HHLA achieves significant revenue and earnings growth despite difficult conditions

• Container throughput rises by 6.7 percent to 4,798 thousand TEU
• Container transport up by 13.6 percent to 1,501 thousand TEU
• Group revenue rises by 12.5 percent to € 1,331.4 million
• Operating result (EBIT) increases by 25.7 percent to € 117.1 million.

Despite an environment marked by macroeconomic pressures, geopolitical tensions and uncertainties in US trade policy, Hamburger Hafen und Logistik AG (HHLA) significantly increased its revenue and earnings in the first nine months of 2025. Group revenue rose by 12.5 percent to € 1,331.4 million (previous year: € 1,182.9 million). The operating result (EBIT) climbed by 25.7 percent to € 117.1 million (previous year: € 93.2 million). The EBIT margin improved to 8.8 percent, from 7.9 percent in the previous year. Profit after tax and minority interests increased to € 34.9 million (previous year: € 23.1 million).

Jeroen Eijsink, HHLA’s Chief Executive Officer: “HHLA has performed well in recent months despite challenging conditions. We have increased our throughput and transport volumes, which is also reflected in our revenue and earnings performance. In the coming months, we will continue to work on positioning HHLA for the future. Our goal is to grow further and expand our position as a reliable partner in the industry. Even though the economic environment remains challenging, we will stay the course and push ahead with our projects.”

Port Logistics subgroup: performance January to September 2025

The listed Port Logistics subgroup recorded a strong increase of 12.8 percent in revenue to € 1,303.5 million in the first nine months of 2025 (previous year: € 1,155.9 million). The operating result (EBIT) also rose strongly by 31.7 percent to € 107.4 million (previous year: € 81.5 million). The EBIT margin rose year-on-year by
1.1 percentage points to 8.2 percent (previous year: 7.1 percent). Profit after tax and minority interests came to € 29.6 million (previous year: € 16.3 million). Earnings per share thus amounted to € 0.41 (previous year: € 0.22).

In the container segment , container throughput at HHLA’s container terminals increased significantly by 6.7 percent to 4,798 thousand standard containers (TEU) (previous year: 4,496 thousand TEU). At 4,548 thousand TEU, throughput volume at the Hamburg container terminalswas up 6.0 percent on the same period of the previous year (previous year: 4,292 thousand TEU). While overseas traffic volumes for the North America shipping region declined strongly and fell moderately for the Middle East shipping region, there was significant volume growth for the Far East – especially China – as well as the South America and Africa shipping regions. Substantially higher cargo volumes were also recorded for other European seaports, especially from Belgium, the UK, France and the Netherlands. This was due to temporary route adjustments still in place caused by the military conflict in the Red Sea. There was strong year-on-year growth in feeder traffic volumes. In addition to Finnish traffic, there was also a strong increase in container throughput with Poland, as well as with other German ports. By contrast, cargo volumes from Estonia and Latvia were down. The proportion of seaborne handling by feeders amounted to 19.6 percent (previous year: 19.0 percent).

The international container terminals reported a strong increase in throughput volume of 23.1 percent to 250 thousand TEU (previous year: 203 thousand TEU). In addition to increased volumes at HHLA PLT Italy, this was due in particular to the resumption of seaborne handling at Container Terminal Odessa (CTO) in the third quarter of 2024. Seaborne handling volumes at the multifunctional terminal HHLA TK Estonia also rose slightly.

Segment revenue rose strongly by 11.0 percent in the reporting period to € 641.8 million (previous year: € 578.1 million). This was primarily due to the positive growth in volumes. The positive trend at HHLA’s international container terminals also contributed to the increase in revenue. Against this backdrop, the operating result (EBIT) rose strongly by 18.3 percent to € 60.4 million (previous year: € 51.0 million). The EBIT margin rose by 0.6 percentage points to 9.4 percent (previous year:
8.8 percent).

The Intermodal segment recorded a strong increase in volumes during the first nine months of 2025. Container transport increased by a total of 13.6 percent to 1,501 thousand TEU overall (previous year: 1,321 thousand TEU).

Rail transport rose year-on-year by 13.7 percent to 1,300 thousand TEU (previous year: 1,144 thousand TEU). This strong volume growth was largely due to traffic with the North German and Adriatic seaports, as well as traffic in the German-speaking countries. Furthermore, last year’s figures only included transport volumes of Roland Spedition from June onwards. There was also a strong increase in road transport of
13.2 percent to 201 thousand TEU (previous year: 178 thousand TEU).

With a year-on-year increase of 15.8 percent to € 604.1 million (previous year:
€ 521.9 million), revenue growth was stronger than the increase in transport volumes. This was due to necessary price adjustments. As in the previous year, rail accounted for 86.6 percent of total transport volumes.

The operating result (EBIT) amounted to € 76.2 million in the reporting period and was thus 21.5 percent above the prior-year figure (previous year: € 62.7 million). The EBIT margin rose by 0.6 percentage points to 12.6 percent (previous year: 12.0 percent). The main reason for this strong EBIT growth was the increase in transport volumes. Earnings were burdened, however, by adverse operational effects resulting from construction work on major transport routes and high capacity utilization at the North German seaports.

Real Estate subgroup: performance January to September 2025 

HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area continued to report stable growth in the third quarter of 2025, with almost full occupancy in both districts.

Revenue rose slightly by 1.5 percent in the reporting period to €34.8 million (previous year: €34.3 million). With income from the fish market area showing a slight decline, the increase was due to successful lease renewals and reletting of space in the Speicherstadt historical warehouse district.

By contrast, there was a strong decrease in the cumulative operating result (EBIT), which fell by 16.9 percent to € 9.5 million in the reporting period (previous year:
€ 11.4 million). This was attributable to high one-off expenses for non-operating services, which exceeded the effects of increased rental income and reduced maintenance costs.

Outlook for the 2025 financial year 

Based on the business performance to date and current estimates for the fourth quarter, HHLA’s Executive Board adjusted its full-year forecast for the current financial year in an ad hoc disclosure issued on 27 October 2025. The move was in response to increased global economic uncertainties, particularly due to US trade policy, as well as to ongoing supply chain disruptions in combination with extensive modernization measures to automate the Hamburg port facilities.

Against this backdrop, the Port Logistics subgroup now expects a significant year-on-year increase in container throughput (previously: strong increase). A strong increase relative to the previous year continues to be expected for container transport. For revenue, the forecast of a strong year-on-year increase compared remains unchanged. Due to the reasons mentioned above, the forecast for the operating result (EBIT) has been adjusted and is now in the range of € 145 to € 160 million (previously: € 180 to € 200 million).

For the Real Estate subgroup, the forecast of a slight increase in revenue and a strong decline in operating result (EBIT) compared with the previous year remains unchanged.

At Group level , a strong rise in revenue continues to be expected. Forecast EBIT has been adjusted in the light of the changed assumptions and is now in the range of € 160 to 175 million (previously: € 195 to 215 million).