Logistics company DSV reported revenue that fell short of expectations in the fourth quarter. Net profit declined during the period, weighed down by one-off costs. However, adjusted earnings rose. The board is proposing an unchanged regular dividend.
Revenue climbed 64.7 percent to 71,685 million Danish kroner (43,514). This result can be compared to the company’s analyst consensus, which stood at 73,590.
Gross profit was 19,119 million Danish kroner (10,788), with a gross margin of 26.7 percent (24.8).
Adjusted operating profit amounted to 5,592 million Danish kroner (3,936), with expectations at 5,637, and an adjusted operating margin of 7.8 percent (9.0).
Net profit after tax was 1,135 million Danish kroner (2,225). One-off costs amounted to 2,556 million Danish kroner (729).
Adjusted net profit was 2,999 million Danish kroner (2,849).
A regular dividend of 7 Danish kroner per share is proposed (7).
DSV expects adjusted operating profit to reach 23–25.5 billion Danish kroner in 2026, including synergies from Schenker. Non-recurring items related to the transaction and integration are expected to total around 6.5 billion.
The effective tax rate is expected to remain around 28 percent, while uncertainty regarding tariffs, geopolitics, and macroeconomics persists.