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DSV (DSV) investor relations material
DSV Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Schenker integration advanced rapidly, with strong customer satisfaction, minimal attrition, and accelerated synergy realization; 30% of integration targeted by year-end 2025 and 70% by end of 2026.
Financial performance in Q3 2025 was stable, with Schenker contributing significantly to gross profit and EBIT, despite challenging market conditions.
Diluted and adjusted EPS remained stable year-over-year, supported by deleveraging and strong cash flow.
Over 3,000 white-collar FTEs reduced since integration began, with successful country go-lives in 13 countries and Germany planned for January.
Synergy targets raised, with DKK 9 billion in annual synergies expected by 2028.
Financial highlights
Q3 2025 revenue was DKK 71,983 million, with gross profit at DKK 19,508 million and gross margin of 27.1%.
EBIT before special items for Q3 2025 was DKK 5,434 million, up from DKK 4,420 million year-over-year; special items costs were DKK 1,154 million.
Schenker contributed DKK 8,184 million to gross profit and DKK 1,463 million to EBIT in Q3.
Profit from continuing operations for Q3 2025 was DKK 2,160 million, down from DKK 2,845 million in Q3 2024, mainly due to higher special items and tax.
Diluted adjusted EPS (LTM) was DKK 53.1, slightly down from DKK 53.8 a year earlier.
Outlook and guidance
Full-year 2025 EBIT before special items guidance narrowed to DKK 19.5–20.5 billion, with synergy impact from Schenker integration now expected at DKK 800 million.
Special items for 2025 projected at DKK 2.5–3.0 billion; effective tax rate temporarily higher at around 29%, expected to normalize to 24% next year.
Market outlook remains cautious due to macroeconomic, geopolitical, and trade tariff uncertainties; global air and sea volume growth expected below GDP.
Explain the temporary tax rate increase
Organic EBIT trends in Air & Sea and Road?
What is the target gearing ratio?
What enabled faster synergy execution?
Road division's path to improved profitability?
Customer retention outlook post-tender season?
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Q4 20254 Feb, 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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