Hamburger Hafen und Logistik (HHFA) Q4 2025 earnings summary

Executive summary

• 2025 saw persistent geopolitical tensions and economic weakness in Germany, impacting supply chains and planning certainty, but operational growth was achieved with major investments in terminal modernization and intermodal expansion, including a new hub in Hungary and a majority stake in Ukraine's Batiovo terminal.

• Revenue increased by up to 9.9% year-over-year to €1,756.2 million, with EBIT up as much as 22.8% to €160.5 million, and container throughput rose 5.4% to 6,295 thousand TEU.

• Despite operational growth, profit after tax and minority interests dropped by up to 95.1% to as low as €1.1 million due to significant non-cash, one-off tax effects, resulting in a proposed dividend suspension for FY25.

• Modernization and automation measures continued at Hamburg terminals, with sustainability progress including all Hamburg sites operating on green electricity by 2025.

• Squeeze-out process initiated by the majority shareholder, with cash settlement pending independent assessment and AGM approval.

Financial highlights

• Revenue in the Port Logistics subgroup increased by up to 10.1% year-over-year to €1,718.8 million; EBIT rose by up to 22.8% to €144.7 million.

• EBITDA increased by 8.9% to €336.6 million, with an EBITDA margin of 19.2%.

• Cash flow from operating activities was EUR 257 million; investing activities led to a net cash outflow of EUR 307 million.

• Free cash flow was negative EUR 50 million; available liquidity at year-end was EUR 180 million.

• Earnings per class A share fell to €0.02, and per class S share to €3.20.

Outlook and guidance

• 2026 is expected to see significant year-on-year increases in container throughput and transport, with throughput forecasted to grow 4.5% and transport by 2.3%.

• Group revenue and EBIT are projected to grow strongly, with EBIT targeted between €160 million and €195 million.

• Capital expenditure planned between €400 million and €480 million, mainly for the Port Logistics subgroup.

• No dividend proposed for 2025; future payout ratio targeted at 50–70% of net profit after minorities.