The DSV Group achieved an operating profit before special items of 4,725 million Danish kroner in the second quarter of 2025. This is according to the interim report published on July 31, 2025. Compared to the same period last year, this represents an increase compared to the 4,099 million Danish kroner from the second quarter of 2024. According to DSV, the increase results from stable organic development, especially in the air and sea freight sectors, as well as a contribution of 925 million Danish kroner from the acquisition of Schenker.
The group's revenue in the second quarter amounted to 61,983 million Danish kroner, which was significantly above the previous year's figure of 41,157 million Danish kroner. The adjusted free cash flow rose in quarterly comparison to 3,982 million Danish kroner (previous year: 1,229 million Danish kroner). According to the report, the cash conversion was 143 percent. The pro forma debt ratio is 2.7.
Development in Business Areas
The Air & Sea division increased its operating profit before special items to 3,461 million Danish kroner in the second quarter. The previous year's profit was 2,898 million Danish kroner. DSV reports positive organic growth in this area, supported
by a higher gross margin and the contribution from Schenker.
In the Road sector, the operating profit before special items decreased to 520 million Danish kroner. The previous year, it was 549 million Danish kroner. While the contribution from Schenker had a positive impact, the company reports that overall low transport activity and weak market conditions in parts of Europe and the United States affected business development.
Contract logistics recorded an operating profit before special items of 724 million Danish kroner in the second quarter, up from 661 million Danish kroner in the previous year. According to the report, the profit increase mainly resulted from the Schenker acquisition, while organic growth is described as modest. The division remains focused on margin improvement and optimizing capital returns.
Acquisition and Integration of Schenker
DSV completed the acquisition of Schenker on April 30, 2025. Schenker then contributed to the quarterly results with two months of business activities. According to DSV, the integration has started well. In May 2025, DSV established a new global leadership team with over 500 executives. Intensive negotiations with works councils took place in Germany, resulting in a framework agreement that allows the company to start
the integration in Germany in the second half of 2025. The operational implementation will begin in the third quarter of 2025 in initial countries, starting with air and sea freight activities.
Synergy Goals and Integration Costs
DSV confirms its goal to achieve annual synergies of nine billion Danish kroner by the end of 2028. Around 50 percent of the integration is to be completed by the end of 2026 and 75 percent by the end of 2027. The total costs for transaction and integration are still estimated at eleven billion Danish kroner. Most of these costs will be incurred in 2026 and 2027. They will be recorded as special items in the profit and loss statement.
For the current year, DSV expects a limited synergy effect from the Schenker integration of 500 to 600 million Danish kroner. At the same time, the company anticipates special restructuring and integration costs of two to 2.5 billion Danish kroner. The amortization from the purchase price allocation is estimated at under 500 million Danish kroner, previously the forecast was exactly this value. The effective tax rate for 2025 is stated as 26 to 28 percent, thus above the previous guideline
value of 24 percent. In the long term, DSV maintains the target of 24 percent.
Board Changes
In the course of the acquisition, the DSV board initially intended to nominate the former CEO of Schenker, Jochen Thewes, for a seat on the DSV board. According to the release, Thewes has since accepted a new board position at a company that invests globally in supply chains. Therefore, the planned nomination was not pursued further by mutual agreement. The succession planning for the board is currently underway, DSV announced.
Forecast for the Entire Year 2025
The earnings expectation for the fiscal year 2025 remains unchanged. DSV forecasts an operating profit before special items in the range of 19.5 to 21.5 billion Danish kroner. This forecast is based on the results of the first half of the year and assumptions for the second half. However, the company points out existing uncertainties. According to the report, these arise, among other things, from geopolitical tensions, the development of global trade tariffs, and macroeconomic risks. DSV particularly notes potential impacts from the situation in the Red Sea. Should market conditions change unexpectedly, DSV reserves the right to adjust its capacities and cost
