Air freight

“We could experience disruption in our supply or delivery chain, which could cause one or more of our customers to halt or delay production We, as with other component manufactures in the automotive industry, ship our products to customer vehicle assembly facilities throughout the world on a “just-in-time” basis for our customers to maintain low inventory levels. Our suppliers (external suppliers as well as our own production sites) use a similar method in providing raw materials to us.”

Annual report 2024A · The company itself

“Industry Risk Factors Several of our product and service offerings, including our non-human primate supply, are dependent on a limited source of supply that, when interrupted, adversely affects our business. We depend on a limited international source of supply for certain products, such as large research models, including NHPs.”

Annual report 2025A · The company itself

“Trends And Uncertainties Impacting Our Business And Industry Our business and industry are subject to several important trends and uncertainties, including the following: Macroeconomic and Geopolitical Factors •Macroeconomic factors, including inflationary pressures, increased tariffs, rising supply chain costs, high interest rates, foreign currency exchange rate volatility, escalating global conflicts, changes in discretionary spending, and recession risks, are creating a complex and challenging environment for our business and industry that may continue to pressure our results of operations, including our gross margin.”

Annual report 2026A · The company itself

“As a non-asset-based provider of global logistics services, Expeditors depends on a variety of carriers and other service providers, including air, ocean and ground freight carriers. Our ability to deliver our services depends on service providers having sufficient capacity available to purchase.”

Annual report 2025A · The company itself

“Expeditors' primary services include: • Airfreight Services • Ocean Freight and Ocean Services • Customs Brokerage and Other Services Airfreight Services: Within airfreight, Expeditors typically acts either as a freight consolidator or as an agent for the airline that carries the shipment. Whether acting as a consolidator or agent, we offer our customers routing expertise, familiarity with local business practices, knowledge of export and import documentation and procedures, the ability to arrange for ancillary services and to assist with securing capacity during periods of high demand. Solutions within Airfreight Services include: Airfreight Consolidation: as an airfreight consolidator, Expeditors purchases cargo capacity from airlines on a volume basis and resells that space to our customers at lower rates than what those customers could negotiate directly from the airlines on an individual shipment.”

Annual report 2025A · The company itself

“If there is a shortage of a key component in our supply chain or a supplier is unable to deliver a component to us in accordance with our specifications and at the cost contracted for, because of a production issue, a disruption at a supplier’s facility (e.g., fire, explosion, equipment failure, or natural disaster), limited availability of materials, shipping problems, restrictions on transactions with certain countries or companies, implementation of tariffs, or other reason, and the component cannot be easily sourced from a different supplier, or we are unable to obtain a component on a timely basis, the shortage may disrupt our operations or increase our costs of production and our ability to recoup lost production volume may be limited.”

Annual report 2025A · The company itself

“Demand for electronic products and other factors have resulted in, and may in the future result in, a shortage of parts, materials, and services needed to manufacture, deliver, and install our products, as well as delays in and unpredictability of shipments due to transportation interruptions. Such shortages, delays, and unpredictability have adversely impacted, and may in the future impact, our suppliers’ ability to meet our demand requirements. Difficulties in obtaining sufficient and timely supply of parts, materials, or services, and delays in and unpredictability of shipments due to transportation interruptions, have adversely impacted, and may in the future adversely impact, our manufacturing operations and our ability to meet customer demand.”

Annual report 2026A · The company itself

“Våra mönsterkort transporteras både med flyg och båt. Flygfrakt från Asien till Europa och USA har en hög klimatpåverkan.”

Annual report 2024A · The company itself

“Ett ytterligare huvudområde är transport; majoriteten av våra koldioxidutsläpp orsakas av transport från tillverkare till kund. Vi använder till stor del flyg som transportmedel till följd av att kunder ställer höga krav på korta leveranstider.”

