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
Q3 2025
Company Announcement No. 1161
23 October 2025
Fast progression on the integration of Schenker and stable financial performance under
challenging market conditions
• In Q3 2025, the integration of Schenker maintained strong momentum, with the first country integrations commencing in August
and acceleration of the country integrations during the quarter.
• The DSV Group reported EBIT before special items of DKK 5,434 million in Q3 2025, including a positive contribution of DKK
1,463 million from Schenker. Overall, organic earnings remained stable compared to the previous quarter, despite increasingly
challenging market conditions, especially in the sea freight market.
• We are executing on the deleveraging plan with net interest-bearing debt reduced by more than DKK 4 billion since the end of
last quarter supported by a strong adjusted free cash flow of DKK 4,276 million and an adjusted cash conversion of 96% in Q3
2025.
• We reiterate the expected synergies in the level of DKK 9 billion by the end of 2028 with an expected financial impact of around
DKK 800 million for the full-year 2025, based on the assumption that 30% of the integration will be completed by year end.
• Full-year 2025 guidance for EBIT before special items has been narrowed to the range of DKK 19.5-20.5 billion. Market outlook
for the remaining part of the year remains highly uncertain, especially in Air & Sea, due to risks related to trade tariffs and
macroeconomics.
Jens H. Lund, Group CEO: “During the third quarter, we have made significant progress on the integration of Schenker, which has
accelerated our synergies. This is our largest and most complex integration to date, and at this stage in the process, we are very satisfied
with how it is developing. Through this integration, we are continuing to strengthen both our organisation and global network to even better
support our customers’ supply chains. Despite tough market conditions and lower volumes in some sectors, our commercial approach is
driving increased activity among our largest customers. As short-term volatility persists, we will closely monitor productivity and financial
performance, while working to achieve further integration benefits.”
Selected key figures and ratios for the period 1 January – 30 September 2025
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Key figures (DKKm)
Revenue
71,983
44,095
175,646
123,592
Gross profit
19,508
11,080
47,740
32,186
Operating profit (EBIT) before special items
5,434
4,420
14,019
12,160
Special items, costs
1,154
124
1,971
124
Profit for the period from continuing operations
2,160
2,845
7,328
7,950
Adjusted earnings for the period
3,730
3,001
9,662
8,254
Adjusted free cash flow
4,276
2,524
11,423
4,196
Ratios
Conversion ratio
27.9%
39.9%
29.4%
37.8%
Diluted adjusted earnings per share of DKK 1 for the last
12 months
53.1
53.8
DSV A/S , Hovedgaden 630, 2640 Hedehusene , Denmark , tel. +45 43 20 30 40, CVR No. 58233528, www.dsv.com.
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 Q3 2025
The challenging market conditions related to trade tariffs and macroeconomic factors became more visible in global trade flows during Q3
2025. Volume developments showed increased volatility during the quarter, with downtrading in certain sectors, especially impacting sea
freight. DSV reported EBIT before special items of DKK 5,434 million in Q3 2025 compared to DKK 4,420 million in the same period last
year. The growth in EBIT before special items was driven by a positive contribution from the acquisition of Schenker.
The Air & Sea division reported higher EBIT before special items of DKK 3,532 million, compared to DKK 3,260 million in the same period
last year. Schenker made a positive contribution, while the organic earnings were impacted by slightly lower gross profit in sea freight
compared to the same period last year.
Road reported higher EBIT before special items of DKK 798 million in Q3 2025, compared to DKK 514 million in the same period last year.
Schenker contributed positively to earnings, and while European market conditions showed some signs of stabilisation, the organic
earnings remained lower compared to the same period last year.
Contract Logistics also reported higher EBIT before special items of DKK 1,098 million in Q3 2025, compared to DKK 636 million in the
same period last year. Schenker contributed positively to the earnings growth, while improved organic earnings were driven by commercial
initiatives leading to higher utilisation and a continued focus on cost efficiency.
The integration of Schenker has continued the strong momentum with the first countries starting integration in August with an acceleration
of country integrations in the following months. Similar to previous transactions, Air & Sea is the fastest to deliver synergies due to the
division’s standardised IT setup and asset-light model. For Road and Contract Logistics, the synergies also consist of optimisation of
physical infrastructure which takes longer. Commercially, the integration is progressing well with positive dialogue with the customers.
Outlook for 2025
Based on performance in the first nine months of 2025 and the expectations for Q4 2025, our full-year outlook for 2025 is presented below:
• EBIT before special items has been narrowed to the range of DKK 19.5-20.5 billion (previously DKK 19.5-21.5 billion).
• Full-year 2025 financial impact from synergies related to the Schenker integration now expected of around DKK 800 million
(previously DKK 500-600 million).
• Amortisation of purchase price allocations below DKK 500 million (unchanged).
• Special items related to transaction and integration costs in the range of DKK 2.5-3.0 billion (previously DKK 2.0-2.5 billion).
• The fast progress of the Schenker integration has led to a temporary increase in the effective tax rate, which is now expected to
be around 29% (previously 26-28%).
The current market uncertainties related to trade tariffs, the geopolitical landscape, including the Red Sea situation, and macroeconomic
factors, are expected to persist. These factors may continue to impact the global trading environment and activity levels, and unforeseen
changes may impact our financial outlook. We will continue to monitor activity levels across the organisation and will adjust capacity and
our cost base as necessary. These changes may extend beyond the synergies anticipated from the Schenker transaction.
Synergies and integration costs related to Schenker
We maintain our expectation of reaching annual synergies in the level of DKK 9 billion by the end of 2028, when the integration is expected
to be finalised. Due to strong integration progress, we now expect around 30% of the integration to be completed by the end of 2025
(previously 15%), with an expected financial impact on EBIT before special items of around DKK 800 million in 2025 (previously DKK 500-
600 million). We now expect around 70% of the integration to be completed by end of 2026 (previously 50%). Total transaction and
integration costs are still anticipated at around DKK 11 billion, with most of these costs expected in 2026 and 2027. These costs will be
charged to the statement of profit and loss under special items.
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,
Page 2 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Interim Financial Report
Q3 2025
Creating the future platform for growth
Page 2 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 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. 1161 – 23 October 2025
Financial highlights
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Results (DKKm)
Revenue
71,983
44,095
175,646
123,592
Gross profit
19,508
11,080
47,740
32,186
Operating profit before amortisation and depreciation (EBITDA)
before special items
7,876
5,850
20,184
16,391
Operating profit (EBIT) before special items
5,434
4,420
14,019
12,160
Special items, costs
1,154
124
1,971
124
Net financial expenses
1,040
515
1,797
1,520
Profit for the period from continuing operations
2,160
2,845
7,328
7,950
Adjusted earnings for the period
3,730
3,001
9,662
8,254
Cash flows (DKKm)
Operating activities
6,431
4,589
15,736
8,807
Investing activities
(1,022)
(1,083)
(77,309)
(1,569)
Free cash flow
5,409
3,506
(61,573)
7,238
Adjusted free cash flow
4,276
2,524
11,423
4,196
Share buyback
-
(819)
-
(3,347)
Dividends distributed
-
-
(1,683)
(1,533)
Cash flow for the period
5,068
(203)
(61,563)
2,327
Gross investment in property, plant and equipment
991
604
1,713
1,587
Financial position (DKKm)
DSV A/S shareholders’ share of equity
115,141
71,940
Non-controlling interests
556
303
Total equity
115,697
72,243
Total assets
303,205
158,326
Net working capital (NWC)
5,018
8,268
Net interest-bearing debt (NIBD)
88,985
37,669
Invested capital
199,824
105,701
Financial ratios (%)
Gross margin
27.1
25.1
27.2
26.0
Operating margin
7.5
10.0
8.0
9.8
Conversion ratio
27.9
39.9
29.4
37.8
Effective tax rate
33.3
24.8
28.5
24.4
ROIC before tax for the last 12 months
11.8
15.7
ROIC before tax (last 12 months) excl. goodwill and customer
relationships
44.2
60.8
Return on equity
10.0
15.2
Solvency ratio
38.0
45.4
Gearing ratio (NIBD/12 months EBITDA adjusted for Schenker)
2.7x
1.7x
Share ratios
Earnings per share (EPS) of DKK 1 for the last 12 months
40.0
51.8
Diluted adjusted earnings per share of DKK 1 for the last 12 months
53.1
53.8
Number of shares issued (’000) at 30 September
240,445
214,000
Number of treasury shares (’000) at 30 September
4,332
6,233
Average number of shares outstanding (’000) for the last 12 months
234,805
208,743
Average diluted number of shares (’000) for the last 12 months
235,405
209,234
Diluted number of shares (’000) at 30 September
235,898
208,461
Share price end of period (DKK)
1,264.5
1,382.5
Non-financial data
Full-time employees (FTE) at 30 September
Page 4 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Management’s commentary
The DSV Group achieved EBIT before special items of DKK 5,434 million in Q3 2025, compared to DKK
4,420 million in the same period last year, driven by the positive contribution from Schenker. Organic
performance was impacted by softer market conditions in Air & Sea and Road, though this was partly
offset by improved performance in Contract Logistics. We continue to leverage our flexible, asset-light
business model to navigate the volatile market conditions. In Q3 2025, the strong cash generation
continued with an adjusted free cash flow of DKK 4,276 million and an adjusted cash conversion ratio of
96%.
