Kuehne & Nagel International Ag · SIX:KNIN
Kuehne & Nagel International — Kuehne + Nagel International — H1 2026 Earnings Presentation
26 slides from Kuehne & Nagel International's earnings presentation, Jul 23, 2026
Slide 1: Analyst conference Half-year 2026 results
Analyst conference Half-year 2026 results Stefan Paul, CEO Markus Blanka-Graff, CFO Kuehne + Nagel International AG July 23, 2026
Slide 2: Volume growth and cost control drive recurring EBIT momentum
Half-year 2026 results Volume growth and cost control drive recurring EBIT momentum Growth Profit Cash ▪ Net turnover of CHF 12.2 billion vs. ▪ Recurring EBIT** of CHF 689 million vs. ▪ Free Cash Flow of CHF 310 CHF 12.5 billion in 2025 (+3%*) CHF 760 million in 2025 (-3%*) million vs. CHF 295 milli
Slide 3: Sea Logistics
Sea Logistics Cost control drives further recovery of unit profitability TEU ‘000 GP/TEU in CHF * EBIT/TEU in CHF ▪ Cost control drives +14% q/q unit EBIT improvement Total TEUs '000 GP/TEU in CHF GP/TEU in CHF (excl. FX translation) EBIT/TEU in CHF EBIT/TEU in CHF (excl. FX translation) ▪ Q2 volume
Slide 4: Air Logistics
Air Logistics Strong EBIT growth driven by higher volumes and better mix Tons ‘000 GP/100 kg in CHF EBIT/100 kg in CHF ▪ Q2 volumes +3% y/y and +13% q/q 125 ▪ Further yield improvement partly due GP/100 kg in CHF 115 EBIT/100 kg in CHF to better mix Total Tons '000 GP/100 kg in CHF (excl. FX transla
Slide 5: Road Logistics
Road Logistics EBIT growth accelerates on market share gains In CHF million Q2 2026 Q2 2025 Variance HY 2026 HY 2025 Variance ▪ Net turnover growth +16% y/y in Q2 Net turnover 1,000 881 14% 1,908 1,752 9% excluding FX effects (+12% organic) Gross profit 367 337 9% 706 668 6% ▪ Broad-based market sha
Slide 6: Contract Logistics
Contract Logistics Solid underlying profits with investments in growth In CHF million Q2 2026 Q2 2025 Variance HY 2026 HY 2025 Variance ▪ Net turnover growth in Q2 roughly Net turnover 1,207 1,189 2% 2,389 2,367 1% stable, at +4% y/y excluding Gross profit 909 899 1% 1,824 1,789 2% currency effects
Slide 7: Why integrated AI will become our competitive moat
Why integrated AI will become our competitive moat Change management to make trusting and using AI second nature Workflow ownership to deepen the value chain Clean data to fuel intelligent AI systems IT sovereignty to control our own destiny Analyst conference half-year 2026 results | © Kuehne+Nagel
Slide 8: Where AI matters
Where AI matters Analyst conference half-year 2026 results | © Kuehne+Nagel Group | 8
Slide 9: IT sovereignty
IT sovereignty Our core AI platform Top layer is a single pane of glass – one access point that puts our AI agents into the tools our people already use Middle layer enables us to ship new AI capabilities across the whole organisation at speed by ourselves Foundation layer connects all our internal
Slide 10: Near-term AI opportunity centered in white-collar workforce
Near-term AI opportunity centered in white-collar workforce Initial focus on Sea & Air Logistics and Functional Units FTE (~100k*) Cost base (CHF 4.6bn*) Current scope: AI-driven initiatives Productivity gains to come from combined and inseparable efforts spanning AI, workflow standardisation and ce
Slide 11: Current scope: CHF 100-150m annualised productivity benefits
Current scope: CHF 100-150m annualised productivity benefits Operational productivity uplift Projected AI-driven productivity benefit of 5%; in 2027 alone, estimated CHF 100-150m* annualised uplift by year-end KPIs: Orders/FTE, Cost/Order Technology and IT advantage Ownership of TMS and in-house IT
Slide 12: Financial KPIs
Financial KPIs Analyst conference half-year 2026 results | © Kuehne+Nagel Group | 12
Slide 13: Income statement