Annual report 2024A · The company itself

“For example, the space insurance market is experiencing increased price volatility and capacity constraints. Due to recent increases in the frequency and severity of losses in the space market, insurers are decreasing limits, increasing pricing and some have exited the market. Even if insurance coverage is available, we are not always able to obtain it at a price or on terms acceptable to us or without increasing exclusions.”

Annual report 2025A · The company itself

“Net revenue 2,484 m illion in 20 25 (20 24: DKK 2,73 4 mi llion)”

Annual report 2025B · From the report

“Net revenue was DKK 2,484 million in 2025 (2024: DKK 2,734 million), a decline of 9.1% compared to last year. Organic growth was negative 13.7%, mainly driven by lower freight rates and a normalisation of project volumes following an unusually strong 2024.”

Annual report 2025A · The company itself

“The Air & Ocean division provides international air and ocean freight services, including project transports.”

Annual report 2025A · The company itself

“Apotea erbjuder gratis leverans i Sverige och har till skillnad från de flesta konkurrenter inte något krav på lägsta ordervärde för en fraktfri leverans. Apotea erbjuder snabba leveranser över hela Sverige och i många fall leverans samma dag.”

Annual report 2024A · The company itself

“Our operation reduces carbon footprint by eliminating the need for air freight to the US market. Due to our domestic production in the US market, Atlantic Sapphire sells fresher products with longer shelf life than imported salmon, enabling reduced food waste.”

Annual report 2024A · The company itself

“Airfreight prices for commodity salmon are high for fresh, imported salmon from South America or Europe, which further improves the competitiveness of the Group’s product in the North American market.”

Annual report 2024A · The company itself

“We rely heavily on a limited number of providers of transport services for reliable and secure point-to-point transport of our products to our customers and patients and for tracking of these shipments, and from time to time we require warehousing for our products. If any of these providers were to encounter delivery performance issues, such as loss, damage, or destruction of any systems or machines, it would be costly to replace such systems or machines in a timely manner and such occurrences may damage our reputation and lead to decreased demand for our products and increased cost and expense to our business.”

Annual report 2025A · The company itself

“We have also faced and may continue to face disruptions in the transportation of materials, components and our products within our global supply chains, including as a result of labor disputes or shortages, strikes, port closures, public health crises or geopolitical developments, which may cause delays in the shipment of our products or other disruptions to our business, as well as increased freight costs.”

Annual report 2025A · The company itself

“We execute our air freight services through our relationships with air carriers, charter services, block space agreements, capacity space agreements, and transactional spot market negotiations.”

Annual report 2025A · The company itself

“Increases in the cost of commercial delivery services or disruptions of those services could materially adversely impact our business. We generally ship hardware products to our customers by third party commercial delivery services and invoice customers for delivery charges.”

Annual report 2025A · The company itself

“It is a leading global specialty transportation and logistics provider for the biopharmaceutical industry.”

Annual report 2025A · The company itself

“Nitrogen Product Distribution The safe, efficient and economical distribution of nitrogen products is critical for successful operations. Our production facilities have access to multiple transportation modes by which we ship products to terminals, warehouses and customers.”

Annual report 2025A · The company itself

“Shift from air freight transportation to less climate-intensive transportation modes”

Annual report 2025A · The company itself

“shifting capacity and volumes to other markets”

Annual report 2025A · The company itself

“Air & Sea 48% of total”

Annual report 2025A · The company itself

“As one of the largest buyers of transportation services globally, we and our customers benefit from keen pricing and strong relationships with carriers. Being a platform business, our customers see greater value as our network grows.”

Annual report 2025A · The company itself

“Beyond Schenker, the increase was driven by growth in value-added services and positive impact from focus on yield management in air freight.”

Annual report 2025A · The company itself

“We connect our customers with the world and ensure flexible and efficient supply chains through storage and transport of goods by air, sea and road. We enable the business of our customers by keeping supply chains flowing – from shipper to consignee.”

Annual report 2025A · The company itself

“For the Air & Sea division, revenue increased by 35.6% compared to 2024.”

