Key highlights:
- Increasing market share in air freight and SME segment of sea logistics
- Proactive measures required due to global overcapacity and margin compression
- Group-wide cost-reduction programme launched, targeting annual savings of over CHF 200 million
Group performance — 9M 2025
Kuehne+Nagel Group (CHF million)
| 9M 2025 | 9M 2024 | Δ | Δ* | Q3 2025 | Q3 2024 | Δ | Δ* | |
|---|---|---|---|---|---|---|---|---|
| Net turnover | 18,522 | 18,041 | +3% | +7% | 6,043 | 6,487 | –7% | –3% |
| Gross profit | 6,531 | 6,460 | +1% | +5% | 2,107 | 2,187 | –4% | – |
| EBITDA | 1,707 | 1,846 | –8% | –4% | 514 | 661 | –22% | –19% |
| EBIT | 1,029 | 1,233 | –17% | –13% | 285 | 455 | –37% | –34% |
| Net profit | 761 | 915 | –17% | –14% | 206 | 339 | –39% | –36% |
| Free cash flow | 521 | 312 | +67% | – | 226 | 284 | –20% | – |
*Adjusted for FX effects
In the first nine months of 2025, Kuehne+Nagel generated net turnover of CHF 18.5 billion, up 3% year-on-year. EBIT reached CHF 1.0 billion, and net profit amounted to CHF 761 million. Currency headwinds once again affected results — particularly in Q3, where EBIT was reduced by CHF 14 million due to FX impacts.
Market share gains despite tough environment
Kuehne+Nagel continued to gain market share, particularly in air logistics, driven by targeted investments in logistics services for cloud infrastructure (hyperscalers) and perishable goods. In sea logistics, the company saw a notable increase in SME customer volumes, now making up over 50% of its total sea logistics customer base.
The company remains focused on strategic trade lanes and is confident about further strengthening its market position.
Strong cash flow — but cost action is required
Despite a market characterised by overcapacity and pricing pressure, Kuehne+Nagel generated solid free cash flow of CHF 521 million (+CHF 209 million YoY). However, firm cost management is now deemed essential.
The Group has therefore initiated a comprehensive cost-reduction programme, targeting at least CHF 200 million in annual savings, driven by structural and sustainable efficiency measures. In the longer term, the company plans to enhance productivity through process optimisation, automation, and expanded shared service centres.
CEO statement
“Despite very challenging market conditions, Kuehne+Nagel has managed to grow market share thanks to targeted investments in key strategic areas. With the launch of cost-reduction measures across the Group, we are now taking steps to secure our cost base. The external environment requires us to pursue permanent and continuous efficiency improvements. Maintaining a high level of customer service remains our top priority.”
— Stefan Paul, CEO of Kuehne+Nagel International AG
Additional strategic development
On 19 August 2025, Partners Group sold its 24.9% stake in Apex. The transaction will be settled in cash in Q4 2025, based on a CHF 886 million redemption obligation, funded through available liquidity and credit lines.
Amid sustained uncertainty and trade war effects expected in Q4, Kuehne+Nagel forecasts full-year 2025 EBIT above CHF 1.3 billion.
Segment overview
Sea Logistics
| 9M 2025 | 9M 2024 | Δ | Δ* | Q3 2025 | Q3 2024 | Δ | Δ* | |
|---|---|---|---|---|---|---|---|---|
| Net turnover | 6,957 | 6,700 | +4% | +8% | 2,246 | 2,643 | –15% | –11% |
| Gross profit | 1,559 | 1,565 | – | +4% | 466 | 548 | –15% | –11% |
| EBIT | 479 | 653 | –27% | –24% | 111 | 256 | –57% | –54% |
In 9M 2025, sea logistics generated CHF 7.0 billion in net turnover and CHF 479 million EBIT, with a 31% conversion rate. FX volatility had a significant negative impact.
Container volume grew 1% YoY to 3.3 million TEU. The sharp drop in U.S.-bound shipments following “Liberation Day” trade shock continued to weigh on results — particularly affecting IMC Logistics in the U.S., which Kuehne+Nagel consolidates. However, imports into Europe increased strongly.
Air Logistics
| 9M 2025 | 9M 2024 | Δ | Δ* | Q3 2025 | Q3 2024 | Δ | Δ* | |
|---|---|---|---|---|---|---|---|---|
| Net turnover | 5,370 | 5,204 | +3% | +7% | 1,721 | 1,812 | –5% | – |
| Gross profit | 1,278 | 1,256 | +2% | +6% | 404 | 434 | –7% | –2% |
| EBIT | 322 | 330 | –2% | +1% | 92 | 120 | –23% | –19% |
Net turnover reached CHF 5.4 billion, and EBIT CHF 322 million. Air freight volume rose 7% YoY to 1.6 million tonnes, well ahead of market growth.
Growth was driven by perishables and AI data-centre infrastructure logistics, with expanded air gateways launched in India, Canada, Italy, and Spain.
Road Logistics
| 9M 2025 | 9M 2024 | Δ | Δ* | Q3 2025 | Q3 2024 | Δ | Δ* | |
|---|---|---|---|---|---|---|---|---|
| Net turnover | 2,635 | 2,629 | – | +3% | 883 | 859 | +3% | +6% |
| EBIT | 67 | 88 | –24% | –21% | 20 | 22 | –9% | –5% |
The road logistics segment reported net turnover of CHF 2.6 billion and EBIT of CHF 67 million. Network underutilisation persisted in Europe due to weak demand, while demand for customs and advisory services in the U.S. remained high amid ongoing tariff complexity.
Contract Logistics
| 9M 2025 | 9M 2024 | Δ | Δ* | Q3 2025 | Q3 2024 | Δ | Δ* | |
|---|---|---|---|---|---|---|---|---|
| Net turnover | 3,560 | 3,508 | +2% | +5% | 1,193 | 1,173 | +2% | +5% |
| EBIT | 161 | 162 | –1% | +3% | 62 | 57 | +9% | +12% |
Contract logistics delivered CHF 3.6 billion in net turnover and CHF 161 million EBIT.
In September 2025, Kuehne+Nagel opened a new regional distribution centre for LEGO near Ho Chi Minh City, Vietnam, serving Southeast Asia, Japan, India and Oceania — the company’s second major hub for the Danish toymaker.
