Dsv A/s · OMXCOP:DSV
Dsv A/s — Q1 2025 Earnings Presentation
26 slides from Dsv A/s's earnings presentation, Apr 30, 2025
Slide 1: Completion of acquisition of Schenker and DSV Q1 2025 results
Completion of acquisition of Schenker and DSV Q1 2025 results DSV A/S Conference call 30 April 2025, 11:30 AM CEST
Slide 2: Forward-looking statements
Forward-looking statements This announcement contains forward-looking statements, including but not limited to 2025 guidance and short- and long-term ambitions, strategies, objectives and statements regarding DSV’s views of future events or prospects with respect to DSV’s future financial and operat
Slide 3: Agenda
Agenda • Highlights Q1 2025 • Business segments • Financial review • DSV x Schenker - Winning As One • Completion of the transaction • Expected financial impact • Next steps of Schenker acquisition • Updated outlook for 2025 • Q&A 3
Slide 4: Highlights Q1 2025
Highlights Q1 2025 • Today, DSV completes the announced acquisition of Schenker, becoming a world-leading player within transport and logistics. • Solid financial performance in Q1 2025 with continued earnings growth and strong free cash flow generation. • Gross profit up 6.2% and EBIT before specia
Slide 5: Air & Sea
Air & Sea Management commentary (DKKm) Q1 2025 Q1 2024 Growth* • Air & Sea continued the positive Gross profit Air 3,066 2,895 4.9% earnings growth in Q1 2025, driven by higher gross profit per Gross profit Sea 3,307 2,868 14.2% unit, partly due to more value- added services per shipment. Total gros
Slide 6: Air freight Q1 2025
Air freight Q1 2025 • Volume in Q1 2025 on par with the same period last year. Adjusted for extraordinary large, low-yielding volumes from a few customers in Q1 2024, the underlying volume growth was in line with our addressable market. • Gross profit per unit increased 5% in constant currencies lea
Slide 7: Sea freight Q1 2025
Sea freight Q1 2025 • Solid volume growth of 3% in Q1 2025 compared to the same period last year, in line with the estimated market growth. • Gross profit per unit up 11% in constant currencies and gross profit improved 14% in Q1 2025 compared to last year. • January was positively impacted by pre-l
Slide 8: Road
Road Management commentary (DKKm) Q1 2025 Q1 2024 Growth* • The road market remained challenged due to low activity Revenue 10,164 10,425 (3.0%) levels, especially within domestic groupage in some European Gross profit 1,956 1,964 (0.9%) markets. • We estimate that the division EBIT 408 490 (16.9%)
Slide 9: Solutions
Solutions Management commentary (DKKm) Q1 2025 Q1 2024 Growth* • The Solutions division will be renamed Contract Logistics following completion Revenue 6,325 5,989 4.9% of the Schenker transaction. Gross profit 2,578 2,401 6.7% • DSV Solutions experienced positive development in the US, while the Eu
Slide 10: P&L Q1 2025
P&L Q1 2025 Management commentary (DKKm) Q1 2025 Q1 2024 Growth* Headlines • Revenue increased 8.2% compared to Q1 2024, driven by Revenue 41,680 38,340 8.2% higher average freight rates Gross profit 10,991 10,265 6.2% invoiced and more value-added EBIT before special items 3,860 3,641 4.8% services
Slide 11: Cash flow and financial ratios Q1 2025
Cash flow and financial ratios Q1 2025 (DKKm) Q1 2025 Q1 2024 Variance Management commentary EBITDA before special items 5,373 5,032 341 Change in working capital 313 (2,092) 2,405 • Adjusted free cash flow of DKK Tax, interest, change in provisions, etc. (903) (1,184) 281 3,165 million in Q1 2025.
