Issues for debate post 2Q26

Research evidence excerpt

Issues for debate post 2Q26

Equity Research

European Transportation

24 July 2026

Kuehne & Nagel International AG

Key issues include: AI productivity targets, FY26 guidance, Sea

and Air yield trends in 2H26 and FY27 normalization, volume

growth outlook, hyperscaler exposure, market share gains, KNIN.S/KNIN SW UNDERWEIGHT

European Transportation NEUTRAL

Apex/IMC developments, pricing power and cost-savings Price Target CHF 175.00

phasing. Price (23-Jul-26) CHF 204.40

Potential Upside/Downside -14.4%

Source: Bloomberg, Barclays Research

Top five questions post 2Q26

1.1. AI productivity opportunity. Management quantified CHF100-150m of annualised AI- European Transportation

driven EBIT benefits by end-2027, but the target is gross of future AI costs and potential Marco Limite

pricing dilution. How much of the benefit will ultimately remain in EBIT, and how much +39 (0)2 6372 2582

could be competed away as AI-driven productivity becomes commoditised across the marco.limite@barclays.com

BBI, Milan freight forwarding industry?

Helene Iselin

2.2. 2H26 outlook. Management expects LSD Sea volume growth in 3Q/4Q and higher yields +44 (0)20 7773 7391

QoQ. What gives management confidence in volume growth accelerating? Why have sea helene.iselin@barclays.com

volumes been declining despite the sea container market growing? Why are Air Yields guided Barclays, UK

stable in 3Q QoQ despite air rates declining? Does that include USD recent revaluation?

Emilie Fung

3.3. FY27 outlook and Yields. Air is currently the key profit growth driver, benefiting from +44 (0)20 3555 2335

emilie.fung@barclays.com hyperscaler/tech and ME disruption. How sustainable are current yields in FY27? What

Barclays, UK

would be a normalized Sea yields level if the Red Sea reopns?

Andrew Lobbenberg

4.4.