“With the passing of Klaus-Michael, we have lost a visionary, a great entrepreneur and an extraordinary personality. Our thoughts are with his widow Christine Kühne. The Board of Directors and the entire company will honour Klaus-Michael Kühne’s memory with the utmost respect and gratitude,” said Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG.

Klaus-Michael Kühne joined the family business Kuehne+Nagel in 1958 and became Chairman of the Management Board of Kuehne+Nagel Speditions-Aktiengesellschaft in 1966. From 1975, he served as Chief Executive Officer of Kuehne+Nagel International AG and from 1992 to 2011 as Chairman of its Board of Directors. Since 2011, he held the position of Honorary Chairman of the Board of Directors. Throughout his distinguished career, he played a pioneering role in shaping global trade and made a lasting contribution to modern logistics and the development of today’s global supply chains.

“The news of Klaus-Michael Kühne’s passing has deeply saddened us all. Klaus-Michael Kühne embodied logistics and global trade like no other. On behalf of the Management Board and the employees of Kuehne+Nagel, we extend our deepest sympathies to his family,” said Stefan Paul, CEO of Kuehne+Nagel International AG.

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.”

Kuehne+Nagel and Mondadori Group inaugurated a new 40,000 sqm fulfilment centre in San Giorgio Bigarello, in the province of Mantova. The facility is Italy’s largest logistics hub dedicated to educational publishing, supporting the efficient distribution of learning materials to schools, educators and students across the country.

Developed and operated by Kuehne+Nagel, the new fulfilment centre brings together activities previously managed across three locations. The hub also serves Mondadori Group’s educational and retail publishing business, including bookstores, e-commerce and direct-to-consumer channels. It reflects the growing importance of all-in-one logistics solutions to support the evolution of the publishing market.

By centralising operations, increasing inventory visibility and omnichannel capabilities, the new facility helps Mondadori Group respond more efficiently to changing customer expectations while ensuring reliable distribution of educational materials across Italy. The highly seasonal nature of educational publishing demands precise planning and execution to ensure learning materials reach schools when they are needed.

"This new fulfilment centre is the result of a long-standing collaboration with Mondadori Group and our shared commitment to innovation and the strategic role of logistics," said Eduardo Razuck, Executive Vice President Contract Logistics at Kuehne+Nagel. "By combining logistics expertise, technology and operational excellence, we have created a scalable platform that supports Mondadori’s continued growth. Beyond strengthening the regional economy and creating employment opportunities for young people, we contribute to the future of learning for the next generations."

"Having a single highly specialised facility allows us to coordinate educational and retail publishing activities more effectively, strengthen the integration between physical and digital channels, and improve service quality throughout the entire supply chain. For educational publishing, this means being able to rely on a timely and dependable distribution network capable of meeting the needs of schools, teachers, students and families across Italy," commented Antonio Porro, Chief Executive Officer of Mondadori Group.

The facility became fully operational in June 2026, following a phased transition, ensuring uninterrupted service throughout the implementation process. Innovation and sustainability were central to its design. The LEED Gold-certified site incorporates renewable energy solutions, energy-efficient lighting, CO₂ emissions monitoring systems and sustainable packaging measures, supporting both operational and environmental excellence.

The hub also leverages Kuehne+Nagel’s expertise in managing complex distribution networks and its ongoing investments in technology, automation and innovation.

In the ordinary course of financing, Kuehne+Nagel International AG today issued two bonds.

The proceeds of both bonds will be used for financing or refinancing of existing indebtedness and general corporate purposes, including the repayment of credit facilities.

The first bond has a fixed coupon of 0.819% and a tenor of three years four months, maturing on November 2, 2029.

The second bond has a fixed coupon of 1.090% and a tenor of six years four months, maturing on November 2, 2032.

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 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.

At today’s Capital Markets Day in London, Kuehne+Nagel will provide an update on the implementation of the Roadmap 2026 and present its updated strategy, announce Group EBIT guidance, and share its long-term growth ambitions and its clarified capital allocation policy. 

The Chairman of the Board of Directors of Kuehne+Nagel Dr. Joerg Wolle, the CEO Stefan Paul, and CFO Markus Blanka-Graff are present. Together with other members of the Executive Management and Investor Relations team, they will also present updates on development of major industry trends. 

The full presentation, which includes the updated strategy, financial outlook and capital allocation policy with a more transparent and timely information and guidance, is available at https://home.kuehne-nagel.com/en/-/company/investor-relations/capital-markets-day-2025. A live webcast of the event will be available under the same link. A replay will be available once the event has concluded.

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.}}

Kuehne+Nagel acquires a majority stake in IMC Logistics (IMC), a leading marine drayage provider in the United States. As announced by both companies, Kuehne+Nagel will acquire 51% of the privately held company. IMC specializes in comprehensive end-to-end transportation solutions to or from seaports or rail hubs, customer facilities and inland in the United States. With this investment, Kuehne+Nagel enhances its access to one of the most important logistics networks in North America and ensures flexible transportation solutions in times of increasing supply chain disruptions. The IMC brand will be retained.

IMC is headquartered in Collierville, Tennessee and has more than 40 years of experience in providing intermodal solutions for Sea Logistics in the United States. Kuehne+Nagel and IMC are longtime partners. IMC's national network includes 49 locations with a strategic presence at major US seaports and rail transportation hubs. The company handles 2 million TEUs annually in intermodal drayage and rail operations. With around 1,700 employees and an extensive network of independent contractors, IMC generated revenue of around USD 800 million in 2023.

Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG, comments: "The Kuehne+Nagel strategy is based on organic growth supported by targeted bolt-on acquisitions. Asia and North America are the key growth markets for our business, where we have established a leading position which we systematically expand. With IMC in the USA as with the acquisition of Apex in Asia, we do rely on long term partnerships. This reduces the acquisition risk, ensures quick success by deepening an already rewarding cooperation. Acquiring a majority stake in IMC represents another important strategic step. We are further expanding our leading position in North America for the benefit of our customers and closer cooperation with our partners, particularly the carriers."

