DSV Group
We provide and manage supply chain solutions for thousands of companies every day – from the small family run business to the large global corporation.
Our reach is global, yet our presence is local and close to our customers. Approximately 73,000 employees in more than 80 countries work passionately to
deliver great customer experiences and high-quality services. Read more at www.dsv.com
INTERIM FINANCIAL REPORT
Q1 2025
Company Announcement No. 1155
30 April 2025
Higher earnings in Q1 2025 driven by improved gross profit
• The DSV Group achieved higher earnings in Q1 2025 compared to the same period last year in volatile and uncertain markets.
The earnings growth was driven by improved gross profit, especially in Air & Sea.
• Gross profit for the period improved by 6.2% and EBIT before special items was 4.8% higher compared to the same period last
year.
• Strong adjusted free cash flow generation in Q1 2025, which improved to DKK 3,165 million.
• Today, DSV completes the announced acquisition of Schenker, becoming a world-leading player in transport and logistics.
• Full-year 2025 guidance for EBIT before special items is upgraded to DKK 19.5-21.5 billion from previously DKK 15.5-17.5 billion
to reflect the preliminary expected contribution from Schenker in 2025. The underlying full-year guidance for DSV stand-alone is
unchanged.
Jens H. Lund, Group CEO: “I am pleased with the positive financial performance and higher earnings growth during the first quarter of 2025
despite the current market uncertainties related to global trade. Our performance confirms the strength and flexibility of our business model
and our ability to support our customers’ global supply chains, and we have seen continued positive contribution from our commercial
focus. The completion of the Schenker transaction and the upcoming integration mark a significant milestone in our growth strategy, which,
combined with our continued strong commercial focus on organic growth and a flexible business model, will support our continued
performance amid volatile and uncertain market conditions.”
Selected key figures and ratios for the period 1 January – 31 March 2025
Q1 2025
Q1 2024
Key figures (DKKm)
Revenue
41,680
38,340
Gross profit
10,991
10,265
Operating profit (EBIT) before special items
3,860
3,641
Profit for the period
2,812
2,393
Adjusted earnings for the period
2,874
2,463
Adjusted free cash flow
3,165
443
Ratios
Conversion ratio
35.1%
35.5%
Diluted adjusted earnings per share of DKK 1 for the last 12 months
51.9
55.3
DSV Group
We provide and manage supply chain solutions for thousands of companies every day – from the small family run business to the large global corporation.
Our reach is global, yet our presence is local and close to our customers. Approximately 73,000 employees in more than 80 countries work passionately to
deliver great customer experiences and high-quality services. Read more at www.dsv.com
Performance in Q1 2025
While market conditions in Q1 2025 were impacted by uncertainties related to the macroeconomic outlook and trade tariffs, DSV reported
positive earnings growth compared to the same period last year, driven by higher gross profit in Air & Sea. Gross profit improved 6.2% to
DKK 10,991 million, and EBIT before special items grew by 4.8% to DKK 3,860 million for the Group.
During the quarter, Air & Sea continued the positive commercial development growing the customer pipeline and activities with both large
and mid-sized customers. Air freight volume for Q1 2025 was on par with the same period last year, as growth was negatively impacted by
extraordinary large air freight volumes with a few customers in the same period last year. Adjusted for these low-yielding volumes, the air
freight growth was on level with the addressable market. Sea freight volumes grew 3% compared to the same period last year, in line with
the estimated market growth. The Air & Sea division continued to deliver strong results with 9.5% higher gross profit, driven by higher
average gross profit yields in both segments, while EBIT before special items grew by 10.6% compared to same period last year.
Road reported lower EBIT before special items compared to last year, which was expected due to the overall weaker market conditions
and cost inflation, while earnings improved sequentially compared to Q4 2024. Revenue decreased slightly compared to last year with
relatively stable gross profit due to slight increase in freight rates and focus on productivity.
Solutions reported positive revenue growth of 4.9% and an increase in gross profit of 6.7% driven by an increase in order lines and focus
on improved productivity. However, higher cost, primarily due to increased depreciations related to new warehouses, resulted in a 6.3%
decrease in EBIT before special items in Q1 2025 compared to last year. Efforts to improve operating margins and return on invested
capital will continue through strategic commercial initiatives aimed at increasing utilisation and optimising global warehousing capacity.
Outlook for 2025
Following completion of the Schenker acquisition, Schenker will be included in the consolidated results of DSV from 1 May 2025 (see
Company Announcement 1154). The preliminary expected impact from the acquisition has been included in the full-year outlook for 2025,
which is upgraded as follows:
• EBIT before special items is expected to be in the range of DKK 19.5-21.5 billion (previously DKK 15.5-17.5 billion). The upgrade
is entirely related to the expected Schenker impact, as the underlying guidance for DSV stand-alone is unchanged.
• Limited impact on the statement of profit and loss expected from synergies related to the integration of Schenker in 2025.
• Preliminary amortisation of purchase price allocations in the level of DKK 500 million are included in the outlook for 2025.
• Special items related to restructuring and integration cost in the range of DKK 2.0-2.5 billion in 2025.
• The effective tax rate is expected at approximately 24% (unchanged).
The expected contribution from Schenker during the integration period, including synergies and integration costs, is based on preliminary
estimates and assumptions. Alignment of Schenker’s financials to DSV’s definitions and accounting standards is still in progress. An
update on the integration will be communicated in connection with the release of DSV’s H1 interim financial report, which is postponed from
24 July 2025 to 31 July 2025.
The current geopolitical landscape, including the Red Sea situation, macroeconomic factors and the global trading environment, particularly
potential demand risks arising from the announced trade tariffs, remain uncertain, and unforeseen changes may impact our financial
results. We continue to monitor activity across our organisation, and we will adjust capacity and our cost base if needed.
Synergies and integration costs
Based on preliminary estimates, annual synergies are estimated in the level of DKK 9.0 billion at end of 2028, when the majority of the
integration is expected to be complete. Total transaction and integration costs are expected in the level of DKK 11.0 billion. These costs will
be charged to the statement of profit and loss under special items during the integration period. Expected synergies and integration costs
are based on preliminary numbers.
