Kuehne+Nagel opened 2026 with lower airfreight revenue and profit, despite a slight increase in volumes.
The Swiss freight forwarder reported a 9% year-on-year decline in first-quarter airfreight revenue to Sfr1.6 billion. EBIT fell 4.3% to Sfr111 million.
Airfreight volumes increased slightly by 0.4% to 516,000 tonnes.
Kuehne+Nagel said the revenue decline was partly linked to foreign exchange effects, particularly the weaker US dollar. On a like-for-like basis, revenue would have been flat year on year, while operating profit would have increased by 7%.
The company said the Middle East conflict caused short-term tightening in airfreight capacity and increased demand for charter solutions.
In its investor presentation, Kuehne+Nagel said stable airfreight unit profitability was supported by cost control and cargo mix.
However, volume growth slowed compared with the fourth quarter of 2025, when airfreight volumes had increased by 6.6%. For the full year 2025, Kuehne+Nagel’s airfreight volumes rose 7%.
The company said the slowdown in the first quarter was mainly due to a reduction in lower-yielding volumes. Higher-yielding sectors, including semiconductors and cloud infrastructure, continued to support demand.
For the rest of 2026, Kuehne+Nagel expects airfreight volumes to grow at best in line with GDP, which the IMF projects at 3.1%.
Across the group, first-quarter revenue declined 12% to Sfr5.6 billion, EBIT fell 15% to Sfr343 million and earnings dropped 18% to Sfr248 million.
Chief executive Stefan Paul said disciplined cost management helped the company perform strongly in air, road and contract logistics, while sea logistics was affected by Middle East disruptions.