The integration of Schenker is progressing fast and efficiently. In August, we started integration activities
in the first countries across all divisions, following a roadmap designed to accelerate further country
integrations. The consolidation of back-office functions is expected to continue in Q4 2025.
Update on Schenker acquisition
On 30 April 2025, DSV completed the acquisition of Schenker.
Schenker was one of the world’s leading transport and logistics
providers. 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 creating 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 has been included in the consolidated financial
statements of DSV from 1 May 2025 and is thereby contributing
five months to DSV’s year-to-date 2025 financial results. Q3
2025 is the first quarter with full estimated Schenker impact.
Annual synergies are still expected to be in the level of DKK 9
billion by the end of 2028, when the integration is expected to be
finalised. The synergies relate to consolidation of operations
across divisions, employees, back-office functions, finance and
IT infrastructure and logistics facilities in Road and Contract
Logistics.
Due to strong integration progress, we now expect that around
30% will be completed by the end of 2025 (previously 15%), with
an expected impact on EBIT before special items of around DKK
800 million in 2025 (previously DKK 500-600 million). We expect
around 70% of the integration to be completed by end of 2026
(previously 50%).
During Q3 2025, the integration of the first countries
commenced across all divisions, and from September, the
number of country integrations have accelerated. In addition to
the divisional integrations, we expect to continue the integration
of back-office functions in Q4 2025 with focus on Germany
based on the framework agreement with the German works
councils.
We have seen a reduction of more than 3,000 white-collar
employees (FTEs) since we commenced the Schenker
integration process. The total workforce has increased
compared to last quarter, due to an increase in blue-collar
employees (FTEs) driven by higher activity in Contract Logistics.
Total transaction and integration costs are still expected to be in
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 still 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
The integration of Schenker remained our main strategic priority
in Q3 2025, and we made significant progress across the
organisation. Simultaneously, we maintained focus on our core
business and the advancement of operational and commercial
priorities.
In line with our ambition of a fast integration and achievement of
our synergy targets while maintaining a strong commercial focus
on our customers, we proceeded with country integrations
across divisions and appointed local teams at a consistent pace
during the quarter. Based on the successful start to the country
integrations, we are very pleased with the progress of our
largest and most complex integration to date.
Our customers remain our top priority, and we have engaged in
proactive dialogues with our largest customers to support a
seamless integration and discuss future commercial
opportunities. Customer feedback regarding this approach has
been very positive, and we will continue these interactions with
our remaining customer base. This positive dialogue is reflected
in consistent high customer satisfaction scores, with customers
appreciating our expanded global network and harmonised
service offerings, which create opportunities to further increase
our share of wallet with our existing customers across verticals.
In the past quarter, we continued to see strong growth in the
Technology vertical across all three divisions. The Automotive
industry continues to face significant headwinds which has led to
volume downtrading in the vertical.
Page 5 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Results for the period
Growth 2024 – 2025
(DKKm)
Q3 2024
Currency
translation
Schenker
Growth
Growth %*
Q3 2025
Revenue
44,095
(1,248)
29,326
(190)
(0.4%)
71,983
Gross profit
11,080
(340)
8,184
584
5.4%
19,508
EBIT before special items
4,420
(135)
1,463
(314)
(7.3%)
5,434
Gross margin (%)
25.1
27.1
Operating margin (%)
10.0
7.5
Conversion ratio (%)
39.9
27.9
(DKKm)
YTD 2024
Currency
translation
Schenker
Growth
Growth %*
YTD 2025
Revenue
123,592
(2,154)
51,674
2,534
2.1%
175,646
Gross profit
32,186
(529)
14,598
1,485
4.7%
47,740
EBIT before special items
12,160
(209)
2,388
(320)
(2.7%)
14,019
Gross margin (%)
26.0
27.2
Operating margin (%)
9.8
8.0
Conversion ratio (%)
37.8
29.4
* In constant currencies excluding estimated Schenker impact
Revenue
In Q3 2025, revenue increased to DKK 71,983 million,
compared to DKK 44,095 million in the same period last year.
Revenue for Q3 2025 decreased organically and in constant
currencies by 0.4% compared to the same period last year.
Schenker contributed with revenue of DKK 29,326 million in Q3
2025, of which DKK 12,805 million related to Air and Sea, while
the Road and Contract Logistics divisions contributed DKK
13,332 million and DKK 5,311 million, respectively, excluding
eliminations.
For the first nine months of 2025, revenue amounted to DKK
175,646 million, compared to DKK 123,592 million in the same
period last year. Measured in constant currencies, the organic
growth for the first nine months of 2025 was 2.1%.
Revenue and growth by division compared to the same period
last year are specified below:
(DKKm)
Q3 2025
Growth*
YTD 2025
Growth*
Air & Sea
38,688
(5.4%)
99,271
3.9%
Road
23,418
1.9%
54,256
(1.8%)
Contract Logistics
13,113
20.7%
29,492
3.2%
Group and
eliminations
(3,236)
(7,373)
Total
71,983
(0.4%)
175,646
2.1%
* In constant currencies excluding estimated Schenker impact
For the first nine months of 2025, organic revenue growth in Air
& Sea was negatively impacted by slightly lower volumes and
lower average sea freight rates, but this was offset by continued
growth in revenue from value-added services driven by our
strategic focus and increasing market complexity.
The Road division reported slightly negative organic revenue
growth in the first nine months of 2025 compared to the same
period last year, driven by a combination of lower freight rates
and weaker market activity across Europe and in the US.
The Contract Logistics division saw positive organic revenue
growth in the first nine months of 2025 compared to the same
period last year, driven by higher activity levels with large
accounts in North America.
Schenker contributed with total revenue of DKK 51,674 million
YTD 2025. DKK 22,576 million related to Air and Sea, while the
Road and Contract Logistics divisions contributed with DKK
23,912 million and DKK 9,565 million, respectively, excluding
eliminations.
Revenue by division, YTD 2025 (DKKm)
Gross profit
For Q3 2025, gross profit for the Group increased to DKK
19,508 million, compared to DKK 11,080 million in the same
period last year. Gross profit increased organically by 5.4% in
constant currencies.
Page 6 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
The gross profit contribution from Schenker was DKK 8,184
million for Q3 2025, of which DKK 2,910 million related to Air &
Sea, while Road and Contract Logistics contributed DKK 3,167
million and DKK 2,673 million, respectively, excluding
eliminations.
For the first nine months of 2025, gross profit amounted to DKK
47,740 million, compared to DKK 32,186 million in the same
period last year. Organically and in constant currencies, the
gross profit increased by 4.7%.
Gross profit and growth by division compared to the same
period last year are specified below:
(DKKm)
Q3 2025
Growth*
YTD 2025
Growth*
Air & Sea
9,160
0.5%
24,019
6.3%
Road
5,021
(3.6%)
11,233
(4.1%)
Contract Logistics
5,810
25.6%
13,019
9.5%
Group and
eliminations
(483)
(531)
Total
19,508
5.4%
47,740
4.7%
* In constant currencies excluding estimated Schenker impact
Air & Sea generated a gross profit of DKK 24,019 million for the
first nine months of 2025, representing organic growth of 6.3%
in constant currencies compared to the same period last year.
