Solid performance despite tough markets
DSV delivered solid financial results in 2025 despite volatile market conditions. The company met its full-year guidance and reported strong earnings in the fourth quarter.
In Q4 2025, DSV recorded gross profit of DKK 19.1 billion and EBIT before special items of DKK 5.6 billion, driven mainly by the integration of Schenker.
Faster Schenker integration
DSV is now ahead of schedule on the Schenker integration. The company expects to complete the process by end-2026, two years earlier than planned.
The acquisition has made DSV a new global leader in transport and logistics.
Strong cash flow and lower debt
DSV generated adjusted free cash flow of DKK 16.3 billion in 2025. It reduced net debt by more than DKK 7 billion through its deleveraging program.
Divisions deliver growth
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Air & Sea: EBIT reached DKK 3.1 billion in Q4.
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Road: EBIT rose to DKK 1.0 billion, up sharply year-on-year.
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Contract Logistics: EBIT increased to DKK 1.5 billion.
Growth came mainly from Schenker and improved cost efficiency.
2026 outlook
DSV expects EBIT before special items of DKK 23–25.5 billion in 2026. The company forecasts at least DKK 4 billion in synergies from Schenker next year.
Integration costs are expected to reach around DKK 6.5 billion in 2026.
Bottom line
DSV exits 2025 in a strong position. Faster integration, high cash flow, and rising synergies position the group for continued growth in 2026.
