Q1 2026 results from DSV, Kuehne+Nagel, DHL Group, GXO Logistics and C.H. Robinson offer a mixed reading of road freight, contract logistics and forwarding. Road earnings improved at DSV and Kuehne+Nagel, but neither result points to a broad European recovery.
What the major operators showed in Q1
The clearest road freight improvements came from DSV and Kuehne+Nagel, but the two results tell different stories.
DSV said the increase was driven by Schenker and partly offset by lower domestic groupage volumes in Europe and weaker activity in the automotive sector. The road freight market, the company added, remained affected by subdued economic activity in several European countries. Germany was singled out, with low industrial output continuing to weigh on transport demand.
DSV’s Schenker deal is reshaping the European road freight map. The acquisition expanded DSV’s footprint in European groupage and /LTL, and the company now describes its Road division as a market leader in Europe.
DSV is not only buying volume; it is rebuilding how domestic road freight is controlled in key European markets. With the company expecting only flat to low-single-digit growth in the road market in 2026, the Q1 numbers say more about scale, groupage density and network control than about market recovery.
DSV Contract Logistics was also stronger, with EBIT before special items of DKK 1.264 billion, up 180.1% year-on-year. The result was helped by Schenker, higher warehouse utilisation and commercial growth.
Forwarding-heavy businesses remained more exposed to rates, yields and disruption.DHL Global Forwarding revenue fell 5.0% to €4.527 billion and EBIT dropped 18.5% to €164 million, mainly because of lower freight rates. Air freight volumes rose 3.8% and sea freight volumes increased 2.0%, but the volume growth did not translate into stronger profit.
DSV Air & Sea showed the same pattern. Gross profit increased on the Schenker contribution, but EBIT before special items fell 4.9%, with lower yields and a higher cost base weighing on the division.
Kuehne+Nagel’s Sea Logistics took the heaviest hit among its transport divisions. EBIT fell 46% on volumes that were down 2% year-on-year. Air Logistics was more stable, with EBIT slightly lower at CHF 111 million from CHF 116 million.
C.H. Robinson offers a useful benchmark from North America, although it is not a direct European road freight datapoint. The company divested its Europe Surface Transportation business as of 1 February 2025, so its Q1 road data reflects the North American market.In North American Surface Transportation, revenue rose 2.8% to $2.947 billion and adjusted gross profit increased 3.0% to $431.1 million. Truckload volume fell 3.5%, while LTL adjusted gross profit rose 10.5%, helped by higher profit per order and a 2.0% increase in LTL volume.
