The Kuehne+Nagel Group delivered strong business performance in the second quarter of 2026. Net turnover increased by 8% year-over-year to CHF 6.6 billion (11% in constant currencies). EBIT rose by 11% to CHF 381 million (17% in constant currencies), while earnings increased by 10% to CHF 276 million (15% in constant currencies). The Group’s conversion rate stood at 17%.

Stefan Paul, CEO of Kuehne+Nagel International AG:

“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.”

Based on the results of the first half of 2026, Kuehne+Nagel now expects recurring EBIT for the full year in the range of CHF 1.35 to 1.55 billion.
 

Sea Logistics

Net turnover in the business unit Sea Logistics amounted to CHF 2.2 billion in the second quarter of 2026, with EBIT reaching CHF 140 million. The conversion rate stood at 29%, representing a sequential improvement of four percentage points compared with the first quarter of 2026. Over the first half of 2026, container volumes totalled 2.1 million TEU.

The second quarter of 2026 was characterised by continued efficiency gains across the network and market share growth on the trade from Asia to Europe and to North America. Export business from Europe remained subdued due to weak economic conditions. Through disciplined cost management, Kuehne+Nagel partially offset this decline by reducing production costs.

Air Logistics

Net turnover in the business unit Air Logistics increased by 20% year-over-year to CHF 2.2 billion in the second quarter of 2026, while EBIT rose by 35% to CHF 154 million. The conversion rate stood at 31%. Air freight volumes amounted to 1.1 million tonnes in the first half of 2026.

Performance was primarily driven by improvements in customer portfolio mix and market share gains, particularly in the tech sector. At the same time, Kuehne+Nagel further strengthened its position in end-to-end logistics solutions, for example through the transportation of cloud infrastructure equipment for Google from Asia to the United States.

Road Logistics

Net turnover in the business unit Road Logistics increased by 14% to CHF 1.0 billion in the second quarter of 2026, while EBIT rose by 29% to CHF 36 million. The business unit gained market share across all regions. In particular, customs brokerage services made a positive contribution to the business.

On May 1, 2026, Søren Schmidt, a recognised industry leader, took up responsibility for Kuehne+Nagel’s global Road Logistics business.

Contract Logistics

Net turnover in the business unit Contract Logistics increased by 2% to CHF 1.2 billion in the second quarter of 2026, while EBIT rose by 21% to CHF 51 million.

In the first half of 2026, Kuehne+Nagel Contract Logistics secured significant business from customers in the tech sector. In total, new warehouse space dedicated to cloud providers will exceed 300,000 sqm.

Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG:

“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.”

The Kuehne+Nagel Group generated a net turnover of CHF 5.6 billion in the first quarter of 2026. EBIT amounted to CHF 343 million and earnings to CHF 248 million. The Group’s conversion rate stood at 16%.

The cost-saving measures announced in October 2025 had a material impact on the first-quarter 2026 earnings. As a result, costs per unit were sustainably reduced.

Stefan Paul, CEO of Kuehne+Nagel International AG:

“Thanks to disciplined cost management, Kuehne+Nagel made a strong start to the year in Air, Road and Contract Logistics. Sea Logistics was affected short-term by disruptions in the Middle East. We are closely monitoring the situation, particularly with regard to rising energy prices and the possible impact on consumer demand.

As the markets continue to be volatile, our access to a global network and close collaboration with customers enable us to respond swiftly and flexibly to fast-changing conditions. This strength, combined with the current market dynamics and our consistent cost management, gives us confidence for the second quarter of 2026.”

Taken the results of the first quarter into consideration, Kuehne+Nagel now expects recurring 2026 group EBIT in a range of CHF 1.25 to 1.40 billion.

Sea Logistics

In the first quarter of 2026, Sea Logistics generated net turnover of CHF 1.9 billion and EBIT of CHF 113 million. The conversion rate stood at 25%. At the end of March 2026, volumes amounted to one million TEU.

The situation in the Middle East has led to increased service intensity in the first quarter of 2026. Volumes in the prior-year period (Q1 2025) had been exceptionally strong due to effects from customer front-loading related to “Liberation Day”.

Air Logistics

Air Logistics generated a net turnover of CHF 1.6 billion in the first quarter of 2026, with EBIT reaching CHF 111 million. The conversion rate amounted to 27%. At the end of March 2026, air freight volumes totaled 516,000 tonnes, showing a slightly positive development compared with the prior-year period.

Events in the Middle East led to a short-term tightening of air freight capacity, resulting in increased demand for charter solutions.

Road Logistics

In the first quarter of 2026, Road Logistics generated a net turnover of CHF 908 million and EBIT of CHF 25 million.

The business unit increased market share across all regions. Since the outbreak of the conflict in the Middle East, Kuehne+Nagel has also contributed to safeguarding regional supply chains by establishing land-bridges, for example through truck transport services from Saudi Arabia to the United Arab Emirates.

Contract Logistics

Contract Logistics generated a net turnover of CHF 1.2 billion in the first quarter of 2026, with EBIT amounting to CHF 94 million. A one-off positive result of CHF 35 million was recorded from the sale of a property in Germany.

Kuehne+Nagel opened new distribution centers in the Americas, the United Arab Emirates and Singapore.

   _{*adjusted for expenses from the cost savings programme
   **adjusted for foreign exchange effects}

The Kuehne+Nagel Group generated net turnover of CHF 24.5 billion in financial year 2025. Recurring EBIT reached CHF 1.4 billion, while earnings amounted to CHF 925 million. The Group’s recurring conversion rate – the ratio of recurring EBIT to gross profit – stood at 16%. The cost reduction programme targeting more than CHF 200 million of savings was implemented in the fourth quarter of 2025.

Stefan Paul, CEO of Kuehne+Nagel International AG:

“In a year marked by a deteriorating economic environment, we continued to deliver growth through the consistent execution of our strategy. As a logistics partner to global cloud and server infrastructure providers, we gained significant market share in Air Logistics contributing to our unchanged global No. 1 positions in both the sea and air freight markets on a volume basis.

The accelerated deployment of AI, built upon our established global networks and proprietary technology, will be a key strategic pillar with material productivity gains expected over the next 18 months.”

For 2026, Kuehne+Nagel expects a group recurring EBIT result in the range of CHF 1.2 to 1.4 billion.

