26366348 2025-01-01 2025-12-31 26366348 2025-01-01 2025-12-31 1 26366348 2025-01-01 2025-12-31 1 26366348 2025-01-01 2025-12-31 2 26366348 2025-01-01 2025-12-31 3 26366348 2025-01-01 2025-12-31 4 26366348 2025-01-01 2025-12-31 1 26366348 2025-01-01 2025-12-31 2 26366348 2024-01-01 2024-12-31 26366348 2025-12-31 26366348 2024-12-31 26366348 2024-12-31 fsa:ContributedCapitalMember 26366348 2024-12-31 fsa:RetainedEarningsMember 26366348 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 26366348 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 26366348 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 26366348 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 26366348 2025-12-31 fsa:ContributedCapitalMember 26366348 2025-12-31 fsa:RetainedEarningsMember 26366348 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember xbrli:pure iso4217:DKK 25 Statement by Management on the Annual ReportToday, the Board of Directors and the Executive Board have discussed and approved the Annual Report of DSV Solutions Holding A/S for the financial year 1 January - 31 December 2025. The Annual Report has been prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025.Further, in our opinion, the Management's review gives a fair review of the development in the Company's operations and financial matters and the result of the Company's operations and financial position.We recommend that the Annual Report be approved at the annual general meeting. Hedehusene, Maciej G. Walenda Jens H. Lund (Chairman) Michael Ebbe Vice-Chairman Brian S. Ejsing Vice-Chairman Vishal Sharma OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of DSV Solutions Holding A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). 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 “Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management’s Responsibilities for the Financial StatementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with 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 Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually 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 conducted 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 procedures 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 Company’s internal control.► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.► Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.► Evaluate the overall presentation, structure and contents 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.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. To the Shareholder of DSV Solutions Holding A/S Hellerup, PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 State Authorised Public Accountant State Authorised Public Accountant Anders Stig Lauritsen Poul P. Petersen mne32800 mne34503 DSV Solutions Holding A/S Hovedgaden 630 2640 Hedehusene +45 43 20 30 40 +45 43 20 30 41 26366348 Høje-Taastrup MANAGEMENT'S REVIEWFinancial highlights2025 2024 2023 2022 2021Key figures (in thousands DKK):Operating loss -18,369 -9,914 -13,954 -2,066 -2,433Net financials -51,926 -105,115 -68,326 -66,476 -9,896Profit/loss for the year 235,755 376,653 435,340 327,929 -311,574Shareholders' equity at year-end 1,419,795 1,184,479 809,755 377,389 50,577Total assets 8,057,328 3,598,457 3,534,895 3,157,346 2,667,855Investments for the year 4,412,492 113,137 480,971 901,453 1,116,014Ratios:Return on equity 18.11% 37.77% 73.34% 153.25% -28.80%Solvency ratio 17.62% 32.92% 11.95% 1.90% 57.73%Financial ratios are calculated in accordance with the Danish Finance Society's guidelines on the calculation of financial ratios as stated below:Profit/loss x 100Return on equityAverage equity Equity x 100Solvency ratioTotal AssetsBusiness reviewIn this section we refer to the DSV Group's Annual Report, where the business review has been highlighted for the Contract Logistics division. The report is available at: https://investor.dsv.com/reports-presentationsThe Contract Logistics division achieved revenue growth of 72.4%, an increase in gross profit of 89.3% and 66.0% higher EBIT before special items in 2025 compared to 2024, including a significant contribution from Schenker. The integration of Schenker complements DSV’s commercial approach and has also improved our mix of warehousing capacity. In combination with the consolidation strategy, this is expected to deliver improved margins and a higher return on invested capital. The contract logistics market was relatively stable in 2025, compared to the air, sea and road freight markets. However, the warehousing activities were still impacted by macroeconomic factors, particularly the global trade tariffs announced by the US administration. While activity increased in APAC and the US markets driven by the tariff effects, Europe