The Swiss logistics group reported a 53% increase in operating profit, with air freight volumes climbing 10% year on year as demand from semiconductor and cloud infrastructure customers strengthened.
Kuehne+Nagel has raised its full-year earnings outlook after delivering stronger profitability across all four business units in the third quarter of 2026, supported by rising freight volumes, market share gains and improved operational efficiency.
The Swiss logistics group reported third-quarter net turnover of CHF 7.4 billion, up 22% compared with the same period last year. Earnings before interest and tax (EBIT) increased 53% to CHF 435 million, while net earnings also rose 53% to CHF 316 million.
Based on its performance during the first nine months of the year, the company now expects recurring EBIT of between CHF 1.5 billion and CHF 1.6 billion for 2026, raising its previous forecast.
Chief executive Stefan Paul said the results reflected the resilience of the group’s operations and its focus on profitable growth. He also pointed to a newly announced long-term partnership with Amazon and Amazon Web Services as an opportunity to accelerate business development across the group.
Air Logistics leads earnings growth
Air Logistics was a major contributor to the improved results, with net turnover rising 38% year on year to CHF 2.4 billion. EBIT climbed 84% to CHF 169 million, while the division’s conversion rate reached 32%.
Air freight volumes totalled 1.7 million tonnes at the end of September. Growth accelerated from 3% in the second quarter to 10% in the third quarter, significantly exceeding overall market growth.
Demand for logistics services supporting cloud infrastructure and semiconductor customers was a key driver. The results reflect the growing importance of technology-related supply chains to air freight, particularly shipments associated with data centre infrastructure and advanced electronics.
Kuehne+Nagel also continued to expand its pharmaceutical logistics capabilities. In September, it opened a new healthcare logistics centre at Frankfurt Airport, strengthening its capacity to handle temperature-sensitive healthcare and pharmaceutical shipments.
Sea Logistics returns to volume growth
Sea Logistics also delivered stronger profitability, with net turnover increasing 20% to CHF 2.7 billion and EBIT rising 55% to CHF 172 million.
The division returned to volume growth during the quarter, recording a 5% year-on-year increase. Market share gains on outbound Asian and transatlantic trade lanes contributed to the performance, alongside continued expansion in the China-origin controlled freight market.
Container volumes reached 3.3 million twenty-foot equivalent units (TEU) at the end of September. The division’s conversion rate stood at 32%, reflecting improved conversion of gross profit into operating earnings.
Road Logistics benefits from improving conditions
Road Logistics recorded a 14% increase in net turnover to CHF 1 billion, while EBIT advanced 40% to CHF 28 million.
The recovery that had emerged in previous quarters continued during the third quarter. Demand remained stable for value-added services and cross-border transport solutions, particularly in European groupage operations, North America and Asia-Pacific.
Customs services also remained an important contributor to the division’s performance, as customers continued to require support with cross-border trade and associated regulatory processes.
Contract Logistics expands operations
Contract Logistics reported net turnover of CHF 1.3 billion, up 9% year on year, while EBIT increased 7% to CHF 66 million.
Strong performance in Europe and the Middle East supported the division’s results, alongside new customer projects and continued business expansion. To accommodate this growth, Kuehne+Nagel made targeted upfront investments and added approximately 4,000 employees.
Although the investment increased the resources committed to the business, the division remained profitable and contributed to the group’s overall improvement.
Higher outlook reflects broad-based performance
The third-quarter results demonstrate the contribution of all four business units to Kuehne+Nagel’s improved earnings. Air Logistics delivered particularly strong growth, while Sea Logistics returned to higher volumes and Road Logistics benefited from improving market conditions.
The raised full-year outlook also reflects the group’s emphasis on cost discipline and operational productivity. With demand from technology customers supporting air freight volumes and market share gains strengthening ocean freight, Kuehne+Nagel enters the final quarter of 2026 with a higher earnings target.
