Core Viewpoint - MT Højgaard Holding A/S is holding an Extraordinary General Meeting on August 18, 2025, to propose the election of two new board members, Christian Poulsen and Marie Louise Hansen, to replace outgoing members [1][2][3]. Group 1: Board Changes - The Board of Directors proposes the election of Christian Poulsen, CEO of Copenhagen Airport A/S, and Marie Louise Hansen, Vice President at DSV A/S, to the Board [2]. - The new nominees will replace Anders Lindberg and Janda Campos, who are resigning from the Board [2]. - Chairman Morten Hansen expressed satisfaction in attracting competent profiles to ensure the Board meets the needs and challenges of the company [3]. Group 2: Financial Calendar - The financial calendar has been updated to reflect the Extraordinary General Meeting, with key dates including the meeting on August 18, 2025, and interim reports for Q2 and Q3 2025 scheduled for August 19 and November 12, respectively [4].

Core Insights - BlackRock, Inc. has updated its shareholding in DSV A/S, indicating a change in its ownership percentage of shares and voting rights [1] Shareholding Changes - BlackRock's share capital and voting rights in DSV increased from 5.02% to 5.44% as of July 1, 2025 [1] - The share capital and voting rights held through financial instruments decreased from 0.73% to 0.09% [1] - Overall, BlackRock's total share capital and voting rights in DSV changed from 5.76% to 5.53% [1] - As of July 1, 2025, BlackRock controls a total of 13,316,782 shares/voting rights in DSV, representing 5.53% of the entire share capital and voting rights [1]

