DSV's first quarterly results after the formal acquisition of DB Schenker are broadly positive. The deal has already materially increased scale and revenue, produced a measurable near-term profit contribution despite only two months of ownership in Q2 2025.
But risks remain. Integration complexity, cultural and labour issues in Germany, and the heavy price tag mean full benefits (and the bulk of synergies) will take some years to realise.
Financial and scale impact
DSV completed the all-cash purchase of Schenker on 30 April 2025 for roughly US$16.6 billion.
Schenker’s initial financial contribution to DSV was visible immediately. For the two months that Schenker was part of DSV in Q2 2025 it has added a sizeable infusion of gross profit and EBIT given the short period of consolidation.
This has pushed DSV’s headline top-line and operating results higher in H1 and helped lift air-freight volumes and revenues in the quarter.
Strategic rationale - why the move makes sense.
Strategically, the acquisition rapidly creates one of the world’s largest freight forwarders and contract logistics players, strengthening DSV’s global footprint, product breadth (air, ocean, road, contract logistics) and customer base.
DSV Partners with Arcapita to Build State-of-the-Art Sustainable Warehouse at Jebel Ali
For DSV, buying Schenker is about immediate scale, access to new geographies and industry verticals, and stronger pricing power in a fragmented forwarding market - advantages that are visible on the P&L even in the transaction’s first weeks.
Operational and integration progress.
A global leadership team was put in place by DSV and more than 500 executive appointments were made by May 2025. Management says the integration program is underway and expects the full integration to play out through to 2028 - a multi-year programme reflecting the size and complexity of Schenker.
DSV also negotiated a framework agreement with German works councils, an important milestone given German labour rules and the political sensitivity around the sale. These moves reduce immediate execution risk relative to a disorderly integration.
Early operational signals and market reaction.
Operationally, there are encouraging signs: air volumes and forwarding capacity rose significantly in Q2 (DSV reported strong air-freight growth) and early cross-selling opportunities are feasible given complementary networks.
Market commentary has emphasised that the combined entity can pursue customer consolidation and route optimisation that neither company could achieve as quickly alone.
However, market observers also note that some investment plans (e.g., certain North America projects) have been put on pause as DSV recalibrates capital allocation post-deal.
Risks, costs and what to watch next.
Price/valuation risk. DSV paid a very large, cash price — the acquisition must generate sustained revenue growth and cost synergies to justify the outlay. Expect scrutiny on return on invested capital (ROIC) metrics over the next 12–36 months.
Integration complexity. Combining IT platforms, commercial teams, and contract logistics operations across thousands of sites is inherently risky. Delays or unforeseen disruption could erode short-term margin gains.
Labour & political issues. Negotiating with German works councils and managing large workforce harmonisation are delicate; the fact that a frame agreement was reached is positive, but ongoing labour relations will be a watchpoint.
Market cyclicality. Logistics is cyclical and exposed to macro shifts (trade flows, tariffs, manufacturing shifts). An economic downturn could make it harder to achieve synergy targets.
Bottom line and outlook.
Through H1 2025 the acquisition has delivered meaningful, measurable benefits with a clear revenue and EBIT uplift, immediate scale advantages, and rapid progress on governance and initial integration milestones.
That said, the acquisition’s ultimate success depends on DSV’s ability to execute a complex multi-year integration while protecting margins and extracting synergies large enough to justify the large cash price.
For investors and customers the near-term news is positive - the heavy lifting now shifts to disciplined execution over the next 2 to 4 years.
Read More: DSV Sees 25% Year-on-Year Drop in Earnings for Q1 2024