DSV reported a solid first quarter performance for 2026, with earnings growth supported by the ongoing integration of DB Schenker despite challenging market conditions.
The company posted EBIT before special items of DKK 4,855 million, up from DKK 3,860 million a year earlier, reflecting strong operational performance and acquisition-driven growth.
Growth driven by Schenker acquisition
DSV said the integration of Schenker continues to progress at pace, with more than 50 countries already integrated or in the process.
The company reiterated expected synergies of:
- DKK 9 billion annually (full impact by 2027)
- At least DKK 4 billion incremental impact in 2026
The acquisition was the main driver behind:
- 78.4% increase in gross profit to DKK 18,903 million
- Strong performance in both Road and Contract Logistics divisions
Mixed performance across divisions
While overall results were strong, performance varied across business units:
- Air & Sea: EBIT declined slightly by 4.9%, impacted by lower freight yields and market volatility
- Road: EBIT surged 144.1%, driven largely by Schenker integration
- Contract Logistics: EBIT rose 180.1%, supported by higher warehouse utilisation and commercial activity
The company said global supply chains remain under pressure, particularly in air and sea freight.
Impact of geopolitical tensions
CEO Jens H. Lund said the Middle East conflict has added complexity to global logistics, affecting customer supply chains and increasing operational challenges.
Despite this, DSV maintained service continuity by leveraging its global network and offering flexible routing solutions.
Outlook unchanged despite uncertainty
DSV reiterated its full-year 2026 guidance:
- EBIT before special items: DKK 23.0–25.5 billion
- Special items (integration costs): around DKK 6.5 billion
The company warned that macroeconomic risks, trade tensions, and geopolitical instability could impact global trade and demand.
Cash flow and financial position
Adjusted free cash flow reached DKK 1,517 million, impacted by seasonal factors and higher working capital.
Total integration and transaction costs related to Schenker are expected to reach around DKK 11 billion, with approximately DKK 6 billion already recorded since the deal announcement.
Strategic focus on transformation
DSV said it will continue to focus on:
- Completing the Schenker integration by end-2026
- Driving efficiency through AI and digital transformation
- Strengthening its position as a global logistics leader
The results highlight DSV’s ability to maintain strong earnings momentum despite a volatile market environment, with the Schenker acquisition playing a central role in its growth strategy.
