Update on full-year outlook for 2023

Company announcement no. 36 – 23
3 August 2023

Update on full-year outlook for 2023

Activity was lower than expected during Q2 2023, with a weak spot market and lower volumes. The anticipated improvement in market conditions during Q2 did not materialise, and we have yet to experience a pick-up in volumes. The lower-than-expected results are most notable in the Air & Ocean division, whereas Road & Logistics is more stable despite the weak spot market.

Based on the Q2 2023 results, and particularly the lower than anticipated activity in June 2023, as well as the activity level for July 2023, we update the full-year outlook for 2023 as follows:

• Adj. EBIT of DKK 600 - 650 million (previously DKK 620 - 700 million)

The updated full-year outlook assumes that activity will pick up gradually during the second half of the year. The outlook further assumes that the challenging market conditions in Air & Ocean will persist to some degree, with low rates and soft volumes, whereas the market conditions within Road & Logistics are expected to remain stable.

Additional information

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Attachment

• Company announcement no. 36_2023