The growth was driven by higher organic gross profit air freight
yields in the period and more value-added services per
shipment, partly offset by slightly lower volumes across air and
sea freight.
For the first nine months of 2025, the Road division delivered
gross profit of DKK 11,233 million, representing a 4.1% organic
decline in constant currencies compared to the same period last
year. The decline was driven by lower activity in the US and
Europe, especially within the Automotive vertical, combined with
higher cost inflation.
Contract Logistics reported gross profit of DKK 13,019 million for
the first nine months of 2025. This represents an organic growth
of 9.5% in constant currencies compared to the same period last
year, driven by higher activity and continued focus on network
consolidation.
The gross profit contribution from Schenker YTD 2025 was DKK
14,598 million, of which DKK 5,008 million related to Air & Sea,
while the Road and Contract Logistics divisions contributed with
DKK 5,522 million and DKK 4,861 million, respectively,
excluding eliminations.
Gross profit by division, YTD 2025 (DKKm)
The gross profit margin for the Group increased to 27.1% in Q3
2025, compared to 25.1% for the same period last year. The
increase is partly due to higher average gross margin in the
Schenker business, especially in Contract Logistics.
The gross profit margin for the Group improved to 27.2% for the
first nine months 2025, compared to 26.0% in the same period
last year, primarily driven by higher average margin from
Schenker.
EBIT before special items
For Q3 2025, EBIT before special items increased to DKK 5,434
million, compared to DKK 4,420 million in the same period last
year. However, organically and in constant currencies, EBIT
before special items decreased by 7.3%, primarily due to lower
earnings in Air & Sea and Road.
The EBIT before special items contribution from Schenker was
DKK 1,463 million in Q3 2025, of which Air & Sea contributed
with DKK 590 million, Road with DKK 365 million and Contract
Logistics DKK 409 million, excluding eliminations.
EBIT before special items amounted to DKK 14,019 million for
the first nine months of 2025, compared to DKK 12,160 million in
the same period last year. Organically and in constant
currencies, EBIT before special items was 2.7% lower than the
same period last year, due to reduced earnings in Road and
Contract Logistics.
The EBIT before special items contribution from Schenker was
DKK 2,388 million in YTD 2025, of which Air & Sea contributed
with DKK 1,002 million, Road with DKK 494 million and Contract
Logistics DKK 750 million, excluding eliminations.
EBIT and growth by division compared to the same period last
year are specified below:
(DKKm)
Q3 2025
Growth*
YTD 2025
Growth*
Air & Sea
3,532
(6.3%)
9,942
4.1%
Road
798
(15.6%)
1,726
(20.7%)
Contract Logistics
1,098
10.4%
2,292
(13.4%)
Group
6
59
Total
5,434
(7.3%)
14,019
(2.7%)
* In constant currencies excluding estimated Schenker impact
The conversion ratio for the Group was 27.9% in Q3 2025,
compared to 39.9% in the same period last year. For the first
nine months of 2025, the conversion ratio was 29.4%, compared
to 37.8% in the same period last year, and was impacted by the
integration of Schenker.
Page 7 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
EBIT by division, YTD 2025 (DKKm)
Transaction and integration costs
Transaction and integration costs (reported under special items,
costs) totalled DKK 1,154 million for Q3 2025 and DKK 1,971
million for the first nine months of 2025. The costs are related to
the acquisition of Schenker.
Financial items
Net financial expenses amounted to DKK 1,797 million for the
first nine months of 2025, compared to DKK 1,520 million in the
same period last year. The increase in net financial expenses
was primarily attributable to higher lease liabilities, driven by the
inclusion of Schenker from 1 May 2025, and other interest cost
partly offset by foreign exchange adjustments.
Other net interest costs were higher in the first nine months of
2025 than in the same period last year, primarily due to the four
months prior to the completion and payment of the Schenker
acquisition. The financing related to Schenker had full effect on
net interest costs in Q3 2025.
(DKKm)
YTD 2025
YTD 2024
Interest on lease liabilities
1,173
823
Other interest cost, net
617
416
Interest on pensions
36
33
Foreign exchange adjustments
(29)
248
Net financial expenses
1,797
1,520
Result from discontinued operations
With the acquisition of Schenker, DSV assumed control over
Schenker's road activities in the US. Part of the activities were
acquired with the intention of future resale, resulting in a portion
of Schenker US Road operations being classified as a disposal
group held for sale and designated as discontinued operations.
These activities reported a net loss of DKK 90 million for Q3
2025.
Tax on profit for the period
The effective tax rate was 28.5% for the first nine months of
2025, compared to 24.4% for the same period last year. The
increase in effective tax rate was affected by non-deductible
transaction and integration costs. The acceleration of the
integration of Schenker has led to an increased tax rate in the
quarter. As previously communicated, the effective tax rate will
temporarily exceed the standard 24% effective tax rate during
the integration process.
Profit for the period
Profit for the first nine months of 2025 from continuing
operations was DKK 7,328 million, compared to DKK 7,950
million for the same period in 2024. Despite higher EBIT before
special items, profit declined, mainly as a result of special items
costs related to the synergies from the integration of Schenker,
increased net financial items and a temporarily higher effective
tax rate.
Diluted adjusted earnings per share
Diluted adjusted EPS (rolling 12-months) decreased by 1.3%
compared to the same period last year and was DKK 53.1 per
share (30 September 2024: DKK 53.8 per share). Earnings per
share declined due to an increased average number of
outstanding shares resulting from the financing of the Schenker
acquisition, combined with higher effective tax rate and special
items associated with the Schenker integration.
Cash flow
Cash flow statement – summary
(DKKm)
Q3
2025
Q3
2024
YTD
2025
YTD
2024
EBITDA before special
items
7,876
5,850
20,184
16,391
Change in net working
capital
761
449
3,166
(3,324)
Tax, interests, change in
provisions, etc.
(1,593)
(1,619)
(6,103)
(4,169)
Special items
(613)
(91)
(1,511)
(91)
Cash flow from operating
activities
6,431
4,589
15,736
8,807
Cash flow from investing
activities
(1,022)
(1,083)
(77,309)
(1,569)
Free cash flow
5,409
3,506
(61,573)
7,238
Proceeds and repayment of
financing liabilities
33
(3,216)
946
(938)
Transactions with
shareholders
(374)
(493)
(936)
(3,973)
Cash flow from financing
activities
(341)
(3,709)
10
(4,911)
Cash flow for the period
5,068
(203)
(61,563)
2,327
Free cash flow
5,409
3,506
(61,573)
7,238
Acquisition of subsidiaries
(reversed)
-
-
75,790
-
Special items, paid
(reversed)
613
91
1,511
91
Repayment of lease
liabilities
(1,746)
(1,073)
(4,305)
(3,133)
Adjusted free cash flow
4,276
2,524
11,423
4,196
In Q3 2025, free cash flow was DKK 5,409 million due to
earnings contribution and positive development in net working
capital.
The adjusted free cash flow for Q3 2025 was DKK 4,276 million,
compared to DKK 2,524 million for the same period last year,
including repayment of lease liabilities of DKK 1,746 million. For
the first nine months of 2025, the adjusted free cash flow was
DKK 11,423 million, compared to DKK 4,196 million for the
same period last year. The adjusted cash conversion ratio for
Q3 2025 was 96%, compared to 79% last year. The
improvement in adjusted free cash flow for the first nine months
of 2025 was primarily driven by improved net working capital
and higher EBIT before special items.
Page 8 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Investing activities showed a cash outflow of DKK 1,022 million
for Q3 2025, which is driven by lower cash inflow from disposal
of property, plant and equipment and a decrease in other
financial assets compared to the same period last year.
Net cash flows from financing activities amounted to an outflow
of DKK 341 million in Q3 2025, compared to DKK 3,709 million
in Q3 2024. The cash outflow is related to repayment of
borrowings and short-term financing. For the first nine months of
2025, cash flow from financing activities showed a cash inflow of
DKK 10 million, compared to a cash outflow of DKK 4,911
million for the first nine months of 2024.
