Hamburger Hafen und Logistik AG

HHLA said 2025 container throughput increased 5.4%, including Hamburg container terminals up 4.8% to almost 6 million TEU and international container terminals up 19.2% to 339,000 TEU. Port Logistics subgroup revenue rose about 10% overall; Container segment revenue was EUR 843.2 million, up 9.0%, while Intermodal revenue was EUR 797 million, up 12%. EBIT in Container declined 6.4% to EUR 73.6 million, with margin down 1.5 percentage points to 8.7%. Intermodal EBIT increased 23.9% to EUR 103.7 million. Logistics revenue was EUR 92.8 million, up 10.9%, and the segment returned to a positive operating result of EUR 6.5 million. Cash flow from operating activities was EUR 257 million, investing cash outflow was EUR 307 million, free cash flow was negative EUR 50 million, and available liquidity at year-end was EUR 180 million. 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 capex of EUR 400 million to EUR 450 million, with about half in Container and the rest mainly in Intermodal. The company proposed no dividend for 2025, for either Class A or Class S shares.

CEO Jeroen Eijsink framed 2025 as a year of strong operational progress in a difficult environment marked by geopolitical tensions, weak German economic conditions, shifting trade flows, and shipping alliance changes. He emphasized that HHLA is modernizing its Hamburg terminals, expanding Metrans and other European network assets, and investing in Ukraine and Southeastern Europe to strengthen long-term resilience. His tone was constructive but cautious, with a clear message that customer reliability, efficiency, and sustainability remain the strategic focus.

Annette Walter highlighted the main financial drivers: higher volumes, a more favorable modal split, and stronger contributions from international terminals in Container, but also higher personnel, consultancy, service, and depreciation costs that pushed Container EBIT down to EUR 73.6 million. She pointed to strong Intermodal execution, with revenue up 12% to EUR 797 million and EBIT up 23.9% to EUR 103.7 million, while Logistics returned to a EUR 6.5 million operating profit. On cash, she said operating cash flow was EUR 257 million, investing cash outflow was EUR 307 million due largely to large-scale equipment spending in Hamburg, free cash flow was negative EUR 50 million, financing cash flow was EUR 0.4 million, and liquidity ended at EUR 180 million. She also justified the no-dividend proposal by citing very low earnings per share and the need to retain funds for ongoing high investment.

There was no analyst Q&A; the operator stated that there were no questions. As a result, no additional management clarifications or follow-up concerns were raised on the call.