Stefan Paul, CEO of Kuehne+Nagel International AG says: "International Sea Logistics is a highly complex business with many interfaces and stakeholders, in which US trade flows are of central importance. IMC's range of capabilities significantly expands our service offering and allows us to develop even more attractive solutions for the value chains of our sea freight customers."

Mark H. George, Chairman and Founder of IMC Logistics adds: “We embrace the opportunity to partner with Kuehne+Nagel, one of the world’s leading logistics companies, to elevate our family-founded business to new heights and to grow together. Combining our landside container logistics expertise and offering with Kuehne+Nagel’s global reach will deliver exceptional services for our customers and create new career growth opportunities for our colleagues.”

The transaction is expected to be completed at the beginning of the first quarter of 2025. Both parties have agreed not to disclose further details of the transaction at this time. The deal is subject to approval from regulatory authorities and customary closing conditions.

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. 

The Board of Directors of Kuehne+Nagel International AG has approved a new direct reporting of the country organisations. This change sets the course for further efficiency gains and profitable growth.

By simplifying responsibilities, the new structure will enable Kuehne+Nagel's business and functional units to sharpen their strategy in line with rapidly changing market developments and implement business decisions even faster. It will also ensure greater global consistency as well as customer proximity.

The historically-evolved regional structure will be discontinued and responsibilities integrated into Kuehne+Nagel's Group functions, as appropriate. The Cluster and National Managers will report directly into the Management Board of Kuehne+Nagel International AG.

Dr. Joerg Wolle, Chairman of Kuehne+Nagel International AG, commented: “With the discontinuation of the regional management levels, the Kuehne+Nagel Group is streamlining its organisational structure and creating the conditions for further efficiency gains, to be able to act even faster and more flexibly in an increasingly dynamic global trade environment.”

Kuehne+Nagel has entered into an agreement to acquire City Zone Express, a subsidiary of Chasen Holdings Ltd., a Singapore Exchange Mainboard-listed company. Headquartered in Malaysia and established in 2006, City Zone Express has over 500 employees and operates in Malaysia, Singapore, Vietnam, Thailand, and China. The acquisition of City Zone Express will be immediately earnings-accretive and strategically enhance Kuehne+Nagel’s cross-border road logistics service offerings in Asia. 

With an own fleet of 260 vehicles and 80,000sqm of warehousing space, City Zone Express offers reliable cross-border logistics services spanning the entirety of Southeast Asia up to China. When combined with Kuehne+Nagel’s own network, logistics expertise, and its eTrucknow visibility platform, customers from booming local industries like e-commerce and high-tech will benefit from a highly dependable extended offering. 

Hansjörg Rodi, Member of the Management Board at Kuehne+Nagel International AG, responsible for Road Logistics, said: “Asia’s economies are an attractive area for us to develop our road logistics services in line with our Roadmap 2026. With City Zone Express, we acquire a reputable regional player whose network and capabilities ideally complement our own. It enables us to better support our customers with tailored road logistics solutions in complex cross-border environments.”  

S. Pirithivaraj A/L Selvarajoo, Founder of City Zone Express, added: “We are thrilled and privileged to become a member of the Kuehne+Nagel Group, an industry leader in air and sea freight, and a renowned player in road freight. With our combined footprint in road logistics, we can better meet the growing demand for road logistics services in Southeast Asia – a region that is known as an important manufacturing hub for critical industries like high-tech, semiconductors and e-commerce.” 

Completion of the transaction is expected within the coming months. The acquisition is subject to approval from applicable regulatory authorities and Chasen Holdings’ shareholders. 

_{*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."

Anne-Catherine Berner, born in 1964, a Swiss and Finnish citizen, is an entrepreneur and former Minister of Communications and Transport of Finland. She holds board memberships at SEB Skandinaviska Enskilda Banken AB (Sweden), Medicover AB (Sweden) and Avesco AG (Switzerland) among others, and several mandates in internationally active foundations.

Dominik de Daniel, born in 1975, a Swiss and German citizen, will be Chief Executive Officer of Kuehne Holding AG from April 1, 2024. De Daniel spent over 20 years as Chief Financial Officer at various listed companies, including Adecco Group AG and most recently SGS Société Générale de Surveillance SA.

Dr. Joerg Wolle, Chairman of Kuehne+Nagel International AG: "We are delighted to nominate Anne-Catherine Berner and Dominik de Daniel, internationally renowned professionals, for election to the Board of Directors of Kuehne+Nagel International AG. At the same time, we regret that David Kamenetzky has decided not to stand for re-election to the Board of Directors due to his other business activities. We thank him very much for his active contribution over the past five yearsˮ.

The new year starts with electrifying news as Kuehne+Nagel announces its Book & Claim insetting solution for electric vehicles. This makes Kuehne+Nagel the first logistics service provider to launch this solution, which previously was limited to low-emission fuels. Implementing decarbonisation solutions and helping customers achieve their sustainability goals is a key component of Kuehne+Nagel’s Roadmap 2026 Living ESG cornerstone. 

Developing Book & Claim insetting solutions for road freight was a strategic priority for Kuehne+Nagel. Last October, it launched an insetting solution for HVO—now followed by electric vehicles. The first-of-its-kind solution has been tested and validated in cooperation with leading external stakeholders.  

Customers who use Kuehne+Nagel's road transport services can now ‘claim’ the carbon reductions of electric trucks when it is not possible to physically move their goods on these vehicles. Reasons for that could be insufficient charging infrastructure or a limited driving range and payload. The solution helps to bridge those challenges which today still limit the deployment of electric trucks.  

 “We see battery-Electric Vehicles (BEVs) as the future to reduce emissions in road freight. Carbon insetting supports the scale-up of low-emission solutions like BEVs and helps to reduce the premium that customers pay for these solutions, thereby supporting the decarbonisation of road transport,” says Hansjörg Rodi, Member of the Management Board at Kuehne+Nagel International AG, responsible for Road Logistics.

