Danish forwarder reports mixed airfreight performance with acquisition-driven growth masking underlying organic volume decline, as average rates soften slightly
DSV's airfreight volumes grew in the third quarter of 2025 as it benefited from the acquisition of Schenker, although its organic volume growth declined.
The forwarder handled 578,000 tonnes of airfreight in the third quarter of 2025 and saw year over year airfreight volumes grew by 64% in the quarter, although organic volume growth declined by 1.6%, despite organic growth in the number of shipments it handled.
"DSV’s air freight volumes grew by 64% in Q3 2025 and by 37% in the first nine months compared to the same periods last year," said DSV. "Organic volume growth in air freight decreased by 1.6% in Q3 2025 compared to the same period last year.
"Adjusted for the exit of low-yielding volumes, the organic volume growth is estimated to be on par with the addressable market growth."
Air revenues were Dkr21.1bn, up 50 year on year. Airfreight gross profit increased 7.8% to Dkr4.6bn. DSV said in its management commentary that organic gross profit was stable compared to last year due to higher profit in airfreight.
It also noted: "The Technology vertical contributed strongly to the growth, while continued downtrading was seen in the Automotive vertical."
The forwarder summarised that airfreight trade has been relatively stable during the quarter and was in a solid position in the context of the overall market .
"Despite ongoing trade uncertainties, our addressable global air freight market, excluding e-commerce and perishables, continued the relatively stable trend from last quarter. We estimate that our addressable market saw low-single digit volume growth in Q3 2025," said DSV.
"In Q3 2025, average air freight rates were slightly lower compared to the same period last year. This change was influenced by capacity slightly exceeding demand and market volatility arising from US tariff policies and de minimis exemption regulations. Higher volumes on other trades, including imports into Europe, contributed to more stable market conditions."
Third quarter revenue for the air and sea division amounted to Dkr38.7bn, up 36%. However, DSV said on an organic basis and in constant currencies, revenue for the quarter was down 5.4% compared to the same period last year. The decline was primarily driven by lower volumes and sea freight rates.
Divisional gross profit increased by 0.5% to Dkr9.2bn, mainly driven by Schenker and higher average gross profit yields for airfreight.
Overall, DSV reported revenue of Dkr72bn in the third quarter, up 63.1% year on year. But revenue for Q3 2025 decreased organically and in constant currencies by 0.4% compared to the same period last year.
The group further reported gross profit of Dkr19.4bn, up 76.1%. Though gross profit increased organically by 5.4% in constant currencies.
Overall organic performance was impacted by softer market conditions in Air & Sea and Road, though this was partly offset by improved performance in Contract Logistics.
Jens Lund, group chief executive said: “During the third quarter, we have made significant progress on the integration of Schenker, which has accelerated our synergies. This is our largest and most complex integration to date, and at this stage in the process, we are very satisfied with how it is developing.
"Through this integration, we are continuing to strengthen both our organisation and global network to even better support our customers’ supply chains. Despite tough market conditions and lower volumes in some sectors, our commercial approach is driving increased activity among our largest customers.
"As short-term volatility persists, we will closely monitor productivity and financial performance, while working to achieve further integration benefits.”
Schenker has been included in the consolidated financial statements of DSV from 1 May. The third quarter of 2025 is the first quarter with full estimated Schenker impact.
