After years of extraordinarily favourable economic conditions until 2023, the Group achieved respectable results in 2024 in a business environment characterised by the continuous uncertainties of the Ukraine war, the crisis in the Red Sea, the conflict in Gaza with an underlying macroeconomic slowdown and a moderating but persistent level of inflation. Supply chains have been negatively impacted throughout the year and ended in fear of global trade tariffs with a surge in demand for capacity from sea and air freight carriers. Chinese e-commerce companies were the major source of volume increases offsetting the weakness in industries such as the automotive. Against this fast pace of change and unstable underlying economic conditions, the Group confirmed its number one position globally for both Sea Logistics with 4 million TEUs managed in container traffic and Air Logistics with 2 million tons of volume. Road Logistics mitigated headwinds in key markets through yield and supplier cost management in the second half of the year. Contract Logistics further increased results through market share expansion as well as improved profitability.
The Group’s service offering is specialised in managing complex end-to-end supply chain solutions within a global network, controlled by Logistics Control Towers, and executed seamlessly by all business units. These integrated logistics solutions not only increase transparency and efficiency in the supply chain for the customers but also optimise the information flow between the service partners and customers. This allows the Group to support and add value to its customers’ value chain, a key factor in highly competitive markets.
In 2024, the world economy experienced a period of flat development with an estimated growth of 2.7 per cent (2023: 2.7 per cent growth). For 2025, global growth of a modest 2.7 per cent is forecasted. (Based on: World Bank, Global Economic Prospects, January 2025)
In 2024, the international logistics industry experienced world trade volume growth above the level of 2023 with an estimated increase of 3.4 per cent in 2024 compared to 0.7 per cent in 2023. (Based on: IMF, World Economic Outlook Update, January 2025)
The sea and air freight carrier market in 2024 experienced continuous high volatility in freight rates and alternating over- or undersupply in freight capacities caused by the above-mentioned geopolitical disruptions as well as the shift from consumers towards e-commerce. This development, combined with an ongoing cost pressure from inflation, drove cost increases in the Group’s operational efforts to optimise operational efficiency at the execution of shipments, connected with increased pressure on gross margins.
The Group delivered a net turnover 4.0 per cent higher than in 2023. Gross profit decreased by 1.3 per cent and the Group EBIT declined by 13.1 per cent in 2024.
The Group’s strategy “Roadmap 2026” was presented at the Capital Markets Day on March 1, 2023, with the goal of becoming the most trusted supply chain partner supporting a sustainable future. This strategy is made up of four cornerstones that reflect Group priorities: the Kuehne+Nagel Experience, Digital Ecosystem, Living ESG and Market Potential. The Group is committed to providing an excellent and unique Kuehne+Nagel Experience for both employees and customers and supporting the industry’s best logistics experts with a Digital Ecosystem that turns innovative technology, data, and automation into competitive advantages. Living ESG incorporates the belief that sustainability is an integral part of the future – for people, planet, and business. Market Potential represents the Group’s ambitions for growth and expansion by building on successes in healthcare solutions, e-commerce, and customs, and by introducing new solutions for customers in the segment of renewable energy.
Kuehne+Nagel is committed to the UN Global Compact and has set ambitious, science-based greenhouse gas emission reduction targets for both direct and indirect emissions. The Group aims to reduce its own environmental impact and support customers with their transition to net-zero by offering low-emissions logistics services for transportation and fulfilment and solutions to measure emissions.
Additionally, the Group is committed to empowering and developing its employees and attracting new talent to deliver an extraordinary customer and employee experience.
As one of the world’s leading logistics providers, the Group acknowledges its responsibility to address environmental, social and governance (ESG) issues. Details about its commitment to the principles of sustainable business practices and ESG performance are outlined in the non-financial report for the respective calendar year.