Annual report 2025A · The company itself

“Gross profit DKK 32,386 million 34.9% Geographic segmentation based on gross profit MEA Europe 6% 41% The Air & Sea division operates a global network across more than 90 countries specialising in transportation of cargo by air and sea. The division offers freight forwarding services and tailored cargo solutions based on a broad portfolio of value-added services.”

Annual report 2025A · The company itself

“For 2025, DSV Air & Sea reported air freight volume growth of 44% and a 38% increase in sea freight volumes compared to the previous year, driven by Schenker.”

Annual report 2025A · The company itself

“Elkem will invest NOK 60 million to improve cleaning of SO 2 at Elkem Ferroveld.”

Annual report 2024A · The company itself

“We utilize multiple modes of transportation to support our business model. We transport product from our global manufacturing and supplier partners to our distribution centers. Related costs range from port fees, duties, costs related to container and shipper services, and inland trucking and intermodal charges.”

Annual report 2025A · The company itself

“With Tricolor, we are redesigning our international air network by deploying our aircraft strategically to optimize asset utilization and enable a focus on growth in the premium global freight market. Internationally, we are focused on leveraging tools and best practices from our U.S. operations to transform our international operations by scaling to higher-value international mix, reengineering the network, and driving end-to-end process efficiencies.”

Annual report 2026A · The company itself

“Sustainable Customer Solutions FedEx handles more than 18 million shipments per day across our global network. We recognize that the transportation of those goods has environmental consequences, particularly in the form of emissions and waste.”

Annual report 2026A · The company itself

“FedEx’s international authority permits it to carry cargo and mail from points in its U.S. route system to numerous points throughout the world.”

Annual report 2026A · The company itself

“Divestment of the Air Pollution Control business On 30 June 2025, FLSmidth announced that it had entered into an agreement to divest its Air Pollution Control (APC) business to Rubicon Partners. The transaction included all related assets, including intellectual property, technology, employees and order backlog.”

Annual report 2025A · The company itself

“För kanadensiska Mitel Networks Corp flyttas tillverkningen av kompletta affärskommunikationsprodukter från Kina till Europa. Avtalet innebär att HANZA konsoliderar Mitels produktion till koncernens anläggningar i Sverige.”

Annual report 2024A · The company itself

“Once products are purchased, customers seek alternate options for delivery of those products, including advance ordering through digital platforms for Pros, and they often expect quick, timely, and low-price or free delivery, real-time updates on delivery status, and/or convenient pickup or delivery options.”

Annual report 2026A · The company itself

“Koncernen är beroende av speditörer, sjöfartsnav, hamnar och transportföretag för leveranser av komponenter och fär - diga produkter. Koncernen är sårbar inför försörjningsavbrott och höjningar av fraktpriser.”

Annual report 2024A · The company itself

“Kyseiset tapahtumat voiva myös aiheuttaa viivästyksiä joko osien kuljetuksessa tai tuotteiden toimituksessa, sillä ne vaikuttavat kuljetusreitteihin.”

Annual report 2025A · The company itself

“the integrator segment, including major logistics providers”

Annual report 2025A · The company itself

“In 2025, the majority of CPH’s air cargo capacity, around 75%, was carried primarily as belly cargo on passenger aircraft, with a smaller share on dedicated cargo flights. The remaining 25% was attributable to the integrator segment, including major logistics providers, declining in 2025 due to adjustments to a provider’s global network as of June.”

Annual report 2025A · The company itself

“Komponenttien hinnat ja Lamorin laitteiden kuljetus- ja valmistuskustannukset voivat nousta merkittävästi esimerkiksi luonnonkatastrofien ja Lamorin toimitussopimusten ongelmien tai globaalien poikkeusolojen tai toimitusketjujen häiriöiden johdosta.”

Annual report 2024A · The company itself

“Risks related to the availability of transport capacity, unstable conditions on key transit routes, and significant increases in market prices have the potential to hamper the product transport operations of Metsä Board and its associated company Metsä Fibre, thereby weakening profitability.”

