Risk Reward Update

Research evidence excerpt

Risk Reward Update

Update

July 23, 2026 01:43 PM GMT

Morgan Stanley & Co. International plc+MKuehne und Nagel International AG | Europe Cedar Ekblom, CFA

Equity Analyst

Risk Reward Update Cedar.Ekblom@morganstanley.com +44 20 7425-4623

Kuehne und Nagel International AG (KNIN.S, KNIN SE)

What’s Changed Transport | Switzerland

Kuehne und Nagel International AG (KNIN.S) From To Stock Rating Equal-weight

Price Target SFr 184.00 SFr 194.00 Industry View In-Line

Price target SFr 194.00

Bull Case SFr 248.00 SFr 255.00

Shr price, close (Jul 22, 2026) SFr 208.00

Base Case SFr 184.00 SFr 194.00 52-Week Range SFr 213.70- 147.40

Updated Components

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

EPS

EPS (SFr)** 7.43 8.52 8.49 9.24

Bull Base Bear Scenarios

Prior EPS (SFr)** - 8.08 8.12 9.00

Risk Reward for Kuehne und Nagel International AG (KNIN.S) has Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

been updated **e ==MorganBased onStanleyconsensusResearchmethodologyestimates

Reason for change

FY26e/27e EPS +6%/+5% post Q2 beat. Conversion margin lifted ~60bps, Sea & Air

+22bps with GP also lifted after strong result in Air. Looking to 2H, expect Sea yields

to firm sequentially into Q3, with peak season demand a tailwind for Air into Q4.

New AI productivity measures announced. Earlier this year we wrote on the

potential for AI to deliver savings in the logistics industry and reflected this across

covered company estimates. Announcement today positive, but not necessarily

incremental to our expectations. PT moves to CHF194 vs. CHF184 prior, +5% aligned

with earnings change.

Cons. estimates for FY26/27 well underpinned in our view, but we do not think

warrant incremental upgrades. Cost saving support earnings YoY, but offsets are