  
Sea Logistics

   _{*adjusted for expenses from the cost savings programme
   **adjusted for foreign exchange effects}

Net turnover in Sea Logistics totalled CHF 8.8 billion in 2025, with recurring EBIT of CHF 585 million. Container volumes reached 4.3 million TEU, confirming Kuehne+Nagel’s global number 1 position. The recurring conversion rate stood at 29%.

The business unit achieved its strategic objective of expanding business with small and medium-sized customers, who for the first time accounted for half of total volumes on a full-year basis. This enabled the company to stabilise its yield development in the second half of 2025.

  
Air Logistics

   _{*adjusted for expenses from the cost savings programme
   **adjusted for foreign exchange effects}

Net turnover in Air Logistics amounted to CHF 7.3 billion in 2025, with recurring EBIT of CHF 454 million and a recurring conversion rate of 26%. Air freight tonnage grew 7% year-over-year to 2.2 million tonnes.

The global No. 1 position in air freight was further strengthened through outsized growth in services for cloud and data centre customers in the US, which accelerated into year-end. With the acquisition of Eastway Global Forwarding Ltd., the business unit strategically expanded its portfolio of time-critical aircraft-on-ground services.

   
Road Logistics

   _{*adjusted for expenses from the cost savings programme
   **adjusted for foreign exchange effects}

Road Logistics recorded net turnover of CHF 3.5 billion and recurring EBIT of CHF 86 million in 2025. The weak economic environment in Europe affected the groupage segment. Volume remained stable at 24 million orders.

The acquisition of Spanish logistics provider TDN expanded Kuehne+Nagel’s European groupage network, while demand for AI-supported customs services increased noticeably.

   
Contract Logistics

   _{*adjusted for expenses from the cost savings programme
   **adjusted for foreign exchange effects}

Contract Logistics generated net turnover of CHF 4.8 billion and recurring EBIT of CHF 255 million – a new record for the business unit.

New distribution centres were opened in Japan, Turkey, Vietnam and the UAE, with five additional hubs launched in important economic centres in India. Integrated logistics solutions saw particularly strong demand.

   
Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG:

"In times of seriously challenging market conditions, Kuehne+Nagel once again demonstrated its performance capabilities in 2025. While we did not enjoy any tailwind from the markets, our clear-cut strategy and here particularly the expansion of networks in markets such as North America and Asia, as well as the disciplined execution of the cost measures launched in the autumn produced good results.

With a dividend proposal of CHF 6.00 per share – a yield of 3.5%* – we enable our shareholders to participate in the company’s success again.”

_{*Compared to the closing price of the Kuehne+Nagel share on December 30, 2025.}

   
_{Annual Report 2025}

_{Further information on the annual results and the 2025 Annual Report are available on the right under “Downloads”}

_{*adjusted for foreign exchange effects}

In the first nine months of 2025, the Kuehne+Nagel Group increased its net turnover by 3% to CHF 18.5 billion. EBIT reached CHF 1.0 billion and earnings amounted to CHF 761 million. Currency effects in Q3 2025 again weighed on EBIT by CHF 14 million. 

Kuehne+Nagel achieved market share gains, particularly in Air Logistics, through targeted investments in logistics services for cloud infrastructure and the perishables market segment. In Sea Logistics, progress was made in SME market share. The company is focusing on strategically important routes and remains confident in further expanding its market position. 

In a market environment characterised by overcapacity and yield pressure, Kuehne+Nagel generated a strong free cash flow of CHF 521 million (up CHF 209 million vs. the prior year). However, there is a need for action regarding cost development. 

Kuehne+Nagel has therefore launched a Group-wide cost reduction programme, aiming for annual savings of at least CHF 200 million including structural and sustainable measures. Productivity is to be increased in the long term through process optimisation in central functions and markets, as well as greater use of automation and shared service centres. 

Stefan Paul, CEO of Kuehne+Nagel International AG: 

“Despite very challenging market conditions, Kuehne+Nagel was able to gain market share through targeted investments in key areas. With the launch of group-wide cost reduction measures, we are now taking action to safeguard our cost base. Challenging external factors are forcing us to sustainably and permanently improve our efficiency and performance culture. Keeping high quality levels of customer service remains a top priority.” 

On August 19, 2025, Partners Group (PG) exercised its put option to sell its 24.9% ownership stake in Apex. The transaction is expected to be settled in cash during the fourth quarter of 2025, against the recognised redemption liability of CHF 886 million. The transaction will be financed through available funds and credit lines. 

Due to ongoing uncertainties and the impact of the trade war in Q4 2025, Kuehne+Nagel expects EBIT for the full year 2025 of more than CHF 1.3 billion. 

Sea Logistics

_{*adjusted for foreign exchange effects}

Sea Logistics generated net turnover of CHF 7.0 billion and EBIT of CHF 479 million in the first nine months of 2025. The conversion rate was 31%. Results were significantly impacted by negative currency effects. 

Volume through the end of September 2025 rose by 1% year-on-year to 3.3 million TEU. The sharp decline in transport volumes to the US since “Liberation Day” continued to have a negative impact, particularly affecting the US business of IMC Logistics, consolidated by Kuehne+Nagel.  Imports to Europe, however, increased significantly. 

Overall, Kuehne+Nagel Sea Logistics successfully expanded its market share among SME customers, with this segment now representing more than 50% of total customer volumes. 

Air Logistics

_{*adjusted for foreign exchange effects}

Net turnover in Air Logistics was CHF 5.4 billion and EBIT CHF 322 million for the first nine months of 2025. The conversion rate was 25%. Results were also impacted by negative currency effects. Q3 2025 was challenging for the entire airfreight industry, which also affected the profitability of Kuehne+Nagel Air Logistics. 

Airfreight volume through the end of September 2025 increased by 7% year-on-year to 1.6 million tonnes, significantly above market growth. Market share gains were achieved particularly in perishables and cloud infrastructure (hyperscalers). In this area, Kuehne+Nagel provides logistics services for the construction of data centres for artificial intelligence. 

In recent months, Kuehne+Nagel has expanded its air freight network with new gateways in India, Canada, Italy and Spain. 

Road Logistics

_{*adjusted for foreign exchange effects}

Net turnover in Road Logistics was CHF 2.6 billion and EBIT CHF 67 million for the first nine months of 2025. Networks remained underutilised due to weak demand in European markets.

