Kuehne+Nagel reports strong Q1 2026 results, raises EBIT outlook

Kuehne+Nagel reported a solid start to 2026, posting first-quarter net turnover of CHF 5.6 billion. EBIT reached CHF 343 million, while earnings totaled CHF 248 million. The Group achieved a conversion rate of 16%.

The cost-efficiency measures introduced in October 2025 delivered a meaningful boost to first-quarter profitability, helping to sustainably lower unit costs.

Performance was strong across Air Logistics, Road Logistics, and Contract Logistics. Sea Logistics, however, was temporarily impacted by disruptions in the Middle East.

CEO Stefan Paul stated that disciplined cost management and the company’s global network have enabled Kuehne+Nagel to respond quickly and flexibly to changing market conditions.

He said, “Thanks to disciplined cost management, Kuehne+Nagel made a strong start to the year in Air, Road, and Contract Logistics. Sea Logistics was affected in the 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.”

Based on its first-quarter performance, Kuehne+Nagel now forecasts recurring 2026 Group EBIT in the range of CHF 1.25 billion to CHF 1.40 billion.

During the first quarter of 2026, Sea Logistics generated net turnover of CHF 1.9 billion and EBIT of CHF 113 million, achieving a conversion rate of 25%. As of the end of March 2026, volumes reached one million TEU.

The situation in the Middle East resulted in increased service intensity during the quarter. By comparison, volumes in the first quarter of 2025 were unusually strong due to customer front-loading in advance of “Liberation Day.”

In terms of air logistics, the first quarter of 2026 witnessed net turnover of CHF 1.6 billion and EBIT of CHF 111 million, achieving a conversion rate of 27%. As of the end of March 2026, air freight volumes totaled 516,000 tonnes, showing a modest increase versus the prior-year period.

Events in the Middle East caused a temporary tightening in air freight capacity, which drove stronger demand for charter solutions.

Meanwhile, Road logistics during the first quarter of 2026 generated net turnover of CHF 908 million and EBIT of CHF 25 million.

The business unit expanded its market share in all regions. Since the conflict in the Middle East began, Kuehne+Nagel has also supported regional supply chain continuity by setting up land-bridge solutions, such as truck transport services from Saudi Arabia to the United Arab Emirates.

Apart from it, the Contract Logistics within the first quarter of 2026 was able to generate net turnover of CHF 1.2 billion and EBIT of CHF 94 million. Results included a one-off positive contribution of CHF 35 million from the sale of a property in Germany.

Kuehne+Nagel also expanded its footprint during the quarter by opening new distribution centers in the Americas, the United Arab Emirates, and Singapore.