K+N once again delivered a good profitability beat despite revenues missing the consensus by a wide margin. Revenues continued to normalise but the group curtailed costs to manage its yields and profits. Sequentially, volumes improved in Sea Logistics, whereas Air Logistics volumes were stable. Road Logistics volumes were also stable and Contract Logistics demand was decent. The group conversion rate declined by 13.2pp yoy and 2.4pp qoq. Going into H2, the group expects volume declines to start ....
