Kuehne+Nagel (K+N) reported a rapid rise in airfreight revenues in the second quarter of the year as airfreight rates rose due to the Middle East conflict and the company benefited from growth in the semiconductor and cloud infrastructure market.
The Switzerland-headquartered forwarder saw its airfreight business increase turnover by 16.1% year on year in the second quarter to Sfr2.4bn, while earnings before interest and tax (ebit) for its air business improved by 35% to Sfr154m.
The increase in air revenues was ahead of a 2.8% year-on-year increase in air volumes to 581,000 tons (527,000 tonnes).
For comparison, rival and leading airfreight provider DSV saw its airfreight volumes increase by 10% in the second quarter to 558,218 tonnes as its figures benefited from its acquisition of DB Schenker from May 2025.
K+N said performance was primarily driven by improvements in customer portfolio mix and market share gains, particularly in the tech sector.
It also said cost control was contributing to unit ebit improvement and noted export strength from Southeast Asia.
The company would have also benefited from a rapid rise in airfreight rates in the second quarter as a result of supply chain disruption caused by the outbreak of the US-Iran war at the end of February and rising jet fuel prices.
Industry data provider Xeneta figures show that the average airfreight spot rate was up 30% year on year in April, 41% in May and 38% in June.
The overall company saw second-quarter net turnover increase by 8% year on year to Sfr6.6bn, ebit was up 11% to Sfr381m and earnings improved by 10% to Sfr276m.
K+N chief executive Stefan Paul said: “The Kuehne+Nagel Group gained significant momentum in the second quarter of 2026, once again demonstrating its ability to position itself successfully in the market. Air Logistics delivered an excellent quarter, increasing profit by 35%.
“At the same time, we are accelerating the deployment of artificial intelligence across the organisation. From optimising operational processes to integrating AI agents, we are creating the foundation for measurable efficiency gains and the continuous enhancement of service quality.”
