DSV
Transport & logistics·DSV · Nasdaq Copenhagen·Fiscal year to 31/12/2025
One of the world's largest third-party logistics companies (3PL), with sea, air and road freight as well as contract logistics. It has grown substantially through large acquisitions (including Panalpina and DB Schenker). A very global business that follows the world trade cycle closely, and is therefore cyclical rather than defensive.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Artificial intelligence
Technology
DriverPositive impact: strengthens
“Digitalisation and automation Technology has transformed our industry in recent decades. This evolution will continue, especially given the significant focus and investments in artificial intelligence (AI), and is expected to impact the way we operate and interact with customers and other stakeholders.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We actively monitor emerging trends and adopt new technologies, including artificial intelligence, that benefit our customers and enable higher productivity.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“With increased computing power and emerging technologies such as artificial intelligence (AI), we can significantly enhance the efficiency of our workflows. As a result, processes such as quoting and booking that have often been handled manually can now be automated through digital transformation.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“At the workflow/user interface layer, we consolidate customer integrations in our API and EDI platform, streamline customer portals and leverage AI to source and process data through our DSV AI Factory.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Artificial Intelligence (AI) We are currently implementing AI in our operations – from automation to predictions – as AI is no longer only relevant for isolated applications, but becoming an integral part of our digital operations and platform. In 2025, we rolled out several transformative projects such as our Customs AI tool, which has lifted both the quality and efficiency of our customs handling, and we saw good progress in digitalising manual booking data through AI.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Via our inhouse AI Factory platform, we are exploring planning, forecasting and developing AI tools that will help optimise routes and processes to further leverage our strong network and infrastructure. Our AI Factory platform is highly flexible and can utilise and combine open-source, own-developed and external solutions from cloud-based hyperscale vendors to create the optimal setup and use of AI for our company. In DSV, we also utilise our strong change management capabilities and our flexibility to organise the company to implement and maximise the potential of new AI solutions.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Transport management systems We are advancing our transport management systems, with TANGO for Air & Sea and STAR for Road. Both systems are in use in our operations. We are assessing the TANGO system, while we plan to broaden the application of STAR further in the coming years.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Digitalisation, including AI, plays a key role in our strategy. We use strategic roadmaps to integrate our logistics expertise with the development of our digital and physical infrastructure, relying on scalable technologies across our organisation.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We also made strides in artificial intelligence, including digitalised booking handling. We continued to develop our commercial platform and improve our vertical offerings, resulting in continued growth with our largest customers, especially within Technology.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we saw significant growth within Technology and Aerospace & Defence, and we aim to pursue further profitable growth by leveraging the capabilities gained through the Schenker acquisition.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Technologies such as AI, machine learning and predictive analytics are enabling greater efficiency, cost savings and enhanced sustainability. At the same time, shifts in customer expectations, including the rise of direct carrier-to-client models and e-commerce growth, are reshaping the competitive landscape.”
Annual report 2025A · The company itself
Market
“We gained strong momentum with our largest accounts, especially within our Technology vertical, as we expanded our global service and product offerings.”
Annual report 2025A · The company itself
Market
“The growth was primarily driven by the acquisition of Schenker, which complemented the division’s business mix and commercial approach, particularly contributing to growth in the Technology vertical.”
Annual report 2025A · The company itself
Market
“Demand was particularly robust within the aerospace, defence and technology sectors, especially related to cloud infrastructure and datacentres.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Sea freight and freight rates
Raw materials and inputs
DriverNegative impact: weakens
“Overall, modest demand growth, increased capacity and shifts in trade lanes led to flat to slightly negative freight rates compared to last year.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Despite a reduction of the effective capacity due to the Red Sea situation, the global fleet expanded, which led to overcapacity and declining freight rates, especially in the second half of the year.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Results Air & Sea revenue was DKK 137,320 million in 2025 (2024: DKK 104,496 million), up 35.6% in constant currencies compared to the previous year. The development in revenue was driven by the contribution from Schenker, offsetting lower average freight rates, especially within sea freight.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Results DSV Road revenue increased by 93.0% to DKK 77,977 million in 2025 (2024: DKK 40,507 million), driven by the acquisition of Schenker and partly offset by lower freight rates and lower overall activity levels, especially in Europe.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“As one of the largest buyers of transportation services globally, we and our customers benefit from keen pricing and strong relationships with carriers. Being a platform business, our customers see greater value as our network grows.”
Annual report 2025A · The company itself
Market
“We connect our customers with the world and ensure flexible and efficient supply chains through storage and transport of goods by air, sea and road. We enable the business of our customers by keeping supply chains flowing – from shipper to consignee.”
Annual report 2025A · The company itself
Market
“For the Air & Sea division, revenue increased by 35.6% compared to 2024.”
Annual report 2025A · The company itself
Market
“Gross profit DKK 32,386 million 34.9% Geographic segmentation based on gross profit MEA Europe 6% 41% The Air & Sea division operates a global network across more than 90 countries 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.”
Annual report 2025A · The company itself
Market
“For 2025, DSV Air & Sea reported air freight volume growth of 44% and a 38% increase in sea freight volumes compared to the previous year, driven by Schenker.”
Annual report 2025A · The company itself
Market
“Besides the positive impact from Schenker, the development in value-added services per shipment contributed to the growth.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Digitalisation
Technology
DriverPositive impact: strengthens
“Digitalisation and automation Technology has transformed our industry in recent decades. This evolution will continue, especially given the significant focus and investments in artificial intelligence (AI), and is expected to impact the way we operate and interact with customers and other stakeholders.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Operations As our organisation grows, organically or through M&A, the services we offer to customers become more advanced and digitalised. Our mission to deliver operational excellence is based on optimised, digitalised operations and a global end-to-end network.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Transport management systems We are advancing our transport management systems, with TANGO for Air & Sea and STAR for Road. Both systems are in use in our operations. We are assessing the TANGO system, while we plan to broaden the application of STAR further in the coming years.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Digital Twins We are working on increasing automation and digitalisation of our warehouses through the implementation of digital twins as a key enabler. With digital twins, we virtually replicate the physical flows in real time using sensor data, enabling simulation, monitoring and optimisation. Bridging the physical and digital flows allows us to reduce labour intensive tasks, optimise warehouse utilisation, reduce damages, improve our planning and predict outcomes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We help our customers optimise and improve the reliability of their supply chains by providing monitoring and digital services that increase efficiency and reduce the environmental impact. Growing complexity in global supply chains due to dual sourcing increases demand for our value-added services – e.g., purchase order management, cargo consolidation, customs clearance and warehousing.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Digitalisation, including AI, plays a key role in our strategy. We use strategic roadmaps to integrate our logistics expertise with the development of our digital and physical infrastructure, relying on scalable technologies across our organisation.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We also made strides in artificial intelligence, including digitalised booking handling. We continued to develop our commercial platform and improve our vertical offerings, resulting in continued growth with our largest customers, especially within Technology.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
E-commerce
Technology
DriverNegative impact: weakens
“The air freight market was impacted by changes to the de minimis exemption regulations in the US, particularly the low-cost e-commerce segment, shifting capacity and volumes to other markets.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Growth in e-commerce Consumer behaviour is becoming increasingly digital, sending fulfilment centre and last-mile delivery activities skyward. During 2025, e-commerce continued to grow, especially out of China, impacting the available air freight capacity.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“We expect higher growth into European markets after the US cancelled the de minimis exemption. This could have an impact on the available air freight capacity and freight rates over the coming period.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The air freight market remained relatively stable, despite new regulations with the de minimis exemption being withdrawn in the USA, which had only minor direct impact on DSV due to our limited air freight exposure to e-commerce.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“At the same time, shifts in customer expectations, including the rise of direct carrier-to-client models and e-commerce growth, are reshaping the competitive landscape. Digitalisation, automation and evolving sustainability demands are driving supply chains to become more localised, flexible and efficient.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We see growth opportunities within the dynamic e-commerce landscape, especially in Contract Logistics, where we are focusing on establishing automated e-fulfilment centres and customised solutions for large customers, based on our e-commerce “plug & play” warehouse concept.”
Annual report 2025A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“However, in 2025 this relationship weakened as global GDP growth slowed amid trade tensions and geopolitical uncertainty, while trade volumes were further constrained by tariffs and supply chain adjustments due to macroeconomic risks.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Robinson Others 21% Top 6-20 60% Others, estimated Trends Their impact Our response Geopolitical instability and protectionism Geopolitical instability causes tension and unrest. Global trade flows and economies are impacted by factors like protectionism, trade wars, and political and military conflicts.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The war in Ukraine and the conflict in the Middle East continued to contribute to geopolitical tensions and disruptions to the global supply chains during the year.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The current market uncertainties related to trade tariffs, the geopolitical landscape and macroeconomic factors are expected to persist. These factors may impact the global trade environment and activity levels, and unforeseen changes may impact our financial outlook.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Macroeconomy: Navigating volatility and protectionism Global economic conditions are affected by geopolitical tensions, inflation, interest rate fluctuations and trade conflicts, including trade tariffs. Protectionist measures, trade barriers and geopolitical disruptions, such as country conflicts and instability or potential tensions, could significantly impact global trade volumes and supply chain stability.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Swift reaction is needed to keep supply chains flowing, both in terms of providing alternative routings and transport modes short-term and helping our customers adapt and optimise their long-term supply chains. With our strong global network and flexible business model, DSV is in a good position to adjust our operations and support our customers with both shortand long-term solutions.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
IT operations and cloud
Raw materials and inputs
InputNegative impact: weakens
“We offer a unique combination of our own inputs – a highly skilled workforce with industry know-how, advanced IT systems, physical infrastructure with modern warehouses and terminals, and a global network across more than 90 countries – and third-party inputs such as strong carrier relationships.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“A leading technology company within transport and logistics A cornerstone of DSV’s success is our consolidated IT infrastructure and systems, which enhance operational performance and consistently drive productivity across our business. Driven transparency, productivity and scalability through consolidation DSV processes millions of bookings every year, and our operations rely on the continuous development of our digital infrastructure and IT systems.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Via our inhouse AI Factory platform, we are exploring planning, forecasting and developing AI tools that will help optimise routes and processes to further leverage our strong network and infrastructure. Our AI Factory platform is highly flexible and can utilise and combine open-source, own-developed and external solutions from cloud-based hyperscale vendors to create the optimal setup and use of AI for our company. In DSV, we also utilise our strong change management capabilities and our flexibility to organise the company to implement and maximise the potential of new AI solutions.”
Annual report 2025A · The company itself
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“Sustainable supply chains The demand for more sustainable supply chain solutions is growing – driven by increasing environmental regulations and consumer pressure. The transport and logistics industry is a major carbon emitter, and the sector must make significant efforts to develop more environmentally sustainable business practices and reduce emissions from its activities.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Decarbonisation 360 Reliable emissions data and an accurate baseline are essential for developing effective decarbonisation strategies. Yet, many companies struggle with unreliable data, and without confidence in the baseline, it is difficult to justify investments or measure the real impact of decarbonisation initiatives. We offer a suite of decarbonising logistics offerings, including data insights, which have been enhanced with tools from Schenker.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
M&A and consolidation
Macro
DriverNegative impact: weakens
“A competitive industry Our industry has always been characterised by a high degree of competition, and in recent years, new competitors have entered the industry. These include digital forwarders and a few of the established ocean carriers.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Average air and sea gross profit yields are expected to be lower in 2026 compared to the 2025 full-year average due to the dilution from Schenker.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“M&A and integration Our purpose and strategy Our purpose is to enable the business of our customers by keeping their supply chains flowing. We aim for sustainable growth, both organic and inorganic, by prioritising operational excellence and meeting stakeholder expectations.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“M&A and integration M&A and integration of companies remain a cornerstone of our strategy. Through M&A, we have consistently lifted our productivity, while improving our service offerings and achieving scale and network advantages.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The transport and logistics industry remains highly fragmented, and despite our leading position, we still only have approximately 6% market share. Combined with increasing complexity in the global supply chains, we continue to see M&A opportunities to support the future growth of the company.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“With a stronger operational and commercial foundation, we are better positioned to support existing and new customers, as illustrated with the positive commercial integration of Schenker’s customers. Our organic growth ambition remains to drive profitable, abovemarket growth and gain market share across all divisions.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“A fragmented competitive landscape Following the acquisition of Schenker, DSV has an estimated market share of around 6% and has become a leading player in the freight forwarding industry. Combined, the top 20 forwarders have an estimated global market share of around 40%.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we focused on integrating Schenker’s network to leverage the combined volumes, co-loading and charter agreements to benefit our customers, while optimising our network and procurement processes. In addition to creating a leading global network, the integration also provides significant cost synergies from economies of scale and operational leverage.”
Annual report 2025A · The company itself
Semiconductor industry
End markets
DriverPositive impact: strengthens
“The contract logistics market stayed stable, with growth mainly driven by increased demand in the technology sector.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In 2025, the division benefited significantly from the addition of Schenker’s strong logistics activities, which drove improved performance in the second half of the year, enhancing both profitability and ROIC before tax.”
Annual report 2025A · The company itself
Market
“We provide supply chain services across most sectors, including bespoke solutions within the Aerospace and Defence, Automotive, Consumer, Healthcare, Industrials and Technology verticals.”
