Hapag-Lloyd (HLAG) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw improved operational and financial performance after a weak Q1, driven by higher volumes and freight rates, despite significant disruptions and costs from the Middle East conflict.

• Terminal business experienced strong throughput growth and new investments, including consolidation of J M Baxi in India and new operations in Damietta, enhancing strategic relevance.

• The ZIM merger/transaction progressed, with shareholder approval and regulatory processes underway, targeting closing by year-end 2026.

• Revenue declined year-over-year due to negative exchange rate effects and operational disruptions, but free cash flow improved and liquidity reserves remained strong.

Financial highlights

• Q2 2026 revenue rose to $5.8 billion, up from $5.3 billion year-over-year, while group EBITDA was $829 million and EBITDA margin 14.2%.

• Q2 group EBIT turned positive at $176 million after a Q1 loss, with group profit at $83 million; Liner segment revenue reached $5.7 billion, EBITDA $773 million, and EBIT $153 million.

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

• Free cash flow for H1 2026 was $1.0 billion, supported by lower investment spending.

• Equity ratio stood at 60.8% as of June 30, 2026, with liquidity reserve at $5.9 billion.

Outlook and guidance

• 2026 EBITDA guidance was raised to EUR 2.3–3.2 billion, with EBIT guidance to EUR 0.1–1.0 billion; management remains comfortable with this guidance.

• Positive market outlook for H2 2026, with robust demand growth and a strong peak season expected, but significant 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%.