HHLA’s start to the year shaped by weather-related factors

• Container throughput declines by 5.3 percent to 1,462 thousand TEU
• Container transport 1.5 percent down to 489 thousand TEU
• Group revenue rises by 3.5 percent to € 450.9 million
• Operating result (EBIT) decreases by 6.3 percent to € 30.5 million

Hamburg, 13 May 2026 | In addition to geopolitical tensions, the harsh winter conditions restricted the performance of Hamburger Hafen und Logistik AG (HHLA) in the first quarter of 2026. As a result, operations at the Hamburg container terminals were temporarily possible to only a limited extent. The rail division experienced cancellations and delays caused by track closures, frozen rail points and other disruptions. Nevertheless, Group revenue rose by 3.5 percent to € 450.9 million (previous year: € 435.6 million). The operating result (EBIT) fell by 6.3 percent to € 30.5 million (previous year: € 32.5 million) primarily due to the weather-related adverse effects. Group container throughput decreased by 5.3 percent year-on-year to 1,462 thousand standard containers (TEU) (previous year: 1,544 thousand TEU). Transport volume in the Intermodal segment dropped by 1.5 percent to 489 thousand TEU (previous year: 496 thousand TEU).

Jeroen Eijsink, HHLA Chief Executive Officer: “Our start to 2026 was shaped by extraordinary weather conditions and high operating demands. At times, the resulting restrictions had a considerable adverse effect on our processes at the container terminals in Hamburg and in rail transport operations. At the same time, we are consistently pushing ahead with the modernisation and automation of our terminals. In doing so, we are sustainably strengthening HHLA’s efficiency and performance and further expanding our position as a reliable partner in international supply chains.”

Port Logistics subgroup: performance January to March 2026

The listed Port Logistics subgroup achieved a moderate increase of 3.6 percent in revenue to € 441.8 million in the first three months of 2026 (previous year: € 426.3 million). The operating result (EBIT) declined by 5.5 percent to € 27.2 million (previous year: € 28.8 million). The EBIT margin decreased year-on-year by 0.6 percentage points to 6.1 percent (previous year: 6.7 percent). Profit after tax and minority interests amounted to € – 0.8 million (previous year: € 5.8 million).

In the Container segment, container handling at HHLA’s container terminals decreased significantly year-on-year by 5.3 percent to 1,462 thousand TEU (previous year: 1,544 thousand TEU). The throughput volume at the Hamburg container terminals was 1,374 thousand TEU, down 6.6 percent on the same period last year (previous year: 1,472 thousand TEU). This was primarily due to the subdued start to the year as a result of the harsh winter, which negatively impacted all shipping regions. However, the operating situation largely stabilised over the course of the first quarter. A further issue was the development of individual shipping regions, which continued to be shaped by service and customer-related shifts as a result of changing alliances. For example, there was a decline in overseas traffic volumes in the shipping regions North America and the Far East, especially China. Additional throughput volume from other shipping regions, such as Australia, as well as on European routes could only partly offset this effect. Volumes for feeder traffic also decreased significantly year-on-year. In particular, traffic from Scandinavia, Lithuania and the United Kingdom dropped significantly. By contrast, cargo volumes from Germany and Poland were up. The proportion of seaborne handling by feeders amounted to 19.3 percent (previous year: 20.0 percent).

Meanwhile, the international container terminals reported a strong rise in throughput volume of 21.5 percent to 88 thousand TEU (previous year: 72 thousand TEU). In addition to the volume growth at HHLA PLT Italy, this was due in particular to increased handling at Container Terminal Odessa (CTO). By contrast, the handling volume at the multifunctional terminal HHLA TK Estonia decreased slightly.

Despite declining volumes, the Container segment’s revenue rose by 4.6 percent in the reporting period to € 215.9 million (previous year: € 206.4 million) as a result of additional storage fees due to longer dwell times, as well as beneficial shifts in the modal split. The positive trend at HHLA’s international container terminals also contributed to the increase in revenue, driven by an overall improvement in the volume and revenue situation. By contrast, the operating result (EBIT) was adversely affected by a weather-related decline in productivity and a strong rise in operating expenses. Against this background, EBIT fell by 28.6 percent to € 12.8 million (previous year: € 18.0 million). The EBIT margin decreased by 2.8 percentage points to 5.9 percent (previous year: 8.7 percent).

The Intermodal segment saw a slight drop in volumes in the first quarter of 2026. Container transport declined by a total of 1.5 percent to 489 thousand TEU (previous year: 496 thousand TEU). Rail transport decreased year-on-year by 1.1 percent to 424 thousand TEU (previous year: 428 thousand TEU). This was largely due to decreased traffic with the North German and Adriatic seaports, as well as decreased transport volume in the German-speaking countries. There was a decline in road transport of 4.5 percent to 65 thousand TEU (previous year: 68 thousand TEU), with the difficult weather conditions at the start of the year also having an adverse effect here.

Revenue increased year-on-year by 1.8 percent to € 205.6 million (previous year: € 202.0 million). This was due in particular to necessary price adjustments, as well as to rail’s higher share of total transport volumes, which rose by 0.4 percentage points to 86.7 percent (previous year: 86.3 percent).

The operating result (EBIT) amounted to € 20.1 million in the reporting period and was therefore 0.5 percent higher than in the previous year (previous year: € 20.0 million). The EBIT margin declined by 0.1 percentage points to 9.8 percent (previous year: 9.9 percent). The slight decrease in volumes was cushioned by the increase in average revenue due to price adjustments and the higher share of rail transport. As a result, the burden on earnings from adverse operational effects – including weather-related additional costs at the beginning of the year, construction work on major transport routes and high capacity utilisation at the North German seaports – could be largely offset.

