Kuehne + Nagel International Ag Stock Earnings Reports

Kuehne + Nagel reported a weaker Q3 2025 driven by overcapacity and softer demand, especially in Sea and Air Logistics, which pressured yields and drove a year-to-date decline in group EBIT (~13% excl. FX). Key positives: continued market-share gains in Air Logistics and SME Sea customers, strong Contract Logistics performance (second-best quarterly EBIT), and a notable improvement in free cash flow conversion (105% in Q3; 66% YTD vs 33% prior year). Management announced a cost-reduction program targeting at least CHF 200 million of annualized recurring savings (about half staff-related, remainder facilities and variable costs), with implementation costs in Q4 2025–Q1 2026 and full run-rate expected by year-end 2026/recognized in Q1 2027. They will finance the Partners Group put option on Apex (24.9% stake) with bank loans; settlement expected in Q4 2025 and will meaningfully increase net debt at year-end. Guidance was cut: recurring EBIT guidance reduced to > CHF 1.3 billion for 2025 (excl. nonrecurring items). Management reiterated dividend policy remains unchanged and emphasized focus on SME expansion, value-added services, digital efficiencies (including AI agents) and selective M&A/bolt-ons to protect and grow higher-yield segments. Q4 recurring result expected to be comparable to Q3 (i.e., flattish).