2026年6月26日伯恩斯坦关于Kuehne+Nagel的投资者电话会议评论

Alex Irving, CFA+44 20 7676 7044alex.irving@bernsteinsg.comAntoine Madre+33 1 58 98 74 52antoine.madre@bernsteinsg.com Sea Logistics: had a 2% YoY decline in Q1, tough comp. Expect smaller YoY decline in Q2. Difficulty has been accessing capacity. Remainstight. Yields flattish vs Q1. More GP tailwind in Q3 than in Q2 because invoice on delivery. Some pull forward with bunker surcharges andnew US tariff regime in July. Refund of IEEPA tariffs leading to some restock. Air Logistics: continuation of the trend in volumes with a tougher comp than in Q1. Yields looking up HSD. Positive momentum. Costreduction continues but more muted with inflationary impacts in April. Road: small incremental improvements despite not great underlying macro. North American customs brokerage working well. CL: Starting to win business in the hyperscaler space, otherwise quite stable. Will be an update on AI, a bit more granularity on what headcount looks like, etc. Need to address the perception of forwarders being in theAI losers bucket — which the company argues it is not (we agree). DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respective VALUATION METHODOLOGY Kuehne + Nagel International AG We value KNIN at CHF190 using a P/E of 20.9x applied to our 2027 EPS. RISKS Kuehne + Nagel International AG The greatest upside risks to our Kuehne+Nagel target price: Stronger trade growthHigher supply chain complexity The greatest downside risks to our Kuehne+Nagel target price: •Weaker trade growth•Lower supply chain complexity•Failure to realize compound cost savings from eTouch RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japanese Market-Perform: Stock will perform in line with the market index to within +/-15 pp ••Underperform: Stock will trail the performance of the market index by more than 15 pp Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon. Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted, at the present time. The covering analyst may continue to publish research reports on the company to update investors Not Covered (NC) denotes companies that are not under coverage. Bernstein brand stock ratings are based on a 12-month time horizon. Autonomous brand – common stocks The Autonomous brand rates common stocks as indicated below. As our benchmarks we use the Bloomberg Europe 500 BanksAnd Financial Services Index (BEBANKS) and Bloomberg Europe Dev Mkt Financials Large and Mid Cap Price Ret Index EUR(EDMFI) index for developed European banks and Payments, the Bloomberg Europe 500 Insurance Index (BEINSUR) for Europeaninsurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P InsuranceSelect Industry (SPSIINS) for US Non-Life Insurers coverage, and the Bloomberg Emerging Markets Financials Large, Mid and The Autonomous brand has three categories of common stock ratings: •Outperform (OP): Stock will outpace the relevant index by more than 10 pp•Neutral (N): Stock will perform in line with the market index to within +/-10 pp•Underperform (UP): Stock will trail the performance of the relevant index by more than 10 pp Coverage Suspended: Coverage of a company under the Autonomous research brand has been suspended. Ratings and pricetargets are suspended temporarily, are no longe