Publication of Interim Statement January to September 2026
Automation and portfolio adjustment impact HHLA’s results for the first nine months of the year Container throughput falls by 7.3 percent to 4,446 thousand TEU Container transport rises by 0.5 percent to 1,509 thousand TEU Group revenue increases by 3.3 percent to € 1,375.1 million Operating result (EBIT) decreases to € 81.2 million Forecast amended for the 2026 financial year
Hamburg, 12 November 2026 | In the first nine months of 2026, the business performance of Hamburger Hafen und Logistik AG (HHLA) was still characterised by challenging conditions and operational disruptions. In particular, the ramp-up phase for the further automation of the Hamburg container terminals and strike-related disruptions adversely affected container throughput development in the third quarter. Group container throughput decreased by 7.3 percent to 4,446 thousand standard containers (TEU) (previous year: 4,798 thousand TEU), while container transport volumes increased by 0.5 percent to 1,509 thousand TEU (previous year: 1,501 thousand TEU). Group revenue rose by 3.3 percent to € 1,375.1 million (previous year: € 1,331.4 million). The operating result (EBIT) fell by 30.7 percent to € 81.2 million (previous year: € 117.1 million). In addition to operational challenges, non-cash impairment charges related to the strategic focus on the core business also weighed on the result. Jeroen Eijsink, HHLA Chief Executive Officer, said: “We have made good progress with our transformation agenda, but operationally we are not yet where we want to be. Our focus is therefore clearly on stabilising automated processes and significantly improving the quality of handling operations. At the same time, we are refining our portfolio and concentrating our resources on our core business: high-performance container terminals in Hamburg and a strong European intermodal network.”
Port Logistics subgroup: performance January to September 2026 The listed
Port Logistics subgroup achieved a moderate increase in revenue of 3.3 percent to € 1,346.8 million (previous year: € 1,303.5 million) in the reporting period. Necessary price adjustments, as well as a changed revenue mix in the Intermodal segment, contributed to this increase. In the Container segment, additional storage fees at the Hamburg container terminals only partly offset the significant decline in volumes. The operating result (EBIT) fell by 34.7 percent to € 70.2 million (previous year: € 107.4 million). The EBIT margin was 5.2 percent (previous year: 8.2 percent). Profit after tax and minority interests came to € - 4.0 million (previous year: € 29.6 million). In the
Container segment, container throughput at HHLA’s container terminals fell significantly in the first nine months of 2026 by 7.3 percent to 4,446 thousand standard containers (TEU) (previous year: 4,798 thousand TEU). At 4,200 thousand TEU, throughput volume at the Hamburg container terminals decreased by 7.7 percent compared with the same period last year (previous year: 4,548 thousand TEU). Volumes in the reporting period were particularly affected by the ongoing modernisation measures at the Hamburg terminals and by adjustments to international transport and goods flows in response to geopolitical tensions. These headwinds were compounded by severe winter weather at the start of the year and strike-related disruptions in the third quarter. The proportion of seaborne handling by feeders was 18.9 percent (previous year: 19.6 percent). Despite the positive trend in the first half of the year, there was a slight year-on-year decline of 1.6 percent in throughput volumes at the international container terminals to 246 thousand TEU (previous year: 250 thousand TEU). This was due in particular to the adverse economic situation in Estonia, as well as to re-routings in the Mediterranean caused by geopolitical tensions. At CTO, throughput, which had previously been significantly above the prior-year level, almost came to a standstill in the third quarter due to the persistently tense security situation. As a result, the declines at the other international sites could no longer be compensated for. Despite the significant decline in volumes, Container segment revenue fell only slightly by 0.7 percent to € 637.2 million in the reporting period (previous year: € 641.8 million). Revenue was supported by additional storage fees due to longer dwell times and by the positive revenue trend at HHLA’s international container terminals. Due to the decline in seaborne handlingvolumes and significantly increased expenses, the operating result (EBIT) decreased by 51.3 percent to € 29.4 million (previous year: € 60.4 million). The EBIT margin fell by 4.8 percentage points to 4.6 percent (previous year: 9.4 percent). Apart from union-negotiated wage settlements, additional personnel expenses and higher energy costs, the ramp-up phase for the further automation of the Hamburg container terminals and the associated productivity restrictions negatively impacted earnings. The