Demand for customs clearance and consulting services in the United States remained high due to the tariff situation and increasing complexity. 

Contract Logistics

_{*adjusted for foreign exchange effects}

Net turnover in Contract Logistics was CHF 3.6 billion and EBIT CHF 161 million for the first nine months of 2025.  

In September 2025, Kuehne+Nagel opened a regional distribution centre for Lego near Ho Chi Minh City, Vietnam. This site supplies growth markets in Southeast Asia, as well as Japan, India, and Oceania. It is the second regional distribution centre operated by Kuehne+Nagel for the Danish toy manufacturer. 

_{*adjusted for foreign exchange effects}

The Kuehne+Nagel Group achieved solid operational performance in the first half of 2025, despite a wide range of external challenges. Net turnover increased by 8% year-over-year to CHF 12.5 billion, or by 12% when adjusted for foreign exchange effects. EBIT totaled CHF 744 million, and earnings was CHF 555 million. Volumes increased significantly, particularly in Air Logistics. 

Profits in H1 2025 were impacted by negative currency effects of 3% (CHF 24 million) and by one-off expenses in Contract Logistics of CHF 16 million (recorded in Q2). 

The strongest currency headwinds occurred in Sea Logistics – as it is a US Dollar-based business – followed by Air Logistics and the other business units. 

Underlying earnings assessments and expectations for 2025 are unchanged. In light of currency headwinds alone, Kuehne+Nagel now expects a recurring EBIT between CHF 1.45 billion and CHF 1.65 billion.

Stefan Paul, CEO of Kuehne+Nagel International AG: 

“Our solid operational performance in the first half of 2025 once again demonstrated our resilience in a challenging market environment. The push of our strategic sales initiatives is proving to be highly effective. In Sea Logistics, we increased volumes by 2%, and in Air Logistics by 7% – that’s well above overall market growth. With these measures, we have laid the foundation to gain further market share, particularly in Sea and Air Logistics.”

Sea Logistics

_{*adjusted for foreign exchange effects}

Net turnover in the business unit Sea Logistics rose by 16% year-over-year in the first half of 2025, reaching CHF 4.7 billion. EBIT amounted to CHF 368 million, significantly impacted by negative foreign exchange effects. The conversion rate was 34%. In the first half of 2025, container volume increased by 2% year-over-year to 2.1 million TEU. Notably, Kuehne+Nagel recorded substantial market share gains on the trade route from Asia to Europe. 

“Liberation Day” marked a turning point in Q2 2025. Following this, the US Dollar entered a pronounced weakening phase and uncertainty around tariffs increased sharply. Demand and rates for Sea Logistics services were correspondingly volatile. In this environment, Kuehne+Nagel successfully offset declining volumes to and from the US with gains in other markets.

Air Logistics

_{*adjusted for foreign exchange effects}

Net turnover in the business unit Air Logistics increased by 8% year-on-year in the first half of 2025 to CHF 3.6 billion. EBIT increased at a faster pace rising by 10% to CHF 230 million. The conversion rate was 26%. In the first half of 2025, air freight volumes increased by 7% year-over-year to 1.1 million tonnes. 

The Air Logistics business unit achieved particularly strong growth in the segments of perishables, semiconductors, and cloud infrastructure (hyper scalers), a promising field that Kuehne+Nagel is actively pursuing.

Road Logistics

_{*adjusted for foreign exchange effects}

Net turnover in the business unit Road Logistics was CHF 1.8 billion in the first half of 2025 with EBIT of CHF 47 million. The road network remained underutilised due to subdued demand in European markets.

With the acquisition of Spanish groupage logistics provider TDN, Kuehne+Nagel further strengthened its presence on the Iberian Peninsula and significantly expanded regional coverage for customers. The transaction was completed at the end of the second quarter of 2025.

Contract Logistics

_{*adjusted for foreign exchange effects}

Net turnover in the business unit Contract Logistics was CHF 2.4 billion in the first half of 2025 with EBIT at CHF 99 million. The result was impacted by an extraordinary provision of CHF 16 million related to an ongoing cross-industry investigation in Italy. Operationally, the second quarter of 2025 was the strongest in the history of the business unit. 

In June 2025, Contract Logistics expanded its long-standing partnership with Louis Vuitton and opened a new distribution centre in Tokyo to serve the Japanese market. 

Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG: 

“In the first half of 2025, Kuehne+Nagel once again delivered a strong operating performance in an environment marked by geopolitical uncertainty. 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.”

The Kuehne+Nagel Group saw improvement in all key financial figures in the first quarter of 2025. Net turnover grew by 15% year-over-year to CHF 6.3 billion, EBIT increased by 7% to CHF 402 million, and earnings rose by 9% to CHF 303 million.

Stefan Paul, CEO of Kuehne+Nagel International AG:

“Kuehne+Nagel has had a strong start in the new financial year. We increased our market share, gained new customers, and also improved profitability. Despite the challenging global economic environment, the company achieved double-digit growth in net turnover. We remain well prepared and positioned to implement our strategic objectives.“ 

At this time, we will not update the Group recurring EBIT guidance for the current year (CHF 1.5 billion to CHF 1.75 billion), in light of the elevated and fluctuating level of market uncertainty, including global tariff developments.

Sea Logistics

Net turnover in the business unit Sea Logistics rose by 30% year-over-year in the first quarter of 2025, reaching CHF 2.5 billion. EBIT rose to CHF 210 million. The conversion rate was 36%. The container volume at the end of March 2025 was 1 million TEU, 3% more than a year earlier. 

The first-time consolidation of US-based IMC Logistics took place in January 2025 and has been earnings-accretive from the start.

Air Logistics

Net turnover in the business unit Air Logistics in the first quarter of 2025 rose by 13% to CHF 1.8 billion and EBIT by 23% to CHF 116 million. The conversion rate was 26%. The unit handled 514,000 tonnes of freight in the first quarter of 2025, 5% more than in the year-ago quarter. 

Excluding the automotive sector, the business unit gained market share across all industries and particularly in semiconductors. New cool corridors for healthcare were opened between Brussels and Chicago as well as between Brussels and Singapore.

Road Logistics

Net turnover in the business unit Road Logistics totaled CHF 871 million in the first quarter of 2025 with EBIT of CHF 19 million. 

