Thank you very much, and welcome everybody to our Q2 earnings call. We will quickly get into it, and if we move to the next slide, I think we have it—okay, now it's moving.

We can see the agenda here for the call. It's the same agenda as usual, and I just want to make sure that you also read the forward-looking statements so that we have the compliance angle covered as well.

If we look at the quarter, I think the integration has progressed as planned. We are still basically on course to complete the integration in 2026 and harvesting the synergies that we set out to do.

The quarter has led to some changes in the management on the Road side in order to bring some experience in that can handle some of these topics that are related to the integration. We will talk a little bit more about that when we come into the Road division as well.

Then when we come to the EBIT, we delivered 6.3 billion. I can remember on the Capital Markets Day that many of you had said that we had to pass the 6 billion mark, and therefore it's also good to see that we managed to do so.

It's the strongest quarterly result that we've had actually since COVID. Definitely seeing that impact of the Schenker acquisition is starting to filter through.

Then, of course, we also see here that now we've upgraded our guidance, or narrowed it so that we took a little bit off the bottom away. Still, of course, we have a range of 2 billion, not least due to the uncertainty that we see globally.

If we look at the integration itself, we can see that we've now done 60 countries. Many of the countries we've done are the largest, and we only have a few larger countries outstanding.

We've reduced more than 8,000 white-collar employees, and of course there's still going to be that impact of additional head count reductions during the remaining part of the year as planned in the business case. The impact is basically that we more or less expect the same as we announced on the Capital Markets Day, not much new to mention there.

Then there's a graph on the right side trying to also just visually explain how the impact of the synergies is going to pan out. The financial highlights: the GP up in this market, but also, of course, because of the integration impact.

The EBIT also up, and we see that, of course, we still continue also to invest in integration through the special items cost, but EBIT definitely up. The EPS also up, and I think we've seen now an improvement in the EPS for the first time since we acquired Schenker, so that's also very positive.

The cash flow, Michael will talk a little bit more about it, but I think there's been a little bit of comments on the cash flow already that it seems unusually high. If we do adjust for some of the one-off transactions and they have gone into the bank account, and also the high freight rates, I think the cash flow is as it should be and what could be expected.

At least when we look at it from the company's side, we are comfortable. On the full-year guidance, I mentioned that, and you can see the graphs below.

Switching on to Air & Sea, I think here we also had some debate on the Capital Markets Day and also with investors during the quarter because we had, as announced, seen the trough in Q1. Now we see conversion ratio on 42%, which was also what was planned for in the business case and definitely also the expectation, I guess, in the market as well.

Really glad to see that we managed to deliver on that. The freight rates have increased a bit.

That's, of course, very good for the yields because also the volatility in the market means that we can sell additional services. Of course, it has then the adverse impact on the volumes where certain markets are downtrending because of the crisis.

We also mention here in the call that we'd seen that the volumes they are a little bit lower than what we'd anticipated, but I guess that's also something that is usual in an integration, that you focus more on the integration and perhaps a little bit less on the customer's side. All in all, our EBIT increased, and I think the conversion ratio up, very positive about the development on the Air & Sea side.

If we take the GP here, you can also see for Air freight that we're almost at 5 billion, 13% up. If we look at the yields, 8,700 per ton is also in the high end, but I guess that's also due to many of these issues that you have with the supply chains being disrupted.

Our most important area is, of course, these days on Air freight, the technology vertical that continues to drive volumes. We have sanitized our portfolio on Air & Sea, and then we have definitely seen that some perishable volumes, but also some of the volumes that we had in relation to Chinese exports, they have declined or we've reduced those volumes.

That, of course, also has an impact on the yield because yield on those volumes was very low. Moving on to the Sea freight, here we see GP 4% down compared to last year.

We have a situation where we are hovering around the 4,000 per TEU in GP, and volumes a little bit up compared to last year. This is in particular where we have seen a weaker volume development that we'd planned for, and we are taking initiatives to make sure that we drive volumes then in the right direction going forward on the Ocean freight.

All in all, on the Air & Sea side, I think we are on the right track, and the division is going to deliver continued progress also in the coming quarters because we're very advanced on the integration also on the Air & Sea side. Coming then to Road, delivered an EBIT of 999, but we'd also disclosed to the market that 250 million of these, they are of a one-off nature, you can say in reality 750.

