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 October 23.

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 ($16.7 billion) takeover of DB Schenker, which is creating a transport giant with about 160,000 employees in more than 90 countries.

DSV, which hasn’t yet said how many jobs it will cut in connection with the takeover, said on October 23 that it is considering 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 the end the end of 2026, compared with a previous expectation of 50%.