HHLA’s start to the year shaped by weather-related factors

Jeroen Eijsink, HHLA Chief Executive Officer: “Our start to 2026 was shaped by extraordinary weather conditions and high operating demands. At times, the resulting restrictions had a considerable adverse effect on our processes at the container terminals in Hamburg and in rail transport operations. At the same time, we are consistently pushing ahead with the modernisation and automation of our terminals. In doing so, we are sustainably strengthening HHLA’s efficiency and performance and further expanding our position as a reliable partner in international supply chains.”

Port Logistics subgroup: performance January to March 2026

The listed Port Logistics subgroup achieved a moderate increase of 3.6 percent in revenue to € 441.8 million in the first three months of 2026 (previous year: € 426.3 million). The operating result (EBIT) declined by 5.5 percent to € 27.2 million (previous year: € 28.8 million). The EBIT margin decreased year-on-year by 0.6 percentage points to 6.1 percent (previous year: 6.7 percent). Profit after tax and minority interests amounted to € – 0.8 million (previous year: € 5.8 million).

In the Container segment, container handling at HHLA’s container terminals decreased significantly year-on-year by 5.3 percent to 1,462 thousand TEU (previous year: 1,544 thousand TEU). The throughput volume at the Hamburg container terminals was 1,374 thousand TEU, down 6.6 percent on the same period last year (previous year: 1,472 thousand TEU). This was primarily due to the subdued start to the year as a result of the harsh winter, which negatively impacted all shipping regions. However, the operating situation largely stabilised over the course of the first quarter. A further issue was the development of individual shipping regions, which continued to be shaped by service and customer-related shifts as a result of changing alliances. For example, there was a decline in overseas traffic volumes in the shipping regions North America and the Far East, especially China. Additional throughput volume from other shipping regions, such as Australia, as well as on European routes could only partly offset this effect. Volumes for feeder traffic also decreased significantly year-on-year. In particular, traffic from Scandinavia, Lithuania and the United Kingdom dropped significantly. By contrast, cargo volumes from Germany and Poland were up. The proportion of seaborne handling by feeders amounted to 19.3 percent (previous year: 20.0 percent).

Meanwhile, the international container terminals reported a strong rise in throughput volume of 21.5 percent to 88 thousand TEU (previous year: 72 thousand TEU). In addition to the volume growth at HHLA PLT Italy, this was due in particular to increased handling at Container Terminal Odessa (CTO). By contrast, the handling volume at the multifunctional terminal HHLA TK Estonia decreased slightly.

Despite declining volumes, the Container segment’s revenue rose by 4.6 percent in the reporting period to € 215.9 million (previous year: € 206.4 million) as a result of additional storage fees due to longer dwell times, as well as beneficial shifts in the modal split. The positive trend at HHLA’s international container terminals also contributed to the increase in revenue, driven by an overall improvement in the volume and revenue situation. By contrast, the operating result (EBIT) was adversely affected by a weather-related decline in productivity and a strong rise in operating expenses. Against this background, EBIT fell by 28.6 percent to € 12.8 million (previous year: € 18.0 million). The EBIT margin decreased by 2.8 percentage points to 5.9 percent (previous year: 8.7 percent).

The Intermodal segment saw a slight drop in volumes in the first quarter of 2026. Container transport declined by a total of 1.5 percent to 489 thousand TEU (previous year: 496 thousand TEU). Rail transport decreased year-on-year by 1.1 percent to 424 thousand TEU (previous year: 428 thousand TEU). This was largely due to decreased traffic with the North German and Adriatic seaports, as well as decreased transport volume in the German-speaking countries. There was a decline in road transport of 4.5 percent to 65 thousand TEU (previous year: 68 thousand TEU), with the difficult weather conditions at the start of the year also having an adverse effect here.

Revenue increased year-on-year by 1.8 percent to € 205.6 million (previous year: € 202.0 million). This was due in particular to necessary price adjustments, as well as to rail’s higher share of total transport volumes, which rose by 0.4 percentage points to 86.7 percent (previous year: 86.3 percent).

The operating result (EBIT) amounted to € 20.1 million in the reporting period and was therefore 0.5 percent higher than in the previous year (previous year: € 20.0 million). The EBIT margin declined by 0.1 percentage points to 9.8 percent (previous year: 9.9 percent). The slight decrease in volumes was cushioned by the increase in average revenue due to price adjustments and the higher share of rail transport. As a result, the burden on earnings from adverse operational effects – including weather-related additional costs at the beginning of the year, construction work on major transport routes and high capacity utilisation at the North German seaports – could be largely offset.