The general cargo business declined compared with the previous year due to weak demand in European markets. It is not expected that the market situation will change anytime soon.

Contract Logistics

Net turnover in the business unit Contract Logistics totaled CHF 1.2 billion in the first quarter of 2025 with EBIT rising to CHF 57 million. 

The business unit remains on a growth trajectory. It opened new fulfilment centers for Sanofi in Turkey and for Rolls Royce in Dubai.

The Kuehne+Nagel Group generated net turnover of CHF 24.8 billion in 2024, an increase of 4% year-on-year. The EBIT amounted to CHF 1.7 billion with earnings of CHF 1.2 billion. The conversion rate, which describes the ratio of EBIT to the Group's gross profit, was 19%. These 2024 results once again significantly exceeded the comparable figures from before the pandemic.

Stefan Paul, CEO of Kuehne+Nagel International AG:

“The streamlining of Kuehne+Nagel's organisational and sales structure in April 2024 already yielded visible successes in the second half of the year. In addition, we enabled new growth opportunities through acquisitions in North America and Asia. In short, we have created a more efficient organisation with a broader offering to achieve our future ambitions. Kuehne+Nagel will report on strategic progress and provide a financial outlook at the upcoming Capital Markets Day on March 25, 2025.”

Sea Logistics

Net turnover in the business unit Sea Logistics rose to CHF 9.3 billion in 2024 with EBIT of CHF 851 million. The container volume through December 2024 was 4.3 million TEU. The conversion rate remained high at 41%.

Kuehne+Nagel strengthened its presence in the United States with the acquisition of 51% of IMC Logistics from Collierville, Tennessee. IMC, which handles about 2.2 million TEU annually, specialises in comprehensive end-to-end transportation solutions between seaports, rail hubs, and customer facilities within the United States. The transaction was announced in November 2024.

Air Logistics

Net turnover in the business unit Air Logistics in 2024 increased to CHF 7.3 billion with EBIT of CHF 478 million. The unit handled 2.1 million tonnes of freight in 2024, 6% more than in the previous year. The conversion rate was 27%.

Kuehne+Nagel Air Logistics once again proved its resilience in challenging markets, thanks to its broad positioning, especially in the perishables, pharma, semiconductors and aerospace sectors.  

Road Logistics

Net turnover in the business unit Road Logistics totaled CHF 3.5 billion in 2024 with EBIT of 98 million. The volume totaled nearly 24 million orders, but the weak economic development in Europe affected the general cargo business.

The acquisitions of the customs broker Farrow in Canada and the road logistics provider City Zone Express in South East Asia expanded Kuehne+Nagel's Road Logistics service offering and contributed to growth.

Contract Logistics

Net turnover in the business unit Contract Logistics totaled CHF 4.7 billion in 2024 with a record-high EBIT of CHF 227 million.

In September 2024, Kuehne+Nagel opened a highly automated fulfilment centre for Adidas in Mantova, Italy. The 130,000 sqm facility serves Southern and Eastern Europe with up to 500,000 daily shipments, from single e-commerce parcels to bulk orders for large retailers. 

Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG:

“Kuehne+Nagel looks back at a successful financial year 2024. We achieved the positive results despite extensive strains on the global economy and despite geopolitical events. In these challenging times, Kuehne+Nagel once again proved to be a reliable strategic partner, supporting its customers with sophisticated logistics solutions.

We would like our shareholders to participate in the company's success by proposing an ordinary dividend of CHF 8.25 per share for the 2024 financial year, corresponding to a dividend yield of 4.0%**.

Kuehne+Nagel has started well into the new financial year. We are confident that the positive development will continue in 2025."

Annual Report 2024

Further information on the annual results and the 2024 Annual Report are available on the Kuehne+Nagel website at newsroom.kuehne-nagel.com   

_{^{*Proposal to the Annual General Meeting on May 7, 2025
**Compared to the closing price of the Kuehne+Nagel share on December 31, 2024.}}

From January to September 2024, the Kuehne+Nagel Group achieved net turnover of CHF 18.0 billion, EBIT of CHF 1.2 billion and earnings of CHF 915 million. In the third quarter of 2024, key indicators developed in a positive manner. For the first time since the end of the pandemic, EBIT and profit in the third quarter of 2024 both increased quarter-on-quarter and year-on-year. 

The conversion rate, which describes the ratio of EBIT to the Group's gross profit, was 19% in the period from January to September 2024. The nine-months result was impacted by negative exchange rate effects of 2% and non-recurring restructuring costs of CHF 17 million booked in the second quarter of 2024.   

Stefan Paul, CEO of Kuehne+Nagel International AG:

"The highly flexible logistics solutions of Kuehne+Nagel have once again proven to be a clear advantage for our customers in the face of increasing supply chain disruptions worldwide. This is also reflected in our positive business development. The strategic streamlining of the company by removing the regional structure is beginning to bear fruit. We have also reached an important milestone in our strategy with the seamless migration to the cloud of our Sea and Air Logistics transport management system."

Sea Logistics

Net turnover in the business unit Sea Logistics amounted to CHF 6.7 billion with EBIT of CHF 653 million in the period from January to September 2024. The volume through the end of September 2024 was 3.2 million containers (TEU). The conversion rate was at a high level of 42%. Thirty-seven new network locations have been opened so far.

The digital platform seaexplorer.com proved to be a reliable source of information for Sea Logistics customers worldwide, especially during recent supply chain disruptions such as the Red Sea crisis and the port strike on the US East and Gulf Coasts. Thanks to seaexplorer’s data aggregation, the status of port conditions and the position of container ships can be tracked in real-time.

Air Logistics

Net turnover in the business unit Air Logistics amounted to CHF 5.2 billion with EBIT of CHF 330 million in the period from January to September 2024. In total, the unit handled 1.5 million tonnes of air freight in the first nine months of 2024 or 6% more year-on-year. Most of the growth was recorded in the perishable goods segment.

With Cathay Pacific, Kuehne+Nagel was able to include for the first time an Asian partner airline in its Sustainable Aviation Fuel (SAF) programme. In addition, Kuehne+Nagel uses SAF for Mercedes-Benz for air freight in its own B747 capacities from Germany to the USA. This reduces CO2 emissions by around 11,000 tonnes annually.

