In May 2025, Schenker was fully consolidated into Dsv’s accounts, elevating the Danish group to first place among the world’s largest logistics multinationals by revenue. The immediate impact in the second quarter was a decline in the conversion ratio, the metric that gauges the ability to turn gross profit into operating profit. This is highlighted in an analysis by MobilityWatch of the quarterly results of the three biggest global operators – Dsv, DHL Group and Kuehne+Nagel – which shows the Danish group’s figure down by more than ten percentage points compared with the same period in 2024. Analysts note that the drop comes as no surprise, given that Schenker has historically posted lower efficiency levels than not only Dsv but also DHL and Kuehne+Nagel.
Despite the slowdown, Dsv still leads in conversion performance: in the second quarter, it converted 27% of gross profit into operating profit, well ahead of DHL’s 17.3% and Kuehne+Nagel’s 15.6%. Both rivals, however, also saw their profitability deteriorate, with DHL down 6% and Kuehne+Nagel down 3%. Schenker’s impact has been such that Dsv has revised its forecasts. The previous target of reaching a 45% conversion ratio by 2026, set before the acquisition, has been put on hold. The new goal is to lift the former rival’s operating margin to Dsv’s historical levels by 2028, replicating a well-tested strategy from past deals: acquiring less efficient companies and bringing them in line with group standards.
While efficiency remains an open challenge, the pure profitability picture is more encouraging. In the second quarter, Dsv was the only major logistics player to post an increase in operating profit, up 15% year-on-year, against a 2.7% drop at DHL and a 15% fall at Kuehne+Nagel. This result was achieved despite a decidedly unfavourable environment, with the European road transport market under pressure.
