Hamburger Hafen und Logistik AG

Latest Results (06.03.2026):

Hamburger Hafen und Logistik AG — first nine months / Q3 2025: HHLA reported a strong operational quarter and first nine months with group revenue up 12.5% to €1,331.4m and EBIT rising 25.7% to €117.1m (EBIT margin 8.8%). Container throughput grew 6.7% to 4,798k TEU and container transport rose 13.6% to 1,501k TEU. Cash flow from operations improved to €215.4m, while investments accelerated to €378.1m. Management has lowered full‑year 2025 EBIT guidance (group now €160–175m) and suspended the prior multi‑year forecast due to heightened external uncertainties and major terminal modernization works.

Top‑line and profit metrics

Revenue: €1,331.4m (+12.5% YoY). EBITDA: €246.7m (+11.9%) with EBITDA margin 18.5%. EBIT: €117.1m (+25.7%) and EBIT margin 8.8% (up 0.9 pp). Profit after tax: €52.8m (+30.2%); Group profit after tax attributable to shareholders: €34.9m (+51.0%). Earnings per share: €0.46 (vs €0.31).

Volumes — container & intermodal

Container throughput: 4,798k TEU (+6.7% YoY); Hamburg terminals +6.0%. Container transport (intermodal): 1,501k TEU (+13.6%), with rail up strongly (1,300k TEU). International terminals (Trieste, Odessa) contributed materially to growth.

Cash flow, investments and liquidity

Cash flow from operating activities: €215.4m (+31.5%). Investments (capex): €378.1m (+81.4%) — driven by lease adjustments and major terminal equipment/automation projects, locomotives and METRANS expansion. Free cash flow was negative €14.8m; available liquidity at 30.09.2025: €268.6m.

Balance sheet & capital structure

Balance sheet total: €3,559.6m (+8.4% vs 31.12.2024). Equity: €853.1m; equity ratio 24.0% (down 1.1 pp). Non‑current liabilities rose (higher financial liabilities and liabilities to related parties), notably reflecting the O’Swaldkai lease extension and recognition of right‑of‑use assets/liabilities.

Segment performance (high level)

Port Logistics subgroup: revenue €1,303.5m, EBIT €107.4m (+31.7%). Container segment: revenue €641.8m, EBIT €60.4m (+18.3%). Intermodal: revenue €604.1m, EBIT €76.2m (+21.5%). Real Estate: revenue €34.8m (+1.5%) but EBIT down to €9.5m (-16.9%).

Operational priorities & investments

HHLA is advancing terminal modernization and automation (CTA gantry crane replacements, CTB automated blocks, AGV control transition, electrification of tractor infrastructure, delivery of zero‑emission vehicles) and expanding the European intermodal network. New consolidations in 2025 include hubload GmbH and Eurobridge Intermodal Terminal (Ukraine).

Outlook & risks

Guidance update (27.10.2025): group EBIT now forecast at €160–175m (previously €195–215m); Port Logistics EBIT now €145–160m (previously €180–200m). Management cites increased geopolitical/economic uncertainty (including US trade policy), supply‑chain disruptions and the need to flexibly adapt operational and investment measures while modernizing Hamburg facilities. The multi‑year EBIT/ capex target has been suspended until further notice.