DSV’s airfreight business recorded strong growth in the first quarter of 2026, driven mainly by the contribution of Schenker and continued demand from technology and semiconductor customers.
The company handled 518,000 tonnes of airfreight in the quarter, up 55% year on year. This placed DSV slightly ahead of Kuehne+Nagel, which reported 516,000 tonnes, in the race to become the world’s largest airfreight forwarder.
DSV said the increase was primarily linked to Schenker, which it acquired in April last year. Growth was also supported by technology and semiconductor shipments, especially on the Asia–North America and intra-Asia trade lanes.
However, DSV reported declines on routes from Latin America to North America due to continued yield management. Across verticals, Technology and Aerospace showed strong momentum, while Automotive remained affected by downtrading.
Compared with the previous quarter, airfreight volumes were down 12%, reflecting seasonality and capacity constraints in the Middle East.
DSV also highlighted a volatile market environment, with reduced capacity and higher jet fuel prices due to the Middle East conflict. The company said it is maintaining strict pricing discipline and working to pass elevated fuel costs on to customers.
Air revenues reached Dkr20.2bn, up 48% year on year, while air gross profit increased 44% to Dkr4.3bn.
For the Air & Sea division, revenue rose 41% to Dkr36.6bn, while divisional gross profit increased 33% to Dkr8.1bn. Group revenue rose 74.7% to Dkr70.3bn, mainly due to Schenker’s contribution.
