The Kuehne+Nagel Group achieved good results in the months January to September 2023 in a market environment that remained challenging. The pandemic-related special economic situation of 2021 and 2022 continued to distort the year-on-year comparison of all key figures. EBIT for the first nine months of 2023 almost doubled compared to pre-pandemic levels (EBIT Q1-Q3 2019: CHF 794 million).
Net turnover in the first nine months of 2023 was CHF 18.2 billion at Group level, EBIT was CHF 1.6 billion with earnings of CHF 1.2 billion. The conversion rate, which describes the ratio of EBIT to gross profit of the Group, remained at a high level of 24%.
Stefan Paul, CEO of Kuehne+Nagel International AG: "The Kuehne+Nagel Group performed well in the third quarter of 2023, even though the hoped-for economic recovery failed to materialise. We gained market share and secured our yields. We achieved important successes in the implementation of the strategic Roadmap 2026, particularly in the area of renewable energy and in the growth markets of Asia. In the final quarter of 2023, we will continue to focus on cost control, which is firmly embedded in our corporate culture."
Net turnover in the business unit Sea Logistics amounted to CHF 6.8 billion with EBIT of CHF 875 million in the first nine months of 2023. The conversion rate remained at a high level of 47%.
Container volumes stood at 3.2 million TEU through the end of September 2023. In an overall market that continued to decline, Kuehne+Nagel Sea Logistics recorded slight volume growth in the third quarter of 2023, which intensified in September. Market share gains were mainly on the Asia-Europe and Trans-Pacific routes.
In August 2023, Kuehne+Nagel Sea Logistics announced a major project as part of the Saudi project NEOM. By 2025, Kuehne+Nagel will transport 1.4 million tonnes of equipment for the construction of wind turbines on behalf of Envision Energy.
With net turnover of CHF 3.6 billion and EBIT of CHF 158 million, the business unit Contract Logistics reported a further increase in earnings in the first nine months of 2023.
The conversion rate of 6.2% shows the positive effect of an improved business mix biased toward e-commerce and healthcare solutions, while maintaining an above market growth rate.
Kuehne+Nagel Contract Logistics achieved its ambitious sustainability target of producing more than 20% of its energy needs internally (e.g., through the deployment of photovoltaics). This target was achieved by September 2023 – nine months ahead of schedule.
For more information: 
Dominique Nadelhofer
Kuehne+Nagel Group
Tel.: +41 44 786 95 26
Email:dominique.nadelhofer@kuehne-nagel.com