Kuehne + Nagel: Anchoring the Debate

Research evidence excerpt

Kuehne + Nagel: Anchoring the Debate

J P M O R G A N Europe Equity Research

27 July 2026

Kuehne + Nagel Underweight

KNIN.S, KNIN SW

Anchoring the Debate Price (24 Jul 26):CHF204.60

Price Target (Dec-27):CHF175.00

In this post-2Q26 edition of the Anchoring the Debate, we outline the top-of-mind European Transport & Logistics

ACtopics to discuss with K+N management. We see the key areas of focus as: 1) Near- Alexia Dogani

term trading trends and 3Q outlook; 2) AI/ productivity targets; 3) Cost- (44-20) 3493-3791

reduction programme and the path to improvement in conversion ratio targets; alexia.dogani@jpmorgan.com

4) Capital allocation priorities. We are Underweight on K+N, with a Dec-27 PT J.P. Morgan Securities plc

of CHF 175, as we see valuation as unattractive - trading at 24x 2027E P/E on Harry J Gowers

2026-29E EPS CAGR <2% in a challenging sector trading backdrop. (44-20) 7134-7522

harry.gowers@jpmorgan.com

• Near-term trading and effects from the Persian Gulf disruption. J.P. Morgan Securities plc

Management noted global GDP growth is “tempered by persistent Shikha Khurana

geopolitical, macroeconomic and trade uncertainty.” How does management (91-22) 6157-5022

shikha.khurana@jpmchase.com

expect volumes to evolve over the coming months? What is the forward J.P. Morgan India Private Limited

visibility on both Sea and Air Logistics? Does management see any impending Bhavpreet S Batra

signs of weakness ahead outside of the near-term disruption? Air volumes saw (91-22) 6157-5046

support from Southeast Asia ex-China exports and semiconductors/cloud bhavpreet.batra@jpmorgan.com

infrastructure in 2Q. How sustainable is this growth into 2H? Management also J.P. Morgan India Private Limited

noted strong growth in Asia-to-Europe and NAM export trades in Sea. Can