DSV Warns of More Cost Cuts as Tariffs Hurt Freight Markets
Freight Forwarder Says DB Schenker Takeover Is Progressing Swiftly
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DSV A/S, the world’s largest freight forwarder, lowered the top end of its profit forecast range and said it may have to make deeper cost cuts as tariffs are starting to hurt the transport market.
DSV, which is based outside of Copenhagen, lowered by 1 billion kroner ($155 million) the high end of its 2025 expectations for earnings before interest, tax and special items, to a new range of 19.5 billion kroner to 20.5 billion kroner, according to a statement on Oct. 23.
DSV ranksNo. 10on theTransport Topics Top 100 list of the largest logistics companiesin North America, and No. 14 on theTT 50 list of the largest global freight carriers.
Challenging market conditions related to trade tariffs and other macroeconomic factors have become “more visible in global trade flows” in the past quarter, DSV said. The deterioration in demand comes at a time when DSV is integrating its record 14.3 billion-euro ($16.7 billion) takeover of DB Schenker, which is creating a transport giant with about 160,000 employees in more than 90 countries.
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DSV, which hasn’t yet said how many jobs it will cut in connection with the takeover, said Oct. 23 it considers cost cuts that “extend beyond the synergies anticipated from the Schenker transaction” due to tariffs and other challenges on the freight market.
Still, DSV, which has gained a reputation as a master of takeovers, said the integration of Schenker is going somewhat faster than previously expected. It expects to complete 70% of it by end the end of next year, compared with a previous expectation of 50%.
DB Schenker ranksNo. 25on the TT Top 100 list of the largest logistics companies in North America.
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