The analysis of DSV’s results reveals more than just solid financial data — it reflects a strategy built on synergy, efficiency, and flexibility. The company’s gross profit reached 19.51 billion Danish kroner (€2.62 billion) in the third quarter of this year, compared with 11.08 billion kroner in the same period last year.
Operating profit (EBIT) before extraordinary items amounted to 5.43 billion kroner (€728 million), up from 4.42 billion kroner in Q3 2024. On an organic basis (excluding the impact of DB Schenker), gross profit increased by 5.4%, while operating profit before extraordinary items fell by 7.3% at constant exchange rates. These figures show that despite global uncertainty and reduced activity in some sectors, DSV continues to maintain a solid level of profitability.
Integration with DB Schenker accelerates results
The integration with DB Schenker — acquired in a historic transaction valued at around €14.3 billion — is progressing faster than expected. By the end of 2025, DSV plans to complete 30% of the structural integration, twice as much as initially forecast.
The estimated synergy effect for 2025 has been raised to 0.8 billion kroner (€107 million), compared with the earlier estimate of 0.5–0.6 billion. By 2028, the company expects to achieve total synergies and savings of 9 billion kroner (€1.2 billion).
However, the process also generates one-off integration costs, expected to reach 2.5–3 billion kroner (€335–402 million) in 2025.
“Our commercial approach drives growing activity among our largest clients — and the pace of integration with DB Schenker is already strengthening the group’s results,” said Jens Lund, President of DSV.
Road transport under pressure
In road transport — one of DSV’s key business pillars — the picture is more complex. While the integration with DB Schenker clearly enhances scale and operational efficiency, organic performance in the road segment has declined.
Gross revenue decreased by 3.6%, and organic EBIT (profit from core activities, excluding acquisition effects) fell by 15.6%.
The company notes that the European market remains challenging, particularly in domestic less-than-truckload (LTL) shipments and the automotive sector. At the same time, it emphasises that the integration enables better network utilisation, wider reach, and optimised operations.
For the transport and logistics industry, this is a reminder that in times of rising costs, margin pressure, and volatile rates, consolidation and operational scale are key to maintaining competitiveness.
Outlook for 2025
DSV has revised upward the lower end of its 2025 forecast. The company now expects EBIT before one-off items in the range of 19.5–20.5 billion kroner (€2.61–2.75 billion).
This narrowing of the range (previously 19.5–21.5 billion kroner) reflects greater precision in forecasting and cautious optimism amid a challenging market environment. According to Danish bank Sydbank, the updated forecast is slightly ahead of market expectations.
DSV’s outlook takes into account a temporarily higher effective tax rate related to the integration process, ongoing trade uncertainty linked to new tariffs and barriers, and the need for further cost and operational adjustments depending on activity levels in individual sectors.