Net working capital
On 30 September 2025, the Group’s net working capital (NWC)
was DKK 5,018 million, compared to DKK 8,268 million on 30
September 2024. The improvement in net working capital mainly
resulted from Schenker contributing a net negative NWC,
primarily related to the Road division, and lower organic revenue
in Air & Sea due to lower freight rates and volumes.
Funds tied up in property projects decreased compared to last
quarter due to completion of new facilities in Canada.
Relative to estimated full-year revenue, funds tied up in NWC
decreased to 1.7% as of 30 September 2025, compared to 4.7%
on 30 September 2024.
Capital structure and finances
DSV A/S shareholders’ share of equity
DSV shareholders’ share of equity was DKK 115,141 million on
30 September 2025 (DKK 114,182 million on 31 December
2024). Equity increased for the period due to the profit
generated for the period, although a substantial part of this profit
was offset by losses from foreign currency translation.
The solvency ratio excluding non-controlling interests was
38.0% on 30 September 2025 (30 September 2024: 45.4%).
On 30 September 2025, the Company’s portfolio of treasury
shares was 4,331,841 shares. On 22 October 2025, the portfolio
of treasury shares was 4,331,641 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)
7,178
7,899
Currency translation, foreign
enterprises
(6,187)
(1,099)
Allocated to shareholders
(1,683)
(4,880)
Sale of treasury shares
1,197
888
Other equity movements
454
429
Equity end of period
115,141
71,940
Net interest-bearing debt
Net interest-bearing debt, including IFRS 16 lease liabilities,
amounted to DKK 88,985 million on 30 September 2025,
compared to DKK 37,669 million on 30 September 2024. The
increase in NIBD relates to the acquisition of Schenker.
The 12 months adjusted gearing ratio (NIBD/EBITDA including
12 months of Schenker EBITDA) was 2.7x on 30 September
2025, compared to a gearing ratio of 1.7x on 30 September
2024. As of 30 September 2025, the weighted average duration
of the Company’s long-term bonds and drawn credit facilities
was 4.7 years. EUR 1.25 billion in bonds are scheduled for
repayment in November 2026. The Company had undrawn
committed credit lines of EUR 1,068 million as of 30 September
2025.
Invested capital and ROIC
The invested capital including goodwill and customer
relationships amounted to DKK 199,824 million on 30
September 2025, compared to DKK 105,701 million on 30
September 2024. The increase is primarily due to the acquisition
of Schenker. The invested capital decreased compared to 30
June 2025, as part of Schenker’s US Road activities has been
designated as discontinued operations and reported as assets
and liabilities held for sale.
Return on invested capital (including goodwill and customer
relationships) was 11.8% for the rolling 12-month period ended
30 September 2025, compared to 15.7% last year. The
decrease is driven by higher invested capital from the Schenker
acquisition, including goodwill and customer relationships.
Excluding goodwill and customer relationships, return on
invested capital was 44.2% for the rolling 12-month period
ended 30 September 2025, compared to 60.8% last year.
Outlook
Based on performance for the first nine months of 2025 and the
expectations for Q4 2025, the full-year outlook for 2025 is as
follows:
• EBIT before special items has been narrowed to the range
of DKK 19.5-20.5 billion (previously DKK 19.5-21.5 billion).
• Full-year 2025 financial impact from synergies related to
the Schenker integration now expected of around DKK
800 million (previously DKK 500-600 million).
• Amortisation of purchase price allocations below DKK 500
million (unchanged).
• Special items related to transaction and integration costs
in the range of DKK 2.5-3.0 billion (previously DKK 2.0-2.5
billion).
• The fast progress of the Schenker integration has led to a
temporary increase in the effective tax rate, which is now
expected to be around 29% (previously 26-28%).
Current trade tensions and uncertainties regarding tariffs and
macroeconomic conditions continue to impact demand, causing
estimated global air and sea volume growth to remain below
global GDP growth in Q4 2025.
For the road market, we have seen continued stabilisation of the
market in recent months. This trend is expected to continue for
the remaining part of the year, adjusted for seasonality. We still
anticipate low- to mid-single digit growth rates in the contract
logistics market for the remainder of the year.
The current market uncertainties related to trade tariffs, the
geopolitical landscape, including the Red Sea situation, and
macroeconomic factors, is expected to persist. These factors
may impact the global trading environment and activity levels,
and unforeseen changes may impact our financial outlook.
We continue to monitor activity levels and will adjust capacity
and our cost base as necessary. These changes may extend
beyond the synergies anticipated from the Schenker transaction.
Page 9 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Air & Sea
Air & Sea delivered a gross profit of DKK 9,160 million and EBIT before special items of DKK 3,532 million
for Q3 2025, including a positive contribution from Schenker. On an organic basis and in constant
currencies, gross profit was up 0.5% and EBIT before special items decreased by 6.3% compared to the
same period last year. The division recognised strong growth within the Technology vertical, particularly
among the largest global customers, while downtrading continued in the Automotive vertical. While air
freight was stable in Q3 2025, the sea freight market was challenged by lower growth and market
imbalances impacting volumes and yields, despite stable contribution from value-added services.
Statement of profit or loss
(DKKm)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Divisional revenue
38,688
28,416
99,271
75,748
Direct costs
29,528
21,958
75,252
57,455
Gross profit
9,160
6,458
24,019
18,293
Other external costs
1,596
956
3,980
2,754
Staff costs
3,599
1,957
8,968
5,894
EBITDA before special items
3,965
3,545
11,071
9,645
Amortisation and depreciation
433
285
1,129
860
EBIT before special items
3,532
3,260
9,942
8,785
Key figures and ratios
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Gross margin (%)
23.7
22.7
24.2
24.1
Operating margin (%)
9.1
11.5
10.0
11.6
Conversion ratio (%)
38.6
50.5
41.4
48.0
Full-time employees
37,646
21,133
Total invested capital (DKKm)
98,820
66,220
Net working capital (DKKm)
5,498
5,099
ROIC before tax (%)
15.8
18.0
ROIC before tax (last 12 months) excl. goodwill and customer
relationships
166.8
185.5
Quarterly business highlights
The Air & Sea division operates a global network specialising in
transportation of cargo by air and sea. The division offers freight
forwarding services and tailored cargo solutions based on a
broad portfolio of value-added services.
With the Schenker acquisition, the Air & Sea division has
expanded its global footprint and become a leading player. We
service our customers with the world’s most extensive air and
sea network across more than 90 countries.
In Q3 2025, we continued to develop our commercial approach
and grew gross profit from our largest accounts, supported by
our efforts to proactively engage in customer dialogues and
ensure the right set-up, including vertical expertise, tailored to
those accounts. We have mobilised strong regional and local
efforts to ensure growth with our remaining customers,
particularly in areas challenged by soft market conditions. We
continue to see strong traction within the Technology vertical,
while Automotive remains challenged due to market dynamics.
Operationally, we are starting to see the benefits of
consolidating our air and sea networks with Schenker’s in terms
of enhanced customer value proposition, optimised networks
and increased procurement leverage. In addition, the integration
has strengthened many of our products, including LCL, customs
formalities, insurance and DSV Projects and Industry Solutions.
We remain committed to delivering high-quality service and
consistent global solutions to our customers, which is reflected
in our consistently high customer satisfaction scores.
Digitalisation remains a focus area to continue the momentum in
converting manual bookings and quotes into digital processes to
optimise productivity and the customer experience.
Page 10 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Market development
Air
Despite ongoing trade uncertainties, our addressable global air
freight market, excluding e-commerce and perishables,
continued the relatively stable trend from last quarter. We
estimate that our addressable market saw low-single digit
volume growth in Q3 2025.
In Q3 2025, average air freight rates were slightly lower
compared to the same period last year. This change was
influenced by capacity slightly exceeding demand and market
volatility arising from US tariff policies and de minimis exemption
regulations. Higher volumes on other trades, including imports
into Europe, contributed to more stable market conditions.
DSV’s air freight volumes grew by 64% in Q3 2025 and by 37%
in the first nine months compared to the same periods last year.