Contacts
Investor Relations
Stig Frederiksen, tel. +45 43 20 36 38, stig.frederiksen@dsv.com
Alexander Plenborg, tel. +45 43 20 33 73, alexander.plenborg@dsv.com
Media
Jonatan Rying Larsen, tel. +45 25 41 77 37, press@dsv.com
Yours sincerely,
DSV A/S
Page 2 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Interim Financial Report
Q1 2025
Creating the future platform for growth
Page 2 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Contents
Financial highlights ......................................................................................................................... 3
Management’s commentary ............................................................................................................ 4
Air & Sea ........................................................................................................................................... 9
Road ................................................................................................................................................ 12
Solutions ........................................................................................................................................ 14
Interim financial statements .......................................................................................................... 16
Notes to the interim financial statements .................................................................................... 21
Statement by the Board of Directors and the Executive Board .................................................. 24
Page 3 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Financial highlights
Q1 2025
Q1 2024
Results (DKKm)
Revenue
41,680
38,340
Gross profit
10,991
10,265
Operating profit before amortisation and depreciation (EBITDA) before special items
5,373
5,032
Operating profit (EBIT) before special items
3,860
3,641
Net financial expenses
136
484
Profit for the period
2,812
2,393
Adjusted earnings for the period
2,874
2,463
Cash flows (DKKm)
Operating activities
4,728
1,756
Investing activities
(493)
(358)
Free cash flow
4,235
1,398
Adjusted free cash flow
3,165
443
Share buyback
-
(1,613)
Dividends distributed
(1,683)
(1,533)
Cash flow for the period
2,124
119
Gross investment in property, plant and equipment
396
561
Financial position (DKKm)
DSV A/S shareholders’ share of equity
114,146
68,629
Non-controlling interests
325
285
Total equity
114,471
68,914
Total assets
236,187
152,023
Net working capital (NWC)
9,088
7,078
Net interest-bearing debt (NIBD)
(2,932)
37,828
Invested capital
107,064
103,039
Financial ratios (%)
Gross margin
26.4
26.8
Operating margin
9.3
9.5
Conversion ratio
35.1
35.5
Effective tax rate
24.5
24.2
ROIC before tax for the last 12 months
15.5
16.7
Return on equity
11.5
16.4
Solvency ratio
48.3
45.1
Gearing ratio
(0.1)
1.7
Share ratios
Earnings per share (EPS) of DKK 1 for the last 12 months
47.6
54.0
Diluted adjusted earnings per share of DKK 1 for the last 12 months
51.9
55.3
Number of shares issued (’000) at 31 March
240,445
219,000
Number of treasury shares (’000) at 31 March
4,959
10,306
Average number of shares outstanding (’000) for the last 12 months
221,290
211,689
Average diluted number of shares (’000) for the last 12 months
221,778
212,961
Diluted number of shares (’000) at 31 March
235,565
209,162
Share price end of period (DKK)
1,332.5
1,122.0
Non-financial data
Full-time employees (FTE) at 31 March
For definition of key figures and ratios, please refer to page 123 of the DSV Annual Report 2024.
For definition of non-financial data, please refer to page 78 of the DSV Annual Report 2024.
Page 4 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Management’s commentary
The DSV Group reported solid results in Q1 2025 with a 6.2% increase in gross profit and 4.8% in EBIT
before special items compared to the same period last year. The financial achievements confirm the
effectiveness of our flexible business model in navigating the ongoing market uncertainties caused by the
current macroeconomic environment, trade tensions and geopolitical situation. We continue to see
positive development from our commercial initiatives, while margins overall remained stable despite cost
inflation and a competitive market landscape.
Strong adjusted free cash flow for Q1 2025 of DKK 3,165 million with high cash conversion of above 90%,
including positive contribution from net working capital, despite increased revenue.
DSV completes the acquisition
of Schenker
On 13 September 2024, DSV announced an agreement to
acquire Schenker from Deutsche Bahn. The transaction is
completed today after obtaining final regulatory approvals and
finalising the closing formalities with the seller. The transaction
values Schenker at an enterprise value of approximately DKK
106.7 billion (approximately EUR 14.3 billion) and an equity
value of approximately DKK 86.5 billion (EUR 11.6 billion).
Schenker is one of the world’s leading transport and logistics
providers with around 85,800 employees incl. temporary
workers at more than 1,850 locations. The company operates
land, air and ocean transportation services and offers
comprehensive logistics and global supply chain management
solutions. In 2024, Schenker generated revenue of
approximately DKK 143 billion (EUR 19.2 billion).
DSV has a strong M&A track record, and with the completion of
the acquisition of Schenker we lay the basis for sustainable
organic growth by creating a world-leading player within global
transport and logistics. Based on the financials for full-year
2024, the combined company had a pro forma revenue of
approximately DKK 310 billion and a total workforce of around
160,000 employees.
Schenker will be included in the consolidated financial
statements of DSV from 1 May 2025. Based on preliminary
estimates, annual synergies are estimated in the level of DKK
9.0 billion at end of 2028, when the majority of the integration is
expected to be complete. The synergies relate to the
consolidation of operations, logistics facilities in Road and
Solutions, back-office functions, finance and IT infrastructure.
Total transaction and integration costs are expected in the level
of DKK 11.0 billion. These costs will be charged to the statement
of profit and loss under special items during the integration
period. Expected synergies and integration costs are based on
preliminary numbers.
The transaction is expected to be EPS accretive (diluted and
adjusted) at the latest in 2026, and it remains DSV’s aspiration
to lift the operating margins of the combined entity to a minimum
of DSV’s levels within the respective business areas in 2028.
Due to completion of the transaction, DSV’s financial ambitions
for 2026 will be revised and are therefore no longer relevant.
Revised financial ambitions reflecting the impact from the
integration of Schenker are expected be communicated at a
later stage.
Quarterly business highlights
In Q1 2025, we maintained our focus on developing and
implementing operational and commercial strategies centred
around our enterprise approach and change capacity. Alongside
strong leadership, people and communication, these pillars are
foundational for our ambition to outgrow the market organically
and achieve industry leading margins.
Our enhanced commercial strategy, implemented last year, has
resulted in accelerated organic growth over the past twelve
months. This growth is a testament to our structural approach
with verticals and large accounts and our focus on keeping our
customers’ supply chains flowing. Despite some verticals being
impacted by current macro-economic conditions and recent
trade tensions, we have continued to provide strong service
offerings to our customers and develop our pipeline for the
coming period. In Q1 2025, we improved our integrated network
offering and end-to-end services between our divisions and
continued to digitalise our business to strengthen enterprise and
divisional platforms.
Our enterprise approach and change capacities enable us to
continuously develop our business and create economies of
scale without adding complexity, giving us a strong foundation
for the integration of Schenker and generating the expected
synergies. By strengthening our global network and customer
service offerings through an improved value proposition with
Schenker, we see significant opportunities to increase wallet
share with existing accounts and attracting new customers.
The planned logistics joint venture with NEOM has not yet
commenced operations, and no capital has been allocated to
the joint venture. We do not expect a material financial
contribution from the joint venture in 2025, based on an
unchanged expectation of a modest ramp-up in capital allocation
and activity in the joint venture during the year.
Page 5 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Results for the period
Growth 2024 – 2025
(DKKm)
Q1 2024
Currency
translation
Q1 2024 in
constant
currencies
Growth
Growth in
constant
currencies %
Q1 2025
Revenue
38,340
177
38,517
3,163
8.2%
41,680
Gross profit
10,265
81
10,346
645
6.2%
10,991
EBIT before special items
3,641
42
3,683
177
4.8%
3,860
Gross margin (%)
26.8
26.4
Operating margin (%)
9.5
9.3
Conversion ratio (%)
35.5
35.1
Revenue
In Q1 2025, revenue increased by 8.2% to DKK 41,680 million
compared to same period last year, driven primarily by the Air &
Sea division due to higher average freight rates invoiced,
especially in the first part of the quarter, and more value-added
services on shipments across both air and sea freight.
