The year 2025 began in a business environment characterised by continued uncertainties of the war in Ukraine, the crisis in the Red Sea, and the conflict in Gaza, combined with an underlying macroeconomic slowdown and a moderating but persistent level of inflation. Early in the year, supply chains had become increasingly volatile due to concerns over global trade tariffs, leading to a sudden surge in demand for capacity from sea and air freight carriers. After the announcements from the US government at Liberation Day on April 2, 2025, the US dollar depreciated quickly against the Swiss Franc. This led to a significant pressure on the profitability, mainly the gross profit of US dollar-denominated businesses, such as Sea and Air Logistics. Later in the year, the market saw a large transaction in the industry close, driving further consolidation. Against this fast pace of change and unstable underlying economic conditions, the Group continued with its organic growth programme and confirmed its number one position globally for both Sea Logistics with 4 million TEUs managed in container traffic and Air Logistics with 2 million tons of volume. Road Logistics mitigated headwinds in key markets through yield and supplier cost management in the second half of the year. Contract Logistics further improved its results through market share expansion as well as improved profitability.
The Group’s service offering is specialised in managing complex end-to-end supply chain solutions within a global network, controlled by Logistics Control Towers and executed seamlessly by all business units. These integrated logistics solutions not only increase transparency and efficiency within the supply chain for customers but also optimise information flow between service partners and customers. This allows the Group to support and add value to its customers’ value chain, a key factor in highly competitive markets.
In 2025, the world economy experienced a period of implementation of trade tariffs, US dollar depreciation, and economic slow-down, with an estimated growth of 2.7 per cent (2024: 2.8 per cent). For 2026, global growth of a modest 2.6 per cent is forecast. (Based on: World Bank, Global Economic Prospects, January 2026)
In 2025, the international logistics industry recorded world trade volume growth above the level of 2024, with an estimated increase of 4.1 per cent in 2025 compared to 3.6 per cent in 2024. (Based on: IMF, World Economic Outlook Update, January 2026)
The sea and air freight carrier market in 2025 experienced continuously high volatility of freight rates and alternating over- or undersupply in freight capacities caused by the above-mentioned geopolitical disruptions. This development, combined with ongoing cost pressure from inflation, drove cost increases in the Group’s operational efforts to optimise operational efficiency during the handling of shipments, accompanied by increased pressure on gross margins. As a reaction, the Group deployed in the fourth quarter a programme targeting CHF 200 million in structural cost reductions. The implementation of measures was largely completed by the end of 2025, with the financial consequences recorded in the financial year 2025. The reductions will become more visible during 2026, with the full benefit reflected in the cost run-rate in the fourth quarter of 2026.
The Group delivered a net turnover that was 1.3 per cent lower than in 2024. Gross profit increased by 1.5 per cent and the Group EBIT declined by 24.9 per cent in 2025.
The Group hosted a Capital Markets Day on March 25, 2025, in London, UK, providing an update on its strategy “Roadmap 2026 and vision 2030”, aimed at becoming the most trusted supply chain partner supporting a sustainable future. This strategy comprises four cornerstones that reflect the Group’s priorities: Kuehne+Nagel Experience, Digital Ecosystem, Living ESG, and Market Potential. The Group is committed to providing an excellent and unique Kuehne+Nagel Experience for both employees and customers, and to supporting the industry’s best logistics experts with a Digital Ecosystem that turns innovative technology—including the use of artificial intelligence, data, and automation—into competitive advantages.
The Group has applied artificial intelligence in numerous use cases for operations and back-office processes, with significant efficiency gains in these areas. The Group assesses that the potential for further efficiency improvements remains high. The last cornerstone, Market Potential, represents the Group’s ambitions for growth and expansion by building on successes in healthcare solutions, e-commerce, and customs services, supported by highly efficient artificial intelligence applications, and by introducing new solutions for customers in the field of renewable energy.
Kuehne+Nagel is committed to the principles of the UN Global Compact and continues to advance Living ESG within its business and with its customers. The Group has set ambitious, science-based greenhouse gas emission reduction targets and supports customers in their transition to net-zero by offering emission measurement and reporting as well as tangible low-emissions logistics solutions along the supply chain. The Group is equally committed to empowering, developing and retaining its employees to deliver an extraordinary customer and employee experience.
As one of the world’s leading logistics providers, the Group acknowledges its responsibility to address environmental, social and governance (ESG) matters. Details about its commitment to sustainable business practices and ESG performance are outlined in the non-financial report for the respective calendar year.