Air freight revenue climbs 38% to CHF 2.4 billion as demand from cloud infrastructure and semiconductor customers drives volume growth ahead of the year-end peak.
Kuehne+Nagel reported a sharp improvement in air logistics performance in the third quarter of 2026, with revenue rising 38% year on year to CHF 2.4 billion and earnings before interest and tax (EBIT) increasing 84% to CHF 169 million.
The Swiss-based logistics group attributed the growth to higher shipment volumes and stronger demand from customers in the cloud infrastructure and semiconductor sectors. Gross profit in the air logistics business rose 29% to CHF 404 million, reflecting increased activity and improved operational performance.
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Air freight volumes grew 10% during the quarter, accelerating from 3% growth in the second quarter and outpacing the wider market, according to the company. The division handled approximately 619,000 tonnes of air freight in the third quarter, bringing its total volume for the first nine months of 2026 to around 1.7 million tonnes.
The air logistics business recorded an EBIT-to-gross-profit conversion rate of 32%, indicating that a larger proportion of gross profit was translated into operating earnings.
Technology demand supports air freight growth
Demand for logistics services supporting cloud infrastructure and semiconductor customers was a key driver of the division’s performance. Investment in data centres and related technology infrastructure has increased the need to transport time-sensitive, high-value equipment and components through global supply chains.
Kuehne+Nagel has identified these technology-related sectors as important sources of growth as it adapts to changing demand across its customer base. Pharmaceutical logistics and temperature-controlled transport also remained areas of investment, with the company opening a healthcare logistics centre at Frankfurt Airport in September.
The stronger air freight performance contributed to an improved group result. Kuehne+Nagel reported third-quarter net turnover of CHF 7.4 billion, up 22% year on year, while group EBIT rose 53% to CHF 435 million.
Full-year earnings outlook raised
Following its first nine months of performance, Kuehne+Nagel raised its full-year 2026 guidance for recurring EBIT to between CHF 1.5 billion and CHF 1.6 billion. The company cited growth across its business units, higher volumes and improved operational conversion as supporting factors.
The results come as the air cargo industry approaches its traditional fourth-quarter peak, when retailers and manufacturers increase shipments ahead of the holiday season. Continued demand from technology customers is expected to remain an important factor for air freight operators, although market conditions will also depend on available capacity, pricing and wider trade developments.
Kuehne+Nagel’s latest figures underline the growing contribution of technology-related supply chains to its air logistics business, with earnings rising substantially faster than revenue during the quarter.
