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The Kühne+Nagel Group achieved a net revenue of CHF 5.6 billion in the first quarter of 2026. EBIT amounted to CHF 343 million, while net profit was CHF 248 million. The conversion rate, which describes the ratio of EBIT to the group’s gross profit, was 16 percent. These figures reflect the impact of an efficiency program announced in October 2025, which has sustainably reduced costs per transport unit.
Positive Development in Various Business Areas
Stefan Paul, CEO of Kühne+Nagel International AG, commented on the results: “Kühne+Nagel recorded a strong start to the year in the air freight, land transport, and contract logistics sectors due to tight cost management. Sea freight was affected by short-term disruptions in the Middle East.” He emphasized the need to closely monitor developments in the markets, particularly regarding rising raw material prices and the resulting consumer demand. Paul added that the company’s international network and close collaboration with customers enable a flexible response to rapidly changing situations. This gives the company confidence for the second quarter of 2026.
For the entire fiscal year 2026, Kühne+Nagel now expects an operating EBIT in the range of CHF 1.25 to 1.40 billion.
Segment Analysis: Sea Freight, Air Freight, Land Transport, and Contract Logistics
In the sea freight segment, a net revenue of CHF 1.9 billion and an EBIT of CHF 113 million were achieved in the first quarter of 2026. The conversion rate was 25 percent, and the volume reached one million standard containers by the end of March 2026. The situation in the Middle East led to increased service intensity, while volumes compared to the previous year were particularly strong due to pull-forward effects.
In the air freight sector, net revenue reached CHF 1.6 billion, with an EBIT of CHF 111 million and a conversion rate of 27 percent. The air freight volume stood at 516,000 tons by the end of March 2026, showing a slightly positive development compared to the previous year. Events in the Middle East led to a tightening of air freight capacity, increasing demand for charter solutions.
The land transport segment achieved a net revenue of CHF 908 million and an EBIT of CHF 25 million. Kühne+Nagel was able to gain market share in all regions and contributed to securing regional supply chains, particularly through truck transports from Saudi Arabia to the United Arab Emirates.
In the contract logistics sector, net revenue was CHF 1.2 billion, while EBIT was CHF 94 million. A one-time positive result of CHF 35 million was achieved through the sale of a property in Germany. Additionally, Kühne+Nagel opened new distribution centers in America, the United Arab Emirates, and Singapore.
