Kuehne+Nagel Q1 earnings decline 45%

Air Logistics net turnover dropped 41% to CHF 1.9 billion ($2.1 billion) and earnings before interest and taxes (EBIT) declined 64% to CHF 154 million ($174 million).

Air freight volumes totalled 475,000 tonnes for Q12023. In an overall declining air freight market, Kuehne+Nagel maintained stable market share while gaining share in areas like transport of perishable goods.

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.

Road Logistics net turnover declined 3% to CHF 956 million ($1.1 billion) while EBIT increased 73% to CHF 52 million ($59 million). In March, Kuehne+Nagel put the first 23 electric trucks into operation in France, which will be used primarily in urban environments.