Middle East.Whenever we identify areas of concern or problems arise, we work closely with the supplier to resolve the issue. This collective approach helps us effectively correct mistakes and minimise the risk of recurrence.Our payment practicesPayment terms are part of our core business practices across all markets and supplier types. We always aim to strike the right balance between local, industry and individual considerations and requirements, while aligning with our business strategy and our customers' payment terms. As a result, payment terms differ across our organisation to ensure flexibility and adaptability to the specific market conditions.The standard payment terms vary depending on the specific divi-sion, market, country and individual supplier. In 2025, the average invoice payment period across all accounts payable was 45 days, compared to 41 days last year. The percentage of payments align-ing with standard payments terms was 52% in 2025, which was broadly consistent with 53% in 2024. In 2025, DSV registered 13 ongoing legal proceedings related to late payments in France and Poland, whereas no such cases were recorded in 2024.Governance dataAnti-corruption and anti-bribery Accounting policiesWorkforce at risk covered by anti-corruption and anti-bribery training (%) The percentage of workforce at risk of corruption and/or bribery covered by anti-bribery and anti-corruption training. The workforce at risk includes employees, non-employees, and members of management deemed to be at risk of corruption due to their job functions, authorisation level, tasks and responsibilities. This category includes all employees and non-employees internally classified as salaried employees.Convictions for violation of anti-corruption and anti-bribery laws (number) The 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)The total cash settlements for the reporting year relating to cases involving violations of anti-corruption and anti-bribery laws. Associated legal and advisory costs are not included.Whistleblower reports (number)The number of reports submitted through 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 metrics202420232025Workforce 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)5512741361Full three-year historical data not available.2The comparative information for 2023 is not covered by PwCâs limited assurance conclusion on pages 147-148.Accounting policiesAverage invoice payment days (days)The average invoice payment days are calculated as the average monthly trade payables 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 (%) The percentage of payments made within the specific vendor payment terms at the time of posting. This is 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. 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) The number of ongoing court cases at year-end relating to settlement of disputes about late or non-payment by DSV to its suppliers.Statement on sustainability due dilligenceCore elements of due diligence1Sections in the sustainability statementPagea) Embedding due diligence into governance, strategy and business modelSustainability governance44Double materiality assessment46-48b) Engaging with affected stakeholders in all key steps of the due diligenceEngaging with stakeholders45Double materiality assessment46-48Being a people business67-68c) Identifying and assessing negative impactsDouble materiality assessment46-48d) Taking actions to address those negative impactsEnvironmental information51-60Social information67-75Governance information79-81e) Tracking the effectiveness of these efforts and communicatingEnvironmental data61-64Social data76-78Governance data82</mrv:SustainabilityReport>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="f0__s10__8__9">https://www.dsv.com/en/governance-reports</mrv:LinkToCorporateGovernanceReport>
<mrv:LinkToStatementOfPolicyForDataEthics contextRef="ctx-32" id="f0__s10__8__8">https://www.dsv.com/en/data-ethics-reports</mrv:LinkToStatementOfPolicyForDataEthics>
<mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f0__s10__8__12" xml:lang="en">EU taxonomyAccounting policiesAs a listed Danish company, DSV assesses and reports on our economic activities in accordance with the EU Taxonomy regulation (EU)2020/852, as amended by Delegated Regulation (EU) 2026/73. Our financial reporting systems, which provide detailed data on business and account level activities, are applied in assessing Taxonomy-related disclosures. These systems are also used to assess capital and operational expenditures, ensuring that no double counting on CapEx and OpEx disclosures occur.Revenue, capital and operational expenditures applied in the reporting tem-plates are based on the 2025 consolidated financial statements presented in this Annual Report. Taxonomy templates disclosed have been prepared in accordance with the amendments to (EU) 2021/2178 adopted by Delegated Regulation (EU) 2026/73. For accounting policies relating to revenue, please refer to note 2.2 Revenue; for capital expenditures, please refer tonote 3.2 Intangible assets, 3.3 Property, plant and equipmentand 3.6 Leases; and for operational expenditures please refer to note 3.6 Leases. Additional main-tenance, repair and service costs are included in note 2.3 Direct costand 2.4 Other external cost.The 2025 EU Taxonomy assessment of eligibility and alignment across revenue, CapEx and OpEx includes DSV operations for the full reporting period (1 January to 31 December 2025) and Schenker operations from 1 May to 31 December 2025, including Schenker CapEx opening balance additions. The acquisition of Schenker has not resulted in the identification of any significant new material eligible activities different from existing legacy DSV activities.Eligibility of DSV's economic activities DSVâs core economic activities comprise freight-forwarding services and contract logistics (mainly as defined by NACE code H52 â Warehousing and support activities for transportation). Following a thorough analysis of the EU