Kuehne + Nagel International AG (KHNGY) Q2 2026 Earnings Call Transcript

Kuehne + Nagel International AG ( KHNGY ) Q2 2026 Earnings Call July 23, 2026 8:00 AM EDT Company Participants Stefan Paul - CEO & Member of Management Board Alireza Nemati - Global Head of AI & Innovation Markus Blanka-Graff - CFO & Member of the Management Board Conference Call Participants James Hollins - BNP Paribas, Research Division Alexander Irving - Bernstein Institutional Services LLC, Research Division Marco Limite - Barclays Bank PLC, Research Division Muneeba Kayani - BofA Securities, Research Division Alexia Dogani - JPMorgan Chase & Co, Research Division Kulwinder Rajpal Sebastian Vogel - UBS Investment Bank, Research Division Marc Zeck - Kepler Cheuvreux, Research Division Peter Ajose-Adeogun - Morgan Stanley, Research Division Harishankar Ramamoorthy - Deutsche Bank AG, Research Division Lars Heindorff - Nordea Markets, Research Division Presentation Operator Ladies and gentlemen, welcome to the Kuehne + Nagel International AG Q2 2026 Results Conference Call and Live Webcast. I am Valentina, the Chorus Call operator. [Operator Instructions] The conference is being recorded. The presentation will be followed by a Q&A session. [Operator Instructions] The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Stefan Paul, CEO of Kuehne + Nagel. Please go ahead, sir. Stefan Paul CEO & Member of Management Board Thank you very much, Valentina. Good afternoon, and welcome to the presentation of Kuehne + Nagel's Second Quarter 2026 Financial Results. I'm CEO, Stefan Paul, and I'm joined today by our CFO, Markus Blanka-Graff; and once again, our Chief AI and Innovation Officer, Alireza Nemati. Let's go into Page #2, half-year 2026 results. Volume growth and cost control drive recurring EBIT momentum. Over the first half of the year, strong volume growth in Air Logistics and disciplined cost control across the group drove the steady improvement in recurring EBIT. In Q2, recurring EBIT rose to CHF 381 million, an increase of 6% year-over-year and 24% sequentially, roughly double