DSV has released its 2025 Annual Report, detailing its strong financial performance and notable progress on the integration of DB Schenker, the largest and most complex acquisition in the company’s history. However, following the takeover in 2025, many leading Schenker managers have since resigned. The situation was similar when 1976 incepted DSV acquired Panalpina in 2019 and Agility’s Global Integrated Logistics business (GIL) two years after.
For the full fiscal year 2025, DSV reported revenue of DKK 247.3 billion, a significant increase from the prior year, with gross profit rising nearly 60 % and EBIT before special items climbing to DKK 19.6 billion. The company’s Air & Sea division contributed strongly to overall performance, reflecting growing global demand for freight solutions across multiple transport modes.
A key theme of DSV’s results was the rapid pace of the Schenker integration, which the company now expects to complete by the end of 2026, almost two years ahead of the original target. Group CEO Jens H. Lund said the integration has positioned DSV as a global leader with a “strong position to benefit from our extensive global network and services,” supported by investments in digitalization and artificial intelligence.
Stark cargo growth
Air freight performance emerged as a particularly dynamic segment in 2025, with reported growth of around 44 % in air freight volumes, largely driven by the inclusion of Schenker’s operations. While specific organic volume growth for air freight remains mixed against broader market trends, the expanded network has given DSV broader scale and capacity to serve global corridors.
Industry analysts note that as forwarders adapt to structural shifts in global supply chains, including more diversified routing strategies and pressures on sea freight yields, air cargo remains a flexible and resilience-enhancing component of multimodal logistics offerings. With Schenker’s strong air freight presence now integrated into its platform, DSV is well positioned to leverage capacity synergies and service breadth across air, sea and road markets.
Looking ahead, DSV forecasts EBIT before special items of DKK 23.0–25.5 billion in 2026, including the first full-year contribution from Schenker synergies. The company expects modest growth in global air and sea freight volumes aligned with broader GDP trends and aims to balance capacity with cost discipline amid ongoing macroeconomic and geopolitical uncertainty.
Thanks to the many acquisitions, coupled with continued organic growth the Copenhagen-based agent has become the largest logistics player worldwide.