Revenue and growth by division compared to same period last
year are specified below:
(DKKm)
Q1 2025
Q1 2024
Growth*
Air & Sea
26,108
22,716
14.4%
Road
10,164
10,425
(3.0%)
Solutions
6,325
5,989
4.9%
Group and
eliminations
(917)
(790)
Total
41,680
38,340
8.2%
* Growth in constant currencies
The Road division reported revenue only slightly below first
quarter last year, despite generally lower market activity in some
domestic groupage markets in Europe.
The Solutions division saw a revenue increase of 4.9%
compared to same period last year due to increase in order lines
and new large customers.
Revenue by division, Q1 2025 (DKKm)
Gross profit
For Q1 2025, gross profit for the Group increased by 6.2% to
DKK 10,991 million compared to the same period last year. The
growth was primarily driven by the Air & Sea division with higher
gross profit yields for both air (+6.3%) and sea (+12.5%).
Gross profit and growth by division compared to same period
last year are specified below:
(DKKm)
Q1 2025
Q1 2024
Growth*
Air & Sea
6,373
5,763
9.5%
Road
1,956
1,964
(0.9%)
Solutions
2,578
2,401
6.7%
Group and
eliminations
84
137
Total
10,991
10,265
6.2%
* Growth in constant currencies
The Road division delivered gross profit of DKK 1,956 million, on
level with the gross profit in the same period last year, despite
lower market activity and cost inflation, especially from hauliers.
Solutions delivered gross profit growth of 6.7% to DKK 2,578
million for the first quarter of 2025 driven by higher activity levels
and focus on efficiency improvements.
Gross profit by division, Q1 2025 (DKKm)
Page 6 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
The gross margin for the Group was 26.4% for Q1 2025,
compared to 26.8% for the same period last year. The slightly
lower gross margin is primarily due to higher freight rates in Air
& Sea, as the higher yields in both air and sea led to improved
profitability.
The gross profit margin in both Road and Solutions improved
compared to last year, as both divisions benefitted from higher
efficiency.
EBIT before special items
For Q1 2025, EBIT before special items increased by 4.8% to
DKK 3,860 million, compared to DKK 3,641 million last year,
mainly driven by the positive gross profit performance in the Air
& Sea division.
EBIT and growth by division compared to same period last year
are specified below:
(DKKm)
Q1 2025
Q1 2024
Growth*
Air & Sea
2,949
2,627
10.6%
Road
408
490
(16.9%)
Solutions
470
500
(6.3%)
Group and
eliminations
33
24
Total
3,860
3,641
4.8%
* Growth in constant currencies
The conversion ratio for the Group was 35.1% in Q1 2025,
compared to 35.5% in the same quarter last year.
Despite the positive year-over-year gross profit growth, the
conversion ratio was marginally lower compared to the same
period last year owing to an overall higher cost base.
In Air & Sea the higher costs were related to general cost
inflation, including higher salaries and IT licence expenses
combined with costs related to planning ahead of the integration
of Schenker.
In Road, the cost base increased, primarily due to higher
depreciations related to new, large road terminals.
The cost base in Solutions was negatively impacted by higher
depreciation related to new warehousing capacity.
Road and Solutions focus on continued efficiency improvements
through digitalisation and standardisation of services.
EBIT by division, Q1 2025 (DKKm)
Financial items
Net financial expenses amounted to DKK 136 million for Q1
2025, compared to DKK 484 million in the same period last year.
The improvement was primarily attributable to higher financial
income derived from positive cash balances from the equity
offering in Q4 2024 to finance the Schenker transaction as well
as foreign exchange gains.
(DKKm)
Q1 2025
Q1 2024
Interest on lease liabilities
329
252
Other interest cost, net
(153)
153
Interest on pensions
9
11
Foreign exchange adjustments
(49)
68
Net financial expenses
136
484
Tax on profit for the period
The effective tax rate came to 24.5% for Q1 2025, compared to
24.2% for the same period last year.
Profit for the period
Profit for Q1 2025 was DKK 2,812 million, compared to DKK
2,393 million for the same period of 2024. The increase was
mainly due to the higher EBIT before special items and lower
net financial expenses.
Diluted adjusted earnings per share
Diluted adjusted EPS (rolling 12-months) decreased by 6.1%
compared to the same period last year and came to DKK 51.9
per share (31 March 2024: DKK 55.3 per share). The decline in
earnings per share for Q1 2025 was partly due to a decline in
the net profit for the rolling 12-month period and an increase in
the average number of outstanding shares. The increase in
outstanding shares was driven by the share capital increase of
26.4 million shares related to financing of the Schenker
transaction, partly offset by share buybacks in 2024.
Adjusted for the capital increase, diluted adjusted earnings per
share came to DKK 55.1 in Q1 2025, on par with Q1 2024.
Page 7 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Cash flow
Cash flow statement – summary
(DKKm)
Q1 2025
Q1 2024
EBITDA before special items
5,373
5,032
Change in net working capital
313
(2,092)
Tax, interests, change in provisions, etc.
(903)
(1,184)
Special items, paid
(55)
-
Cash flow from operating activities
4,728
1,756
Cash flow from investing activities
(493)
(358)
Free cash flow
4,235
1,398
Proceeds and repayment of financing liabilities
(798)
1,305
Transactions with shareholders
(1,313)
(2,584)
Cash flow from financing activities
(2,111)
(1,279)
Cash flow for the period
2,124
119
Free cash flow
4,235
1,398
Special items
55
-
Repayment of lease liabilities
(1,125)
(955)
Adjusted free cash flow
3,165
443
In Q1 2025, adjusted free cash flow amounted to DKK 3,165
million, representing an increase of DKK 2,722 million compared
to the same period last year. The adjusted free cash flow
conversion improved to 91%, compared to 40% in the same
period last year.
Net working capital was stable compared to full-year 2024 with
cash flow from change in NWC at DKK 313 million in Q1 2025,
compared to a cash outflow of DKK 2,092 million in the same
quarter last year.
Investing activities showed a cash outflow of DKK 493 million for
Q1 2025, compared to a cash outflow of DKK 358 million in the
same quarter of 2024. The increase was driven by lower cash
inflow from disposal of property, plant and equipment.
Net cash outflows from financing activities amounted to DKK
2,111 million in Q1 2025 compared to DKK 1,279 million in Q1
2024. These outflows were mainly due to shareholder
distributions and lease repayments.
Net working capital
On 31 March 2025, the Group’s net working capital (NWC) was
DKK 9,088 million, compared to DKK 7,078 million on 31 March
2024. This increase is primarily due to higher revenue in Air &
Sea.
The capital tied up in property projects was in line with same
period last year.
Relative to estimated full-year revenue, funds tied up in NWC
were 5.5% as of 31 March 2025, compared to 4.6% on 31
March 2024, and on par with full-year 2024.
Capital structure and finances
DSV A/S shareholders’ share of equity
DSV shareholders’ share of equity was DKK 114,146 million on
31 March 2025 (DKK 114,182 million on 31 December 2024).
Equity remained stable for the period, as the profit generated
was offset by dividend distribution and loss from foreign
currency translation.
The solvency ratio excluding non-controlling interests was
48.3% on 31 March 2025 (31 March 2024: 45.1%).
On 31 March 2025, the Company’s portfolio of treasury shares
was 4,958,966 shares. On 29 April 2025, the portfolio of
treasury shares was 4,954,566 shares.
