Hamburger Hafen und Logistik (HHFA) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 3.3% to €1,375.1m, while EBIT fell 30.7% to €81.2m amid lower throughput, automation ramp-up disruptions, strikes and non-cash impairments.

• Container throughput declined 7.3% to 4,446k TEU; transport increased 0.5% to 1,509k TEU.

Financial highlights

• 9M EBITDA was €245.6m, down 0.4% YoY; EBITDA margin was 17.9%, down 0.6pp.

• Profit after tax was €13.3m versus €52.8m; profit after tax and minority interests was €2.0m versus €34.9m.

• Q3 revenue rose 3.9% to €464.2m and EBITDA increased 9.6% to €89.3m, while EBIT fell 21.0% to €29.8m; profit after tax and minority interests declined 60.3% to €6.3m.

• Operating cash flow was €131.9m versus €215.4m; capital expenditure was €304.8m versus €378.1m.

Outlook and guidance

• FY26 revenue is still expected to increase significantly YoY; EBIT guidance was reduced to €115m–€135m from €150m–€170m.

• Port Logistics EBIT guidance was lowered to €100m–€120m from €135m–€155m; revenue is expected to increase significantly.

• Port Logistics container throughput is expected to decline significantly, while transport is forecast to rise slightly YoY.

• FY26 capex guidance fell to €380m–€430m, including €350m–€400m for Port Logistics, as automation-project spending shifts into 2027.

• Real Estate revenue is expected at the prior-year level, with a significant decrease in EBIT.