Taxonomy reporting framework and related guidance, and applying professional judgement, we have assessed that our core business activities are currently not covered by the technical screening criteria of the Delegated Acts of the EU Taxonomy. As a global freight-forwarding and logistics company, our business model comprises warehousing services and arrangement of transportation of goods for our customers through our global network. Our asset-light business model implies very limited recognition of taxonomy-eligible revenue, costs and invest-ments, as the actual transportation involved in our logistic services to our customers are purchased from and carried out by third-party freight-carrier suppliers. As the greenhous gas-emitting transport equipment used in carrying out the physical transportation is almost entirely owned, operated and con-trolled by third parties, eligibility assessment of the transport activity rests with the freight carriers in accordance with the technical screening criteria outlined in the Delegated Acts. For other economic activities not related to our core freight-forwarding and contract logistics services, these fall below our 10% materiality threshold applied in assessing eligibility and alignment of our economic activities. Following an analysis of our capital expenditures (CapEx) for the year, signifi-cant eligible investments were identified relating to CCM 7.1 Construction of new buildings and CCM 7.7 Acquisition and ownership of buildings. Additions on operating equipment relating to CCM 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 recognised as right-of-use assets these investments have not been included in the CapEx reporting template in accordance with the requirements of section 1.1.2.1 of (EU) 2021/2178.Total operating expenditures (OpEx) as defined by 1.1.3.1 in Annex I of (EU) 2021/2178 amount to DKK 3,458 million for the year. These expenditures are not considered material for reporting purposes â neither in relation to purchased output from taxonomy-aligned economic activities (equal to zero), nor with regard to the nature and value of total expenditures recognised in relation to our business model. Operating expenditures mainly relate to various costs, including service costs, incurred in day-to-day operation and maintenance of warehouses, terminals, office buildings, and other plant and operating equip-ment such as forklifts, trailers, company cars and IT-infrastructure. Alignment of DSV's economic activities In 2025, we have pursued more detailed information to evaluate how our iden-tified eligible activities align with substantial contribution and do-no-significant-harm criteria. Our assessment was based on technical documentation provided by contractors, local authorities (in the region of construction) and obtained certifications. On minimum safeguards, DSV furthermore applies strict require-ments in respect of human and labour rights, following national and inter-national regulations and guidelines. Due to challenges in attaining sufficient data fully supporting the extensive and highly detailed documentation requirements on the substantial contribution and do-no-significant-harm criteria â particularly regarding externally leased build-ings which makes up the majority of our CapEx additions for the year â DSV currently does not have sufficient information to assess all alignment criteria on building investments made as defined by the EU Taxonomy. While many criteria were fully or partially satisfied, for some criteria sufficient evidence could not be obtained to fully attest alignment.New building investments made in 2025 have been classified as eligible in-vestments, although a number of these meet the â10% below nearly zero-energy building (NZEB)â criterion. DSV is actively working to enhance access to documentation on building investments, aiming to better comply with the documentation requirements of the Delegated Acts. EU taxonomy statementsProportion of turnover (revenue), CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities â Summary KPIs 2025Â Breakdown by environmental objectives of Taxonomy-aligned activitiesKPI Total (DKKm)Proportion of Taxonomy eligible activities(%)Taxonomy aligned activities(DKKm)Proportion of Taxonomy aligned activities (%)Climate change mitigation(%)Climate changeadaptation (%)Water (%)Circular Economy (%)Pollution(%)Biodiversity (%)Proportion of enabling activities (%)Proportion of transitional activities (%)Not assessed activities considered non-material (%)Taxonomy aligned activities in previous financial year (DKKm)Proportion of Taxonomy aligned activities in previous financial year (%)Turnover (revenue)247,331-----------2.6%--CapEx38,20879.7-------------OpEx13,458-----------100.0%--1Of total OpEx expenditures of DKK 3,458 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) â neither when considering the monetary value of expenditures realised, nor when considering these in light of our business model.Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities â Activity breakdown 2025 Environmental objective of Taxonomy-aligned activitiesEconomic activitiesCodeTaxonomy eligible KPI (Proportion of Taxonomy eligible CapEx) (%)Taxonomy aligned KPI (monetary value of CapEx) (DKKm)Taxonomy aligned KPI (Proportion of Taxonomy aligned CapEx) (%)Climate change mitigation(%)Climate changeadaptation (%)Water (%)Circular Economy (%)Pollution(%)Biodiversity (%)Enablingactivity (E)Transitionalactivity (T)Proportion of Taxonomy aligned in Taxonomy eligibleConstruction of new buildingsCCM 7.17.0%-----------Acquisition and ownership of buildingsCCM 7.772.7%-----------Sum of alignment per objective------Total KPI79.7%-----------</mrv:DescriptionofTheTaxonomyRegulation>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f0__s10__8__14" xml:lang="en">Diversity and inclusionAs a global organisation, we have employees from diverse backgrounds, who bring unique skills and expertise to our company.TopicDiversity and inclusionESRS S1Key policies⢠Code of