The development in equity since 1 January is specified below:
(DKKm)
Q1 2025
Q1 2024
Equity at 1 January
114,182
68,703
Profit for the period (attributable
to shareholders of DSV A/S)
2,797
2,377
Currency translation, foreign
enterprises
(1,683)
82
Allocated to shareholders
(1,683)
(3,146)
Sale of treasury shares
334
492
Other equity movements
199
121
Equity end of period
114,146
68,629
Net interest-bearing debt
Net interest-bearing debt, including IFRS 16 lease liabilities,
amounted to negative DKK 2,932 million (net cash) on 31 March
2025, compared to DKK 37,828 million on 31 March 2024. The
decrease was predominately attributable to the capital increase
related to the Schenker transaction.
Adjusted for the capital increase, the net interest-bearing debt,
including IFRS 16 lease liabilities, was DKK 33,673 million at 31
March 2025.
The gearing ratio (NIBD/EBITDA) was negative 0.1x on 31
March 2025, compared to positive 1.7x for the same period last
year. Adjusted for the capital increase, the gearing ratio was
1.5x on 31 March 2025.
Based on an enterprise value of the Schenker transaction of
approximately DKK 106.7 billion (approximately EUR 14.3
billion), pro-forma financial gearing ratio is expected to be
around 3.0x at completion of the transaction.
The weighted average duration of the Company’s long-term
bonds and drawn credit facilities was 5.5 years on 31 March
2025.
Page 8 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Invested capital and ROIC
The invested capital including goodwill and customer
relationships amounted to DKK 107,064 million on 31 March
2025, compared to DKK 103,039 million on 31 March 2024. The
increase was mainly a result of higher net working capital in Air
& Sea and Solutions compared to last year combined with
increase in right-of-use assets.
Return on invested capital (including goodwill and customer
relationships) was 15.5% for the rolling 12-month period ended
31 March 2025, compared to 16.7% last year. The decrease is
mainly driven by the increase in invested capital including
goodwill and customer relationships.
Excluding goodwill and customer relationships, return on
invested capital was 56.1% for the rolling 12-month period
ended 31 March 2025, compared to 69.9% for the same period
last year.
Subsequent events
On 30 April 2025, DSV has completed the previously announced
agreement between DSV and Deutsche Bahn AG to acquire
100% of the global freight forwarding and contract logistics
business DB Schenker operated by Schenker AG and its
affiliates in an all-cash transaction. Further details are provided
in DSV Company Announcement No. 1154 and note 8 to the
interim financial statements.
Outlook
Following the completion of the Schenker acquisition (see
Company Announcement 1154), the preliminary expected
impact from the acquisition has been included in the full-year
outlook for 2025, which is upgraded as follows:
• EBIT before special items is expected to be in the range
of DKK 19.5-21.5 billion (previously DKK 15.5-17.5
billion). The upgrade is entirely related to the expected
Schenker impact, as the underlying guidance for DSV
stand-alone is unchanged.
• Limited impact on the statement of profit and loss
expected from synergies related to the integration of
Schenker in 2025.
• Preliminary amortisation of purchase price allocations in
the level of DKK 500 million are included in the outlook
for 2025.
• Special items related to restructuring and integration cost
in the range of DKK 2.0-2.5 billion in 2025.
• The effective tax rate is expected at approximately 24%
(unchanged).
The expected contribution from Schenker during the integration
period, including synergies and integration costs, is based on
preliminary estimates and assumptions. Alignment of
Schenker’s financials to DSV’s definitions and accounting
standards is still in progress.
We are not expecting material financial contribution from the
NEOM joint venture in 2025, based on an anticipated modest
ramp-up in capital allocation and activity in the joint venture in
2025.
Current trade tensions and uncertainties related to potential
impact on demand from tariffs and weak macroeconomics may
lead to global air and sea volume growth below global GDP
growth in 2025.
For the road market, we continue to expect flat- to low-single
digit market growth, with market conditions are expected to
remain weak during the first half-year. We still anticipate low- to
mid-single digit growth rates in the contract logistics market in
2025.
The current geopolitical landscape, including the Red Sea
situation, macroeconomic factors and the global trading
environment, particularly potential demand risks arising from the
announced trade tariffs, remain uncertain, and unforeseen
changes may impact our financial results. We continue to
monitor activity across our organisation, and we will adjust
capacity and our cost base if needed.
Page 9 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Air & Sea
In Q1 2025, the division generated a strong gross profit of DKK 6,373 million, 9.5% above same period
last year. The division’s EBIT before special items was DKK 2,949 million, 10.6% higher than same period
last year. We continue to see positive results from the enhanced commercial approach with a strong
pipeline across customer segments and most of our verticals. The improvement in earnings was primarily
driven by higher gross profit per unit for both segments leading to a conversion ratio of 46.3%. Volumes in
air freight were on par with same period last year and in line with the addressable market, when adjusted
for extraordinary large, low-yielding volumes from a few customers in Q1 2024. Sea freight volumes grew
3%, in line with the market, compared to Q1 2024.
Statement of profit or loss
(DKKm)
Q1 2025
Q1 2024
Divisional revenue
26,108
22,716
Direct costs
19,735
16,953
Gross profit
6,373
5,763
Other external costs
1,009
908
Staff costs
2,117
1,943
EBITDA before special items
3,247
2,912
Amortisation and depreciation
298
285
EBIT before special items
2,949
2,627
Key figures and ratios
Q1 2025
Q1 2024
Gross margin (%)
24.4
25.4
Operating margin (%)
11.3
11.6
Conversion ratio (%)
46.3
45.6
Full-time employees
21,352
21,242
Total invested capital (DKKm)
66,598
65,003
Net working capital (DKKm)
5,301
2,714
ROIC before tax (%)
18.6
19.0
Quarterly business highlights
The Air & Sea division operates a global network specialising in
transportation of cargo by air and sea. The division offers
conventional freight forwarding services and tailored cargo
solutions based on a broad portfolio of value-added services.
In Q1 2025, we continued to strengthen our commercial
approach, seeing strong performance from our specialised
vertical offerings. We continue to adapt our offerings to
customer requirements and raise the standards for service
levels and global consistency. Our continued high levels of
customer satisfaction confirm our dedicated efforts.
Operationally, we achieved sustained productivity gains from our
digitalisation efforts, and we remain committed to further
digitalising our workflows to increase productivity. We continued
to see good traction in converting manual bookings to digital
bookings across the platforms.
In the first quarter, we continued developing our network with
new lanes and optimising and consolidating our LCL (less-than-
container load) gateways, while enhancing our carrier network
and system integrations.
Furthermore, we have in Q1 2025 been preparing for the
upcoming integration of Schenker. The combination of the two
companies creates a world-leading air and sea network with
Page 10 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
strong customer offering and services, which will give us a
unique position in the market.
Market development
Air
Our addressable global air freight market, excluding e-
commerce and perishables, had a slow start to the year with
lower volumes than expected, despite frontloading of some
volumes in January ahead of potential trade tariffs and Chinese
New Year. Furthermore, demand for air freight was negatively
impacted by the widening price gap between sea and air, driving
an increase in conversions from air to sea shipments. We
estimate that our addressable market saw low-single digit
growth in Q1 2025. The highest growth rates were observed in
January and a more muted development in February and March.
