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Hapag-Lloyd (HLAG) investor relations material
Hapag-Lloyd Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 earnings rebounded sharply YoY as stronger freight rates and efficiency gains outweighed Middle East disruption costs and port congestion.
FY2026 earnings guidance was raised again on November 11, to EBITDA of USD 4.6–5.0bn and EBIT of USD 2.0–2.4bn.
Financial highlights
Q3 revenue was USD 6.883bn (+26% YoY), EBITDA USD 1.726bn (+99%), EBIT USD 1.085bn (+376%) and group profit USD 999m (+482%).
9M revenue rose 10% YoY to USD 17.641bn; EBITDA increased 9% to USD 3.048bn and EBIT 22% to USD 1.104bn, while group profit fell 13% to USD 827m.
Q3 basic/diluted EPS was USD 5.63 versus USD 0.96 YoY; 9M EPS was USD 4.62 versus USD 5.31.
9M operating cash flow was USD 2.6bn and free cash flow USD 2.5bn; temporary working-capital buildup weighed on cash conversion.
Outlook and guidance
FY2026 EBITDA guidance rose from USD 3.9–4.4bn to USD 4.6–5.0bn; EBIT guidance increased from USD 1.25–1.75bn to USD 2.0–2.4bn.
Higher freight rates and energy-related surcharges are expected to mitigate cost headwinds; Terminal throughput is expected to grow strongly while Liner volume growth remains constrained.
Earnings remain exposed to freight-rate volatility, geopolitical risks, congestion and weather disruption.
A gradual Suez return is expected to approach 100% by end-Q1 2027, potentially freeing slightly more than 10 ships for redeployment.
- Q2 2026 delivered strong sequential growth, but risks and volatility remain elevated.HLAG
Q2 2026 - Revenue and earnings fell sharply in Q1 2026, but liquidity and equity remain strong.HLAG
Q1 2026 - Volume growth and cash flow were strong in 2025, but 2026 faces high geopolitical uncertainty.HLAG
Q4 2025 - $4.2B merger forms a top-five global carrier with 3M+ TEU capacity and major synergies by 2026.HLAG
M&A announcement - Revenue and volumes rose 10–11% in H1 2025, but margins fell as costs and risks increased.HLAG
Q2 2025 - EBIT of $1.9B, raised 2024 outlook, and major dual-fuel vessel investments announced.HLAG
Q3 2024 - EBIT reached $0.9bn as revenue fell but guidance rose amid strong demand and high risks.HLAG
Q2 2024 - Q1 2025 delivered robust growth, but outlook is clouded by geopolitical and market risks.HLAG
Q1 2025 - Revenue up 7% and EBIT stable, but profit down 19% amid cost pressures and market uncertainty.HLAG
Q4 2024
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