That's then more than last year, but not satisfactory. What is then the explanation for this?

When we've been doing the integration, we integrate both large physical networks, but also large IT networks. It's been more cumbersome when there's big networks to integrate, for example, in some of the countries mentioned here could be Germany, France, and the Netherlands.

In the beginning of the year in Germany, we had performance issues on the network and had to compensate quite a bit in the first quarter, but also into the second quarter. Actually, our delivery quality in Germany is now up to what it was before DSV and Schenker were integrated, we have delivery in full on time at the 95% range, which is basically the performance that we've normally seen in a market like this.

We've also had some of these issues in some of the other markets. Of course, we take learning from these integrations that we're doing so that we eliminate some of that risk.

There's no really structural change to the aspirations that we have in Road because it's something that we have to overcome. Then when we are on the other side of it, we actually have the same performance as we had before, but we've then eliminated one network both on the IT side, but also on the operational side, and this puts us then in a much stronger position for driving the company forward.

We've then added Brian Ejsing's experience to the Road team. He's been with the company for many years and has significant experiences in these type of integrations, and that's really what has helped us to make sure that the delivery performance goes back to normal.

Historically, if we, for example, look at the KPI called delivered in full on time, for example, in the Schenker network, it has hovered between 93% and 95%, very seldom at 95%. Currently we are at 89%, there's still a little bit of work to be done, but we expect to be within that range in September month.

That means that then the extra cost that we have on the GP level, when you don't deliver in full on time, you have additional cost because you have to get express trucks or do express deliveries or do some things that basically then compensate so that the customer, they get a good experience and you don't need to do that. It actually drives quite a bit of cost also on the terminals.

That's what you can see in the numbers, and this is then a little bit about the Road. There's nothing structurally wrong with our plans.

This is very important for me to emphasize. There are some transactional issues in relation to the integration that we're dealing with.

Then, of course, I think the highlight of the quarter is definitely CL. If we sit here and produce 1.5 billion in a quarter, a return on invested capital is moving very fast in the right direction.

Last year, it was somewhat lower, and now we can really see that we are moving basically according to the planning that we have on CL, also growing quite a bit, not least with the tech vertical here, because we have this global footprint that not many of our competitors they have, where you can serve a customer on CL either in Australia or in Japan or in Mexico or in the US or Europe or wherever it's relevant, the Middle East. That definitely benefits us quite a lot, and with the run rate that we're having, we're going to produce an outcome on the EBIT level in the 6 billion range for the year.

If you'd asked me a year ago about whether we would be able to do that, I would probably not have been able to confirm that, but really glad to see how it's developed, the CL side. As I said, we expect actually continued progress also in the coming quarters when it comes to CL, very positive indeed.

On that note, I'll actually hand over to Michael, who will then take you through the basically more detailed numbers, cash flow, etc. Please go ahead, Michael.

Thank you, Jens. Yes, and jump to page number 11, the highlights from the P&L here in the first 6 months of 2026.

Firstly, of course, Jens already explained that our EBIT has increased quite a bit to 6.3 billion, which, of course, we're very happy with. Revenue increased 23%, it's a quite a dramatic increase in revenue, which I'll come back to the impact on our net working capital in a second in this quarter.

The conversion ratio for the group increased to close to 31%. It's actually improving in all divisions, and Jens also highlighted especially Air & Sea has seen quite an improvement from last quarter as well.

We are definitely on the right track here as well. Net interest cost is a little bit higher, obviously, if you compare to last year.

Now we have the Schenker business in all 3 months in this quarter, and then we've increased also some of our leases, which is impacting the net interest cost in that line. Finally, I think you also elaborate a little bit on that, Jens, our earnings per share, we can see that it has increased yet again from last quarter as well.

This is some of the highlights here on the P&L side. Then we have, over the years, spoken a lot about the cash flow.

As you also started out by saying, Jens, we will come back to this here. It's clear that our cash flow is impacted by higher activity in the second quarter here compared to last quarter.

Especially the increase in the rates has impacted our net working capital, it's relatively high these days. On top of that, we have some property divestment, also coming back to the 250 million you just mentioned before, Jens, where we have not received the money yet.

The transaction was before month-end of June, and now we still need to get the money here within the next month or two when we receive the last approvals and stuff like that. We will get those money back.

It's a high net working capital, but it's very explainable to the rates and properties as well as activity. All this is temporarily, and we should see the cash flow coming in here in this quarter in Q3.

