Kuehne & Nagel International Ag · SIX:KNIN

Kuehne & Nagel International — Kuehne + Nagel International — Q1 2026 Earnings Presentation

23 slides from Kuehne & Nagel International's earnings presentation, Apr 24, 2026

1. Slide 1: Analyst conference First quarter 2026 results

   Analyst conference First quarter 2026 results Stefan Paul, CEO Markus Blanka-Graff, CFO Kuehne + Nagel International AG April 24, 2026

2. Slide 2: Recurring EBIT exceeded our guidance

   First quarter 2026 results Recurring EBIT exceeded our guidance Growth Profit Cash ▪ Net turnover of CHF 5.6 billion vs. ▪ Recurring EBIT** of CHF 308 million vs. ▪ Free Cash Flow of CHF 194 CHF 6.3 billion in 2025 (-5%*) CHF 402 million in 2025 (-17%*) million vs. CHF 173 million in 2025 ▪ Gross pr

3. Slide 3: Sea Logistics: Cost control drives recovery of unit profitability

   Sea Logistics Cost control drives recovery of unit profitability TEU ‘000 GP/TEU in CHF * EBIT/TEU in CHF ▪ Q1 volumes -2% y/y and -6% q/q, including a negative impact of 1.5% GP/TEU in CHF EBIT/TEU in CHF from Middle East Total TEUs '000 GP/TEU in CHF (excl. FX translation) EBIT/TEU in CHF (excl. F

4. Slide 4: Air Logistics: Stable unit profitability supported by cost control and mix

   Air Logistics Stable unit profitability supported by cost control and mix Tons ‘000 GP/100 kg in CHF EBIT/100 kg in CHF ▪ Q1 volumes stable y/y ▪ Volume growth y/y slowed by decline of lower-yielding volumes 125 GP/100 kg in CHF EBIT/100 kg in CHF Total Tons '000 115 GP/100 kg in CHF (excl. FX trans

5. Slide 5: Road Logistics: EBIT growth supported by ongoing volume recovery

   Road Logistics EBIT growth supported by ongoing volume recovery In CHF million Q1 2026 Q1 2025 Variance ▪ Net turnover growth +9% y/y in Q1 excluding FX effects (+5% organic) Net turnover 908 871 4% Gross profit 339 331 2% ▪ Broad-based market share gains EBIT 25 19 32% ▪ Continued solid demand for

6. Slide 6: Contract Logistics: Strong underlying profitability impacted by FX headwinds

   Contract Logistics Strong underlying profitability impacted by FX headwinds In CHF million Q1 2026 Q1 2025 Variance ▪ Net turnover growth rate in Q1 stable at +5% y/y excluding FX effects Net turnover 1,182 1,178 - Gross profit 915 890 3% ▪ Market share expansion across sectors and geographies EBIT

7. Slide 7: Financial KPIs

   Financial KPIs Analyst conference first quarter 2026 results | © Kuehne+Nagel Group | 7

8. Slide 8: Income Statement: Year over year comparison

   Income Statement Year over year comparison 2026 2025 Variance YTD Variance in % ▪ Net earnings -9% y/y excluding FX CHF million Constant Q1 Q1 2026/2025 2026/2025 Currency Forex * effects (-18% on a recurring basis). Net turnover 5,603 6,330 (727) (12%) (6%) (6%) ▪ FX headwinds led to a 7% drag on G

9. Slide 9: Working Capital

   Working Capital Pressure on DSO/DPO spread due to temporary shift of business mix March 31, December 31, March 31, Better/(worse) CHF million 2026 2025 2025 Mar 2026 vs. Dec 2025 Trade receivables/contract assets 4,738 4,685 4,871 (53) Trade payables/accrued trade expenses/contract liabilities (3,17

