According to the recent report published by Kuehne+Nagel, its air freight volume grew faster than the wider market in the third quarter of 2026, reflecting demand for semiconductor shipments and cloud infrastructure equipment. The forwarder reported a 10% year-on-year increase in Air Logistics volumes, compared with 6% growth in global air cargo tonnage over the same period, according to WorldACD data. The two figures use different measurement bases, but both point to a market supported by technology-related shipments.
The stronger volumes contributed to a sharp increase in the division’s operating earnings. Air Logistics reported earnings before interest and taxes (EBIT) of CHF 169 million (EUR 183 million), up 84% year on year, on net turnover of CHF 2.4 billion (EUR 2.6 billion), an increase of 38%. The figures also reflect changes in profitability and operating costs, rather than volume growth alone. Kuehne+Nagel reported a higher conversion rate and lower unit costs compared with the previous quarter.
Technology shipments reshape demand
Kuehne+Nagel identified semiconductor and cloud infrastructure shipments as major contributors to its air freight growth. General cargo also increased, while exports from Southeast Asia excluding China remained an important source of volume.
The trend extends beyond one forwarder. Reuters reported in JUL26, that airlines were adjusting their Asian networks to serve semiconductor manufacturing and AI infrastructure supply chains, while tighter low-value import rules in the United States and Europe were weighing on cross-border e-commerce. The shift is changing both the commodity mix and the geography of air cargo flows.
For forwarders, technology-related freight offers demand linked to high-value, time-sensitive supply chains. However, reliance on a relatively concentrated set of industries also creates exposure to changes in technology investment, production cycles and trade patterns. Kuehne+Nagel’s quarterly results do not establish how broadly these gains are distributed across the forwarding market.
The company also opened a healthcare logistics center at Frankfurt Airport in SEP26. No separate financial contribution from the facility was disclosed in the third-quarter results.
Market growth does not tell the whole story
Independent market data provide a more mixed picture than the headline volume figures alone suggest. WorldACD reported that global air cargo tonnage increased 6% year on year in the third quarter, while average worldwide rates fell 7% compared with the second quarter. Rates nevertheless remained 24% above their level a year earlier.
The figures indicate that the market was still operating at elevated rate levels, despite a sequential decline from the unusually high levels seen in the second quarter. The effect on individual forwarders will depend on their customer mix, contracted business, trade lanes and ability to manage procurement costs.
The market is also uneven across routes. E-commerce shipments from Hong Kong and southern China to Europe have been affected by the European Union’s removal of the low-value import exemption from 01JUL26. WorldACD data showed combined tonnage from mainland China and Hong Kong to Europe remained below the previous year’s level in September, although the decline had narrowed from July and August.
Against that backdrop, Kuehne+Nagel’s reported growth in Southeast Asian exports excluding China is notable, but the company has not provided enough detail to quantify how much it benefited from shifts between specific Asian origins and destinations.
Ocean freight rebound remains incomplete
Sea Logistics also improved in the third quarter. Net turnover rose 20% to CHF 2.7 billion, while EBIT increased 55% to CHF 172 million (EUR 186 million). Container volumes reached 1.16 million TEU, up 5% year on year, with growth on Asia outbound and transatlantic routes.
However, the quarterly rebound has not offset the weaker performance earlier in the year. Sea Logistics’ EBIT for the first nine months totaled CHF 425 million, down from CHF 479 million (EUR 519 million) in the same period of 2025. This provides an important counterpoint to the group’s headline earnings growth: performance varies between business units and reporting periods.
Road Logistics generated net turnover of CHF 1 billion (EUR 1.8 million), up 14%, and EBIT of CHF 28 million, an increase of 40%. Contract Logistics turnover rose 9% to CHF 1.3 billion (EUR 1.4 million), while EBIT increased 7% to CHF 66 million. Kuehne+Nagel said new Contract Logistics projects required upfront investment and around 4,000 additional employees.
Higher guidance, with questions over durability
At group level, third-quarter net turnover increased 22% to CHF 7.4 billion (EUR 8.02 billion) and EBIT rose 53% to CHF 435 million (EUR 471 million). Kuehne+Nagel raised its full-year recurring EBIT guidance to CHF 1.5 billion–1.6 billion, from CHF 1.35 billion–1.55 billion previously.
The company expects its cost-reduction program to generate more than CHF 150 million in gross savings in 2026. It also announced a long-term partnership with Amazon Web Services, although no separate financial contribution from the agreement was disclosed.
For the air cargo sector, the key question is whether technology-related demand can continue to compensate for weaker flows in other segments and shifting trade patterns. Kuehne+Nagel’s results show that the company has gained volume and improved earnings in the third quarter. They do not, on their own, demonstrate that the broader market is entering a sustained period of stronger profitability. With global rates down from the second quarter and demand varying significantly by commodity and trade lane, the durability of the current earnings trend will depend on more than volume growth alone.
