DSV posts strong FY2025 performance as Schenker integration progresses

DSV’s air freight division closed 2025 on a strong note, marking one of the year’s standout performances. In the fourth quarter alone, volumes surged 63% compared to the same period last year, pushing full‑year tonnage past 2 million tonnes. Gross profit rose 50% year‑on‑year in Q4 to DKK 4.5 billion (US$710 million), while full‑year air freight gross profit reached DKK 16.6 billion (US$2.62 billion), up more than 41%.

Average yields dipped 8% in constant currencies, reflecting the dilutive impact of the Schenker acquisition, yet Technology continued to drive growth, offsetting weakness in automotive.

At the group level, DSV delivered full‑year revenue of DKK 247.3 billion (US$39.1 billion), a 51% increase from 2024. Gross profit climbed 59% to DKK 66.9 billion (US$10.6 billion), and EBIT before special items rose 25% to DKK 19.6 billion (US$3.1 billion). Strong cash flow supported debt reduction of over DKK 7 billion (US$1.1 billion), underscoring financial resilience in a volatile freight market.

A central focus remains the Schenker integration. Already 30% complete in 2025, the process spans more than 40 countries and has streamlined over 5,000 positions. Completion is expected by the end of 2026, with full synergy impact of DKK 9 billion (US$1.4 billion) projected in 2027.

With air freight momentum, solid group results, and integration on track, DSV is steering confidently toward its 2026 EBIT guidance of DKK 23 to 25.5 billion (US$3.6 to US$4.0 billion).

Meanwhile, the company cautioned that trade tariffs and geopolitical shifts could continue to affect air cargo demand and pricing. DSV said it will monitor activity levels closely and adjust capacity as needed, while further leveraging digitalisation and network optimisation to enhance productivity in air freight operations.

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.