In the first half of 2024, the Kuehne+Nagel Group achieved a net turnover of €12.3bn, with an EBIT of €824mn and earnings totalling €610mn. The company’s performance was impacted by adverse exchange rate effects, which reduced earnings by 2% in the first half, and by one-time restructuring costs of €18mn in the second quarter. The conversion rate, which reflects the ratio of EBIT to gross profit, stood at 18% for the first half of 2024, significantly exceeding the pre-pandemic figure of 13% from the same period in 2019, demonstrating the Group’s improved profitability compared to pre-Covid levels.
Kuehne+Nagel’s CEO, Stefan Paul, noted that the company continued to make consistent progress on its Roadmap 2026 strategy during the first half of 2024. He highlighted that the recovery in demand for air freight had a positive effect, although global supply chains faced additional challenges due to renewed disruptions in the Red Sea.
In Sea Logistics, the business unit generated a net turnover of €4.35bn and an EBIT of €421mn in the first half of 2024, maintaining a strong conversion rate of 39%. By the end of June 2024, container volume reached 2.1 mn TEUs. Under the Roadmap 2026 initiative, the company has opened 34 new Customer Care Locations to enhance support for SMEs. Additionally, Kuehne+Nagel is advancing its commitment to sustainability, as demonstrated by the recent use of biofuel for transporting relief goods on behalf of the Dutch IDA Foundation, leading to an 85% reduction in CO2e emissions compared to traditional fossil fuels.
The Air Logistics division reported a net turnover of €3.6bn and an EBIT of €223mn for the first half of 2024, with over 1 mn tonnes of air freight handled, marking a 5% increase year-on-year. The division’s growth aligned with the market, focusing on profitable segments like Healthcare and Semiconductors, with a conversion rate of 26%. There was also significant demand for Sea-Air Logistics services in the first half of the year, as customers sought faster transit times due to the situation in the Red Sea.
Road Logistics recorded a net turnover of €1.9bn and an EBIT of €70mn in the first half of 2024, processing approximately 12 mn orders, comparable to the previous year. The integration and expansion of the business following the acquisition of the Canadian customs broker Farrow, completed in February 2024, is progressing smoothly, particularly along the southern US border.
Contract Logistics also performed robustly, achieving a net turnover of €2.4bn and an EBIT of €111mn during the first half of 2024. The company expanded its distribution centres for clients such as BMW and Wacker Neuson in Germany and Lego in Belgium. Additionally, new facilities were opened in the USA and the United Arab Emirates to meet the growing demand in e-commerce and healthcare services.
Dr. Joerg Wolle, Chairman of the Board of Directors, remarked that Kuehne+Nagel’s strong performance in the first half of 2024 reflects the benefits of the streamlined organisational structure implemented by the Board in April 2024. He emphasised that these changes will significantly enhance efficiency and customer engagement, enabling the company to swiftly execute its strategy and deliver exceptional, comprehensive logistics solutions.
