Dear shareholders,

At Kuehne+Nagel, we are at the pulse of world trade. As a globally successful and leading logistics player, we are one of the companies that, particularly in these challenging times, facilitate the global exchange of goods. This position enables us to identify supply chain developments early, to develop solutions and to help our customers quickly and reliably in complex market situations. 

Logistics, as we understand and provide it, is one of the most strategically important enablers in the world economy today. We do much more than just transport goods from A to B. We have become a key strategic partner for a multitude of companies and industries all over the world, a strength benefitting our company, our customers, our employees and you, our shareholders. Despite the challenges it brought, 2025 ultimately became a successful year for Kuehne+Nagel.

The company has again proven its strength as a reliable, globally connected logistics partner in this difficult environment. Our strong presence on key trade routes and in growth markets, our proven consulting expertise, our leading role in leveraging digital potential and our focus on services that really results in sound earnings in 2025 as well as growing faster than the market.

While we did not enjoy any tailwind from the markets, we achieved everything through hard and diligent work. This makes it all the more important to extend our sincere thanks to our workforce of around 85,000 employees and the entire management team. Our strategic course of the past few years has proven to be the right one, especially our expansion in Asia and North America.

In a consolidating logistics market, we have successfully defended our global leadership position both in Sea and Air Logistics. After adjustment for currency effects, net turnover at group level rose 3 per cent to CHF 24.5 billion while recurring EBIT of CHF 1.4 billion highlights our business model’s high resistance. Earnings of CHF 925 million confirmed the Group’s focus on cost and efficiency amid a market that remains volatile. The cost-saving measures introduced in October 2025, in particular, are beginning to show the first signs of successful results. 

The positive results were primarily driven by our globe-spanning network with tens of thousands of specialists on the ground and the resulting ability to identify changes in the market early on as well as leverage them. In Air Logistics, we grew our market share and maintained our global leadership. Similarly, we sustained our top position in Sea Logistics despite tough pricing and capacity challenges. Contract Logistics saw record earnings thanks to further process optimisation and expansion of projects. Although the weaker economic situation in Europe impacted activities in Road Logistics, we succeeded nonetheless in increasing turnover in 2025.

Strategically, we made the most of 2025 to further develop our product portfolio. Thanks to the expansion of our network and our services – including extension of intermodal capacities through IMC Logistics, new projects in growth markets such as India, and dedicated strengthening of our customs services – we are able to offer our customers bespoke integrated logistics services worldwide. We systematically leverage digitalisation and the results-driven integration of new technologies, by linking our comprehensive databases to artificial intelligence. This enables a considerable increase in efficiency, benefitting our customer offerings as well as our internal processes.

The financial year 2025 also brought change to the Management Board of Kuehne + Nagel International AG. In September 2025, Marcus Claesson took over as Chief Information Officer, succeeding Martin Kolbe. In October 2025, Eduardo Razuck took over as Executive Vice President Contract Logistics, succeeding Gianfranco Sgro. Eduardo Razuck has been with the company for over 20 years and brings with him extensive expertise from various positions within the organisation. We also appointed Soren Schmidt to the management board as successor to Dr. Hansjoerg Rodi. Soren Schmidt will take over the reins of the Road Logistics business unit on May 1, 2026. 

The Board of Directors will propose a dividend of CHF 6.00 per share to the Annual General Meeting, enabling our shareholders to participate in the Company’s success, as in the past, and also taking into account the Group’s sound financial position.

Once again, I would like to especially thank all our employees around the world. Your commitment, your expertise and your business mindset played a major role in ensuring that Kuehne+Nagel continued to work successfully for its customers in 2025. I would also like to thank you, dear shareholders, for your confidence and your support on this journey together toward shaping the future of global trade.