Conduct⢠Sustainability Policy⢠Diversity & Inclusion Policy ⢠DSV Recruitment Policy⢠Policy for Succession Planning and Senior Recruitments within the DSV GroupTargets2030⢠Global targets for women at senior management levelsKey actions⢠Mandatory D&I e-learning for all managers and HR ⢠Mandatory recruitment training with focus on biases for all managers and HR⢠Mandatory D&I module in DSV Leadership Training ⢠Gender focus in senior succession planning and recruitment⢠Women in DSV Leadership programmeA diverse and inclusive workplace Our workforce comprises people of different cultures, backgrounds, experiences and skills. This diversitycontributes to our unique corporate culture and innovative work environment, enabling employees to thrive and realise their potential. Our Diversity & Inclusion Policy covers not only gender, but also other diversity traits, such as race, age, disability, sexual, religious and political orientation, national origin and cultural background. The policy is supported by our Codes of Conduct. Our own employees and suppliersâ employees are required to adopt a stance against discrimination, differential treatment, harassment, inappro-priate or unreasonable interference with work performance, or any other conduct based on diversity traits. Our position on diversity and inclusion applies to all people working at or with DSV globally, regardless of their employment status. Our commitment to diversity is also reflected in other policies, such as our Policy for Succession Planning and Senior Recruitments, which outlines criteria for gender representation in succession plan-ning and internal and external recruitment situations. As an exam-ple, the policy requires that both genders be included on the short-list of eligible candidates for director-level and above. Global gender diversity targetThe gender distribution in senior management positions at DSV reflect the broader trend of low female representation across the transport and logistic industry. We monitor the global gender composition at all organisational levels to track progress and identify areas of improvement. In 2025, female employees represented 38% of the total workforce.DSV has set a global, three-tier target for women at senior man-agement levels by 2030. The target reflects our ambition to build a gender-balanced talent pipeline at our highest management levels. In 2025, the proportion of female managers was 35%, which is on par with 2024 at 35%.ActionsTo support our ambitions, we have selected several key initiatives expected to deliver the biggest impact based on feedback from relevant stakeholders and departments, insights from successful past initiatives and best practice. These initiatives combine training, awareness campaigns and requirements for minimum representation in key processes, such as recruitment and succession planning. Training and leadership initiatives Diversity and inclusion training is mandatory for all managers and P&O employ-ees. Employees regularly involved in recruitment activities receive additional training. Furthermore, DSVâs general leadership training programme includes a mandatory module on diversity and inclusion. The purpose of these trainings is to remove barriers to equal opportunities by raising awareness of potential biases and stereotyping that may hinder our recognition of individual differ-ences and capabilities. To facilitate knowledge sharing between our P&O teams and managers, we have established a dedicated Diversity & Inclusion (D&I) working groupto drive this agenda throughout our organisation. RemunerationDSV monitors the pay gap between female and male compensation at DSV. In 2025, the average salary of female employees was 5.6% lower than the average male salary. As DSV operates in more than 90 countries, the average pay gap reflects structural and operational differences affecting workforce composition across our global operations. In 2025, the CEO remuneration ratio compared to median DSV employee salary was 137.Local diversity and inclusion differences Priorities vary from country to country, which is why we work with diversity and inclusion on both global and local level. The global framework applies to the entire DSV Group, while local D&I initiatives address country-specific contexts and requirements. In addition to our material topic of gender, local P&O teams may implement relevant actions based on their unique insights into the D&I 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 recruitment agencies specialised in minority groups to developing targeted content for training and leadership programmes.Women in LeadershipOur "Women in Leadership" programme is designed to support and motivate more women to take on leadership positions and/or to aim for higher manager positions within the organisation.The goal of the initiative is to support women with relevant tools, build networks, engage local management and ultimately improve the gender balance at leadership positions.</mrv:StatementOfTheDiversityPolicies>
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<fsa:AverageNumberOfEmployees contextRef="ctx-47"
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id="f0__s10__9__56"