faced pressure from weak performance in the automotive, consumer and retail sectors. The weak road market also had a negative impact on Contract Logistics.With the acquisition of Schenker, we expanded our presence in APAC and North America and almost doubled our global footprint. DSV contributed an additional more than 400,000 m² to the combined footprint, offset by reductions in non-strategic markets to maintain an optimal balance between capacity and operational efficiency.The Schenker acquisition further complements our commercial strategy, and we saw strong growth with our large- and mid-sized accounts in 2025, especially within the Technology vertical. We are focusing more on building strategic partnerships and expanding value-added services instead of simply growing our warehousing footprint.In 2025, we advanced our carbon reduction initiatives by further expanding our solar panel capacity and outfitting around 2.2 million sqm of additional warehousing space with LED lighting to improve energy efficiency. We began replacing acid-battery forklifts with lithium-ion models as part of our ongoing efforts towards more carbon-efficient operations. In parallel, we improved data quality, which is key to creating a roadmap based on measurable progress and enabling our customers to better plan their decarbonisation journey.ResultsFor the financial year, the Company reports a net profit after tax of t.DKK 235,755, compared with a net profit after tax of t.DKK 376,653 in the preceding year. The financial result for the year can be seen in relation to the expectations for 2025 stated in the Company’s 2024 annual report, which projected a net profit after tax in the range of t.DKK 250,000 - 300,000. The change in the net result after tax is primarily attributable to a lower return on investments in Group Enterprises and Associated Companies.Management notes that the financial result for the year did not meet the expectations stated for the period.InvestmentsIn 2025, the Company had investments in Group Enterprises and Associated Companies amounting to t.DKK 4,412,492Events after the reporting dateNo events have occurred after the reporting period 31 December 2025, of importance to the financial statements.OutlookIn 2026, we will continue consolidating our footprint as part of the Schenker integration and eliminating loss-making operations. Our goal is to optimise ROIC and right-size our capacity to align with the market situation across regions. In addition to enhancing utilisation of existing capacity, we prioritise growing our largest customer accounts, especially within Technology, and expanding our Control Tower concept. We see attractive growth opportunities in North America and APAC, where demand remains high. Commercially, we will focus on high-profitability areas in attractive verticals, customer segments and geographies. Our strategy includes differentiating our offerings to specific customer needs while continuously investing in our organisational capabilities to deliver complex large-scale solutions. In addition, we will continue to optimise and streamline our warehouse operations for global service consistency. It is anticipated that the earnings for 2026 will be higher compared to 2025 and in a range between t.DKK 250,000 - 300,000 due to higher return on investments in Group Enterprises and Associated Companies.Uncertainty relating to recognition and measurementInvestments in Group Enterprises and Associated Companies are recognised at cost and subsequently measured at cost less any accumulated impairment losses. The carrying amounts are subject to annual impairment testing or when indicators of impairment arise.The impairment test performed in 2025 is subject to inherent measurement uncertainty, as it is based on complex valuation models requiring significant assumptions and estimates. These include assumptions regarding current-year equity values and earnings, as well as management’s expectations and budgets for the following year.Given the uncertainty associated with these assumptions, there is a risk that actual future developments may differ from those expected. Should the underlying assumptions not be realised, in whole or in part, this may give rise to future impairment losses on investments in Group Enterprises and Associated Companies.Unusual risksThere are no unusual matters which influence the recognition and measurement in the annual report. Capital resourcesThe Company has a solid capital resource due to the fact that the Company is a part of the cashpool in the DSV Group. The capital resource is supported by the Groups strategic goal to secure sufficient financial flexibility. Business activities and missionThe Company is a 100% owned subsidiary of DSV A/S. The Company’s financial