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
| Company | Most relevant signal | What improved | What remained under pressure |
| DSV | Road EBIT +144.1% | Schenker scale, groupage, network control | Soft European road market, Germany/Netherlands integration friction |
| Kuehne+Nagel | Road EBIT +31.6% | Market share gains, customs solutions, sea-to-road shifts | Group EBIT down, road margins still thin |
| DHL Group | Group EBIT +8.3% | Capacity management, pricing, Supply Chain growth | Forwarding rates, German transport and labour costs |
| GXO Logistics | Adjusted EBITDA +22.7% | Outsourcing, automation, record sales pipeline | Free cash flow still negative |
| C.H. Robinson | North American Surface revenue +2.8% | Pricing, LTL, productivity | Truckload volume down, bought-in capacity costs up |
Road earnings rose, but not because Europe suddenly recovered
The clearest road freight improvements came from DSV and Kuehne+Nagel, but the two results tell different stories.
After the Schenker acquisition, the road division at DSV more than doubled. Road revenue rose 128.0% year-on-year to DKK 23.299 billion, gross profit increased 167.5% to DKK 5.224 billion and EBIT before special items climbed 144.1% to DKK 996 million. Gross margin improved from 19.2% to 22.4%, and operating margin edged up from 4.0% to 4.3%.
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.
Kuehne+Nagel‘s road result was smaller but cleaner. The Swiss group’s Road Logistics net turnover rose to CHF 908 million from CHF 871 million, and EBIT increased 31.6% to CHF 25 million. The EBIT-to-gross-profit conversion rate improved from 5.7% to 7.4%, and EBIT as a share of net turnover rose from 2.2% to 2.8%.
Kuehne+Nagel said Road Logistics benefited from broad-based market share gains, demand for AI-enabled customs clearance solutions and sea-to-road mode shifts in the Middle East. Net turnover growth was 9% year-on-year excluding currency effects, including 5% organic growth.
DSV’s Schenker deal is reshaping the European road freight map. The acquisition expanded DSV’s footprint in European groupage and FTL/LTL, and the company now describes its Road division as a market leader in Europe.
That scale is not frictionless. DSV said the initial phase of integration in Germany and the Netherlands temporarily reduced productivity because of complex migrations, including IT system migration. In Germany, the company also faced additional cost after leaving the IDS road freight network at the end of 2025, as it took full control of domestic volumes.
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.
Warehouses look steadier than freight rates
Contract logistics gave a more stable signal than forwarding, though the reasons varied by company. DHL Supply Chain revenue rose 2.8% to €4.502 billion and EBIT increased 3.1% to €276 million. DHL said the division achieved organic revenue growth of 5.7%, supported by new business, contract renewals and e-commerce growth. Productivity gains from digitalisation, automation and standardisation also supported earnings.
GXO, the world’s largest pure-play contract logistics provider, also grew. Revenue rose 10.8% year-on-year to $3.298 billion, with organic revenue growth of 4.1%. Adjusted EBITDA increased to $200 million from $163 million, and net income reached $5 million, compared with a $95 million loss a year earlier.
GXO reported $227 million of new business wins and a record sales pipeline of $2.7 billion. Around 40% of new wins came from strategic growth sectors, including aerospace and defence, technology, industrial and life sciences. The UK remained its largest reported market, with revenue rising to $1.595 billion from $1.391 billion.
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.
More volume did not always mean more profit
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.
Higher prices do not always protect margins
Cost pressure remains visible in land-based operations, even as revenue rises. In Germany, DHL’s Post & Paket Deutschland revenue increased 1.7% to €4.502 billion, helped by price adjustments and higher volumes in goods-bearing shipments. EBIT fell 5.8% to €264 million. DHL said parcel volume growth did not fully offset falling letter volumes and higher transport and personnel costs.
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.
