Kühne+Nagel reports positive development in Q1/2026
Apr 24, 2026 at 11:09 AM
The business year 2025 presented the Hupac Group with significant challenges; however, the company was able to achieve a positive group result of 3.5 million CHF. This represents a decline compared to the previous year, when the profit was still at 9.4 million CHF.
Transport volume and revenue development
In 2025, the Hupac Group transported around 975,000 road consignments, which corresponds to 1,853,000 TEU in combined transport and maritime hinterland transport. This figure represents an increase of 4.3% compared to the previous year. Particularly in transalpine transport through Switzerland, Hupac was able to increase the volume to around 560,000 consignments. Traffic via France and Austria recorded an increase of 26.9% to about 25,000 consignments. In non-transalpine transport, the volumes rose by 2.9% to nearly 390,000 consignments.
Despite the positive volume development, revenue in 2025 increased only by 3.1% to 646 million CHF. This is partly due to negative exchange rate developments. The costs for services rendered rose more than the revenues, leading to a slight decline in the gross profit margin to 21.6%. The EBIT margin was at 1.9%.
Strategic initiatives and market position
Hupac launched strategic initiatives in the past year to strengthen its position in core markets. With the RadicalShift2Rail concept, the company is responding to increasing delays in the rail network by consolidating traffic flows at high-performance terminals. From the end of 2025, new connections between Cologne North and Busto Arsizio as well as Ludwigshafen and Busto Arsizio were introduced. These initiatives are already showing positive developments in terms of punctuality and resilience after just one quarter.
In the Shuttle Net Business Unit, Hupac was able to gain market shares at the beginning of 2026 through new products such as Duisburg-Novara and the strengthening of the Basel-Busto Arsizio connection. These measures aim to shift traffic from the „Rolling Road,“ which was discontinued at the end of 2025, to unaccompanied combined transport.
Challenges in alpine transit
A central concern for Hupac is the development of combined transport in alpine transit through Switzerland. In 2025, the company achieved an increase of about 24,000 consignments with around 560,000 road consignments. Nevertheless, a negative trend is evident: since 2022, the volume of alpine-crossing combined transport has decreased by 11%, while road transport has increased by 4%. The main cause of this development is seen in the renewal of rail infrastructure.
Hupac plans to counteract the negative shift trend with innovative transport concepts and closer collaboration with railway companies and infrastructure operators. By 2029, major construction sites on the Rhine-Alpine corridor will be completed, promising new growth opportunities.
Political framework conditions and investments
The Hupac Group sees the need for reliable political framework conditions. The Swiss Parliament decided in spring 2026 to extend operating contributions for alpine-crossing combined transport until 2030. This decision creates planning security and promotes necessary investments in the intermodal chain.
Hupac is strategically investing in the future, including in new terminal infrastructures in Piacenza and Milano Smistamento. Additionally, at the beginning of 2026, the Barcelona Combiconnect terminal was put into operation to connect the Iberian Peninsula to the European intermodal network.
Outlook for 2026 and beyond
The geopolitical situation and the conflict in the Middle East are influencing expectations for the business year 2026. Hupac is cautious regarding short-term growth potential, as the conditions for combined transport are likely to remain challenging. Nevertheless, a significant improvement in the core market is expected from 2029.