Road Logistics

Net turnover in the business unit Road Logistics amounted to CHF 2.6 billion with EBIT of CHF 88 million in the period from January to September 2024. Due to macroeconomic developments, utilisation of the European transport network was lower year-on-year.

In August 2024, Kuehne+Nagel successfully completed the acquisition of the Malaysian company City Zone Express. As a result, Kuehne+Nagel can now offer less-than-truckload (LTL) services from China to major hubs in Southeast Asia.

Contract Logistics

With net turnover of CHF 3.5 billion and EBIT of CHF 162 million, the business unit Contract Logistics once again posted a very good result for the period from January to September 2024.

In September 2024, Kuehne+Nagel opened a highly automated and sustainable logistics hub for Southern and Eastern Europe for Adidas in Mantova, Northern Italy. With an area of over 130,000 sqm, the facility can process up to half a million shipments per day in support of every retail channel – from single e-commerce parcels to bulk orders for large retailers.

Net turnover of the Kuehne+Nagel Group in the first half of 2024 amounted to CHF 11.6 billion, EBIT was CHF 778 million and earnings were CHF 576 million. The result was impacted by negative exchange rate effects of 2% in the first half of 2024 and non-recurring restructuring costs of CHF 17 million in the second quarter of 2024. 

The conversion rate, which describes the ratio of EBIT to the Group's gross profit, was 18% in the first half of 2024 and thus significantly higher than the pre-Covid figure of 13% in the first half of 2019. Overall, the figures are above the pre-pandemic level.

Stefan Paul, CEO of Kuehne+Nagel International AG: 

“In the first half of 2024, we continued to focus consistently on the initiatives of our strategic Roadmap 2026. The recovery in demand for air freight had a positive impact while the renewed disruptions in the Red Sea created additional complexity in supply chains worldwide. We are well positioned for anticipated higher demand in the second half of the year and we expect to realise further efficiency gains.”

Sea Logistics

Net turnover in the business unit Sea Logistics amounted to CHF 4.1 billion and EBIT was CHF 397 million in the first half of 2024. The conversion rate remained at a high level of 39%. The container volume at the end of June 2024 was 2.1 million standard containers (TEU). As part of Roadmap 2026, 34 new Customer Care Locations have been opened to date, increasing the support of SMEs. 

Kuehne+Nagel is implementing sustainable solutions for a growing number of customers. For example, the business unit Sea Logistics recently started using biofuel for the transport of relief goods on behalf of the Dutch IDA Foundation. This results in a CO2e emissions reduction of around 85% compared to the use of fossil fuels.

Air Logistics

Net turnover in the business unit Air Logistics amounted to CHF 3.4 billion with EBIT of CHF 210 million in the first half of 2024. In total, the unit handled more than 1.0 million tonnes of air freight in the first six months of 2024 or 5% more year-on-year. Volume growth developed in line with the addressable market and focused on profitable segments such as Healthcare and Semicon. The conversion rate was 26%. 

Demand for combined Sea-Air Logistics services recorded strong growth in the first half of 2024 as some customers sought to shorten transit times due to the situation in the Red Sea.

Road Logistics

Net turnover in the business unit Road Logistics totalled CHF 1.8 billion in the first half of 2024 and EBIT amounted to CHF 66 million. With around 12 million orders processed, the volume was on a par with the same period of the previous year. 

The acquisition of the Canadian customs broker Farrow was successfully completed in February 2024. The integration and expansion of the business on the southern border of the USA is proceeding according to plan.

Contract Logistics

With net turnover of CHF 2.3 billion and EBIT of CHF 105 million, the business unit Contract Logistics continued to perform very well in the first half of 2024. 

In the second quarter, Kuehne+Nagel expanded distribution centres for customers such as BMW and Wacker Neuson in Germany in addition to Lego in Belgium. Kuehne+Nagel opened new locations in the USA and the United Arab Emirates to meet the growing demand for e-commerce and healthcare services.

Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG: 

"Kuehne+Nagel performed well in the first half of 2024. The streamlined organisational structure, initiated by the Board of Directors in April 2024, will lead to a significant increase in efficiency and greater customer proximity. This will enable us to be more responsive and faster in the implementation of our strategy and to offer excellent, comprehensive logistics solutions."

The start of the business year 2024 was characterised by a slightly improving demand trend for transportation services in Sea and Air Logistics. Kuehne+Nagel Group’s net turnover in the first quarter of 2024 amounted to CHF 5.5 billion, with an EBIT of CHF 376 million and earnings before minorities of CHF 278 million. The results were lower overall and impacted by negative exchange rate effects of 3% relative to the prior year.

The conversion rate, which describes the ratio of EBIT to gross profit for the group, stood at 18% in the first quarter of 2024, significantly higher than the pre-Covid value of 12% in the first quarter of 2019. Overall, the figures are above the corresponding pre-pandemic levels. 

Stefan Paul, CEO of Kuehne+Nagel International AG:

“In a challenging environment, Kuehne+Nagel started the business year 2024 with solid but lower year-over-year results. Our focus on efficiency and streamlined structures allowed us to reduce costs per unit by 12% in Sea Logistics and 14% in Air Logistics. By discontinuing the regional structure, we have laid the foundations for further growth and enabled more direct access to our customers worldwide. Additionally, we have strengthened our offering for our South East Asia customers through our strategic acquisition of City Zone Express, a Penang, Malaysia-based Road Logistics service provider."

Sea Logistics

The net turnover of Sea Logistics in the first quarter of 2024 amounted to CHF 1.9 billion, with an EBIT of CHF 197 million. The conversion rate was 39%. The sea freight volume reached 1.0 million TEU by the end of March 2024. During the first three months of the year, the business segment delivered a volume growth of 1.5% year-on-year. 

Additionally, the visibility platform Seaexplorer was expanded to include schedules for less-than-container-load (LCL) shipments. In the context of the Red Sea crisis, customers successfully optimised their transport planning using real-time information provided by Seaexplorer. 

Air Logistics

The net turnover of Air Logistics in the first quarter of 2024 amounted to CHF 1.6 billion, with an EBIT of CHF 94 million. The conversion rate was 24%. The air freight volume reached 491,000 tons by the end of March 2024, which was 3.4% higher than in the previous year. 

A new temperature-controlled area was added to Kuehne+Nagel’s Air Logistics gateway at New York’s JFK Airport, covering a total storage space of 7,200 sqm. This location plays a crucial role in further developing healthcare logistics in the United States. 

