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 160,000 employees in more than 90 countries work passionately to
deliver great customer experiences and high-quality services. Read more at www.dsv.com
INTERIM FINANCIAL REPORT
H1 2025
Company Announcement No. 1159
31 July 2025
Stable organic financial performance and strong start to the integration of Schenker in a
challenging market environment
• The integration of Schenker is off to a strong start both commercially and organisationally, with integration of the first countries
set to commence in Q3 2025. Reaffirming expected synergies in the level of DKK 9 billion by the end of 2028.
• The DSV Group reported EBIT before special items of DKK 4,725 million in Q2 2025 driven by stable organic performance and a
solid contribution of DKK 925 million from the acquisition of Schenker, despite a challenging market environment.
• Adjusted free cash flow of DKK 3,982 million in Q2 2025 with adjusted cash conversion of 143%, contributed to the deleveraging,
resulting in a pro forma gearing ratio of 2.7x.
• Full-year 2025 guidance for EBIT before special items remains unchanged in the range of DKK 19.5 - 21.5 billion. Market
development remains highly uncertain due to the current situation related to trade tariffs and macroeconomic outlook.
Jens H. Lund, Group CEO: “The second quarter has been extraordinary, with the completion of the acquisition of Schenker. While
delivering on our financial expectations with stable organic earnings and a positive contribution from Schenker, we continue our commercial
approach by servicing our customers in a highly volatile and unpredictable market. The integration of Schenker is off to a strong start, with
the establishment of a new global leadership team. We have also engaged in close dialogue with our customers to ensure a smooth
transition. In addition, we have held thorough and constructive negotiations with works councils in Germany, resulting in a frame agreement
that will allow us to move forward with the integration and reduce uncertainty for employees and customers. We are confident that this
acquisition will deliver significant benefits to our customers and create long-term value for our shareholders.”
Selected key figures and ratios for the period 1 January – 30 June 2025
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Key figures (DKKm)
Revenue
61,983
41,157
103,663
79,497
Gross profit
17,241
10,841
28,232
21,106
Operating profit (EBIT) before special items
4,725
4,099
8,585
7,740
Profit for the period
2,356
2,712
5,168
5,105
Adjusted earnings for the period
3,059
2,790
5,932
5,253
Adjusted free cash flow
3,982
1,229
7,147
1,672
Ratios
Conversion ratio
27.4%
37.8%
30.4%
36.7%
Diluted adjusted earnings per share of DKK 1 for the last 12
months
51.5
52.7
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 160,000 employees in more than 90 countries work passionately to
deliver great customer experiences and high-quality services. Read more at www.dsv.com
Performance in Q2 2025
While market conditions in Q2 2025 have been challenging and volatile for global trade due to the uncertainties related to trade tariffs,
geopolitical issues and the macroeconomic outlook, DSV reported EBIT before special items of DKK 4,725 million compared to DKK 4,099
million in the same period last year. The growth in EBIT before special items was driven by stable organic performance, especially in Air &
Sea, and positive contribution of DKK 925 million from the acquisition of Schenker.
The Air & Sea division reported a higher EBIT before special items of DKK 3,461 million, compared to DKK 2,898 million in the same period
last year with positive organic earnings growth due to higher gross profit combined with a solid contribution from Schenker.
Road reported a lower EBIT before special items of DKK 520 million, compared to DKK 549 million in the same period last year. While
Schenker contributed positively to earnings, the performance in the division was negatively affected by the overall low activity level and
weak market conditions within some markets in Europe and the US.
Contract Logistics reported a higher EBIT before special items of DKK 724 million, compared to DKK 661 million last year, based on a
positive contribution from Schenker and a soft organic earnings performance. The division continues to focus on improving margins and
return on invested capital through strict cost control and commercial initiatives.
The acquisition of Schenker was completed on 30 April 2025 with two months of financial contribution to DSV in Q2 2025. The integration
is off to a strong start with the global leadership team in place after the appointment of more than 500 executives already by May 2025.
After thorough and constructive negotiations with German works councils, we have negotiated a frame agreement. This will allow us to
begin the integration in Germany in H2 2025 and hereby reduce the uncertainty for employees and customers. The integration of the first
countries will commence in Q3 2025, with the Air & Sea activities first in line.
With reference to DSV’s Announcement No. 1149 and Announcement No. 1154, DSV’s Board of Directors intended to nominate former
CEO of Schenker, Jochen Thewes, for election to the Board of Directors. However, Jochen Thewes has recently accepted an executive
position, starting late this year, at a company investing in global supply chains, and the DSV Board of Directors and Jochen Thewes have
agreed not to proceed with his nomination to the Board, as his new role is not considered compatible with a seat on the DSV Board. Board
succession planning is ongoing, and the Board of Directors intends to nominate an additional member for shareholder approval.
Outlook for 2025
Based on the performance in H1 2025 and the expectations for H2 2025, the full-year outlook for 2025 is as follows:
• EBIT before special items in the range of DKK 19.5 - 21.5 billion (unchanged).
• A limited part of the total synergies related to the Schenker integration still expected in 2025 in the range of DKK 500-600 million.
• Amortisation of purchase price allocations below DKK 500 million (previously DKK 500 million).
• Special items related to restructuring and integration costs in the range of DKK 2.0-2.5 billion (unchanged).
• The effective tax rate is expected in the range of 26-28% (previously approximately 24%). During the integration of Schenker, we
expect an elevated effective tax rate with the long-term effective tax rate still expected at 24%.
The current uncertainties related to trade tariffs, the geopolitical landscape, including the Red Sea situation and macroeconomic factors,
which all can impact the global trading environment and activity level, remain uncertain, and unforeseen changes may impact our financial
expectations. We continue to monitor activity across our organisation, and we will adjust capacity and our cost base if needed.
Synergies and integration costs related to Schenker
We maintain our expectation of achieving annual synergies at the level of DKK 9 billion by the end of 2028, when the majority of the
integration is expected to be completed. We expect that around 50% of the integration will be completed by the end of 2026 and 75% by
the end of 2027. Total transaction and integration costs are still expected to be in the level of DKK 11 billion with the majority of the cost
expected in 2026 and 2027. These costs will be charged to the statement of profit and loss as special items during the integration period.
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 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Interim Financial Report
H1 2025
Creating the future platform for growth
Page 2 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Contents
Financial highlights ......................................................................................................................... 3
Management’s commentary ............................................................................................................ 4
Air & Sea ........................................................................................................................................... 9
Road ................................................................................................................................................ 12
Contract Logistics ......................................................................................................................... 14
Interim financial statements .......................................................................................................... 16
Notes to the interim financial statements .................................................................................... 21
Statement by the Board of Directors and the Executive Board .................................................. 26
Page 3 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Financial highlights
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Results (DKKm)
Revenue
61,983
41,157
103,663
79,497
Gross profit
17,241
10,841
28,232
21,106
Operating profit before amortisation and depreciation (EBITDA) before
special items
6,935
5,509
12,308
10,541
Operating profit (EBIT) before special items
4,725
4,099
8,585
7,740
Special items, costs
817
-
817
-
Net financial expenses
621
521
757
1,005
Profit for the period
2,356
2,712
5,168
5,105
Adjusted earnings for the period
3,059
2,790
5,932
5,253
Cash flows (DKKm)
Operating activities
4,577
2,462
9,305
4,218
Investing activities
(75,794)
(128)
(76,287)
(486)
Free cash flow
(71,217)
2,334
(66,982)
3,732
Adjusted free cash flow
3,982
1,229
7,147
1,672
Share buyback
-
(915)
-
(2,528)
Dividends distributed
-
-
(1,683)
(1,533)
Cash flow for the period
(68,755)
2,411
(66,631)
2,530
Gross investment in property, plant and equipment
326
422
722
983
Financial position (DKKm)
DSV A/S shareholders’ share of equity
113,365
70,899
Non-controlling interests
561
269
Total equity
113,926
71,168
Total assets
299,781
157,775
Net working capital (NWC)
6,911
8,750
Net interest-bearing debt (NIBD)
93,280
38,199
Invested capital
202,896
105,735
Financial ratios (%)
Gross margin
27.8
26.3
27.2
26.5
Operating margin
7.6
10.0
8.3
9.7
Conversion ratio
27.4
37.8
30.4
36.7
Effective tax rate
28.3
24.2
26.3
24.2
ROIC before tax for the last 12 months
11.0
15.9
ROIC before tax (last 12 months) excl. goodwill and customer relationships
41.3
64.4
Return on equity
11.0
15.3
Solvency ratio
37.8
44.9
Gearing ratio (NIBD/12 months EBITDA adjusted for Schenker)
2.7x
1.8x
Share ratios
Earnings per share (EPS) of DKK 1 for the last 12 months
44.6
51.3
Diluted adjusted earnings per share of DKK 1 for the last 12 months
51.5
52.7
Number of shares issued (’000) at 30 June
240,445
214,000
Number of treasury shares (’000) at 30 June
4,400
6,094
Average number of shares outstanding (’000) for the last 12 months
228,051
209,971
Average diluted number of shares (’000) for the last 12 months
228,787
210,804
Diluted number of shares (’000) at 30 June
236,642
208,037
Share price end of period (DKK)
1,522.0
1,067.0
Non-financial data
Full-time employees (FTE) at 30 June
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 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Management’s commentary
The DSV Group achieved EBIT before special items of DKK 4,725 million in Q2 2025, compared to DKK
4,099 million in the same period last year. The stable organic earnings level was achieved despite a
challenging and volatile market environment and confirms the resilience of our flexible, asset-light
business model, especially in Air & Sea. For Q2 2025, the adjusted free cash flow was DKK 3,982 million
with an adjusted cash conversion ratio of 143%.
