Kuehne+Nagel to cut 1,000-1,500 jobs after Q3 profit slumps (updated)

Partners Holding AG

23/10/2025 06:59

Writes through to add context, DSV outlook cut, freight volumes and analyst comments

K+N earnings miss analysts' expectations by 3.5% in Q3

Results hit by FX effects, decline in volumes to US

Plans to save over 200 million Swiss francs via automation

To cut 1,000-1,500 full-time positions

Oct 23 (Reuters) - Kuehne+Nagel KNIN.S said it was launching a cost-cutting programme to combat margin pressures and overcapacity in the freight logistics market after it cut its outlook and reported a 34% drop in third-quarter operating earnings on Thursday.

European shipping and logistics firms have come under pressure due to falling freight rates and weaker demand since U.S. President Donald Trump imposed a raft of new tariffs on trade partners earlier this year.

The Swiss logistics group lowered its operating profit guidance for the second time this year. It now sees a profit of 1.3 billion Swiss francs ($1.6 billion) in 2025, having previously forecast it in a range of 1.45 billion to 1.65 billion francs.

It was joined by Danish rival DSV DSV.CO which also trimmed its outlook on Thursday.

K+N's earnings before interest and taxes fell to 285 million francs in the third quarter, 3.5% below analysts' consensus according to a research note from J.P. Morgan.

The results were weighed down by negative currency exchange effects and a sharp decline in transport volumes to the U.S. since Trump announced his "Liberation Day" tariffs, the company said.

While quarterly freight volumes grew in both sea and air, J.P. Morgan said the market was expecting more. K+N's sea freight volumes rose by 1% while air volumes saw an increase of 7% compared to last year.

In a separate statement, investment firm Partners Group PGHN.S said it had agreed to sell its 24.9% stake in Apex Logistics to K+N, which already owns a majority of the business. The deal gives Apex an enterprise value of more than $4 billion.

1,000-1,500 JOBS TO BE CUT

The transport and logistics operator aims to cut costs by more than 200 million francs through measures such as greater use of automation and shared service centres, it said.

As part of this plan, it will reduce between 1,000 and 1,500 full-time positions, out of a total of 85,000, a company spokesperson said.

($1 = 0.7931 Swiss francs)

($1 = 6.4029 Danish crowns)

(Reporting by Simon Ferdinand Eibach and Anastasiia Kozlova in Gdansk, additional reporting by Oliver Hirt; editing by Milla Nissi-Prussak)

((Anastasiia.Kozlova@thomsonreuters.com; SimonFerdinand.Eibach@thomsonreuters.com))