That's actually, we look forward to that, obviously, and so it is under control, to speak. Then we talk about our gearing ratio.

It's a little bit down compared to last quarter. We are ending at 2.7, which was 2.8 the last time.

We have actually paid back debt and reduced net interest-bearing debt with 7 billion compared to when we started. I think that's a lot about the cash flow, so that's great.

We actually still have the target to come back to normalized between 2% and 3% on annualized basis, but of course the rates is impacting us right now. Then on page number 13, this is the financial targets for 2030.

I know we spent a lot of time going through those at the Capital Markets Day a couple of months ago, it's just to some housekeeping to have them in here. They, of course, remain unchanged also on the Road side.

From a strategic point of view, the way that we're heading, there's no changes during the quarter, we still continue on the roadmap that was, you can say, presented at the Capital Markets Day. Of course, we are still confident that we will achieve the financial targets, and we have plans to do so.

That's just to conclude on that one. Then we have, like Jens mentioned, we have actually narrowed our range of outlook.

We have increased the bottom from 23 billion to 23.5 billion. Of course it's due to the fact that we've already now passed 6 months.

Some could argue that the range is still a little bit high, but I would though also say that the uncertainty which we look into is also quite high. For the remaining part of the year, we expect the Middle East situation to be as is and that's how it is.

This is the information that we have right now, we need to work with that as an assumption. Then for the Air & Sea market, we expect for the remaining part of the year also to grow low to single mid-single digits and also that the yield will slightly decrease on that one.

For the Road, it's also a little bit low-single-digit growth in the Road market, and then, of course, like Jens talked about, that Brian works on the recovery plans in the areas just mentioned before. Overall, we increased the bottom of our guidance, and we continue to be confident that we are on track to deliver on the guidance as promised to you guys.

Then back to you, Jens, for some of the key takeaways.

Yep. I'll just reiterate that the earnings momentum is definitely positive in the company, and we look forward to continue that journey also in the coming quarters.

Then I think the Schenker integration, very soon we will not be talking much about that anymore because it will be something that is history. Then at the end of the day, of course, always pleased to be able to narrow the guidance in the higher end of the range.

With that said, I think we are basically ready for the Q&A session, and I'll just remind you can press star and 1, but I'm quite sure the operator will do that as well. Let's move on.

Good morning. My question is on Road.

You explained the issue that you're having is you're having to add cost to get to the right on-time and in-full delivery quality. How much of that cost is unique to adding Q2, and how do you expect that to trend to Q3, Q4, and early next year?

In other words, when do you think Road will be back on track? Is there anything else to highlight that's going on in the division beyond delivery quality cost?

Thank you. No,

I would say that if you look at the first half year, we've done some calculations about it. It's definitely more than a quarter of a billion that it's cost us, and it's probably even closer to 500 million that we're talking about, but it's estimates that we're talking about.

Every percentage that you are below, it costs you significant amount of money not only on the GP, but actually also on administrative burden that you carry. This is the reason why that once we then get back to the normal range, right now we improve, we call it DIFOT, delivery in full on time, with approximately 1 percentage point per week.

Getting back then on track and eliminating that cost here during the third quarter, that is the primary focus that we are having. Then basically we should be able to take that burden away from a financial point of view, but definitely also from an operational point of view and a customer service point of view.

I think that's basically what we're looking into.

Hi, thank you very much. Could I ask you on the Q3 EBIT, could you talk a bit about the building blocks, seasonality, how the quarter-on-quarter incremental synergies, any other moving parts?

I think consensus is 6.7 billion. Do you feel confident that the building blocks can help you reach that?

If I can just follow up very briefly on the prior question, EBIT margin-wise in Road, how should we think about Q3, Q4? It sounded that there should be already an improvement in the underlying EBIT margin in Q3.

Did I understand that well? Any more color there?

Thank you.

If we take Road, I think there's a big summer period in Q3 that always, what can I say, has a significant impact, if you sit on a lot of infrastructure. This goes for June or July and August, obviously, where you'll have that headwind.

September will be a good month normally when it comes to that. Then right now we are improving, and we expect that it will help throughout the quarter as we're talking about it.

We don't really guide on a quarterly basis, but when you look at the company in general, we need to see improvements, of course, in Air & Sea, where we get the impact from the synergies that you also saw now. We make more than 1 billion more in Q2 than we made in Q1.