In Q1 2025, air freight rates remained largely on level with the
same period last year, however with higher average freight rates
on the APAC-Europe trade lane.
In Q1 2025, DSV’s air freight volumes were on level with the
same period last year and in line with our addressable market,
when adjusted for some extraordinary high-volume, low-margin
business from a few customers in Q1 2024. The development in
air freight was overall positive with strong momentum within the
technology vertical.
Sea
Similar to air freight, the sea freight market was impacted by the
timing of several events in January with a potential port strike on
the US East Coast, potential US trade tariffs and the timing of
Chinese New Year. Driven by these events, the market saw
front-loading in January and lower activity in the following
months. We estimate that the market grew by low-single digits in
Q1 2025, driven by the front-loading in January.
In the first quarter, the average sea freight rates declined across
major trade lanes compared to Q4 2024, driven by seasonality
and reshuffling of ocean alliances. However, due to time delay,
the revenue invoiced by DSV was based on higher average
freight rates in Q1 2025 compared to same period last year.
DSV’s sea freight volumes grew 3% in Q1 2025 compared to Q1
2024, which we estimate is in line with the overall market
growth.
DSV volume growth
Q1 2025
Air freight – tonnes
0%
Sea freight – TEUs
3%
Divisional revenue
For Q1 2025, revenue amounted to DKK 26,108 million,
compared to DKK 22,716 million for the same period last year.
Revenue for the quarter was up 14.4% compared to the same
period last year, primarily driven by higher average freight rates,
more value-add services on shipments across both air and sea
freight, and increased sea freight volumes.
Gross profit
For Q1 2025, gross profit improved to DKK 6,373 million,
compared to DKK 5,763 million for the same period last year, an
increase of 9.5% compared to last year. The increase was
driven by higher sea freight volumes and especially by higher
average air and sea gross profit yields, which were 6.3% and
12.5% above the same period last year, respectively.
In Q1 2025, the gross margin was 24.4%, compared to 25.4%
last year, due to higher average freight rates, partly offset by
increased gross profit yields in both air and sea.
The gross profit yields for both segments were positively
impacted by the market conditions compared to last year as well
as more value-added services per shipment. The air freight yield
was further impacted by a higher-yielding business mix, while
the sea activities benefited from the volatility in market freight
rates in combination with some positive benefits from the Red
Sea situation.
Regarding the situation in the Red Sea, we currently do not
expect any near-term normalisation of the traffic, while the
visibility in terms of the demand outlook is currently low due to
the potential impact from trade tariffs and the macroeconomic
outlook.
EBIT before special items
For Q1 2025, EBIT before special items improved to DKK 2,949
million, compared to DKK 2,627 million for the same period last
year. The EBIT before special items was 10.6% higher than last
year, primarily driven by the improved gross profit.
The conversion ratio was 46.3% for Q1 2025, compared to
45.6% for the same period last year, driven by improved gross
profit yields and slightly higher productivity, measured as
shipments per employee, compared to same period last year.
The positive effects were partly offset by increased cost due to
cost inflation impacting salaries and IT licenses as well as cost
related to the integration planning of Schenker, which required
more FTEs.
Net working capital
The Air & Sea division’s net working capital came to DKK 5,301
million on 31 March 2025, compared to DKK 2,714 million on 31
March 2024. The increase in net working capital was mainly
driven by the increasing revenue during the period and
difference in customer and supplier payment terms.
Page 11 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Growth Air & Sea 2024 – 2025
(DKKm)
Q1 2024
Currency
translation
Q1 2024 in
constant
currencies
Growth
Growth in
constant
currencies %
Q1 2025
Divisional revenue
22,716
97
22,813
3,295
14.4%
26,108
Gross profit
5,763
56
5,819
554
9.5%
6,373
EBIT before special items
2,627
38
2,665
284
10.6%
2,949
Air & Sea freight performance
Air freight
(DKKm)
Q1 2025
Q1 2024
Divisional revenue
13,626
12,167
Direct costs
10,560
9,272
Gross profit
3,066
2,895
Gross margin (%)
22.5
23.8
Volume (tonnes)*
334,089
335,213
Gross profit per unit (DKK)
9,177
8,636
Sea freight
(DKKm)
Q1 2025
Q1 2024
Divisional revenue
12,482
10,549
Direct costs
9,175
7,681
Gross profit
3,307
2,868
Gross margin (%)
26.5
27.2
Volume (TEUs)*
652,623
636,544
Gross profit per unit (DKK)
5,067
4,506
* Volume is defined as the quantity of export cargo processed within DSV
network. Sea volume is measured in TEUs (twenty-foot equivalent units), while
air volume is determined by chargeable weight, quantified in tonnes.
Page 12 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Road
The Road division’s gross profit for Q1 2025 was DKK 1,956 million, which was in line with the same
period last year. The division’s EBIT before special items decreased by 16.9% to DKK 408 million
compared to same period last year. Despite continued challenging market conditions, especially within
domestic groupage in some European markets, the Road division achieved results in line with
expectations. We estimate that the division gained market share in the first quarter of 2025, especially
within our international European network.
Statement of profit or loss
(DKKm)
Q1 2025
Q1 2024
Divisional revenue
10,164
10,425
Direct costs
8,208
8,461
Gross profit
1,956
1,964
Other external costs
312
324
Staff costs
975
937
EBITDA before special items
669
703
Amortisation and depreciation
261
213
EBIT before special items
408
490
Key figures and ratios
Quarterly business highlights
The Road division is one of the market leaders in Europe and
has operations in North America, South Africa and in the Middle
East. The division offers full load, part load and groupage
services through a network of more than 280 terminals.
We have consistently received strong customer feedback on our
commercial approach and control tower setup from our
customers. In Q1 2025, we have further accelerated volume
onboarding, enabling us to handle more customers through our
control towers despite an adverse market.
During the quarter, we also saw productivity gains from our
digitalisation initiatives, particularly through the implementation
of instant spot quoting via our online portal, myDSV.
In Q1 2025, we continued our preparations for the integration of
Schenker. By combining our activities with those of Schenker,
we will have a unique opportunity to create a more efficient
network with higher utilisation. We expect to generate synergies
from the complementary European operations by leveraging
Schenker’s stronghold in groupage and our position in FTL (full
truckload) and LTL (less-than-truckload) road transports.
Q1 2025
Q1 2024
Gross margin (%)
19.2
18.8
Operating margin (%)
4.0
4.7
Conversion ratio (%)
20.9
24.9
Full-time employees
16,563
16,718
Total invested capital (DKKm)
12,264
12,983
Net working capital (DKKm)
(819)
1,409
ROIC before tax (%)
14.1
16.5
Page 13 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Market development
In Q1 2025, market conditions remained weak with lower
economic activity and macroeconomic uncertainty. However, we
have seen a stabilisation in some parts of the market during Q1
2025 compared to the low activity levels we saw in Q4 2024.
The market continues to experience low demand, especially
within the domestic groupage segment in certain European
markets.
