Kuehne + Nagel Airfreight Volumes Rise 10% in Q3 2026

Kuehne + Nagel reported a 10% year-over-year increase in airfreight volumes during the third quarter of 2026. CEO Stefan Paul told The Loadstar that market-share gains accounted for 60% to 70% of the company’s growth, while estimating underlying market growth at 3% to 4%.

Key details

- Volumes rose 7% from the second quarter. - Air-logistics EBIT reached CHF 169 million, an 84% year-over-year increase. The reported conversion rate was 32%, compared with 23% a year earlier. - The company reported double-digit growth in hard-cargo volumes and a decline in ecommerce volumes, without providing precise percentages. - Paul said charter operations supplied half of Kuehne + Nagel’s airfreight capacity; block space agreements covered the remainder. - Paul described a shift in customer mix from European automotive cargo toward technology cargo. The company did not quantify its technology exposure.

Kuehne + Nagel’s air-logistics EBIT rose 84% year over year to CHF 169 million in the third quarter.

Why it matters

The company’s reported growth came alongside a shift toward hard cargo and technology shipments. Kuehne + Nagel management identified hard cargo, healthcare and high-tech as areas with stronger profitability or margins, and said hyperscaler customers contributed to growth in 2026.

What happens next

Kuehne + Nagel expected the third-quarter volume trend and stable yields to continue in the fourth quarter, and Paul said the company expected market-share gains to continue at a similar pace into 2027. CFO Markus Blanka-Graff also expected growth from hyperscaler customers to continue into 2027.