Kuehne+Nagel Group’s financial performance in Q3 2023 demonstrated resilience in a challenging market landscape. The Sea Logistics segment experienced a turnaround with a slight growth in volumes while Air Logistics witnessed continued decline. The Group’s net turnover for Q1-Q3 2023 stood at CHF 18.2 bn, with an EBIT of CHF 1.6 bn and earnings of CHF 1.2 bn. Notably, the EBIT nearly doubled compared to pre-pandemic levels of Q1-Q3 2019, reaching CHF 794 m.
Sea Logistics reported a net turnover of CHF 6.8 billion and an EBIT of CHF 875 m for the first nine months of 2023. Despite the overall market decline, Kuehne+Nagel experienced modest volume growth, particularly on the Asia-Europe and Trans-Pacific routes, reaching 3.2 m TEU by September 2023. The segment also embarked on a significant project for NEOM in Saudi Arabia to transport equipment for wind turbine construction.
Conversely, Air Logistics saw a net turnover of CHF 5.0 bn and an EBIT of CHF 429 m during the same period. Despite handling around 1.5 m tonnes of airfreight, the segment faced challenges in market conditions. Investments in infrastructure, like the new air freight gateway at Paris Charles de Gaulle Airport, aimed to foster future growth.
Road Logistics registered a net turnover of CHF 2.7 bn and an EBIT of CHF 119 m in Q1-Q3 2023. Although shipment volumes were affected by economic slowdowns, the unit introduced measures to reduce greenhouse gas emissions, offering options like hydrogenated vegetable oil and upcoming electric trucks.
Contract Logistics showcased stable growth with a net turnover of CHF 3.6 bn and an EBIT of CHF 158 m. Notably, the segment surpassed its sustainability goal, generating over 20% of its energy needs internally ahead of schedule, primarily through photovoltaic deployment. CEO Stefan Paul emphasized a continued focus on cost control to navigate the economic landscape in the forthcoming quarters.