Kuehne & Nagel International Ag · SIX:KNIN
Kuehne & Nagel International — Kuehne + Nagel International — Q2 2025 Earnings Presentation
23 slides from Kuehne & Nagel International's earnings presentation, Jul 24, 2025
Slide 1: Half-year 2025 results
Analyst conference Half-year 2025 results Stefan Paul, CEO Markus Blanka-Graff, CFO Kuehne + Nagel International AG July 24, 2025
Slide 2: Half-year 2025 results: Gaining market share in Sea and Air Logistics
Half-year 2025 results: Gaining market share in Sea and Air Logistics Growth Profit Cash ▪ Net turnover of CHF 12.5 billion vs. ▪ EBIT of CHF 744 million vs. CHF 778 ▪ Free Cash Flow of CHF 295 million CHF 11.6 billion in 2024 (+12%*; million in 2024 (-1%*; -4%* organic) vs. CHF 28 million in 2024 +
Slide 3: Sea Logistics: Continuous market share gains
Sea Logistics Continuous market share gains TEU ‘000 GP/TEU in CHF EBIT/TEU in CHF ▪ Headline Q2 volume growth +1% y/y or +4% underlying Total TEUs '000 TEUs '000 excl. deselected vol GP/TEU in CHF EBIT/TEU in CHF ▪ Underlying market share gains in GP/TEU in CHF (excl. FX translation) EBIT/TEU in CH
Slide 4: Air Logistics: Accelerated and focused market share growth
Air Logistics Accelerated and focused market share growth Tons ‘000 GP/100 kg in CHF EBIT/100 kg in CHF ▪ Fast-changing market conditions ▪ Accelerated Q2 volume growth of GP/100 kg in CHF EBIT/100 kg in CHF 9% y/y GP/100 kg in CHF (excl. FX translation) EBIT/100 kg in CHF (excl. FX translation) 85
Slide 5: Road Logistics: Successfully mitigating market headwinds
Road Logistics Successfully mitigating market headwinds In CHF million Q2 2025 Q2 2024 Variance YTD 2025 YTD 2024 Variance ▪ Net turnover growth +1% in Q2 excluding FX effects Net turnover 881 910 (3%) 1,752 1,770 (1%) ▪ Yield pressure due to broad-based Gross profit 337 345 (2%) 668 670 - demand we
Slide 6: Contract Logistics: Record EBIT from operations
Contract Logistics Record EBIT from operations In CHF million Q2 2025 Q2 2024 Variance YTD 2025 YTD 2024 Variance ▪ Net turnover and gross profit growth stable at +5% y/y in Q2 excluding Net turnover 1,189 1,196 (1%) 2,367 2,335 1% FX effects Gross profit 899 908 (1%) 1,789 1,764 1% ▪ Market share c
Slide 7: Revisiting strategic focus on Market Potential
Revisiting strategic focus on Market Potential Market Potential Kuehne+Nagel Experience Sales excellence and network expansion Customer satisfaction through consistent high-quality service Differentiated higher-margin service offering High-performance mindset Digital Ecosystem Living ESG Increase op
Slide 8: Financial KPIs
Financial KPIs Analyst conference half-year 2025 results | © Kuehne+Nagel Group | 8
Slide 9: Income Statement: Quarter over quarter comparison
Income Statement Quarter over quarter comparison Variance YTD Variance in % 2025 2025 2024 2024 CHF million HY 2025 HY 2024 Acquisition/ Q1 Q2 Q1 Q2 2025/2024 Q1 Q2 2025/2024 Growth disposal Forex 1 Net turnover 6,330 6,149 12,479 5,508 6,046 11,554 925 822 103 8.0% 8.1% 3.5% (3.6%) Gross profit 2,2
Slide 10: Working Capital: Focus on DSO – DPO spread
Working Capital Focus on DSO – DPO spread Jun 30, Mar 31, Dec 31, Jun 30, Better/(worse) CHF million 2025 2025 2024 2024 Jun 2025 vs. Dec 2024 Trade receivables/contract assets 4,600 4,871 4,686 4,466 86 Trade payables/accrued trade expenses/contract liabilities (3,235) (3,420) (3,367) (3,408) (132)
Slide 11: Cash and Free Cash Flow
Cash and Free Cash Flow Better Free Cash Flow YTD YTD CHF million Variance 2025 2024 Cash and cash equivalents January 1, net 1,142 2,008 (866) Operational cash flow 1,206 1,200 6 Changes in working capital (235) (519) 284 Income taxes paid (239) (190) (49) Cash flow from operating activities 732 49
Slide 12: Cash and Free Cash Flow: FCF Conversion
Cash and Free Cash Flow Conversion in Q2 below historical average, but H1 above 100% FCF Conversion* 68% 50% 0% Q2:10 Q2:11 Q2:12 Q2:13 Q2:14 Q2:15 Q2:16 Q2:17 Q2:18 Q2:19 Q2:20 Aggregate Key factors impacting Q2 2025 Free Cash Flow (FCF) conversion: ▪ 47% conversion vs. 37% last year as working cap
Slide 13: Updated Outlook for 2025
Updated Outlook for 2025 Underlying guidance remains unchanged, adjustments for FX only 2025 Guidance Range CHF million Current Previous EBIT (recurring) 1,450 - 1,650 1,500 - 1,750 Main assumptions ▪ Economic growth with greater uncertainty related to global development ▪ Assumed currency translati
Slide 14: Key takeaways H1 2025
Key takeaways H1 2025: 1. Strong market share gains in Sea and Air Logistics 2. Broadly stable yields in Sea and Air Logistics excluding currency headwinds 3. Intensified focus on market share gains in attractive sectors 4. Heightened agility in times of global trade uncertainties 5. Recurring EBIT
Slide 15: Inspire. Empower. Deliver.
Inspire. Empower. Deliver. © 2025 Kuehne+Nagel. All rights reserved.
Slide 16: Upcoming events
Upcoming events 03.10. - 23.10.2025 Closed period 23.10.2025 Nine-months 2025 results 02.01. - 03.03.2026 Closed period 03.03.2026 Full-year 2025 results 03.04. - 23.04.2026 Closed period 23.04.2026 Three-months 2026 results 06.05.2026 Annual General Meeting 03.07. - 23.07.2026 Closed period 23.07.2
Slide 17: Balance Sheet
Balance Sheet June 30, December 31, June 30, December 31, CHF million 2025 2024 2025 2024 Assets Equity and Liabilities Equity attributable to the equity holders 1,921 3,263 Property, plant and equipment 906 846 of the parent company Right-of-use assets 2,329 2,041 Non-controlling interests 37 2 Goo
Slide 18: ROCE development
ROCE development ROCE excl. acquisitions/divestments Excluding the extraordinary pandemic impact Contract Logistics ROCE excl. forest, acquisitions and divestments 121% 95% 86% 84% 84% 82% 76% 66% 58% 26% 28% 28% 26% Calculation: last four quarters EBIT (rolling EBIT) divided 25% 24% by the average
Slide 19: Quarter-over-quarter 2025/2024: Sea and Air Logistics
Quarter-over-quarter 2025/2024 Sea and Air Logistics 2025 2024 Change in % Change in mCHF CHF million Q1 Q2 TOTAL Q1 Q2 TOTAL Q1 Q2 TOTAL Q1 Q2 TOTAL Sea Logistics Income Statement Turnover 2,862 2,652 5,514 2,205 2,434 4,639 +29.8 +9.0 +18.9 657 218 875 Net Turnover 2,499 2,212 4,711 1,926 2,131 4,
Slide 20: Quarter-over-quarter 2025/2024: Road and Contract Logistics
Quarter-over-quarter 2025/2024 Road and Contract Logistics 2025 2024 Change in % Change in mCHF CHF million Q1 Q2 TOTAL Q1 Q2 TOTAL Q1 Q2 TOTAL Q1 Q2 TOTAL Road Logistics Income Statement Turnover 1,007 1,153 2,160 969 1,031 2,000 +3.9 +11.8 +8.0 38 122 160 Net Turnover 871 881 1,752 860 910 1,770 +
Slide 21: Quarter-over-quarter 2025/2024: Kuehne+Nagel Group
Quarter-over-quarter 2025/2024 Kuehne+Nagel Group 2025 2024 Change in % Change in mCHF CHF million Q1 Q2 TOTAL Q1 Q2 TOTAL Q1 Q2 TOTAL Q1 Q2 TOTAL Kuehne+Nagel Group Income Statement Turnover 7,077 7,141 14,218 6,104 6,684 12,788 +15.9 +6.8 +11.2 973 457 1,430 Customs duties and taxes (747) (992) (1
Slide 22: Disclaimer
Disclaimer Forward-looking statements Investing in the shares of Kuehne + Nagel International AG involves risks. Prospective investors are strongly requested to consult their investment advisors and tax advisors prior to investing in shares of Kuehne + Nagel International AG. This document contains
Slide 23: Contacts
Contacts Markus Blanka-Graff CFO markus.blanka@kuehne-nagel.com Tel: +41 (0)44 7869 644 Christopher Combé Head of Investor Relations christopher.combe@kuehne-nagel.com Tel: +41 (0)44 7869 693 Andrea Kobi Investor Relations andrea.kobi@kuehne-nagel.com Tel: +41 (0)44 7869 561 Analyst conference half-
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