The integration of Schenker is off to a strong start with a focus on establishing the global leadership team,
negotiating labour agreements in Germany and launching commercial initiatives towards our global
customers and verticals. The integration of the first countries will commence in Q3 2025.
Update on Schenker acquisition
On 30 April 2025, DSV completed the acquisition of Schenker
from Deutsche Bahn. Schenker was one of the world’s leading
transport and logistics providers with around 85,800 employees.
In 2024, Schenker generated revenue of approximately DKK
143 billion (EUR 19.2 billion) and a pro forma EBIT of
approximately DKK 6 billion (EUR 800 million).
With the acquisition of Schenker, we are establishing a platform
for sustainable growth, both organically and inorganically, by
creating a world-leading player within global transport and
logistics. Based on the financials for 2024, the combined
company had a pro forma revenue of approximately DKK 310
billion and a workforce of around 160,000 employees.
Schenker was included in the consolidated financial statements
of DSV from 1 May 2025, thereby contributing two months to
DSV’s Q2 2025 financial results.
Annual synergies are expected to be in the level of DKK 9 billion
by the end of 2028, when the majority of the integration is
expected to be complete. Approximately 50% of the integration
is expected to be completed by the end of 2026 and 75% by the
end of 2027. The synergies relate to consolidation of operations
across divisions, logistics facilities in Road and Contract
Logistics, back-office functions, finance and IT infrastructure.
After thorough and constructive negotiations with German works
councils, we have negotiated a frame agreement. This means,
that we can begin the integration in Germany in H2 2025 and
hereby reduce the level of uncertainty for employees and
customers. The integration of the first countries will commence
in Q3 2025, with the Air & Sea activities first in line.
Total transaction and integration costs are expected to be at the
level of DKK 11 billion with the majority expected in 2026 and
2027. These costs will be charged to the statement of profit and
loss under special items during the integration period.
The transaction is expected to be EPS accretive (diluted and
adjusted) at the latest in 2026, and it is DSV’s aspiration to lift
the operating margins of the combined entity to at least DSV’s
levels within the respective business areas by 2028.
Quarterly business highlights
After completion of the transaction, the integration of Schenker
commenced, while maintaining our strong focus on driving our
operational and commercial priorities, based on our strategic
enterprise approach and focus on execution. Alongside
communication, leadership and people, these priorities are the
foundation for our future growth.
In the beginning of the integration, the focus has been on setting
the global leadership team with the appointment of more than
500 executives based on a ‘best athlete’ principle already by
May 2025. The appointments were executed at an
unprecedented speed, in line with our ambition of a fast
integration to deliver on our synergy targets and to ensure
strong commercial focus towards our customers.
Building on DSV’s commercial approach and strong operational
performance, combined with Schenker’s customer relationships,
we are enhancing our ability to support the supply chains of our
large customers at a global scale. We are also taking a more
structured approach to serving mid-sized customers through our
dedicated local and regional teams.
Since completion of the Schenker acquisition, we have engaged
in close dialogue with our large customers to ensure a smooth
transition. We have received positive customer feedback with
high customer satisfaction scores on our proactive outreach. By
strengthening our global network and harmonised customer
service offerings following the integration, we see clear
opportunities to increase wallet share with our existing accounts
across verticals and attract new customers.
Our strong track record within M&A and integrations, combined
with our robust change management capabilities and enterprise
approach enables us to continuously develop our business and
create economies of scale. This provides a strong foundation for
the integration of Schenker, supporting the expected synergies
while laying the platform for future organic and M&A growth.
In Q2 2025, we continued the strong growth within the
Technology vertical, also for the Schenker business, with the
vertical contributing to growing volumes and higher gross profit.
We also saw growth within Aerospace and Defence, while both
the Automotive and Consumer verticals remained negatively
impacted by weaker market conditions, leading to negative
volume growth, especially in air freight.
The planned logistics joint venture with NEOM has not yet
commenced operations, and no capital has been allocated to
the joint venture. We still do not expect any material financial
contribution from the joint venture in 2025.
Page 5 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Results for the period
Growth 2024 – 2025
(DKKm)
Q2 2024
Currency
translation
Schenker
Growth
Growth %*
Q2 2025
Revenue
41,157
(1,083)
22,348
(439)
(1.1%)
61,983
Gross profit
10,841
(270)
6,414
256
2.4%
17,241
EBIT before special items
4,099
(116)
925
(183)
(4.6%)
4,725
Gross margin (%)
26.3
27.8
Operating margin (%)
10.0
7.6
Conversion ratio (%)
37.8
27.4
(DKKm)
YTD 2024
Currency
translation
Schenker
Growth
Growth %*
YTD 2025
Revenue
79,497
(906)
22,348
2,724
3.5%
103,663
Gross profit
21,106
(189)
6,414
901
4.3%
28,232
EBIT before special items
7,740
(74)
925
(6)
(0.1%)
8,585
Gross margin (%)
26.5
27.2
Operating margin (%)
9.7
8.3
Conversion ratio (%)
36.7
30.4
* In constant currencies excluding Schenker impact
Revenue
In Q2 2025, revenue increased to DKK 61,983 million,
compared to DKK 41,157 million in the same period last year.
The Air & Sea division saw positive organic growth, while there
was negative organic growth in the Road and Contract Logistics
divisions. In constant currencies excluding Schenker, revenue
was slightly lower in than the same period last year.
For H1 2025, revenue amounted to DKK 103,663 million,
compared to DKK 79,497 million in the same period last year.
Measured in constant currencies excluding Schenker, growth in
H1 2025 was 3.5%.
Revenue and growth by division compared to the same period
last year are specified below:
(DKKm)
Q2 2025
Growth*
YTD 2025
Growth*
Air & Sea
34,475
4.5%
60,583
9.4%
Road
20,674
(4.1%)
30,838
(3.5%)
Contract Logistics
10,054
(14.9%)
16,379
(5.6%)
Group and
eliminations
(3,220)
(4,137)
Total
61,983
(1.1%)
103,663
3.5%
* In constant currencies excluding Schenker impact
For H1 2025, the Air & Sea organic revenue growth was
positively impacted by increasing sea freight volumes and higher
average freight rates combined with growth in revenue from
value-added services.
The Road division reported slightly lower organic revenue
growth in H1 2025 compared to the same period last year,
owing to a combination of lower rates and weaker market
activity in several domestic groupage markets in Europe and in
the US.
The Contract Logistics division saw negative organic revenue
growth in H1 2025 compared to the same period last year, partly
due to revenue contribution in Q2 2024 from the sale of
properties. The division saw higher activity levels with large
accounts in APAC and the Americas.
Schenker contributed with total revenue of DKK 22,348 million
for two months in Q2 2025 with DKK 9,771 million related to Air
and Sea, while the Road and Contract Logistics divisions
contributed DKK 10,580 million and DKK 4,254 million,
respectively.
Revenue by division, H1 2025 (DKKm)
Page 6 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Gross profit
For Q2 2025, gross profit for the Group increased to DKK
17,241 million, compared to DKK 10,841 million in the same
period last year. In constant currencies excluding Schenker,
growth in Q2 2025 was 2.4%.
For H1 2025, gross profit amounted to DKK 28,232 million,
compared to DKK 21,106 million in the same period last year. In
constant currencies excluding Schenker, gross profit increased
by 4.3%.
Gross profit and growth by division compared to the same
period last year are specified below:
(DKKm)
Q2 2025
Growth*
YTD 2025
Growth*
Air & Sea
8,486
9.2%
14,859
9.3%
Road
4,256
(7.5%)
6,212
(4.3%)
Contract Logistics
4,631
(3.7%)
7,209
1.4%
Group and
eliminations
(132)
(48)
Total
17,241
2.4%
28,232
4.3%
* In constant currencies excluding Schenker impact
Air & Sea generated gross profit of DKK 14,859 million for H1
2025, representing a positive organic growth of 9.3% compared
to the same period last year. The growth was driven by higher
volume in sea freight, higher average gross profit yields and
more value-added services per shipment, partly offset by lower
air freight volumes. The improved gross profit was achieved
despite the volatile market situation where announcements and
the withdrawal of tariffs impacted both volumes and freight rates.
