Kuehne+Nagel air logistics posts strong Q1 growth

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.

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.