The Danish logistics group DSV, which also owns DB Schenker, grew in the first half of the year. The integration of Schenker is “progressing well”, the company announced.
According to DSV, the second quarter was primarily shaped by the conflict in the Middle East. Global supply chains were disrupted, and prices rose worldwide, driven in particular by higher energy costs. Despite this environment, the Danish company managed to achieve earnings growth: DSV reported an EBIT of DKK 6.255 billion (approx. € 837 million) for the quarter. This was primarily driven by improved performance in the Air & Sea and Contract Logistics business units.
Adjusted free cash flow amounted to DKK 786 million (€ 105 million), influenced by a temporary increase in net working capital. This was attributed to a sharp rise in prices for bunker and aviation fuels, as well as higher receivables relating to property sales from the Schenker portfolio.
Schenker integration is underway
The integration of DB Schenker is making good progress. Sites in more than 60 countries, including Germany, have already been fully integrated or are currently undergoing integration. “We continue to expect annual synergies of DKK 9 billion (€ 1.2 billion, editor’s note), which will take full effect from 2027.”
DSV acquired DB Schenker from Deutsche Bahn in April last year; the value was stated as € 14.3 billion – for Deutsche Bahn, it was the largest transaction in the company’s history. According to its own statement, the Danish group DSV plans to build the world’s largest logistics group.
Based on business performance in the first six months of the year and the outlook for the second half of the year, DSV has slightly adjusted its EBIT forecast for the full year 2026: from DKK 23.0–25.5 billion to DKK 23.5–25.5 billion (equivalent to € 3.14–3.41 billion).
“The second quarter remained challenging and was characterised by geopolitical uncertainty and higher energy prices,” said Jens H. Lund, Group CEO of DSV. “Despite this environment, we were able to achieve earnings growth, supported by the Schenker integration, our global network and the commitment of our employees.”
Performance in the Road division fell short of expectations due to operational challenges in certain markets; however, recent changes in management are expected to lead to an improvement in operational execution and results. “With our new ‘Leverage to Lead’ strategy and updated financial targets for 2030, we have set a clear direction to strengthen our market position and drive sustainable, long-term growth through AI and technology, network optimisation and commercial excellence,” said Lund.
