Company Reports

Kuehne+Nagel is the second-largest freight forwarder globally, following DSV’s acquisition of DB Schenker. Sea and air freight, the group's largest division, accounts for 75% of the group's revenue.

Revenue and EBIT rose by 11% and 17%, respectively, at constant currencies. Air logistics was the main driver, expanding profits by 35%. Management raised EBIT guidance to CHF 1.35 billion–1.55 billion from CHF 1.25 billion-CHF 1.40 billion.

Kuehne+Nagel reported mixed first-quarter results. Management raised the lower end of its recurring 2026 EBIT guidance range to CHF 1,250 million-CHF 1,400 million from CHF 1,200 million-CHF 1,400 million, as cost reductions offset volume declines driven by global GDP headwinds.

Kuehne+Nagel is the second-largest freight forwarder globally, following DSV’s acquisition of DB Schenker. Sea and airfreight, its largest division, contributes 75% of the group's revenue.

Kuehne+Nagel performed well and met market expectations despite challenging market conditions, but revenue and margins still declined. Management anticipates another EBIT reduction in 2026, guiding for EBIT of CHF 1,200-1,400.

Shares of European global forwarders Kuehne + Nagel and DSV fell by more than 10% in the final minutes of trading on Feb. 12 amid speculative fears about artificial intelligence disruption.

Kuehne + Nagel delivered lackluster third-quarter 2025 results, with net sales and operating income down 7% and 38%, respectively, as overcapacity put pressure on yields. The firm reduced guidance as a result. A cost-reduction program aiming to cut CHF 200 million annually was well received.

Kuehne+Nagel is the second-largest freight forwarder globally, following DSV’s acquisition of DB Schenker. Sea and airfreight, its largest division, contributes 75% of the group's revenue.

Freight prices have dropped considerably in the week starting Sept. 15, with the Shanghai Containerized Freight Index down almost 15%. While Kuehne+Nagel can pass on freight costs, prices fall with reductions in volume demand, which has an impact on the firm's revenue.

Kuehne+Nagel reported mixed second-quarter results, as volume growth in sea and air logistics did not translate into EBIT gains amid adverse currency effects. Management adjusted its recurring EBIT guidance to reflect foreign-exchange headwinds, while confirming its underlying business assumptions.

Kuehne+Nagel is the second-largest freight forwarder globally, following DSV’s acquisition of DB Schenker. Sea and airfreight, its largest division, contributes 75% of the group's revenue.

Kuehne + Nagel delivered solid first-quarter 2025 results, with net sales and operating income up 15% and 7%, respectively, as companies tried to ship goods before tariff enactments. Management reiterated its guidance in the face of market uncertainty.

President Donald Trump announced sweeping tariffs on all imports and additional levies on major trading partners, sending shares of freight forwarders DSV and Kuehne+Nagel down 6% and 8%, respectively, in early trading.

Narrow-moat Kuehne+Nagel announced its updated investment strategy in addition to its 2025 guidance at its 2025 capital markets day. Management's 2025 EBIT guidance was CHF 1.500 billion-CHF 1.750 billion, down on average from the 2024 EBIT of CHF 1.671 billion, sending shares lower in early trading. We are reducing our fair value estimate to CHF 215 from CHF 225 after updating our model with short-term and midterm guidance. Shares are currently fairly valued.

Kuehne+Nagel is the second-largest freight forwarder globally, following DSV’s acquisition of DB Schenker. Sea and airfreight, its largest division, contribute 75% of group revenue.

Narrow-moat Kuehne+Nagel's sea logistics volume and prices decelerated in the fourth quarter due to disruptions in the Red Sea and Russia, sending the shares lower in March 4 trading. We will update our model with full-year results but anticipate no material change to our CHF 225 fair value estimate.

US President Donald Trump imposed 25% tariffs on Canada and Mexico and 10% tariffs on China on Feb. 1, although he paused tariffs on Mexico on Feb. 3 following that country's agreement to cooperate on border security. This news and the expectation of a reduction in global trade sent the shares of global shippers and freight forwarders lower in early trading on Feb. 3. Shares of no-moat global shippers Maersk and Hapag-Lloyd were down 2% and shares of narrow-moat freight forwarders DSV and Kuehne+Nagel were down 2.5%, on average.

We are increasing narrow-moat Kuehne+Nagel's fair value estimate by 2% to CHF 225 per share after transferring coverage to a new analyst. Higher-margin assumptions offset lower top-line growth expectations driving our revised valuation. Our fair value estimate is in line with the market, forecasting limited top-line growth but moderate margin expansion.

Kuehne+Nagel is soon to be the second-largest freight forwarder globally, following DSV’s acquisition of DB Schenker. Sea and airfreight, its largest division, contribute 75% of group revenue.

Narrow-moat Kuehne+Nagel reported a similar third-quarter update to peer DSV, showing strong revenue growth, but only modest earnings growth. This is a positive shift for the firm as Kuehne+Nagel underperformed DSV, so far this year. While year-to-date revenue and earnings have still fallen, it looks like they have hit an inflection point, with the second quarter now appearing to be the bottom. We reiterate our CHF 220 fair value estimate and see shares as fairly valued currently.