According to the company’s interim financial report, operating profit (EBIT) before special items reached DKK 4.73 billion (EUR 634 million), up from DKK 4.10 billion (EUR 550 million) a year earlier. This includes a DKK 925 million (EUR 124 million) contribution from Schenker, which was consolidated into DSV’s results for two months following the acquisition’s completion on 30 April.
Although headline EBIT increased year-on-year, the 4.6% organic decline reflects weaker underlying performance in DSV’s legacy business. Gross profit rose by 2.4% organically to DKK 17.24 billion (EUR 2.31 billion), with Schenker contributing DKK 6.41 billion (EUR 859 million).
Revenue for the quarter climbed to DKK 61.98 billion (EUR 8.31 billion), compared to DKK 41.16 billion (EUR 5.52 billion) in Q2 2024. Adjusted for currency effects and Schenker’s impact, organic revenue declined by 1.1%.
Key Q2 2025 figures:
- Revenue: DKK 61.98bn (EUR 8.31bn)
- EBIT (before special items): DKK 4.73bn (EUR 634m)
- Adjusted free cash flow: DKK 3.98bn (EUR 534m)
- Net profit: DKK 2.36bn (EUR 316m)
- Gearing ratio: 2.7x
Air & Sea lifts results as Road and Contract Logistics weigh on margins
The Air & Sea division delivered solid performance, with EBIT before special items rising 9.4% to DKK 3.46 billion (EUR 464 million). This was attributed to higher sea freight volumes, improved yields, and growth in value-added services.
By contrast, Road reported a 28.8% organic drop in EBIT to DKK 520 million (EUR 70 million), reflecting weak demand in several European groupage markets and the United States. The Contract Logistics division saw EBIT decline by 41.6% organically to DKK 724 million (EUR 97 million), due to underutilised warehouse capacity and rising costs.
Schenker adds scale: integration begins in Q3 with limited 2025 synergies
DSV acquired Schenker from Deutsche Bahn in a transaction valued at approximately EUR 1.9 billion, completed on 30 April 2025. The deal brought in more than 85,000 employees and expanded DSV’s presence in key verticals and markets.
The company stated that Schenker’s integration is progressing well, with the first country-level integrations beginning in Q3, starting with Air & Sea. A new global leadership team has already been established, and a frame agreement has been reached with German works councils to facilitate a smooth transition.
Annual synergies from the acquisition are expected to reach DKK 9 billion (EUR 1.21 billion) by 2028. Only a limited portion—DKK 500–600 million (EUR 67–80 million)—is expected to be realised in 2025.
DSV reaffirmed its full-year EBIT guidance of DKK 19.5–21.5 billion (EUR 2.61–2.88 billion) before special items. However, it cautioned that trade tariffs, geopolitical tensions, and macroeconomic uncertainty could affect performance in the second half of the year.
Q2 adjusted free cash flow surges to DKK 4 billion as gearing rises post-acquisition
Adjusted free cash flow rose to DKK 3.98 billion (EUR 534 million), up from DKK 1.23 billion (EUR 165 million) in Q2 2024, supported by higher earnings and improved working capital. The company’s gearing ratio increased to 2.7x as a result of the Schenker acquisition.
Profit for the period fell to DKK 2.36 billion (EUR 316 million), compared to DKK 2.71 billion (EUR 363 million) in the same quarter last year. The decline was largely due to DKK 817 million (EUR 110 million) in special items related to transaction and integration costs.
Shares dip as analysts flag slower integration pace than past DSV takeovers
Shares in DSV fell 1.7% in early trading on 31 July, as investors reacted to the slower integration pace compared to previous acquisitions.
“The reason why you can’t do it [a quick integration] this time is that the acquisition of DB Schenker is significantly larger than previous acquisitions and there is a lot more to get a handle on,” Jyske Bank analyst Haider Anjum told Reuters.
CFO Michael Ebbe also noted that market volatility continues to be shaped by trade policies. “Whenever it’s announced that there will be tariffs, then you can say there is a stop and go in the trade flows,” he told Reuters. He added that increasing clarity around tariffs offers “comfort and certainty” for businesses and investors alike.
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DSV reiterates 2025 profit forecast despite global volatility and elevated tax rate
DSV confirmed its full-year outlook, maintaining expectations for EBIT before special items of DKK 19.5–21.5 billion (EUR 2.61–2.88 billion) and integration-related costs of DKK 2.0–2.5 billion (EUR 268–335 million). The company expects the acquisition to be earnings-accretive (adjusted and diluted EPS) by 2026.
While noting that “unforeseen changes may impact our financial expectations,” DSV stated it will continue adjusting its capacity and cost base in response to market developments.
