Hapag-Lloyd AG

Latest Results (16.07.2026):

Hapag-Lloyd AG — Q1 2026: In the first quarter of 2026 Hapag-Lloyd reported a revenue decline to EUR 4.20 billion (Q1 2025: EUR 5.05 billion) driven by lower freight rates and FX effects. Group EBITDA was EUR 422 million (Q1 2025: EUR 1,048 million), Group EBIT was negative at EUR –134 million (Q1 2025: EUR 463 million) and the Group posted a loss of EUR –218.6 million (Q1 2025: profit EUR 445.9 million). Transport volume in the Liner Shipping segment was roughly stable at 3.203 million TEU; the average freight rate fell to USD 1,330/TEU (–9.5%). Free cash flow remained positive at EUR 346.2 million and the liquidity reserve stayed around EUR 6.0 billion; equity was EUR 18.3 billion and net debt EUR 1.175 billion as of 31 March 2026.

Key headline numbers

Revenue: EUR 4.20bn (Q1 2025: EUR 5.05bn). EBITDA: EUR 422m (Q1 2025: EUR 1,048m). EBIT: EUR –134m (Q1 2025: EUR 463m). Group profit/loss: EUR –218.6m (Q1 2025: EUR 445.9m). Transport volume: 3.203m TEU. Average freight rate: USD 1,330/TEU. Free cash flow: EUR 346.2m. Liquidity reserve: ~EUR 6.0bn. Equity: EUR 18.3bn. Net debt: EUR 1.175bn.

Liner Shipping performance

The Liner Shipping segment drove the headline decline: revenue fell as average freight rates weakened (weighted avg USD 1,330/TEU) while transported volume was almost flat (3.203m TEU, –0.7%). Segment EBITDA fell to EUR 382.1m (Q1 2025: EUR 1,013.9m) and EBIT was EUR –148.6m (Q1 2025: EUR 448.3m). Operational disruptions (weather, port delays) and higher transport costs related to the Middle East situation weighed on margins.

Terminal & Infrastructure

Terminal & Infrastructure revenue rose to EUR 143.7m (Q1 2025: EUR 104.0m), primarily reflecting the first-time full consolidation of J M Baxi’s container business. Segment EBITDA increased to EUR 40.5m (Q1 2025: EUR 33.7m) and EBIT to EUR 15.0m (Q1 2025: EUR 14.0m).

Cash flow, liquidity and balance sheet

Operating cash flow was EUR 427.6m in Q1 2026 (Q1 2025: EUR 1,171.0m). Free cash flow remained positive at EUR 346.2m. Cash and cash equivalents were EUR 3,336.8m at 31 Mar 2026; combined with special fund and short-term investments the reported liquidity reserve remained around EUR 6.0bn. Group net debt rose to EUR 1.175bn (31 Dec 2025: EUR 1.028bn), partly driven by transaction and FX effects related to the J M Baxi consolidation.

Corporate actions and significant items

On 16 February 2026 Hapag-Lloyd signed an agreement to acquire ZIM Integrated Shipping Services Ltd. for USD 4.2 billion; the deal was approved by ZIM shareholders on 30 April 2026 but remains subject to regulatory approvals. In February 2026 Hapag-Lloyd completed the first-time full consolidation of J M Baxi Container Holdings Private Limited’s container business, which materially increased terminal revenues in Q1.

Outlook and main risks

For FY 2026 management reiterates a wide planning range due to market volatility: Group EBITDA expected EUR 0.9–2.6bn and Group EBIT EUR –1.3–0.4bn. Key upside/downside drivers are freight-rate development, transport volumes, bunker price volatility and geopolitical events (Middle East). The company highlights increased near-term uncertainty from regional disruptions and commodity price moves which could materially affect full-year results.