Q2 2023 INTERIM REPORT - OUTLOOK RAISED

ANNOUNCEMENT NO. 28/2023

• Q2 performance better than expected
• Result below Q2 2022 due to temporary boost of Channel earnings in Q2 2022
• Logistics acquisitions performing well
• EBITDA outlook raised to DKK 4.8-5.2bn (DKK 4.5-5.0bn) on 14 August 2023

Q2 2023

• EBITDA decreased 5% to DKK 1.4bn
• Adjusted free cash flow DKK 601m
• NIBD reduced 4% from Q1 2023
  
• CO2 emissions 8% lower per GT nautical mile

OUTLOOK 2023

• EBITDA raised to DKK 4.8-5.2bn
• Revenue around same level as 2022
• Investments of DKK 1.6bn

“We have raised our outlook as we continued to deliver strong operational performance in Q2, and despite headwind in some regions, we achieved a result that was better than expected,” says Torben Carlsen, CEO.

KEY FIGURES
	2023	2022		2022-23	2021-22		2022
DKK m	Q2	Q2	Change, %	LTM	LTM	Change, %	Full-year
Revenue	6,942	7,170	-3	27,148	23,102	18	26,873
Operating profit before depreciation (EBITDA)	1,404	1,474	-5	5,090	3,987	28	4,974
Operating profit before amortization (EBITA)	765	874	-13	2,658	1,841	44	2,603
Operating profit (EBIT)	718	841	-15	2,500	1,722	45	2,468
Profit before tax	560	760	-26	2,020	1,459	38	2,139