For H1 2025, the Road division delivered gross profit of DKK
6,212 million, which organically was 4.3% lower than the same
period last year, driven by cost inflation and lower activity in the
US, in European groupage and within the Automotive vertical.
Contract Logistics reported gross profit of DKK 7,209 million for
H1 2025, which was organically 1.4% higher compared to the
same period last year, driven by commercial initiatives to
improve margins and efficiency improvements.
The gross profit contribution from Schenker for two months in
Q2 2025 was DKK 6,414 million, of which DKK 2,098 million
was related to Air & Sea, while the Road and Contract Logistics
divisions contributed with DKK 2,355 million and DKK 2,188
million, respectively.
Gross profit by division, H1 2025 (DKKm)
The gross profit margin for the Group was 27.8% in Q2 2025,
compared to 26.3% for the same period last year, driven partly
by an overall higher gross margin in the Schenker business,
especially in Contract Logistics.
The gross profit margin for the Group was 27.2% for H1 2025,
compared to 26.5% in the same period last year. Organic gross
margin was stable at 26.8% with the gross margins in Air & Sea
and Road in line with the same period last year and the organic
gross margin in Contract Logistics slightly higher.
EBIT before special items
For Q2 2025, EBIT before special items increased to DKK 4,725
million compared to DKK 4,099 million in the same period last
year, reflecting a decrease of 4.6% in constant currencies
excluding Schenker. The decrease was due to lower earnings in
Road and Contract Logistics and a negative impact from
amortisation of customer relationships related to Schenker.
EBIT before special items amounted to DKK 8,585 million for H1
2025 compared to DKK 7,740 million in the same period last
year. In constant currencies excluding Schenker, EBIT before
special items was on level with the same period last year, with
positive growth in earnings from Air & Sea and lower earnings in
Road and Contract Logistics.
EBIT and growth by division compared to the same period last
year are specified below:
(DKKm)
Q2 2025
Growth*
YTD 2025
Growth*
Air & Sea
3,461
9.4%
6,410
10.0%
Road
520
(28.8%)
928
(23.2%)
Contract Logistics
724
(41.6%)
1,194
(26.3%)
Group
20
53
Total
4,725
(4.6%)
8,585
(0.1%)
* In constant currencies excluding Schenker impact
The EBIT before special items contribution from Schenker was
DKK 925 million in Q2 2025, of which Air & Sea contributed with
DKK 412 million, Road with DKK 129 million and Contract
Logistics DKK 341 million.
The conversion ratio for the Group was 27.4% in Q2 2025,
compared to 37.8% in the same period last year. For H1 2025,
the conversion ratio was 30.4% compared to 36.7% for the
same period last year. The lower conversion ratios were partly
due to a lower conversion ratio in the Schenker business.
EBIT by division, H1 2025 (DKKm)
14,859
53%
6,212
22%
7,209
25%
Air & Sea
Road
Contract Logistics
Ex. Group and
elimination
6,410
75%
928
11%
1,194
14%
Air & Sea
Road
Contract
Logistics
Ex. Group
Page 7 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Transaction and integration costs
Transaction and integration costs (reported under special items,
costs) totalled DKK 817 million for Q2 and H1 2025. The costs
are related to the transaction and integration costs linked to the
acquisition of Schenker.
Financial items
Net financial expenses amounted to DKK 757 million for H1
2025, compared to DKK 1,005 million in the same period last
year. The improvement was driven by lower other interest costs
and foreign exchange adjustments, partly offset by higher
interest on lease liabilities.
The interest on lease liabilities increased due to new DSV
facilities compared to the same period last year and the
inclusion of Schenker in Q2 2025.
Other net interest costs were lower in H1 2025 than in the same
period last year driven by the four months prior to completion
and payment of the Schenker acquisition. The financing of
Schenker will have full impact on the interest level from Q3
2025.
(DKKm)
YTD 2025
YTD 2024
Interest on lease liabilities
730
530
Other interest cost, net
149
327
Interest on pensions
21
22
Foreign exchange adjustments
(143)
126
Net financial expenses
757
1,005
Tax on profit for the period
The effective tax rate was 26.3% for H1 2025, compared to
24.2% for the same period last year. The effective tax rate was
affected by non-deductible transactions and integration costs.
During the integration process, the effective tax rate will
temporarily be higher than the normal 24% effective tax rate.
Profit for the period
Profit for H1 2025 was DKK 5,168 million, compared to DKK
5,105 million for the same period in 2024. The increase was
mainly due to the higher EBIT before special items but was
offset by special items costs.
Diluted adjusted earnings per share
Diluted adjusted EPS (rolling 12-months) decreased by 2.3%
compared to the same period last year and was DKK 51.5 per
share (30 June 2024: DKK 52.7 per share). The decline in
earnings per share was solely related to the increase in the
average number of outstanding shares related to financing of
the Schenker transaction.
Cash flow
Cash flow statement – summary
(DKKm)
Q2
2025
Q2
2024
YTD
2025
YTD
2024
EBITDA before special
items
6,935
5,509
12,308
10,541
Change in net working capital
2,092
(1,681)
2,405
(3,773)
Tax, interests, change in
provisions, etc.
(3,607)
(1,366)
(4,510)
(2,550)
Special items, paid
(843)
-
(898)
-
Cash flow from operating
activities
4,577
2,462
9,305
4,218
Cash flow from investing
activities
(75,794)
(128)
(76,287)
(486)
Free cash flow
(71,217)
2,334
(66,982)
3,732
Proceeds and repayment of
financing liabilities
1,711
973
913
2,278
Transactions with
shareholders
751
(896)
(562)
(3,480)
Cash flow from financing
activities
2,462
77
351
(1,202)
Cash flow for the period
(68,755)
2,411
(66,631)
2,530
Free cash flow
(71,217)
2,334
(66,982)
3,732
Acquisition of subsidiaries
(reversed)
75,790
-
75,790
-
Special items, paid
(reversed)
843
-
898
-
Repayment of lease liabilities
(1,434)
(1,105)
(2,559)
(2,060)
Adjusted free cash flow
3,982
1,229
7,147
1,672
In Q2 2025, free cash flow was an outflow of DKK 71,217 million
predominantly related to the completion of the acquisition of
Schenker.
The adjusted free cash flow for Q2 2025 was DKK 3,982 million
compared to DKK 1,229 million for the same period last year.
For the first six months of 2025, the adjusted free cash flow was
DKK 7,147 million, compared to DKK 1,672 million for the same
period last year. The adjusted cash conversion ratio for Q2 2025
was 143% compared to 91% in Q1 2025.
The improvement in the H1 2025 adjusted free cash flow was
driven by a decrease in net working capital and improved EBIT
before special items.
Investing activities showed a cash outflow of DKK 75,794 million
for Q2 2025 predominantly related to the acquisition of Schenker
with an equity value of DKK 86,807 million.
Net cash flows from financing activities amounted to an inflow of
DKK 2,462 million in Q2 2025, compared to DKK 77 million in
Q2 2024. The cash inflow related to proceeds from borrowing
was related to additional short-term financing for the Schenker
acquisition.
For H1 2025, cash flow from financing activities showed a cash
inflow of DKK 351 million compared to a cash outflow of DKK
1,202 million for the first six months of 2024.
Page 8 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Net working capital
On 30 June 2025, the Group’s net working capital (NWC) was
DKK 6,911 million based on preliminary estimates, compared to
DKK 8,750 million on 30 June 2024.
On 31 March 2025, the Group’s NWC was DKK 9,088 million.
The quarterly NWC improvement was driven by an organic
improvement in the underlying DSV NWC and by Schenker
contributing with negative NWC driven by the Road division.
Relative to estimated full-year revenue (proforma incl. Schenker
and based on current level), funds tied up in NWC were reduced
to 2.4% as of 30 June 2025 compared to 5.3% on 30 June 2024.
Capital structure and finances
DSV A/S shareholders’ share of equity
DSV shareholders’ share of equity was DKK 113,365 million on
30 June 2025 (DKK 114,182 million on 31 December 2024).
Equity remained stable for the period, as the profit generated for
the period was offset by losses from foreign currency translation
and dividends to shareholders.
The solvency ratio excluding non-controlling interests was
37.8% on 30 June 2025 (30 June 2024: 44.9%).