Real Estate subgroup: performance January to March 2026

HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area of Hamburg recorded a stable performance in a market that remained challenging, with occupancy almost full in the first quarter of 2026.

Revenue of € 11.6 million was the same as in the previous year (previous year: € 11.6 million). By contrast, there was a strong decrease in the cumulative operating result (EBIT), which fell by 12.3 percent to € 3.2 million in the reporting period (previous year: € 3.7 million). This decline was primarily attributable to higher maintenance costs and increased depreciation and amortisation.

Outlook for the 2026 financial year confirmed

In the first three months of the 2026 financial year, there were no new events of material importance to necessitate any change to the expected course of business in 2026 as published in the 2025 Annual Report at the end of March.
Key figures for January to March 2026

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• 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).

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A significant milestone for autonomous logistics in Europe: At the HHLA TK Estonia terminal near Tallinn, the pioneer in yard trucking automation, FERNRIDE, has begun the operational transition to driverless operation of terminal tractors. Together, the two companies aim to set new standards for safety and efficiency in port logistics.

The transition to driverless operations follows the successful certification of FERNRIDE’s safety concept and system design by TÜV SÜD, as well as approval by the Estonian Transport Administration (ETA). FERNRIDE is the first company to receive TÜV SÜD certification for an autonomous terminal tractor in accordance with the EU Machinery Directive (2006/42/EC). This certification confirms that FERNRIDE’s autonomous vehicle platform – including the vehicle, sensors, computers, and software – meets EU standards for safety, cybersecurity, and system reliability. It marks an important step toward CE compliance and industrial deployment across Europe.

Hendrik Kramer, CEO and co-founder of FERNRIDE: “This is a defining moment not only for FERNRIDE but for the entire autonomous logistics industry in Europe. From day one, we’ve made safety the foundation of everything we build. Meeting Europe’s most stringent regulatory standards took a remarkable effort, and I’m incredibly proud of our team’s dedication and precision throughout this journey. This certification proves that our technology meets the highest safety benchmarks, not just in theory, but in practice, and brings us one step closer to making autonomous logistics a commercial reality across the EU.”

Riia Sillave, CEO of HHLA TK Estonia: “Entering the phase of driverless terminal transport marks a good step on the path being the digital frontrunner and testfield – not just for our collaboration with FERNRIDE, but for the future of terminal operations. As one of the first terminals to take this step, we are shaping the path toward a more intelligent logistics. We trust that innovation succeeds by including the know-how of our employees – our team’s engagement is the foundation for the integration of this technology into everyday operations.”

Benedikt Pulver, Head of the machine safety department at TÜV SÜD: “FERNRIDE is the first to receive TÜV SÜD certification for a specific port application involving autonomous trucks. This milestone could establish a new benchmark for safety and compliance in autonomous trucking for terminal applications.”

FERNRIDE and HHLA have had an ongoing partnership since January 2023, working closely to ensure a seamless transition into live operations, executing productive moves on the terminal. The strategy focuses on implementing a gradual approach to integrate FERNRIDE-enabled autonomous terminal tractors at HHLA TK Estonia without safety drivers. Three FERNRIDE tractors are currently in operation at the terminal. FERNRIDE has implemented structured roll-out scenarios and standard procedures to train on-site personnel through the transition to fully driverless operations.

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After nine years at the helm of the company, Chief Executive Officer Angela Titzrath will leave Hamburger Hafen und Logistik AG (HHLA) by 31 December 2025 at the latest and will remain available to support the transition process until then. This decision was made by mutual agreement between the Supervisory Board and the CEO. 

The change at the top of the company marks the end of a strategic phase in which Angela Titzrath has made a significant contribution to the successful orientation of the company. The search for a successor to the CEO has already begun.

Prof. Dr. Rüdiger Grube, Chairman of the Supervisory Board of HHLA: “Angela Titzrath has decisively driven forward the development of the company into a European network logistics provider with strategic vision and personal commitment, and has successfully led HHLA through difficult phases such as the coronavirus pandemic and Russia’s war of aggression against Ukraine. She accompanied the recent changes in the shareholder structure with a great sense of responsibility. With a particular focus on international networking, digitalisation and sustainability, she has provided key impetus – both for the competitiveness of the Port of Hamburg and for the entire group of companies. On behalf of the Supervisory Board, I would like to thank Angela Titzrath for her outstanding work and wish her all the best for her professional and personal future.”

Angela Titzrath, CEO of HHLA: “I can look back on nine very dynamic but also extremely exciting years at the helm of HHLA. Logistics connects markets, people and perspectives. My goal was to strategically develop HHLA as a key player in a volatile and geopolitically sensitive environment and to strengthen the value of the company. With the modernisation of the Hamburg terminals, the expansion of the intermodal business and strategic locations such as Tallinn and Trieste, we have positioned HHLA decisively in the competitive environment – in the service of our customers and in the interests of an efficient supply chain for companies and consumers throughout Europe.”

Based on Angela Titzrath’s entrepreneurial strategy for the future, HHLA has invested more than half a billion euros in modernising the container terminals in the Port of Hamburg over the past five years. With the expansion of the intermodal business, the complete takeover of the rail subsidiary METRANS and the expansion of the hinterland network from 10 to 21 terminals, this area has developed into a key pillar of the company. The acquisition of the seaport terminals in Tallinn (Estonia) and Trieste (Italy) strengthened HHLA’s presence along key trade and transport corridors. The establishment of the central innovation unit HHLA Next provided impetus for the company’s innovative strength and future viability. In addition, the management structure and corporate culture were further developed in line with the current challenges facing the logistics industry.

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