The Group continues to operate an asset-light business model and invests only into strategically important locations with high demand for state of the art or industry-specific logistics space.
In 2025, the Group invested a total of CHF 238 million (2024: CHF 300 million) in fixed assets. In 2025, the following major investments were made in properties and buildings:
| Location | CHF million | Investments in properties and buildings |
|---|---|---|
| Missisauga, Ontario, Canada | 9 |
Renovation and expansion of facilities |
| Geel, Belgium | 6 | Building upgrades |
| Others | 5 | |
| Total Group | 20 |
The allocation of investments in other fixed assets, operating and office equipment by category is as follows:
| CHF million | 2025 | 2024 |
|---|---|---|
| Operating equipment | 101 | 105 |
| Vehicles | 12 | 18 |
| Leasehold improvements | 66 | 81 |
| IT hardware | 28 | 30 |
| Office furniture and equipment | 11 | 11 |
| Total Group | 218 | 245 |
The allocation by business unit is as follows:
| CHF million | 2025 | 2024 |
|---|---|---|
| Sea Logistics | 21 | 16 |
| Air Logistics | 25 | 17 |
| Road Logistics | 21 | 19 |
| Contract Logistics | 151 | 193 |
| Total Group | 218 | 245 |
Depreciation of property, plant, and equipment for the year 2025 amounted to CHF 195 million (2024: CHF 185 million). Refer to note 14 of the consolidated financial statements for further details.
All capital expenditure in 2025 was financed through operational cash flow.
A total of CHF 856 million (2024: CHF 1,050 million) was invested in right-of-use assets. The allocation of investments in right-of-use assets is as follows:
| CHF million | 2025 | 2024 |
|---|---|---|
| Buildings | 608 | 751 |
| Operating equipment | 185 | 242 |
| Vehicles | 63 | 57 |
| Total Group | 856 | 1,050 |
The allocation by business unit is as follows:
| CHF million | 2025 | 2024 |
|---|---|---|
| Sea Logistics | 36 | 47 |
| Air Logistics | 26 | 31 |
| Road Logistics | 86 | 40 |
| Contract Logistics | 708 | 932 |
| Total Group | 856 | 1,050 |
Depreciation of right-of-use assets for the year 2025 amounted to CHF 658 million (2024: CHF 587 million). Refer to note 15 of the consolidated financial statements for further details.
Effective January 3, 2025, the Group acquired 51 per cent of the shares of IMC Unity Holdco, LLC Group (IMC) for a purchase price of CHF 510 million, which was paid in cash. IMC is a leading marine drayage provider in the United States, headquartered in Collierville, Tennessee. The company has more than 40 years of experience in providing intermodal solutions for Sea Logistics in the United States. IMC's national network includes 49 locations with a strategic presence at major US seaports and rail transportation hubs. With around 1,700 employees and an extensive network of independent contractors, the company handles 2 million TEUs annually in intermodal drayage and rail operations. IMC specialises in comprehensive end-to-end transportation solutions to or from seaports or rail hubs, customer facilities, and inland in the United States. With this investment, Kuehne+Nagel enhances its access to one of the most important logistics networks in North America and ensures flexible transportation solutions in times of increasing supply chain disruptions.
Effective June 16, 2025, the Group acquired 100 per cent of the shares of Transporte y Distribucion Nacional SAU Group (TDN), a Spanish road logistics services provider headquartered in Madrid that operates daily routes across Spain, the Balearics, the Canaries, and Portugal. As of December 4, 2025, the Group acquired 100 percent of the shares of Eastway Global Forwarding Ltd. (Eastway), a leading family-owned aerospace logistics company headquartered in Limerick, Ireland, with a global network spanning 130 countries.
On August 19, 2025, Partners Group exercised its put option to sell its 24.9 per cent ownership stake in Apex. The Group financed the transaction through loans under a new syndicated bank facility. The transaction was settled in cash on November 12, 2025, against the recognised redemption liability of CHF 890 million. As a result, the Group increased its ownership interest in Apex to 100 per cent.
For further details, refer to note 28 of the consolidated financial statements.