2025 Annual Report reflects continued market pressure and long-term investments
We have published our Annual Report for 2025, reflecting a year shaped by continued market uncertainty, pressure on freight rates and significant investments in our long-term strategic development.
Revenue for 2025 landed at DKK 2.9 billion, while we reported a net loss of DKK 60.5 million and an EBITDA result of DKK -52.1 million.
The result is below expectations and means that 2025 became another challenging year for both us and the global transport, freight forwarding and logistics industry as a whole.
According to Group CFO Christian Pape, the result must be viewed in the context of both external market conditions and a deliberate strategic decision to continue investing in the future platform of the business despite a difficult market environment.
“We are not satisfied with the financial result for 2025. At the same time, it is important to understand the broader picture behind the numbers. We have continued to operate in a market characterised by intense competition, pressure on freight rates and low visibility across global supply chains. Despite this, we have chosen to continue investing in the long-term development of LEMAN rather than focusing solely on short-term financial improvements,” says Christian Pape.
Continued pressure across global freight markets
Throughout 2025, we continued to experience challenging conditions across several parts of the market.
We have seen increased competition and continued pressure on freight rates, which are among the main reasons behind the unsatisfactory earnings level.
At the same time, our UK business remained affected by legacy contracts that negatively impacted profitability during the year. These conditions are expected to improve gradually as the contract portfolio develops over time.
Despite the difficult conditions, we maintained a strong commercial platform and continued to perform well in several key markets, including a profitable Scandinavian business.
“Our Scandinavian operations continue to perform solidly, and we still see strong engagement from both customers and colleagues across the organisation. That gives us confidence in the direction we are moving in, even if the turnaround is taking longer than originally anticipated,” says Christian Pape.
Long-term investments continue
During 2025, we continued to invest significantly in several strategic initiatives across the Group.
This included continued investments in Germany and Poland, where the continued build-up of our Polish organisation impacted short-term profitability during the year. At the same time, we increased investments in digital capabilities, including AI and automation, with the ambition of strengthening scalability, operational efficiency and future customer solutions.
Maintaining a high level of investment activity during a weaker market cycle has been a conscious strategic choice.
“The turnaround of the business is progressing, but at a slower pace than we initially expected. That is partly because we have deliberately prioritised long-term positioning, operational development and international capabilities over short-term financial optimisation,” says Christian Pape.
We also continue to evaluate investment opportunities and potential acquisitions as part of our long-term ambitions towards 2030.
Outlook for 2026
Looking ahead, we expect global freight markets to remain uncertain and competitive throughout 2026.
We therefore do not expect to return to full profitability during the coming year, although EBITDA is expected to be close to break-even.
Revenue for 2026 is expected to land at around DKK 3 billion.
According to our strategic plan towards 2030, we expect to achieve sustainable profitability in 2027 and continue building from that position in the years that follow.
Sustainability and long-term development
Sustainability remains an integrated part of our long-term strategy and business development.
In 2025, our total market-based CO₂e emissions increased by 42% compared to the previous year. The increase was primarily driven by developments within Scope 3 upstream transportation, which represents more than 99% of our total emissions.
This reflects both the nature of the freight forwarding industry and the importance of continuing to work closely with customers and partners on reducing environmental impact across supply chains.
During the year, we continued to invest in initiatives such as eco solutions across air, sea and road freight as well as the ongoing development of future Science Based Targets.
We also continued our focus on diversity and inclusion across the organisation. At the end of 2025, women represented 43% of the Board of Directors and 47% of our total workforce.
“At LEMAN, we remain committed to building a modern and inclusive workplace where colleagues can grow and develop. Long-term business development is not only about financial performance. It is also about culture, sustainability, digital capabilities and creating a company that is positioned strongly for the future,” says Christian Pape.
The full Annual Report can be read and downloaded here.