On 30 June 2025, the Company’s portfolio of treasury shares
was 4,400,141 shares. On 30 July 2025, the portfolio of treasury
shares was 4,362,741 shares.
The development in equity since 1 January is specified below:
(DKKm)
YTD 2025
YTD 2024
Equity at 1 January
114,182
68,703
Profit for the period (attributable to
shareholders of DSV A/S)
5,127
5,076
Currency translation, foreign
enterprises
(5,920)
342
Allocated to shareholders
(1,683)
(4,061)
Sale of treasury shares
1,104
537
Other equity movements
555
302
Equity end of period
113,365
70,899
Net interest-bearing debt
Net interest-bearing debt, including IFRS 16 lease liabilities,
amounted to DKK 93,280 million on 30 June 2025, compared to
DKK 38,199 million on 30 June 2024. The increase in NIBD
relates to the acquisition of Schenker.
The 12 months adjusted gearing ratio (NIBD/EBITDA including
12 months of EBITDA from Schenker) was 2.7x on 30 June
2025 compared to a gearing ratio of 1.8x on 30 June 2024.
As of 30 June 2025, the weighted average duration of the
Company’s long-term bonds and drawn credit facilities was 4.6
years, with EUR 1.25 billion in bonds scheduled for repayment
in November 2026. In addition, the Company had undrawn
committed credit lines of EUR 925 million as of end-June 2025.
Invested capital and ROIC
The invested capital including goodwill and customer
relationships amounted to DKK 202,896 million on 30 June
2025, compared to DKK 105,735 million on 30 June 2024. The
increase was mainly due to the acquisition of Schenker with an
invested capital excluding goodwill and customer relationships
of DKK 21 billion and goodwill and customer relationships of
DKK 77 billion.
Return on invested capital (including goodwill and customer
relationships) was 11.0% for the rolling 12-month period ended
30 June 2025, compared to 15.9% last year. The decrease is
mainly driven by the increase in invested capital from the
Schenker acquisition, including goodwill and customer
relationships.
Excluding goodwill and customer relationships, return on
invested capital was 41.3% for the rolling 12-month period
ended 30 June 2025, compared to 64.4% for the same period
last year.
Outlook
Based on the performance in H1 2025 and the expectations for
H2 2025, the full-year outlook for 2025 is as follows:
• EBIT before special items in the range of DKK 19.5 - 21.5
billion (unchanged).
• A limited part of the total synergies related to the
Schenker integration still expected in 2025 in the range of
DKK 500-600 million.
• Amortisation of purchase price allocations below DKK 500
million (previously DKK 500 million).
• Special items related to restructuring and integration
costs in the range of DKK 2.0-2.5 billion (unchanged).
• The effective tax rate is expected in the range of 26-28%
(previously approximately 24%). During the integration of
Schenker, we expect an elevated effective tax rate with
the long-term effective tax rate still expected at 24%.
Current trade tensions and uncertainties related to the potential
impact on demand from tariffs, including the impact on the
macroeconomics may still lead to global air and sea volume
growth below global GDP growth in 2025.
For the road market, we expect slightly negative to flat market
growth in 2025, based on a market that has stabilised at a low
level in recent months. We still anticipate low- to mid-single digit
growth rates in the contract logistics market in 2025.
The current uncertainties related to trade tariffs, the geopolitical
landscape, including the Red Sea situation and macroeconomic
factors, which all can impact the global trading environment,
remain uncertain, and unforeseen changes may impact our
financial expectations. We continue to monitor activity across
our organisation, and we will adjust capacity and our cost base if
needed.
Page 9 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Air & Sea
Air & Sea delivered a gross profit of DKK 8,486 million and EBIT before special items of DKK 3,461 million
in Q2 2025. Gross profit was up 9.2% and EBIT before special items increased by 9.4%, excluding
Schenker in constant currencies, compared to the same period last year. The division continued to see
positive results from the enhanced commercial approach after the start of the Schenker integration, which
contributed to a strong pipeline across customer segments and verticals, especially Technology. In Q2
2025, we observed sustained organic growth in gross profit across air and sea freight, supported by
strong gross profit yields and positive volume growth in sea. Weaker market conditions within the
Automotive and Consumer verticals impacted volumes across both segments, which in combination with
adjustment of low-yielding air volumes from last year led to negative organic volume growth in air freight.
Statement of profit or loss
(DKKm)
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Divisional revenue
34,475
24,616
60,583
47,332
Direct costs
25,989
18,544
45,724
35,497
Gross profit
8,486
6,072
14,859
11,835
Other external costs
1,375
890
2,384
1,798
Staff costs
3,252
1,994
5,369
3,937
EBITDA before special items
3,859
3,188
7,106
6,100
Amortisation and depreciation
398
290
696
575
EBIT before special items
3,461
2,898
6,410
5,525
Key figures and ratios
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Gross margin (%)
24.6
24.7
24.5
25.0
Operating margin (%)
10.0
11.8
10.6
11.7
Conversion ratio (%)
40.8
47.7
43.1
46.7
Full-time employees
38,865
21,170
Total invested capital (DKKm)
99,568
65,257
Net working capital (DKKm)
5,954
3,258
ROIC before tax (%)
15.5
18.1
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.
Following the Schenker acquisition, we have significantly
expanded our global footprint and become a leading player
within air and sea freight across 90 countries. We have the
world’s most extensive air and sea freight network, which we are
currently combining to enhance our customer offering and
generate cost synergies from achieving economies of scale.
In Q2 2025, we continued to develop our commercial approach,
further accelerated by the initiation of the Schenker integration.
This has resulted in strong performance across customer
segments supported by competitive pricing and consistently high
service levels. We have seen particularly growth and strong
customer traction within our Technology vertical. The Aerospace
and Defence sectors also experienced growth, while ongoing
market weakness in the Automotive and Consumer verticals led
to downtrading of air freight volumes.
We expect to begin the integration of the first Schenker
countries in Air & Sea in Q3 2025.
Operationally, we have started combining our air freight and LCL
networks, which will enable us to optimise operations, launch
new trade lanes and consolidate volume with suppliers. We
continue to make progress in delivering high service levels and
consistent global solutions to our customers, as reflected in our
record high combined customer satisfaction scores.
We remain focused on our digitalisation journey and are seeing
strong momentum in converting manual digital bookings and
quotes to optimise productivity and customer experience.
Page 10 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Market development
Air
After a relatively muted start to the year, our addressable global
air freight market, excluding e-commerce and perishables,
stabilised in Q2 2025, driven to some extent by customers
frontloading shipments due to potential tariff increases leading to
conversions of volumes from sea to air shipments during the
quarter. We estimate that our addressable market saw low-
single digit volume growth in Q2 2025.
In Q2 2025, average air freight rates were slightly higher
compared to the same period last year, due to a combination of
frontloading of volumes and capacity adjustments.
DSV achieved air freight volume growth of 46% in Q2 2025 and
23% in H1 2025 compared to the same periods last year.
Organic volume growth in air freight declined by 2% in Q2 2025
compared to the same period last year. Adjusted for the exit of
low-yielding volumes, the organic growth was slightly below the
estimated addressable market growth.
Sea
The sea freight market was also heavily impacted by
uncertainties related to the US trade tariffs during Q2 2025,
which led to fluctuating demand and capacity adjustments. At
the start of the quarter, the sea freight market was negatively
impacted by the announcement of US tariffs. However, with the
recent temporary tariff agreements, especially between the US
and China, the sea freight demand picked up at the end of the
quarter. We estimate that the market grew by low-single digits in
Q2 2025, with large deviations in growth per trade lane.
During the second quarter, the average sea freight rates were
also highly volatile, reflecting the uncertainty in demand related
to tariffs, especially between China and the US. We do not
expect any near-term normalisation of the traffic in the Red Sea,
due to the current tensions and security situation affecting
maritime operations and routing decisions.
DSV’s sea freight volumes grew by 43% in Q2 2025 and by 23%
in H1 2025 compared to the same periods last year. Organic
growth in sea freight volumes in Q2 2025 was 2% compared to
the same period last year, which is close to the estimated
market growth. In Q2 2025, we saw smaller average shipment
size compared to the same period last year continuing the
recent trend.
The activities from Schenker across both segments were
impacted by the same volatile market conditions, especially the
higher exposure to Germany and downtrading in the Automotive
industry, leading to growth below the market in Q2 2025.
Divisional revenue
For Q2 2025, revenue amounted to DKK 34,475 million,
compared to DKK 24,616 million for the same period last year.
Revenue for the quarter was up 4.5% compared to the same
period last year, excluding Schenker and currency impact,
primarily driven by higher sea freight volumes, an increase in
average freight rates and growth in value-added services on
shipments across both air and sea freight.