Challenging market conditions led to lower utilisation rates within
DSV’s domestic network, exerting pressure on the division’s
profitability. As a response to the market situation, we continue
to focus on prices towards our customers and suppliers and on
optimising our operations and organisation to fit the current
activity levels. Despite these headwinds, we estimate that the
division gained market share in Q1 2025, driven by the strength
of our international network and the resilience of our groupage
business.
Divisional revenue
For Q1 2025, revenue amounted to DKK 10,164 million,
compared to DKK 10,425 million for the same period last year.
Revenue for the quarter was down 3.0%, impacted by lower
volume growth mainly within our domestic groupage network in
certain markets in Europe.
Gross profit
For Q1 2025, gross profit amounted to DKK 1,956 million,
compared to DKK 1,964 million for the same period last year.
Gross profit for the quarter was down 0.9% in constant
currencies.
The gross margin in Q1 2025 improved slightly to 19.2% from
18.8% last year. The margin has stabilised, despite the lower
activity within the domestic network and pressure on the cost
levels, especially from hauliers.
The division maintains its focus on enhancing the control tower
setup and European groupage network, which is expected to
contribute positively to the gross margin over time.
EBIT before special items
For Q1 2025, EBIT before special items amounted to DKK 408
million, compared to DKK 490 million for the same period last
year. EBIT before special items for the quarter was down 16.9%
compared to last year, impacted by the lower utilisation,
increased costs related to salaries and higher depreciations
related to new terminals.
The conversion ratio was 20.9% for Q1 2025, below the 24.9%
conversion ratio for the same period last year.
Net working capital
The Road division’s net working capital was a negative DKK 819
million on 31 March 2025, compared to DKK 1,409 million on 31
March 2024. The improvement was driven by release of capital
tied up in property projects.
Growth Road 2024 - 2025
(DKKm)
Q1 2024
Currency
translation
Q1 2024 in
constant
currencies
Growth
Growth in
constant
currencies %
Q1 2025
Divisional revenue
10,425
48
10,473
(309)
(3.0%)
10,164
Gross profit
1,964
9
1,973
(17)
(0.9%)
1,956
EBIT before special items
490
1
491
(83)
(16.9%)
408
Page 14 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Solutions
For Q1 2025, the Solutions division realised gross profit of DKK 2,578 million, a growth of 6.7% compared
to the same period last year, driven by higher activity levels with large- and mid-sized customers and
growth in order lines of 4.2% compared to the same period last year. The division’s EBIT decreased by
6.3% compared to last year to DKK 470 million, mainly due to higher depreciation related to new
warehousing capacity. We continue to focus on improving the return on invested capital through
commercial initiatives aimed at improving utilisation, targeted warehouse consolidation efforts and
disciplined capital allocation.
Statement of profit or loss
(DKKm)
Q1 2025
Q1 2024
Divisional revenue
6,325
5,989
Direct costs
3,747
3,588
Gross profit
2,578
2,401
Other external costs
514
437
Staff costs
726
650
EBITDA before special items
1,338
1,314
Amortisation and depreciation
868
814
EBIT before special items
470
500
Key figures and ratios
Q1 2025
Q1 2024
Gross margin (%)
40.8
40.1
Operating margin (%)
7.4
8.3
Conversion ratio (%)
18.2
20.8
Full-time employees
30,984
31,395
Total invested capital (DKKm)
29,789
26,561
Net working capital (DKKm)
5,683
3,204
ROIC before tax (%)
8.2
9.2
Quarterly business highlights
The Solutions division offers warehousing and logistics services
globally and controls more than 500 logistics facilities with a
combined capacity of around 8.9 million sqm. The service
offering includes freight management, customs clearance, order
management and fulfilment and omnichannel solutions based on
a multi-user warehouse concept.
In Q1 2025, we continued to gain traction with large- and mid-
sized accounts in line with our commercial approach and
enterprise strategy. Additionally, our maturing commercial setup
and systematic approach to targeted industry verticals, such as
Technology and Healthcare, are yielding results.
Meanwhile, we have continued to optimise our operations by
streamlining and digitalising our operations. This includes
migrating more warehouses to the same IT platform to enhance
efficiency and ensure global consistency across our
warehouses.
Besides the commercial initiatives, we have made progress on
our targeted warehouse consolidation efforts to better cater to
the current market conditions, and we remain disciplined to our
capital allocation strategy, focusing on improving returns on
invested capital.
Similar to the other divisions in DSV, the Solutions division has
in Q1 2025 continued the preparations for the integration of
Schenker, which will double the division’s global warehousing
footprint. We see considerable opportunities from integrating
Schenker’s strong contract logistics activities, which are
expected to enhance both commercial and operational
excellence.
Page 15 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Following completion of the Schenker transaction, the division
will be renamed to Contract Logistics, which better reflects the
activities of the division.
Market development
In Q1 2025, the contract logistics market saw positive
development in the US, while the European market remained
impacted by softening retail markets and lower activity within the
Automotive vertical. While the overall demand remained robust
during the quarter, the market was impacted by increasing
uncertainty related to the global trade tensions and
macroeconomic outlook.
We estimate that the division gained market share in Q1 2025
driven by new, modern warehousing capacity and
implementation of new large customers based on our
commercial approach.
Divisional revenue
For Q1 2025, revenue amounted to DKK 6,325 million,
compared to DKK 5,989 million for the same period last year.
Revenue for the quarter was up 4.9%, mainly driven by
increased activity with our large- and mid-sized customers due
to our enhanced focus on end-to-end solutions. Order line
activity increased by 4.2% compared to the same period last
year. The Americas and APAC region saw the most positive
revenue development during the quarter.
Gross profit
For Q1 2025, gross profit amounted to DKK 2,578 million,
compared to DKK 2,401 million for the same period last year.
Gross profit for the quarter was up 6.7%.
The division’s gross margin was 40.8% for Q1 2025, compared
to 40.1% for the same period last year.
The improvement in gross margin is due to continued focus on
improved productivity.
EBIT before special items
For Q1 2025, EBIT before special items amounted to DKK 470
million, compared to DKK 500 million for the same period last
year. EBIT before special items for the quarter decreased by
6.3% despite the growth in order lines and higher gross profit,
due to costs and higher depreciation related to the new
warehouses that have been introduced in recent quarters.
The conversion ratio was 18.2% for Q1 2025, compared to
20.8% for the same period last year.
In addition to our commercial efforts to improve utilisation, we
are focused on disciplined capital allocation to improve margins.
Net working capital
The division’s net working capital came to DKK 5,683 million on
31 March 2025, compared to DKK 3,204 million on 31 March
2024. The increase in net working capital is primarily attributable
to the development and construction of existing warehousing
projects, while operational net working capital improved from
last year.
