Kuehne+Nagel Reports Strong Market Position and Volume Growth in Sea and Air Logistics During First Half of 2025
The Kuehne+Nagel Group, one of the world’s leading logistics companies, has reported a solid operational performance for the first half of 2025, demonstrating both strategic resilience and adaptability in the face of macroeconomic headwinds. Despite dealing with significant external challenges—including currency fluctuations, changing global trade dynamics, and temporary cost impacts—the company recorded substantial growth in both revenue and cargo volumes, particularly in its Sea and Air Logistics divisions.
Robust Financial and Operational Results Amid External Pressures
During the first six months of 2025, Kuehne+Nagel’s net turnover rose by 8% compared to the same period in the previous year, reaching CHF 12.5 billion. When adjusted for foreign exchange movements, the growth rate stood at an even more impressive 12%. Earnings before interest and taxes (EBIT) for the period totaled CHF 744 million, while net earnings came in at CHF 555 million.
However, profits were tempered by a series of negative influences. A 3% adverse impact from currency movements—amounting to approximately CHF 24 million—had a notable effect on the bottom line. In addition, one-time expenses of CHF 16 million, stemming from the Contract Logistics segment and recorded in the second quarter, further weighed on profitability. These combined factors contributed to a more moderated financial outcome, although the underlying business fundamentals remained robust.
The impact of unfavorable currency exchange rates was particularly visible in the Sea Logistics business unit, which operates predominantly in U.S. dollars. As a result, the unit faced more pronounced headwinds than Air Logistics or the company’s other segments. Still, the organization’s strategic focus and volume growth enabled it to maintain forward momentum.
Despite these external pressures, Kuehne+Nagel has chosen to maintain its core financial outlook for the full year of 2025. However, in recognition of the persistent currency headwinds, the company has updated its expected recurring EBIT range to between CHF 1.45 billion and CHF 1.65 billion.
CEO Highlights Strategic Progress and Market Gains
Stefan Paul, CEO of Kuehne+Nagel International AG, expressed confidence in the company’s trajectory and the effectiveness of its operational initiatives:
“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.”
Paul’s remarks underscore the company’s successful efforts to outpace overall market expansion. By focusing on key trade lanes, specialized sectors, and high-demand cargo categories, Kuehne+Nagel has positioned itself to strengthen its competitive advantage across core business areas.
Sea Logistics: Revenue Growth, Market Share Gains, and Route Shifts
The Sea Logistics division delivered a strong performance in the first half of the year, posting a 16% year-over-year increase in net turnover to CHF 4.7 billion. This growth was achieved despite significant foreign exchange pressures, which particularly affected revenue calculations due to the division’s U.S. dollar exposure.
EBIT for Sea Logistics reached CHF 368 million, and the conversion rate (EBIT as a percentage of gross profit) stood at a healthy 34%. Container volumes grew by 2% year-over-year, totaling approximately 2.1 million twenty-foot equivalent units (TEU). This volume growth outpaced broader industry trends and reflects the success of Kuehne+Nagel’s targeted strategies in trade route optimization and customer acquisition.
A particularly notable achievement was the significant increase in market share on the critical Asia-to-Europe trade lane. This route has historically been one of the most dynamic and competitive in global container shipping, and Kuehne+Nagel’s improved positioning there signals both pricing discipline and operational efficiency.
The second quarter of 2025 brought a notable shift in trade dynamics. “Liberation Day,” a key political event in Q2, marked the beginning of a weakening phase for the U.S. dollar. Simultaneously, uncertainty surrounding international tariffs surged. This dual effect introduced volatility in demand and pricing for sea freight services. Kuehne+Nagel responded proactively, adjusting its network capacity and rebalancing trade routes. As a result, the company managed to offset declining volumes in U.S.-linked lanes with growth in alternative regions, further demonstrating its flexible and responsive approach to global trade.
Air Logistics: Strategic Growth in High-Value Sectors
Kuehne+Nagel’s Air Logistics division also delivered a strong performance in the first half of 2025, achieving both revenue and volume growth. Net turnover in the unit rose by 8% year-over-year to CHF 3.6 billion, while EBIT increased by 10% to CHF 230 million. This resulted in a conversion rate of 26%, reflecting improved cost management and operational efficiency.
Air freight volumes climbed to 1.1 million tonnes, marking a 7% increase over the previous year. This growth significantly exceeded the broader air freight market, which has remained relatively subdued due to lingering effects of inflation, global supply chain imbalances, and reduced consumer demand for certain goods.
Key to the Air Logistics division’s performance has been its strategic focus on high-growth and high-value sectors. Notably, the company recorded robust growth in three specialized areas:
- Perishables – The global demand for temperature-sensitive and time-critical shipments, such as fresh produce, pharmaceuticals, and flowers, has continued to rise. Kuehne+Nagel’s established infrastructure and capabilities in this sector have allowed it to meet complex logistical requirements effectively.
- Semiconductors – With the global chip shortage continuing to affect multiple industries, the need for secure and timely semiconductor transport remains high. Kuehne+Nagel’s solutions for sensitive, high-value cargo have made it a trusted partner for leading tech manufacturers.
- Cloud Infrastructure (Hyperscalers) – The logistics needs of hyperscale data center operators have become increasingly prominent. These companies require fast, reliable transport of specialized equipment for global expansion. Kuehne+Nagel has been expanding its footprint in this segment, aligning with digital transformation trends.
The company’s growing presence in these sectors points to its strategic pivot toward more resilient, value-added logistics services. This evolution is expected to support long-term revenue and margin stability, even in an environment of fluctuating global trade conditions.
Outlook for the Rest of 2025
Looking ahead to the remainder of the year, Kuehne+Nagel remains cautiously optimistic. While foreign exchange volatility and geopolitical developments may continue to influence results, the company’s consistent focus on volume growth, operational excellence, and customer-centric solutions is expected to drive further gains.
The strategic groundwork laid in the first half of 2025—including enhancements in sales, trade lane optimization, and investments in emerging logistics segments—positions Kuehne+Nagel to sustain and expand its market share across core areas. As global supply chains gradually stabilize, and with inflationary pressures showing signs of easing, the company aims to capture new opportunities and reinforce its role as a global logistics leader.
Kuehne+Nagel’s performance in the first half of 2025 demonstrates a well-executed strategy and a robust business model capable of navigating uncertainty. By delivering above-market volume growth in Sea and Air Logistics, maintaining a disciplined cost structure, and targeting emerging high-growth sectors, the company is on a firm path to achieve its full-year targets and sustain long-term shareholder value.