Income statement Year over year comparison Variance HY Variance in % 2026 2026 2026 2025 2025 2025 CHF million Constant Q1 Q2 HY Q1 Q2 HY 2026/2025 Q1 Q2 2026/2025 Currency Forex * Net turnover 5,603 6,616 12,219 6,330 6,149 12,479 (260) (727) 467 (2%) 3% (5%) Gross profit 2,110 2,249 4,359 2,237 2,
Slide 14: Working capital
Working capital NWC intensity moderates on improved DSO/DPO spread June 30, March 31, December 31, June 30, Better/(worse) CHF million 2026 2026 2025 2025 Jun 2026 vs. Dec 2025 Trade receivables/contract assets 5,357 4,738 4,685 4,600 (672) Trade payables/accrued trade expenses/contract liabilities
Slide 15: Cash and Free Cash Flow
Cash and Free Cash Flow Year-over-year expansion of cash generation HY HY CHF million CHF million 2026 2025 Cash and cash equivalents January 1, net 536 1,142 Operational cash flow 1,149 1,206 Changes in working capital (353) (235) Income taxes paid (197) (239) Cash flow from operating activities 59
Slide 16: Cash and Free Cash Flow
Cash and Free Cash Flow Extent and mix of growth result in below average Q2 FCF conversion Key factors impacting Q2 2026 Free Cash Flow (FCF) conversion: ▪ Strong volume growth and mix drive Core NWC outflow of CHF 97m vs. an inflow of CHF 86m last year ▪ Cash conversion in Q2 30-35% excluding cash
Slide 17: Outlook 2026
Outlook 2026 Raising EBIT guidance range mid-point by CHF 125m Actual Outlook CHF million Q1 Q2 Q3 Q4 2025 Q1 Q2 2026 Recurring EBIT 402 358 285 335 1,380 308 381 1,350 - 1,550 Previous 1,250 - 1,400 Core assumptions ▪ Global GDP growth tempered by persistent geopolitical, macroeconomic and trade un
Slide 18: Key takeaways
Key takeaways: 1. Long-term strategic focus on market share gains 2. Air Logistics market share expansion with favorable mix development 3. Sea and Air Logistics yields stable or higher sequentially 4. Cost reduction programme on track with impact of > CHF 120m in 2026 5. AI-related productivity upl
Slide 19: Inspire. Empower. Deliver.
Inspire. Empower. Deliver. © 2026 Kuehne+Nagel. All rights reserved.
Slide 20: Upcoming events
Upcoming events 05.10. - 22.10.2026 Closed period 22.10.2026 Nine-months 2026 results 04.01. - 02.03.2027 Closed period 02.03.2027 Full-year 2026 results 05.04. - 22.04.2027 Closed period 22.04.2027 Three-months 2027 results 05.05.2027 Annual General Meeting 05.07. - 22.07.2027 Closed period 22.07.2
Slide 21: Balance Sheet
Balance Sheet June 30, December 31, June 30, December 31, CHF million 2026 2025 2026 2025 Assets Equity and Liabilities Equity attributable to the equity holders 2,048 2,180 Property, plant and equipment 801 905 of the parent company Right-of-use assets 2,173 2,370 Non-controlling interests 33 32 Go
Slide 22: Quarter-over-quarter 2026/2025 Sea and Air Logistics
Quarter-over-quarter 2026/2025 Sea and Air Logistics 2026 2025 Change in % Change in mCHF CHF million Q1 Q2 TOTAL Q1 Q2 TOTAL Q1 Q2 TOTAL Q1 Q2 TOTAL Sea Logistics Income Statement Turnover 2,238 2,503 4,741 2,862 2,652 5,514 (21.8) (5.6) (14.0) (624) (149) (773) Net Turnover 1,886 2,171 4,057 2,499
Slide 23: Quarter-over-quarter 2026/2025 Road and Contract Logistics
Quarter-over-quarter 2026/2025 Road and Contract Logistics 2026 2025 Change in % Change in mCHF CHF million Q1 Q2 TOTAL Q1 Q2 TOTAL Q1 Q2 TOTAL Q1 Q2 TOTAL Road Logistics Income Statement Turnover 1,200 1,302 2,502 1,007 1,153 2,160 +19.2 +12.9 +15.8 193 149 342 Net Turnover 908 1,000 1,908 871 881
Slide 24: Quarter-over-quarter 2026/2025 Kuehne+Nagel Group
Quarter-over-quarter 2026/2025 Kuehne+Nagel Group 2026 2025 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 6,468 7,479 13,947 7,077 7,141 14,218 (8.6) +4.7 (1.9) (609) 338 (271) Customs duties and taxes (865) (863)
Slide 25: 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 26: 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-
Kuehne + Nagel International — H1 2026 Earnings Presentation on 6ix