Kuehne & Nagel International Ag · SIX:KNIN
Kuehne & Nagel International — Kuehne + Nagel International — FY2025 Earnings Presentation
26 slides from Kuehne & Nagel International's earnings presentation, Mar 3, 2026
Slide 1: Analyst conference Full-Year 2025 results
Analyst conference Full-Year 2025 results Stefan Paul, CEO Markus Blanka-Graff, CFO Alireza Nemati, Global Head of AI & Innovation Kuehne + Nagel International AG March 3, 2026
Slide 2: Full-year results
Full-year results Good performance with market share gains amid challenging conditions Comprehensive cost reduction programme fully implemented Growth Profit Cash ▪ Net turnover of CHF 24.5 billion vs. ▪ Recurring EBIT of CHF 1,380 million vs. ▪ Free Cash Flow of CHF 917 million CHF 24.8 billion in
Slide 3: Sea Logistics
Sea Logistics Yield stabilised after a period of pressure TEU ‘000 GP/TEU in CHF EBIT/TEU in CHF ▪ Headline Q4 volumes -2% y/y and -3% q/q, in-line with seasonality GP/TEU in CHF EBIT/TEU in CHF EBIT/TEU in CHF (excl. FX translation) ▪ Increase of SME share supported Total TEUs '000 GP/TEU in CHF (e
Slide 4: Air Logistics
Air Logistics Strong market share expansion continued Tons ‘000 GP/100 kg in CHF EBIT/100 kg in CHF ▪ Q4 volume growth of 7% y/y and +6% q/q ▪ Modest yield recovery in Q4 2025 ▪ Semiconductors and cloud infrastructure 125 EBIT/100 kg in CHF 35 GP/100 kg in CHF 115 Total Tons '000 595 GP/100 kg in CH
Slide 5: Road Logistics
Road Logistics Signs of demand recovery in Europe and strong demand for customs clearance In CHF million Q4 2025 Q4 2024 Variance FY 2025 FY 2024 Variance ▪ Net turnover growth +6% in Net turnover 882 852 4% 3,517 3,481 1% Q4 2025 excluding FX effects Gross profit 327 307 7% 1,324 1,295 2% ▪ Core Eu
Slide 6: Contract Logistics
Contract Logistics Steady growth momentum drives another record result In CHF million Q4 2025 Q4 2024 Variance FY 2025 FY 2024 Variance ▪ Net turnover growth rate steady at Net turnover 1,245 1,223 2% 4,805 4,731 2% +5% y/y in Q4 2025 excluding FX effects Gross profit 954 900 6% 3,651 3,551 3% EBIT
Slide 7: Roadmap 2026 highlights
Roadmap 2026 highlights Strategic foundations in place to accelerate performance Phase 1 – Roadmap 2026 foundations in place Phase 2 – Accelerate performance towards 2030 Market Potential Organisational and operational capabilities to effectively Further develop hyperscaler business, and strengthen
Slide 8: Digital Ecosystem
Digital Ecosystem Our Tech Stack is AI ready Change Management Building the muscle to scale Workflow Ownership Unlocking value across the value chain Clean Data Powering intelligent AI system Proprietary IT Platform Controlling our own future Analyst conference full-year 2025 results | © Kuehne+Nage
Slide 9: Financial KPIs
Financial KPIs Analyst conference full-year 2025 results | © Kuehne+Nagel Group | 9
Slide 10: Income Statement
Income Statement Quarter over quarter comparison Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY CHF million 2025 2025 2025 2025 2025 2024 2024 2024 2024 2024 Net turnover 6,330 6,149 6,043 5,954 24,476 5,508 6,046 6,487 6,761 24,802 Gross profit 2,237 2,187 2,107 2,269 8,800 2,076 2,197 2,187 2,210 8,670 Gross profi
Slide 11: Cost reduction programme
Cost reduction programme Implemented with full run-rate savings by year-end 2026 Actions taken to deliver at least CHF 200m of annualised savings Cost reduction: Original targets Updated estimates Staff-related: CHF 110m (1,000 – 1,500 FTE) CHF 150m (> 2,000 FTE) Facilities: CHF 50m CHF 30m Other va
Slide 12: Working Capital
Working Capital Focus on DSO – DPO spread Dec 31, Sep 30, Dec 31, Better/(worse) CHF million 2025 2025 2024 Dec 2025 vs. Dec 2024 Trade receivables/contract assets 4,685 4,701 4,686 1 Trade payables/accrued trade expenses/contract liabilities (3,253) (3,256) (3,367) (114) Net working capital 1,432 1
Slide 13: Cash and Free Cash Flow
Cash and Free Cash Flow Consistent recovery of Free Cash Flow CHF million FY 2025 FY 2024 Variance Cash and cash equivalents January 1, net 1,142 2,008 (866) Operational cash flow 2,166 2,498 (332) Changes in working capital 8 (644) 652 Income taxes paid (393) (370) (23) Cash flow from operating act
Slide 14: Cash and Free Cash Flow
Cash and Free Cash Flow Underlying FCF conversion of nearly 150% in Q4 2025 Key factors impacting Q4 2025 Free Cash Flow (FCF) conversion: ▪ Working capital outflows improved by CHF 152m year-over-year (excluding one-off costs effects) ▪ Underlying FCF conversion in Q4 147% vs. 93% last year; FY bas
Slide 15: Dividend proposal CHF 6.00 per share
Dividend proposal CHF 6.00 per share 2021 2022 2023 2024 2025 Share price in CHF on 31.12. 294.40 215.20 289.80 207.80 171.25 Number of registered shares (in '000) 120,754 120,754 120,754 120,754 120,754 Market capitalisation in CHF million on 31.12. 35,550 25,986 34,995 25,093 20,679 Ordinary divid
Slide 16: Outlook 2026
Outlook 2026 Actual Outlook CHF million Q1 Q2 Q3 Q4 2025 2026 EBIT (recurring) 402 358 285 335 1,380 1,200 - 1,400 Core assumptions ▪ Global GDP growth tempered by persistent geopolitical, macroeconomic and trade uncertainty ▪ Sea and airfreight market demand growth in line with GDP at best ▪ Cost r
Slide 17: Key takeaways
Key takeaways: 1. Strategic focus remains on market share gains in attractive sectors 2. Yield pressure in Sea and Air Logistics has moderated 3. Cost reduction programme implemented; run-rate savings by year-end 2026 4. Solid foundation to achieve material AI productivity gains 5. FY 2026 recurring
Slide 18: Inspire. Empower. Deliver.
Inspire. Empower. Deliver. © 2026 Kuehne+Nagel. All rights reserved.
Slide 19: Upcoming events
Upcoming events 03.04. - 24.04.2026 Closed period 24.04.2026 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 22.10.2026 Nine-months 2026 results Analyst conference full-year 2025 results
Slide 20: Balance Sheet
Balance Sheet December 31, December 31, December 31, December 31, CHF million 2025 2024 2025 2024 Assets Equity and Liabilities Equity attributable to the equity holders of 2,180 3,263 Property, plant and equipment 905 846 the parent company Right-of-use assets 2,370 2,041 Non-controlling interests
Slide 21: 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% 82% 84% 79% 76% 66% 66% 26% 28% 28% 26% 26% 25% 25% 24% Calculation: last four quarters EBIT (rolling EBIT) divided by
Slide 22: 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 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Sea Logistics Income Statement Turnover 2,862 2,652 2,693 2,265 10,472 2,205 2,434 2,991 2,910 10,540 +29.8 +9.0 (10.0) (22.2)
Slide 23: 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 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Road Logistics Income Statement Turnover 1,007 1,153 1,194 1,122 4,476 969 1,031 980 959 3,939 +3.9 +11.8 +21.8 +17.0 +1
Slide 24: 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 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Kuehne+Nagel Group Income Statement Turnover 7,077 7,141 7,052 6,848 28,118 6,104 6,684 7,152 7,416 27,356 +15.9 +6.8 (1.4) (7.7)
Slide 25: 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
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 full-
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