HHLA delivered solid operational growth in 2025 despite geopolitical tensions, Red Sea disruptions and US trade policy uncertainty.
Group revenue rose 9.9% to €1.76 billion. EBIT climbed 19.5% to €160.5 million. Profit after tax collapsed to €9.8 million from €32.5 million in 2024. One-off tax effects, including impairments of deferred tax assets, caused the sharp drop.
Container throughput grew 5.4% to 6.295 million TEU. Hamburg terminals handled 5.956 million TEU, up 4.8%. Far East, South America, Africa, Australia and the Middle East all gained volumes. North America fell. Red Sea rerouting pushed additional cargo toward UK, Belgian, Spanish and Dutch ports. International terminals surged 19.2% to 339,000 TEU, driven by HHLA PLT Italy and the partial reopening of Container Terminal Odessa.
The Intermodal segment led the way. Container transport grew 10.9% to 1.982 million TEU. Rail volumes jumped 11.2% to 1.719 million TEU. Road transport rose 8.7% to 263,000 TEU. Segment EBIT climbed 23.9% to €103.7 million. The EBIT margin expanded to 13%.
The Container segment EBIT slipped 6.4% to €73.9 million. Higher personnel costs from collective wage agreements weighed on the result.
The Real Estate subgroup held revenue steady at €46.3 million. EBIT dipped 4.4% to €15.4 million on one-off third-quarter expenses.
The board will propose no dividend for 2025 on either class A or class S shares.
For 2026, HHLA targets Group EBIT of €175 to €195 million. Port Logistics EBIT should land between €160 and €180 million. Capital expenditure will reach €430 to €480 million, focused largely on port automation in Hamburg.
