Kuehne+Nagel Reports Strong Q3 2026 Results as Profitability Rises Across All Business Units
Kuehne+Nagel International AG delivered strong financial and operational performance in the third quarter of 2026, recording significant growth in revenue, operating profit and earnings across all four business units. The global logistics provider benefited from higher shipment volumes, improved gross profit, stronger operational efficiency and market share gains in key freight markets.For the third quarter of 2026, the company reported a 22% increase in net turnover to CHF 7.4 billion compared with the same period in 2025. Earnings before interest and taxes (EBIT) increased by 53% to CHF 435 million, while earnings also rose by 53% to CHF 316 million. The results reflect the company’s continued focus on profitable growth, operational resilience and the expansion of its global logistics services.
The performance was supported by improvements across Sea Logistics, Air Logistics, Road Logistics and Contract Logistics. Higher volumes, increased gross profit and a stronger operational conversion rate contributed to the overall improvement in profitability.Based on its results for the first nine months of 2026, Kuehne+Nagel now expects recurring EBIT for the full financial year to range between CHF 1.5 billion and CHF 1.6 billion. The updated outlook reflects the company’s performance during the year and its confidence in maintaining a strong operational and financial position.
CEO Highlights Profitable Growth and Strategic Partnerships
Stefan Paul, CEO of Kuehne+Nagel International AG, said the company’s third-quarter results demonstrated the resilience of its operations and confirmed the effectiveness of its strategy focused on profitable growth.Paul highlighted the contribution of all business units to the company’s performance, emphasizing that the positive results were achieved across different logistics markets and service categories. The company’s ability to respond to changing customer requirements, manage shipment volumes and improve operational efficiency remained central to its progress.
He also pointed to the announced long-term partnership with Amazon and Amazon Web Services (AWS) as an important opportunity for future growth. The partnership is expected to help Kuehne+Nagel capitalize more effectively on emerging business opportunities and strengthen its position in logistics markets connected with expanding digital infrastructure.
The agreement reflects the growing importance of logistics services that support cloud infrastructure, technology supply chains and other industries requiring reliable, scalable transportation and distribution solutions.Kuehne+Nagel’s third-quarter performance also demonstrates the importance of balancing revenue growth with operational discipline. By improving profitability while expanding volumes, the company continued to pursue its objective of generating sustainable financial results across its international network.
Sea Logistics Returns to Growth and Gains Market Share
Sea Logistics recorded a strong improvement in the third quarter of 2026, supported by higher shipment volumes and increased business across important international trade lanes.Net turnover in the business unit increased by 20% to CHF 2.7 billion compared with the third quarter of the previous year. EBIT rose by 55% to CHF 172 million, while the conversion rate reached 32%. At the end of September 2026, sea freight volumes amounted to 3.3 million twenty-foot equivalent units (TEU).
The business unit returned to volume growth during the quarter, with volumes increasing by 5%. Performance was driven primarily by market share gains in Asia outbound and transatlantic trade lanes. Continued expansion in the China-origin controlled freight market also contributed to the improvement.These developments indicate stronger demand for Kuehne+Nagel’s ocean freight services and an improved competitive position in several important shipping corridors. Asia outbound trade and transatlantic transportation remain significant components of global supply chains, connecting manufacturing centres, distribution networks and consumer markets.
The increase in EBIT, which outpaced revenue growth, also points to improved profitability within Sea Logistics. Higher volumes and gross profit, together with better operational performance, supported the business unit’s financial results.The 32% conversion rate further highlights the unit’s ability to translate gross profit into operating earnings. Maintaining this performance will depend on shipment demand, available freight capacity, competitive market conditions and the company’s continued focus on cost management.The return to volume growth represents an important development for Sea Logistics as the company seeks to expand its presence in international ocean freight markets while improving earnings quality.
