HHLA shows growth in a difficult market environment

Jeroen Eijsink, HHLA’s Chief Executive Officer: “We succeeded in achieving operational growth in 2025 despite a challenging market environment. We will consistently work towards continuing this trend in 2026. To do so, we are emphasising reliability, efficiency and sustainability and offering our clients an integrated range of services – from the seaport terminals to services deep into the European hinterland. With the progressive automation of our facilities, we are increasing our efficiency while simultaneously strengthening our sustainable processes in order to further boost HHLA’s performance.”

Port Logistics subgroup: performance 2025

In the publicly listed Port Logistics subgroup, revenue increased by 10.1 percent to € 1,718.8 million (previous year: € 1,561.7 million). The operating result (EBIT) rose year-on-year by 22.8 percent to € 144.7 million (previous year: € 117.8 million). Overall, operating business development was characterised by positive volume growth in handling and transport. Despite a slowdown in the second half of the year due to increasing global economic uncertainties and ongoing supply chain disruptions, as well as extensive modernisation measures to automate the Hamburg port facilities while operations continued, the business developed in an overall stable manner. By contrast, profit after tax and minority interests was heavily impacted by one-off tax effects – primarily impairments of deferred tax assets – and amounted to € 1.1 million (previous year: € 23.0 million). This corresponds to earnings per class A share of € 0.02 (previous year: € 0.32).

In the Container segment, container handling at HHLA’s seaport terminals increased year-on-year by 5.4 percent to 6,295 thousand standard containers (TEUs) (previous year: 5,970 thousand TEUs). Container throughput at the Hamburg container terminals rose by 4.8 percent to 5,956 thousand TEUs (previous year: 5,686 thousand TEUs). Whereas overseas traffic volumes for the North America shipping region declined strongly, there was volume growth for the Far East – especially China – as well as for South America, Africa, Australia and the Middle East. The ongoing route adjustments caused by the military conflict in the Red Sea also led to significantly higher cargo volumes with other European seaports, especially from the UK, Belgium, Spain and the Netherlands.

Volumes for feeder traffic also increased significantly year-on-year. In addition to the strong rise in Finnish traffic, there was also a strong rise in container throughput with Poland, as well as with other German ports. By contrast, cargo volumes from Estonia, Latvia and the UK were down. The proportion of seaborne handling by feeders was 19.6 percent (previous year: 19.4 percent).

Meanwhile, the international container terminals reported a strong rise in throughput volume of 19.2 percent to 339 thousand TEUs (previous year: 284 thousand TEUs). In addition to the expected volume growth at HHLA PLT Italy, this was due to the limited resumption of seaborne handling at Container Terminal Odessa (CTO) since the third quarter of 2024. In 2024, these activities had been completely shut down during the first six months. By contrast, seaborne handling volumes at the multifunctional terminal HHLA TK Estonia decreased slightly.

Segment revenue rose significantly by 9.0 percent in the reporting year to € 843.2 million (previous year: € 773.3 million). This was largely due to higher throughput volumes and beneficial shifts in the modal split. Furthermore, the international container terminals made a positive contribution towards revenue growth. The operating result (EBIT) fell by 6.4 percent to € 73.9 million (previous year: € 78.7 million). It was affected in particular by the rise in personnel expenses as an outcome of collective wage agreements and the additional deployment of personnel due to positive volume growth and higher capacity utilisation. At 8.7 percent, the EBIT margin was 1.5 percentage points down on the previous year (previous year: 10.2 percent).

In the Intermodal segment, container transport increased by 10.9 percent to 1,982 thousand TEUs (previous year: 1,787 thousand TEUs). Rail transport rose by 11.2 percent year-on-year to 1,719 thousand TEUs (previous year: 1,545 thousand TEUs). This strong volume growth was largely due to traffic with the North German seaports, as well as traffic in the German-speaking countries. Moreover, the transport volumes of Roland Spedition in the previous year were only included from June onwards. Road transport rose significantly by 8.7 percent to 263 thousand TEUs (previous year: 242 thousand TEUs). The recovery in transport volume in the Hamburg region in particular contributed to this development.

With year-on-year growth of 12.0 percent to € 797.0 million (previous year: € 711.3 million), revenue growth was stronger than the increase in transport volumes. In addition to necessary price adjustments, this was partly due to the further increase in rail’s share of HHLA’s total intermodal transport volumes from 86.5 percent to 86.7 percent.

The operating result (EBIT) amounted to € 103.7 million in the reporting period (previous year: € 83.7 million), thus increasing by 23.9 percent. The EBIT margin increased by 1.2 percentage points to 13.0 percent (previous year: 11.8 percent). The main reason for this strong EBIT growth was the increase in transport volumes. By contrast, operational difficulties due to construction work on major transport conduits and high-capacity utilisation at the North German seaports continued to weigh on the result.

Real Estate subgroup: performance 2025

While revenue for the Real Estate subgroup approached last year’s figure at € 46.3 million (previous year: € 46.1 million), the operating result (EBIT) decreased by 4.4 percent to € 15.4 million (previous year: € 16.1 million). This was attributable to high one-off expenses for non-operating services in the third quarter, which could not be fully offset by the effects of increased rental income and reduced maintenance costs. Profit after tax and minority interests came to € 8.6 million (previous year: € 9.5 million). This corresponds to earnings per class S share of € 3.20 (previous year: € 3.52).

Recommendation to pass the dividend

Taking into account the net profit for the year after minority interests being heavily affected by tax effects, the Executive Board and Supervisory Board will propose to the Annual General Meeting that no dividend be paid for listed class A shares or for non-listed class S shares for the 2025 financial year.

Outlook: development of business in 2026

For the current financial year, a significant year-on-year increase is expected for container throughput, and a strong year-on-year increase is forecast for container transport in the Port Logistics subgroup. Strong growth is expected for revenue as compared with 2025. The Port Logistics subgroup is targeting an operating result (EBIT) in the range of € 160  million and € 180 million.

For the Real Estate subgroup, revenue is expected to remain at the prior-year level, while a significant decrease is forecast for EBIT, primarily due to project developments.

At Group level, HHLA expects strong revenue growth and an operating result (EBIT) in the range of € 175 million and € 195 million.

At Group level, capital expenditure is expected to be within a range between € 430 million and € 480 million in 2026. The Port Logistics subgroup will account for € 400 million to € 450 million of this amount