Annual report 2025A · The company itself

“Our operations rely heavily on global logistics networks - including ocean freight, air freight, and long‑haul trucking - that depend on stable and cost‑effective fuel supplies. Significant increases in fuel costs, reductions in carrier capacity, or extended transit times could materially increase our transportation and distribution expenses.”

Annual report 2026A · The company itself

“Shipping carriers may impose fuel surcharges, reroute vessels, reduce service frequency, or experience delays, each of which could impair our ability to obtain raw materials or deliver finished products to customers on expected timelines.”

Annual report 2026A · The company itself

“De geopolitiska oroligheterna vid Röda havet har medfört både försenade containerfrakter från Asien och att prisbilden på sådana transporter återigen pressats upp.”

Annual report 2024A · The company itself

“Från specifika tekniklösningar och avancerade filtreringssystem som renar luften inom tung industri, till IoT-baserade digitala verktyg som möjliggör realtidsoptimering av luftkvalitet och energieffektivitet.”

Annual report 2024A · The company itself

“Neste on maailman johtava uusiutuvan dieselin ja uusiutuvan lentopolttoaineen valmistaja, jolla on tuotantoa kolmella mantereella.”

Annual report 2025A · The company itself

“Störningar i distributionsledet kan påverka kunderna negativt och ökade fraktvolymer innebär större koldioxidutsläpp.”

Annual report 2024A · The company itself

“In addition, delays in the shipment or delivery of our products, manufacturing delays or unexpected demand for our products have required us, and may in the future require us to use faster, but more expensive, transportation methods such as air freight, which could adversely affect our profit margins.”

Annual report 2026A · The company itself

“The use of fossil fuels in the downstream transportation of Nordic products generates harmful pollutants, including NOx, SO2, ozone, and particulate matter. While the company's products are lightweight and primarily transported by air, this still contributes to air pollution. The emissions are limited due to the lightweight nature of the products, but transportation remains a significant source of pollution in the value chain, both in the short and long term, due to the ongoing reliance on fossil fuels.”

Annual report 2024A · The company itself

“Our largest operating expenditures are for payroll and related (including our contract with a third party who provides certain crew services), fuel, airfare, food and beverage, advertising and marketing and travel advisor services.”

Annual report 2025A · The company itself

“Fresh salmon delivered to long-distance markets such as the US and Asia are transported by air.”

Annual report 2024A · The company itself

“Bakkafrost can distribute both fresh and frozen fish to various markets. In 2024, FarCargo, a subsidiary of Bakkafrost, started utilizing its aircraft to transport fresh salmon directly from the Faroe Islands to the US market within a few hours.”

Annual report 2024A · The company itself

“In Q1 2024, Bakkafrost started its operation with its own cargo plane to deliver fresh salmon to the US and Chinese markets. This has enabled Bakkafrost to deliver fresh salmon to customers in these markets within 24 hours from when the fish was alive in the Faroe Islands.”

Annual report 2024A · The company itself

“Our cost of sales consists primarily of: tobacco leaf, non-tobacco raw materials, labor and manufacturing costs; shipping and handling costs; and the cost of devices produced by third-party electronics manufacturing service providers.”

Annual report 2025A · The company itself

“We ship a significant portion of our products to our customers through independent package delivery and import/export companies, including UPS and Federal Express in the United States; TNT, UPS and DHL in Europe; and UPS in Asia. We also ship our products through other carriers, including commercial airlines, freight carriers, national trucking firms, overnight carrier services and the United States Postal Service.”

Annual report 2025A · The company itself

“The two main production regions share that most of the production is exported, with a significant portion of the volume being sold fresh to overseas markets requiring airfreight. Transportation of salmon via airfreight is expensive and increases the climate impact of the product.”

Annual report 2023A · The company itself

“In addition, some of our components have long lead-times, requiring us to place orders several months in advance of anticipated demand. Such long lead-times increase the risk of excess inventory, potentially resulting in inventory write-downs or loss of sales in the event our forecasts vary substantially from actual demand.”