Growth Solutions 2024 – 2025
(DKKm)
Q1 2024
Currency
translation
Q1 2024 in
constant
currencies
Growth
Growth in
constant
currencies %
Q1 2025
Divisional revenue
5,989
38
6,027
298
4.9%
6,325
Gross profit
2,401
15
2,416
162
6.7%
2,578
EBIT before special items
500
2
502
(32)
(6.3%)
470
Page 16 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Interim financial statements
Statement of profit or loss
(DKKm)
Q1 2025
Q1 2024
Revenue
Direct costs
Gross profit
Other external costs
Staff costs
Operating profit before amortisation and depreciation (EBITDA) before special items
Amortisation and depreciation
Operating profit (EBIT) before special items
Special items, costs
Financial income
Financial expenses
Profit before tax
Tax on profit for the period
Profit for the period
Profit for the period attributable to:
Shareholders of DSV A/S
Non-controlling interests
Earnings per share:
Earnings per share of DKK 1 for the period
Diluted earnings per share of DKK 1 for the period
Page 17 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Statement of comprehensive income
(DKKm)
Q1 2025
Q1 2024
Profit for the period
Items that may be reclassified to profit or loss when certain conditions are met:
Net foreign exchange differences recognised in OCI
(1,694 )
Fair value adjustments of hedging instruments
Fair value adjustments of hedging instruments transferred to financial expenses
(2 )
Tax on items reclassified to profit or loss
(1 )
(1 )
Items that will not be reclassified to profit or loss:
Actuarial gains/(losses)
Tax on items that will not be reclassified
(61 )
(14 )
Other comprehensive income, net of tax
(1,498 )
Total comprehensive income
Total comprehensive income attributable to:
Shareholders of DSV A/S
Non-controlling interests
Total
Page 18 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Statement of cash flows
(DKKm)
Q1 2025
Q1 2024
Operating profit before amortisation and depreciation (EBITDA) before special items
Adjustments:
Share-based payments
Change in provisions
(314 )
(7 )
Change in working capital
(2,092 )
Special items, paid
(55 )
Interest received
Interest paid, lease liabilities
(329 )
(252 )
Interest paid, other
(520 )
(237 )
Income tax paid
(485 )
(789 )
Cash flow from operating activities
Purchase of intangible assets
(86 )
(80 )
Purchase of property, plant and equipment
(396 )
(561 )
Disposal of property, plant and equipment
Change in other financial assets
(32 )
(134 )
Cash flow from investing activities
(493 )
(358 )
Free cash flow
Proceeds from borrowings
Repayment of borrowings
(140 )
(64 )
Repayment of lease liabilities
(1,125 )
(955 )
Other financial liabilities incurred
(2 )
Transactions with shareholders:
Dividends distributed to shareholders of DSV A/S
(1,683 )
(1,533 )
Purchase of treasury shares
(1,613 )
Sale of treasury shares
Other transactions with shareholders and non-controlling interests
Cash flow from financing activities
(2,111 )
(1,279 )
Cash flow for the period
Cash and cash equivalents beginning of the period
Cash flow for the period
Currency translation
(62 )
(57 )
Cash and cash equivalents end of period
The statement of cash flows cannot be directly derived from the statement of financial position and statement of profit or loss.
Statement of adjusted free cash flow (DKKm)
Q1 2025
Q1 2024
Free cash flow
Special items
Repayment of lease liabilities
(1,125 )
(955 )
Adjusted free cash flow
Page 19 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Statement of financial position
Assets (DKKm)
31.03.2025
31.12.2024
31.03.2024
Intangible assets
Right-of-use assets
Property, plant and equipment
Other receivables
Deferred tax assets
Total non-current assets
Trade receivables
Contract assets
Inventories
Other receivables
Cash and cash equivalents
Assets held for sale
Total current assets
Total assets
Equity and liabilities (DKKm)
31.03.2025
31.12.2024
31.03.2024
Share capital
Reserves
(1,440 )
(633 )
Retained earnings
DSV A/S shareholders’ share of equity
Non-controlling interests
Total equity
Lease liabilities
Borrowings
Pensions and other post-employment benefit plans
Provisions
Deferred tax liabilities
Total non-current liabilities
Lease liabilities
Borrowings
Trade payables
Accrued cost of services
Provisions
Other payables
Tax payables
Total current liabilities
Total liabilities
121,716
122,042
83,109
Total equity and liabilities
236,187
236,545
152,023
Page 20 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Statement of changes in equity at 31 March 2025
Attributable to shareholders of DSV A/S
(DKKm)
Share
capital
Reserves
Retained
earnings
Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2025
Profit for the period
Other comprehensive income, net of tax
(1,678 )
(1,487 )
(11 )
(1,498 )
Total comprehensive income for the period
(1,678 )
Transactions with shareholders and
non-controlling interests:
Share-based payments
Tax on share-based payments
(114 )
(114 )
(114 )
Dividends distributed
(1,683 )
(1,683 )
(1,683 )
Sale of treasury shares
Dividends on treasury shares
Total equity transactions
(1,347 )
(1,346 )
(1,346 )
Equity at 31 March 2025
(1,440 )
Statement of changes in equity at 31 March 2024
Attributable to shareholders of DSV A/S
(DKKm)
Share
capital
Reserves
Retained
earnings
Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2024
(718 )
Profit for the period
Other comprehensive income, net of tax
Total comprehensive income for the period
Transactions with shareholders and
non-controlling interests:
Share-based payments
Tax on share-based payments
(70 )
(70 )
(70 )
Dividends distributed
(1,533 )
(1,533 )
-
(1,533 )
Purchase of treasury shares
(1 )
(1,612 )
(1,613 )
(1,613 )
Sale of treasury shares
Dividends on treasury shares
Other adjustments
(5 )
(5 )
(5 )
Total equity transactions
(2,581 )
(2,581 )
(2,581 )
Equity at 31 December 2024
(633 )
Page 21 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Notes to the interim financial
statements
1 Material accounting policy information
This Interim Financial Report has been prepared in accordance
with IAS 34 ‘Interim Financial Reporting’ as adopted by the
European Union and additional disclosure requirements for
listed companies under the Danish Financial Statements Act.
Material accounting policies applied in preparing the Interim
Financial Report are consistent with those applied in preparing
the DSV Annual Report 2024. The DSV Annual Report 2024
provides a full description of the Group’s accounting policies.
Changes in accounting policies
The DSV Group has implemented amendments to the IFRS
Accounting Standards effective as of 1 January 2025 as
adopted by the EU.
None of the amendments implemented have had any material
impact on the Group’s financial statements, nor are they
expected to have so in the foreseeable future.
2 Management judgements and
estimates
In preparing the interim financial statements, Management
makes various accounting judgements and estimates that affect
the reported amounts and disclosures in the financial statements
and in the notes to the statements. These are based on
professional experience, historical data and other factors
available to Management.
By nature, a degree of uncertainty is involved when carrying
out these judgements and estimates, hence actual results
may deviate from the assessments made at the reporting
date. Judgements and estimates are continuously evaluated,
and the effects of any changes are recognised in the
relevant period.
The financial statement items in which more significant
accounting judgements and estimates are applied are listed in
chapter 1 of the notes to the consolidated financial statements in
the 2024 DSV Annual Report to which we refer.
3 New accounting regulations
The IASB has issued a number of new standards and
amendments not yet in effect or adopted by the EU and
therefore not relevant for the preparation of the Q1 2025 Interim
Financial Report. Management assesses that none of the issued
standards and amendments not yet in effect will significantly
impact the recognition and measurement policies of the Group.
