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Global freight forwarder Kuehne+Nagel reported a solid first half of 2025, driven by strong performance in Sea and Air Logistics, despite facing foreign exchange pressure and volatile trade conditions. The group posted an 8% increase in net turnover to CHF 12.5 billion, and a 4% rise in gross profit to CHF 4.4 billion. However, earnings before interest and taxes (EBIT) slipped 4% to CHF 744 million, largely due to a CHF 24 million hit from currency fluctuations and one-off expenses.
In volume terms, the company handled 2.1 million TEUs in sea freight—up 2%—and 1.1 million tonnes in air freight, a 7% increase. Both figures outperform general market trends.
Stefan Paul, CEO of Kuehne+Nagel International AG, highlighted the role of targeted sales strategies in helping the company increase market share. “We increased volumes by 2% in Sea Logistics and by 7% in Air Logistics—well above overall market growth,” he said in a July 24 statement. “We have laid the foundation to gain further market share, particularly in Sea and Air Logistics.”
Sea Logistics: Gains from Asia-Europe Corridor
The Sea Logistics division saw net turnover climb 16% to CHF 4.7 billion in H1 2025. Growth was supported by increased container volumes and strategic gains on the Asia-Europe route. Notably, the 2% rise in container throughput came during a period marked by weakening demand and volatile freight rates, especially following “Liberation Day,” which triggered a pronounced weakening of the US Dollar.
Even so, EBIT for the unit dropped 7% to CHF 368 million, with currency effects dampening profitability. The conversion rate stood at 34%.
Despite weakening volumes to and from the United States, Kuehne+Nagel managed to stabilize its performance by capturing new business in other global markets.
Air Logistics: Semiconductors and Cloud Drive Growth
The Air Logistics segment posted an 8% increase in net turnover to CHF 3.6 billion. EBIT improved by 10% to CHF 230 million, indicating a stronger margin performance relative to volume growth. Gross profit rose 6% to CHF 874 million.
Kuehne+Nagel attributed the growth partly to surging demand in specialized verticals such as perishables, semiconductors, and cloud infrastructure (notably hyperscalers). These high-value segments continue to fuel volume and revenue expansion in a competitive global air freight market.
While EBIT in Q2 2025 dipped slightly by 2%, the conversion rate for the half-year remained at a healthy 26%.
Road Logistics: Sluggish European Market Weighs on Results
Road Logistics underperformed in H1, with net turnover slipping to CHF 1.75 billion, down 1% year-on-year. EBIT plummeted by 29% to CHF 47 million, reflecting continued underutilization of the company’s European road network.
Persistent subdued demand in key European markets led to a decline in both volumes and pricing power. However, Kuehne+Nagel moved to strengthen its regional presence with the acquisition of Spanish groupage logistics provider TDN, finalized at the end of Q2. This move is expected to expand service coverage across the Iberian Peninsula.
Contract Logistics: Stable Turnover, Regional Expansion
The Contract Logistics unit held steady with CHF 2.4 billion in turnover, reflecting a marginal 1% increase over H1 2024. EBIT dropped by 6% to CHF 99 million, impacted by a CHF 16 million provision tied to an ongoing industry investigation in Italy.
Despite this setback, operational activity remained strong. In June 2025, Kuehne+Nagel expanded its long-standing partnership with Louis Vuitton, opening a new distribution center in Tokyo to enhance service in the Japanese luxury retail market.
The company noted that the second quarter of 2025 marked the strongest quarter in the business unit’s history from an operational perspective.
Forecast: EBIT Outlook Maintained Despite Headwinds
Currency pressures have been the main drag on performance, particularly for Sea and Air Logistics, where many transactions are denominated in US dollars. The group now expects full-year recurring EBIT to range between CHF 1.45 billion and CHF 1.65 billion.
Dr. Joerg Wolle, Chairman of the Board of Directors, said the group is on track: “Turnover growth clearly outpaced the market average, confirming the company’s strategic direction. Kuehne+Nagel is well on track to further strengthen its market position.”
With a workforce of more than 82,000 and operations in nearly 100 countries, Kuehne+Nagel continues to hold top positions in global sea and air logistics, even as it navigates geopolitical volatility and shifting trade patterns.
