Kuehne + Nagel First Take: 2Q26 EBIT 7% ahead; guidance range raised with midpoint now in-line with consensus; AI/ productivity targets of CHF100-150mn by 2027; overall small +ve/ in-line

Research evidence excerpt

Kuehne + Nagel First Take: 2Q26 EBIT 7% ahead; guidance range raised with midpoint now in-line with consensus; AI/ productivity targets of CHF100-150mn by 2027; overall small +ve/ in-line

J P M O R G A N Europe Equity Research

23 July 2026

Kuehne + Nagel

First Take: 2Q26 EBIT 7% ahead; guidance range Underweight

raised with midpoint now in-line with consensus; AI/ KNIN.S, KNIN SW

productivity targets of CHF100-150mn by 2027; overall Price (22 Jul 26):CHF209.10

small +ve/ in-line Price Target (Dec-27):CHF175.00

Our Take: 2Q26 EBIT of CHF 381m came 7% ahead of consensus expectations European Transport & Logistics

AC(co-consensus CHF 356m, JPMe CHF 369m), driven by strong performance in Air Alexia Dogani

and Sea Logistics divisions offsetting a slightly softer Contract Logistics. Air (44-20) 3493-3791

volumes in 2Q26 +3% y/y (vs. 1Q26 flat y/y), while Sea -1% y/y (vs. 1Q26 -2% alexia.dogani@jpmorgan.com

y/y). Air GP yields continued to show improvement in the quarter,+8% q/q (vs. J.P. Morgan Securities plc

1Q26 +3% q/q), while Sea -1% q/q (vs. 1Q26 flat q/q). Group conversion ratio at Harry J Gowers

17% (vs. 1Q26 16%). Management has raised the 2026 EBIT guidance to CHF (44-20) 7134-7522

harry.gowers@jpmorgan.com

1.35-1.55bn (previously CHF 1.25-1.4bn; co-consensus CHF 1.4bn, JPMe CHF J.P. Morgan Securities plc

1.5bn), which had been broadly expected. FCF similar to peers was also affected

Shikha Khurana

by working capital drag from higher air freight rates/ freighter capacity (91-22) 6157-5022

commitments. Management also announced a new AI/ productivity target of shikha.khurana@jpmchase.com

annualised uplift of CHF100-150mn by 2027 targeting 5% improvement in J.P. Morgan India Private Limited

productivity, which it views as a target it can continue to build on.