For now, only Kuehne+Nagel’s owned BEVs are part of the Book & Claim offer to keep full control and transparency over the accuracy of the data that is used in the calculations. However, the team aims to expand the solution to BEVs operated by its partners so that it can support them in their fleet electrification journeys too. “Purchasing electric trucks can be a heavy financial burden, especially for smaller carriers. Including carriers in our solution requires further complex developments in the accounting methodology, but it would help them to finance their transition. This is our next priority,” concludes Rodi. 

On November 28, 2023, the world's first 100% Sustainable Aviation Fuel (SAF) transatlantic flight by a commercial airline successfully landed at New York JFK after its departure from London Heathrow. Kuehne+Nagel, a leader in sustainable logistics, actively engages in projects that encourage and promote the use of sustainable fuels within the logistics sector. As part of its efforts, Kuehne+Nagel secured the available cargo space on this SAF-powered flight and utilised the corresponding amount of SAF for the transported goods.

Yngve Ruud, Member of the Management Board of Kuehne+Nagel responsible for Air Logistics comments: “This is a historic moment in our collective journey towards sustainable aviation and we are very proud to represent the air cargo industry on the world's first 100% Sustainable Aviation Fuel transatlantic flight by a commercial airline. It is an honour to support this Virgin Atlantic led consortium, pushing the boundaries of decarbonisation in aviation.”

Kuehne+Nagel is committed to the science-based targets to decarbonise the logistics sector and drive the change towards a zero-carbon future. This flight represents the next step in sustainable aviation by demonstrating the potential of using SAF as a 100% drop-in replacement for fossil fuel.

The Virgin Atlantic led consortium, joint funded by the UK Department for Transport, includes Rolls Royce, Boeing, University of Sheffield, Imperial College London, and Rocky Mountain Institute.

The SAF used to power the two Rolls-Royce Trent 1000 engines on the Boeing 787 Dreamliner is produced by Hydroprocessed Esters and Fatty Acids (HEFA) and Synthetic Aromatic Kerosine (SAK) at an 88% HEFA and 12% SAK blend ratio.

Kuehne+Nagel recently completed its third consecutive IATA CEIV Pharma certification of its entire air logistics healthcare network. This important milestone also positions Kuehne+Nagel as the first logistics company to achieve over 100 CEIV Pharma-certified stations.

IATA created CEIV Pharma alongside aviation industry stakeholders and regulators to address the industry’s need for safer, secured, compliant and efficient pharmaceutical product handling in the air cargo supply chain. The re-certification reinforces Kuehne+Nagel’s commitment to quality and its ability to meet the highest compliance and regulatory requirements via the world's largest CEIV Pharma-certified network currently covering 66 countries across all seven continents.

Harsha Ranasinghe, SVP Global Head of Air Logistics Products & Services at Kuehne+Nagel comments: “In 2017, Kuehne+Nagel became the first to attain CEIV Pharma certification for its healthcare air network. Since then, we continue to collaborate with IATA to drive superior quality and compliance by setting new standards for pharmaceutical handling excellence within air freight.”

Kuehne+Nagel’s dedicated healthcare solutions for Air Logistics are part of the company's global healthcare portfolio including multimodal transport options and contract logistics. Earlier this year, Kuehne+Nagel announced its Roadmap 2026, of which healthcare is a key growth area.

"Kuehne+Nagel achieving CEIV Pharma certification for its HealthChain certified healthcare Air Logistics network is a significant milestone. It not only gives its customers assurance that their time and temperature-sensitive healthcare products will be transported to the highest standards, but also elevates global supply chain standards. As the pharmaceutical sector expands, both IATA and Kuehne+Nagel are committed to meeting the industry’s need for safety, security and efficiency in the transportation of pharmaceutical products,” said Brendan Sullivan, IATA’s Global Head of Cargo.

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.

Kuehne+Nagel has introduced three new charter connections between the Americas, Europe, and Asia. Starting on October 23, Kuehne+Nagel’s own freighter, the B747-8 “Inspire.”, conducts two additional weekly routings from Atlanta and Chicago to Amsterdam and from there to Taipei.

This flight will serve key industries such as healthcare, perishables and semicon. As one of the world's leading microchip manufacturers, Taiwan accounts for approximately 20% of the global semiconductor industry. By connecting Taiwan with the Benelux region, Kuehne+Nagel can offer fully owned and controlled capacity for its semiconductor customers while adhering to the strictest quality standards. Earlier this year, Kuehne+Nagel announced their SemiconChain quality standard in response to the market's increased need for secure and reliable semiconductors transportation.

Yngve Ruud, Member of the Management Board of Kuehne+Nagel responsible for Air Logistics comments: “Developing and offering logistics solutions for the semiconductor industry is part of our strategic Roadmap 2026. By introducing these three new connections, we can support our customers better and facilitate future growth in the sector.”

From now on, the B747-8 freighter connects the three regions through around-the-world flights as part of its regular schedule.

Kuehne+Nagel and SATS Ltd (“SATS“) recently signed a Memorandum of Understanding (MoU) to enter into a strategic collaboration to drive value chain improvements and sustainability efforts within the air logistics industry.

Together, the two companies have initially collaborated on several successful Proofs of Concept to optimise ground handling for e-commerce shipments, air charter hub and spoke operations, as well as to improve shipment visibility and cargo processing speeds for time-critical shipments. The aim of the collaboration between Kuehne+Nagel and SATS, which acquired Worldwide Flight Services (WFS) in April 2023, the world’s largest air cargo logistics provider, is to co-develop and implement solutions for customers throughout Asia, Europe and North America. The first Proofs of Concept have produced encouraging results, demonstrating time savings and reducing touchpoints for Kuehne+Nagel shipments at SATS’ airside facilities.

