Kuehne+Nagel achieved better financial results in the third quarter of 2026. Especially the air logistics division showed a distinct improvement in profitability. Stronger freight volumes and demand for specialist supply chain solutions supported the unit’s results, with road and contract logistics also up year-on-year.
In the third quarter, Air Logistics recorded a net turnover of CHF 2.4 billion, an increase of 38% compared to the same period in 2025. EBIT rose 84% year-on-year to CHF 169 million and the division posted a conversion rate of 32%. Airfreight volumes reached 1.7 million tons by the end of September.
The volume growth rate also accelerated during the quarter. Volumes grew 10% in Q3, well ahead of the broader market, after a 3% increase in Q2. The expansion was driven by demand for logistics services to support cloud infrastructure and semiconductor customers.
| CHF mill. | 9M 2026 |
9M 2025 |
Δ | Δ* | Q3 2026 |
Q3 2025 |
Δ | Δ* |
|---|---|---|---|---|---|---|---|---|
| Net turnover | 6,243 | 5,370 | 16% | 21% | 2,378 | 1,721 | 38% | 37% |
| Gross profit | 1,423 | 1,278 | 11% | 16% | 522 | 404 | 29% | 29% |
| EBIT | 434 | 322 | 35% | 41% | 169 | 92 | 84% | 84% |
* Adjusted for foreign exchange effects.
Alongside its air freight expansion, Kuehne+Nagel continued to develop its pharmaceutical logistics activities, with a focus on temperature-controlled transport. In September, the company opened a new healthcare logistics centre at Frankfurt Airport, further strengthening its capabilities in this specialised segment.
Road Logistics also posted improved results during the three-month period. Net turnover increased by 14% year on year to CHF 1 billion, while EBIT rose by 40% to CHF 28 million.
The recovery seen in previous quarters continued, supported by consistent demand for value-added services and cross-border logistics solutions. European groupage operations, North America and Asia Pacific all formed part of this business activity, while customs services remained an important contributor to the division’s performance.
Contract Logistics recorded further growth, with third-quarter net turnover increasing by 9% year on year to CHF 1.3 billion. EBIT advanced by 7% to CHF 66 million, supported by strong performances in Europe and the Middle East.
The division’s expansion also required targeted investment ahead of expected business growth. The introduction of new customer projects around the world, combined with continued growth in existing activities, led Kuehne+Nagel to recruit approximately 4,000 additional employees.
These developments contributed to stronger group-wide results. Kuehne+Nagel reported third-quarter net turnover of CHF 7.4 billion, up 22% compared with the same period a year earlier. EBIT increased by 53% to CHF 435 million, while earnings also rose by 53% to CHF 316 million.
Commenting on the results, Stefan Paul, CEO of Kuehne+Nagel International AG, highlighted the resilience of the group’s operations and the contribution made by every business unit.
“Kuehne+Nagel delivered strong third-quarter 2026 results, reflecting the resilience of our operations and validating our strategy of profitable growth. All business units contributed to this achievement. The announced long-term partnership with Amazon and AWS enables us to capitalize even faster and more effectively on future growth opportunities.”
The announced long-term partnership with Amazon and AWS is expected to help Kuehne+Nagel pursue future growth opportunities more quickly and effectively. Together with stronger performance across air, road and contract logistics, the third-quarter results reflect the group’s continued focus on profitable growth.
