The Swiss logistics group reported net turnover of CHF 5.6 billion (approx. €6.09 billion) in Q1, down from CHF 6.3 billion (approx. €6.85 billion) a year earlier. EBIT fell to CHF 343 million (approx. €373 million) from CHF 402 million (approx. €437 million), while earnings dropped to CHF 248 million (approx. €270 million) from CHF 303 million (approx. €329 million).
The cleaner number was weaker still. Kuehne+Nagel’s recurring EBIT, which excludes a CHF 35 million (approx. €38 million) one-off gain from a sale-and-leaseback transaction, fell to CHF 308 million (approx. €335 million) from CHF 402 million (approx. €437 million). That was a decline of CHF 94 million (approx. €102 million), or 23% on a reported basis.
| Group metric | Q1 2026 | Q1 2025 | Change |
| Net turnover | CHF 5.603bn (approx. €6.09bn) | CHF 6.330bn (approx. €6.88bn) | -11.5% |
| Gross profit | CHF 2.110bn (approx. €2.29bn) | CHF 2.237bn (approx. €2.43bn) | -5.7% |
| Reported EBIT | CHF 343m (approx. €373m) | CHF 402m (approx. €437m) | -14.7% |
| Recurring EBIT | CHF 308m (approx. €335m) | CHF 402m (approx. €437m) | -23.4% |
| Earnings | CHF 248m (approx. €270m) | CHF 303m (approx. €329m) | -18.2% |
The company said the cost-saving measures announced in October 2025 had a “material impact” on first-quarter earnings, reducing costs per unit. CEO Stefan Paul said Kuehne+Nagel had made a strong start to the year in Air, Road and Contract Logistics, while Sea Logistics was affected in the short term by disruption in the Middle East.
Kuehne+Nagel also raised the lower end of its 2026 recurring EBIT guidance. It now expects recurring group EBIT of CHF 1.25 billion to CHF 1.40 billion (approx. €1.36 billion to €1.52 billion), compared with its previous range of CHF 1.20 billion to CHF 1.40 billion (approx. €1.30 billion to €1.52 billion). Its assumptions include sea and air freight demand growth “in line with GDP at best” and at least CHF 100 million (approx. €109 million) in gross savings from the cost-reduction programme this year.
Sea freight carries the main damage
Sea Logistics was the main drag on the quarter. EBIT fell to CHF 113 million (approx. €123 million) from CHF 210 million (approx. €228 million) a year earlier, a drop of CHF 97 million (approx. €105 million). Gross profit fell to CHF 449 million (approx. €488 million) from CHF 593 million (approx. €645 million), while the conversion rate dropped from 35% to 25%.
Volumes were also weaker. Kuehne+Nagel handled 1.009 million TEU in the first quarter, down from 1.034 million TEU a year earlier and 1.075 million TEU in the previous quarter. The company said Q1 volumes were down 2% year on year and 6% quarter on quarter, including a 1.5% negative impact from the Middle East.
That puts the Middle East disruption in a less flattering light for the group. It has created some extra demand for alternative routings in road and air freight, but it has also hit the larger sea freight business.
Kuehne+Nagel said the Middle East situation had increased “service intensity” in Sea Logistics during the quarter. It also noted that Q1 2025 had been unusually strong due to customer front-loading linked to “Liberation Day”, making the annual comparison more difficult.
Road Logistics improves, but from a small base
Road Logistics gave Kuehne+Nagel one of the clearer positives in the quarter. EBIT rose to CHF 25 million (approx. €27 million) from CHF 19 million (approx. €21 million) a year earlier, a 32% increase. Net turnover rose to CHF 908 million (approx. €987 million) from CHF 871 million (approx. €947 million), while gross profit increased to CHF 339 million (approx. €369 million) from CHF 331 million (approx. €360 million).
In constant currencies, Road Logistics net turnover grew by 9%, including 5% organic growth. Kuehne+Nagel said the division benefited from broad-based market-share gains, continued demand for AI-enabled customs clearance solutions, and increased demand for sea-to-road mode shifts in the Middle East.
The company also said Road Logistics had helped safeguard regional supply chains since the outbreak of the Middle East conflict by establishing land-bridges, including truck transport services from Saudi Arabia to the United Arab Emirates.
Road Logistics added CHF 6 million (approx. €7 million) of EBIT year on year. Sea Logistics lost CHF 97 million (approx. €105 million). Road is improving, but it did not come close to offsetting the sea freight decline.
| Division | EBIT Q1 2026 | EBIT Q1 2025 | Change |
| Sea Logistics | CHF 113m (approx. €123m) | CHF 210m (approx. €228m) | -CHF 97m (approx. -€105m) |
| Air Logistics | CHF 111m (approx. €121m) | CHF 116m (approx. €126m) | -CHF 5m (approx. -€5m) |
| Road Logistics | CHF 25m (approx. €27m) | CHF 19m (approx. €21m) | +CHF 6m (approx. +€7m) |
| Contract Logistics, reported | CHF 94m (approx. €102m) | CHF 57m (approx. €62m) | +CHF 37m (approx. +€40m) |
| Contract Logistics, recurring | CHF 59m (approx. €64m) | CHF 57m (approx. €62m) | +CHF 2m (approx. +€2m) |
Air freight gets charter demand, but profit still dips
Air Logistics was more resilient than Sea Logistics, but it did not grow profit either. EBIT slipped to CHF 111 million (approx. €121 million) from CHF 116 million (approx. €126 million), while gross profit fell to CHF 407 million (approx. €442 million) from CHF 439 million (approx. €477 million). The conversion rate improved slightly, from 26% to 27%.
Air freight volumes were almost flat at 516,000 tonnes, compared with 514,000 tonnes a year earlier. Kuehne+Nagel said volumes were stable year on year, while demand continued from semiconductors and cloud infrastructure, with strong Asia-Europe and North America exports.
Middle East disruption also supported short-term demand for charter solutions. Kuehne+Nagel said events in the region tightened air freight capacity during the quarter, increasing demand for charters.
Contract Logistics looks stronger than the underlying figure
Contract Logistics reported the biggest percentage jump in EBIT, rising to CHF 94 million (approx. €102 million) from CHF 57 million (approx. €62 million). But the underlying improvement was much smaller.
Kuehne+Nagel’s own recurring figure strips out a CHF 35 million (approx. €38 million) one-off profit from a sale-and-leaseback transaction. On that basis, Contract Logistics EBIT was CHF 59 million (approx. €64 million), only slightly above the CHF 57 million (approx. €62 million) recorded a year earlier.
Kuehne+Nagel received CHF 75 million (approx. €82 million) in cash consideration from the sale-and-leaseback of a logistics property in Germany and recognised a CHF 35 million (approx. €38 million) gain in other operating income.
Free cash flow rose to CHF 194 million (approx. €211 million) from CHF 173 million (approx. €188 million), but Kuehne+Nagel’s analyst presentation says Q1 2026 free cash flow included the CHF 75 million (approx. €82 million) one-off proceeds from the sale-and-leaseback transaction. Operating cash flow fell to CHF 304 million (approx. €330 million) from CHF 389 million (approx. €423 million).