The Group has initiated but not yet completed its analysis of the
impact of IFRS 18 on the Group’s financial statements and
accompanying notes.
4 Segment information – divisions
Air & Sea
Road
Solutions
Non-allocated items
and eliminations
Total
(DKKm)
Q1 2025
Q1 2024
Q1 2025
Q1 2024
Q1 2025
Q1 2024
Q1 2025
Q1 2024
Q1 2025
Q1 2024
Condensed statement of profit or loss
Revenue
25,967
22,577
9,472
9,763
6,173
5,876
68
124
41,680
38,340
Intersegment revenue
141
139
692
662
152
113
(985)
(914)
-
-
Divisional revenue
26,108
22,716
10,164
10,425
6,325
5,989
(917)
(790)
41,680
38,340
Direct costs
19,735
16,953
8,208
8,461
3,747
3,588
(1,001)
(927)
30,689
28,075
Gross profit
6,373
5,763
1,956
1,964
2,578
2,401
84
137
10,991
10,265
Other external costs
1,009
908
312
324
514
437
(619)
(526)
1,216
1,143
Staff costs
2,117
1,943
975
937
726
650
584
560
4,402
4,090
Operating profit before amortisation,
depreciation (EBITDA) before special items
3,247
2,912
669
703
1,338
1,314
119
103
5,373
5,032
Amortisation and depreciation
298
285
261
213
868
814
86
79
1,513
1,391
Operating profit (EBIT) before special items *
2,949
2,627
408
490
470
500
33
24
3,860
3,641
Condensed statement of financial position
Total assets
80,489
82,720
26,716
26,245
36,633
34,499
92,349
8,559
236,187
152,023
Total liabilities
46,537
50,695
19,725
19,856
30,236
27,984
25,218
(15,426)
121,716
83,109
* Reference is made to the statement of profit or loss for reconciliation of operating profit (EBIT) before special items to profit for the period.
Page 22 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
5 Revenue
EMEA
Americas
APAC
Total
Services and geographical segmentation of revenue
(DKKm)
Q1 2025
Q1 2024
Q1 2025
Q1 2024
Q1 2025
Q1 2024
Q1 2025
Q1 2024
Air services
5,216
5,053
4,032
3,416
4,378
3,698
13,626
12,167
Sea services
6,355
5,287
4,042
3,405
2,085
1,857
12,482
10,549
Road services
9,233
9,553
931
872
-
-
10,164
10,425
Solutions services
4,151
4,006
1,391
1,196
783
787
6,325
5,989
Total
24,955
23,899
10,396
8,889
7,246
6,342
42,597
39,130
Non-allocated items and eliminations
(917)
(790)
Total revenue
41,680
38,340
6 Financial instruments – fair value hierarchy
Derivative financial instruments
DSV has no financial instruments measured at fair value based
on level 1 input (quoted active market prices) or level 3 input
(non-observable market data). Financial instruments are
measured based on level 2 input (input other than quoted prices
that are observable either directly or indirectly). The fair value of
currency derivatives is determined based on generally accepted
valuation methods using available observable market data.
Calculated fair values are verified against comparable external
market quotes on a monthly basis.
Issued bonds
Issued bonds are measured at amortised cost. The fair value of
issued bonds is determined based on quoted active market
prices, within level 1 of the fair value hierarchy.
Overdraft and credit facilities
The carrying amount of overdraft and credit facilities measured
at amortised cost is not considered to differ significantly from the
fair value.
Trade receivables, trade payables and other receivables
Receivables and payables pertaining to operating activities with
short churn ratios are considered to have a carrying amount
equal to fair value.
Cash and cash equivalents
The carrying amount of cash and cash equivalents is not
considered to differ significantly from the fair value.
Financial instruments by category (DKKm)
31 March 2025
31 December 2024
Carrying amount
Fair value
Carrying amount
Fair value
Financial assets:
Currency derivatives
47
47
5
5
Trade receivables
26,921
26,921
27,222
27,222
Other receivables
7,420
7,420
7,668
7,668
Cash and cash equivalents
85,638
85,638
83,576
83,576
Financial assets measured at amortised costs
119,979
119,979
118,466
118,466
Financial liabilities:
Currency derivatives
34
34
63
63
Issued bonds measured at amortised cost
60,867
58,207
60,782
58,813
Overdraft and credit facilities
542
542
362
362
Trade payables
14,613
14,613
14,456
14,456
Financial liabilities measured at amortised cost
76,022
73,362
75,600
73,631
Page 23 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
7 Share options schemes
DSV has launched a new 2025 share-based payment
incentive scheme with the purpose of motivating and
retaining key employees across the organisation and
aligning the interests of these with our shareholders. Share
options are awarded to key employees and Executive
Management.
Share options are granted pursuant to the DSV
Remuneration Policy as adopted at the Annual General
Meeting held on 20 March 2025.
The share options granted are equity-settled and can be
exercised by cash purchase of shares only during the
exercise period. The obligation relating to the share options
scheme is covered by the Company’s treasury shares.
The exercise price of share options granted amounts to DKK
1,376 and has been determined based on the average
quoted market price of the DSV share for the last five trading
days leading up to the date of grant at 31 March 2025.
The fair value of the 2025 share options granted amounts to
DKK 412 million and has been determined based on a Black
& Scholes valuation model.
Key assumptions applied in the valuation are:
Vesting period
01.04.2025-31-03.2028
Exercise period
01.04.2027-31-03.2029
Number of employees included
2,235
Number of options granted:
Executive Board
134,330
Key employees
1,647,885
Total
1,782,215
Value assumptions:
Exercise price (DKK)
1,376
Volatility (%)
20.0
Risk-free interest rate (%)
2.4
Expected dividend (%)
0.8
Expected remaining life (years)
3.5
8 Significant events after the reporting period
On 30 April 2025, DSV has completed the previously
announced agreement between DSV and Deutsche Bahn
AG to acquire 100% of the global freight forwarding and
contract logistics business DB Schenker operated by
Schenker AG and its affiliates in an all-cash transaction.
Please refer to Company Announcement no. 1154.
The enterprise value of the transaction is approximately DKK
106.7 billion (approximately EUR 14.3 billion) and the equity
value is approximately DKK 86.5 billion (EUR 11.6 billion).
Transaction multiples correspond to 0.75x EV/revenue and
13.0x EV/EBIT, based on published full-year 2024 financials
for Schenker.
Based on preliminary estimates, annual synergies are
estimated in the level of DKK 9.0 billion at end of 2028, when
the majority of the integration is expected to be complete.
The synergies relate to the consolidation of operations,
logistics facilities in Road and Solutions, back-office
functions, finance and IT infrastructure.
In October 2024, DSV successfully raised approximately
DKK 75.0 billion (EUR 10.0 billion) through an evenly split
combination of equity and bond offerings to partially finance
the acquisition of Schenker. The remaining financing of the
transaction will be covered from cash position and existing
committed credit facilities.
Based on preliminary numbers, total transaction and
integration costs are expected in the level of DKK 11.0
billion. These costs will be charged to the statement of profit
and loss under special items during the integration period.
Page 24 of 24 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1155 – 30 April 2025
Executive Board:
Board of Directors: