DSV reports “modest airfreight growth in 2025 and aims to complete Schenker integration by year end
DSV expects to complete the integration of Schenker by the end of this year and has reported “modest demand growth” for airfreight in 2025.
The Danish forwarder announced in September 2024 that it had agreed to acquire Schenker from state-owned railway firm Deutsche Bahn for €14.3bn and completed the deal last year.
“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. The integration is progressing fast, and we are well on track to achieve the targeted synergies.”
A stable 2025
DSV handled a total of 2m tonnes of airfreight in 2025, up 44% year on year.
“Due to significant integration progress, it is not possible to separate organic and inorganic growth,” noted DSV.
However, it estimated “that organic growth in airfreight was relatively consistent with market growth, after adjusting for the exit of low-yield volumes”.
DSV said that changes in the e-commerce market led by the US decision to end the de minimis exemption had a “minor direct impact” on its airfreight operations due to its limited e-commerce volumes.
Air revenue for the year was Dkr75.5bn, up 37% compared to 2024. Airfreight gross profit was Dkr16.6bn, an increase of 39%.
The company said of airfreight in 2025: “Overall, modest demand growth, increased capacity and shifts in trade lanes led to flat to slightly negative freight rates compared to last year.”
Revenue for the air and sea division was Dkr137.2bn and this was an increase of 35.6% from 2024.
“The development in revenue was driven by the contribution from Schenker, offsetting lower average freight rates, especially within sea freight,” said DSV.
Meanwhile, gross profit was Dkr32.4bn. This was an increase of 34.9% year on year.
DSV commented: “Besides the positive impact from Schenker, the development in value-added services per shipment contributed to the growth. In a competitive market, the division maintained its focus on pricing discipline and high-margin business.”
Revenue for the whole company was Dkr247.2bn, an increase of 51.3% on 2024. Gross profit for the whole company increased by 59% to Dkr66.9bn.
Schenker was included in DSV’s consolidated financial statements from 1 May 2025.
Fourth quarter results
Technology shipments helped DSV achieve healthy volumes in the fourth quarter, while automotive business continued to lag.
The freight forwarder said airfreight volumes in the fourth quarter totalled 591,000 tonnes, an increase of 63% compared to the fourth quarter of 2024.
Volumes were also up 2% compared to the third quarter of 2025. Growth was “in line with the addressable market”, said DSV.
Air revenues were Dkr22.1bn, up 43%. Air gross profit was Dkr4.5bn.
“Gross profit improved by 50% YoY, with average yields 8% lower in constant currencies compared to last year, mainly due to Schenker dilution,” said DSV.
The company added: “Technology remained a growth contributor compared to previous year, despite signs of stabilisation. Automotive was still downtrading.”