Intermodal segment recorded a slight increase in volumes in the first nine months of 2026. Container transport as a whole increased by 0.5 percent to 1,509 thousand standard containers (TEU) (previous year: 1,501 thousand TEU). Rail transport rose year-on-year by 0.6 percent to 1,308 thousand TEU (previous year: 1,300 thousand TEU). The increase in volume was mainly driven by traffic with the North German seaports and transport to and from Poland. Traffic to and from the Adriatic seaports and within Germany continued to decline, however. Road transport volumes of 201 thousand TEU were on a par with the previous year (previous year: 201 thousand TEU). A further major factor in the reporting period was the adverse weather conditions at the beginning of the year. With a year-on-year increase of 7.8 percent to € 651.0 million (previous year: € 604.1 million), revenue growth was stronger than the increase in transport volumes. This was due in particular to necessary price adjustments and a change in the revenue mix. Rail accounted for 86.7 percent of transport volumes – on a par with the prior-year figure of 86.6 percent. The operating result (EBIT) amounted to € 78.0 million in the reporting period and was thus 2.3 percent above the prior-year figure of € 76.2 million. However, the EBIT margin fell by 0.6 percentage points to 12.0 percent (previous year: 12.6 percent). The positive EBIT trend was primarily driven by the slightly higher transport volumes and higher average revenues. By contrast, operational disruptions caused by construction work on major transport routes and high capacity utilisation at the North German seaports had a negative impact. In the
Logistics segment, the strategic focus on the core business led to a review of the portfolio of start-up investments. This resulted in non-cash impairment losses totalling € 21.4 million, of which € 12.0 million were related to HHLA Sky GmbH in the third quarter and € 9.4 million to omoqo GmbH in the first half of the year, adversely affecting segment earnings. omoqo GmbH permanently ceased operations as of 30 September 2026; the sale of HHLA Sky GmbH was completed at the end of October 2026.
Real Estate subgroup: performance January to September 2026 HHLA’s properties in the Speicherstadt historical warehouse district and on the Fischmarkt site confounded the subdued trend on the market for office rentals in Hamburg, again reporting steady growth in the third quarter of 2026, with almost full occupancy in both districts. Revenue rose by a moderate 2.3 percent in the reporting period to € 35.6 million (previous year: € 34.8 million). Following the completion of projects, new lettings in the Speicherstadt historical warehouse district also contributed to this revenue growth. Despite higher maintenance costs, the cumulative operating result (EBIT) rose by 13.1 percent to € 10.7 million (previous year: € 9.5 million). This trend was attributable to both higher revenue and the absence of one-off expenses for non-operating services, which had weighed on the previous year’s result.
Business forecast amended for the 2026 financial year Based on the business development to date and the updated estimates for the fourth quarter of 2026, HHLA’s Executive Board adjusted its full-year forecast on 22 October 2026. Strike-related disruptions and the ramp-up phase for the further automation of the Hamburg container terminals have caused container throughput to fall short of expectations and negatively impacted earnings. The strategic decision to focus on the company’s core business has also given rise to an impairment charge of € 12 million in the Logistics segment related to HHLA Sky GmbH. Against this backdrop, the Executive Board expects earnings for the 2026 financial year to be lower than previously forecast. For the
Port Logistics subgroup, a significant decrease is now expected year-on-year in container throughput. HHLA previously forecast a slight decrease. For container transport, a slight rise compared to the previous year is still expected. For revenue, a significant year-on-year increase continues to be expected. The forecast for the operating result (EBIT) has been adjusted and is now within a range between € 100 million and € 120 million. A range between € 135 million and € 155 million has been anticipated. For the
Real Estate subgroup, revenue is still expected to remain at the prior-year level, while a significant decrease in operational result (EBIT) is forecast. At
Group level however, revenue is still expected to increase markedly. The forecast for the operating result (EBIT) has also been adjusted and is now within a range between € 115 million and € 135 million. A range between € 150 million and € 170 million was previously expected. The forecast for capital expenditure has also been adjusted as part of the quarterly reporting. Capital expenditure for the Group is now expected to be within a range between € 380 million and € 430 million. The previous forecast was € 430 million to € 480 million, of which € 350 million to € 400 million is attributable to the Port Logistics subgroup. Previously € 400 million to € 450 million was expected. This is due in particular to alterations in the scheduling of automation projects at the Hamburg container terminals, resulting in a partial postponement of fund drawdowns to next year.
