DSV (DSV) Q3 2025 earnings summary

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.