Annual report 2025A · The company itself
Market
“Commercially, we will continue to strengthen our commercial approach and vertical expertise, with a particular focus on our large, global customers. In 2025, we saw significant growth within Technology and Aerospace & Defence, and we aim to pursue further profitable growth by leveraging the capabilities gained through the Schenker acquisition.”
Annual report 2025A · The company itself
Market
“During the year, we further strengthened our value-added delivery services, which include “white glove” and installation services. Based on these efforts, we saw strong traction within the technology vertical.”
Annual report 2025A · The company itself
Market
“Despite current challenges, forecasts for 2026 remain positive, largely due to growth within the technology sector and a generally more positive economic outlook for Europe.”
Annual report 2025A · The company itself
Market
“Results Contract Logistics revenue was DKK 43,463 million in 2025 (2024: DKK 25,624 million), an annual increase of 72.4%. The growth was driven by strong results in the Technology and Healthcare verticals, most notably in North America and Europe, along with a significant contribution from Schenker.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Shipping and logistics
End markets
StrategyPositive impact: strengthens
“With our flexible business model, we have a strong position in an industry which is highly fragmented and competitive with many global and local providers. With our robust logistics expertise, supported by approximately 150,000 skilled freight forwarders, advanced digital capabilities, top-tier service offerings and an extensive global network, we are the leading player in the industry.”
Annual report 2025A · The company itself
Market
“DSV A/S Annual Report 2025 A new global leader in the industry Delivering sustainable growth DSV is a global leader in the freight forwarding and logistics industry. We connect our customers with the world and ensure flexible and efficient supply chains through storage and transport of goods by air, sea and road.”
Annual report 2025A · The company itself
Market
“We connect our customers with the world and ensure flexible and efficient supply chains through storage and transport of goods by air, sea and road. We enable the business of our customers by keeping supply chains flowing – from shipper to consignee.”
Annual report 2025A · The company itself
Market
“Our business model We move freight by land, sea and air and provide contract logistics as well as a wide range of freight forwarding and logistics services at both origin and destination.”
Annual report 2025A · The company itself
Market
“The Road division reported an increase in revenue of 93.0% compared to the previous year.”
Annual report 2025A · The company itself
Market
“Schenker contributed with a lower gross profit margin in Air & Sea, but higher gross profit in both Road and Contract Logistics.”
Annual report 2025A · The company itself
Market
“We enhanced our service portfolio, which includes value-added services such as customs formalities and insurance, while we further developed our supply chain and projects solutions.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Air freight
Raw materials and inputs
InputNegative impact: weakens
“As one of the largest buyers of transportation services globally, we and our customers benefit from keen pricing and strong relationships with carriers. Being a platform business, our customers see greater value as our network grows.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Beyond Schenker, the increase was driven by growth in value-added services and positive impact from focus on yield management in air freight.”
Annual report 2025A · The company itself
Market
“We connect our customers with the world and ensure flexible and efficient supply chains through storage and transport of goods by air, sea and road. We enable the business of our customers by keeping supply chains flowing – from shipper to consignee.”
Annual report 2025A · The company itself
Market
“For the Air & Sea division, revenue increased by 35.6% compared to 2024.”
Annual report 2025A · The company itself
Market
“Gross profit DKK 32,386 million 34.9% Geographic segmentation based on gross profit MEA Europe 6% 41% The Air & Sea division operates a global network across more than 90 countries 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.”
Annual report 2025A · The company itself
Market
“For 2025, DSV Air & Sea reported air freight volume growth of 44% and a 38% increase in sea freight volumes compared to the previous year, driven by Schenker.”
Annual report 2025A · The company itself
Automation and robotics
Technology
DriverPositive impact: strengthens
“The demand for increased visibility and higher productivity to mitigate cost inflation and improve supply chain reliability is a key driver of technological advancement. Customer and vendor interactions are gradually moving towards more modern API connections, and warehouses are increasingly operating with automation technology.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Digital Twins We are working on increasing automation and digitalisation of our warehouses through the implementation of digital twins as a key enabler. With digital twins, we virtually replicate the physical flows in real time using sensor data, enabling simulation, monitoring and optimisation. Bridging the physical and digital flows allows us to reduce labour intensive tasks, optimise warehouse utilisation, reduce damages, improve our planning and predict outcomes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we focused on integrating Schenker’s network to leverage the combined volumes, co-loading and charter agreements to benefit our customers, while optimising our network and procurement processes. In addition to creating a leading global network, the integration also provides significant cost synergies from economies of scale and operational leverage.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Technologies such as AI, machine learning and predictive analytics are enabling greater efficiency, cost savings and enhanced sustainability. At the same time, shifts in customer expectations, including the rise of direct carrier-to-client models and e-commerce growth, are reshaping the competitive landscape.”