Road Logistics

The net turnover of Road Logistics in the first quarter of 2024 amounted to CHF 860 million, with an EBIT of CHF 30 million. During this period, approximately 5.6 million orders were processed. 

In March 2024, Kuehne+Nagel announced the acquisition of the South East Asian Road Logistics service provider City Zone Express. The company has more than 500 employees and will significantly expand Kuehne+Nagel’s offerings in cross-border transportation in Asia. 

Contract Logistics

The net turnover of Contract Logistics in the first quarter of 2024 amounted to CHF 1.1 billion, with an EBIT of CHF 55 million. The conversion rate stood at 6%. 

Kuehne+Nagel inaugurated a new US contract logistics facility in Piscataway, New Jersey. Covering an area of approximately 10,000 sqm, this distribution centre serves the fashion and luxury industry and is equipped with state-of-the-art automation and robotics. 

_{*Proposal to the Annual General Meeting on May 8, 2024}

Kuehne+Nagel's business results normalised in 2023 following the special economic situation in the years 2021 and 2022. The Group's net turnover amounted to CHF 23.8 billion in 2023, EBIT to CHF 1.9 billion and net profit to CHF 1.5 billion. In the fourth quarter one-off redundancy costs of CHF 53 million were recorded. The conversion rate, which describes the ratio of EBIT to the gross profit, was 22%.

Stefan Paul, CEO of Kuehne+Nagel International AG: 

"Kuehne+Nagel closed the financial year 2023 with an overall good performance in a persistently challenging environment. We adjusted our cost base to market conditions by intensifying restructuring measures in the fourth quarter. At the same time, we succeeded in gaining market share in Sea Logistics, especially in the SME segment. We signed two important acquisitions with Morgan Cargo from South Africa and Farrow from Canada. We are making solid progress toward our Roadmap 2026 goals." 

Sea Logistics

Net turnover in Sea Logistics amounted to CHF 8.6 billion and EBIT to CHF 1.0 billion in the financial year 2023. The conversion rate remained at a high level of 44%. 

The container volume totalled 4.3 million TEU at the end of December 2023. In an overall declining market, the business unit recorded volume growth in the second half of the year, particularly in the SME segment. Market share gains expanded on the Asia-Europe and transpacific routes, amongst others. 

Air Logistics

Net turnover in Air Logistics was CHF 6.9 billion and EBIT CHF 555 million in the financial year 2023, with a conversion rate of 31%. 

Nearly two million tonnes of air freight were handled by Kuehne+Nagel between January and December 2023. The e-commerce and perishables segments performed particularly well. In November 2023, Kuehne+Nagel completed the acquisition of the South African company Morgan Cargo. 

Road Logistics

Net turnover in Road Logistics was CHF 3.5 billion and EBIT CHF 133 million in the financial year 2023, with a volume of just under 23 million orders. Following a solid business performance in the first half of 2023, shipment volume demand declined in the second half of the year. 

In November 2023, the acquisition of the Canadian customs broker Farrow was announced and closed in January 2024. 

Contract Logistics

With net turnover of CHF 4.8 billion and EBIT of CHF 200 million, Contract Logistics reported another year of improved financial performance in 2023. The EBIT represented an all-time high for the business unit and reflects a 6% conversion rate. 

The focus on e-commerce and healthcare logistics yielded above-average growth in these segments and had a positive impact on the business mix. 

Dividend

At the Annual General Meeting to be held on May 8, 2024, the Board of Directors will propose the payment of a dividend of CHF 10.00 per share, consisting of CHF 8.25 per share from retained earnings and CHF 1.75 per share from repayment of capital contribution reserves. This corresponds to a dividend yield of 3.9%.

Dr. Joerg Wolle, Chairman of the Board of Kuehne+Nagel International AG:

"Kuehne+Nagel performed well in the challenging year 2023. We continued to expand our global market lead. This is also based on a high and growing market relevance in the increasingly important world regions such as Asia and the North Pacific trade lanes. 

The company aims to be leading in terms of customer experience and in cost efficiency. The strategy developed and successfully implemented several years ago is bearing fruit. We are continually refining this strategy and adapting it to changes in the market. This creates a decisive competitive edge – even during more difficult phases of the market cycle. By proposing a dividend of CHF 10.00 per share for the financial year 2023, we would like our shareholders to participate in the company's success."

Schindellegi / CH, October 25, 2023 – The Kuehne+Nagel Group achieved good results in the months January to September 2023 in a market environment that remained challenging. The pandemic-related special economic situation of 2021 and 2022 continued to distort the year-on-year comparison of all key figures. EBIT for the first nine months of 2023 almost doubled compared to pre-pandemic levels (EBIT Q1-Q3 2019: CHF 794 million).

Net turnover in the first nine months of 2023 was CHF 18.2 billion at Group level, EBIT was CHF 1.6 billion with earnings of CHF 1.2 billion. The conversion rate, which describes the ratio of EBIT to gross profit of the Group, remained at a high level of 24%.

Stefan Paul, CEO of Kuehne+Nagel International AG:

"The Kuehne+Nagel Group performed well in the third quarter of 2023, even though the hoped-for economic recovery failed to materialise. We gained market share and secured our yields. We achieved important successes in the implementation of the strategic Roadmap 2026, particularly in the area of renewable energy and in the growth markets of Asia. In the final quarter of 2023, we will continue to focus on cost control, which is firmly embedded in our corporate culture."

Sea Logistics

Net turnover in the business unit Sea Logistics amounted to CHF 6.8 billion with EBIT of CHF 875 million in the first nine months of 2023. The conversion rate remained at a high level of 47%.

Container volumes stood at 3.2 million TEU through the end of September 2023. In an overall market that continued to decline, Kuehne+Nagel Sea Logistics recorded slight volume growth in the third quarter of 2023, which intensified in September. Market share gains were mainly on the Asia-Europe and Trans-Pacific routes.

In August 2023, Kuehne+Nagel Sea Logistics announced a major project as part of the Saudi project NEOM. By 2025, Kuehne+Nagel will transport 1.4 million tonnes of equipment for the construction of wind turbines on behalf of Envision Energy.

Air Logistics

Net turnover in the business unit Air Logistics was CHF 5.0 billion and EBIT CHF 429 million in the first nine months of 2023. The conversion rate was 32%.

