Kuehne + Nagel (KNIN) Q3 2026 earnings summary

Executive summary

• Q3 net turnover rose 22.2% YoY to CHF 7,386m; EBIT increased 52.6% to CHF 435m and earnings rose 53.4% to CHF 316m, with profitability improving across business units.

• FY 2026 recurring EBIT guidance rose to CHF 1.5bn–CHF 1.6bn, its third sequential increase; midpoint was raised by CHF 100m.

Financial highlights

• Q3 gross profit increased 13.3% YoY to CHF 2,388m and EBITDA rose 28.8% to CHF 662m; recurring EPS grew 58%.

• 9M net turnover was CHF 19,605m (+5.8%); gross profit CHF 6,747m (+3.3%), EBITDA CHF 1,820m (+6.6%) and reported EBIT CHF 1,159m (+12.6%).

• 9M recurring EBIT was CHF 1,124m, up 8% reported and 12% at constant currencies; recurring EPS was CHF 6.67, up 12% at constant currencies.

• Q3 free cash flow was CHF 336m, up 49% YoY; 9M free cash flow was CHF 646m, up 24%.

• 9M FX translation reduced EBIT and net earnings by 5%; earnings attributable to shareholders rose 13.1% reported.

Outlook and guidance

• FY 2026 recurring EBIT guidance is CHF 1.5bn–CHF 1.6bn; assumptions include gross cost savings above CHF 150m, FX headwinds no greater than 5% and a 25% effective tax rate.

• Cost savings reached ~CHF 100m year-to-date; annualized run rate is expected to reach at least CHF 200m by year-end, with savings accelerating in Q4.

• Annualized AI benefits of CHF 100m–CHF 150m are targeted from 2027.

• Q4 Air volumes are expected to track Q3 development with stable yields; Sea yields were expected to remain stable through Q4 and Q1.