Kuehne+Nagel lifts earnings outlook as logistics profitability strengthens
Kuehne+Nagel reported a significant improvement in profitability during the third quarter of 2026, with earnings increasing across all four business units as the logistics group benefited from higher freight volumes and stronger operational performance.
Net turnover increased 22% year-on-year to CHF 7.4 billion, while earnings before interest and taxes (EBIT) rose 53% to CHF 435 million. Net earnings also increased 53%, reaching CHF 316 million.
The company attributed the improvement to higher transport volumes, increased gross profit and a stronger operational conversion rate.
Following its performance during the first nine months of the year, Kuehne+Nagel raised its full-year 2026 recurring EBIT guidance to CHF 1.5 billion–1.6 billion.
Sea Logistics returns to volume growth
Kuehne+Nagel’s Sea Logistics division recorded net turnover of CHF 2.7 billion during the third quarter, representing a 20% increase compared with the same period in 2025.
Divisional EBIT increased 55% to CHF 172 million, while the conversion rate reached 32%.
Ocean freight volumes returned to growth during the quarter, increasing 5% year-on-year. The company attributed the improvement primarily to market share gains on Asia outbound and transatlantic trade lanes, supported by expansion in the China-origin controlled freight market.
By the end of September 2026, cumulative Sea Logistics volumes had reached 3.3 million TEUs.
The performance indicates that the division strengthened its competitive position while improving profitability during the quarter.
Air Logistics delivers strong earnings growth
Air Logistics recorded the strongest percentage earnings increase among the group’s business units.
Net turnover rose 38% to CHF 2.4 billion, while EBIT increased 84% to CHF 169 million. The division reported a conversion rate of 32%.
Air freight volume growth accelerated to 10% in the third quarter, compared with 3% in the preceding quarter.
According to Kuehne+Nagel, demand from customers supporting cloud infrastructure and semiconductor industries was an important driver of growth.
The company also continued expanding its pharmaceutical logistics capabilities, including temperature-controlled transport solutions.
In September, Kuehne+Nagel opened a new healthcare logistics centre at Frankfurt Airport, strengthening its infrastructure for specialised air cargo services.
Cumulative air freight volumes reached 1.7 million tonnes at the end of September 2026.
Road and Contract Logistics contribute to growth
Road Logistics generated CHF 1 billion in net turnover, an increase of 14%, while EBIT rose 40% to CHF 28 million.
The division benefited from a continuing market recovery, with demand for European groupage services, cross-border logistics and customs solutions supporting its performance.
Contract Logistics increased net turnover by 9% to CHF 1.3 billion, while EBIT advanced 7% to CHF 66 million.
Growth in Europe and the Middle East, together with the implementation of new customer projects, supported the division’s results.
The expansion required targeted upfront investment and the addition of approximately 4,000 employees.
Full-year outlook raised
Kuehne+Nagel now expects recurring EBIT of between CHF 1.5 billion and CHF 1.6 billion for the full year 2026, following the improved performance recorded during the first nine months.
The company also highlighted a newly announced long-term partnership with Amazon and Amazon Web Services (AWS), which it expects to support future growth opportunities.
Stefan Paul, CEO of Kuehne+Nagel International AG, said the third-quarter performance reflected the group’s strategy of profitable growth, with contributions from all business units.
The results show improved profitability across ocean freight, air freight, road transport and contract logistics, supported by stronger volumes and operational efficiency.
With air freight demand continuing to expand and Sea Logistics returning to volume growth, Kuehne+Nagel enters the final quarter of 2026 with an upgraded earnings outlook.