Between January and September 2023, around 1.5 million tonnes of airfreight were handled. The perishables and aerospace segments performed particularly well.

In recent months, Kuehne+Nagel Air Logistics invested in its infrastructure for future growth. Among other things, the business unit opened a new air freight gateway at Paris Charles de Gaulle Airport with around 13,000 sqm of storage space and direct tarmac access.
 

Road Logistics

Net turnover of the business unit Road Logistics amounted to CHF 2.7 billion with EBIT of CHF 119 million in the first nine months of 2023. Processed order volume was around 17.4 million. The economic slowdown in core markets, especially in Europe, affected shipment volumes in the third quarter of 2023.

Kuehne+Nagel Road Logistics introduced a new offer to actively reduce greenhouse gas emissions from ground transportation. Customers can now reduce their carbon footprint by opting to use hydrogenated vegetable oil (HVO) and, in the future, will also be able to do so by booking electric trucks.

Contract Logistics

With net turnover of CHF 3.6 billion and EBIT of CHF 158 million, the business unit Contract Logistics reported a further increase in earnings in the first nine months of 2023.

The conversion rate of 6.2% shows the positive effect of an improved business mix biased toward e-commerce and healthcare solutions, while maintaining an above market growth rate.

Kuehne+Nagel Contract Logistics achieved its ambitious sustainability target of producing more than 20% of its energy needs internally (e.g., through the deployment of photovoltaics). This target was achieved by September 2023 – nine months ahead of schedule.

Schindellegi / CH, July 25, 2023 – The Kuehne+Nagel Group achieved solid results in a challenging market environment in the first half of 2023. The pandemic-related special economic situation in 2021 and 2022 continued to distort the year-on-year comparisons across the entire range of figures.

Net turnover for the first six months of 2023 was CHF 12.7 billion, EBIT was approximately CHF 1.1 billion with earnings of CHF 860 million. The conversion rate, which describes the ratio of EBIT to gross profit of the Group, remained at a high level of 24%.

Stefan Paul, CEO of Kuehne+Nagel International AG:

"Kuehne+Nagel coped well with the transition from the exceptional economic situation shaped by the pandemic. In a weakened economic environment, Sea and Contract Logistics gained market share and kept earnings stable. In contrast, volumes in Air Logistics declined broadly in line with the market. While our ongoing cost control efforts became more visible in the second quarter of 2023, our strategic path is unchanged with a focus on high-quality logistics services and an extraordinary customer orientation."

Sea Logistics

In the first half of 2023, net turnover of the business unit Sea Logistics amounted to CHF 4.9 billion with EBIT of CHF 639 million. The conversion rate remained high at 49%. Container volume in the first half of 2023 was 2.1 million TEU. Kuehne+Nagel Sea Logistics was able to gain share in an overall market that declined by around 5%.

In spring 2023, Kuehne+Nagel entered into a partnership with Volvo Cars to use 5,500 tonnes of sustainable biofuels in maritime transport. Going forward, the transports for the Swedish car manufacturer will be carried out with significantly reduced fuel emissions.

Air Logistics

Net turnover of the business unit Air Logistics for the first half of 2023 was CHF 3.5 billion and EBIT was CHF 293 million. The pace of declining volumes eased somewhat in the second quarter. Air freight volume in the first half of 2023 was 957,000 tonnes. The conversion rate was 31%.

In June 2023, Kuehne+Nagel signed an agreement to acquire Morgan Cargo, a leading Air Logistics provider in South Africa, the UK and Kenya. The company specialises in perishables, employs 450 logistics experts and handled 40,000 tonnes of air freight and 20,000 TEU in 2022.

Road Logistics

In the first half of 2023, the net turnover of business unit Road Logistics amounted to CHF 1.9 billion with EBIT of CHF 93 million. Processed order volume was around 12 million, comparable to the prior year period, and network utilisation was consistently high.

One important factor driving the significant increase in EBIT in the first half of 2023 was the ongoing implementation of RoadLOG, Kuehne+Nagel’s proprietary transport management system (TMS) for road shipments.

Contract Logistics

The business unit Contract Logistics delivered a strong result in the first half of 2023 with net turnover of CHF 2.5 billion and EBIT of CHF 110 million.

The business unit gained market share particularly in North America, in the healthcare and e-commerce sectors. The utilisation of Kuehne+Nagel’s logistics space remained at a very high level.

Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG:

"In the first half of 2023, the Kuehne+Nagel Group's financial results were significantly greater than the comparable figures of the pre-Corona period and the Group has performed well in the new environment. In the coming years, Roadmap 2026 will remain the key driver of Kuehne+Nagel’s strategic development. The program, launched in March 2023, was very positively received both internally and externally and we are already seeing the first successes. Our focus remains on the provision of high-margin services and the development of market potential in Asia, Africa and the Middle East."

The start of the 2023 business year was marked by geopolitical and inflation-related challenges worldwide. In parallel, the supply chain environment quickly normalised after the boom years of 2021 and 2022. Although demand for transport services declined as expected, the Kuehne+Nagel Group achieved solid results. The corona-related special economic situation distorts the comparison with the previous year. In the context of a normalised business environment and compared to the business performance before the pandemic, the first quarter of 2023 represents a record result.

Net turnover for the first three months of 2023 was CHF 6.7 billion, EBIT CHF 612 million and net earnings totaled CHF 462 million. The conversion rate, which describes the ratio of EBIT to gross profit of the Group, remained at a high level of 26%.

Stefan Paul, CEO of Kuehne+Nagel International AG:

"The macroeconomic environment remained extremely challenging at the start of 2023. This does not come as a surprise as signs of significant weakening emerged last autumn, following the period of extraordinary, pandemic-related demand for logistics services.

With our focus on cost control through the consistent exploitation of the asset light model, the Kuehne+Nagel Group was able to hold its own in this environment and expand its market share worldwide. We already see early successes from the strategic Roadmap 2026 presented in March."

Sea Logistics

In the first quarter of 2023, net turnover of the Sea Logistics business unit was CHF 2.7 billion and EBIT totaled CHF 344 million. The conversion rate stayed at a high level of 50%. The container volume was 987,000 TEU over the first three months of 2023.

Kuehne+Nagel Sea Logistics made significant market share gains, establishing leadership on the transpacific route for the first time.