Organic volume growth in air freight decreased by 1.6% in Q3
2025 compared to the same period last year. Adjusted for the
exit of low-yielding volumes, the organic volume growth is
estimated to be on par with the addressable market growth.
Sea
The uncertainties related to trade tariffs and the macroeconomic
situation, especially in the US, impacted the sea freight market
during the quarter. Cargo flows have not followed normal
seasonality patterns in 2025, partly influenced by volume front-
loading in the previous quarter and ongoing economic concerns
among US consumers, which negatively impacted volume
development in Q3 2025. We estimate that the market saw low
single-digit growth in Q3 2025. Significant variations in growth
were observed across trade lanes, with estimated volume
declines on the Trans-Pacific lane.
During the third quarter, the average sea freight rates declined
due to overcapacity. We expect this trend to continue throughout
2025, with some risk of further market imbalances related to a
normalisation of the traffic in the Red Sea, as changes in the
current security situation might affect maritime operations and
routing decisions.
DSV’s sea freight volumes grew by 52% in Q3 2025 and by 33%
in the first nine months compared to the same periods last year.
Organic growth in sea freight volumes decreased by 5.0% in Q3
2025, compared to a strong quarter last year, which is below the
estimated market growth.
In Q3 2025, we saw organic growth in number of shipments,
especially for air freight, with a smaller average shipment size
compared to the same period last year. This continues the trend
from recent quarters and benefits the average gross profit yield.
The activities from Schenker were impacted by the same volatile
market conditions, especially the downtrading in the Automotive
industry, leading to below-market growth in Q3 2025.
Divisional revenue
For Q3 2025, revenue amounted to DKK 38,688 million,
compared to DKK 28,416 million for the same period last year.
On an organic basis and in constant currencies, revenue for the
quarter was down 5.4% compared to the same period last year.
The decline was primarily driven by lower volumes and sea
freight rates.
The division’s revenue amounted to DKK 99,271 million for the
first nine months 2025. Organically and in constant currencies,
revenue was up 3.9% compared to DKK 75,748 million for the
same period last year.
Gross profit
For Q3 2025, gross profit increased to DKK 9,160 million,
compared to DKK 6,458 million for the same period last year,
mainly driven by Schenker and higher average gross profit
yields for air freight.
Organically and in constant currencies, gross profit increased by
0.5% in Q3 2025 compared to the same period last year. The
lower volume and lower average gross profit yield for sea freight
were partly offset by higher gross profit in air, driven by a higher
average air freight yield. The organic sea freight yield saw a
decline of 3.7% in Q3 2025 compared to last quarter due to
lower freight rates and currency headwind, primarily relating to
the USD. The organic air freight yield was on par with previous
quarter. For both air and sea, gross profit from value-added
services remains stable per unit before currency impact.
In Q3 2025, the gross profit margin was 23.7%, compared to
22.7% in the same period last year. The organic improvement
was partly offset by the relatively lower gross profit yields in air
and sea in the Schenker business. It is our ambition to improve
the combined yields for both segments during the Schenker
integration.
For the first nine months of 2025, gross profit amounted to DKK
24,019 million, compared to DKK 18,293 million for the same
period last year. Organically and in constant currencies, gross
profit increased by 6.3%.
For the first nine months of 2025, the gross margin was 24.2%,
compared to 24.1% last year, due to the impact from Schenker.
The organic gross margin was slightly higher than in the same
period last year.
EBIT before special items
For Q3 2025, EBIT before special items increased to DKK 3,532
million, compared to DKK 3,260 million in the same period last
year. Organically and in constant currencies, EBIT before
special items was 6.3% lower than last year.
The conversion ratio was 38.6% for Q3 2025, compared to
50.5% for the same period last year, primarily due to Schenker
contributing to a lower conversion ratio. Organically, the
conversion ratio was slightly down, driven by a slight increase in
the cost base compared to last year.
EBIT before special items was DKK 9,942 million for the first
nine months 2025, compared to DKK 8,785 million for the same
period last year. EBIT before special items for the first nine
DSV volume growth
Q3 2025
YTD 2025
Air freight – tonnes
64%
37%
Sea freight – TEUs
52%
33%
Page 11 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
months increased by 4.1% on an organic basis and in constant
currencies, despite the lower organic EBIT in Q3 2025.
The conversion ratio was 41.4% for the first nine months of
2025, compared to 48.0% for the same period last year. The
lower conversion ratio in Schenker had a negative impact.
Net working capital
The Air & Sea division’s net working capital was DKK 5,498
million on the 30 September 2025, compared to DKK 5,099
million on 30 September 2024. The increase was driven by the
inclusion of Schenker.
Growth Air & Sea 2024 – 2025
(DKKm)
Q3 2024
Currency
translation
Schenker
Growth
Growth %*
Q3 2025
Divisional revenue
28,416
(1,057)
12,805
(1,476)
(5.4%)
38,688
Gross profit
6,458
(240)
2,910
32
0.5%
9,160
EBIT before special items
3,260
(121)
590
(197)
(6.3%)
3,532
(DKKm)
YTD 2024
Currency
translation
Schenker
Growth
Growth %*
YTD 2025
Divisional revenue
75,748
(1,936)
22,576
2,883
3.9%
99,271
Gross profit
18,293
(405)
5,008
1,123
6.3%
24,019
EBIT before special items
8,785
(194)
1,002
349
4.1%
9,942
* In constant currencies excluding estimated Schenker impact
Air & Sea freight performance
Air freight
(DKKm)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Divisional revenue
21,076
14,052
53,253
39,584
Direct costs
16,334
11,040
41,152
30,724
Gross profit
4,742
3,012
12,101
8,860
Gross margin (%)
22.5
21.4
22.7
22.4
Volume (tonnes)*
578,569
351,910
1,421,253
1,036,199
Gross profit per unit (DKK)
8,196
8,559
8,514
8,550
Sea freight
(DKKm)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Divisional revenue
17,612
14,364
46,018
36,164
Direct costs
13,194
10,918
34,100
26,731
Gross profit
4,418
3,446
11,918
9,433
Gross margin (%)
25.1
24.0
25.9
26.1
Volume (TEUs)*
1,072,808
704,253
2,675,698
2,007,107
Gross profit per unit (DKK)
4,118
4,893
4,454
4,700
* 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. 1161 – 23 October 2025
Road
The Road division’s gross profit was DKK 5,021 million and EBIT before special items DKK 798 million for
Q3 2025, including a solid contribution from Schenker. Organically and in constant currencies, revenue
was stable, while continued low utilisation and higher cost inflation led to lower EBIT before special items
compared to last year. Despite signs of market stabilisation, the division was impacted by continued low
activity levels in Europe, particularly within the Automotive vertical. In response, DSV Road has
accelerated integration initiatives, including a redesign and optimisation of the European network, to
strengthen our service offerings to customers and generate cost synergies.
Statement of profit or loss
(DKKm)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Divisional revenue
23,418
9,967
54,256
30,953
Direct costs
18,397
8,033
43,023
24,994
Gross profit
5,021
1,934
11,233
5,959
Other external costs
1,281
307
2,567
950
Staff costs
2,416
881
5,658
2,781
EBITDA before special items
1,324
746
3,008
2,228
Amortisation and depreciation
526
232
1,282
675
EBIT before special items
798
514
1,726
1,553
Key figures and ratios
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Gross margin (%)
21.4
19.4
20.7
19.3
Operating margin (%)
3.4
5.2
3.2
5.0
Conversion ratio (%)
15.9
26.6
15.4
26.1
Full-time employees
43,248
16,538
Total invested capital (DKKm)
46,262
12,051
Net working capital (DKKm)
(5,382)
(973)
ROIC before tax (%)
7.0
16.5
ROIC before tax (last 12 months) excl. goodwill and customer
relationships
25.7
47.2
Quarterly business highlights
With operations in more than 60 countries, the Road division is
the market leader in Europe and has operations in Americas,
Asia Pacific, South Africa and the Middle East. The division
offers full load, part load and groupage services.
The acquisition of Schenker has significantly expanded our
global footprint and strengthened all regions, especially Europe.
By enhancing our groupage and our full- and part-truckload
(FTL/LTL) business in Europe, we have strengthened our
commercial platform in our largest region. We have received
positive customer reactions on our capabilities in APAC and
LATAM, where we see further opportunities for cross-selling.