statements are a part of the consolidated financial statements for DSV A/S.DSV Solutions Holding A/S invests in companies which offers logistics and supply chain management services to multinational and local customers. Reporting on corporate social responsibility cf. section 99b of the Danish Financial Statements ActDSV Solutions Holding A/S is a subsidiary of the DSV Group (CVR No.: 58233528). The Group issues the consolidated financialstatements of DSV Group, which also includes the corporate social responsibility, the DSV Sustainability Statement 2025, inaccordance with section 99b of the Danish Financial Statements Act. The report is available at: https://www.dsv.com/en/sustainability-esg/our-reporting/sustainability-reports Reporting on Data Ethics policies cf. section 99d of the Danish Financial Statements ActThe DSV Group report (CVR No.: 58233528) separately on our policies and approach to Data Ethics in accordance with section 99dof the Danish Financial Statements Act. The report is found in DSV A/S' Statutory Report on Data Ethics, available at: https://www.dsv.com/en/data-ethics 288106000 232744000 -288106000 -232744000 5772000 2979000 275509000 225809000 -18369000 -9914000 293501000 472554000 52536000 15063000 104462000 120178000 223206000 357525000 -12549000 -19128000 235755000 376653000 6219695000 3249030000 59003000 38058000 37176000 41404000 6315874000 3328492000 6315874000 3328492000 38054000 38054000 1682211000 208105000 13815000 20307000 2765000 2301000 4609000 1198000 1741454000 269965000 1741454000 269965000 8057328000 3598457000 100000000 100000000 1319795000 0 0 1084479000 1419795000 1184479000 6606807000 2391807000 6606807000 2391807000 179000 43000 20222000 14039000 10325000 8089000 30726000 22171000 6637533000 2413978000 8057328000 3598457000 100000000 1084479000 0 1184479000 0 -439000 0 -439000 0 -1084040000 1319795000 235755000 100000000 0 1319795000 1419795000 Note 1. Accounting policiesThe Annual Report of DSV Solutions Holding A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large reporting class C entities. The amounts in the Annual Report are stated in Danish kroner (DKK) and rounded to the nearest thousands.Fees to auditors appointed at the annual general meetingIn accordance with section 96.3 of the Danish Financial Statements Act, no information about fees to appointed auditors at the Annual General Meeting are disclosed, due to the information is disclosed on group level in the consolidated financial statements of DSV A/S.Foreign currency translationOn initial recognition, foreign currency transactions are translated at the exchange rate ruling at the transaction date. Exchange differences between the exchange rates at the transaction date and the date of payment are recognised in the income statement under financial income and expenses.Receivables, payables and other monetary items denominated in a foreign currency are translated at the exchange rate ruling at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date on which the receivable or payable was recorded or the exchange rate used in the latest annual report is recognised in the income statement as financial income and expenses.Income statementStaff costsStaff costs include wages and salaries, pensions, social security costs and other staff costs.Other external expensesOther external expenses comprise expenses incurred during the year related to management and administration of the company, including expenses for administrative personnel, management, office premises and expenses and office supplies.Other operating income and costsOther operating income includes revenue from all other operating activities which are not related to the principal activities of the company, such as gains/losses from disposals and invoicing of service fees to subsidiaries. Other operating costs are mainly related to restructuring costs.Income from investments in Group enterprises and associated companiesDividends from investments in Group enterprises and associated companies are recognised in the Company's income statement in the financial year in which the dividends are declared. If the dividends distributed exceed accumulated earnings after the date of acquisition, dividends are, however, not recognised as income in the income statement, but as an adjustment of the cost of the investment.Financial income and expensesFinancial income and expenses include interest income and expense, capital gains and losses in respect of securities, payables and transactions denominated in foreign currencies and amortisation of financial assets and liabilities as well as surcharges and refunds under the tax prepayment scheme etc. Tax on profit/loss for the yearDSV Solutions Holding A/S is subject to the Danish regulations relating