Hamburger Hafen und Logistik (HHFA) investor relations material

Executive summary

• Revenue increased by 3.0% year-over-year to €910.9 million despite operational disruptions from geopolitical tensions, Middle East conflicts, extreme weather, and major rail infrastructure work, which led to lower-than-expected throughput and transport volumes.

• EBIT declined by 35.3% to €51.3 million due to higher costs and productivity impacts from terminal modernization and adverse weather.

• Profit after tax and minority interests dropped sharply, turning negative at -€4.2 million, compared to €19.1 million in the prior year.

• Extensive modernization and automation projects at Hamburg container terminals are ongoing, aiming to enhance long-term efficiency and capacity.

Financial highlights

• Revenue rose to €910.9 million (+3.0% year-over-year), while EBITDA fell 5.4% to €156.3 million and EBITDA margin dropped to 17.2%.

• EBIT margin declined to 5.6% (from 9.0%), and ROCE decreased to 3.5% (from 6.0%).

• Earnings per share dropped to -€0.11 (from €0.21), and profit after tax plummeted 89.3% to €3.4 million.

• Cash flow from operating activities was €98.0 million, down from €129.2 million in the prior year.

• Investments totaled €221.8 million, mainly for terminal modernization and expansion.

Outlook and guidance

• Full-year 2026 forecast adjusted: container throughput expected to decline slightly, container transport to rise slightly, and group revenue to increase significantly year-over-year.

• EBIT guidance revised to €150–170 million (previously €175–195 million).

• Capital expenditure forecast unchanged at €430–480 million.

• Port Logistics subgroup EBIT forecast at €135–155 million; Real Estate subgroup revenue stable but EBIT to decrease significantly.