We need to turn the table around in Road. I don't think that we're going to see the full impact of that in Q3, but definitely into Q4.

Then on CL, I think we will continue, what can I say, the slow grinding way forward. I think that's what I can say because very soon you'll ask for monthly budgets as well, and we guide on a yearly basis.

Hope this answers your question.

Thank you.

Thanks very much. Might I come back on the free cash flow.

Is there anything sort of underlying that you're concerned about in free cash flow performance? Obviously you've made a very clear statement that this effectively normalizes from Q3 onwards.

Is that fair to say you will see a normalization? Very obviously, does this impact your view on the potential speed with which share buybacks can come back in?

Thank you.

Yeah. No, I of course expect that the cash flow will come because it is temporary, and there's no underlying challenges in there.

We of course expect that that will come back. Then in terms of potential share buybacks, like I have said also previous quarter, we do estimate, you can say, every quarter, how is the cash flow looking for this quarter that just passed, how will it look next quarter, and then how is the gearing ratio looking.

Then based on that, we assess whether we will be able to start a share buyback. That methodology will, of course, continue, but as you can see for this quarter, where we have a interim, you can say, tied-up capital in our net working capital, we actually want to get that in the bank here in the next quarter, and then we will assess whether we are in a position to consider it again.

Just want to reiterate that there's no change in our policy.

No, no.

If the [de-gearing?] , would that therefore indicate likely share buybacks announced at Q3?

No, I would not say that that is likely to Q3. We assess it every quarter, and as Jens rightfully mentioned, we also have our capital allocation policy that which we stick true to.

We also have our rating agencies, it's a mixed, you can say, development that we need to see before we start the share buyback.

Thank you.

Hi, Jens, Michael. Good to see the clear improvements you're making in Air & Sea and CL, but I think you have two, as you say, temporary issues in terms of working capital and the Road EBIT in Q2.

I think it would be helpful if, similar to Q1 where you spoke about Air & Sea Q2 performance about 40% conversion, you've delivered 42, if you could be perhaps a little bit clearer on the Q3, Q4 pass on those two items to confirm they're temporary. Road underlying EBIT performance 750 in Q2, sounds like Q3 would be sort of in a similar range, and then you're suggesting 250, 500 million sort of one-off costs flowing back up in Q4.

Is that kind of the right way to look at Road? Then working capital, 2 billion negative flow in H1 overall, and we understand the building blocks, but do you expect to recoup most in H2, how much in Q3?

Yep, any sort of rough directional guidance would be helpful. Thank you.

As on the working capital, then you can take

[unclear]. You can take

that.

Thank you for the question. The net working capital, we do expect that, you can say, the cash flow will come in here, as said.

It is temporary, and remember also like we also have written, 1.8 is 1 billion, 1.8 billion is due to some of the property divestment of legacy Schenker properties. Of course, the transactions are closed, and we will have the money here within this month or next month.

I'm quite certain that this is a temporary issue. In terms of the projection of net working capital, of course, it depends on the rate development and also if we kind of start getting more volume and activity in.

Overall, of course, we do expect that if it continues as is, of course, we should have, we say, brought down to in the range of between 2% and 3% over the next couple of quarters.

I think the seasonality on working capital is unfortunately so that it's always the best position at year-end. There will always be a headwind when it comes to the year.

As Michael says, I think the property money, they have more or less gone into the bank account. There might be one outstanding, we are 100% certain on that.

Actually did receive some money last week on that, so. Yeah.

That and in

the other one as we said, nothing structural. When it comes to Road, I think it's probably a fair way that you look at it, that the next quarter is going to be, also because of the seasonality, weaker and then the fourth quarter we're going to get back on track.

As I said, when we've done the integrations in the markets, then we come back to the normal quality levels that we've seen. We can also see that we then can, what can I say, achieve the productivity that we require in order to deliver the outcome that we have planned for.

Sometimes when you do an integration, things require that we take some extra steps. This is not unusual.

As long as it's of a transactional nature and not of a structural nature, then I think we're going to solve it.

Thanks.

Hey, thanks for the time. Your guidance incorporates lower Air & Sea yields in the back half relative to the second quarter.

Why is that just given everything going on in the ocean market right now? Do you think that's true for both 3Q and 4Q?