to compulsory joint taxation of the DSV Group. The subsidiaries are included in the joint taxation from the time of entering the consolidation in the consolidation annual accounts and up to the time when they are deconsolidated.The current Danish corporation tax is allocated by settlement of the jointly taxed companies compared with the taxable income of theses companies. In this connection, the companies with tax losses receive joint taxation contribution from the companies which are able to apply theses losses to reduce own taxable gains (full allocation).Tax for the year, which comprises of the current corporation tax for the year, joint taxation contribution and changes in deferred tax are taken to the profit and loss account with the part which is attributable to the profit/loss for the year and directly taken to equity with the part which is attributable to entries directly in equity.Balance sheetInvestments in Group enterprises and associated companiesInvestments in Group enterprises and associated companies are measured at cost. If the cost exceeds the recoverable amount, the investment is written down to this lower value.The cost is adjusted if dividends distributed exceed accumulated earnings after the date of acquisition.Impairment of non-current assetsThe carrying amounts of other non-current assets are calculated once a year to determine whether there is an indication of impairment. If so, their recoverable amounts are calculated. The recoverable amount is the higher of the fair value of the asset less the expected disposal costs and the value in use. The value in use is calculated as the present value of expected future cash flow from the asset or the cash-generating unit of which the asset forms part. Impairment losses are recognised if the carrying amount of an asset or a cash-generating unit exceeds the recoverable amount of the asset or cash-generating unit. Impairment losses are recognised in the income statement under amortisation, depreciation and impairment losses. Impairments of investments are included in share of income from investments.Impairment of other investments is reversed if the assumptions and estimates on, which the impairment is based have changed. Impairments are reversed if the new carrying amount of the asset exceeds the book value.Other receivablesOther receivables are measured at amortised cost, which usually corresponds to the nominal value. The value is reduced by write-downs for bad debts.EquityProposed dividends are recognised as a liability when adopted at the annual general meeting (date of declaration). Expected dividends for the year are shown as a separate item under equity.Incentive programmesThe Company’s incentive schemes include equity-settled share-barsed share option and warrants programmes, which are settled in DSV A/S shares.The value of the services, which the staff delivers in return for granting of options and warrants are measured at the fair value of the options and warrants.The equity-settled share-based payment arrangements are measured at fair value at the time of granting and are recognised in the profit and loss account under staff costs during the period where the final right to the options or warrants is achieved. The counter item is directly recognised in equity.In connection with the first recognition of share-based arrangements, the number of options and warrants, which the staff are expected to gain right to is estimated Subsequently, changes are adjusted for related to the number of the right of acquisition of options and warrants so that the total recognition is based on the actual number of rights of acquisition of options and warrants.The fair value of the granted options and warrants is estimated by the use of the Black-Scholes valuation method. By the estimation terms and conditions related to the granted options and warrants are taken into account.Corporation tax and deferred taxCurrent tax liabilities and outstanding current tax are included in the balance sheet as tax calculated on the taxable income for the year adjusted for tax from previous years’ taxable income and pre-paid taxes.Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amounts and the tax value of assets and liabilities. No recognition is made of deferred tax on temporary differences relating to items disallowed for tax purposes if, except at the acquisition of enterprises, such temporary differences arose on the date of acquisition without affecting the results or the taxable income. In cases where it is possible to calculate the tax value according to different tax rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised at the expected value of their utilisation, either by elimination in tax on future earnings or by offsetting deferred tax liabilities within the same legal tax entity or jurisdiction.Deferred tax assets and tax liabilities are set off if the enterprise has a legally enforceable right to set off current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously.Deferred tax assets are tested for impairment annually and are only recognised if they are likely to be utilised.Current liabilitiesOther liabilities including amounts owed to suppliers, affiliates and associates and other debts are valued at net realisable value. Consolidated financial statementsIn accordance with section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of DSV Solutions Holding A/S and its subsidiaries are included in the consolidated financial statements of DSV A/S. Cash flow statementIn accordance with section 86.4 of the Danish Financial Statements Act, no cash flow statement has been prepared. The cash flow statement of DSV Solutions Holding A/S and its subsidiaries are included in the consolidated financial statement of DSV A/S. true Note 2. Staff costsSpecification of staff costs:Salaries, wages, share options and warrants 5,330 2,748Pension costs 410 214Other expenses for social security 17 4Other staff costs 15 135,772 2,979 6 3 20252024DKK '000DKK '000Note 3. Income from investments in Group enterprises incl. impairmentDividend received from subsidiaries 381,964 676,916Impairment of investments in subsidiaries -88,463 -204,362293,501 472,554 Note 4. Financial incomeFinancial income from Group enterprises 51,342 11,467Foreign currency translation adjustments 942 3,544Other interest income 252 5252,536 15,063 Note 5. Financial expensesFinancial expenses to Group enterprises 92,469 108,773Foreign currency translation adjustments 11,910 11,403Other interest expense 83 2104,462 120,178 Information regarding remuneration to the Executive Board is excluded with reference to the Danish Financial Statements Act.Section 98 b, subsection 3.The Board of Directors does not receive renumeration for their roles as members of the board.DSV A/S has established a share option and warrant programme for the Group’s employees. The Executive Board in DSV Solutions Holding A/S has been granted share options from the programme. The Board of Directors have received options from the programme for their roles in DSV A/S. DSV Solutions Holding A/S’s part of costs regarding the share options and warrants program are included as staff costs on a continuing basis. Note 6. Tax for the yearCurrent tax for the year 13,815 21,769Withholding tax-4,147 -3,176Adjustment of the deferred tax charge for the year 464 91Prior year adjustments 2,417 44412,549 19,128 Note 7. Financial assetsInvestments in Group Enterprises and Associated Companies:Associated Group CostCompanies EnterprisesCost at 1/1 202563,143 5,353,663Capital increase - 161,088Additions from acquisitions - 4,251,404Reclassification 20,945 -20,945Disposals - -1,332,419Cost at 31/12 202584,088 8,412,791Write-offs and fair value adjustmentsWrite-offs and fair value adjustments at 1/1 2025-25,085 -2,104,633Reduction due to dividend received which exceed accumulated earnings after thedate of acquisition- -88,463Write-offs and fair value adjustments at 31/12 2025-25,085 -2,193,096Carrying amount at 31/12 202559,003 6,219,695Group EnterprisesCUR’000Company name Registered office Share Capital OwnershipCurrencyDSV Solutions A/S DENMARK 30,000100%DKKDSV Solutions AS NORWAY 297100%NOKDSV Contract Logistics AB SWEDEN 16,000100%SEKSchenker Logistics AB SWEDEN 10,000100%SEKDSV Contract Logistics Limited UNITED KINGDOM 1,000100%GBPDSV Real Estate Thrapston Limited UNITED KINGDOM 1100%GBPSchenker Limited UNITED KINGDOM 700100%GBPDSV Solutions Ltd. IRELAND 3,500100%EURSchenker (Ireland) Ltd. IRELAND 588100%EURDSV Solutions S.R.L. ITALY 12,000100%EURDSV Contract Logistics S.R.L. ROMANIA 8100%RONDSV Road S.R.L. ROMANIA 2,24698%RONDSV Solutions Group GmbH GERMANY 27100%EURDSV Services GmbH GERMANY 25100%EURDSV Solutions Holding B.V. NETHERLANDS 135100%EURIMS Holdings BV NETHERLANDS 44100%EURDSV Contract Logistics NV BELGIUM 29,40298%EURDSV Logistics N.V. BELGIUM 100100%EURDSV Contract Logistics SAS FRANCE 231100%EURDSV Contract Logistics GmbH AUSTRIA 36100%EURDSV Contract Logistics Kft. HUNGARY 6,000100%HUFDSV Services Sp. Z.o.o. POLAND 210100%PLNDSV Contract Logistics Sp. z o.o. POLAND 19,47679%PLNDSV Solutions Slovakia s. r. o. SLOVAKIA 3,200100%EURDSV Contract Logistics s.r.o. CZECH REPUBLIC 240100%CZKDSV Contract Logistics Co., Ltd. TAIWAN 150,000100%TWDDSV Solutions Co., Ltd. JAPAN 55,000100%JPYDSV Global Solutions Inc. PHILIPPINES 91,000100%PHPSchenker Logistics Inc. PHILIPPINES 11,000100%PHPPT DSV Solutions Indonesia INDONESIA 406,811,130100%IDRSchenker Global Management & Services PTE. LTD. SINGAPORE 50100%SGDDSV