Kuehne+Nagel Raises 2026 Profit Outlook as Air Logistics Earnings Surge 35%

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Kuehne+Nagel has raised its full year earnings guidance after stronger air freight performance, market share gains and company wide efficiency measures lifted second quarter profit.

The Swiss logistics group reported net turnover of CHF 6.6 billion for the second quarter of 2026, an increase of 8% compared with the same period last year. At constant exchange rates, turnover increased by 11%.

EBIT rose 11% to CHF 381 million, or 17% in constant currencies, while earnings increased 10% to CHF 276 million. The group recorded a conversion rate of 17%.

Following the first half performance, Kuehne+Nagel increased its recurring EBIT guidance for 2026 to between CHF 1.35 billion and CHF 1.55 billion.

Air Logistics delivered the strongest improvement across the group during the quarter.

Net turnover increased 20% year on year to CHF 2.2 billion, while EBIT climbed 35% to CHF 154 million. The division achieved a conversion rate of 31%.

Air freight volumes reached 1.1 million tonnes during the first half of 2026.

The company attributed the result to market share gains and a more profitable customer mix, particularly within the technology sector. Kuehne+Nagel also expanded its involvement in end to end logistics programmes, including the movement of cloud infrastructure equipment for Google from Asia to the United States.

Chief Executive Officer Stefan Paul said the group had gained significant momentum during the quarter.

“Air Logistics delivered an excellent quarter, increasing profit by 35%,” Paul said. “At the same time, we are accelerating the deployment of artificial intelligence across the organisation.”

The company is introducing artificial intelligence into operational processes and deploying AI agents to support efficiency improvements and service delivery.

Sea Logistics generated net turnover of CHF 2.2 billion and EBIT of CHF 140 million during the quarter.

Its conversion rate reached 29%, improving by four percentage points compared with the first quarter. Container volumes totalled 2.1 million TEU during the first half of the year.

Kuehne+Nagel gained market share on routes from Asia to Europe and North America, although export demand from Europe remained weak amid subdued economic conditions.

Lower production costs and tighter cost controls helped offset some of that pressure. In a market where every percentage point matters, the margin improvement showed how operational discipline can protect earnings even when cargo demand moves unevenly.

Road Logistics turnover increased 14% to CHF 1 billion, with EBIT rising 29% to CHF 36 million.

The division gained market share in all regions, supported partly by stronger customs brokerage activity. Søren Schmidt assumed responsibility for the global Road Logistics business on May 1, 2026.

Contract Logistics reported a 2% increase in turnover to CHF 1.2 billion, while EBIT rose 21% to CHF 51 million.

The division secured major contracts from technology customers during the first half. New warehouse space dedicated to cloud service providers is expected to exceed 300,000 square metres.

Chairman Joerg Wolle said the group had benefited from its efficiency programme and continued investment in technology, including the opening of a new IT centre in India.