Air Logistics Delivers Strong Revenue and EBIT Growth
Air Logistics was another major contributor to Kuehne+Nagel’s third-quarter performance, recording substantial increases in net turnover, EBIT and freight volumes.The business unit’s net turnover rose by 38% to CHF 2.4 billion in the third quarter of 2026. EBIT increased by 84% to CHF 169 million, and the conversion rate reached 32%. By the end of September, air freight volumes had totalled 1.7 million tonnes.
Volume growth accelerated significantly during the quarter, rising from 3% in the second quarter of 2026 to 10% in the third quarter. This expansion substantially exceeded overall market growth, highlighting the company’s ability to capture additional business in a competitive air freight environment.Demand for logistics solutions supporting cloud infrastructure and semiconductor customers was a key driver of the improvement. These industries depend on reliable and timely transportation to move high-value equipment, components and technology products through international supply chains.
The continued expansion of digital infrastructure has increased the importance of specialized logistics services capable of supporting complex transportation requirements. Kuehne+Nagel’s performance in this area reflects its efforts to serve customers with demanding delivery schedules and specialized supply chain needs.Healthcare logistics also remained an important area of development. During the quarter, the company continued to strengthen its pharmaceutical logistics offering by expanding temperature-controlled transportation solutions. These services help maintain appropriate conditions for sensitive products throughout the shipping process.
In September 2026, Kuehne+Nagel opened a new healthcare logistics centre at Frankfurt Airport. The facility strengthens the company’s healthcare logistics capabilities and supports its efforts to provide specialized services for pharmaceutical and other temperature-sensitive shipments.
Air Logistics’ 84% increase in EBIT compared with the previous year was particularly notable, as operating profit grew considerably faster than turnover. The result reflects the contribution of higher volumes, increased gross profit and improved operational conversion.The combination of technology-related freight demand, semiconductor shipments and specialized healthcare logistics positions Air Logistics as a key contributor to the company’s overall profitability.
Road Logistics Benefits From Continued Market Recovery
Road Logistics also reported improved financial performance in the third quarter of 2026, benefiting from a continued recovery in market conditions and stable demand for value-added services.Net turnover in the business unit increased by 14% to CHF 1 billion, while EBIT rose by 40% to CHF 28 million compared with the same quarter of the previous year.
The market recovery observed in earlier quarters continued during the third quarter, supporting demand for road transportation and related logistics services. Kuehne+Nagel recorded stable demand for value-added services and cross-border solutions across its European groupage operations, as well as in North America and Asia Pacific.
Groupage services enable shipments from multiple customers to be consolidated into shared transportation capacity. This model supports businesses that require flexible freight solutions for smaller consignments and helps logistics providers coordinate shipments across extensive road networks.Cross-border transportation also remained an important contributor to business activity. As companies manage international supply chains, demand continues for logistics services that coordinate freight movement across national borders while supporting customs procedures and delivery requirements.
Customs services made a significant contribution to Road Logistics’ strong performance. These services help customers manage the documentation and regulatory requirements associated with international trade and provide additional support alongside core transportation activities.The increase in EBIT exceeded the growth in net turnover, demonstrating an improvement in the business unit’s financial performance. Continued market recovery, stable demand for specialized services and operational efficiency helped support the increase in profitability.
Road Logistics’ performance also reflects the importance of maintaining a diversified regional presence. Activity across Europe, North America and Asia Pacific allows the company to serve customers with different transportation needs and respond to changes in regional market conditions.Although the pace of future growth will depend on economic activity and freight demand, the third-quarter results indicate that Road Logistics continued to benefit from improving conditions and a broad range of customer services.
Contract Logistics Expands Revenue Through Customer Projects
Contract Logistics delivered positive results in the third quarter of 2026, supported by strong performance in Europe and the Middle East, continued business expansion and the implementation of new customer projects.Net turnover increased by 9% to CHF 1.3 billion compared with the third quarter of 2025. EBIT rose by 7% to CHF 66 million, reflecting continued growth in the business unit.