Annual report 2025A · The company itself
Market
“In Contract Logistics, the gross margin was 42.9%, compared to 39.2% in 2024. In addition to the acquisition of Schenker, the increase was largely related to higher average utilisation of warehousing facilities compared to the previous year, driven by the new mix of client-controlled, multi-client and owned facilities.”
Annual report 2025A · The company itself
Automotive
End markets
Market
“We provide supply chain services across most sectors, including bespoke solutions within the Aerospace and Defence, Automotive, Consumer, Healthcare, Industrials and Technology verticals.”
Annual report 2025A · The company itself
Market
“With the integration of Schenker, DSV has become an industry-leading service provider in the transport and logistics industry. We move millions of shipments for our customers every year and have gained the trust of our customers and partners by ensuring reliable, efficient and value-adding transport and logistics services by air, sea, road and rail as well as warehousing services around the world.”
Annual report 2025A · The company itself
Market
“The automotive industry remained challenged throughout the year, resulting in reduced volumes and gross profit across divisions.”
Annual report 2025A · The company itself
Market
“In contrast, the automotive and retail sectors showed weaker performance, impacted by lower demand due to inventory adjustments, cautious consumer sentiment and shifts in the competitive landscape.”
Annual report 2025A · The company itself
Market
“While activity increased in APAC and the US markets driven by the tariff effects, Europe faced pressure from weak performance in the automotive, consumer and retail sectors.”
Annual report 2025A · The company itself
Data centres
Technology
Market
“We gained strong momentum with our largest accounts, especially within our Technology vertical, as we expanded our global service and product offerings.”
Annual report 2025A · The company itself
Market
“The growth was primarily driven by the acquisition of Schenker, which complemented the division’s business mix and commercial approach, particularly contributing to growth in the Technology vertical.”
Annual report 2025A · The company itself
Market
“Demand was particularly robust within the aerospace, defence and technology sectors, especially related to cloud infrastructure and datacentres.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
Defence industry
End markets
Market
“We provide supply chain services across most sectors, including bespoke solutions within the Aerospace and Defence, Automotive, Consumer, Healthcare, Industrials and Technology verticals.”
Annual report 2025A · The company itself
Market
“Demand was particularly robust within the aerospace, defence and technology sectors, especially related to cloud infrastructure and datacentres.”
Annual report 2025A · The company itself
Market
“Commercially, we will continue to strengthen our commercial approach and vertical expertise, with a particular focus on our large, global customers. In 2025, we saw significant growth within Technology and Aerospace & Defence, and we aim to pursue further profitable growth by leveraging the capabilities gained through the Schenker acquisition.”
Annual report 2025A · The company itself
Chains in: Defence budgets strengthens
Healthcare and hospitals
End markets
Market
“We provide supply chain services across most sectors, including bespoke solutions within the Aerospace and Defence, Automotive, Consumer, Healthcare, Industrials and Technology verticals.”
Annual report 2025A · The company itself
Market
“With the integration of Schenker, DSV has become an industry-leading service provider in the transport and logistics industry. We move millions of shipments for our customers every year and have gained the trust of our customers and partners by ensuring reliable, efficient and value-adding transport and logistics services by air, sea, road and rail as well as warehousing services around the world.”
Annual report 2025A · The company itself
Market
“Results Contract Logistics revenue was DKK 43,463 million in 2025 (2024: DKK 25,624 million), an annual increase of 72.4%. The growth was driven by strong results in the Technology and Healthcare verticals, most notably in North America and Europe, along with a significant contribution from Schenker.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Retail
End markets
Market
“We provide supply chain services across most sectors, including bespoke solutions within the Aerospace and Defence, Automotive, Consumer, Healthcare, Industrials and Technology verticals.”
Annual report 2025A · The company itself
Market
“In contrast, the automotive and retail sectors showed weaker performance, impacted by lower demand due to inventory adjustments, cautious consumer sentiment and shifts in the competitive landscape.”