Yngve Ruud, Member of the Management Board of Kuehne+Nagel responsible for Air Logistics commented “Collaboration is at the heart of what we do at Kuehne+Nagel and we are very excited to partner with SATS. By leveraging our combined expertise and global footprints we improve our service offering and continue to create value for customers around the world.”

“We are always looking at ways to bring extra value to our customers to serve them better, and to benefit from the new opportunities our growing global network offers. Kuehne+Nagel shares this progressive approach and this is why our companies are moving from a conventional customer-vendor relationship to a strategic collaboration to drive improvements and efficiencies in the supply chain” said Kerry Mok, President and Chief Executive Officer of SATS.

Kuehne+Nagel has launched a Book & Claim insetting solution for road logistics customers who purchase Hydrotreated vegetable oil (HVO) to reduce transport emissions. The solution complements the already existing offer in Sea and Air Logistics, with maritime biofuels and SAF, respectively. A comprehensive Book & Claim offer will support Kuehne+Nagel’s science-based targets and accelerate the reduction of emissions in the logistics industry.

For the development of a Book & Claim offer for HVO, Kuehne+Nagel cooperated with several external stakeholders to test and validate the scientific and methodological robustness of the concept. The expertise built through the offer in Sea and Air Logistics, provided a strong basis for the project.

“Extending our offer of low-emission solutions for our customers is a key focus of our Roadmap 2026’s Living ESG cornerstone. Customers purchasing HVO can now reduce carbon emissions in their value chains. This will increase the demand and therewith the supply of low-emission technologies, to accelerate the decarbonisation of road logistics,” says Hansjörg Rodi, Board Member for Road Logistics at Kuehne+Nagel.

In a first stage, Book & Claim for HVO will be available for customers in Europe, with expansion plans beyond Europe in 2024. Moreover, the team is working on the integration of electric vehicles in the solution. “To decarbonise road logistics, we see HVO only as a bridging solution with battery-electric vehicles as our focus in the future. We expect this to be ready by the end of 2023,” Rodi concludes.

Kuehne+Nagel has secured a contract from the leading global wind turbine supplier Envision Energy to transport 190 wind turbine generators (WTG) and 67 tower sets to Saudi Arabia’s new special economic zone, NEOM.

Expected to be completed in 2025, this major project involves the specialised transport of 1.4 million freight tons of WTG. A team of over 100 project logistics professionals, vessel chartering experts, transport engineers, drivers and riggers, will work together to ensure the success of the operation. A dedicated office has been established in the city of Tabuk, Saudi Arabia, to coordinate teams at NEOM’s port and the wind farm site.

NEOM is a special economic zone in the northwest of Saudi Arabia. NEOM means ‘new future’ and is intended to become a model for sustainable urban living powered entirely by renewable energy. One of the best-known NEOM projects is “The Line”, the carbon-neutral linear smart city currently under construction on the Red Sea.

When completed, the NEOM wind farm will generate 1.67 GW of renewable energy to power the plant of the NEOM Green Hydrogen Company, the world's largest facility for producing hydrogen on a large scale.

Stefan Paul, CEO of Kuehne+Nagel International AG, said: “This is a major milestone in Kuehne+Nagel’s Roadmap 2026, our new strategy that we presented in March this year. We see great potential in providing solutions for renewable energy customers and the NEOM project is a testament to our logistics expertise in this high-growth field that supports the global energy transition.”

Globally, Kuehne+Nagel has successfully provided project logistics solutions to a wide range of original equipment manufacturers, encompassing specialised project management and tailor-made supply chain services. Kuehne+Nagel’s expertise extends to origin and destination/site services, innovative freight solutions, maintenance, repair and operations, distribution and warehousing services.  

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 Board of Directors of Kuehne+Nagel International AG appoints Michael Aldwell to its Management Board as of October 1, 2023. Aldwell will assume responsibility for the business unit Sea Logistics and succeed Horst Joachim (Otto) Schacht.

Otto Schacht (born in 1959), after 26 years of successful tenure at Kuehne+Nagel (since 2012 on the Management Board), will in the future perform advisory tasks for the Kuehne+Nagel Group with a focus on Sea Logistics. He will continue to maintain long-standing relationships with shipping lines and support the Group’s sustainability programs.

Michael Aldwell, a New Zealand national, born in 1984, began his career in 2008 with Kuehne+Nagel in Auckland, New Zealand. He has international leadership experience in Asia Pacific, the Middle East and the Americas, most recently as Head of the Northeast region of the USA in Jersey City, New Jersey. Since January 2023, he has been based in Schindellegi, Switzerland, responsible for Sea Logistics products, sales, and marketing worldwide. Michael Aldwell holds a Bachelor of Commerce and Management degree from Lincoln University, New Zealand, and is a graduate of the Stanford Executive Program from Stanford University’s Graduate School of Business, California.

Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG said: "We are very pleased to appoint Michael Aldwell, a proven executive from within our own ranks, to succeed Otto Schacht on the Management Board. Michael Aldwell's appointment will ensure the continued development of Kuehne+Nagel as the global market leader in Sea Logistics. On behalf of the entire Board of Directors, I would like to thank Otto Schacht for his many years of outstanding contributions to the development of Sea Logistics, our largest business unit. He has played a very significant role in the unit’s success."

Kuehne+Nagel today announced two management changes in its Middle East and Africa region: Damian Raczynski has been appointed National Cluster Manager for the United Arab Emirates (UAE) and Oman as of May 2023, while Bert Bloem has been in his new role as National Manager of South Africa effective April 2023. In their new role, Damian and Bert will report directly to Lee I’Ons, Regional Manager, Middle East and Africa and oversee the company’s operations in their respective countries. 

Damian joined Kuehne+Nagel in 2010 as National Contract Logistics Operations Manager in Bucharest, Romania, and moved to Dubai as the National Contract Logistics Manager for the UAE in 2014. Since 2019, he has been holding the position of Regional Contract Logistics Manager, Middle East and Africa. 