Annual report 2026A · The company itself

“The shipping and transportation costs associated with our international operations are typically higher than those associated with our U.S. operations, resulting in decreased operating margins for us in some countries. Volatility in fuel costs, political instability or constraints and increases in the costs or reliability of air transportation may lead us to develop alternative shipment methods, which could disrupt our ability to receive raw materials, or ship finished products, and as a result our business and results of operations may be harmed.”

Annual report 2026A · The company itself

“We distribute our products primarily by truck, rail and sea. The reduced availability of trucks, rail cars or cargo ships, including as a result of labor shortages in the transportation industry, could adversely impact our ability to distribute our products in a timely or costeffective manner. Higher transportation costs could make our products less competitive compared to similar or alternative products offered by competitors.”

Annual report 2025A · The company itself

“Dessa omfattar tjänsteresor, anställdas pendling, avfall, transport och distribution uppströms och nedströms, inköpta varor och tjänster, kapitalvaror, leasade tillgångar uppströms, hantering av uttjänta produkter och användning av sålda produkter.”

Annual report 2024A · The company itself

“Det finns också risk för brist och ökade kostnader för transporter.”

Annual report 2024A · The company itself

“De flesta utsläppen i kategorin Tjänsteresor beräknas utifrån information om rutter, avstånd och biljettklasser för flygresor som görs av Ericssonanställda och som rapporteras av resebyråer, medan en mindre del, inklusive hotellnätter, beräknas utifrån resekostnader.”

Annual report 2024A · The company itself

“Vi bidrar till klimatförändringarna genom de utsläpp av växthusgaser som orsakas av våra transporter, affärsresor, inköpt värme/ kyla, elektricitet och inköpta varor och tjänster.”

Annual report 2023A · The company itself

“Transporter – Grad av inflytande: MEDIUM Cirka 9 procent av vårt koldioxidavtryck kommer från transporter, både uppströms, från våra leverantörer, och nedströms, från kunder och konsumenter.”

Annual report 2023A · The company itself

“En hållbar leveranskedja och kostnadseffektiv, klimatsmart distribution står högt på vår agenda. Thule Group har cirka 750 materialleverantörer i 32 länder – egen tillverkning vid nio anläggningar i sju länder, och försäljning till fler än 26 000 butiker på 138 marknader.”

Annual report 2023A · The company itself

“We rely on our distribution and transportation network, including third-party logistics providers, to provide goods to our stores and to our customers in a timely and cost-effective manner through deliveries to our distribution facilities from vendors and then from the distribution facilities or direct ship vendors to our stores or customers by various means of transportation, including shipments by sea, air, rail, and truck. Disruptions due to extreme weather conditions, including snow and ice storms, flood and wind damage, hurricanes, tornadoes, extreme rain, fires and droughts have at times resulted and may in the future 13 Table of Contents result in delays in the transportation and delivery of merchandise to our distribution centers, our stores, or our customers.”

Annual report 2025A · The company itself

“Our services include transportation and delivery through our integrated air and ground network, distribution, contract logistics, ocean freight, airfreight, customs brokerage and insurance.”

Annual report 2025A · The company itself

“Forwarding We are one of the largest U.S. domestic airfreight carriers and airfreight forwarders globally. We offer a portfolio of guaranteed and non-guaranteed global airfreight services.”

Annual report 2025A · The company itself

“Despite this strategy, it is possible that we may from time to time experience critical part shortages which may drive the need for additional spot buys at increased costs, as well as increased costs associated with premium freight to meet customer commitments.”

Annual report 2025A · The company itself

“Desuden fokuserer vi på at reducere vores indvirkning på klima og miljø i den samlede værdikæde, herunder fx i forbindelse med indkøb, fragt og rejseaktivitet.”

Annual report 2025A · The company itself

“Nedströms transport och distribution Omfattar transport och distribution av sålda produkter som inte handlas upp av Storskogen, för transportslagen flyg, sjö och väg.”

Annual report 2024A · The company itself