In Q3 2025, we reviewed our customer portfolio and announced
increased rates to protect profitability. We have grown our
largest accounts and now focus on retaining and developing
existing customer relationships. We focus on strengthening our
presence in the Technology vertical through strategic
investments, while the weak market development in Automotive
continues to negatively impact overall performance.
As part of the Schenker integration, we are consolidating DSV’s
and Schenker’s infrastructure, especially in groupage, to create
a dense Road network, while maintaining our asset-light
business model. In addition, we are optimising our distribution
and linehaul capabilities and reducing the number of terminals.
We maintain our focus on margin improvements through
procurement optimisation, ongoing adjustments of domestic and
international networks and addressing performance issues in
low-performing markets. With the acquisition of Schenker, DSV
assumed control over Schenker's road activities in the US. Part
of the activities were acquired with the intention of future resale
and have now been classified as a disposal group held for sale
and designated as discontinued operations.
Page 13 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Market development
The road market experienced challenges in the first nine months
of 2025 due to subdued economic activity and persistent
macroeconomic uncertainty across several European markets
and the US. In Q3 2025, market conditions began to show signs
of stabilisation. However, the overall market remains soft,
particularly within the domestic groupage segment, which
impacted network utilisation and the division’s profitability.
Despite challenging market conditions, we delivered an overall
solid performance supported by our robust international full- and
part-truckload (FTL/LTL) and groupage networks.
In response to the current market situation, we have in Q3 2025
maintained focus on strict pricing discipline and frontloaded
integration efforts to align our cost base to activity levels. The
integration of Schenker will result in consolidation of facilities
and operations to increase network utilisation and achieve cost
synergies.
Divisional revenue
For Q3 2025, revenue amounted to DKK 23,418 million,
compared to DKK 9,967 million for the same period last year,
driven by a significant contribution from Schenker.
Organically and in constant currencies, revenue for Q3 2025
was up by 1.9% compared to the same period last year.
Revenue was impacted by slightly negative volume growth,
mainly within our domestic groupage network, offset by growth
in international full- and part-truckload (FTL/LTL) shipments.
Revenue amounted to DKK 54,256 million for the first nine
months of 2025, compared to DKK 30,953 million for the same
period last year. Organically and in constant currencies, revenue
was down by 1.8% for the first nine months of 2025.
Gross profit
For Q3 2025, gross profit amounted to DKK 5,021 million,
compared to DKK 1,934 million for the same period last year,
including a strong contribution from Schenker. On an organic
basis and in constant currencies, gross profit for the quarter
declined 3.6%, driven by overall lower activity levels, especially
within the Automotive vertical.
Gross profit margin was 21.4% in Q3 2025, compared to 19.4%
last year, and was positively impacted by Schenker. Despite low
activity levels, continued price pressure and cost inflation, the
gross margin stabilised during the quarter compared to last year.
For the first nine months of 2025, gross profit totalled DKK
11,233 million, compared to DKK 5,959 million for the same
period last year. Organically and in constant currencies, gross
profit growth was down by 4.1% for the first nine months of
2025.
The gross margin in the first nine months of 2025 improved to
20.7% from 19.3% last year, with Schenker contributing
positively to the margin increase.
EBIT before special items
For Q3 2025, EBIT before special items amounted to DKK 798
million, compared to DKK 514 million for the same period last
year. Organically and excluding impact from currency, EBIT
before special items for the quarter was down by 15.6%
compared to last year. EBIT was impacted by lower gross profit
combined with cost inflation and increased leasing depreciation.
Due to the Schenker acquisition, the seasonality impact has
shifted, as August is a holiday month in many countries where
the Schenker business had a significant footprint.
The conversion ratio decreased to 15.9% for Q3 2025,
compared to 26.6% for the same period last year, driven by the
decline in organic earnings and lower operating margins in the
Schenker business, as limited synergies have been realised.
EBIT before special items was DKK 1,726 million for the first
nine months of 2025, compared to DKK 1,553 million for the
same period last year. Organically and in constant currencies,
EBIT before special items was down 20.7% for the first nine
months of 2025.
The conversion ratio was 15.4% for the first nine months of
2025, compared to 26.1% for the same period last year. The
decline was partly driven by the Schenker integration.
Net working capital
The Road division’s net working capital was a negative DKK
5,382 million on 30 September 2025, compared to a negative
DKK 973 million on 30 September 2024. The improvement was
mainly driven by Schenker contributing with negative net
working capital, and lower capital tied up in property projects.
Growth Road 2024 – 2025
(DKKm)
Q3 2024
Currency
translation
Schenker
Growth
Growth %*
Q3 2025
Divisional revenue
9,967
(67)
13,332
186
1.9%
23,418
Gross profit
1,934
(10)
3,167
(70)
(3.6%)
5,021
EBIT before special items
514
(1)
365
(80)
(15.6%)
798
(DKKm)
YTD 2024
Currency
translation
Schenker
Growth
Growth %*
YTD 2025
Divisional revenue
30,953
(58)
23,912
(551)
(1.8%)
54,256
Gross profit
5,959
(6)
5,522
(242)
(4.1%)
11,233
EBIT before special items
1,553
-
494
(321)
(20.7%)
1,726
* In constant currencies excluding estimated Schenker impact
Page 14 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Contract Logistics
The Contract Logistics division realised a gross profit of DKK 5,810 million and EBIT before special items
of DKK 1,098 million for Q3 2025, including a positive contribution from Schenker. The financial
performance improved compared to the same period last year driven by commercial efforts, especially
within the Technology vertical, leading to a stable utilisation and continued cost measures. We remain
focused on improving the return on invested capital through continued commercial initiatives, optimising
and standardising our warehouse operations to maintain global service consistency, and continuing our
integration activities targeting warehousing consolidation and disciplined capital allocation.
Statement of profit or loss
(DKKm)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Divisional revenue
13,113
6,619
29,492
19,524
Direct costs
7,303
4,032
16,473
11,960
Gross profit
5,810
2,587
13,019
7,564
Other external costs
1,662
467
3,422
1,352
Staff costs
1,673
654
3,844
1,962
EBITDA before special items
2,475
1,466
5,753
4,250
Amortisation and depreciation
1,377
830
3,461
2,453
EBIT before special items
1,098
636
2,292
1,797
Key figures and ratios
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Gross margin (%)
44.3
39.1
44.1
38.7
Operating margin (%)
8.4
9.6
7.8
9.2
Conversion ratio (%)
18.9
24.6
17.6
23.8
Full-time employees
69,338
31,874
Total invested capital (DKKm)
54,055
27,944
Net working capital (DKKm)
4,653
4,044
ROIC before tax (%)
6.9
9.1
ROIC before tax (last 12 months) excl. goodwill and customer
relationships
13.1
14.3
Quarterly business highlights
The Contract Logistics division delivers comprehensive global
warehousing and logistics services, including freight
management, order management and fulfilment.
With the Schenker acquisition, we have significantly expanded
our global footprint to 17 million sqm of warehousing capacity
across more than 50 countries. We have tripled our presence in
the APAC region and doubled our North American capacity.
During Q3 2025, we have continued the integration of the
Schenker activities, which are a significant addition to the
division. The combination of our operations will create a global
top player in contract logistics.
In Q3 2025, we performed well across all our customer
segments. We are showing strong performance in retaining and
growing our largest accounts, especially within the Technology
vertical, underpinning our systematic approach and ability to
deliver large-scale and complex solutions. These efforts are
reflected in sustained high customer satisfaction levels.
Operationally, we are developing our organisation to further
enhance our service portfolio towards large-scale and complex
customers, to differentiate our offering, and to increase our
profitability in targeted areas. In parallel, we are optimising and
standardising our warehouse operations to maintain global
service consistency.
We continue to improve our return on invested capital by
consolidating sites, targeting country plans, and consolidating or
optimising challenged sites. Additionally, commercial efforts
have been implemented to further reduce white space and
improve asset utilisation over time.
