DSV (DSV) Q4 2024 earnings summary

Executive summary

• Achieved solid performance in 2024, with three consecutive quarters of gross profit and results growth, outpacing the previous year, and full-year EBIT aligned with guidance, driven by Air & Sea division.

• All business areas experienced growth, supported by a strong commercial approach and ongoing regulatory progress for the Schenker acquisition, which is on track for Q2 2025 closing.

• Productivity improved, with 16% more jobs handled per FTE and the largest division contributing over 70% of EBIT.

• Q4 2024 saw solid financial performance and market share gains across all divisions.

• NEOM joint venture incorporation completed, with operations to ramp up modestly in 2025.

Financial highlights

• FY 2024 revenue rose 11.7% to DKK 167,106m, with Q4 revenue up 19.5% year-over-year, driven by volume increases and stable freight rates, especially in Air & Sea.

• FY 2024 EBIT before special items fell 8.4% to DKK 16,096m, but increased in fixed currencies in H2 2024; Q4 EBIT stable at DKK 3,936m.

• Net working capital rose by DKK 4 billion, mainly due to Air & Sea volume growth; NWC to revenue ratio increased to 5.4%.

• Tax rate remained around 24%.

• Proposed dividend of DKK 7 per share.

Outlook and guidance

• 2025 EBIT guidance (excluding Schenker): DKK 15.5–17.5 billion; effective tax rate at 24%.

• Global air and sea market expected to grow ~3% in 2025; company targets growth above market.

• Road business in Europe expected to see flat to low-single digit growth; contract logistics to see low- to mid-single digit growth.

• Guidance reflects macroeconomic and geopolitical uncertainties, including Red Sea disruptions; NEOM JV not included in outlook.