Annual report 2025A · The company itself
Market
“While activity increased in APAC and the US markets driven by the tariff effects, Europe faced pressure from weak performance in the automotive, consumer and retail sectors.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Electrification
Technology
StrategyPositive impact: strengthens
“Following the Schenker acquisition, we operate the largest fleet of electric trucks in Europe. In 2025, we continued to deploy lowand zero-emission vehicles, and we took steps to prepare strategic locations for further electrification.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we advanced our carbon reduction initiatives by further expanding our solar panel capacity and outfitting around 2.2 million sqm of additional warehousing space with LED lighting to improve energy efficiency. We began replacing acid-battery forklifts with lithium-ion models as part of our ongoing efforts towards more carbon-efficient operations.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Green shipping: alternative fuels and electric vessels
Regulation
StrategyPositive impact: strengthens
“In 2025, we accelerated our sustainability efforts through expanded customer biofuel partnerships and the launch of our decarbonised transatlantic LCL product.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We will also continue to advance our sustainability efforts by scaling data-driven optimisation and strengthening collaboration with customers and carriers. We aim to broaden our biofuel partnerships, enhance carbon transparency across our digital platforms and expand green corridor initiatives on high-volume trade lanes.”
Annual report 2025A · The company itself
Digital payments and fintech
Technology
StrategyPositive impact: strengthens
“In 2025, we accelerated our sustainability efforts through expanded customer biofuel partnerships and the launch of our decarbonised transatlantic LCL product.”
Annual report 2025A · The company itself
Energy efficiency
Technology
StrategyPositive impact: strengthens
“In 2025, we advanced our carbon reduction initiatives by further expanding our solar panel capacity and outfitting around 2.2 million sqm of additional warehousing space with LED lighting to improve energy efficiency. We began replacing acid-battery forklifts with lithium-ion models as part of our ongoing efforts towards more carbon-efficient operations.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Industrial manufacturing
End markets
Market
“We provide supply chain services across most sectors, including bespoke solutions within the Aerospace and Defence, Automotive, Consumer, Healthcare, Industrials and Technology verticals.”
Annual report 2025A · The company itself
Utilities
End markets
Market
“In 2025, we accelerated our sustainability efforts through expanded customer biofuel partnerships and the launch of our decarbonised transatlantic LCL product.”
Annual report 2025A · The company itself
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“These tariffs, ongoing trade disputes, macroeconomic shifts, and persistent geopolitical uncertainties together with fluctuating currencies all contributed to increased volatility and had significant impact on customers’ supply chains and overall demand. Despite these challenges, global transport volumes sustained their long-term growth trajectory, especially in the first half of the year, followed by more muted activity in the second half.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“However, in 2025 this relationship weakened as global GDP growth slowed amid trade tensions and geopolitical uncertainty, while trade volumes were further constrained by tariffs and supply chain adjustments due to macroeconomic risks.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“In the coming years, we expect that trade volumes will return to the traditional close correlation with GDP, with emerging markets seeing the highest growth rates. However, trade barriers and geopolitical and macroeconomic changes may impact growth rates across markets.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Robinson Others 21% Top 6-20 60% Others, estimated Trends Their impact Our response Geopolitical instability and protectionism Geopolitical instability causes tension and unrest. Global trade flows and economies are impacted by factors like protectionism, trade wars, and political and military conflicts.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In 2025, global trade experienced significant volatility due to the uncertainty caused by the tariffs introduced by the new US administration, not only on countries but also on specific goods.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“We expect higher growth into European markets after the US cancelled the de minimis exemption. This could have an impact on the available air freight capacity and freight rates over the coming period.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Market assumptions for 2026 Trade tensions and market uncertainties related to tariffs and macroeconomic conditions reduced demand and affected trade flow seasonality in 2025, causing increased front-loading in the first half year of the year. For 2026, we expect growth in global air and sea freight volumes of around 2-3%, in line with or slightly lower than global GDP forecasts.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The current market uncertainties related to trade tariffs, the geopolitical landscape and macroeconomic factors are expected to persist. These factors may impact the global trade environment and activity levels, and unforeseen changes may impact our financial outlook.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“However, the warehousing activities were still impacted by macroeconomic factors, particularly the global trade tariffs announced by the US administration.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Macroeconomy: Navigating volatility and protectionism Global economic conditions are affected by geopolitical tensions, inflation, interest rate fluctuations and trade conflicts, including trade tariffs. Protectionist measures, trade barriers and geopolitical disruptions, such as country conflicts and instability or potential tensions, could significantly impact global trade volumes and supply chain stability.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“These tariffs, ongoing trade disputes, macroeconomic shifts, and persistent geopolitical uncertainties together with fluctuating currencies all contributed to increased volatility and had significant impact on customers’ supply chains and overall demand. Despite these challenges, global transport volumes sustained their long-term growth trajectory, especially in the first half of the year, followed by more muted activity in the second half.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“European road freight remained highly competitive as volumes aligned with the slow growth of European economies.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“We foresee consolidation to continue in the coming years driven by customer demand for efficient and flexible endto-end global supply chains, digitalisation and sustainability. GDP drives market growth Historically, there has been a close correlation between the growth in global trade and the expansion of the global economy.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“For 2026, we expect growth in global air and sea freight volumes of around 2-3%, in line with or slightly lower than global GDP forecasts.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Market situation The road freight market experienced challenges in 2025 due to weak economic activity and macroeconomic uncertainties, notably in Europe, leading to reduced demand and low freight rates in both Europe and the US. The overall low freight demand persists, particularly within domestic groupage in Europe, which has a negative impact on the division’s utilisation levels and profitability.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“This is due to overall increasing economic activity in the Euro zone and expected financial stimulus benefitting economic activity in Germany.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The OECD forecasts moderate global GDP growth of around 3.0%, with continued uneven growth across regions. The freight and logistics sector may face margin pressure and slower volume recovery, particularly in markets exposed to protectionism and nearshoring.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Global trade volumes
Macro
DriverPositive impact: strengthens
“We are proud that by utilising our flexible business model, digital platform and global operations in more than 90 countries, we kept supply chains flowing, enabling our customers’ businesses to continue.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“We foresee consolidation to continue in the coming years driven by customer demand for efficient and flexible endto-end global supply chains, digitalisation and sustainability. GDP drives market growth Historically, there has been a close correlation between the growth in global trade and the expansion of the global economy.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“In the coming years, we expect that trade volumes will return to the traditional close correlation with GDP, with emerging markets seeing the highest growth rates. However, trade barriers and geopolitical and macroeconomic changes may impact growth rates across markets.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Market assumptions for 2026 Trade tensions and market uncertainties related to tariffs and macroeconomic conditions reduced demand and affected trade flow seasonality in 2025, causing increased front-loading in the first half year of the year. For 2026, we expect growth in global air and sea freight volumes of around 2-3%, in line with or slightly lower than global GDP forecasts.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Changes in consumer behaviour, dual-sourcing, regionalisation and shorter supply chains driven by sustainability concerns are reshaping demand for logistics services. Deglobalisation trends, introduction of new tariffs and insourcing practices may reduce long-distance trade, especially in air and sea freight, and shift focus to more regional logistics solutions.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Employees: Retention and attraction in a competitive market Our success depends on attracting and retaining skilled employees who can execute strategies and meet targets in a competitive and complex environment. Losing key talent or failing to attract specialised skills could impact performance, delay strategic initiatives and challenge the achievement of long-term objectives.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Looking ahead to 2026, talent retention, leadership continuity, and cultural integration will remain key challenges as competition for digital, technical and logistics expertise intensifies.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We offer a unique combination of our own inputs – a highly skilled workforce with industry know-how, advanced IT systems, physical infrastructure with modern warehouses and terminals, and a global network across more than 90 countries – and third-party inputs such as strong carrier relationships.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“People & Leadership Our employees are key to DSV’s long-term success, and we now have approximately 150,000 employees across more than 90 countries.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The margin improvement was partly offset by increasing cost inflation from suppliers and lower utilisation within our domestic network.”
Annual report 2025A · The company itself
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“To reduce the environmental impact of our business, we work closely with customers and suppliers to track and minimise emissions across our supply chain – from shipper to consignee.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“For transport and logistics companies, having a sustainability strategy and related services is essential in achieving net-zero emissions. As the leading player in the industry, we have a responsibility to enable decarbonisation across our operations and value chain.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Currency exposure
Macro
DriverNegative impact: weakens
“These tariffs, ongoing trade disputes, macroeconomic shifts, and persistent geopolitical uncertainties together with fluctuating currencies all contributed to increased volatility and had significant impact on customers’ supply chains and overall demand. Despite these challenges, global transport volumes sustained their long-term growth trajectory, especially in the first half of the year, followed by more muted activity in the second half.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
DriverPositive impact: strengthens
“Despite these headwinds, emerging markets saw continued growth during the year, providing support to overall global market growth.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In recent years, many companies have implemented dual sourcing strategies and moved part of their production out of China. While China remains a significant production hub, countries like Vietnam, South Korea and India have seen significant production sector growth.”
Annual report 2025A · The company itself
Geography
“EBIT before special items: DKK 13,013 million +12.8% Gross profit EBIT before special items Europe DKK 36,241 million 54% of total DKK 8,726 million 45% of total Americas DKK 14,449 million 22% of total DKK 4,014 million 20% of total Middle East and Africa DKK 4,263 million 6% of total DKK 1,394 million 7% of total Asia Pacific DKK 11,906 million 18% of total DKK 5,477 million 28% of total Road In the first half of 2025, the road market continued the weak market trends seen in 2024, characterised by low freight rates and utilisation levels, especially in Europe.”
