Source: DSV
The acquisition of Schenker and frontloading contributed to a rise in DSV's airfreight volumes in the second quarter of 2025, although weaker market conditions within the automotive and consumer verticals dampened volumes.
Following DSV's completion of the acquisition of Schenker from Deutsche Bahn on 30 April, Schenker was included in the consolidated financial statements of DSV from 1 May 2025, thereby contributing two months to DSV’s Q2 2025 financial results.
DSV handled 508,000 tonnes of airfreight in the second quarter, with year over year airfreight volume growth of 46%. This included Schenker's air volumes.
"DSV achieved air freight volume growth of 46% in Q2 2025 and 23% in H1 2025 compared to the same periods last year," said DSV in its first half interim financial results.
"Organic volume growth in air freight declined by 2% in Q2 2025 compared to the same period last year. Adjusted for the exit of low-yielding volumes, the organic growth was slightly below the estimated addressable market growth."
Air revenues were Dkr18.6bn, up 38.7%. Gross profit for airfreight was up 8.8% at Dkr4.3bn.
DSV commented: "After a relatively muted start to the year, our addressable global air freight market, excluding e-commerce and perishables, stabilised in Q2 2025, driven to some extent by customers frontloading shipments due to potential tariff increases leading to conversions of volumes from sea to air shipments during the quarter.
"We estimate that our addressable market saw low single digit volume growth in Q2 2025. In Q2 2025, average air freight rates were slightly higher compared to the same period last year, due to a combination of frontloading of volumes and capacity adjustments."
DSV added that "both the Automotive and Consumer verticals remained negatively impacted by weaker market conditions, leading to negative volume growth, especially in air freight".
The air and sea division recorded revenue of Dkr34.5bn, up 4.5% compared to the same period last year, excluding Schenker and currency impact.
DSV said the increased revenue was "primarily driven by higher sea freight volumes, an increase in average freight rates and growth in value-added services on shipments across both air and sea freight".
Excluding Schenker and currency impact, gross profit increased by 9.2% to Dkr8.5bn.
Revenue for the overall company totalled Dkr62bn, up 51% from Dkr41bn in 2024. Gross profit was Dkr17.1bn, up 59%.
DSV said technology was a strong vertical for both DSV and Schenker, while aerospace and defence were also growth vericals. As with the airfreight, for the overall company the automotive and consumer verticals were weak performers.
Annual synergies from the acquisition of Schenker are expected to be in the level of Dkr9bn by the end of 2028, when the majority of the integration is expected to be complete. Approximately 50% of the integration is expected to be completed by the end of 2026 and 75% by the end of 2027.
The integration of the first countries will commence in Q3 2025, with the Air & Sea activities first in line.
"Operationally, we have started combining our air freight and LCL networks, which will enable us to optimise operations, launch new trade lanes and consolidate volume with suppliers," stated DSV.
Speaking about the overall results, Jens Lund, Group chief executive, said: “The second quarter has been extraordinary, with the completion of the acquisition of Schenker. While delivering on our financial expectations with stable organic earnings and a positive contribution from Schenker, we continue our commercial approach by servicing our customers in a highly volatile and unpredictable market.
"The integration of Schenker is off to a strong start, with the establishment of a new global leadership team. We have also engaged in close dialogue with our customers to ensure a smooth transition. In addition, we have held thorough and constructive negotiations with works councils in Germany, resulting in a frame agreement that will allow us to move forward with the integration and reduce uncertainty for employees and customers. We are confident that this acquisition will deliver significant benefits to our customers and create long-term value for our shareholders.”