10. Slide 10: Cash and Free Cash Flow

    Cash and Free Cash Flow Cash generation bolstered by real estate proceeds YTD YTD CHF million Variance 2026 2025 Cash and cash equivalents January 1, net 536 1,142 (606) Operational cash flow 535 634 (99) Changes in working capital (139) (116) (23) Income taxes paid (92) (129) 37 CHF million Cash fl

11. Slide 11: Cash and Free Cash Flow: Underlying Q1 FCF conversion consistent with seasonal average

    Cash and Free Cash Flow Underlying Q1 FCF conversion consistent with seasonal average Key factors impacting Q1 2026 Free Cash Flow (FCF) conversion: ▪ Q1 is typically the weakest cash conversion quarter with an average 48% since 2010 (vs. annual 91%) ▪ In Q1 2026, working capital outflows increased

12. Slide 12: Outlook 2026

    Outlook 2026 Raising lower-end of recurring EBIT guidance range Actual Outlook CHF million Q1 Q2 Q3 Q4 2025 2026 Recurring EBIT 402 358 285 335 1,380 1,250 - 1,400 Previous 1,200 - 1,400 Core assumptions ▪ Global GDP growth tempered by persistent geopolitical, macroeconomic and trade uncertainty ▪ S

13. Slide 13: Key takeaways

    Key takeaways: 1. Long-term strategic focus on market share gains 2. Tactical near-term focus on service intensity 3. Sea and Air Logistics yields stable or higher sequentially 4. Cost reduction programme on track with Q1 savings ahead of plan 5. Solid foundation to achieve material AI productivity

14. Slide 14: Inspire. Empower. Deliver.

    Inspire. Empower. Deliver. © 2026 Kuehne+Nagel. All rights reserved.

15. Slide 15: Upcoming events

    Upcoming events 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 04.01. - 02.03.2027 Closed period 02.03.2027 Full-year 2026 results Analyst conference first quarter 2026 result

16. Slide 16: 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 first quarter 2026 results | © Kuehne+

17. Slide 17: Balance Sheet

    Balance Sheet March 31, December 31, March 31, December 31, CHF million 2026 2025 2026 2025 Assets Equity and Liabilities Equity attributable to the equity holders 2,468 2,180 Property, plant and equipment 839 905 of the parent company Right-of-use assets 2,208 2,370 Non-controlling interests 32 32

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% 82% 84% 84% 79% 76% 66% 66% 54% 30% Calculation: last four quarters EBIT (rolling EBIT) divided 26% 28% 28% 26% 26% 25% 25%

19. Slide 19: Quarter-over-quarter 2026/2025 Sea and Air Logistics

    Quarter-over-quarter 2026/2025 Sea and Air Logistics Change Change 2026 2025 CHF million in % in mCHF Q1 Q1 Q1 Q1 Sea Logistics Income Statement Turnover 2,238 2,862 (21.8) (624) Net Turnover 1,886 2,499 (24.5) (613) Gross Profit 449 577 (22.2) (128) Opex (318) (346) +8.1 28 EBITDA 131 231 (43.3) (1

20. Slide 20: Quarter-over-quarter 2026/2025 Road and Contract Logistics

    Quarter-over-quarter 2026/2025 Road and Contract Logistics Change Change 2026 2025 CHF million in % in mCHF Q1 Q1 Q1 Q1 Road Logistics Income Statement Turnover 1,200 1,007 +19.2 193 Net Turnover 908 871 +4.2 37 Gross Profit 339 331 +2.4 8 Opex (298) (294) (1.4) (4) EBITDA 41 37 +10.8 4 Depreciation

21. Slide 21: Quarter-over-quarter 2026/2025 Kuehne+Nagel Group

    Quarter-over-quarter 2026/2025 Kuehne+Nagel Group Change Change 2026 2025 CHF million in % in mCHF Q1 Q1 Q1 Q1 Kuehne+Nagel Group Income Statement Turnover 6,468 7,077 (8.6) (609) Customs duties and taxes (865) (747) (15.8) (118) Net Turnover 5,603 6,330 (11.5) (727) Net expenses for services from 3

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 first

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