Then do you think you can get the positive Air & Sea volume growth in the second half as you lap the Schenker acquisition? Thanks.

In our rolling forecast, this is what we're planning for, that we get growth back in the latter part of the year. Then, of course, if you look at the yields, there's normal seasonality where they do taper off at the end of the year.

Then depending on the geopolitical environment, this can, of course, fluctuate a little bit. I think we have as little insight into this as you may have or not, I'm not sure, but I'd at least expected that there would be a resolution in the Middle East, and now it seems as if it's going a little bit in the wrong direction if you're looking for a resolution.

Let's see what happens. I think that's the best thing we can say right now.

Of course, we react to it depending on what happens in the market.

Great, thank you.

Good morning, thank you for taking my questions. I just wanted to go back to understand Road a little bit better.

Did you have any one-offs in Road in the first quarter? Just want to understand why kind of this operational issues came up in the second quarter and there was nothing in the first quarter.

That's one thing. Then secondly, just related on Road, should we expect any more one-offs related to property transactions in the second half, because my understanding is that you still have those ongoing in terms of the property divestments.

Thank you. I think

if you look at Q1, we started many of the integrations in Q1, they didn't really necessarily have that much of an impact. It really filtered through into Q2.

Then, of course, when you produce your work in progress, sometimes you do it a little bit based on estimates as well. Then when you see the real outcome, there might have been some accruals, were they 100% accurate at the quarter, and probably not.

This is not unusual that can say be 50 or 100 million from one quarter to another. If we then sit and look at it, as I said, it's probably driven a cost between 250 and 500 million during the first half year.

It is something. It's meaningful.

When it comes to the divestment of facilities, we continue to follow our asset-light policy that we've had for many years. When we then divest facilities, we will then also, if that has a financial impact, disclose it.

We don't, what can I say, plan for this in our guidance because this is of a very transactional nature, and therefore we have no certainty on the outcomes before, what can I say, that you've had the kind of like an auction on the different facilities and what are people willing to pay. Yep.

Good morning. Just a very quick follow-up on the 250 to 500 million impact to H1 performance in Road based on these issues.

Is this all cost or is there some lost revenue there, if you can just clarify that? Then my real question is, obviously we saw you not that long ago, and I would imagine these issues must have been brewing in the background that you were trying to fix.

Clearly it's not possible to fix them very quickly. It's a big integration.

It's quite complicated. I guess what else is on your radar at the moment when you look at performance week-on-week on this integration?

Are there any other areas that you are actively problem solving that we should be aware of, because, ultimately I think everyone understands it is a complex integration, the largest you've done. There's a lot of systems, there's a lot of networks.

Being a little bit more, let's say, understanding of the issues that you're facing on the ground, I think would help us all when we look at kind of our models and our expectations to be able to basically measure you with realistic kind of progress.

If we look at, what can I say, the cost/lost revenue, we could potentially probably have had more growth. Normally we do see a little revenue attrition when you do M&A, so that's really hard to judge.

The cost side, of course, we can see that the GP, when we produce, is lower. I think that's probably where the main part of the number stems from.

When we then take issues in certain areas, I think we are quite transparent about, what can I say, what goes on in the company. I would like to think so.

I would say that the integration when it comes to the Air & Sea side is progressing as it should. I don't really see any big areas there.

Of course, we need to deliver volume. This is the main task when it comes to Air & Sea.

I think this is clear for everybody. I think on the CL side, the numbers, they at least when we look at them, they speak for themselves.

Also, it's basically to be able to scale and drive the company forward. It is in relation to the DSV volumes that are moved into the Schenker systems in Europe.

This is what we're talking about on the Road side. That was really kicked off in the beginning of the year, and I believe that we saw each other in the beginning of May where we had the first indications of that.

Now 2 months or more have elapsed, or actually 2 months and a little bit more. Yes, there's been some new information.

I don't think it changes the case structurally. This is very important for me to emphasize.

We've also seen that some of the areas where we did have issues, they are back on track. All in all, sometimes you would have a reaction, what can I say, to negative information like this, but it seems rather, what can I say, significant, the reaction.

The market does what the market does, and we will then, of course, make sure that we solve these problems and deliver the results that we have set out to do.

I think it's also fair to say, Jens, that now we see things, then we address them. As we also write in the announcement, it's a couple of large countries, I think we have been more or less through all the different scenarios.

