DSV (DSV) Q4 2025 earnings summary

Executive summary

• Schenker integration is progressing rapidly, expected to complete by end of 2026 with full synergy impact in 2027; employee and customer feedback remains positive and attrition rates are low.

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

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

• Strong cash flow enabled significant debt repayment following the Schenker acquisition.

Financial highlights

• Revenue for FY 2025 rose 51.3% year-over-year to DKK 247,331 million; Q4 2025 revenue up 70.6% to DKK 71,685 million.

• EBIT before special items increased 24.8% year-over-year to DKK 19,611 million; Q4 2025 EBIT up 48.5% to DKK 5,592 million.

• Gross profit for FY 2025 grew 59.0% to DKK 66,859 million, with contract logistics and road segments driving performance.

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

• Net interest-bearing debt at year-end was DKK 86,624 million, with a gearing ratio of 2.8x; net debt reduced by DKK 7 billion for the year.

Outlook and guidance

• FY 2026 EBIT before special items is guided at DKK 23.0–25.5 billion, reflecting full-year Schenker contribution and at least DKK 4 billion in incremental synergies.

• 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.

• Synergy target of DKK 9 billion remains, with potential for further gains from AI and tech transformation.

• Effective tax rate expected at 28.0% in 2026, temporarily elevated due to integration.