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Hapag-Lloyd (HLAG) investor relations material

Hapag-Lloyd Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary13 Nov, 2025

Executive summary

  • Achieved strong volume and revenue growth in a volatile market, with Q3 earnings improving sequentially but year-to-date performance below last year due to lower freight rates and high external costs.

  • Gemini network implementation set a new reliability benchmark, delivering initial cost savings and improved operational reliability, with customer satisfaction at an all-time high.

  • Investments announced for up to 22 new energy-efficient smaller vessels to renew aging fleet, reduce exposure to high time charter rates, and support decarbonization goals.

  • Expansion in terminals and fleet modernization underway, including acquisition of a terminal in Le Havre, France.

  • The Gemini Cooperation with Maersk launched in February, expanding the service network and improving schedule reliability.

Financial highlights

  • Q3 EBIT increased to $228 million from $189 million in Q2, but remains lower year-over-year due to weaker freight rates.

  • Group revenue for the first nine months reached EUR 14,350 million (up EUR 289 million year-over-year), with EBITDA at EUR 2,495 million and EBIT at EUR 809 million.

  • Liner segment revenue rose to $15.7 billion in the first nine months, with EBIT at $858 million, down from $1.9 billion year-over-year.

  • Transported 10.2 million TEUs in the first nine months, a 9% volume growth.

  • Free cash flow for the first nine months was $1.4 billion (EUR 1,259 million), supporting continued investments.

Outlook and guidance

  • Outlook range for Group EBITDA and EBIT narrowed and midpoint slightly raised as year-end approaches; 2025 EBITDA forecasted at EUR 2.8–3.2 billion and EBIT at EUR 0.5–1.0 billion.

  • FY 2025 guidance updated: moderate transport volume growth expected, with average freight rates and bunker prices to decrease moderately.

  • Cautious outlook maintained due to short-term volatility, geopolitical uncertainties, and freight rate pressure.

  • Majority of targeted $1.3 billion cost savings expected to be effective in 2026, with full run rate in 2027.

  • Net cost savings from Gemini expected at $350–$400 million annually.

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Frequently asked questions

Hapag-Lloyd Aktiengesellschaft, operates as a liner shipping company worldwide. Its vessel and container fleets are used for the transportation of general and special cargo, various dangerous goods, and coffee, as well as reefer cargo covering pharmaceuticals. The company has a strategic partnership with HMM Co. Ltd. to create one of the largest container shipping companies in the world; and a joint venture with ONE in Japan.

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