Page 15 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Market development
In Q3 2025, the contract logistics market experienced varying
growth rates across regions. While APAC saw strong demand in
e-commerce and high-tech, North America and Europe were
impacted by soft consumer demand. US trade tariffs continue to
cause trade volatility, prompting many companies to adjust
sourcing strategies. Technology adoption is expanding and
providers with strong capabilities in tech-enabled warehousing
and value-added services are gaining momentum, even as
broader market conditions remain mixed.
Divisional revenue
For Q3 2025, revenue amounted to DKK 13,113 million,
compared to DKK 6,619 million for the same period last year.
Organically and in constant currencies, revenue increased by
20.7% for the quarter. This performance was driven by strong
growth in the Technology vertical, particularly in North America,
and was further supported by our integrated commercial
structure and end-to-end service capabilities.
Order line activity increased by 86% in Q3 2025 compared to
the same period last year due to the contribution from Schenker.
Revenue for the first nine months of 2025 was DKK 29,492
million, compared to DKK 19,524 million for the same period in
2024. Organically and in constant currencies, revenue increased
by 3.2% for the first nine months of 2025, reflecting the shifts in
vertical and regional performance dynamics.
Gross profit
For Q3 2025, gross profit amounted to DKK 5,810 million,
compared to DKK 2,587 million for the same period last year,
due to a positive contribution from Schenker’s strong contract
logistics business. Organically and in constant currencies, gross
profit was 25.6% higher than last year.
The division’s gross margin was 44.3% for Q3 2025, compared
to 39.1% for the same period last year. We now have a more
mixed model of client-controlled, multi-client and owned
facilities, which has a positive impact on the division’s margins
and utilisation ratio.
For the first nine months of 2025, gross profit amounted to DKK
13,019 million, compared to DKK 7,564 million for the same
period last year.
Organically and in constant currencies, gross profit was up
9.5%. The division’s gross profit margin was 44.1% for the first
nine months of 2025, compared to 38.7% for the same period
last year.
EBIT before special items
For Q3 2025, EBIT before special items amounted to DKK 1,098
million, compared to DKK 636 million for the same period last
year.
Organically and in constant currencies, EBIT before special
items increased by 10.4% for the quarter. The higher earnings
were driven by the increased gross profit related to the
commercial initiatives and stable utilisation rate, despite general
cost inflation and higher depreciation.
Utilisation remained stable in Q3 2025, driven by commercial
achievements, ongoing consolidation efforts and reduction of
warehousing capacity.
The conversion ratio was 18.9% for Q3 2025, compared to
24.6% for the same period last year due to the inclusion of
Schenker.
EBIT before special items was DKK 2,292 million for the first
nine months of 2025, compared to DKK 1,797 million for the
same period of 2024. Organically and in constant currencies,
EBIT before special items was down by 13.4%.
The conversion ratio was 17.6% for the first nine months of
2025, compared to 23.8% for the same period last year.
Net working capital
The division’s net working capital came to DKK 4,653 million on
30 September 2025, compared to DKK 4,044 million on 30
September 2024. The increase in net working capital is due to
the impact of the acquisition of Schenker.
Growth Contract Logistics 2024 – 2025
(DKKm)
Q3 2024
Currency
translation
Schenker
Growth
Growth %*
Q3 2025
Divisional revenue
6,619
(153)
5,311
1,336
20.7%
13,113
Gross profit
2,587
(90)
2,673
640
25.6%
5,810
EBIT before special items
636
(12)
409
65
10.4%
1,098
(DKKm)
YTD 2024
Currency
translation
Schenker
Growth
Growth %*
YTD 2025
Divisional revenue
19,524
(212)
9,565
615
3.2%
29,492
Gross profit
7,564
(114)
4,861
708
9.5%
13,019
EBIT before special items
1,797
(16)
750
(239)
(13.4%)
2,292
* In constant currencies excluding estimated Schenker impact
Page 16 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Interim financial statements
Statement of profit or loss
(DKKm)
Q3 2025
Q3 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 from continuing operations
Loss after tax for the period from discontinued operations
(90 )
(90 )
Total profit for the period after tax
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
Earnings per share for continuing operations:
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. 1161 – 23 October 2025
Statement of comprehensive income
(DKKm)
Q3 2025
Q3 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
(270 )
(1,450 )
(6,235 )
(1,099 )
Fair value adjustments of hedging instruments
Fair value adjustments of hedging instruments transferred to financial expenses
(11 )
(4 )
(4 )
(3 )
Tax on items reclassified to profit or loss
(2 )
(1 )
Items that will not be reclassified to profit or loss:
Actuarial gains/(losses)
(26 )
Tax on items that will not be reclassified
(396 )
(507 )
(28 )
Other comprehensive income, net of tax
(404 )
(1,466 )
(6,012 )
(1,008 )
Total comprehensive income
Total comprehensive income attributable to:
Shareholders of DSV A/S
Non-controlling interests
(7 )
Total
Total comprehensive income attributable to Shareholders of DSV A/S from:
Continuing operations
Discontinuing operations
(90 )
(90 )
Total
Page 18 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Statement of cash flows
(DKKm)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Operating profit before amortisation and depreciation (EBITDA)
before special items
Adjustments:
Share-based payments
Change in provisions
(372 )
(442 )
(1,209 )
(545 )
Change in working capital
(3,324 )
Special items, paid
(613 )
(91 )
(1,511 )
(91 )
Interest received
Interest paid, lease liabilities
(443 )
(293 )
(1,173 )
(823 )
Interest paid, other
(488 )
(160 )
(1,662 )
(625 )
Income tax paid
(442 )
(873 )
(3,382 )
(2,550 )
Net operating cash flows from discontinued operations
Cash flow from operating activities
Purchase of intangible assets
(154 )
(102 )
(327 )
(300 )
Purchase of property, plant and equipment
(991 )
(604 )
(1,713 )
(1,587 )
Disposal of property, plant and equipment
Acquisition of subsidiaries and activities
(75,790 )
Change in other financial assets
(703 )
(685 )
Net investing cash flows from discontinued operations
(107 )
(107 )
Cash flow from investing activities
(1,022 )
(1,083 )
(77,309 )
(1,569 )
Free cash flow
(61,573 )
Proceeds from borrowings
Repayment of borrowings
(6,667 )
(2,207 )
(15,518 )
(2,324 )
Repayment of lease liabilities
(1,746 )
(1,073 )
(4,305 )
(3,133 )
Other financial liabilities incurred
(275 )
(284 )
Transactions with shareholders:
Dividends distributed to shareholders of DSV A/S
(1,683 )
(1,533 )
Purchase of treasury shares
(819 )
(3,347 )
Sale of treasury shares
Other transactions with shareholders and non-controlling interests
(20 )
(25 )
(3 )
Net financing cash flows from discontinued operations
(447 )
(447 )
Cash flow from financing activities
(341 )
(3,709 )
(4,911 )
Cash flow for the period
(203 )
(61,563 )
Cash and cash equivalents beginning of the period
Cash flow for the period
(203 )
(61,563 )
Currency translation
(77 )
(191 )
(600 )
(238 )
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)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Free cash flow
(61,573 )
Acquisition of subsidiaries and activities (reversed)
Special items, paid (reversed)
Repayment of lease liabilities
(1,746 )
(1,073 )
(4,305 )
(3,133 )
Adjusted free cash flow
Page 19 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Statement of financial position
Assets (DKKm)
30.09.2025
31.12.2024
30.09.2024
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)
30.09.2025
31.12.2024
30.09.2024
Share capital
Reserves
(5,940 )
(1,811 )
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
Liabilities directly associated with assets held for sale
Total current liabilities
Total liabilities
Total equity and liabilities
Page 20 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Statement of changes in equity at 30 September 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
(6,179 )
(5,945 )
(67 )
(6,012 )
Total comprehensive income for the period
(6,179 )
(7 )
Transactions with shareholders and
non-controlling interests:
Share-based payments
Tax on share-based payments
(61 )
(61 )
(61 )
Dividends distributed
(1,683 )
(1,683 )
(1,683 )
Sale of treasury shares
Addition/disposal of non-controlling interests
Dividends on treasury shares
Other adjustments
(28 )