Slide 12: Winning As One - DSV x Schenker
Winning As One —— DSV x Schenker—_
Slide 13: Strategic rationale - DSV and Schenker
Strategic rationale - DSV and Schenker An excellent strategic match Creating a world-leading logistics player Schenker will add EURbn 19.2 annual revenue* • Adding significant volumes to our Air & Sea operations. • Establishing a leading player in European Road freight. Attractive exposure to Air &
Slide 14: Uniting two global networks – DSV and Schenker
Uniting two global networks – DSV and Schenker DSV Schenker 73,300 EMPLOYEES (FTE) 85,800 DKK 167.1 bn DKK 143.2 bn ANNUAL REVENUE EUR 22.4 bn EUR 19.2 bn 1,400,000 AIR FREIGHT (tonnes) 1,000,000 2,700,000 SEA FREIGHT (TEU) 1,800,000 DKK 40.5 bn DKK 56.7 bn ROAD FREIGHT (revenue) EUR 5.4 bn EUR 7.6
Slide 15: Completion of the transaction
Completion of the transaction xxx • Completion today with DSV acquiring 100% of Schenker in an all-cash transaction. • Enterprise value: approximately DKK 106.7 billion (approximately EUR 14.3 billion). Transaction • Equity value: approximately DKK 86.5 billion (EUR 11.6 billion) details • Transacti
Slide 16: Expected financial impact
Expected financial impact Expected financial impact from Schenker integration • Schenker will be included in the consolidated financial results of DSV from 1 May 2025. • Based on preliminary estimates, annual synergies are expected in the level of DKK 9.0 billion at end of 2028, when the majority of
Slide 17: The M&A track record
The M&A track record Continuous improvement of our margins through M&A 11.8% 10.7% GIL acquisition Schenker acquisition 9.6% 8.9% Panalpina acquisition 8.2% 6.9% 7.0% UTi acquisition 6.5% 6.0% 5.1% 25,204 19,500- 17,723 21,500- 16,223 16,096 9,520 6,654 4,878 5,450 3,050 3,475 2015 2016 2017 2018 20
Slide 18: Next steps of Schenker acquisition
Next steps of Schenker acquisition 13 September 2024 October/November 2024 April 2025 30 April 2025 31 July 2025 Announcement of Approval by the Supervisory All regulatory Q1 2025 Interim H1 2025 Interim agreement to Board of Deutsche Bahn & by approvals obtained, Financial Report Financial Report a
Slide 19: Updated outlook for 2025 for DSV including Schenker
Updated outlook for 2025 for DSV including Schenker (DKKm) Updated outlook 2025 Previous outlook 2025 Actual 2024 EBIT before special items 19,500-21,500 15,500-17,500 16,096 Amortisation of purchase price allocations 500 - - Special items 2,000-2,500 - 853 Effective tax rate 24.0% 24.0% 24.2% Main
Slide 20: Key takeaways
Key takeaways Solid financials with earnings growth and strong free cash flow Solid performance by Completion of Schenker FY 2025 guidance for the Air & Sea division transaction with EBIT before special items with double digit expected synergies in upgraded to DKK 19.5 - earnings growth in Q1 the le
Slide 21: Q&A
Q&A To attend the teleconference, please register through the link on the invite (available on www.investor.dsv.com) To ask questions press *1
Slide 22: P&L details - Group
P&L details - Group Group (DKKm) FY 2020 FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Revenue 115,932 182,306 235,665 40,954 37,727 35,576 36,528 150,785 38,340 41,157 44,095 43,514 167,106 41,680 Direct costs 87,398 144,691 183,516 29,563 2
Slide 23: P&L details – Air & Sea
P&L details – Air & Sea Air & Sea (DKKm) FY 2020 FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Divisional revenue 73,689 131,901 174,431 26,213 22,993 21,912 21,854 92,972 22,716 24,616 28,416 28,748 104,496 26,108 Direct costs 56,780 108,132
Slide 24: P&L details – Road and Solutions
P&L details – Road and Solutions Road (DKKm) FY 2020 FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Divisional revenue 30,395 35,416 41,507 10,094 9,650 9,036 9,375 38,155 10,425 10,561 9,967 9,554 40,507 10,164 Direct costs 24,257 28,321 33,5
Slide 25: Balance sheet (DKKm)
Balance sheet (DKKm) Assets 31.03.2025 31.03.2024 Variance 31.12.2024 Equity and liabilities 31.03.2025 31.03.2024 Variance 31.12.2024 Intangibles assets 76,645 77,188 (543) 77,877 DSV shareholders’ share of equity 114,146 68,629 45,517 114,182 Right-of-use assets 18,301 16,698 1,603 18,713 Non-cont
Slide 26: Investor Relations
Investor Relations Share information Updated financial calendar 2025 Investor Relations contacts DSV A/S is listed on the Copenhagen stock 04 Feb. 2025 Annual Report 2024 DSV A/S exchange under the symbol ‘DSV’. Hovedgaden 630, 2640 Hedehusene, Denmark investor@dsv.com 20 Mar. 2025 Annual General Me