Hamburger Hafen und Logistik (HHFA) Q1 2026 earnings summary

Executive summary

• Revenue increased by 3.5% year-over-year to €450.9 million despite operational challenges from harsh winter weather and geopolitical tensions impacting global supply chains and energy prices.

• Severe winter weather and geopolitical tensions disrupted operations, especially at Hamburg container terminals and in rail transport, leading to temporary limitations and delays.

• Container throughput declined by 5.3% and container transport by 1.5% year-over-year due to adverse weather and infrastructure delays.

• Operating result (EBIT) fell 6.3% to €30.5 million, mainly due to increased personnel expenses and higher depreciation.

• Ongoing modernization and automation efforts are aimed at strengthening efficiency and reliability in international supply chains.

Financial highlights

• EBITDA rose 2.8% year-over-year to €77.4 million; EBITDA margin was 17.2%.

• EBIT margin decreased by 0.7 percentage points to 6.8%.

• Profit after tax dropped 56.2% to €5.8 million, with profit after tax and minority interests down 89.1% to €0.9 million.

• Cash flow from operating activities fell 38.8% to €37.9 million; investments increased 18.7% to €102.4 million.

• Available liquidity at quarter-end was €138.6 million, down from €275.0 million a year earlier.

Outlook and guidance

• Forecasts significant increases in container throughput, transport, revenue, and investments for 2026.

• EBIT for 2026 expected in the range of €175–195 million; Port Logistics EBIT forecast at €160–180 million.

• Real Estate EBIT expected to see a significant decrease, with revenue at previous year’s level.

• Guidance remains subject to global economic and geopolitical developments; no new material events affecting the expected course of business.