DSV (DSV) Q2 2025 earnings summary

Executive summary

• Completed Schenker acquisition, integrating 85,800 employees and contributing DKK 22,348m revenue and DKK 925m EBIT before special items in Q2 2025.

• Schenker integration is progressing well, with global leadership team established and first country integrations set for Q3 2025.

• Annual synergies of DKK 9bn expected by end of 2028, with DKK 500–600m impacting 2025 and 50% integration by end 2026.

• Guidance for full-year 2025 EBIT before special items reiterated at DKK 19.5–21.5bn, reflecting confidence despite market volatility.

• Challenging market conditions persist due to trade tariffs, macroeconomic uncertainty, and geopolitical issues.

Financial highlights

• Q2 2025 revenue rose to DKK 61,983m (up from DKK 41,157m in Q2 2024); H1 2025 revenue DKK 103,663m.

• Q2 2025 EBIT before special items DKK 4,725m (Q2 2024: DKK 4,099m); H1 2025 EBIT before special items DKK 8,585m.

• Schenker contributed DKK 6,414m gross profit and DKK 925m EBIT in Q2.

• Adjusted free cash flow DKK 3,982m in Q2 2025, with adjusted cash conversion of 143%.

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

Outlook and guidance

• Full-year 2025 EBIT before special items guidance unchanged at DKK 19.5–21.5bn.

• Special items (restructuring/integration) expected at DKK 2.0–2.5bn; effective tax rate 26–28% during integration, returning to 24% long-term.

• Limited Schenker synergies of DKK 500–600m expected in 2025; majority of synergies to phase in from 2026.

• Market outlook remains highly uncertain due to trade tariffs, Red Sea situation, and macroeconomic factors.