DSV (DSV) Investor Presentation summary

Q2 2025 financial highlights

• Organic gross profit increased by 2.4% despite volatile market conditions; EBIT before special items declined by 4.6% year-over-year, with positive earnings growth in Air & Sea and lower earnings in Road and Contract Logistics.

• Schenker contributed DKK 6,414 million in gross profit and DKK 925 million in EBIT for the period.

• Adjusted free cash flow was strong, supporting deleveraging, with a cash conversion of 143% in Q2 2025.

• Diluted adjusted EPS at DKK 51.5, with a 2.3% decline due to share increase from Schenker financing.

• Reiterated 2025 EBIT guidance of DKK 19.5–21.5 billion before special items.

Schenker integration and strategic developments

• Integration of Schenker is off to a strong start, with global leadership appointed and first countries beginning integration in Q3 2025.

• Annual synergies from Schenker expected to reach DKK 9.0 billion by end of 2028; DKK 500–600 million to impact 2025 P&L.

• Total transaction and integration costs estimated at DKK 11.0 billion, with DKK 2.0–2.5 billion expected in 2025.

• Schenker strengthens global network, especially in Air & Sea, Road, and Contract Logistics, and enhances scale in EMEA, APAC, and Americas.

• The combined group is positioned as a world-leading logistics provider, with an estimated 6–7% global market share.

Divisional performance and business segments

• Air & Sea saw strong organic growth in gross profit and EBIT, up over 9% year-over-year, with improved profitability and higher yields.

• Road division experienced declines in organic gross profit and EBIT due to low activity, especially in groupage and the automotive sector.

• Contract Logistics faced negative organic growth due to low capacity utilisation and higher costs, but Schenker contributed solid performance.

• Focus remains on productivity improvements, network optimisation, and digitalisation across divisions.