It can, of course, be that there are some few remaining parts left, but overall I think the combinations of systems and countries and stuff like that, we have been through a lot of the scenarios and taking some lessons learned there.

Thank you. Then

Thanks very much. Hi, guys.

I've got a question on your staff cost numbers in terms of number of employees. I can't really square what's going on at the divisional level with what's going on at a group level.

We've got staff costs down across the board, which is good, since the Schenker integration. The reduction at the group level is far more modest than if we look at the divisions.

The question is, why are the heads at the head office level not actually moving in the same way as the divisions? Actually on a sequential basis, I think you actually might have added a few heads at the head office.

A little bit of color, please, on sort of the difference between the operators at the local business levels relative to maybe your more central functions. That would be helpful.

Thanks.

Yes, thank you. It's a good question and you're absolutely right.

In line with the integration, we are also consolidating more and more tasks and workflow in some of the group entities. It's very well spotted that that is why it develops as it does for the group part.

I do believe that Can you give a bit of color on how that normalizes or because it would be quite disappointing to see all these heads come out at the regional and business levels, and then just see the total number shifting around to head office functions. A bit of color on the catch-up or the alignment there, that would be helpful.

It will be done in line with the country rollout. You can say it's around 2,000 FTEs that we have added, so.

I think it's fair to say what we've done is just so that you don't think it's administrative people. We've created, what can I say, a consolidation of certain activities.

Let's say custom clearance could be, for example, some of the parcel express activities and some other activities under a label that we call global products. We don't disclose that to you with the P&L right now.

We may do that at a later stage, but it's operational activities where let's say you do customs formalities, then instead of having it both in Road and in Air & Sea and in contract logistics in the same country, we're actually carving that out and leaving that into the fourth division. It's also in line with the strategy that we explained to you on the Capital Markets Day.

By consolidating this, we'll be able to use the same tools and also outsource some of this work to low-cost areas and drive, for example, the synergy case that we need to do when we deliver on the basically improved financials on the custom clearance side. This is actually the same we do for parcels and some of the other services that we are producing.

This is the reason why that you actually get a significant higher head count in the headquarter. I'm quite sure if you speak to the IR team, they'll be able to tell you what is the development in the classic administrative part and what is the development in the fourth division part, and I think that should give you, what can I say, the information that you need for your basically forecasting in your spreadsheet, and also show to you that we're not creating administrative jobs in the headquarter big time because that's not the case.

It is centralization of business tasks.

Can I just ask a follow-up? I understand that fully and aligned with the strategy.

When it comes to that fourth division, where are we in the journey of reskilling that division, increasing head count? Does that need to continue from here or have we got the right resource in place now to leverage your central functions?

Then is there a percentage of that head count in that fourth division that is sort of developers linked to your efforts on productivity and AI rollout, because obviously those people probably cost quite a lot, very highly skilled people?

I would say that they sit in our normal IT budget and they are not singled out. We have a team, what can I say, that runs AI and many of these technologies that we need to do.

It's actually more on the change management side that you need the resource, and we will then country by country roll it out. There will probably be more people moving out of the divisions as we progress on this journey.

I think we have still some ground to cover when it comes to that. There will then be minus in the division and then plus in this global products category what we're talking about.

Then, of course, we drive the productivity up. We already see that this, of course, happens, and we have, what can I say, some aspirations on that journey.

We have to deliver 6 billion to you, and the consolidation of, for example, the customs area will probably deliver 12%, 14% of that number. It is something of productivity that we have to increase in this area.

Yep.

Understood. Thanks so much.

Thank you for taking my question. It's follow-up on some of your earlier comments, Jens.

You said that you've taken initiatives to increase the volumes in Sea freight in the coming quarters. Can you just elaborate on what specific initiatives have you taken?

Then as part of that question, Q3 will be the first quarter when we actually can start to look year-in-year volumes instead of talking quarter-on-quarter. Do you expect when we get to Q3 that you will be able to show positive year-in-year growth rates in volumes in Air & Sea?

Thank you.

Yes, I also said the rolling forecast shows that during Q2, we're going to get out of the oh Q3 the second half of the year, we're going to get out of the trough so that we then come back to taking or growing the business again. What we're doing is every country or every area has a book of business.

It's assigned to people, then we have target setting on it, and then we drive, what can I say, sales according to this target setting in relation to the customers. I think that's basically what we try to do if we take it all overall.