Damian said: "After nearly a decade, I'm excited to be back in the national office in Dubai, which has been my home for so long. Our shared goal is to focus on our Roadmap 2026 and Vision 2030. As the markets in the UAE and Oman continue to expand, I'm eager to collaborate with our talented team to create an exceptional Kuehne+Nagel Experience for both our employees and customers." 

Bert has more than 28 years of experience within the logistics industry. Since 2009, he has been working for Kuehne+Nagel South Africa as the National Air Logistics Manager. In his capacity, he played a key role in driving substantial market expansion and leading operational transformation within the company's Air Logistics services. 

Bert said: “I’m excited for this new chapter. South Africa remains one of the gateways for logistics into Africa. As a pivotal hub connecting global markets to the vast opportunities that the African continent has to offer, at Kuehne+Nagel South Africa, we will continue providing sustainable and innovative solutions to our customers.” 

“We're thrilled to have Bert and Damian stepping into their new roles in South Africa and the UAE and Oman cluster, respectively. With their extensive experience and expertise, we're confident that they'll continue to drive extraordinary customer and employee experience," said Lee I’Ons. 
 

At today's Annual General Meeting (AGM) of Kuehne + Nagel International AG, all proposals were approved by a large majority. Shareholders present at the meeting represented 81,81% of the issued shares.

The shareholders approved the status report, the financial statements and the consolidated financial statements for the 2022 business year after taking note of the audit reports. They approved the distribution of a gross dividend of CHF 14.00 per registered share and the carry forward of the retained earnings less dividend to new account.

In addition, the AGM granted discharge to the Board of Directors and the Management Board for the 2022 business year with a high approval of results.

Elections

Board of Directors

Dominik Bürgy, Karl Gernandt, David Kamenetzky, Klaus-Michael Kühne, Tobias B. Staehelin, Hauke Stars, Dr. Martin Wittig and Dr. Joerg Wolle stood for re-election and were individually confirmed by the AGM for a further term of office of one year until the completion of the next AGM.

Dr. Renato Fassbind did not stand for re-election. The Board of Directors expressed its sincere thanks to Dr. Fassbind for his successful and long-standing work on the Board.

Dr. Vesna Nevistic was newly elected to the Board of Directors for a term of office of one year until the conclusion of the next Annual General Meeting.

Chairman of the Board of Directors

With an overwhelming majority of votes, Dr. Joerg Wolle was re-elected as Chairman of the Board of Directors for another one-year term of office.

Compensation Committee

Shareholders followed the Board of Directors’ recommendation to re-elect Karl Gernandt, Klaus-Michael Kühne and Hauke Stars to the Compensation Committee for another one-year term until completion of the next AGM. Karl Gernandt remains Chairman of this Committee.

Independent proxy / statutory auditor

Stefan Mangold (commissioner of oaths of Canton Schwyz), Siebnen, was elected as independent proxy. The mandate of Ernst & Young AG, Zurich, as statutory auditor for the year 2023 was approved by the AGM.

Remuneration report

In a consultative vote, shareholders approved the renumeration report 2022.

Compensation reconciliations

The total amount of remuneration for the members of the Board of Directors was prospectively approved in accordance with the legal requirements for the period until the next AGM.

Likewise, shareholders confirmed the total maximum amount of renumeration for the Management Board for the 2024 business year and approved the addendum in connection with the very successful business year 2022.

Virtual AGM

In addition, the basis was laid in the Articles of Association for the Board of Directors to be able to hold the AGM virtually in the future (amendment to the Articles of Association).

The next Annual General Meeting will be held on May 8, 2024.

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.

Today, at the MRO Americas 2023 conference in Atlanta, Georgia, Kuehne+Nagel, Atlas Air, Inc., a subsidiary of Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), and SR Technics Group introduce the “Sustainable Engine Alliance”. Representing a wide range of the aerospace industry, the Alliance pledges to set new industry standards for low-carbon aircraft engine supply chains in line with the Science Based Targets Initiative (SBTi).

The alliance members aim to reduce their collective environmental impact through networks for sustainable engine supply chains and a portfolio of sustainable services. Some of the first joint initiatives carried out by the alliance include the deployment of sustainable fuels, engine stand management solutions and a global digital interface for emission transparency, reduction and avoidance. The initiative is expected to reduce engine supply chain related scope 3 emissions ahead of the aerospace 2050 sustainability targets.

Erik Goedhart, SVP Global Head of Aerospace at Kuehne+Nagel, comments: “Collaboration is key to industry-wide improvements in aerospace sustainability. With the “Sustainable Engine Alliance”, we will set new standards for responsible sourcing and engine transportation, while creating further awareness within the industry to minimise environmental impact of engine supply chains jointly. I am confident that together with Atlas Air and SR Technics we will pave the way for future sustainability efforts in aerospace. And we invite other value chain companies to join us”.

Jean-Marc Lenz, Chief Executive Officer at SR Technics states: “Sustainability is a strategic pillar of SR Technics’ organization and service portfolio. By extending the engine life cycle and delivering best-in-class on-wing performance, SR Technics contributes to the environmental impact of airline operations. We are very pleased to be joining with the leaders in this growing market, and we look forward to working with them to pilot this zero-emission journey together. With Kuehne+Nagel and Atlas Air, we have experienced partners on board who support our major cornerstone in our company development to sustainable growth in future.”

James Forbes, Executive Vice President and Chief Operating Officer of Atlas Air Worldwide said: "We look forward to working with Kuehne+Nagel and SR Technics to accelerate decarbonization in our combined value chain. Through our partnership, we will be developing maintenance and supply chain best practices that will guide us well into the future and help us achieve our environmental stewardship goals.”

Kuehne+Nagel today published its seventh Sustainability Report, which covers ESG (Environment, Social, Governance) performance in 2022. The report also outlines the important role ESG plays in the implementation of the Group's recently unveiled strategy. Living ESG is one of the four cornerstones of Roadmap 2026.

