K+N delivered a decent beat on profitability numbers despite posting revenues that missed consensus expectations. The latter was affected by the normalisation in freight rates but the group’s active management of its costs and yields lifted profits. Volumes declined across Sea and Air Logistics, whereas demand in Road and Contract Logistics was decent. The group conversion rate in this quarter declined 12.5pp but only 20bp sequentially. For Q2, the group sees so major changes in volume trends.