The division’s revenue amounted to DKK 60,583 million for H1
2025 and was up 9.4% compared to DKK 47,332 million for the
same period last year, excluding Schenker and currency impact.
Gross profit
For Q2 2025, gross profit increased to DKK 8,486 million,
compared to DKK 6,072 million for the same period last year
with stable average gross profit yields compared to the same
period last year, despite the diluting effect from Schenker.
Excluding Schenker and currency impact, gross profit increased
by 9.2% in Q2 2025 compared to the same period last year,
primarily driven by higher sea freight volumes combined with
solid gross profit yields for both segments. The underlying air
freight yield increased by 8.7%, benefitting from a favourable
business mix and the exit of low-yielding volumes. The sea
freight yield saw an increase of 2.4% in Q2 2025, impacted by
high market volatility due to shifting tariff levels and a negative
currency impact. For both air and sea, value-added services and
smaller average shipment size benefitted the average yields.
In Q2 2025, the gross profit margin was 24.6%, compared to
24.7% last year with the organic improvement being offset by
lower margins from Schenker due to relatively lower average
gross profit yields in both air and sea freight.
For H1 2025, gross profit amounted to DKK 14,859 million,
compared to DKK 11,835 million for the same period last year.
Gross profit increased by 9.3%, excluding Schenker and
currency impact.
In H1 2025, the gross margin was 24.5%, compared to 25.0%
last year, due to the impact from Schenker. The organic gross
margin was slightly higher than the same period last year.
EBIT before special items
For Q2 2025, EBIT before special items improved to DKK 3,461
million, compared to DKK 2,898 million in the same period last
year. EBIT before special items was 9.4% higher than last year,
excluding Schenker and currency impact, primarily driven by the
increase in gross profit and a relatively stable cost base.
The conversion ratio was 40.8% for Q2 2025, compared to
47.7% for the same period last year due to Schenker
contributing to a lower conversion ratio. Adjusted for Schenker,
the conversion ratio was 47.7% on par with last year.
EBIT before special items was DKK 6,410 million for H1 2025,
compared to DKK 5,525 million for the same period last year.
EBIT before special items increased by 10.0%, excluding
Schenker and currency impact, reflecting a high degree of
earnings stability in both Q1 2025 and Q2 2025, despite the
volatile market environment.
The conversion ratio was 43.1% for H1 2025, compared to
46.7% for the same period last year, negatively impacted by a
lower conversion ratio from Schenker. Adjusted for Schenker,
the conversion ratio was 47.0%, slightly higher than last year.
DSV volume growth
Q2 2025
YTD 2025
Air freight – tonnes
46%
23%
Sea freight – TEUs
43%
23%
Page 11 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Productivity, measured as shipments per employee, improved
slightly compared to the same period last year, but was partly
offset by cost inflation related to increasing salary and IT costs
and an increase in FTEs related to the Schenker integration.
The number of full-time employees increased by 84% compared
to June 2025 due to the acquisition of Schenker.
Net working capital
The Air & Sea division’s net working capital was DKK 5,954
million on the 30 June 2025, compared to DKK 3,258 million on
30 June 2024. This increase was driven by the inclusion of
Schenker, increasing revenue during the period and structural
differences in customer and supplier payment terms.
Growth Air & Sea 2024 – 2025
(DKKm)
Q2 2024
Currency
translation
Schenker
Growth
Growth %*
Q2 2025
Divisional revenue
24,616
(976)
9,771
1,064
4.5%
34,475
Gross profit
6,072
(221)
2,098
537
9.2%
8,486
EBIT before special items
2,898
(111)
412
262
9.4%
3,461
(DKKm)
YTD 2024
Currency
translation
Schenker
Growth
Growth %*
YTD 2025
Divisional revenue
47,332
(879)
9,771
4,359
9.4%
60,583
Gross profit
11,835
(165)
2,098
1,091
9.3%
14,859
EBIT before special items
5,525
(73)
412
546
10.0%
6,410
* In constant currencies excluding Schenker impact
Air & Sea freight performance
Air freight
(DKKm)
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Divisional revenue
18,551
13,365
32,177
25,532
Direct costs
14,257
10,412
24,818
19,684
Gross profit
4,294
2,953
7,359
5,848
Gross margin (%)
23.1
22.1
22.9
22.9
Volume (tonnes)*
508,595
349,076
842,684
684,289
Gross profit per unit (DKK)
8,443
8,459
8,733
8,546
Sea freight
(DKKm)
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Divisional revenue
15,924
11,251
28,406
21,800
Direct costs
11,731
8,132
20,906
15,813
Gross profit
4,193
3,119
7,500
5,987
Gross margin (%)
26.3
27.7
26.4
27.5
Volume (TEUs)*
950,267
666,310
1,602,890
1,302,854
Gross profit per unit (DKK)
4,412
4,681
4,679
4,595
* 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 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Road
The Road division’s gross profit was DKK 4,256 million and EBIT before special items DKK 520 million for
Q2 2025. Due to continued challenging market conditions, especially within domestic groupage in Europe
and within the Automotive vertical, the division experienced negative organic growth in revenue and lower
EBIT before special items compared to the same period last year. This was primarily driven by reduced
volumes in domestic groupage and lower network utilisation in Europe. The integration of Schenker will
support a redesign of the European network, including terminals, which will generate cost synergies
through improved utilisation and enable a stronger commercial offering to our customers.
Statement of profit or loss
(DKKm)
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Divisional revenue
20,674
10,561
30,838
20,986
Direct costs
16,418
8,500
24,626
16,961
Gross profit
4,256
2,061
6,212
4,025
Other external costs
974
319
1,286
643
Staff costs
2,267
963
3,242
1,900
EBITDA before special items
1,015
779
1,684
1,482
Amortisation and depreciation
495
230
756
443
EBIT before special items
520
549
928
1,039
Key figures and ratios
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Gross margin (%)
20.6
19.5
20.1
19.2
Operating margin (%)
2.5
5.2
3.0
5.0
Conversion ratio (%)
12.2
26.6
14.9
25.8
Full-time employees
44,303
16,608
Total invested capital (DKKm)
48,368
13,259
Net working capital (DKKm)
(3,865)
1,504
ROIC before tax (%)
5.7
16.4
Quarterly business highlights
With operations in more than 60 countries, the Road division is
one of the market leaders in Europe and has operations in the
Americas, Asia Pacific, South Africa and the Middle East. The
division primarily offers full load, part load and groupage
services.
The acquisition of Schenker has significantly expanded our
global footprint and strengthened our position across all regions.
By enhancing our European groupage and full-truckload (FTL)
business, we strengthen our commercial platform in our largest
region. At the same time, our customers have expressed
excitement about our acquired capabilities in APAC and LATAM,
where we see cross-selling potential.
Furthermore, we have strengthened our presence within the
Technology vertical and our Control Tower capabilities. We
continue our strategic review of the USA Truck activities, which
was acquired by Schenker in 2022, due to the current weak
performance of the business.
Operationally, we remain focused on improving the gross margin
through centralising procurement, right-sizing domestic networks
and improving results for our low-performing countries.
As part of our integration efforts to realise cost synergies, we will
not only consolidate and optimise the physical network across
Europe but also unify our digital platforms and move towards
one primary Transport Management System based on STAR,
which we continue to roll-out, most recently with the launch in
Poland.
We will be monitoring customer relationships, customer
satisfaction and volume developments closely in the coming
months to gauge the impact of the integration.
Market development
The challenging market conditions persisted throughout the
second quarter and first half of 2025, reflecting continued weak
economic activity and ongoing macroeconomic uncertainty
across many European markets and in the US.
Page 13 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Demand remained subdued, despite indications of stabilisation,
particularly within the domestic groupage segment in several
European markets, which had a direct impact on utilisation,
impacting the division’s profitability.
In response, we maintained focus on strict pricing discipline and
continued the work of aligning our operations and right-sizing
the cost base to match current activity levels. With the
integration of Schenker, the focus will be on consolidation of
facilities and operations to lift high utilisation of the combined
network and achieve synergies. Despite challenging market
conditions, we delivered a solid performance supported by the
robustness of our international full-truckload (FTL) network and
the resilience of our groupage services.
Divisional revenue
For Q2 2025, revenue amounted to DKK 20,674 million,
compared to DKK 10,561 million for the same period last year.
Revenue for Q2 2025 was down 4.1% compared to the same
period last year, excluding Schenker and currency impact. The
result was impacted by lower volume growth mainly within our
domestic groupage network in certain markets in Europe and
continued pressure on average prices. The activity levels in Q2
2025 were further impacted by the timing of Easter leading to
fewer working days compared to the same period last year.
The division’s revenue amounted to DKK 30,838 million for H1
2025, compared to DKK 20,986 million for the same period last
year. The revenue growth for H1 2025 was down by 3.5%,
excluding Schenker and currency impact.