Solutions Pte Ltd. SINGAPORE 1,000100%SGDDSV Contract Logistics Co., Ltd. CHINA 6,000100%CNYDSV Logistics (Nanjing) Co., Ltd. CHINA 71,475100%CNYDSV Solutions Co., Ltd VIETNAM 1,408,539100%VNDDSV Solutions (DC) Sdn. Bhd. MALAYSIA 1,000100%MYRDSV Solutions (Management) Sdn. Bhd. MALAYSIA 1100%MYRDSV STATIONARY SDN. BHD. MALAYSIA 6,200100%MYRDSV Contract Logistics Ltd. KOREA 2,558,986100%KRWDSV Contract Logistics Limited HONG KONG 697,105100%HKDDSV FAIRS & EVENTS L.L.C UAE 17059%AEDDSV Solutions PJSC UAE 62,00051%AEDDSV Solutions Pty. Ltd. AUSTRALIA 26,600100%AUDDSV Solutions B.S.C Closed BAHRAIN 4,30099%BHDDSV Contract Logistics Inc. CANADA 56,872100%CADDSV Contract Logistics, S.A. de C.V. MEXICO 59,640100%MXNDSV Contract Logistics S.A.S. COLOMBIA 2,900,000100%COPPanalpina S.A. PANAMA 900100%USDAssociated CompaniesCUR’000Company name Registered office Share Capital OwnershipCurrencyDSV Contract Logistics Oy FINLAND 21439%EURDSV Solutions Ltd. THAILAND 72,50049%THBDSV Contract Logistics, Inc. PHILIPPINES 20,00040%PHP Note 8. Deferred tax asset20252024DKK '000DKK '000Deferred tax asset at 1/1 2,301 2,210Deferred tax for the year464 91Deferred tax asset at 31/12 2,765 2,301Intangible assets56 - Other assets-201 - Tangible assets480 633Other liabilities2,430 1,668Deferred tax asset2,765 2,301 Note 9. Share capitalThe Company's share capital amounts to t.DKK 100,000, divided into shares of t.DKK 10 each or multiples thereof and no changes for the last 5 years. Note 10. Non-current liabilitiesThe non-current liabilities to group companies are all due within 3 years. Note 11. Contingent liabilitiesThe Company is jointly registered for VAT with the Group's other Danish Companies. The Company is thus jointly and serverally liable for VAT as regards the jointly registration.The Company is assessed jointly for tax purposes together with the other domestic DSV Group entities. The Company is a wholly-owned subsidiary of DSV A/S and is under an unlimited and joint liability regime for Danish tax payments and withholding taxes on dividends, interest and royalties from the jointly taxed entities. The total amount is disclosed in the annual financial statements of DSV A/S, which is the administration company of the joint taxation arrangement. Any subsequent adjustments of the taxable consolidated profit or withholding taxes may result in an increase in the Company’s tax liability.20252024DKK '000DKK '000Guarantees for rent commitments, indemnification and subordination agreements re. subsidiaries.4,180,103 3,789,601 Note 12. Related parties and ownershipDSV Solutions Holding A/S related parties comprise the following:Parties exercising controlDSV A/S, Hovedgaden 630, DK-2640 HedehuseneOtherThe Company’s related parties are the companies in the DSV Group and the companies’ daily management.Transactions with related parties has been conducted on arms lenght principles.There are not entered agreements or other transactions with companies where the Board of Directors or the Executive Board have had any financial interest except from transactions related to the conditions of employment.20252024Transactions with related parties:DKK '000DKK '000Sale of service fee 274,326 226,158Sale of administration fee 7,130 4,687Purchase of service fee 21,983 19,821Purchase of administration fee 256,983 251,713Financial income 51,342 11,467Financial expenses 92,469 108,773The Company has bought shares from Group companies with a value of t.DKK 4,251,404 in 2025 (2024 t.DKK 0), and made capital increases of t.DKK 161,088 in 2025 (2024 t.DKK 113,137).The company has following receivables and payables as of 31 December:20252024DKK '000DKK '000Non-current receivables from Group enterprises 37,176 41,404 Current receivables from Group enterprises 1,682,211 208,105 Non-current liabilities to Group enterprises 6,606,807 2,391,807 Current liabilities to Group enterprises 87,322 14,039 OwnershipShareholders holding 5% or more of the share capital or the voting rights:DSV A/S, Hovedgaden 630, DK-2640 Hedehusene owns 100% of the shares in DSV Solutions Holding A/S. Note 13. Consolidated financial statementThe financial statements of DSV Solutions Holding A/S and its subsidiaries are included in the consolidated financial statements of DSV A/S, Hedehusene, Denmark. The consolidated financial statement of DSV A/S can be requested at the following address:DSV A/SHovedgaden 630or: DK-2640 Hedehusenewww.investor.dsv.com 1319795000 0 -1084040000 376653000 235755000 376653000 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-06-08 Patrick Julian Figiel-Kibsgaard Reporting class C, large enterprise 2026-04-30 58233528 DSV A/S Hovedgaden 630 2640 Hedehusene Opinion Basis for Opinion 2026-04-30 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab