DSV reports FY2025 growth while advancing Schenker integration plans

Global transport and logistics giant DSV closed 2025 with robust financial results, driven by strong performances across air & sea, road, and contract logistics, while accelerating the integration of Schenker. Despite headwinds in global freight markets, the company reported significant growth in revenue, gross profit, and EBIT, underscoring resilience and strategic execution.

Q4 2025 Performance
In the fourth quarter of 2025, DSV reported revenue of DKK 71.7 billion (US$11.3 billion), up 70.6% year‑on‑year. Gross profit surged 84.1% to DKK 19.1 billion (US$ 3.0 billion), while EBIT before special items rose 48.5% to DKK 5.6 billion (US$0.9 billion).

The Air & Sea division contributed significantly, with air freight volumes growing 63% year‑on‑year. Gross profit in air freight rose 50% to DKK 4.5 billion (US$710 million), while sea freight gross profit increased 24% to DKK 3.9 billion (US$615 million). Road operations also delivered strong results, with EBIT climbing 220.9% to DKK 1.0 billion (US$158 million), supported by efficiency gains and digitalisation. Contract Logistics posted EBIT of DKK 1.5 billion (US$239 million), nearly tripling year‑on‑year.

Full‑Year 2025 Results
For the full year, DSV achieved revenue of DKK 247.3 billion (US$39.1 billion), a 51% increase compared to 2024. Gross profit rose 59% to DKK 66.9 billion (US$10.6 billion), while EBIT before special items grew 24.8% to DKK 19.6 billion (US$3.1 billion).

Cash flow from operating activities reached DKK 21.5 billion (US$3.4 billion), while adjusted free cash flow stood at DKK 16.3 billion (US$2.6 billion). Net interest‑bearing debt was reported at DKK 86.6 billion (US$13.7 billion), reflecting the impact of acquisitions and integration costs.

Schenker Integration: A Landmark Development
A defining feature of 2025 was DSV’s rapid progress in integrating Schenker. By year‑end, 30% of the integration was complete, covering more than 40 countries and reducing over 5,000 white‑collar positions. Customer satisfaction remained high, with minimal attrition among major accounts.

Financial synergies from the integration contributed DKK 800 million (US$126 million) in 2025. DSV expects incremental synergies of at least DKK 4 billion (US$632 million) in 2026, with a full annual impact of DKK 9 billion (US$1.4 billion) projected by 2027. Transaction and integration costs totalled DKK 4.5 billion (US$710 million) in 2025, with the remainder to be booked in 2026.

Outlook for 2026
Looking ahead, DSV has guided EBIT before special items in the range of DKK 23.0–25.5 billion (US$3.6–US$4.0 billion) for 2026. The year will mark the first full 12‑month contribution from Schenker, alongside expected incremental synergies. While global freight markets remain volatile, DSV anticipates modest growth in air and sea freight volumes, gradual recovery in road transport, and continued expansion in contract logistics.

DSV’s FY2025 results highlight a company navigating market challenges with scale, efficiency, and strategic foresight. With Schenker integration on track for completion by end‑2026 and synergies set to deliver substantial financial impact, DSV is positioning itself as a global logistics powerhouse with a strengthened network and enhanced profitability.

All growth rates and year-on-year comparisons are presented in constant currencies and include the impact of the Schenker acquisition unless otherwise stated.