Key figures for January to September 2026 | HHLA Group |
| in € million | | 1–9 | 2026 | | 1–9 | 2025 | | Change |
| Revenue | | 1,375.1 | | 1,331.4 | | 3.3 % |
| EBITDA | | 245.6 | | 246.7 | | - 0.4 % |
| EBITDA margin in % | | 17.9 | | 18.5 | | - 0.6 pp |
| EBIT | | 81.2 | | 117.1 | | - 30.7 % |
| EBIT margin in % | | 5.9 | | 8.8 | | - 2.9 pp |
| Profit after tax and minority interests | | 2.0 | | 34.9 | | - 94.1 % |
| ROCE in % | | 3.7 | | 5.9 | | - 2.2 pp |
| Port Logistics subgroup 1,2 |
| in € million | | 1–9 | 2026 | | 1–9 | 2025 | | Change |
| Revenue | | 1,346.8 | | 1,303.5 | | 3.3 % |
| EBITDA | | 226.3 | | 229.6 | | - 1.4 % |
| EBITDA margin in % | | 16.8 | | 17.6 | | - 0.8 pp |
| EBIT | | 70.2 | | 107.4 | | - 34.7 % |
| EBIT margin in % | | 5.2 | | 8.2 | | - 3.0 pp |
| Profit after tax and minority interests | | - 4.0 | | 29.6 | | Neg. |
| Earnings per share in €3 | | - 0.06 | | 0.41 | | Neg. |
| 1 Before consolidation between subgroups |
| 2 Listed class A shares |
| 3 Basic and diluted |
| Container segment |
| in € million | | 1–9 | 2026 | | 1–9 | 2025 | | Change |
| Revenue | | 637.2 | | 641.8 | | - 0.7 % |
| EBITDA | | 107.7 | | 129.1 | | - 16.6 % |
| EBITDA margin in % | | 16.9 | | 20.1 | | - 3.2 pp |
| EBIT | | 29.4 | | 60.4 | | - 51.3 % |
| EBIT margin in % | | 4.6 | | 9.4 | | - 4.8 pp |
| Container throughput in thousand TEU | | 4,446 | | 4,798 | | - 7.3 % |
| Intermodal segment |
| in € million | | 1–9 | 2026 | | 1–9 | 2025 | | Change |
| Revenue | | 651.0 | | 604.1 | | 7.8 % |
| EBITDA | | 113.5 | | 112.3 | | 1.1 % |
| EBITDA margin in % | | 17.4 | | 18.6 | | - 1.2 pp |
| EBIT | | 78.0 | | 76.2 | | 2.3 % |
| EBIT margin in % | | 12.0 | | 12.6 | | - 0.6 pp |
| Container transport in thousand TEU | | 1,509 | | 1,501 | | 0.5 % |
Key figures for July to September 2026 | HHLA Group |
| in € million | | 7–9 | 2026 | | 7–9 | 2025 | | Change |
| Revenue | | 464.2 | | 446.9 | | 3.9 % |
| EBITDA | | 89.3 | | 81.5 | | 9.6 % |
| EBITDA margin in % | | 19.2 | | 18.2 | | 1.0pp |
| EBIT | | 29.8 | | 37.8 | | - 21.0 % |
| EBIT margin in % | | 6.4 | | 8.5 | | - 2.1 pp |
| Profit after tax and minority interests | | 6.3 | | 15.9 | | - 60.3 % |
| Port Logistics subgroup 1,2 |
| in € million | | 7–9 | 2026 | | 7–9 | 2025 | | Change |
| Revenue | | 455.1 | | 437.7 | | 4.0 % |
| EBITDA | | 83.2 | | 76.2 | | 9.2 % |
| EBITDA margin in % | | 18.3 | | 17.4 | | 0.9 pp |
| EBIT | | 26.5 | | 34.9 | | - 24.2 % |
| EBIT margin in % | | 5.8 | | 8.0 | | - 2.2 pp |
| Profit after tax and minority interests | | 4.3 | | 14.3 | | - 69.9 % |
| Earnings per share in €3 | | 0.05 | | 0.2 | | - 69.9 % |
| 1 Before consolidation between subgroups |
| 2 Listed class A shares |
| 3 Basic and diluted |
| Container segment |
| in € million | | 7–9 | 2026 | | 7–9 | 2025 | | Change |
| Revenue | | 210.6 | | 215.5 | | - 2.3 % |
| EBITDA | | 38.7 | | 40.7 | | - 4.9 % |
| EBITDA margin in % | | 18.4 | | 18.9 | | - 0.5 pp |
| EBIT | | 12.2 | | 17.6 | | - 30.6 % |
| EBIT margin in % | | 5.8 | | 8.2 | | - 2.4 pp |
| Container throughput in thousand TEU | | 1,487 | | 1,627 | | - 8.6 % |
| Intermodal segment |
| in € million | | 7–9 | 2026 | | 7–9 | 2025 | | Change |
| Revenue | | 225.4 | | 203.6 | | 10.7 % |
| EBITDA | | 41.8 | | 40.0 | | 4.5 % |
| EBITDA margin in % | | 18.5 | | 19.7 | | - 1.2 pp |
| EBIT | | 30.5 | | 28.0 | | 8.9 % |
| EBIT margin in % | | 13.5 | | 13.8 | | - 0.3 pp |
| Container transport in thousand TEU | | 524 | | 505 | | 3.8 % |
