Kuehne+Nagel Q2 revenue rises 8% to CHF 6.6bn, EBIT up 11%

The Switzerland-based logistics company Kuehne+Nagel reported strong second-quarter 2026 results, with its air logistics business delivering double-digit growth in revenue and earnings, supported by demand from the technology sector, market share gains and an improved customer portfolio mix.

The company’s net turnover in air logistics increased 20% year-on-year to CHF 2.2 billion in the second quarter, while EBIT (Earnings Before Interest and Taxes) rose 35% to CHF 154 million. The conversion rate stood at 31%.

Air freight volumes reached 1.1 million tonnes during the first half of 2026. Second-quarter volumes increased 3% year on year and 13% quarter on quarter, with export strength from Southeast Asia, excluding China, contributing to the growth. The company said semiconductor shipments and cloud infrastructure projects remained key demand drivers, while disciplined cost control supported higher unit EBIT.

Performance was also supported by market share gains in the technology sector and an improved customer portfolio mix. During the quarter, Kuehne+Nagel further strengthened its end-to-end logistics offering by managing the transportation of Google cloud infrastructure equipment from Asia to the United States.

Stefan Paul, Chief Executive Officer of Kuehne+Nagel International AG, said the Group gained strong momentum during the second quarter while continuing to invest in artificial intelligence to improve operational efficiency and service quality.

"The Kuehne+Nagel Group gained significant momentum in the second quarter of 2026, once again demonstrating its ability to position itself successfully in the market. Air logistics delivered an excellent quarter, increasing profit by 35%. At the same time, we are accelerating the deployment of artificial intelligence across the organisation. From optimising operational processes to integrating AI agents, we are creating the foundation for measurable efficiency gains and the continuous enhancement of service quality,” stated Paul.

Along with air logistics, the Swiss forwarder’s contract logistics also recorded second-quarter net turnover of CHF 1.2 billion, up 2% year on year, while EBIT increased 21% to CHF 51 million. During the first half, the company secured significant new business from technology customers, with warehouse space dedicated to cloud providers expected to exceed 300,000 square metres.

Across the group, net turnover for the first half of 2026 totalled CHF 12.2 billion, compared with CHF 12.5 billion in the corresponding period of 2025, representing 3% growth at constant exchange rates. Gross profit remained at CHF 4.4 billion (+3%), while recurring EBIT reached CHF 689 million and recurring earnings per share stood at CHF 4.10. Free cash flow improved to CHF 310 million from CHF 295 million a year earlier. Cash and cash equivalents amounted to CHF 617 million, while net debt, excluding capitalised leases, stood at CHF 1.183 billion.

Sea logistics reported second-quarter net turnover of CHF 2.2 billion and EBIT of CHF 140 million, with a conversion rate of 29%, four percentage points higher than the previous quarter. Container volumes totalled 2.1 million TEU in the first half of 2026. The business recorded market share growth on Asia-Europe and Asia-North America trades despite subdued export demand from Europe, while cost management helped offset weaker market conditions.

Road logistics posted a 14% increase in second-quarter net turnover to CHF 1 billion, with EBIT rising 29% to CHF 36 million. The business gained market share across all regions, supported in part by customs brokerage services. On May 1, 2026, Søren Schmidt assumed responsibility for Kuehne+Nagel's global road logistics business.

Dr Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG, said, "In the first half of 2026, Kuehne+Nagel successfully capitalised on its strategic strengths in an environment marked by significant changes and uncertainty in global trade. Through the consistent execution of our efficiency programme and strong operational performance, the Group further enhanced its capabilities and attractiveness to customers. With the opening of a new IT centre in India, we are making targeted investments in efficiency as well as in our innovation and technology capabilities.”

“In light of the positive business development and our further strengthened market position, we are raising our earnings guidance for the full year 2026,” added Wolle. Looking ahead, Kuehne+Nagel said it remains focused on expanding market share in air logistics, maintaining stable or higher yields across its sea and air logistics businesses, and executing its cost reduction programme, which is expected to deliver savings of more than CHF 120 million in 2026. The company also expects artificial intelligence initiatives to generate productivity gains of CHF 100-150 million from 2027.

Based on its first-half performance, Kuehne+Nagel raised its full-year 2026 recurring EBIT guidance to between CHF 1.35 billion and CHF 1.55 billion.

The article was originally published on The STAT Trade Times.