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f0__s10__8__177" 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 â 31 December 2025.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 Standards 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. Managementâs 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 2025 of the Group and the Parent Company and of the results of the Group and Parent Company operations and cash flows for 2025.In our opinion, Managementâs 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 Managementâs 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 âProcessâ) is in accordance with the description set out in the section titled "Double materiality assessment". Furthermore, disclosures within the section "EU taxonomy" are, in all material respects, in accordance with Article 8 of EU Regulation 2020/852 (the âTaxonomy Regulationâ).The sustainability statement includes forward-looking state-ments based on 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 anticipated events frequently do not occur as expected.In our opinion, the annual report of DSV A/S for the financial year 1 January to 31 December 2025 with the file name DSV-2025-12-31-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" id="f0__s10__8__178" xml:lang="en">Hedehusene</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f0__s10__8__179">2026-02-04</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-33" id="f0__s10__8__180" xml:lang="en">Jens H. Lund </cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-33" id="f0__s10__8__181" xml:lang="en">CEO </cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-34" id="f0__s10__8__182" xml:lang="en">Michael Ebbe</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-34" id="f0__s10__8__183" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-35" id="f0__s10__8__184" xml:lang="en">Brian Ejsing</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-35" id="f0__s10__8__185" xml:lang="en">COO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-36" id="f0__s10__8__186" xml:lang="en">Thomas Plenborg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-36" id="f0__s10__8__187" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-37" id="f0__s10__8__188" xml:lang="en">Jørgen Møller</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-37" id="f0__s10__8__189" xml:lang="en">Deputy Chairman </cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-39" id="f0__s10__8__191" xml:lang="en">Beat Walti</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" id="f0__s10__8__193" xml:lang="en">Benedikte Leroy </cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-38" id="f0__s10__8__190" xml:lang="en">Natalie Shaverdian Riise-Knudsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="f0__s10__8__194" xml:lang="en">Sabine Bendiek </cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="f0__s10__8__192" xml:lang="en">Tarek Sultan Al-Essa</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s10__8__196" xml:lang="en">To the shareholders of DSV A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s10__8__197" 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 Groupâs and the Parent Companyâs financial position at 31 December 2025 and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year 1 January to 31 December 2025 in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (âIASBâ) 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 Auditorâs Long-form Report to the Audit Committee and the Board of Directors.What we have auditedThe Consolidated Financial Statements (pp 83-130)and Parent Company Financial Statements (pp 131-142)of DSV A/S for the financial year 1 January to 31 December 2025 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 âFinancial Statementsâ.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f0__s10__8__198" 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 responsibilities under those standards and requirements are further described in the Auditorâs responsibilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) as applicable to audits of financial statements of public interest entities, 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 nine years including the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="f0__s10__8__199" 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 2025. 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. Schenker - Purchase price allocation Schenker Aktiengesellschaft and its affiliates (âSchenkerâ) were acquired with accounting effect at 30 April 2025 after all necessary regulatory approvals were obtained. The business combination is accounted for in accordance with IFRS 3.The assets, liabilities and contingent liabilities acquired were stated at their fair values, which were determined in preparing the purchase price allocation (âPPAâ).Preparing the PPA includes identifying and valuing assets acquired, as well as liabilities assumed, at fair value at the acquisition date. The valuation of cus-tomer relationships, provisions for litigations and claims as well as uncertain tax positions are inherently complex and requires management judgement and estimation, including selection of appropriate valuation methodologies, applica-tion of relevant data, and determination of key assumptions by Management In preparing the PPA, Management used generally recognised valuation meth-odologies. To determine the fair value of the separately identified assets and liabilities in a business combination, these valuation methodologies require inputs based on key assumptions about the future, e.g. future cash flowforecasts based on expected market developments, customer churn rates and discount rates. We focused on this area because of the significance of the amounts in the PPA and because the PPA requires significant management judgements and estimates, including methods, data applied and key assumptions made by Management.Reference is made to note 6.1in the Consolidated Financial Statements.How our audit addressed the key audit matterOur audit procedures included considering the appropriateness of the account-ing policies for business combinations applied by Management and assessing compliance with applicable IFRS Accounting Standards, including disclosure requirements.We engaged in discussions with Management and challenged the completeness of the identifiable assets acquired and liabilities assumed at the acquisition date.We engaged our internal valuation specialists to evaluate the valuation meth-odologies and key assumptions applied by Management in determining the fair value of customer relationships. Additionally, we engaged our internal tax specialists to assess the provisions for uncertain tax positions.We challenged management judgements and estimates, including valuation methodologies and data applied as well as key assumptions made by Management to