Then, of course, certain customers, you need to drive, what can I say, with vertical expertise on top of that, and other customers, what can I say, is more like general cargo. The customer segmentation, then you sell to the customers.

Let's say you have very small customer, it's perhaps more a digital interface, where the larger the company gets that you interact with, the more specific it is and the more planning and work it requires. I would say that that is all ongoing, and we have to prove now that we can capitalize on the capacity that we have and deliver growth.

Then

Hi, good morning. Thanks for taking my question.

Maybe I can revisit one of the earlier ones on Road. When you spoke about some potential impacts to revenues, would it be possible for you to give us a sense of underlying like-for-like growth or say the churn in percentage terms?

Then maybe a quick one on the minority interest. I find that that's gone up quite a bit.

Any color on what's driving that up? Thank you.

I think if we look at Road, I'm not 100% certain. It's always difficult to say exactly what is the market and what are we, but we are probably a little bit behind the market.

Once the quality issues have been resolved, the network should be stronger than before and we should then be able, what can I say, to come back to normal growth rates. If I was sitting with your spreadsheet, I would probably take a couple of percentage points off.

We've anyway said that on the integration that we are going to lose a bit of GP, we're definitely within those parameters. When it comes to the minority interest, I think Michael can say a little bit about that, but there's a good explanation, I think.

Yes, it's right that it's quite high for the quarter. As always when we go into to these integrations, then, not as always, but in many cases, they are acquired business have a lot of JV interests, stakes in different parts of the world.

When we go in, we want to clean that up so we get in control in full enhancing our network. Then cleaning that up means sometimes that we have to pay out the minority share to the different JV holders.

We have been working in, yeah, exotic countries to clean that up. That should be a, you can say, predominantly a one-off this quarter.

We have had in Turkey, Japan, and Bahrain, we have a lot of JVs that we clean up, but the biggest part has been cleaned up.

One-off payment of dividends as part of acquiring the minority entity, and then basically buying the remaining of the shares in the unit. It can be several years of profit that has been accumulated down there, there's no correlation with the line minority interest actually going forward, hopefully.

We own now a bigger part of the company, as Michael says. Then, of course, the part where we still have minority, of course, it's a few contract logistics operations in Turkey and Japan, I believe it is.

The rest, we are in 100% control of now. Spotted, I'll say.

This is how we have to treat it from an accounting point of view. It is part of the, you can say, profit distribution.

Sorry, just a follow-up. Should we expect any material cash outflows towards the acquisition of this minority interest going forward?

No, no, no. It's not significant.

It is always, you can say, many smaller ones typically, it's not a big outflow.

Cool. Thanks.

Hi, good morning. Thanks for taking my question.

I've got a question on the 250 million capital gain in Q2. Why are we seeing a capital gain in Q2 and why we didn't see any capital gain in Q4 and Q1?

I guess related to that, where are we in percentage terms versus the 2 billion euro asset disposal that you have guided for? Are we just at the start, midway, how many transactional should we expect going forward?

I'm aware that you said that the guidance doesn't really flag any capital gain, but beyond the guidance, yeah, are there more capital gains that we should expect going forward? Thank you.

I think we've already explained on the capital gains that we're not expecting what or planning for gains. There's an opening balance adjustments, let's say if you'd had some gains in the early part of the year, you would have had to adjust that in the opening balance if they related to a Schenker facility.

That's really how the accounting rules they work. Now we've then divested some here in the second quarter, and I think Michael can tell a little bit more about the volume and where we are at on that.

Perhaps you can say something on that.

Yes, you can see that in the cash flow statement, you can see that we have sale of property, plant, and equipment roughly 4.5 billion DKK for the first 6 months. We are grinding our way through it, so.

If 2 billion is 15 billion,

Yeah. then

we have done one-third.

Yeah.

We will continue to divest those facilities.

Thank you. Just to be clear, is the accounting treatment different now in Q2 versus what it was in Q1, for instance?

You can say after 12 months, you don't adjust, what can I say, the gains in the opening balance anymore. When you do the purchase accounting, you have 12 months where you go in, make an estimate what's the value of the asset.

If then there's a transaction and the value crystallizes and it's different, then you have to adjust that in the opening balance. Once you then pass, what can I say, that point, there can be many things that leads to an adjustment on a facility because you would use certain assumptions when you make the valuation for the facility.

