First Read Kuehne+Nagel 2Q26 results - takeaways from conference call with CEO and CFO

Research evidence excerpt

First Read Kuehne+Nagel 2Q26 results - takeaways from conference call with CEO and CFO

Global Research

23 July 2026ab

First Read

EquitiesKuehne+Nagel

2Q26 results - takeaways from conference call Switzerland

with CEO and CFO Marine Transport

12-month rating Neutral

12m price target CHF179.00

Additional details current demand prospects

We expect K+N's sea freight operations should see positive LSD volume growth in 2H26

driven by demand from Europe and US for Chinese goods. This should also support Price (09 Jul 2026) CHF204.00

yields, which we expect to be sequentially up then in 3Q26. Moreover, for its air freight RIC: KNIN.S BBG: KNIN SW

segment we anticipate some more normal volume seasonality, with lower volumes in

Trading data and key metrics

3Q26 and then higher volumes again in 4Q26. This should then be also reflected in

yields, which remain somewhat stable in 3Q26 and 4Q26 likely then seeing higher yields 52-wk range CHF209.00-148.15

on the back of the peak season, in our view. Market cap. CHF24.2b/US$30.0b

Shares o/s 119m (REG)

Further thoughts on AI and its potential impact on K+N Free float 41%

We think K+N's white collar workforce is likely to be mainly in focus for such AI driven Avg. daily volume ('000) 210

efficiency improvements. This entails around 25k FTEs or an overall cost base of around Avg. daily value (m) CHF39.2

CHF1.7bn and likely includes front-line, as well as support roles especially in the Sea Common s/h equity (12/26E) CHF2.47b

Logistics and Air Logistics and other functional areas, in our view. Moreover, we P/BV (12/26E) 9.9x

anticipate the company to target overall annualised gross savings of between CHF100- Net debt to EBITDA (12/26E) 1.6x

150m, with reaching the quarterly run rate rather in 4Q27. However uncertainties