Hamburger Hafen und Logistik AG

HHLA said 2025 container throughput increased by 5.4%, with Hamburg terminal volumes up 4.8% to almost 6 million TEU. Container transport rose 10.9% to 198,200 TEU, and Port Logistics subgroup revenue increased about 10%, with EBIT rising by more than 20%. In the Container segment, revenue increased 9.0% to EUR 843.2 million, while EBIT declined 6.4% to EUR 73.6 million and the EBIT margin fell to 8.7%. In Intermodal, revenue rose 12% to EUR 797 million and EBIT increased 23.9% to EUR 103.7 million; Logistics revenue was EUR 92.8 million and EBIT was EUR 6.5 million. Cash flow from operating activities was EUR 257 million, investing activities were a net outflow of EUR 307 million, free cash flow was negative EUR 50 million, and available liquidity ended at EUR 180 million. Management said profit after tax and minority interests was burdened by a one-off non-cash tax effect, and proposed no dividend for the 2025 financial year. For 2026, HHLA expects a significant year-on-year increase in container throughput, a strong year-on-year increase in container transport, strong revenue growth for Port Logistics, EBIT of EUR 160 million to EUR 180 million, and capital expenditure of EUR 400 million to EUR 450 million, with around half for Container and the other half mainly for Intermodal.

Jeroen Eijsink struck a constructive but cautious tone, saying HHLA is operating in a challenging environment but is well positioned after spending his first months visiting terminals and subsidiaries. He emphasized that the company is strengthening its operational base through terminal modernization, European network expansion, and continued investment in Ukraine and Southeastern Europe. He also framed sustainability as a competitive factor and said HHLA is focused on reliability, efficiency, and long-term resilience.

Annette Walter focused on the numbers and funding profile. She cited 2025 operating cash flow of EUR 257 million, a EUR 307 million investing outflow, negative free cash flow of EUR 50 million, and year-end liquidity of EUR 180 million, while noting EUR 140 million of new financial loans alongside dividend and debt-related outflows. She also explained the zero-dividend proposal by pointing to very low earnings per share and the need to retain funds for high investment levels and infrastructure modernization.

There was no analyst Q&A on the call, so no questions were asked about volume trends, margin pressure, the dividend decision, or the squeeze-out process. Management did, however, say the squeeze-out cash settlement is being determined by an independent expert and will require AGM approval in June. They also highlighted that the 2026 outlook carries a high degree of uncertainty because of Middle East disruptions, shipping schedule changes, detours, and broader supply chain complexity.