In the first nine months of 2025, the Kuehne+Nagel Group recorded a 3% rise in net turnover to US$20.1 billion (CHF 18.5 billion). EBIT reached US$1.1 billion (CHF 1.0 billion), while earnings totalled US$826 million (CHF 761 million). Currency effects in Q3 2025 negatively impacted EBIT by US$15.2 million (CHF 14 million).
The company reported market share gains, particularly in Air Logistics, supported by investments in logistics services for cloud infrastructure and the perishables segment. In Sea Logistics, progress was made among small and medium-sized enterprises. Kuehne+Nagel stated that it will continue focusing on strategically important trade routes to strengthen its market position.
Free cash flow rose to US$566 million (CHF 521 million), up by US$227 million (CHF 209 million) from the previous year, despite a market environment affected by overcapacity and yield pressure. To counter cost development, the Group introduced a company-wide cost reduction programme targeting annual savings of at least US$217 million (CHF 200 million).
CEO Stefan Paul stated: "Despite very challenging market conditions, Kuehne+Nagel was able to gain market share through targeted investments in key areas. With the launch of group-wide cost reduction measures, we are now taking action to safeguard our cost base."
In August 2025, Partners Group exercised its put option to sell its 24.9% stake in Apex. The transaction, valued at US$963 million (CHF 886 million), is expected to be completed in Q4 2025 and financed through available funds and credit lines.
Sea Logistics
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Sea
Sea Logistics generated US$7.6 billion (CHF 7.0 billion) in net turnover and US$519 million (CHF 479 million) in EBIT. Transport volume increased 1% year-on-year to 3.3 million TEU. Imports to Europe grew, while transport to the US declined following "Liberation Day." SME customers now represent more than half of the total Sea Logistics volume.
Air Logistics
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Air
Air Logistics achieved US$5.9 billion (CHF 5.4 billion) in net turnover and US$349 million (CHF 322 million) in EBIT. Airfreight volume rose 7% to 1.6 million tonnes, driven by demand in perishables and logistics for cloud infrastructure projects. New air gateways were opened in India, Canada, Italy, and Spain.
Road and Contract Logistics
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Road
Road Logistics generated US$2.8 billion (CHF 2.6 billion) in net turnover and US$72 million (CHF 67 million) in EBIT, while Contract Logistics reported US$3.9 billion (CHF 3.6 billion) in turnover and US$171 million (CHF 161 million) in EBIT.
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Contract
In September 2025, a new regional distribution centre for Lego was opened near Ho Chi Minh City, Vietnam, serving markets in Southeast Asia, Japan, India, and Oceania.
Kuehne+Nagel expects full-year 2025 EBIT to exceed US$1.4 billion (CHF 1.3 billion).
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For more information:
Dominique Nadelhofer
Kuehne+Nagel
Tel: +41 44 786 95 26
Email: [email protected]
www.newsroom.kuehne-nagel.com
