DSV (DSV) Q4 2025 earnings summary

Executive summary

• Schenker integration is progressing rapidly, targeted for completion by end of 2026 with full synergy impact in 2027, and has received constructive employee and customer feedback with low attrition rates.

• Achieved solid financial performance in 2025 despite challenging global freight markets, with strong contributions from Schenker and growth in Technology.

• Delivered on financial guidance despite tough market conditions, FX headwinds, and yield pressure.

• Strong progress in roadside and contract logistics, with significant business growth.

Financial highlights

• FY 2025 revenue rose 51.3% to DKK 247,331 million, with gross profit up 59.0% to DKK 66,859 million and EBIT before special items up 24.8% to DKK 19,611 million.

• Integration costs related to Schenker totaled DKK 2.6 billion, with special items reaching DKK 4.5 billion in 2025 and total expected costs of DKK 11 billion.

• Free cash flow for FY 2025 was DKK -56,242 million, but adjusted free cash flow reached DKK 16,335 million after reversing acquisition and special items.

• Net interest-bearing debt at year-end was DKK 86,624 million, with a gearing ratio of 2.8x and ongoing debt reduction.

• Tax rate spiked to 40% this quarter due to integration pace, but effective tax rate for 2026 is expected at 28.0%.

Outlook and guidance

• 2026 EBIT guidance is set at DKK 23–25.5 billion, reflecting full-year Schenker contribution, market volatility, and FX headwinds.

• Synergy target of DKK 9 billion from Schenker integration remains on track for 2027.

• Air and sea freight markets expected to grow 2–3% in 2026; road market to see flat to low-single digit growth; contract logistics to grow low- to mid-single digits.

• Tax rate in 2026 will remain elevated due to integration effects.

• USD headwind estimated at DKK 500 million factored into guidance.