DSV, the Danish freight forwarder, reported steady airfreight performance in 2025 amid ongoing integration of its acquisition of Schenker from Deutsche Bahn. The company expects to finalise the integration by the end of 2026, leveraging combined networks, co-loading opportunities, and operational synergies to strengthen its global logistics footprint.
Schenker Acquisition and Integration Progress
DSV announced the €14.3 billion acquisition of Schenker in September 2024 and completed the deal last year. The integration has focused on aligning networks, optimising procurement, and exploiting economies of scale.
“In 2025, we focused on integrating Schenker’s network to leverage combined volumes, co-loading, and charter agreements to benefit our customers while optimising our network and procurement processes,” DSV said. “The integration is progressing fast, and we are well on track to achieve the targeted synergies.”
The forwarder expects that the full integration will deliver both cost savings and enhanced operational efficiency across air and sea logistics, strengthening its position in key trade lanes.
Airfreight Performance in 2025
DSV handled approximately 2 million tonnes of airfreight in 2025, representing a 44% increase year on year. However, the company noted that the growth reflects both organic expansion and the inclusion of Schenker volumes, making it difficult to separate pure organic performance.
Organic airfreight growth was reported to be in line with overall market trends after adjusting for the exit of low-yield shipments. The company experienced modest demand growth, increased capacity, and trade lane shifts, which contributed to flat to slightly negative freight rates compared to the previous year.
Air revenues reached Dkr75.5 billion, up 37% from 2024, while airfreight gross profit rose 39% to Dkr16.6 billion. Overall, the air and sea division generated Dkr137.2 billion in revenue, a 35.6% increase, and gross profit of Dkr32.4 billion, up 34.9%.
DSV highlighted that value-added services per shipment and pricing discipline contributed to performance, offsetting lower average freight rates, particularly in the sea freight segment. Consolidated company revenue for 2025 totalled Dkr247.2 billion, a 51.3% increase, while gross profit climbed 59% to Dkr66.9 billion.
Fourth Quarter Highlights
Airfreight volumes in Q4 2025 reached 591,000 tonnes, up 63% compared to the same period in 2024 and 2% higher than Q3 2025. Technology shipments were a key driver of growth, while automotive volumes continued to underperform.
Air revenue for the quarter was Dkr22.1 billion, with gross profit of Dkr4.5 billion, a 50% year-on-year increase. DSV noted that average yields were 8% lower in constant currency due to Schenker-related volume dilution, but disciplined pricing and operational efficiency helped maintain profitability.
Outlook
With Schenker integration expected to be complete by year-end, DSV is positioned to leverage a combined global network, enhanced co-loading capabilities, and operational synergies to capture growth in strategic markets. The company continues to emphasise technology and high-value shipments as key drivers, while maintaining focus on pricing discipline and margin optimisation across its airfreight and broader logistics operations.