Contract Logistics provides services that extend beyond transportation, including warehousing, inventory management, distribution and integrated supply chain operations. These services help businesses coordinate the movement and storage of goods while improving the management of their logistics networks.During the quarter, strong performance in Europe and the Middle East supported the business unit’s positive results. Continued customer demand and the successful implementation of new projects worldwide contributed to revenue growth.
However, expanding operations and introducing new customer projects also required targeted upfront investments. Kuehne+Nagel added approximately 4,000 employees to support its activities and manage the operational requirements associated with this expansion.The increase in staffing reflects the resources required to establish and operate logistics solutions for new and existing customers. Implementing new projects can involve initial spending on personnel, infrastructure, systems and operational capabilities before the full benefits of those investments are realized.
This helps explain why EBIT growth of 7% was slightly below the 9% increase in net turnover. While the business unit expanded its revenue base, investments supporting future growth also influenced its short-term profitability.The company’s continued investment in Contract Logistics is intended to support customer requirements and expand its ability to deliver integrated supply chain services across different markets.
Strong performance in Europe and the Middle East, combined with the implementation of new projects, provides a foundation for further development as customers increasingly seek coordinated warehousing, distribution and transportation solutions.
Improved Performance Across the Logistics Network
Kuehne+Nagel’s third-quarter results demonstrate the contribution of its diversified logistics portfolio to overall financial performance. Each of the four business units recorded an increase in net turnover and EBIT, highlighting the broad-based nature of the company’s growth during the period.Air Logistics delivered the strongest reported growth in EBIT, supported by rising volumes and demand from technology-related customers. Sea Logistics returned to volume growth and strengthened its position on important international trade lanes. Road Logistics benefited from continued market recovery, while Contract Logistics expanded its revenue base through new customer projects and investments in operational capacity.
The company’s consolidated results were also supported by higher gross profit and an improved operational conversion rate. These factors helped translate business growth into stronger operating earnings.
The announced long-term partnership with Amazon and AWS adds another dimension to Kuehne+Nagel’s growth strategy. As demand for cloud infrastructure and technology-related logistics continues to develop, the company is seeking to strengthen its ability to support complex supply chains and capitalize on new business opportunities.At the same time, its investments in pharmaceutical transportation, healthcare logistics facilities and Contract Logistics operations indicate a continued focus on specialized services and long-term customer relationships.
Full-Year 2026 EBIT Outlook Raised to CHF 1.5–1.6 Billion
Following its performance during the first nine months of 2026, Kuehne+Nagel expects recurring EBIT for the full year to reach between CHF 1.5 billion and CHF 1.6 billion.
The outlook reflects the company’s strong third-quarter results and contributions from all four business units. However, its final performance will continue to depend on market demand, shipment volumes, operational costs and developments across the global logistics industry.
Kuehne+Nagel’s third-quarter results provide evidence of improved profitability across its international operations. Revenue growth, stronger operating earnings and expanding freight volumes strengthened the company’s financial position, while strategic partnerships and targeted investments support its longer-term development.
With Air Logistics, Sea Logistics, Road Logistics and Contract Logistics all contributing to the improvement, the company enters the final quarter of 2026 with a full-year recurring EBIT outlook of CHF 1.5 billion to CHF 1.6 billion and a continued emphasis on profitable growth, operational efficiency and customer-focused logistics solutions.
About Kuehne+Nagel
With approximately 92,000 employees across over 1,300 sites in close to 100 countries, the Kuehne+Nagel Group is one of the world’s leading logistics providers. Headquartered in Switzerland and listed on the Zurich stock exchange, it is the global number one in Air and Sea Logistics and holds strong market positions in Road and Contract Logistics. Supporting around 400,000 customers worldwide, the Group draws on its global network, logistics expertise, and data-driven insights to deliver end-to-end supply chain solutions for global companies and industries.