Gross profit
For Q2 2025, gross profit amounted to DKK 4,256 million
compared to DKK 2,061 million for the same period last year.
Gross profit for the quarter was down 7.5%, excluding Schenker
and currency impact, driven by lower volumes due to the market
environment.
Gross profit margin in Q2 2025 was 20.6%, compared to 19.5%
last year, positively impacted by Schenker. Despite subdued
activity levels across markets and continued pressure on prices
and higher cost inflation, especially from hauliers, the overall
margins continued to stabilise in the quarter.
For H1 2025, the gross profit totalled DKK 6,212 million,
compared to DKK 4,025 million for the same period last year.
The gross profit growth for H1 2025 was down by 4.3%,
excluding Schenker and currency impact.
The gross margin in H1 2025 improved slightly to 20.1% from
19.2% last year, with Schenker contributing positively to the
margins.
The division will focus on capturing the synergies from the
acquisition by enhancing capabilities and increasing network
density through the consolidation of operational areas. These
efforts are expected to contribute positively to the gross profit
margin over time.
EBIT before special items
For Q2 2025, EBIT before special items amounted to DKK 520
million, compared to DKK 549 million for the same period last
year.
EBIT before special items for the quarter was down 28.8%
compared to last year, excluding Schenker and currency impact.
EBIT was impacted by the lower gross profit combined with
increased salary costs and higher depreciation related to new
terminals.
As a result of the lower earnings and Schenker impact, the
conversion ratio decreased to 12.2% for Q2 2025 compared to
the 26.6% conversion ratio for the same period last year.
Excluding Schenker, the conversion ratio was 20.6% in Q2
2025.
EBIT before special items was DKK 928 million for H1 2025,
compared to DKK 1,039 million for the same period last year.
EBIT before special items for H1 2025 was down 23.2%
excluding Schenker and currency impact.
The conversion ratio was 14.9% for H1 2025, and excluding
Schenker the conversion was 20.7% compared to the 25.8%
conversion ratio for the same period last year.
Net working capital
The Road division’s net working capital was a negative DKK
3,865 million on 30 June 2025, compared to DKK 1,504 million
on 30 June 2024. The improvement was driven by Schenker,
and lower capital tied up in property projects.
Growth Road 2024 – 2025
(DKKm)
Q2 2024
Currency
translation
Schenker
Growth
Growth %*
Q2 2025
Divisional revenue
10,561
(39)
10,580
(428)
(4.1%)
20,674
Gross profit
2,061
(5)
2,355
(155)
(7.5%)
4,256
EBIT before special items
549
(0)
129
(158)
(28.8%)
520
(DKKm)
YTD 2024
Currency
translation
Schenker
Growth
Growth %*
YTD 2025
Divisional revenue
20,986
9
10,580
(737)
(3.5%)
30,838
Gross profit
4,025
4
2,355
(172)
(4.3%)
6,212
EBIT before special items
1,039
1
129
(241)
(23.2%)
928
* In constant currencies excluding Schenker impact
Page 14 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Contract Logistics
For Q2 2025, the Contract Logistics division realised a gross profit of DKK 4,631 million and EBIT before
special items of DKK 724 million. The division experienced negative organic growth in revenue and EBIT
before special items compared to the same period last year, mainly due to continued low utilisation of
warehouses and higher costs, including depreciation related to new warehouses. We remain focused on
improving the return on invested capital through commercial initiatives and consolidation of warehouses to
improve warehousing utilisation. These initiatives have already begun, and the Schenker integration will
support these efforts through targeted warehousing consolidation and disciplined capital allocation.
Statement of profit or loss
(DKKm)
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Divisional revenue
10,054
6,916
16,379
12,905
Direct costs
5,423
4,340
9,170
7,928
Gross profit
4,631
2,576
7,209
4,977
Other external costs
1,246
448
1,760
885
Staff costs
1,445
658
2,171
1,308
EBITDA before special items
1,940
1,470
3,278
2,784
Amortisation and depreciation
1,216
809
2,084
1,623
EBIT before special items
724
661
1,194
1,161
Key figures and ratios
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Gross margin (%)
46.1
37.2
44.0
38.6
Operating margin (%)
7.2
9.6
7.3
9.0
Conversion ratio (%)
15.6
25.7
16.6
23.3
Full-time employees
66,124
31,614
Total invested capital (DKKm)
55,960
28,226
Net working capital (DKKm)
6,022
4,071
ROIC before tax (%)
5.6
9.0
Quarterly business highlights
The Contract Logistics division delivers comprehensive global
warehousing and logistics services, including freight
management, order management and fulfilment, as well as
omnichannel solutions.
Following the Schenker acquisition, we have significantly
expanded our global footprint to more than 17 million sqm of
warehousing capacity. We have tripled our presence in the
APAC region and doubled our North American capacity.
In Q2 2025, following the completion of the Schenker
acquisition, we expanded our presence, especially within the
Technology vertical, while continuing to grow our engagement
with other large- and mid-sized accounts in line with our
commercial approach. Supported by our maturing commercial
setup and structured approach to targeted industry verticals, we
are well positioned on a global scale to support and partner with
our customers. At the same time, customer satisfaction remains
very high across the division, which is essential for nurturing
long-term customer relationships within this business area.
Our new future global footprint will be based on a balanced mix
of customer-controlled and single-customer sites to complement
our large multi-user facilities. The commercial strategy will focus
on expanding our relationship with large global customers with
Contract Logistics playing a critical part in offering end-to-end
solutions.
This strategic mix supports our long-term capital return goals
and enhances our flexibility in serving diverse customer needs.
We expect synergies from the global consolidation of sites,
improving efficiency from standardisation of IT infrastructure and
commercial activities, which will help reduce white space in key
markets and improve asset utilisation over time.
Page 15 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Market development
In Q2 2025, the contract logistics market saw continuing market
pressure due to tariff escalations, causing acceleration of near-
shoring activities in the US, while driving up operational costs in
LATAM. The escalations in tariffs also contributed to more
regional activity in the APAC region as shippers moved cargo in
APAC in relation to consolidation of cargo before Trans-Pacific
shipment. The European market remained impacted by weak
Consumer and Retail markets and lower activity within the
Automotive vertical.
Divisional revenue
For Q2 2025, revenue amounted to DKK 10,054 million,
compared to DKK 6,916 million for the same period last year.
Revenue for the quarter declined by 14.9%, excluding Schenker
and currency impact, primarily due to positive revenue impact
from the sale of properties in Q2 2024. However, due to our
enhanced focus on end-to-end solutions, leading to increased
activity with large- and mid-sized customers, the underlying
revenue grew in the quarter.
Order line activity increased by 31.4% compared to the same
period last year due to the contribution from Schenker.
Organically, the order line activity was on par with the same
period last year. While the APAC region saw positive growth, the
European market was more challenging due to the general
lower activity level.
The revenue for H1 2025 was DKK 16,379 million compared to
DKK 12,905 million for the same period in 2024. Revenue
decreased by 5.6% for H1 2025, excluding Schenker and
currency impact.
Gross profit
For Q2 2025, gross profit amounted to DKK 4,631 million,
compared to DKK 2,576 million for the same period last year.
Gross profit was slightly lower than last year, excluding
Schenker and currency impact.
The division’s gross profit margin was 46.1% for Q2 2025,
compared to 37.2% for the same period last year, with a strong
Schenker business contributing positively to the margin.
For H1 2025, gross profit amounted to DKK 7,209 million,
compared to DKK 4,977 million for the same period last year.
Gross profit, excluding Schenker and currency impact, was up
1.4%.
The division’s gross profit margin was 44.0% for H1 2025,
compared to 38.6% for the same period last year.
EBIT before special items
For Q2 2025, EBIT before special items amounted to DKK 724
million, compared to DKK 661 million for the same period last
year.
EBIT before special items for the quarter decreased by 41.6%,
excluding Schenker and currency impact. The lower earnings
were driven by higher costs and depreciation related to the start-
up of new warehouses in recent quarters. Further, EBIT before
special items was negatively impacted by one large customer
contract with lower than expected activity levels, leading to
negative impact on EBIT. Schenker’s contract logistics activities
are performing well and are a strong addition to the division.
The conversion ratio was 15.6% for Q2 2025, compared to
25.7% for the same period last year. Schenker had a conversion
ratio on par with that of DSV in Q2 2025.
EBIT before special items was DKK 1,194 million for H1 2025,
compared to DKK 1,161 million for the same period of 2024.
EBIT before special items, excluding Schenker and currency
impact, was down 26.3%.
The conversion ratio was 16.6% for H1 2025, compared to
23.3% for the same period last year.