Group 1 - The H1 2025 interim results of DSV A/S are expected to be released on 31 July 2025 at 11:00 am CEST [1] - A webcast and conference call will be held to present the H1 2025 Interim Financial Report, followed by a Q&A session [1] - Participants wishing to ask questions during the conference call must register in advance and will receive dial-in information via email [2] Group 2 - Contact information for Investor Relations is provided, including names and telephone numbers for Stig Frederiksen and Alexander Plenborg [3]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Report's Core View - Shipping companies are affected by freight rate and fuel cost fluctuations. SCFIS(Europe) futures (EC) can manage freight rate volatility risks, and fuel oil futures (FU/LU) can hedge fuel cost fluctuations. The report constructs a hedging operation plan for container shipping futures from seven perspectives for enterprises' reference. Shipping companies can adopt different methods for cost management under different circumstances [5]. 3. Summary According to the Directory 3.1 Background 3.1.1 Participants of EC - **Shipping Enterprises**: They play an upstream role in the container shipping industry chain, usually operating in alliances. They can short EC to secure income. For example, in 2025, Mediterranean Shg Co ranked first globally with a fleet of 6,591,391 TEU and a share of 20.50% [15][18]. - **Freight Forwarders**: They are an important link between upstream shipping companies and downstream cargo owners. China's freight forwarding enterprises are under the supervision of the Ministry of Commerce. They bear the dual - sided volatility of freight rates. In 2024, Sinotrans ranked first in global ocean freight forwarders with a cargo volume of 4,872,248 TEU [20][22]. - **Cargo Owners**: They are usually worried about the climb of spot freight and can hold long positions in the container shipping futures market to manage risks. Cargo owners interested in EC are mainly in six industries: automobile, chemical, furniture, paper, photovoltaic, and home appliance. For example, the Red Sea Crisis led to unavailable export container space and volatile freight rates eroding profits [26]. 3.1.2 Hedging Principles - **Price Correlation**: The essence of hedging is risk hedging, based on the principle that spot and futures prices fluctuate in the same direction, and opposite positions are established to mitigate risks. Innovative derivative tools like OTC options, freight rate ETFs, and "insurance + futures" can also be used for freight rate risk management. Due to short listing periods and various events, freight rates have shown wide fluctuations. The SCFIS Europe reflects actual departure freight rates, but there is a timing discrepancy between the basis and the reflection of the spot market [31][35]. - **Basis Influence**: BASIS = SPOT PRICE - FUTURES PRICE. The impact of basis changes on hedging results varies. For short hedging, a stable basis leads to a perfect hedge, a weakening basis results in a net loss, and a strengthening basis leads to a net profit. The opposite is true for long hedging [37][39]. 3.1.3 Freight and Fuel Oil price comparison There is a weak correlation between marine fuel oil prices and container shipping freight rates. Container shipping spot market freight rates are affected by seasonal and supply - chain factors, while fuel prices are influenced by international crude oil markets, geopolitics, and refining capacity. Whether shipping companies can pass on fuel cost increases to freight rate hikes depends on market competition [43]. 3.2 EC Hedging Scheme 3.2.1 Risk Exposure Container shipping companies face dual fluctuations in revenue and costs. Revenue is mainly determined by freight rates and is highly correlated with freight indices like CCFI, which can be hedged through EC. Costs are mostly fixed, but fuel oil price fluctuations have a significant impact on costs [49]. 3.2.2 Seven Steps - **Different Risk Exposures and Demands**: Upstream shipping enterprises worried about falling freight rates can open short positions; midstream freight forwarding enterprises bear dual risks and need balanced positions; downstream manufacturing and trading enterprises worried about rising freight rates can open long positions [58][59]. - **Hedging Scale**: Determine the actual risk exposure by considering long - term contracts and risk management ratios. Enterprises can conduct monthly rolling risk hedging based on actual monthly freight volume [64]. - **Hedging Quantity**: Divide the enterprise's monthly freight volume by the value of one futures contract on the disk to obtain the number of open positions. By mid - April 2025, one futures contract corresponded to approximately 9.1 TEUs or 5.86 FEUs [70]. - **Hedging Contracts**: Generally, prefer the main contract. If the forward contract has good liquidity and meets the psychological price, choose the contract close to the actual shipment time [74]. - **Impact of Container Type**: Enterprises mostly use a single container type of 40 - foot or 20 - foot. The freight rate ratio between them is long - term stable but may fluctuate due to supply - demand mismatches [78]. - **Impact of Exchange Rates**: Freight rates are settled in US dollars, and there is a certain negative correlation between exchange rates and freight rates. Exchange rates affect exports and indirectly influence trade demand and container freight rates. Overall, freight rates are mainly determined by their own supply and demand [83]. - **Determine the Route**: The correlation between SCFI Europe and major ocean routes exceeds 90%. The hedging scale can be converted according to the average ratio of SCFI Europe freight rates to those of other major international routes. Coastal port freight rate differences are minimal, allowing hedging for non - Shanghai port export routes [89]. 3.2.3 Hedging Cases A shipping company in February 2025 expected to undertake 100 TEUs of cargo in April. Worried about the decline in freight rates in the off - season, it conducted sell hedging. Although the spot market price fell, the futures hedge reduced the loss to less than 10,000 RMB [93]. 3.3 Fuel Oil Hedging Scheme 3.3.1 Buy Hedging - **Basic Concepts**: As fuel oil futures and spot prices have similar trends, fuel oil futures can be used for hedging. Good buy - hedging timing includes when the supply - demand relationship turns from weak to strong, industry profits are low, the basis is high, and market expectations improve. Shipping companies can use inventory management + spot - futures arbitrage and procurement agency to hedge raw material price increase risks [99]. - **Strategic Path**: Conduct cost risk management by order through futures instruments [103]. 3.3.2 Sell Hedging - **Basic Concepts**: Fuel oil futures contracts can be used for hedging. Shipping companies can achieve inventory management + spot - futures arbitrage and inventory hedging. Good sell - hedging timing includes when the supply - demand relationship turns from strong to weak, industry profits are high, the basis is low, and market expectations deteriorate [108]. - **Cases**: In January 2020, a shipping company conducted fuel oil selling hedging. Although the spot price declined, the futures hedge not only offset the spot losses but also generated additional gains due to the strengthening basis [113]. - **Characteristics**: Take orders as units to conduct cost risk management through futures, locking in order gross profit and processing profits within a controllable range [117]. 3.4 Comparison of Profit - to - Spot Fuel Price Ratio of Shipping Companies - The correlation between the profits of container shipping companies and the ratio of freight rates to fuel oil prices reaches 69.5%. Freight rates remain the main factor causing fluctuations in net profits. There is a certain correlation between freight rates and fuel oil prices, and shipping companies' net profit is highly correlated with both. Shipping companies can lock in profits to some extent by using futures tools [122][127]. 3.5 Futures Contracts - **EC Futures Contracts**: The contract multiplier is 50 Yuan per index point, with a minimum price fluctuation of 0.1 index points. It has specific trading hours, daily price limits, and settlement types [129]. - **FU Futures Contracts**: The contract size is 10 metric tons/lot, with a minimum price fluctuation of 1 Yuan/metric ton. It has physical delivery and specific trading and delivery periods [132]. - **LU Futures Contracts**: Similar to FU, with a contract size of 10 metric tons/lot, specific trading and delivery months, and physical delivery [133].

Company Announcement No. 1156 DSV A/S hereby provides notification pursuant to article 19 of regulation (EU) no. 596/2014 of the below transaction related to shares in DSV A/S made by a manager. ContactsInvestor RelationsStig Frederiksen, tel. +45 43 20 36 38, stig.frederiksen@dsv.comAlexander Plenborg, tel. +45 43 20 33 73, alexander.plenborg@dsv.com Yours sincerely,DSV A/S Attachment 1156 - Announcement (20.05.2025) - MANAGER'S TRANSACTIONS IN DSV AS SHARES ...

