Hamburger Hafen und Logistik Aktiengesellschaft (ETR:HHFA) executives said 2025 delivered solid volume growth and improved revenue and operating profit in the Port Logistics subgroup, even as higher costs weighed on the Container segment’s earnings and a one-off, non-cash tax effect hit net income. On the company’s full-year 2025 results call, CEO Jeroen Eijsink—speaking for the first time in the role after taking over on Oct. 1, 2025—outlined how shifting trade flows, new liner alliances, and geopolitical uncertainty shaped the year, while the company continued heavy investment in terminal modernization and its European intermodal network.
2025 operating backdrop and network shifts
Eijsink described 2025 as a “demanding market environment,” citing persistent geopolitical tensions and ongoing economic weakness in Germany that reduced planning certainty for supply chains. He also pointed to changing global trade flows, with declining volumes on North American routes and growth in Far East trades, particularly with China.
Segment performance: volumes up, but Container EBIT down
Executive board member Annette Geiß detailed performance across the company’s segments, led by higher throughput and transport volumes.
- Container segment: Overall container throughput increased 5.4%. Volumes at the Hamburg container terminals rose 4.8% to almost 6 million TEU. Overseas traffic growth was driven by the Far East (especially China) and also South America, Africa, Australia, and the Middle East, while North America declined “strongly.” Feeder traffic increased significantly, supported mainly by Finland, Poland, and other German ports, though volumes from Estonia, Latvia, and the U.K. declined. Feeder handling represented 19.6% of seaborne handling, slightly above the prior year.
- International terminals: Throughput at international container terminals rose 19.2% to 339,000 TEU. Geiß cited “remarkable” volume growth at HHLA PLT Italy. At CTT, continued operations through 2025 following the assumption of seaborne handling in the third quarter of 2024 contributed to a significant year-on-year increase, while volumes at the multifunctional terminal HHLA TK Estonia declined slightly.
- Intermodal segment: Container transport increased almost 11% overall. Rail transport rose 11.2% to 1,719,000 TEU, and road transport rose 8.7% to 263,000 TEU. Management said growth was driven largely by traffic with North German seaports and in German-speaking countries. Geiß also noted that the prior-year comparison was affected because Roland Spedition’s volumes were included only from June in the prior year.
- Logistics segment: Revenue increased 10.9% to EUR 92.8 million, with the rise attributed to the leasing company for intermodal traffic and to vehicle logistics. The segment returned to a positive operating result of EUR 6.5 million after a loss in the prior year, though performance varied across businesses and “innovative business activities” fell short of the prior year.
Financially, Geiß said Container segment revenue increased 9.0% to EUR 843.2 million, supported by higher throughput and shifts in modal split, with additional contribution from international terminals. However, EBIT in the segment declined 6.4% to EUR 73.6 million and the EBIT margin fell 1.5 percentage points to 8.7%.
She attributed the earnings pressure to an 11.5% increase in costs, driven by “extensive automation efforts,” higher capacity utilization tied to volume trends, higher personnel expenses from union wage settlements and additional staffing from the general port operations pool, and higher consultancy, related services, and purchased services. Depreciation increased moderately due to investments. Earnings safeguard measures implemented at the Hamburg container terminal since March 2023 helped offset costs but “were not sufficient to fully compensate” for the increases.
In contrast, the Intermodal segment posted stronger profitability. Revenue climbed 12% to EUR 797 million, outpacing volume growth due to price adjustments and a slightly higher rail share of total intermodal transport volume (86.7% from 86.5%). EBIT increased 23.9% to EUR 103.7 million, with Geiß citing higher volumes despite disruptions from construction work on major transport routes and congestion at North German seaports.
Cash flow, investments, and dividend decision
For the Port Logistics subgroup, Geiß reported cash flow from operating activities of EUR 257 million, driven mainly by EBIT and valuation effects on non-financial assets, partly offset by interest payments, changes in trade receivables and other assets, and income tax payments.
Investing activities resulted in a net cash outflow of EUR 307 million, up nearly EUR 26 million year over year, largely due to investments in large-scale equipment at Hamburg container terminals as part of an efficiency program. Free cash flow for the Port Logistics subgroup was negative EUR 50 million. Cash flow from financing activities totaled EUR 0.4 million, reflecting new financial loans of EUR 140 million offset by dividend payments and settlement obligations, as well as repayments on bank loans and lease liabilities.
Available liquidity at the end of December 2025 was EUR 180 million, which Geiß described as robust.
Management said profit after tax and minority interests was “burdened by a one-off and non-cash tax effect,” which was not cash-effective but had a significant impact on net income. Against that backdrop and in light of continued high investment needs, the executive board and supervisory board decided to propose no dividend for the 2025 financial year for either Class A or Class S shares. Geiß said earnings per share were “at a very low level” and the company chose to retain funds to safeguard investment and financing capacity.
Sustainability actions and squeeze-out process
Eijsink also framed sustainability as a competitive factor, saying customers are paying closer attention to low-carbon supply chains. He said HHLA is investing in energy-efficient systems, electrified equipment fleets, and automated processes that reduce emissions. Examples cited included fully electrified tractor units at CTA, automated guided vehicles at CTB to reduce diesel consumption, and hybrid van carriers at CTT designed to be convertible to battery or hydrogen power.
According to Eijsink, almost half of HHLA’s total energy consumption is already covered by renewable sources, and he said this progress is reflected in the company’s EU taxonomy indicators, which again produced “very strong results.” The long-term target remains climate-neutral production across the group by 2040.
Separately, he addressed a squeeze-out request announced in early January by Port of Hamburg Beteiligungsgesellschaft SE, HHLA’s majority shareholder. Eijsink said the cash settlement amount is currently being determined by an independent expert, and that the squeeze-out will require approval by the annual general meeting in June.
2026 outlook: higher volumes and EUR 160–180 million EBIT target
Looking ahead, Eijsink said recent developments in the Middle East are again challenging international shipping, affecting trade routes, schedules, and supply chains and adding uncertainty. He said shipping lines are adjusting schedules at short notice, using alternative routes, and sometimes taking extensive detours—leading to longer transit times, higher operating costs, and greater operational complexity.
Despite what he called a “high degree of uncertainty,” management expects a positive development in 2026, including a significant year-on-year increase in container throughput and a strong increase in container transport. The company also expects strong revenue growth in the Port Logistics subgroup compared with 2025. EBIT is projected to be between EUR 160 million and EUR 180 million.
Capital expenditure in the Port Logistics subgroup is planned at EUR 400 million to EUR 450 million to increase efficiency and expand capacity in container and intermodal activities. Eijsink said around half will go to the container segment—mostly the Hamburg container terminals—focused on efficient use of existing terminal space and expansion of foreign terminals, while the other half will primarily support expansion of the company’s own transport and handling capacity for intermodal operations.
The call concluded without any analyst questions. Eijsink reiterated that HHLA aims to strengthen reliability, efficiency, and sustainability, with investments guided by efforts to improve customer satisfaction.
About Hamburger Hafen und Logistik Aktiengesellschaft (ETR:HHFA)
Hamburger Hafen und Logistik Aktiengesellschaft operates as a port and transport logistics company in Germany, rest of European Union, and internationally. It operates through Container, Intermodal, Logistics, and Real Estate segments. The company operates three container terminals in Hamburg; and container terminals in Odessa, Ukraine, and Tallinn, Estonia, as well as in Trieste, Italy. It offers intermodal services that connect ports on the North and Baltic seas, and between the Northern Adriatic and its hinterland, as well as inland terminals.
