Kuehne+Nagel Raises Full-Year Profit Guidance After Strong Third Quarter

Kuehne+Nagel reported solid growth in the third quarter of 2026 across the group's four business units, with sustained momentum in air logistics and a growing market share in sea freight that boosted the company's profitability. This performance led the Swiss freight forwarder to raise the midpoint of its full-year profit guidance for the third time in 2026.

The company posted net turnover of CHF 7.4 billion, up 22% from the same period last year, while air freight volume grew 10% year-on-year to 619,000 tonnes. Third-quarter operating profit surged 53% to CHF 435 million, beating the median analyst forecast of CHF 398 million. In addition, sea freight volumes returned to growth.

The air logistics division saw an 84% increase in quarterly operating earnings, boosted by higher cargo volumes linked to customers in the semiconductor and cloud infrastructure sectors. Kuehne+Nagel CEO Stefan Paul told Reuters that the tech sector remains the main growth driver, with broad-based impact and the United States as the most dynamic market. Bernstein analyst Alex Irving noted that semiconductors and cloud infrastructure were the fastest-growing segments.

K+N raised its 2026 recurring operating profit guidance to a range of CHF 1.5 billion to CHF 1.6 billion, up from the previous range of CHF 1.35 billion to CHF 1.55 billion, exceeding analyst expectations of CHF 1.5 billion. The company also expects gross savings of more than CHF 150 million ($183 million) from its cost-cutting program this year, above its previous target of at least CHF 120 million.

According to Portal Portuario, major logistics companies have repeatedly raised their profit forecasts this year, benefiting from resilient trade flows, elevated freight rates and supply chain bottlenecks caused by the war in the Middle East. Looking ahead to 2027, Paul said growth remains the top priority, though cost awareness and discipline will also be key, pointing to encouraging early traction in the company's artificial intelligence initiatives, whose productivity gains will begin to show from 2027 onward.