Air Logistics

In the first quarter of 2023, net turnover of the Air Logistics business unit amounted to CHF 1.9 billion and EBIT to CHF 154 million. The conversion rate was 32%. Air freight volumes were 475,000 tonnes for the first quarter 2023. In an overall declining air freight market, Kuehne+Nagel maintained a stable market share while gaining share in areas like the transport of perishable goods.

As part of a long-term charter agreement with Atlas Air, Kuehne+Nagel took delivery in Seattle of the last Boeing 747 ever produced in February. The jumbo jet will be used primarily for freight on the transpacific route for Kuehne+Nagel’s subsidiary Apex Logistics.

Road Logistics

In the first quarter of 2023, net turnover of business unit Road Logistics amounted to CHF 956 million and EBIT to CHF 52 million. Around 6 million orders were processed in the first quarter. The networks continued to be well utilised, enabling the unit to post a record quarterly result.  

In March, Kuehne+Nagel put the first 23 electric trucks into operation in France, which will be used primarily in urban environments.

Contract Logistics

In the first quarter of 2023, net turnover of the Contract Logistics business unit was CHF 1.3 billion with EBIT of CHF 62 million. The focus on high value-added customer segments and the high utilisation of warehouse space again led to an increase in profitability to a new record level.

With the opening of a new distribution centre for Decathlon, the French sporting goods retailer, the business unit expanded logistics capacity for this customer in Latin America by around 30%. The new facility in Chile is equipped with state-of-the-art robotics for omnichannel picking.

_{*Proposal to the Annual General Meeting on May 9, 2023}

Kuehne+Nagel closed the 2022 financial year with an exceptionally strong result. Group net turnover increased by 20% to CHF 39.4 billion, EBIT by 28% to CHF 3.8 billion and net profit by 30% to CHF 2.8 billion. The conversion rate, which describes the ratio of EBIT to gross profit of the Group, was 33.9%. All business units contributed significantly to the company's success. Due to the overall economic slowdown, the result in the fourth quarter of 2022 was weaker compared to the rest of the year.

From today's perspective, the macroeconomic environment will remain challenging in 2023 due to geopolitical developments and inflation. However, we expect the positive growth and earnings trend that has continued for many years to continue this year, albeit excluding the exceptional business volumes and results in financial years 2021 and 2022, which were the result of a corona-related special economic situation. 

Stefan Paul, CEO of Kuehne+Nagel International AG: 

"The 2022 financial year was exceptional for Kuehne+Nagel in many respects – a year of great financial success, but also with challenges for us and our customers. Thanks to our dedicated employees, we were able to provide our customers around the world with high-quality logistics services. 

Now is the right time to launch our new strategic Roadmap 2026 and ensure Kuehne+Nagel's sustainable future success with a dedicated focus on quality, customer satisfaction and employee motivation. "

Sea Logistics

In the financial year 2022, net turnover of the Sea Logistics business unit amounted to CHF 18.8 billion and EBIT to CHF 2.0 billion. The conversion rate reached 58.1%. Container volume was 4.4 million TEU at the end of December 2022. The margin per container was at a historically high level in 2022. 

In the second half of 2022, complexity in the global ocean freight markets decreased. 

Air Logistics

Net turnover in the Air Logistics business unit was CHF 11.7 billion and EBIT CHF 1.4 billion in the 2022 financial year. The conversion rate reached 47.5%. Airfreight volume was 2.2 million tonnes at the end of December 2022. The margin per 100 kilograms was at a very high level for the full year 2022. 

Demand for cargo capacity remained high on most trade routes. Following the turbulence in commercial aviation in the summer of 2022, supply of capacity remained volatile in the second half of the year. 

Road Logistics

In the 2022 financial year, net turnover of the Road Logistics business unit amounted to CHF 4.0 billion and EBIT to CHF 146 million. 

The networks were well-utilised in all regions. The earnings situation of Road Logistics developed very positively over the course of 2022. 

Contract Logistics

In the 2022 financial year, net turnover in the Contract Logistics business unit amounted to CHF 4.9 billion and EBIT to CHF 187 million. As of December 31, 2022, the business unit managed a total of 10.3 million sqm of warehouse and logistics space. 

The Contract Logistics premises were heavily utilised worldwide. In 2022 alone, the unit implemented more than 150 new logistics projects – often large-scale warehouses with state-of-the-art technology and robotics. 

Regional results

Dividend

The Board of Directors proposes a dividend of CHF 14.00 per share to the Annual General Meeting to be held on May 9, 2023. This corresponds to an increase of 40% compared to the previous year.

Roadmap 2026

At the occasion of the Capital Markets Day on March 1, 2023, the Kuehne+Nagel Group has presented its new strategic Roadmap 2026. The plan is designed for the next four years and represents an organic further development of Roadmap 2022, which was successfully completed at the end of December.

The goal of Roadmap 2026 is to significantly strengthen Kuehne+Nagel's earnings power. The proven asset light model will be retained.

The Roadmap 2026 consists of four mutually supporting, cross-divisional cornerstones:

1.    Kuehne+Nagel Experience: quality, customer satisfaction and employee motivation;

2.    Digital Ecoystem: data and technology as a competitive advantage;

3.    Living ESG: concrete solutions for sustainability;

4.    Market Potential: geographic growth plans and high-margin service offerings.

The Roadmap 2026 contains clearly defined plans, both in terms of the aforementioned focus areas in all four business units and in terms of the targeted results. At Group level, Kuehne+Nagel aims to achieve a conversion rate of 25% to 30% by 2026.

Details of the Roadmap 2026 can be found on the following website: https://roadmap2026.kuehne-nagel.com

Dr. Joerg Wolle, Chairman of the Board of Kuehne+Nagel International AG:

"The Kuehne+Nagel Group performed extremely well in the 2022 financial year and took advantage of the opportunities that emerged from the challenging, extremely complex macroeconomic situation. The company achieved a new record in both net turnover and profit. With a dividend proposal of CHF 14.00 per share for the 2022 financial year, we want our shareholders to participate in the company's success.

At the 2023 Capital Markets Day, the Management Board will present with the Roadmap 2026 the continuous strategic development of Kuehne+Nagel until 2026. In this way, we are setting ourselves the goal of ensuring the company’s success and its further development in the coming years, despite challenging market conditions."