In addition to our commercial efforts to improve utilisation, we
remain focused on disciplined capital allocation to improve
margins and return on invested capital over time. This includes
consolidation and reduction in warehousing capacity which is an
ongoing process.
Net working capital
The division’s net working capital came to DKK 6,022 million on
30 June 2025, compared to DKK 4,071 million on 30 June 2024.
The increase in net working capital is primarily attributable to the
inclusion of Schenker, offsetting an improvement in the
underlying operational net working capital compared to last year.
Growth Contract Logistics 2024 – 2025
(DKKm)
Q2 2024
Currency
translation
Schenker
Growth
Growth %*
Q2 2025
Divisional revenue
6,916
(97)
4,254
(1,019)
(14.9%)
10,054
Gross profit
2,576
(39)
2,188
(94)
(3.7%)
4,631
EBIT before special items
661
(6)
341
(272)
(41.6%)
724
(DKKm)
YTD 2024
Currency
translation
Schenker
Growth
Growth %*
YTD 2025
Divisional revenue
12,905
(59)
4,254
(721)
(5.6%)
16,379
Gross profit
4,977
(24)
2,188
68
1.4%
7,209
EBIT before special items
1,161
(4)
341
(304)
(26.3%)
1,194
* In constant currencies excluding Schenker impact
Page 16 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Interim financial statements
Statement of profit or loss
(DKKm)
Q2 2025
Q2 2024
YTD 2025
YTD 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 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Statement of comprehensive income
(DKKm)
Q2 2025
Q2 2024
YTD 2025
YTD 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
(4,271 )
(5,965 )
Fair value adjustments of hedging instruments
(2 )
(6 )
(3 )
Fair value adjustments of hedging instruments transferred to financial
expenses
Tax on items reclassified to profit or loss
(2 )
(3 )
(1 )
Items that will not be reclassified to profit or loss:
Actuarial gains/(losses)
Tax on items that will not be reclassified
(50 )
(19 )
(111 )
(33 )
Other comprehensive income, net of tax
(4,110 )
(5,608 )
Total comprehensive income
(1,754 )
(440 )
Total comprehensive income attributable to:
Shareholders of DSV A/S
(1,740 )
(430 )
Non-controlling interests
(14 )
(10 )
Total
(1,754 )
(440 )
Page 18 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Statement of cash flows
(DKKm)
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Operating profit before amortisation and depreciation (EBITDA)
before special items
Adjustments:
Share-based payments
Change in provisions
(523 )
(96 )
(837 )
(103 )
Change in working capital
(1,681 )
(3,773 )
Special items, paid
(843 )
(898 )
Interest received
Interest paid, lease liabilities
(401 )
(278 )
(730 )
(530 )
Interest paid, other
(654 )
(228 )
(1,174 )
(465 )
Income tax paid
(2,455 )
(888 )
(2,940 )
(1,677 )
Cash flow from operating activities
Purchase of intangible assets
(87 )
(118 )
(173 )
(198 )
Purchase of property, plant and equipment
(326 )
(422 )
(722 )
(983 )
Disposal of property, plant and equipment
Acquisition of subsidiaries and activities
(75,790 )
(75,790 )
Change in other financial assets
Cash flow from investing activities
(75,794 )
(128 )
(76,287 )
(486 )
Free cash flow
(71,217 )
(66,982 )
Proceeds from borrowings
Repayment of borrowings
(8,711 )
(53 )
(8,851 )
(117 )
Repayment of lease liabilities
(1,434 )
(1,105 )
(2,559 )
(2,060 )
Other financial liabilities incurred
(26 )
(9 )
Transactions with shareholders:
Dividends distributed to shareholders of DSV A/S
(1,683 )
(1,533 )
Purchase of treasury shares
(915 )
(2,528 )
Sale of treasury shares
Other transactions with shareholders and non-controlling interests
(19 )
(26 )
Cash flow from financing activities
(1,202 )
Cash flow for the period
(68,755 )
(66,631 )
Cash and cash equivalents beginning of the period
Cash flow for the period
(68,755 )
(66,631 )
Currency translation
(461 )
(523 )
(47 )
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)
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Free cash flow
(71,217 )
(66,982 )
Acquisition of subsidiaries and activities (reversed)
Special items, paid (reversed)
Repayment of lease liabilities
(1,434 )
(1,105 )
(2,559 )
(2,060 )
Adjusted free cash flow
Page 19 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Statement of financial position
Assets (DKKm)
30.06.2025
31.12.2024
30.06.2024
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)
30.06.2025
31.12.2024
30.06.2024
Share capital
Reserves
(5,671 )
(375 )
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
Total equity and liabilities
Page 20 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Statement of changes in equity at 30 June 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
(5,910 )
(5,557 )
(51 )
(5,608 )
Total comprehensive income for the period
(5,910 )
(430 )
(10 )
(440 )
Transactions with shareholders and
non-controlling interests:
Share-based payments
Tax on share-based payments
Dividends distributed
(1,683 )
(1,683 )
(1,683 )
Sale of treasury shares
Addition/disposal of non-controlling interests
Dividends on treasury shares
Other adjustments
(21 )
(21 )
(21 )
Total equity transactions
(389 )
(387 )
(137 )
Equity at 30 June 2025
(5,671 )
Statement of changes in equity at 30 June 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
(44 )
(44 )
(44 )
Dividends distributed
(1,533 )
(1,533 )
(23 )
(1,556 )
Purchase of treasury shares
(2 )
(2,526 )
(2,528 )
(2,528 )
Sale of treasury shares
Capital reduction
(5 )
Dividends on treasury shares
Other adjustments
(9 )
(8 )
Total equity transactions
(5 )
(3,328 )
(3,329 )
(32 )
(3,361 )
Equity at 30 June 2024
(375 )
Page 21 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 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 involving significant accounting
judgements and estimates are outlined in Chapter 1 of the notes
to the consolidated financial statements in the 2024 DSV Annual
Report, to which we refer. In addition, significant judgements
and estimates are applied in connection with the acquisition of
entities. For further details, please refer to note 8 of this report.
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 H1 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
Contract Logistics
Non-allocated items
and eliminations
Total
(DKKm)
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
Condensed statement of profit or loss
Revenue
59,427
47,058
28,627
19,602
15,908
12,611
(299)
226
103,663
79,497
Intersegment revenue
1,156
274
2,211
1,384
471
294
(3,838)
(1,952)
-
-
Divisional revenue
60,583
47,332
30,838
20,986
16,379
12,905
(4,137)
(1,726)
103,663
79,497
Direct costs
45,724
35,497
24,626
16,961
9,170
7,928
(4,089)
(1,995)
75,431
58,391
Gross profit
14,859
11,835
6,212
4,025
7,209
4,977
(48)
269
28,232
21,106
Other external costs
2,384
1,798
1,286
643
1,760
885
(1,834)
(1,040)
3,596
2,286
Staff costs
5,369
3,937
3,242
1,900
2,171
1,308
1,546
1,134
12,328
8,279
Operating profit before amortisation,
depreciation (EBITDA) before special
items
7,106
6,100
1,684
1,482
3,278
2,784
240
175
12,308
10,541
Amortisation and depreciation
696
575
756
443
2,084
1,623
187
160
3,723
2,801
Operating profit (EBIT) before special
items*
6,410
5,525
928
1,039
1,194
1,161
53
15
8,585
7,740
Condensed statement of financial position
Total assets
126,029
80,784
53,462
27,300
37,972
35,861
82,318
13,830
299,781
157,775
Total liabilities
81,076
51,971
39,706
21,282
30,693
29,359
34,380
(16,005)
185,855
86,607
* 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 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
5 Revenue
Europe
Middle East and Africa
Asia Pacific
Americas
Total
Services and geographical
segmentation of revenue
(DKKm)
Q2 2025
Q2 2024
Q2 2025
Q2 2024
Q2 2025
Q2 2024
Q2 2025
Q2 2024
Q2 2025
Q2 2024
Air services
6,519
4,574
825
610
6,149
4,582
5,058
3,599
18,551
13,365
Sea services
7,146
4,589
1,085
856
3,185
2,091
4,508
3,715
15,924
11,251
Road services
17,615
9,108
543
465
544
-
1,972
988
20,674
10,561
Contract Logistics services
4,828
4,125
846
786
1,943
794
2,437
1,211
10,054
6,916
Total
36,108
22,396
3,299
2,717
11,821
7,467
13,975
9,513
65,203
42,093
Non-allocated items and
eliminations
(3,220)
(936)
Total revenue
61,983
41,157
Europe
Middle East and Africa
Asia Pacific
Americas
Total
Services and geographical
segmentation of revenue
(DKKm)
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
Air services
11,068
8,992
1,492
1,245
10,527
8,280
9,090
7,015
32,177
25,532
Sea services
12,471
9,033
2,115
1,699
5,270
3,948
8,550
7,120
28,406
21,800
Road services
26,306
18,192
1,085
934
544
-
2,903
1,860
30,838
20,986
Contract Logistics services
8,166
7,333
1,659
1,584
2,726
1,581
3,828
2,407
16,379
12,905
Total
58,011
43,550
6,351
5,462
19,067
13,809
24,371
18,402
107,800
81,223
Non-allocated items and
eliminations
(4,137)
(1,726)
Total revenue
103,663
79,497
6 Special items
Special items are used in connection with the presentation of
profit or loss for the period to distinguish consolidated operating
profit from exceptional items, which by their nature are not
related to the Group’s ordinary operations or investment in
future activities.
