Kuehne + Nagel: Anchoring expectations into the 2Q26 print

Research evidence excerpt

Kuehne + Nagel: Anchoring expectations into the 2Q26 print

J P M O R G A N Europe Equity Research

30 June 2026

Kuehne + Nagel Underweight

KNIN.S, KNIN SW

Anchoring expectations into the 2Q26 print Price (29 Jun 26):CHF195.15

▲Price Target (Dec-27):CHF175.00

Prior (Dec-27):CHF170.00

We expect 2Q26 results to highlight a q/q improvement in earnings supported by

seasonality and Middle East disruption effects in the Air Logistics division while European Transport & Logistics

also seeing positive underlying growth from high growth verticals (hyper-scalers/ Alexia Dogani AC

GLP-1 demand) supporting yield mix. We have raised our 2Q26 EBIT to CHF (44-20) 3493-3791

369m (+6% vs. previously; +7% vs. Bloomberg consensus) driven by a better alexia.dogani@jpmorgan.com

J.P. Morgan Securities plc

Contract Logistics performance than we previously expected supported by

Harry J Gowerscontract wins and a slightly better Sea Logistics underlying performance. We now

(44-20) 7134-7522

forecast 2026 EBIT of CHF 1.5bn (+4% vs. previously; +10% vs. Bloomberg harry.gowers@jpmorgan.com

consensus; vs. management guidance CHF 1.25-1.4bn) and expect management J.P. Morgan Securities plc

will raise the guidance range to CHF 1.35-1.5bn; 7.5% at the midpoint from the Shikha Khurana

prior range. In the near term, there is upside to earnings given the industry tailwinds (91-22) 6157-5022

we see from firmer air freight dynamics and stronger than expected near-term shikha.khurana@jpmchase.com

ocean freight demand supporting yields into 3Q, as we highlighted in our Feedback J.P. Morgan India Private Limited

from the J.P.Morgan Industrials conference. We are UW-rated with a Dec-27 PT Bhavpreet S Batra

of CHF 175 (+3% vs. previously driven by our increased estimates), implying (91-22) 6157-5046