The main contributors to the Group’s result are the business units Sea and Air Logistics. In 2025, both business units were negatively impacted by the sudden weakness of the US dollar currency against the reporting currency, the Swiss Franc. The resulting negative translation impact was significant, amounting to CHF 171 million at gross profit and CHF 42 million at EBIT.
Sea Logistics volumes increased by 0.3 per cent to 4,325,000 TEUs. Besides the Full-Container-Load (FCL) business, specialised services for temperature-controlled cargo in reefer containers, pharma, e-commerce, and project business represent a significant share of the volume. In an uncertain and volatile market environment with continuous consolidation effects, the Group maintained its global leading position in Sea Logistics. Despite the challenges in supply chain continuity after the implementation of various trade tariffs in the first half of the year and overcapacity throughout the year, the Group actively managed a favourable service mix and drove operational efficiency which resulted in stable margins. With the acquisition of the IMC Group in the US, the Group further strengthened its service offering by adding inland drayage services. This acquisition follows the strategy to extend value added services for customers along the entire supply chain.
In 2025, the absolute amount of EBIT decreased by 36.8 per cent compared to the previous year, while the ratio of EBIT to gross profit (conversion rate) decreased to 25.8 per cent (2024: 41.1 per cent). The exchange rate fluctuation had a negative impact of CHF 93 million (4.5 per cent) at gross profit and CHF 20 million (2.4 per cent) at EBIT.
The Group is committed to supporting its customers in every stage of their sustainability journey toward lower carbon supply chains by offering reliable, high-standard low-carbon maritime fuels for sea transport and aiming for a leading market position in emission transparency.
CHF million
| CHF million | 2025 | 2024 |
|---|---|---|
| Turnover | 10,472 | 10,540 |
| Net turnover | 8,817 | 9,282 |
| Gross profit | 2,088 | 2,073 |
| EBITDA | 620 | 877 |
|
EBIT In per cent of gross profit (conversion rate) |
538 25.8 |
851 41.1 |
| Number of operating staff | 13,561 | 12,244 |
| TEUs '000 | 4,325 | 4,310 |
Despite volatile market conditions and ongoing consolidation, Air Logistics maintained its number one position in the global airfreight market in 2025 while recording a higher volume by 7.0 per cent, totalling 2,238,000 tons. The EBIT to gross profit ratio (conversion rate) decreased to 24.7 per cent (2024: 27.3 per cent). EBIT decreased by 10.3 per cent compared to the previous year. The exchange rate fluctuation had a negative impact of CHF 78 million (4.5 per cent) at gross profit and CHF 22 million (4.6 per cent) at EBIT.
In 2025, the market was characterised by volatile demand for air transport services following the introduction of trade tariffs and shifted in the last quarter of the year towards a strong demand for airfreight capacity out of Asia from AI infrastructure developers (hyperscalers).
The Group remains committed to driving more sustainable solutions for its customers and the industry, aiming to offer leading, advanced sustainability services. This commitment is reflected in the strengthening of its systematic carrier engagement programme, the expansion of collaborations to accelerate the adoption of sustainable aviation fuel (SAF) and the advancement of future-oriented sustainable airfreight by forming strategic partnerships with climate-tech innovators.
CHF million
| CHF million | 2025 | 2024 |
|---|---|---|
| Turnover | 8,006 | 7,774 |
| Net turnover | 7,337 | 7,308 |
| Gross profit | 1,737 | 1,751 |
| EBITDA | 493 | 543 |
|
EBIT In per cent of gross profit (conversion rate) |
429 24.7 |
478 27.3 |
| Number of operating staff | 11,049 | 10,637 |
| Tons '000 | 2,238 | 2,092 |
Road Logistics experienced an increase in net turnover by 1.0 per cent in 2025. The key performance indicator EBITDA to net turnover margin declined to 3.7 per cent from previous year's 4.7 per cent. EBIT decreased to CHF 58 million (2024: CHF 98 million), mainly caused by weakened demand for land transport activities in Europe.
With a focus on operational excellence and the expansion of services into global customs services as well as into the Asian markets, Road Logistics further strengthened its role in the
success of the Group’s integrated logistics offering. In 2025, customs services were exceptionally successful and contributed more than disproportionately to the Road results. With the acquisition of the TDN Group in Spain, the Group further expanded its network business in Europe and completed its pan‑European groupage service offering.
Road Logistics is committed to decarbonising its own truck fleet to reduce scope 1 emissions, aiming to achieve a 60 per cent share of low-emission vehicles by 2030. Investments are primarily directed towards Battery Electric Vehicles (BEVs), while biofuels complement the Group’s decarbonisation efforts, serving as a bridging technology until electric vehicles are the norm.
CHF million
| CHF million | 2025 | 2024 |
|---|---|---|
| Turnover | 4,476 | 3,939 |
| Net turnover | 3,517 | 3,481 |
| Gross profit | 1,324 | 1,295 |
| EBITDA | 129 | 165 |
|
EBIT In per cent of gross profit (conversion rate) |
58 4.4 |
98 7.6 |
| Number of operating staff | 11,349 | 10,857 |
In 2025, with more than 150 new logistics projects implemented for customers, Contract Logistics continued to increase its contribution to the Group’s results.
The focus on specialised end-to-end solutions for industries such as high-tech, consumer goods, pharmaceuticals, healthcare, and e-commerce fulfilment led to new customer gains.
The net turnover increased by 1.6 per cent compared to 2024, with the underlying growth of 5.0 per cent when excluding currency impacts, driven by market share gains in pharma and healthcare services as well as e-commerce fulfilment. The EBITDA to net turnover margin remained unchanged at 18.9 per cent, the same level as in 2024.
Contract Logistics has maintained 100 per cent renewable electricity for its sites in 2025 and continues to increase the production of on-site renewable electricity with photovoltaic panels.
CHF million
| CHF million | 2025 | 2024 |
|---|---|---|
| Turnover | 5,164 | 5,103 |
| Net turnover | 4,805 | 4,731 |
| Gross profit | 3,651 | 3,551 |
| EBITDA | 909 | 893 |
|
EBIT In per cent of gross profit (conversion rate) |
217 5.9 |
227 6.4 |
| Number of operating staff | 38,706 | 35,922 |
| Warehousing and logistics space in million sqm | 11.7 | 11.2 |
| Idle space in million sqm | 0.4 | 0.4 |
| Idle space in per cent | 3.4 | 3.6 |