Swiss freight forwarding giant Kuehne+Nagel has reported solid growth in its air cargo division for 2025, strengthening its position as the world’s largest air freight forwarder by volume despite a deteriorating economic backdrop.
The group said net turnover reached CHF 24.5bn (£21.5bn) in the 2025 financial year. Recurring earnings before interest and tax (EBIT) totalled CHF 1.4bn, while net earnings came in at CHF 925m.
Its recurring conversion rate – a key profitability metric measuring recurring EBIT as a share of gross profit – stood at 16%.
A cost-reduction programme targeting savings of more than CHF 200m was implemented in the fourth quarter.
Air Logistics leads performance
Air Logistics was a standout performer. Net turnover in the division reached CHF 7.3bn, with recurring EBIT of CHF 454m and a conversion rate of 26%.
Air freight volumes rose 7% year-on-year to 2.2 million tonnes, consolidating the company’s global number one ranking in air freight forwarding.
Chief executive Stefan Paul said the company had gained significant market share by supporting global cloud and data centre infrastructure providers, particularly in the United States.
Demand from technology firms accelerated towards the end of the year, driving “outsized growth” in specialist air freight services.
The acquisition of Eastway Global Forwarding Ltd also expanded Kuehne+Nagel’s aircraft-on-ground (AOG) and time-critical logistics offering – a fast-growing niche within high-value air cargo.
Sea freight remains dominant
In Sea Logistics, net turnover totalled CHF 8.8bn, with recurring EBIT of CHF 585m and a conversion rate of 29%.
Container volumes reached 4.3 million TEU, maintaining Kuehne+Nagel’s position as the world’s largest sea freight forwarder by volume.
Road and contract logistics under pressure
Road Logistics generated CHF 3.5bn in turnover and recurring EBIT of CHF 86m. The weak economic climate in Europe weighed on the groupage segment, although volumes remained stable at 24 million orders.
The acquisition of Spanish operator TDN expanded the company’s European groupage network, while demand increased for AI-supported customs services.
Contract Logistics posted record results, with net turnover of CHF 4.8bn and recurring EBIT of CHF 255m. New distribution centres opened in Japan, Turkey, Vietnam and the United Arab Emirates, alongside five new hubs in India.
AI strategy and 2026 outlook
Mr Paul said accelerated deployment of artificial intelligence across the group’s global network would be a “key strategic pillar”, with material productivity gains expected within 18 months.
For 2026, Kuehne+Nagel expects group recurring EBIT in the range of CHF 1.2bn to CHF 1.4bn, reflecting continued uncertainty in the global economy but stable demand in air and sea freight markets.
The results underline the resilience of air cargo demand, particularly from the fast-expanding cloud and server infrastructure sector, even as broader trade growth remains subdued.
Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG: “In times of seriously challenging market conditions, Kuehne+Nagel once again demonstrated its performance capabilities in 2025.
“While we did not enjoy any tailwind from the markets, our clear-cut strategy and here particularly the expansion of networks in markets such as North America and Asia, as well as the disciplined execution of the cost measures launched in the autumn produced good results.
“With a dividend proposal of CHF 6.00 per share – a yield of 3.5%* – we enable our shareholders to participate in the company’s success again.”