DSV A/S

Air & Sea and Road, together roughly 83% of FY2025 revenue, are priced per shipment at market rates with no contractual backlog and no meaningful recurring subscription base. Contract Logistics Solutions (roughly 17%) carries multi-year warehouse agreements, but the majority of group revenue is repriced continuously at market rates with no forward visibility.

Three operationally distinct segments span Air & Sea (roughly 54%), Road (roughly 29%), and Contract Logistics Solutions (roughly 17%), so no single mode exceeds 60% of revenue. All three remain closely correlated with global trade volumes, limiting the diversification benefit during broad economic downturns.

Post-Schenker, DSV reports no single country above roughly 17% of revenue (US 16.5%, Germany 12.1%, with Denmark, Sweden, and the Netherlands each below 5%), and roughly 58% of net sales in a broadly distributed international category spanning Europe, the Americas, and Asia-Pacific. No single region dominates revenue.

DSV's asset-light model (no owned aircraft or vessels) allows incremental volumes to run through a largely fixed IT and management infrastructure. With over 70,000 employees post-Schenker, headcount scales materially with volumes, and EBIT margins held in the 10-12% range across FY2022-FY2024 despite freight rate normalization.

Revenue is predominantly transactional: individual shipments booked at market rates with short-term agreements dominate the Air & Sea and Road divisions. Contract Logistics warehousing agreements (roughly 17% of revenue) carry multi-year terms and are mission-critical for clients, but the dominant business is re-priced at each booking cycle.