Kuehne + Nagel International AG

Strong Q3 and 9M profitability momentum; guidance raised - Recurring EBIT (Q3): CHF 435m, +53% YoY and +14% QoQ; group earnings converting strongly into profit. - 9M: maintained positive earnings momentum with disciplined costs + improved Air/Sea and better Road/Contract performance. - Full-year 2026 recurring EBIT guidance lifted again: new range CHF 1.5bn–1.6bn (midpoint ~+20% vs opening March estimate), reflecting stronger outlook and expected continued cost-savings delivery.

Cost reduction program is the key driver (and ahead of plan) - Cost program (launched ~Q4 2025) delivered ~CHF 100m savings year-to-date; management expects acceleration into Q4 and ≥CHF 200m annualized run-rate by year-end 2026. - This boosted group conversion rate to 18.2% in Q3 (vs 16.9% in Q2; 13.4% in Q3 last year on like-for-like basis). - Management reiterated strong delivery confidence, making costs the “engine” behind higher EBIT and cash outcomes.

Business momentum: Sea & Air strong; Road/Contract improving but smaller - Sea Logistics (Q3): volumes +5% YoY and +6% QoQ; gained market share (notably Asia export and transatlantic). - EBIT: CHF 172m, +55% YoY and +23% sequential; conversion ~32% (vs 29% Q2; 23% Q3 prior year). - Yields: 4th consecutive quarter of stable/better performance; investors were told Q3 yield improvements are supported by timing/mix rather than a collapse in pricing pressure. - Air Logistics (Q3): volumes +10% YoY and +7% sequential; growth skewed to higher-yielding tech/semis and hard cargo, with e-commerce down. - EBIT: CHF 169m, +84% YoY and +10% sequential; conversion ~32% (vs 31% Q2; 23% prior-year Q3). - Management estimate for Air volume growth mix: roughly 3–4% market, 6–7% market share gains (i.e., ~60–70% of growth from share gains). - Road Logistics (Q3): EBIT CHF 28m, +40% YoY; conversion 8% (vs 6% prior-year Q3). Net turnover +14% (organic +13%). - Contract Logistics (Q3): net turnover +8% excluding FX; EBIT CHF 66m and +29% sequential; conversion 7% (up from 6% Q2).