determine the fair value of the assets acquired and liabilities assumed in the business combination, with particular attention to the fair value of the acquired customer relationships and provisions for litigations and claims as well as uncertain tax positions.Revenue recognition, contract assets and accrued cost of services The Groupâs 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 regarding 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 contract assets and cost of services rendered is, therefore, complex and dependent on relevant IT controls in certain IT systems as well as significant management judgement and estimates. Furthermore, particularly 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 characteristics 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 matter Our 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 Groupâs accounting policies and were operating effectively.For contract assets and accrued cost of services, we examined reports con-cerning services in progress at year-end and challenged the estimates made by Management regarding revenue and related cost accruals, including Managementâs applied 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" id="f0__s10__8__200" xml:lang="en">Statement on Managementâs ReviewManagement is responsible for Managementâs Review (pp 1-82and 149-153).Our opinion on the Financial Statements does not cover Managementâs 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 Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether Managementâs Review includes the disclosures 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 auditorâs limited assurance report hereon.Based on the work we have performed, in our view, Managementâs 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 Managementâs Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f0__s10__8__201" xml:lang="en">Managementâs responsibilities for the Financial Statements Management 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 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 determines 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 Groupâs and the Parent Companyâs 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 alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f0__s10__8__202" xml:lang="en">Auditorâs responsibilities for the audit of the Financial Statements Our 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 auditorâs 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 professional 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 Groupâs and the Parent Companyâs internal control.⢠Evaluate the appropriateness of accounting policies used and the reasonable-ness of accounting estimates and related disclosures made by Management.⢠Conclude on the appropriateness of Managementâs use of the going con-cern 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 Groupâs and the Parent Companyâs ability to con-tinue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related dis-closures 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 auditorâs report. However, future eventsor 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 identify 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 auditorâs report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f0__s10__8__203" 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 2025 with the filename DSV-2025-12-31-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 preparation 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 taxonomy, 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⢠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 auditorâs 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 companyâs 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 companyâs 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 2025 with the file name DSV-2025-12-31-en.zipis prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f0__s10__8__204" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f0__s10__8__205">2026-02-04</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-43" id="f0__s10__8__206" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-44" id="f0__s10__8__207" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-43" id="f0__s10__8__208">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-44" id="f0__s10__8__209">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-43" id="f0__s10__8__210" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-43" id="f0__s10__8__211" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-43" id="f0__s10__8__212">mne33251</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-44" id="f0__s10__8__213" xml:lang="en">Anders Stig Lauritsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-44" id="f0__s10__8__214" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-44" id="f0__s10__8__215">mne32800</cmn:IdentificationNumberOfAuditor>
<arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f0__s10__8__217" xml:lang="en">Independent auditorâs 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 âGroupâ) included in Managementâs Review, pages 42-82and149-153, for the financial year 1 January â 31 December 2025 (the âSustainability Statementâ).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 in-formation reported in the Sustainability Statement (the âProcessâ) is in accordance with the description set out in the section "Double materiality assessmentâ, pages 46â48;and⢠compliance of the disclosures in the section âEU taxonomyâ pages 65â66of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the âTaxonomy Regulationâ).Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engage-ments other than audits or reviews of historical financial information (âISAE 3000 (Revised)â) 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 Auditorâs 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 Accountantsâ 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 management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Other MatterThe comparative information with a footnote included in the Sustainability Statement of the Group for the financial year 1 January â 31 December 2023 was not subject to an assurance engagement. Our conclusion is not modified in respect of this limitation of scope.Managementâs 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 the section "Double material-ity assessmentâ of the Sustainability Statement. This responsibility includes:⢠understanding the context in which the Groupâs 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 Groupâs 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 the 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 the ESRS;⢠preparing the disclosures as included in the section âEU taxonomy â 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 the 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.Auditorâs 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 Groupâs description of its Process, as disclosed in the section âDouble materiality assessmentâ. 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 identification 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 understand the sources of the information used by Management; and reviewing the Groupâs 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 the section "Double materiality assessmentâ.In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:⢠Obtained an understanding of the Groupâs reporting processes relevant to the preparation of its Sustainability Statement, including the consolidation processes, by obtaining an understanding of the Groupâs 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 are 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 Managementâs Review;⢠Evaluated the methods, assumptions and data for developing estimates and forward-looking information; and⢠Obtained an understanding of the Groupâs process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement.</arr:AuditorsReportOnSubstainabilityReport>
<arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f0__s10__8__218" xml:lang="en">To the Stakeholders of DSV A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
<arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f0__s10__8__219" xml:lang="en">Limited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of DSV A/S (the âGroupâ) included in Managementâs Review, pages 42-82and149-153, for the financial year 1 January â 31 December 2025 (the âSustainability Statementâ).</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
<arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f0__s10__8__220" 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 in-formation reported in the Sustainability Statement (the âProcessâ) is in accordance with the description set out in the section "Double materiality assessmentâ, pages 46â48;and⢠compliance of the disclosures in the section âEU taxonomyâ pages 65â66of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the âTaxonomy Regulationâ).</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
<arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="f0__s10__8__221" xml:lang="en">Auditorâs 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 Groupâs description of its Process, as disclosed in the section âDouble materiality assessmentâ. 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" id="f0__s10__8__222" xml:lang="en">Hellerup</arr:SignatureOfSubstainabilityAuditorsPlace>
<arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="f0__s10__8__223">2026-02-04</arr:SignatureOfSubstainabilityAuditorsDate>
<cmn:NameOfAuditFirmSubstainability contextRef="ctx-45" id="f0__s10__8__224" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
<cmn:NameOfAuditFirmSubstainability contextRef="ctx-46" id="f0__s10__8__225" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
<cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-45" id="f0__s10__8__226">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
<cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-46" id="f0__s10__8__227">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
<cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-45" id="f0__s10__8__228" xml:lang="en">Kim Tromholt </cmn:NameAndSurnameOfSubstainabilityAuditor>
<cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-45" id="f0__s10__8__229" xml:lang="en">State AuthorisedPublic Accountant </cmn:DescriptionOfSubstainabilityAuditor>
<cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-45" id="f0__s10__8__230">mne33251</cmn:fIdentificationNumberOfSubstainabilityAuditor>
<cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-46" id="f0__s10__8__231" xml:lang="en">Anders Stig Lauritsen </cmn:NameAndSurnameOfSubstainabilityAuditor>
<cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-46" id="f0__s10__8__232" xml:lang="en">State AuthorisedPublic Accountant </cmn:DescriptionOfSubstainabilityAuditor>
<cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-46" id="f0__s10__8__233">mne32800</cmn:fIdentificationNumberOfSubstainabilityAuditor>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" id="f0__s2__72__15">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-1" id="f0__s2__72__16">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-1" id="f0__s2__72__17" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f0__s2__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" id="f0__s2__72__21">2025-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" id="f0__s2__72__22">2024-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1" id="f0__s2__72__23">2024-12-31</gsd:PredingReportingPeriodEndDate>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-1" id="f0__s2__72__42">529900X41C0BSLK67H70</gsd:LegalEntityIdentifierOfReportingEntity>
<fsa:ClassOfReportingEntity contextRef="ctx-1" id="f0__s2__72__43">Reporting class D</fsa:ClassOfReportingEntity>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s2__72__47">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s2__72__48">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
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