(28 )
(28 )
Total equity transactions
(276 )
(274 )
(32 )
Equity at 30 September 2025
(5,940 )
Statement of changes in equity at 30 September 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
(1,097 )
(1,008 )
(1,008 )
Total comprehensive income for the period
(1,097 )
Transactions with shareholders and
non-controlling interests:
Share-based payments
Tax on share-based payments
Dividends distributed
(1,533 )
(1,533 )
(25 )
(1,558 )
Purchase of treasury shares
(3 )
(3,344 )
(3,347 )
(3,347 )
Sale of treasury shares
Capital reduction
(5 )
Dividends on treasury shares
Other adjustments
(20 )
(20 )
(6 )
Total equity transactions
(5 )
(3,653 )
(3,654 )
(11 )
(3,665 )
Equity at 30 September 2024
(1,811 )
Page 21 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 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 several new standards and amendments
not yet in effect or adopted by the EU and therefore not relevant
for the preparation of the Q3 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
98,115
75,474
52,045
29,569
29,021
19,230
(3,535)
(681)
175,646
123,592
Intersegment revenue
1,156
274
2,211
1,384
471
294
(3,838)
(1,952)
-
-
Divisional revenue
99,271
75,748
54,256
30,953
29,492
19,524
(7,373)
(2,633)
175,646
123,592
Direct costs
75,252
57,455
43,023
24,994
16,473
11,960
(6,842)
(3,003)
127,906
91,406
Gross profit
24,019
18,293
11,233
5,959
13,019
7,564
(531)
370
47,740
32,186
Other external costs
3,980
2,754
2,567
950
3,422
1,352
(3,498)
(1,574)
6,471
3,482
Staff costs
8,968
5,894
5,658
2,781
3,844
1,962
2,615
1,676
21,085
12,313
Operating profit before amortisation,
depreciation (EBITDA) before special
items
11,071
9,645
3,008
2,228
5,753
4,250
352
268
20,184
16,391
Amortisation and depreciation
1,129
860
1,282
675
3,461
2,453
293
243
6,165
4,231
Operating profit (EBIT) before special
items from continuing operations*
9,942
8,785
1,726
1,553
2,292
1,797
59
25
14,019
12,160
Condensed statement of financial position
Total assets
117,906
81,981
73,390
26,595
44,724
35,414
67,185
14,336
303,205
158,326
Total liabilities
88,402
51,932
62,930
20,036
34,469
29,121
1,707
(15,006)
187,508
86,083
* 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. 1161 – 23 October 2025
5 Revenue
Europe
Middle East and Africa
Asia Pacific
Americas
Total
Services and geographical
segmentation of revenue
(DKKm)
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Air services
7,487
4,365
788
721
7,400
5,109
5,401
3,857
21,076
14,052
Sea services
8,075
6,202
1,183
1,074
3,658
2,610
4,696
4,478
17,612
14,364
Road services
19,788
8,528
565
488
754
-
2,311
951
23,418
9,967
Contract Logistics services
5,523
3,789
937
762
2,539
822
4,114
1,246
13,113
6,619
Total
40,873
22,884
3,473
3,045
14,351
8,541
16,522
10,532
75,219
45,002
Non-allocated items and
eliminations
(3,236)
(907)
Total revenue
71,983
44,095
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
18,555
13,357
2,280
1,966
17,927
13,389
14,491
10,872
53,253
39,584
Sea services
20,546
15,235
3,298
2,773
8,928
6,558
13,246
11,598
46,018
36,164
Road services
46,094
26,720
1,650
1,422
1,298
-
5,214
2,811
54,256
30,953
Contract Logistics services
13,689
11,122
2,596
2,346
5,265
2,403
7,942
3,653
29,492
19,524
Total
98,884
66,434
9,824
8,507
33,418
22,350
40,893
28,934
183,019
126,225
Non-allocated items and
eliminations
(7,373)
(2,633)
Total revenue
175,646
123,592
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 nine months of 2025, special items totalled DKK
1,971 million, comprising transaction and integration costs
relating to the acquisition of 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
175,646
-
175,646
123,592
-
123,592
Direct costs
127,906
103
128,009
91,406
9
91,415
Gross profit
47,740
(103)
47,637
32,186
(9)
32,177
Other external costs
6,471
797
7,268
3,482
26
3,508
Staff costs
21,085
1,028
22,113
12,313
50
12,363
Operating profit before amortisation and depreciation
20,184
(1,928)
18,256
16,391
(85)
16,306
Amortisation and depreciation
6,165
40
6,205
4,231
39
4,270
Operating profit
14,019
(1,968)
12,051
12,160
(124)
12,036
Special items, costs
1,971
(1,971)
-
124
(124)
-
Financial income
1,008
-
1,008
129
-
129
Financial expenses
2,805
3
2,808
1,649
-
1,649
Profit before tax
10,251
-
10,251
10,516
-
10,516
Page 23 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 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. The financial instruments
related to assets held for sale primarily comprise trade
receivables, other receivables, trade payables and other
payables. The carrying amounts of these financial instruments
are considered to have a carrying amount equal to fair value.
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 September 2025
31 December 2024
Carrying amount
Fair value
Carrying
amount
Fair value
Financial assets:
Currency derivatives
67
67
5
5
Trade receivables
45,660
45,660
27,222
27,222
Other receivables
13,074
13,074
7,668
7,668
Cash and cash equivalents
21,413
21,413
83,576
83,576
Financial assets measured at amortised costs
80,147
80,147
118,466
118,466
Financial liabilities:
Currency derivatives
22
22
63
63
Issued bonds measured at amortised cost
60,828
58,941
60,782
58,813
Overdraft and credit facilities
19,205
19,205
362
362
Trade payables
24,736
24,736
14,456
14,456
Financial liabilities measured at amortised cost
104,769
102,882
75,600
73,631
Page 24 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 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 five months
to DSV’s 2025 financial results as of 30 September. Annual
synergies are expected in the level of DKK 9 billion by end of
2028, when the integration is expected to be finalised.
Approximately 70% of the integration is expected to be
completed by the end of 2026. 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 75,084
million, with DKK 11,723 million in cash and cash equivalents
acquired. There are no contingent consideration arrangements.
Transaction costs
Total transaction costs recognised in 2025 amount to DKK 533
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
51,674 million and EBIT before special items of DKK 2,388
million to the DSV Group’s results for the period 1 May 2025 to
30 September 2025.
If the acquisition had occurred on 1 January 2025, consolidated
proforma revenue and total profit of the combined Group for the
period ended 30 September 2025 would have been
approximately DKK 221,683 million and approximately DKK
7,710 million, respectively.
Disposal group
With the acquisition of Schenker, DSV assumed control over
Schenker's road activities in the US. Part of the activities were
acquired with the intention of future resale, resulting in a portion
of Schenker US Road operations being classified as a disposal
group held for sale and designated as discontinued operations.
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.
In Q3 2025, an increase of net assets acquired of DKK 1,365
million was recognised as measurement period adjustments to
the provisional acquisitional opening balance. The measurement
period adjustments primarily relate to the disposal group,
customer relationships, other receivables and other payables.
The major categories of net assets for which acquisitional
accounting is still ongoing mainly relate to property, plant and
equipment, 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 28,677 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
1,627
Other intangible assets
867
Right-of-use assets
8,587
Property, plant and equipment
17,089
Trade receivables
21,326
Contract assets
4,233
Inventories
40
Deferred tax assets
2,217
Other receivables
3,118
Cash and cash equivalents
11,723
Assets held for sale
1,628
Total assets
72,455
Liabilities identified at fair value (provisional):
Lease liabilities
8,553
Borrowings
13,477
Provisions
6,985
Pensions and other post-employment benefit plans
2,058
Trade payables
11,599
Accrued cost of services
6,810
Deferred tax liabilities
647
Tax payables
1,573
Other payables
6,950
Liabilities directly associated with the assets held for sale
2,081
Total liabilities
60,733
Non-controlling interests share of acquired net assets
242
Total net assets acquired
11,480
Fair value of total consideration transferred
86,807
Goodwill arising from acquisitions
75,327
Page 25 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
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
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 1,627 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.
Disposal group held for sale
Disposal group held for sale has been measured at fair value
less cost to sell.
Page 26 of 26 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 1161 – 23 October 2025
Executive Board:
Board of Directors: