DSVNasdaq CopenhagenIntegrated Freight & LogisticsIFRS · DKK

DSV A/S

DSV A/S is a Denmark-based global logistics and transport company that designs and operates supply chain solutions for businesses of all sizes. Its activities span air and sea freight, road transport, and contract logistics, supported by a worldwide network of offices, warehouses, and transport partners.

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Revenue247.3bn DKK
+48.0 %y/y
Net income8,172m DKK
−19.7 %y/y
Free cash flow19.4bn DKK
+103.1 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

0100200300bn DKK2021: 182.3 bn DKK20212022: 235.7 bn DKK20222023: 150.8 bn DKK20232024: 167.1 bn DKK20242025: 247.3 bn DKK2025TTM 2026: 299.5 bn DKKTTM299.5
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Air & Sea Freight Forwarding40 %

International transport brokerage and coordination across air and ocean lanes.

Road Transport25 %

European and cross-border road freight and distribution services.

Contract Logistics25 %

Warehousing, fulfillment, and outsourced logistics operations for customers.

Customs and Supply Chain Services10 %

Brokerage, customs clearance, and integrated supply chain support.

Customers

DSV serves companies that need outsourced transportation, warehousing, and end-to-end supply chain execution. Its customer base ranges from small and mid-sized businesses to large multinational industrial, consumer, technology, and retail shippers that buy logistics capacity and network access rather than owning it themselves.

Global enterprise shippers

Large multinationals buying integrated air, sea, road, and logistics services for complex supply chains.

Industrial manufacturers

Buy transport and warehousing for inbound materials, finished goods, and cross-border distribution.

Technology and data center customers

Use contract logistics and specialized handling for equipment and time-sensitive deployments.

Retail and consumer brands

Buy warehousing, fulfillment, and distribution to support inventory flow and service levels.

SME shippers

Purchase forwarding and road freight services on a more transactional basis.

Strategy

DSV's strategy centers on building scale in global freight forwarding and logistics while integrating acquired networks into a common operating platform. The company is focused on network integration, synergy capture, and strengthening its position in major trade lanes and logistics verticals.

Schenker integrationShort term

Bringing acquired operations onto one platform should improve network density and allow cost and service synergies.

Global network scaleMedium term

A broader network increases routing options, buying power, and service coverage for multinational customers.

Contract logistics expansionMedium term

Warehousing and outsourced logistics deepen customer relationships and add recurring operating touchpoints.

Geography

DSV operates globally, with a presence in more than 90 countries and a local operating footprint close to customers and transport lanes. Its business is concentrated in Europe but depends on intercontinental trade flows, making air and ocean markets, road networks, and warehouse locations important to service quality and margin capture.

Risks

DSV is exposed to freight-rate cycles, geopolitical disruption, and execution risk in large-scale integration programs. Because the business depends on global trade flows and tightly coordinated local operations, disruptions in demand, fuel prices, network productivity, or integration timing can affect service quality and earnings.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Geopolitical disruption to trade flows1Freight rate and fuel cost volatility2Integration execution risk3Operational productivity issues4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Geopolitical disruption to trade flowsImpact: HighLikelihood: High

    The business moves goods across borders, so conflict or sanctions can reroute freight and reduce demand on affected lanes.

    Exposure: Global shipping lanes and Middle East-related flows

  2. Freight rate and fuel cost volatilityImpact: HighLikelihood: High

    Forwarding and transport economics change quickly with market rates, bunker fuel, and jet fuel costs.

    Exposure: Air & Sea and Road divisions

  3. Integration execution riskImpact: HighLikelihood: High

    Large acquisitions require systems, processes, and country-by-country harmonization before synergies fully appear.

    Exposure: Schenker integration

  4. Operational productivity issuesImpact: MediumLikelihood: Medium

    Local network disruptions can lower volume growth and commercial performance even in a broad network.

    Exposure: European road and logistics operations

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Accounting

Judgemental items
Special items from acquisition integration

Integration and transaction costs materially affect comparability of reported earnings versus underlying operations.

Impact: Can significantly reduce reported profit during integration periods

Working capital timing

Freight activity and rate changes can shift receivables, payables, and cash flow timing.

Impact: Affects operating cash flow and free cash flow comparability

Goodwill and intangible assets

Large acquisitions create acquired intangibles and goodwill that depend on future performance.

Impact: Impairment risk if synergies or earnings underperform

Lease accounting

Warehouses, terminals, and offices create sizable right-of-use assets and lease liabilities.

Impact: Influences EBITDA-like comparability and leverage metrics

Last updated: 24/10/2026

DSV A/S (DSV) Revenue, Earnings & Financials 2025 – Clarifo