Copenhagen, Feb 4, 2026, 13:14 CET — Regular session
- DSV shares gained roughly 1.7% in Copenhagen following the release of its 2025 annual report and profit forecast for 2026.
- The group now expects to wrap up the Schenker integration by the end of 2026, ahead of its earlier schedule.
- Investors are digging into the 2026 guidance range and weighing the impact of one-off integration expenses.
DSV (DSV.CO) shares climbed roughly 1.7% to 1,817 crowns on Wednesday. Investors digested the company’s 2025 annual report alongside an updated profit forecast for 2026. 1
The numbers are key because DSV’s immediate focus is the Schenker deal: how fast it can integrate the business and how much profit and cash it can generate amid volatile freight markets. The 2026 guidance offers the first clear sign of what management expects the “new DSV” to deliver despite the market noise.
DSV forecasted EBIT before special items for 2026 between 23.0 billion and 25.5 billion Danish crowns, revising its Schenker integration timeline to wrap up by the end of 2026, earlier than initially planned. The company also highlighted around 6.5 billion crowns in special items linked to transaction and integration expenses, with an expected effective tax rate near 28% for 2026. 2
DSV posted a fourth-quarter EBIT before special items of 5.592 billion crowns for 2025, with a full-year figure hitting 19.611 billion. The company recorded adjusted free cash flow of 16.335 billion crowns over the year and slashed net interest-bearing debt by over 7 billion crowns since closing the transaction. CEO Jens H. Lund commented, “In 2025, we delivered a solid financial result in line with our expectations.” 3
The board proposed an ordinary dividend of 7.00 crowns per share for 2025, holding steady from last year, the company said.
Analysts zeroed in on the 2026 range for signs of reassurance or disappointment. Jefferies’ Michael Aspinall labeled the outlook “a miss (-4% at the midpoint)” compared to consensus estimates around 25.2 billion crowns, per an Investing.com Canada report.
DSV reported that weaker conditions, particularly in sea freight, dragged down the Air & Sea division. Meanwhile, Road and Contract Logistics saw gains thanks to Schenker’s input and cost-cutting efforts. The group expects at least 4.0 billion crowns in added synergies from Schenker by 2026.
DSV operates in air and sea forwarding, road freight, and contract logistics, going head-to-head with major global players like Switzerland’s Kuehne+Nagel and Germany’s DHL Group. 4
One risk for the stock is if the integration bill and the freight cycle both head south simultaneously. DSV flagged uncertainty around trade tariffs, geopolitics, and macro conditions, cautioning that unexpected shifts could weigh on activity and the outlook.
Investors are gearing up for updates on synergy gains and the speed of integration ahead of DSV’s annual general meeting on March 19. Attention will also be on the Q1 report coming April 29 and the Capital Markets Day set for May 12. 5
