Hapag-Lloyd (HLAG) Q2 2026 earnings summary

Executive summary

• Q2 2026 showed significant operational and financial improvement after a weak start, with higher volumes and improved unit costs, though year-over-year revenue declined 4.8% to EUR 9.2 billion due to negative exchange rates and disruptions.

• Freight rates increased late in Q2, with most benefit expected in Q3; Middle East disruptions caused $600 million in additional costs and operational challenges.

• Terminal business throughput grew, supported by new investments and acquisitions, including J M Baxi consolidation and new operations in Damietta.

• Shareholders approved the ZIM transaction, with regulatory approvals in progress and closure expected by year-end.

• Market fundamentals remain strong, with robust demand and tight supply, especially on dominant trade legs.

Financial highlights

• Q2 2026 group revenue rose 19% sequentially to $5.8 billion, but declined year-over-year; EBITDA increased 68% quarter-on-quarter to $829 million, with margin improving to 14.2%.

• Q2 group EBIT was $176 million, reversing a Q1 loss; group profit reached $83 million, but net loss for H1 was EUR 148 million.

• Liner segment revenue increased to $5.7 billion, with EBITDA at $773 million and EBIT at $153 million in Q2.

• Terminal segment revenue surged nearly 50% to $360 million, with EBITDA at $102 million and EBIT at $39 million for H1 2026.

• Free cash flow improved to about $1 billion (EUR 846 million) for H1 2026; liquidity reserve stood at $5.9 billion (EUR 5.2 billion).

Outlook and guidance

• 2026 EBITDA guidance raised to EUR 2.3–3.2 billion (previously EUR 0.9–2.6 billion); EBIT guidance to EUR 0.1–1.0 billion.

• Earnings outlook for FY 2026 was raised in July due to higher demand and spot rates; management remains comfortable with the updated guidance.

• Positive market outlook for H2 2026, with robust demand and a strong peak season expected, but uncertainty remains due to geopolitical risks.

• Global container transport volumes expected to rise by 3.3% in 2026; global trade volume to increase by 3.5%.