DSV has cut roughly 7,000 full-time employees as part of the integration of DB Schenker, with a further 1,000 layoffs expected in the second quarter, CEO Jens Lund said during the company's first-quarter earnings call.
Lund said the integration of Schenker into DSV has been completed in more than 50 countries, with full global integration still on track for the end of this year. According to the CEO, the integration will deliver about $1.5 billion of synergies in 2027, while integration costs are still estimated at $1.7 billion.
DSV's first-quarter net profit dropped 42% to $256 million, while revenue climbed 69% to $11 billion, primarily reflecting the consolidation of Schenker. CFO Michael Ebbe said the company will continue to monitor further M&A opportunities once the Schenker integration is complete.
The DSV-Schenker tie-up is the largest consolidation in the global freight forwarding market in recent years. The combined entity is targeting a stronger global position behind Kuhne+Nagel and DHL across ocean container, air cargo, road and contract logistics. The headcount reductions reflect the gradual consolidation of overlapping office and operational structures into a single IT and organizational footprint.
Key Takeaways:
1. DSV has laid off about 7,000 full-time employees as part of the DB Schenker integration so far.
2. Another 1,000 layoffs are expected in Q2, with full integration targeted for year-end.
3. CEO Jens Lund said the deal will produce around $1.5 billion of synergies in 2027 against $1.7 billion in integration costs.
4. DSV's Q1 2026 net profit fell 42% to $256 million, while revenue rose 69% to $11 billion as Schenker was consolidated.
5. The combined company aims to strengthen its position behind Kuhne+Nagel and DHL in global freight forwarding.