As part of its commitment to the science-based targets, Kuehne+Nagel in 2022 further invested in maritime biofuels and sustainable aviation fuels (SAF) to reduce Scope 3 emissions. As of December 2022, the company purchased approximately 7% of the total production of SAF globally. With this, Kuehne+Nagel has supported customers such as the healthcare company Novo Nordisk and the technology company Lenovo in decarbonising their supply chains.

Kuehne+Nagel in 2022 also achieved the goal of 100% renewable electricity across all Contract Logistics warehouses worldwide. The company purchased renewable energy certificates for this purpose and increased on-site electricity production, e.g. with photovoltaic systems.

In road transportation, Kuehne+Nagel is increasingly shifting to electric vehicles (EV). Most recently, the French subsidiary acquired 23 distribution trucks for domestic groupage transportation services. The company intends to equip 60% of its own fleet with EVs by the end of 2030.

Additionally, Kuehne+Nagel has signed an agreement to purchase 10.500 hectares of timberland in the US Northeast. The aim is to preserve an economically and ecologically sustainable forest portfolio. Dr. Marc Pfeffer, Member of the Management Board of Kuehne+Nagel International AG, responsible for Governance, states: “The sustainable forest management with Salm-Schulenburg, Atlanta, will also include the generation of CO2 certificates to support Kuehne+Nagel’s ambition to compensate its own emissions in parallel with low carbon and reduction technologies going forward.”

Kuehne+Nagel is cooperating with The Conservation Fund to additionally limit the use and protect the timberland’s conservation purposes. The transaction is still subject to customary closing conditions.

Kuehne+Nagel will serve its customers in Africa with an even stronger service: The Group today announced that Alexandre Muratore has been appointed Managing Director of the newly established West Africa Cluster comprising Senegal, Nigeria, Ghana, Ivory Coast, Guinea, Burkina Faso, Gambia, Sierra Leone, Liberia, Togo, Benin, Mauritania, Guinea Bissau. He will be operating out of Abidjan, Ivory Coast. Together with the local teams, Alexandre will develop new business opportunities and grow Kuehne+Nagel’s presence in West Africa, supporting the company’s strategy to expand its footprint on the continent. This step also reflects the company's newly announced Roadmap 2026. Within the framework of its cornerstone “Market Potential”, Kuehne+Nagel focuses on expanding its geographic footprint in growth regions.

Alexandre’s career with Kuehne+Nagel began in 2014 as District Branch Manager and National Sea Logistics Manager in Angola. In his most recent role, he was the Managing Director of Kuehne+Nagel Qatar. “I look forward to relocating to Africa and leading the West African team as Managing Director. Our primary goal is to expand our presence in this key market by strengthening and developing local partnerships with our suppliers and customers”, comments Alexandre.

Bradley Francis, until now Regional Business Development Manager, Healthcare, Middle East and Africa, replaces Alexandre as Managing Director of Kuehne+Nagel Qatar. Bradley first joined the company in 2007 and held the National Air Logistics Manager position in South Africa and the United Arab Emirates.  “I am delighted to join this team that has a firm focus on customer needs and service excellence. I look forward to building on the many successes that have been realised by Alexandre and his team and believe that our West Africa Cluster will benefit tremendously from his experience and commitment”, emphasises Bradley.

Lee I’Ons, President of Kuehne+Nagel Middle East and Africa, comments:  “Kuehne+Nagel is strengthening its leadership team to support the company's continued growth and success in the Middle East and Africa region. Alexandre Muratore's appointment as Managing Director of the West Africa Cluster will drive new business opportunities, leveraging his extensive knowledge of the region. For Qatar, logistics is regarded as a critical component of its 2030 vision, which aims to create a diverse and sustainable economy. Bradley Francis, as the new Managing Director of Qatar will continue to build on the strong base Alexandre has created, taking advantage of its strategic location and proximity to major Asian and European markets, supported by a solid infrastructure and a business-friendly environment.”

_{*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."

After twelve years on the Board of Directors of Kuehne + Nagel International AG, Renato Fassbind will not stand for re-election at the Annual General Meeting on May 9, 2023.

At the same time, Dr. Vesna Nevistic will be proposed for election to the Board of Directors of Kuehne + Nagel International AG. Dr. Nevistic, born in 1965 and a dual Swiss-Croatian citizen, holds a PhD in electrical engineering from the Swiss Federal Institute of Technology (ETH) Zurich. She has extensive international experience in management consulting and investment banking, was a partner at McKinsey, including a focus on logistics, and a managing director at Goldman Sachs. She currently runs her own consulting firm focusing on corporate strategy and transformation and is a board member at Compagnie Financière Richemont SA, among others.

Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne + Nagel International AG, said: "On behalf of the entire Board of Directors, I would like to thank Dr. Fassbind for his many years of successful service on the Board of Directors of Kuehne + Nagel. At the same time, we are pleased to propose Dr. Nevistic, a business leader with an excellent network in Switzerland and internationally, for election to the Board of Directors of Kuehne + Nagel International AG.ˮ

HomeRoots, a B2B e-commerce furniture and home decor platform, partners with Kuehne+Nagel to facilitate logistic services for the hospitality industry. With this partnership HomeRoots’ customers can now benefit from a convenient one-stop e-commerce solution including quoting, booking, and tracking of their sea and air freight services powered by Kuehne+Nagel.

Answering the need for easy and efficient B2B online experience, Kuehne+Nagel and HomeRoots aim to turn complex sales operations into a seamless “B2C like” experience for the hospitality customers. Kuehne+Nagel will facilitate end-to-end processing allowing HomeRoots customers to instantly quote, easily book and track their shipments directly via the logistics provider. Customers will benefit from efficient logistics solutions thanks to Kuehne+Nagel’s global network of experts and portfolio of innovative and sustainable services. Conversely, Kuehne+Nagel’s existing customers importing furniture and home décor items will now have the opportunity to collaborate with an even larger sector of customers that includes HomeRoots ever growing U.S. customer base.

