Comment / Analysis: Kuehne + Nagel delivers – just a vanity affair, however?

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On the face of it, Kuehne + Nagel’s (K+N) self-promoted growth-led snapshot of what admittedly was a “fully satisfactory” Q1 25 performance, as disclosed today…

… looked even stunning, based on certain metrics.

Until…

… as with most insurance policies you subscribe to, you actually read the small print (click to expand the table above).

Growth-wise, its interims were stronger on a comparable basis at least partly because those comparisons were made “excluding currency effects”, aka* on a constant currency basis.

(*A strong reporting currency ...