Core Viewpoint - DSV A/S has successfully completed the acquisition of DB Schenker, establishing a significant player in the global transport and logistics industry with an enterprise value of approximately DKK 106.7 billion (EUR 14.3 billion) [1][5]. Company Overview - The acquisition aligns with DSV's growth strategy, leveraging similarities in business models and services between DSV and Schenker to create operational synergies and enhance customer relationships [2][4]. - The combined entity is projected to have a pro forma revenue of approximately DKK 310 billion and a workforce of nearly 160,000 employees across more than 90 countries [3]. Financial Impact - The equity value of the transaction is approximately DKK 86.5 billion (EUR 11.6 billion), with transaction multiples of 0.75x EV/revenue and 13.0x EV/EBIT based on Schenker's 2024 financials [5]. - Annual synergies from the integration are estimated to reach DKK 9.0 billion by the end of 2028, primarily from consolidating operations and back-office functions [6]. - The transaction is expected to be EPS accretive by 2026, with ambitions to lift operating margins to DSV's levels by 2028 [7]. Capital Structure - DSV raised approximately DKK 75.0 billion (EUR 10.0 billion) through equity and bond issuances to finance the acquisition, with the remaining costs covered by cash and credit facilities [9]. - The pro forma financial gearing ratio is expected to be around 3.0x at the completion of the transaction, with a target to return to below 2.0x by H1 2027 [10][11]. Governance and Outlook - Jochen Thewes, the current CEO of Schenker, is intended to be nominated for DSV's Board of Directors [12]. - The acquisition's preliminary impact is included in DSV's upgraded outlook for 2025, with expected EBIT before special items in the range of DKK 19.5-21.5 billion [18].

Group 1 - DSV A/S has fulfilled all closing conditions for the acquisition of DB Schenker from Deutsche Bahn AG, including European Commission approval and the expiration of the waiting period in the US [1] - The completion of the transaction is expected to occur on 30 April 2025, leading to a postponement of DSV A/S's interim results for Q1 2025 to the same date [2] Group 2 - Further details and preliminary financial information regarding the acquisition of Schenker will be announced alongside the interim results on 30 April 2025 [2]

Core Insights - The Germany logistics market is projected to grow from approximately USD 379.89 billion in 2024 to nearly USD 504.4 billion by 2034, with a compound annual growth rate (CAGR) of 3.20% from 2025 to 2034 [1][17]. Market Overview - Germany's logistics market is one of the largest in Europe, benefiting from its strategic geographic location, well-developed transport infrastructure, and strong trade relationships [2]. - The logistics network in Germany includes roads, railways, waterways, and air transport facilities, making it a crucial hub for freight movement within and beyond Europe [2]. E-commerce Impact - The surge in e-commerce has significantly contributed to the growth of the Germany logistics market, with logistics providers investing in advanced technologies such as automated warehouses, robotics, and real-time tracking systems to meet rising consumer demand for faster delivery [3][4]. - The increasing preference for same-day and next-day deliveries has driven the adoption of efficient last-mile delivery solutions [3]. Technological Advancements - The integration of innovative technologies like artificial intelligence, blockchain, and the Internet of Things (IoT) has transformed logistics operations, improving inventory management, reducing costs, and enhancing customer satisfaction [5]. - The demand for automated and digitalized logistics solutions has led companies to develop advanced software platforms for efficient supply chain management [6]. Sustainability Trends - There is a growing emphasis on sustainability within the logistics sector, with companies investing in electric and hybrid delivery vehicles, optimizing routes to reduce emissions, and using eco-friendly packaging materials [6]. Third-party Logistics (3PL) - Third-party logistics (3PL) companies are driving market growth by offering cost-effective, flexible, and specialized solutions, streamlining supply chains through advanced technologies [7][8]. - The strategic location of Germany amplifies the demand for 3PL services, particularly with the rise of e-commerce and just-in-time delivery models [8]. Regional Insights - North Rhine-Westphalia (NRW) is expected to dominate the logistics market share due to its strategic location and robust infrastructure, serving as a critical hub for international and domestic trade [9][10]. - While Bavaria and Baden-Württemberg also play significant roles, NRW's superior connectivity and established infrastructure position it as an attractive destination for logistics investments [10]. Market Outlook - The outlook for the Germany logistics market remains positive, driven by continued investment in infrastructure, the adoption of cutting-edge technologies, and the expansion of international trade [11][12]. - Government initiatives aimed at modernizing transport networks and promoting sustainable logistics practices are expected to further bolster market value [12]. Market Segmentation - The market can be segmented based on model type, transportation mode, end use, and region [14][15]. - Key players in the market include Deutsche Post AG (DHL), Schenker AG, Kuehne + Nagel International AG, and others [16].