DSV, 1159 - INTERIM FINANCIAL REPORT H1 2025

Core Viewpoint - The company reported stable organic financial performance and a strong start to the integration of Schenker, despite challenging market conditions [2][4]. Financial Performance - In Q2 2025, revenue reached DKK 61,983 million, up from DKK 41,157 million in Q2 2024, marking a significant increase [2]. - Gross profit for Q2 2025 was DKK 17,241 million, compared to DKK 10,841 million in the same period last year [2]. - Operating profit (EBIT) before special items was DKK 4,725 million in Q2 2025, an increase from DKK 4,099 million in Q2 2024 [2][4]. - Profit for the period was DKK 2,356 million, slightly down from DKK 2,712 million in Q2 2024 [2]. - Adjusted free cash flow for Q2 2025 was DKK 3,982 million, significantly higher than DKK 1,229 million in Q2 2024 [2][6]. Division Performance - The Air & Sea division reported EBIT before special items of DKK 3,461 million, up from DKK 2,898 million in the same period last year, driven by organic earnings growth and Schenker's contribution [5]. - The Road division experienced a decrease in EBIT before special items to DKK 520 million from DKK 549 million, despite a positive contribution from Schenker [5][7]. - Contract Logistics reported EBIT before special items of DKK 724 million, an increase from DKK 661 million last year, aided by Schenker's contribution [7]. Integration of Schenker - The acquisition of Schenker was completed on April 30, 2025, with a strong start to integration, including the establishment of a new global leadership team [2][8]. - The integration is expected to yield annual synergies of DKK 9 billion by the end of 2028, with around 50% of the integration anticipated to be completed by the end of 2026 [6][11]. - Total transaction and integration costs are projected to be DKK 11 billion, primarily incurred in 2026 and 2027 [11]. Outlook - The full-year 2025 guidance for EBIT before special items remains unchanged at DKK 19.5 - 21.5 billion [6][12]. - The company expects limited synergies related to the Schenker integration in 2025, estimated between DKK 500-600 million [12].