For the first six months of 2025, special items totalled DKK 817
million, comprising transaction and integration costs relating to
the acquisition of DB Schenker.
YTD 2025
YTD 2024
(DKKm)
Reported
statement of
profit or loss
Special items
Adjusted
statement of
profit or loss
Reported
statement of
profit or loss
Special items
Adjusted
statement of
profit or loss
Revenue
103,663
-
103,663
79,497
-
79,497
Direct costs
75,431
-
75,431
58,391
-
58,391
Gross profit
28,232
-
28,232
21,106
-
21,106
Other external costs
3,596
663
4,259
2,286
-
2,286
Staff costs
12,328
114
12,442
8,279
-
8,279
Operating profit before amortisation and depreciation
12,308
(777)
11,531
10,541
-
10,541
Amortisation and depreciation
3,723
40
3,763
2,801
-
2,801
Operating profit
8,585
(817)
7,768
7,740
-
7,740
Special items, costs
817
-
817
-
-
-
Financial income
1,000
-
1,000
62
-
62
Financial expenses
1,757
-
1,757
1,067
-
1,067
Profit before tax
7,011
(817)
6,194
6,735
-
6,735
Page 23 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
7 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)
30 June 2025
31 December 2024
Carrying amount
Fair value
Carrying amount
Fair value
Financial assets:
Currency derivatives
184
184
5
5
Trade receivables
45,303
45,303
27,222
27,222
Other receivables
15,191
15,191
7,668
7,668
Cash and cash equivalents
16,422
16,422
83,576
83,576
Financial assets measured at amortised costs
76,916
76,916
118,466
118,466
Financial liabilities:
Currency derivatives
14
14
63
63
Issued bonds measured at amortised cost
60,828
58,621
60,782
58,813
Overdraft and credit facilities
18,424
18,424
362
362
Trade payables
24,393
24,393
14,456
14,456
Financial liabilities measured at amortised cost
103,645
101,438
75,600
73,631
Page 24 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
8 Business combinations
On 30 April 2025, DSV acquired 100% of the global freight
forwarding and contract logistics business DB Schenker
(operated by Schenker AG and its affiliates) from Deutsche
Bahn AG.
About Schenker
Schenker was one of the world’s leading transport and logistics
providers with around 85,800 employees. The company
operated land, air and ocean transportation services and offered
comprehensive logistics and global supply chain management
solutions. In 2024, Schenker generated revenue of
approximately DKK 143 billion (EUR 19.2 billion).
Strategic rationale and synergies
DSV has a strong M&A track record, and with the completion of
the acquisition of Schenker we have established the basis for
sustainable organic growth by creating a world-leading player
within global transport and logistics. Based on the 2024
financials, the combined company had a proforma revenue of
approximately DKK 310 billion and a total workforce of around
160,000 employees.
Schenker was included in the consolidated financial statements
of DSV from 1 May 2025, thereby contributing with two months
to DSV’s Q2 2025 financial results. Annual synergies are
expected in the level of DKK 9 billion by end of 2028, when the
majority of the integration is expected to be complete.
Approximately 50% of the integration is expected to be
completed at the end of 2026 and 75% at the end of 2027. The
synergies relate to the consolidation of operations across
divisions, logistics facilities in Road and Contract Logistics,
back-office functions, finance and IT infrastructure.
Consideration transferred
The consideration for Schenker was settled through an all-cash
transaction of DKK 86,807 million. Please refer to Company
Announcement no. 1154. The net cash outflow was DKK 75,790
million, with DKK 11,017 million in cash and cash equivalents
acquired. There are no contingent consideration arrangements.
Transaction costs
Total transaction costs recognised in 2025 amount to DKK 437
million (Full-year 2024: DKK 196 million). Transaction costs are
presented as special items.
Earnings impact
As a consequence of the integration of Schenker into DSV, the
disclosed earnings impact is based on estimates as no financial
reporting capabilities are maintained that provide detailed
consolidated financial data on the separate pre-acquisition
consolidation groups.
The acquisition has contributed estimated revenue of DKK
22,348 million and EBIT before special items of DKK 925 million
to the DSV Group’s results for the period 1 May 2025 to 30 June
2025.
If the acquisition had occurred on 1 January 2025, consolidated
proforma revenue and net profit for the period ended 30 June
2025 of the combined Group would have been approximately
DKK 149,700 million and approximately DKK 5,640 million,
respectively.
Fair value of acquired net assets and recognised goodwill
Fair value of acquired net assets has been identified and
goodwill recognised. Net assets, goodwill and contingent assets
and liabilities recognised at the reporting date are to some
extent still provisional. Adjustments may be applied to these
amounts for a period of up to twelve months from the acquisition
date in accordance with IFRS 3.
The major categories of net assets for which acquisitional
accounting is still ongoing mainly relate to property, plant and
equipment, contract assets, accrued cost of services, provisions
and deferred taxes. In addition, other minor adjustments may be
applied to the various net asset categories as full alignment to
DSV accounting policies is finalised.
The fair value of acquired trade receivables, contract assets and
other receivables amounts to DKK 32,500 million. Collectability
of receivables has been assessed based on credit assessment
policies and reflected in the fair value.
Goodwill recognised mainly relates to the expertise and
knowhow of the acquired workforce and expected synergies
from the integration into the DSV Group. Recognised goodwill is
non-deductible for tax purposes.
The provisional fair value of identified net assets and goodwill
recognised may be specified as follows:
Assets identified at fair value (provisional):
(DKKm)
Customer relationships
1,227
Other intangible assets
1,053
Right-of-use assets
8,590
Property, plant and equipment
17,193
Trade receivables
20,368
Contract assets
4,175
Inventories
59
Deferred tax assets
1,780
Other receivables
7,957
Cash and cash equivalents
11,017
Total assets
73,419
Liabilities identified at fair value (provisional):
Lease liabilities
9,101
Borrowings
13,855
Provisions
7,203
Pensions and other post-employment benefit plans
2,066
Trade payables
11,064
Accrued cost of services
6,645
Deferred tax liabilities
745
Tax payables
1,582
Other payables
10,793
Total liabilities
63,054
Non-controlling interests share of acquired net assets
250
Total net assets acquired
10,115
Fair value of total consideration transferred
86,807
Goodwill arising from acquisitions
76,692
Fair value measurement
Material net assets acquired for which significant estimates have
been applied in the fair value assessment have been recognised
using the following valuation techniques:
Property, plant and equipment
Fair value of individual material property, plant and equipment
assets has been measured based on external market valuations
carried out by professional appraisers and assessments of
prices on an active market.
Customer relationships
Customer relationships have been measured using a multiperiod
excess earnings model (MPEE), by which the present value of
Page 25 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
future cash flows from recurring contract customers expected to
be retained after the date of acquisition has been valuated using
a peer-group WACC of 8.25% as discount rate. In total,
customer relationships amounting to DKK 1,227 million have
been included in the opening balance.
The main input value drivers in the MPEE model used are the
estimated future retention rate and net cash flow of the acquired
contract customer base. These inputs have been estimated
based on Management’s professional judgement from analysis
of the acquired customer base, historical data, experience from
previous acquisitions and general business insight.
Trade receivables and payables, contract assets and accrued
cost of services
Fair value of trade receivables and trade payables, contract
assets and accrued cost of services has been measured at the
contractual amount expected to be received or paid. In addition,
collectability has been taken into consideration on trade
receivables. The amounts have not been discounted, as
maturity on trade receivables- and payables generally is very
short and the discounted effect therefore immaterial.
Financial liabilities
Lease liabilities have been measured at the present value of the
remaining lease payments at the acquisition date discounted
using an appropriate incremental borrowing rate.
Other financial liabilities have been measured at the present
value of the repayable amounts discounted using a
representative DSV borrowing rate, unless the discount effect is
insignificant. A DSV borrowing rate has been applied as DSV
vouches for the acquired debt, hence the credit enhancement of
the Group has been applied in the valuation.
Page 26 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1159 – 31 July 2025
Executive Board:
Board of Directors: