Kuehne & Nagel International Ag · SIX:KNIN

Kuehne & Nagel International — Kuehne + Nagel International — Q3 2025 Earnings Presentation

23 slides from Kuehne & Nagel International's earnings presentation, Oct 23, 2025

  1. Slide 1: Analyst conference Nine-months 2025 results

    Analyst conference Nine-months 2025 results Stefan Paul, CEO Markus Blanka-Graff, CFO Kuehne + Nagel International AG October 23, 2025

  2. Slide 2: Launching cost reduction program amid challenging market environment

    Nine-months 2025 results Launching cost reduction program amid challenging market environment Growth Profit Cash ▪ Net turnover of CHF 18.5 billion vs. ▪ EBIT of CHF 1.0 billion vs. CHF 1.2 ▪ Free Cash Flow of CHF 521 million CHF 18 billion in 2024 (+7%*) billion in 2024 (-13%*) vs. CHF 312 million

  3. Slide 3: Sea Logistics: Overcapacity puts pressure on yields

    Sea Logistics Overcapacity puts pressure on yields TEU ‘000 GP/TEU in CHF EBIT/TEU in CHF ▪ Headline Q3 volumes flat y/y in line with market Total TEUs '000 GP/TEU in CHF EBIT/TEU in CHF ▪ Underlying volume growth in Q3 TEUs '000 (excl. deselected volumes) GP/TEU in CHF (excl. FX translation) EBIT/T

  4. Slide 4: Air Logistics: Ongoing market share expansion

    Air Logistics Ongoing market share expansion Tons ‘000 GP/100 kg in CHF EBIT/100 kg in CHF ▪ Q3 volume growth of 7% y/y ▪ Semiconductors and cloud GP/100 kg in CHF 125 115 infrastructure sectors continue to EBIT/100 kg in CHF 35 GP/100 kg in CHF (excl. FX translation) 105 EBIT/100 kg in CHF (excl. F

  5. Slide 5: Road Logistics: Over-proportional exposure to weak European market

    Road Logistics Over-proportional exposure to weak European market In CHF million Q3 2025 Q3 2024 Variance YTD 2025 YTD 2024 Variance ▪ Net turnover growth +6% in Q3 excluding FX effects Net turnover 883 859 3% 2,635 2,629 - ▪ Core European market demand Gross profit 329 318 3% 997 988 1% below last

  6. Slide 6: Contract Logistics: Steady growth momentum

    Contract Logistics Steady growth momentum In CHF million Q3 2025 Q3 2024 Variance YTD 2025 YTD 2024 Variance ▪ Net turnover growth steady at +5% y/y in Q3 excluding FX effects Net turnover 1,193 1,173 2% 3,560 3,508 1% ▪ Market share continues to expand Gross profit 908 887 2% 2,697 2,651 2% in heal

  7. Slide 7: Financial KPIs

    Financial KPIs Analyst conference 9-months 2025 results | © Kuehne+Nagel Group | 7

  8. Slide 8: Income Statement

    Income Statement Quarter over quarter comparison Variance YTD Variance in % 2025 2025 2025 YTD 2024 2024 2024 YTD CHF million Acquisition/ Q1 Q2 Q3 2025 Q1 Q2 Q3 2024 2025/2024 Q1 Q2 Q3 2025/2024 Growth disposal Forex 1 Net turnover 6,330 6,149 6,043 18,522 5,508 6,046 6,487 18,041 481 822 103 (444)

  9. Slide 9: Working Capital: Focus on DSO – DPO spread

    Working Capital Focus on DSO – DPO spread Sep 30, Jun 30, Dec 31, Sep 30, Better/(worse) CHF million 2025 2025 2024 2024 Sep 2025 vs. Dec 2024 Trade receivables/contract assets 4,701 4,600 4,686 4,608 (15) Trade payables/accrued trade expenses/contract liabilities (3,256) (3,235) (3,367) (3,383) (11

  10. Slide 10: 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 1,725 1,868 (143) Changes in working capital (225) (640) 415 Income taxes paid (326) (257) (69) Cash flow from operating activities 1,

  11. Slide 11: Cash and Free Cash Flow: Return to FCF conversion above 100% in Q3

    Cash and Free Cash Flow Return to FCF conversion in excess of 100% in Q3 Key factors impacting Q3 2025 Free Cash Flow (FCF) conversion: ▪ Working capital outflows improved by CHF 131m year-over-year ▪ FCF conversion in Q3 105% vs. 82% last year; year-to-date basis 66% vs. 33% last year *FCF excludin

  12. Slide 12: Cost reduction program

    Cost reduction program Taking action to mitigate the effects of a challenging market Launching initiatives to reduce costs by at least CHF 200m annualised Segmentation of cost reduction efforts ▪ Staff-related: at least CHF 110m (1,000 – 1,500 FTE) ▪ Facilities: at least CHF 50m ▪ Other variable: at

  13. Slide 13: Updated outlook for 2025

    Updated outlook for 2025 Financial guidance reduced to reflect adverse market conditions 2025 Guidance Range CHF million Current Previous EBIT (recurring) > 1,300 1,450 - 1,650 Main assumptions ▪ Economic growth with greater uncertainty ▪ Volatile trade and tariff policies ▪ Assumed currency transla

  14. Slide 14: Key takeaways

    Key takeaways: 1. Launching cost reduction program of at least CHF 200 million 2. Yields in Sea and Air Logistics under heavy pressure 3. Focus remains on market share gains in attractive sectors 4. Expansion of EPS through 100% ownership of Apex as of Q4 5. We adjust our recurring FY 2025 EBIT outl

  15. Slide 15: Inspire. Empower. Deliver.

    Inspire. Empower. Deliver. © 2025 Kuehne+Nagel. All rights reserved.

  16. Slide 16: Upcoming events

    Upcoming events 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 23.07.2026 Half-year 2026 results 05.10. - 22.10.2026 Closed period 22.10.202

  17. Slide 17: Balance Sheet

    Balance Sheet September 30, December 31, September 30, December 31, CHF million 2025 2024 2025 2024 Assets Equity and Liabilities Equity attributable to the equity holders of 2,076 3,263 Property, plant and equipment 897 846 the parent company Right-of-use assets 2,342 2,041 Non-controlling interest

  18. 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% 79% 66% 58% 26% 28% 28% 26% 26% 25% 24% Calculation: last four quarters EBIT (rolling EBIT) divided by the

  19. 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 Q3 TOTAL Q1 Q2 Q3 TOTAL Q1 Q2 Q3 TOTAL Q1 Q2 Q3 TOTAL Sea Logistics Income Statement Turnover 2,862 2,652 2,693 8,207 2,205 2,434 2,991 7,630 +29.8 +9.0 (10.0) +7.6 657 218 (298) 577 Net Turno

  20. 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 Q3 TOTAL Q1 Q2 Q3 TOTAL Q1 Q2 Q3 TOTAL Q1 Q2 Q3 TOTAL Road Logistics Income Statement Turnover 1,007 1,153 1,194 3,354 969 1,031 980 2,980 +3.9 +11.8 +21.8 +12.6 38 122 214 374 Net Turno

  21. 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 Q3 TOTAL Q1 Q2 Q3 TOTAL Q1 Q2 Q3 TOTAL Q1 Q2 Q3 TOTAL Kuehne+Nagel Group Income Statement Turnover 7,077 7,141 7,052 21,270 6,104 6,684 7,152 19,940 +15.9 +6.8 (1.4) +6.7 973 457 (100) 1,330 Cust

  22. Slide 22: Disclaimer: Forward-looking statements

    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

  23. 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 9-mon

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