UpdatedThu, October 22, 2026 at 8:33 AM UTC
Oct 22 (Reuters) – Swiss logistics group Kuehne+Nagel raised its 2026 operating profit guidance for the third time this year on Thursday, after strong freight demand from the technology sector and continued cost discipline drove robust third-quarter results.
The freight forwarder’s air logistics business saw an 84% jump in quarterly operating earnings, as demand from cloud infrastructure and semiconductor clients boosted air freight volumes.
“The technology sector remains the strongest growth driver,” CEO Stefan Paul told Reuters, referring to the air logistics performance. He said this growth was broad-based rather than concentrated on a single industry, with the US market showing the strongest momentum.
Bernstein analyst Alex Irving said in a note to investors that semiconductors and cloud infrastructure were the fastest-growing segments.
Major logistics companies have repeatedly lifted earnings forecasts this year, as they benefit from resilient trade flows, elevated shipping rates and bottlenecks in supply chains caused by the war in the Middle East.
Talking about the 2027 outlook, Paul said growth remained the top priority, though cost awareness and discipline would also play a critical role. The group is seeing encouraging early traction from its AI initiatives, he added.
K+N expects to realise gross savings of more than 150 million Swiss francs ($183 million) from its cost-reduction programme this year, raised from the previous target of at least 120 million francs. It also reiterated earlier comments that AI-driven productivity gains would start bearing fruit from 2027.
“The company is demonstrating its ability to take out cost while simultaneously achieving strong commercial performance,” Irving wrote.
K+N raised its forecast for 2026 recurring operating profit to between 1.5 billion and 1.6 billion francs, versus the previously guided 1.35 billion to 1.55 billion. Analysts polled by the company were expecting annual earnings of 1.5 billion francs.
Third-quarter operating profit jumped 53% to 435 million francs, beating analysts’ median forecast of 398 million.
(Reporting by Anastasiia Kozlova and Basile Day in Gdansk, editing by Milla Nissi-Prussak)