If some of these assumptions they change, or the market, for example, for investment in property changes afterwards, then, of course, the outcome is probably going to be different from your initial assessment.

Thank you. Just to close off the topic, did you have any capital gain through it or say the leaseback gains in contract logistics in Q2 or in the first half?

Thank you.

No.

No.

Yep. Then

Yes, hello, Jens and Michael. Thank you for taking my question.

Just on the cost synergies, you write that the impact increased in 300 million in Q2. Looking at group fixed cost, they only declined around 56 million Q-on-Q.

I acknowledge that in Air & Sea, fixed cost decreased around 300 million, but at the same time, the group costs increased by more than 200 million, which is probably what you alluded to earlier on this Q&A. Where do we really see those 300 million in cost synergies, also considering that Q1 cost level was elevated?

Thank you.

I think if you look at it, and thank you for the question, if you look at it, then if you look at our contract logistics division, you'll actually see that there is an increase quarter-on-quarter in the cost there. If you track that to the development of the business, I think it's fair that it's have been worthwhile investing in some white-collar workers, if you look at the conversion ratio and the EBIT margin that they have.

This is the main reason, obviously.

I think this is what you need in your explanation, then it will all stack up.

Yeah.

Thank you very much for taking my question. The area I wanted to focus on was just the Sea side.

Clearly volume progression Q-on-Q was a little bit soft in Q2. I guess what's the sort of opportunity to grow volumes going forward?

What are you expecting in sort of Q3? Are you expecting more normal seasonality?

Are you expecting some catch-up? When should we sort of start to see you grow back in line with the market again?

Then I guess and actually just finally on that, when would we expect to see you go above the level seen in the previous year? Then also on yields as well, the SCFI index is up very significantly in terms of what you're going to be recognizing in Q3 versus Q2.

I just wondered why the gross profit per unit in Sea should not be up meaningfully. Thank you.

I think that was quite a few questions, but let's try to see if we can answer them all. I think if we look at the Ocean freight, we already explained what we're doing on the customer-facing side.

I also think now given, what can I say, the network capacity we have on LCL and many of the products that we have on Ocean freight, they're definitely market-leading and very strong. That should help us to continue that development on Ocean freight.

I think if we look at the Ocean freight, we've also invested quite a bit in the sales force, not least in Asia, so that should hopefully also drive some outcome in the coming quarters. I think when it comes to the yield side, I think we are now at 4,000, it is somewhat higher than we would normally plan for.

I think you're right, there is a chance that we may even get a little bit more expansion on the yield into the next quarter. We will have to wait and see.

Then when it comes to, what can I say, we have now to have reached the trough, and we have then to see that basically we catch up with the market and start to deliver, what can I say, performance that is satisfactory. This has to happen here during the second half of the year.

Hopefully we can also start to see some of this also when we announce, what can I say, the next quarter. This is at least what we have in our rolling forecast.

Yes, hello, gentlemen. Just a quick question on Road from my side.

I was just wondering what are the plans with Brian Ejsing in relation to the roles of both having a role as COO and also CEO of Road? Thank you.

I think the plans are now that Brian stabilizes the situation, and once that is done, we will then start to discuss how, what can I say, to drive the success in Road as we normally do. We will take our time.

Brian is doing a good job, and since CL also reports to him at the end of the day, but that's doing fairly well, he can spend his resources on the Road side, which is actually also doing a great job there.

Just to be clear, the intention is once you progress more on Road, then Brian will step back to focus solely on being a COO, and then you will have a succession in a new CEO of Road, you'll have two separate Probably,

we will probably get there. Let's see how it all pans out now, and also how the workloads, what can I say, they spread out.

As I said, right now Brian, he can double hat and do both jobs. He does a very excellent job on that.

The idea is, of course, that the structure that we have, that we get a solution in a little bit longer term. Yep.

Very clear. Thanks a lot.

Thank you very much for your interest and your time today. I think we've had a lot of good questions, not least when it comes to Road, but certainly also to the cash flow situation.

I hope that at least you feel that we have confidence in our ability also to deliver the outcomes that we need both for the year, but also in the coming quarter. We look forward to the conversations that we're going to have with you bilaterally now in some of our investor meetings.

Then we look forward to speaking to you again at the end of next quarter. Thank you very much for your interest, and have a continued good summer.

Thank you.