Hapag-Lloyd (HLAG) Q3 2026 earnings summary

Executive summary

• Q3 earnings rose sharply YoY as higher freight rates and efficiency gains outweighed Middle East disruption, port congestion and higher costs.

• FY2026 guidance was raised on November 11 to USD 4.6–5.0bn EBITDA and USD 2.0–2.4bn EBIT.

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% to USD 17.641bn; EBITDA increased 9% to USD 3.048bn and EBIT rose 22% to USD 1.104bn, while group profit fell 13% to USD 827m.

• 9M net income was €711.8m versus €846.3m; EPS was €3.98 versus €4.75. 9M operating cash flow was €2.20bn and free cash flow €2.12bn.

Outlook and guidance

• FY2026 EBITDA guidance rose from USD 3.9–4.4bn in September to USD 4.6–5.0bn in November; EBIT guidance increased from USD 1.25–1.75bn to USD 2.0–2.4bn.

• Higher average freight rates and energy-related surcharges support the outlook; congestion, weather disruption and Middle East security risks may constrain volumes and raise transport costs.

• Guidance excludes potential impairments and consolidation effects from the pending ZIM acquisition; freight-rate volatility and geopolitical risks leave the outlook uncertain.