A strong 2Q as expected – still Neutral

研报英文原文证据摘录

A strong 2Q as expected – still Neutral

Leveraging AI to take market share

K+N intends to use AI primarily to process more volume and take market share with its

existing workforce, rather than focus on headcount reductions. In the earnings call,

management acknowledged that productivity gains will likely pass to customers over

time. It targets CHF100-150m of annualised AI-led EBIT benefits by YE27, annualising

into FY28, based on at least a 5% productivity uplift or equivalent volume growth

without additional cost. The initial scope covers 25k+ white-collar FTEs across Sea and

Air Logistics and functions including sales, finance, IT and HR, representing c. CHF1.7bn

or 35% of staff costs.

Exhibit 1: K+N will focus on improving productivity of its white-collar workers initially

Split of FTE and cost base by unit and worker type

Source: K+N

BofA GLOBAL RESEARCH

K+N views its in-house TMS, proprietary data layer and development capabilities as a

competitive advantage, enabling faster and deeper integration into workflows without

dependence on third-party software providers, while a model-agnostic architecture

allows it to use cheaper small models for simple tasks. The CHF100–150m target is

gross, as future AI-service costs remain uncertain, with management due to update its

assumptions in March 2027.

Road taking share; CL investing for future

Road 2Q EBIT of CHF36m beat consensus, supported by broad-based SME share gains,

including some inflows in France and Germany, alongside continued AI-enabled customs

demand. Management expects the share gains to continue over coming quarters; we

forecast 3Q26 EBIT of CHF32m.

In Contract Logistics, 2Q recurring EBIT of CHF51m missed as start-up costs on new

technology/data-centre contracts compressed near-term margins.