Holger Altvater, Global Head of Hospitality Logistics at Kuehne+Nagel, comments: “Our customers, especially mid-size independent hoteliers expect more efficient ways to purchase furniture, fixtures and equipment. Collaborating with HomeRoots allows Kuehne+Nagel to strengthen its boutique logistics service offering, while increasing opportunities for HomeRoots beyond the typical retail business.”

“HomeRoots' partnership with Kuehne-Nagel puts the two companies ahead of the competition. There are very few selling platforms that provide logistics solutions on such a scale. Our goal is to enable our customers to simply add items to their cart on the HomeRoots platform, complete checkout like an end consumer ordering grocery items and enjoy easy and efficient shipping. The existing process which is highly complex and high touch will be completely transformed. This is a real game-changer,” says Gil Bar-Lev, CEO of HomeRoots.

This partnership supports HomeRoots to become the ultimate one-stop-shop for B2B online sales of furniture and home decor products, but also opens doors to additional industry and logistics opportunities.

Apex Logistics International, a Kuehne+Nagel company, will put into operation the last Boeing 747-8 freighter as part of the long-term charter agreement with Atlas Air, Inc., a subsidiary of Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW). The aircraft will support customers on volatile trade lanes with reliable service, reduced transit times and increased efficiencies. 

After a half-century production run of the jumbo jet, the last Boeing 747-8F under the name ‘Empower.’ was presented to the public during the official ceremony at the Boeing Everett Delivery Center in Seattle. The event marks the end of the ‘Queen of the Skies’ that helped catapult the global air logistics industry with its unique nose-loading capability, payload capacity and fuel efficiency. Following the first Kuehne+Nagel aircraft ‘Inspire.’, ‘Empower.’ will operate on the Transpacific routings strengthening the intra-Asia network with better connectivity.

Yngve Ruud, Member of the Management Board of Kuehne+Nagel, responsible for Air Logistics, comments: "The names we chose for the last two iconic aircraft fit their legacy - ‘Inspire.’ and ‘Empower.’ We look forward to seeing the last 747-8F aircraft taking off to fulfil the versatile needs of our customers worldwide with unmatched capability.”

“In 2001, when Apex was founded, our guiding principle was to empower employees with the common goal of offering customers flexible and reliable solutions to their logistics needs,” said Tony Song, Group Chief Executive Officer Apex. “Twenty years later, as part of Kuehne+Nagel Group, we are proud to introduce ‘Empower.’, the newest and most exciting addition to Apex Logistics. This aircraft will reinforce our ability to provide strategic solutions and unique alternatives with passion. Together with our Apex Logistics colleagues, we are delighted to celebrate this special occasion with Kuehne+Nagel, Atlas Air and Boeing.” 

“We are pleased to operate this aircraft on behalf of Apex Logistics, a Kuehne+Nagel company. This is the second 747-8F delivery as part of our long-term strategic partnership with Kuehne+Nagel, which is reflective of our commitment to provide additional capacity for expanding their air cargo network,” said John Dietrich, President and Chief Executive Officer, Atlas Air Worldwide. "As the world’s largest operator of 747 freighters, Atlas is especially proud to take the last 747 ever to be built. We are grateful to Boeing for their shared commitment to safety, quality, innovation and the environment, and for their partnership to ensure the continued success of the 747 programme as we operate the aircraft for decades to come.” 

“This monumental day is a testament to the generations of Boeing employees who brought to life the airplane that shrank the world and revolutionised travel and air cargo as the first true widebody,” said Stan Deal, President and Chief Executive Officer of Boeing Commercial Airplanes.

About Boeing 747-8 Freighter 

The Boeing 747 is a large, long-range, wide-body airliner designed and manufactured by Boeing Commercial Airplanes in the United States. Often referred to by the nickname ‘Jumbo Jet’, it is among the world's most recognisable aircraft and the first widebody ever produced. 

The first 747 was the result of the work of some 50,000 Boeing people. Called ‘the Incredibles,’ these were the construction workers, mechanics, engineers, secretaries and administrators who made aviation history by building the 747 — the largest civilian airplane in the world — in roughly 16 months during the late 1960s. Since then, over 1,500 planes were manufactured in several different versions.

In November 2005, Boeing launched the 747-8 family — the 747-8 Intercontinental passenger airplane and the 747-8 Freighter. The 747-8 Freighter first flew on February 8, 2010. The airplane is 76.3 meters long, which is 5.6 meters longer than the 747-400 Freighter. The stretch provides 16 percent more revenue cargo volume compared with its predecessor which translates to an additional four main-deck and three lower hold positions.

The Boeing 747-8F serves a crucial role in global air freight, with advanced technology that allows for lower fuel consumption, higher capacity and unique nose-loading capability. 

To support enterprises in their commitment to minimise their environmental footprint and combat climate change, Lenovo is joining forces with Kuehne+Nagel to create a first-of-its-kind logistics service in the technology industry. Through a purchase add-on, Lenovo customers can now ship IT equipment and devices with Sustainable Aviation Fuel (SAF), a fuel produced from sustainable feedstocks that when used reduces GHG emissions.

SAF is currently the most effective measure to significantly reduce the environmental footprint of air freight. When opting for SAF, Kuehne+Nagel will provide an emission reduction certificate to Lenovo and its customers indicating the amount of SAF litres per purchased device for any trade lane and carrier handling the shipment. This transparency allows customers to reduce their scope 3.1. emissions for purchased goods and services according to the amount of CO₂e¹ avoided in the transport.

Yngve Ruud, Member of the Management Board of Kuehne+Nagel, responsible for Air Logistics, comments: “Kuehne+Nagel continues to develop easy and value-adding sustainable shipping options for its customers. We are pleased that Lenovo chose our innovative SAF concept which offers emission certificates not only to Lenovo but also to its customers and thus supports all stakeholders across their supply chain in achieving their SBTi² targets. Now, Lenovo customers can avoid CO₂e emissions while shipping air freight regardless of the lane or airline”.

