Kuehne+Nagel reported stronger-than-expected results for the first quarter of 2026, supported by cost reductions and solid performance across most business units.
The group posted net turnover of CHF 5.6 billion, EBIT of CHF 343 million, and earnings of CHF 248 million. The conversion rate reached 16%.
Cost-saving measures introduced in October 2025 reduced unit costs and boosted profitability.
CEO Stefan Paul said the company delivered a strong start in Air, Road, and Contract Logistics. However, Sea Logistics faced short-term pressure due to disruptions in the Middle East. He added that the company is monitoring rising energy prices and potential impacts on demand.
Despite ongoing market volatility and a weaker US dollar, Kuehne+Nagel expects full-year 2026 EBIT to range between CHF 1.25 billion and CHF 1.40 billion.
Sea Logistics
Sea Logistics generated CHF 1.9 billion in revenue and CHF 113 million in EBIT, with a conversion rate of 25%. Volumes reached one million TEU. Middle East disruptions increased operational complexity, while prior-year volumes had been unusually high due to front-loading.
Air Logistics
Air Logistics recorded CHF 1.6 billion in revenue and CHF 111 million in EBIT, with a conversion rate of 27%. Volumes totaled 516,000 tonnes, showing slight growth year-on-year. Capacity tightened due to regional tensions, driving higher demand for charter services.
Road Logistics
Road Logistics generated CHF 908 million in revenue and CHF 25 million in EBIT. The unit gained market share across all regions. The company also supported regional supply chains by launching landbridge trucking services between Saudi Arabia and the UAE.
Contract Logistics
Contract Logistics reported CHF 1.2 billion in revenue and CHF 94 million in EBIT. Results included a one-off gain of CHF 35 million from a property sale in Germany. The company expanded its footprint with new distribution centers in the Americas, the UAE, and Singapore.
Kuehne+Nagel said its global network and close customer collaboration position the company to respond quickly to changing market conditions in the months ahead.