Annual report 2025A · The company itself
Geography
“Strategic and operational highlights With the acquisition of Schenker, the Air & Sea division has significantly expanded its global footprint and become a leading player within air and sea freight. We now service our customers through a leading global air and sea network across more than 90 countries.”
Annual report 2025A · The company itself
Geography
“We see attractive growth opportunities in North America and APAC, where demand remains high.”
Annual report 2025A · The company itself
Europe
Geography
DriverNegative impact: weakens
“European road freight remained highly competitive as volumes aligned with the slow growth of European economies.”
Annual report 2025A · The company itself
Geography
“EBIT before special items: DKK 13,013 million +12.8% Gross profit EBIT before special items Europe DKK 36,241 million 54% of total DKK 8,726 million 45% of total Americas DKK 14,449 million 22% of total DKK 4,014 million 20% of total Middle East and Africa DKK 4,263 million 6% of total DKK 1,394 million 7% of total Asia Pacific DKK 11,906 million 18% of total DKK 5,477 million 28% of total Road In the first half of 2025, the road market continued the weak market trends seen in 2024, characterised by low freight rates and utilisation levels, especially in Europe.”
Annual report 2025A · The company itself
Geography
“Strategic and operational highlights With the acquisition of Schenker, the Air & Sea division has significantly expanded its global footprint and become a leading player within air and sea freight. We now service our customers through a leading global air and sea network across more than 90 countries.”
Annual report 2025A · The company itself
Geography
“Market situation The road freight market experienced challenges in 2025 due to weak economic activity and macroeconomic uncertainties, notably in Europe, leading to reduced demand and low freight rates in both Europe and the US. The overall low freight demand persists, particularly within domestic groupage in Europe, which has a negative impact on the division’s utilisation levels and profitability.”
Annual report 2025A · The company itself
Inflation
Macro
DriverPositive impact: strengthens
“The demand for increased visibility and higher productivity to mitigate cost inflation and improve supply chain reliability is a key driver of technological advancement. Customer and vendor interactions are gradually moving towards more modern API connections, and warehouses are increasingly operating with automation technology.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“While road freight rates have been under continuous pressure in recent years, we have taken steps to increase rates in response to the market conditions, which have had a positive impact on our gross profit.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Subcontractors and haulage capacity
Raw materials and inputs
InputNegative impact: weakens
“While we do warehousing activities based on leased facilities, the transpor-tation of goods is handled by third parties. We work with a global network of container carriers, airlines, road hauliers and railway operators and choose the best partners based on capacity, reliability, sustainability, transit time and price.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“As one of the largest buyers of transportation services globally, we and our customers benefit from keen pricing and strong relationships with carriers. Being a platform business, our customers see greater value as our network grows.”
Annual report 2025A · The company itself
China
Geography
DriverNegative impact: weakens
“In recent years, many companies have implemented dual sourcing strategies and moved part of their production out of China. While China remains a significant production hub, countries like Vietnam, South Korea and India have seen significant production sector growth.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverMixed impact: mixed
“The outlook for 2026 is based on the assumption that the currency exchange rates, especially the US dollar against DKK, will remain at the current level.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
United States
Geography
Geography
“Strategic and operational highlights With the acquisition of Schenker, the Air & Sea division has significantly expanded its global footprint and become a leading player within air and sea freight. We now service our customers through a leading global air and sea network across more than 90 countries.”
Annual report 2025A · The company itself
Geography
“Market situation The road freight market experienced challenges in 2025 due to weak economic activity and macroeconomic uncertainties, notably in Europe, leading to reduced demand and low freight rates in both Europe and the US.”
Annual report 2025A · The company itself
Geography
“This is due to overall increasing economic activity in the Euro zone and expected financial stimulus benefitting economic activity in Germany.”
Annual report 2025A · The company itself
Geography
“We see attractive growth opportunities in North America and APAC, where demand remains high.”
Annual report 2025A · The company itself
Geography
“Near-term risk is highest within the air and sea freight market due to reliance on the US market and potential for supply-demand challenges.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
DHL Logistics, Kuehne + Nagel, CEVA Logistics, C.H. Robinson
Financial figures
| Revenue latest fiscal year | 247.33 bn DKK |
| Revenue growth vs. the year before, same method | 48 % |
| EBITDA reported by the company | 28.24 bn DKK |
| Net debt debt incl. leasing minus cash | 84.76 bn DKK |
| Diluted EPS per share | 34.3 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✗ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.