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DSV
DSV (DSV) investor relations material
DSV Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Schenker integration is progressing rapidly, expected to complete by end of 2026 with full synergy impact in 2027; employee and customer feedback remains positive and attrition rates are low.
Achieved solid financial performance in 2025 despite challenging global freight markets, with strong contributions from the Schenker acquisition and growth in Technology.
Delivered on financial guidance despite tough market conditions, FX headwinds, and yield pressure.
Strong cash flow enabled significant debt repayment following the Schenker acquisition.
Financial highlights
Revenue for FY 2025 rose 51.3% year-over-year to DKK 247,331 million; Q4 2025 revenue up 70.6% to DKK 71,685 million.
EBIT before special items increased 24.8% year-over-year to DKK 19,611 million; Q4 2025 EBIT up 48.5% to DKK 5,592 million.
Gross profit for FY 2025 grew 59.0% to DKK 66,859 million, with contract logistics and road segments driving performance.
Integration costs related to Schenker totaled DKK 2.6 billion, with special items in 2025 at DKK 4.5 billion and total expected costs of DKK 11 billion.
Net interest-bearing debt at year-end was DKK 86,624 million, with a gearing ratio of 2.8x; net debt reduced by DKK 7 billion for the year.
Outlook and guidance
FY 2026 EBIT before special items is guided at DKK 23.0–25.5 billion, reflecting full-year Schenker contribution and at least DKK 4 billion in incremental synergies.
Air and sea freight markets expected to grow 2–3% in 2026; road market to see flat to low-single digit growth; contract logistics to grow low- to mid-single digits.
Synergy target of DKK 9 billion remains, with potential for further gains from AI and tech transformation.
Effective tax rate expected at 28.0% in 2026, temporarily elevated due to integration.
Future synergy potential from AI and tech
Air & Sea yield improvement strategy for 2026
Road division's path to double-digit EBIT margins
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Next DSV earnings date
Q1 202629 Apr, 2026
DSV
Next DSV earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Danish Logistics Experts
DSV Panalpina A/S, known simply as DSV, is a trailblazer in global transport and logistics solutions. Headquartered in Denmark and operating in more than 80 countries, DSV is a key player in global trade and supply chain management. The company's diverse range of services and international reach makes it an influential figure in the global transport and logistics sector.
Born From Co-operation
DSV’s journey began in 1976 when ten independent Danish haulers united under a common flag with a clear goal: to create a robust freight forwarding business that could compete on the world stage. Their vision was not only realized but surpassed their initial expectations, as DSV evolved into an industry giant over the subsequent decades. Through a combination of organic growth and strategic acquisitions, DSV expanded its footprint across the globe. The acquisition of Swiss-based Panalpina in 2019 marked a significant milestone in DSV's history, bolstering its global presence and broadening its range of logistics solutions. While the companies that made up the initial formation of DSV were focused on transport within Denmark and the neighboring area they’re now a key player in global logistics together with names like UPS, FedEx, and Maersk.
Full-service
Today, DSV stands as a full-service logistics provider, offering a multitude of services to facilitate the transport of goods worldwide. Its services span air and sea freight, road transport, warehousing, and specialized logistics solutions. These services encompass every step of the supply chain process and ensure that goods—be they large-scale industrial equipment or individual consumer products—are transported safely, efficiently, and reliably from one corner of the globe to another. DSV’s comprehensive approach allows it to cater to a large variety of different customers, which range from multinational corporations to small and medium-sized businesses.
A Key Player in Global Logistics
The role of DSV in the global supply chain cannot be understated. As an integrated logistics provider, DSV links suppliers, manufacturers, retailers, and consumers, enabling the smooth flow of goods around the world. With increasing digitalization, the rise of e-commerce, and heightened environmental consciousness, the logistics industry is facing new challenges and opportunities. DSV is committed to moving with the times, something that is showcased by its investments in technology and sustainability initiatives, showing that they’re ready to meet these changes head-on.
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