“This innovative approach we have forged with Kuehne+Nagel continues our commitment to delivering sustainable products and solutions. At the same time, we continue to explore, deploy, and champion all opportunities to reduce emissions generated through handling, storage, and transportation of our products,”  said Gareth Davies, Head of Global Logistics at Lenovo.

_{¹ CO2e is the internationally recognised measure of greenhouse gas (GHG) emissions that takes into account the global warming potential (GWP) of the different GHGs, including CO2 and expresses the cumulative effect in a common unit.}

_{²Science-Based Target initiative (SBTi) drives ambitious climate action in the private sector by  enabling organisations to set science-based emissions reduction targets.}

Kuehne+Nagel has launched a new offering for air freight shipments to approach the unique requirements of global semiconductor supply chains. With a robust air freight capacity, security solutions and the new quality standard, “SemiconChain” as the core elements of the offering, all industry stakeholders can establish reliable and agile supply chains.

The increasing need for semiconductors and growing pressure on manufacturing require a faultless supply chain to support continuous operations. Being an outcome of Kuehne+Nagel’s close collaboration with customers and in-depth air cargo and semicon industry expertise, the new air logistics service supports customers with improved visibility, security, reduced risks and automated processes.

The offering is based on the “SemiconChain” quality standard that guarantees process standardisation, continuous improvement, and service excellence across the dedicated Semicon network. SemiconChain is built on a quality foundation tailored explicitly to the Semicon industry and integrates ISO 9001-2015 and IATF 16949, ensuring that shipments are always transported in a standardised, robust manner providing complete tracking visibility. SemiconChain locations are staffed with industry experts that regularly undergo a comprehensive and continuous training programme.

Time-defined services are core to the service offering and ensure predictability; this is especially important for time-critical, out-of-hours situations. Additionally, appropriate handling controls, airside services, prioritised flights and risk mitigation tools provide full visibility to all stakeholders and are geared to minimise potential disruptions, allowing for reliable planning.

Barry O`Dowd, Global Head of High-Tech at Kuehne+Nagel comments: “The expanding global digital ecosystem continues to drive strong semiconductor growth over the long term. However, in case of disruptions and unstable supply chains, many key industries can be severely affected. Our new service will help customers navigate the semiconductor market's volatility and nuances, ensuring an uninterrupted supply chain. The key differentiator of the new offering is the SemiconChain quality standard that provides the utmost reliability and security to our customers. I am pleased that the initial feedback out of validation sessions with leading semicon industry stakeholders is very positive.”

Learn more about the new offering here.

Kuehne+Nagel has put into operation its first Boeing 747-8 Freighter as part of the long-term charter agreement with Atlas Air, Inc., a subsidiary of Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW). As the global market leader in air freight, Kuehne+Nagel expands its air freight network by chartering the entire capacity of the very last two 747-8F aircraft from their delivery by Boeing.

During the official ceremony at the Boeing Everett Delivery Center in Everett, WA, the Boeing 747-8F under the name “Inspire.” was handed over to Kuehne+Nagel. The most capable freighter aircraft in the world will support Kuehne+Nagel customers with highly reliable service, reduced transit times and minimised risks. In addition to the Transpacific routings, the new service will be linked with Kuehne+Nagel Intra-Asia network to provide customers with better connectivity within the growing region of Asia Pacific.

Yngve Ruud, Member of the Management Board of Kuehne+Nagel, responsible for Air Logistics, comments: "It is a very special moment for us to see Kuehne+Nagel 747-8F “Inspire.” taking off. Together with the very last 747-8F that we named “Empower.”, the aircraft will support our customers with reliable and flexible solutions globally, continuing the legacy of the most incredible aviation programs in history. We are delighted to celebrate this day with our partners Atlas Air and Boeing and looking forward to see our aircraft connecting the world.”

The Boeing 747-8F serves an incredibly important role in global air freight, with advanced technology that allows for lower fuel consumption, higher capacity and unique nose-loading capability.

“This 747-8 delivery underscores the importance of our long-term strategic partnership with Kuehne+Nagel and our commitment to support their continued growth and expansion,” said John Dietrich, President and Chief Executive Officer, Atlas Air Worldwide. “We are very pleased to provide their first dedicated aircraft which will proudly fly in custom Kuehne+Nagel livery. The two 747-8Fs we will operate for Kuehne+Nagel will add more capacity and versatility for their network."

With its advanced design and engines, the 747-8F offers a 16% improvement in fuel use and CO₂ emissions per tonne and a 30% smaller noise footprint compared to the previous generation of aircraft.

"With Atlas Air taking delivery of the final 747s for its customer Kuehne+Nagel, this iconic Boeing airplane will continue to move cargo around the world for decades to come,” said Kim Smith, Vice President and General Manager of the Boeing 747/767 Program. "As we say goodbye to the ‘Queen of the Skies,’ we’re proud of her legacy as an airplane that propelled aviation innovation and later laid the foundation for our family of freighters."

From January 2023, Marc Pfeffer will join the Management Board in his capacity as Group General Counsel and will remain responsible as Corporate Secretary of its Board of Directors.

Marc Pfeffer (born 1971, a German and Swiss citizen) started at Kuehne+Nagel as Group General Counsel in 2014 and has since been heading worldwide the Legal department with responsibility for Group Legal, including Trade Control and Data Protection. The independently managed Compliance department is also under his responsiblity. From mid-2019, Marc Pfeffer assumed additional responsibility as Corporate Secretary of the Board of Directors of Kuehne+Nagel International AG.

Before joining Kuehne+Nagel, Marc Pfeffer held senior positions such as General Counsel at DB Netz AG (Frankfurt, Germany) and at OC Oerlikon Corporation AG (Pfäffikon, Switzerland). He studied law at the University of Saarland, Saarbrücken, Germany and received his doctorate in antitrust law with honours.