Kuehne + Nagel (KNIN SW) Reduce: Strong summer already priced in

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Kuehne + Nagel (KNIN SW) Reduce: Strong summer already priced in

10 July 2026

Kuehne + Nagel (KNIN SW) Equities Air Freight & Logistics

Reduce: Strong summer already priced in Switzerland

◆ K+N headed into 2Q26 amid tighter sea and air markets, lifting

MAINTAIN REDUCE

rates and improving near-term earnings visibility materially…

◆ …raising chances of guidance upgrade. We raise 2026-28 TARGET PRICE (CHF) PREVIOUS TARGET (CHF)

EBIT estimates by 6-7%; 2Q forwarding profitability to lag peers 175.00 160.00

◆ Maintain Reduce but lift TP to CHF175 (from CHF160); strong SHARE PRICE (CHF) UPSIDE/DOWNSIDE

summer freight outlook priced in. Prefer DSV (Buy) 204.40 -14.4%

(as of 09 Jul 2026)

2Q26 preview – supportive freight environment: K+N reports 2Q26 on 23 July

MARKET DATAagainst a noticeably stronger freight backdrop than it flagged at the 1Q26 briefing,

Market cap (CHFm) 24,682 Free float 45%

when its tone on 2Q was subdued (see Cost cuts progress, demand risks rising, 25 Apr Market cap (USDm) 30,585 BBG KNIN SW

2026). Both sea and air markets tightened, with spot rates lifted, supporting near-term 3m ADTV (USDm) 43 RIC KNIN.S

earnings – this raises the chances of a constructive tone and a guidance upgrade.

FINANCIALS AND RATIOS (CHF)

Sea freight shows the clearest upturn, while air remains supportive: Early peak Year to 12/2025a 12/2026e 12/2027e 12/2028e

HSBC EPS 8.58 8.48 8.76 8.95

season demand, US tariff-driven front-loading and capacity disruptions (congestions, HSBC EPS (prev) 8.58 7.93 8.22 8.41

rerouting) lifted 2Q spot rates sharply (SCFI +55% q-o-q). Rates stayed elevated into Change (%) 0.0 6.9 6.6 6.4

Consensus EPS 7.88 8.30 8.75 9.50

early July and Linerlytica expects strength to extend into August (see Linerlytica PE (x) 23.8 24.1 23.3 22.8