Overall view of the course of business

Despite global challenges such as the ongoing weakness of the German economy, the military conflict in the Middle East with its impact on shipping routes, and the war in Ukraine, the HHLA Group recorded a positive development in revenue and earnings in the 2024 financial year.

At the end of the reporting period on 31 December 2024, HHLA’s economic and financial position proved to be stable. The equity ratio decreased by 1.7 percentage points to 25.1 % (previous year: 26.8 %). The gearing ratio rose from 5.5 to 5.6. There were no further refinancing needs as of the end of the reporting period.

During the reporting period, there were no changes in HHLA’s operating environment that had a significant impact on its results of operations, net assets and financial position. Significant events and transactions are reported in the section Notes on the reporting.

In the course of the 2024 financial year, the economic trend in the main markets of the Port Logistics subgroup was varied. The moderate cyclical increase in throughput volumes in the first quarter of 2024 weakened slightly in the second quarter. As a result, the guidance for container throughput was downgraded on publication of the half-yearly financial report for 2024. The acquisition of a majority stake in Roland Spedition GmbH in the second quarter had a positive impact on container transport, resulting in expectations being raised here, too. Temporarily longer dwell times for containers at the Hamburg terminals also contributed to the improved revenue situation. Consequently, revenue guidance figures for the Group, the Port Logistics subgroup and the Intermodal segment were all upgraded. Although the operating result (EBIT) was still expected to be within a range of € 70 million to € 100 million, a strong increase was expected for the Container segment due to the anticipated revenue growth, the effects from the remeasurement of the useful economic life of certain assets and a partial reversal of the restructuring provision.

Based on the positive business development of the first nine months of 2024, and in particular improved rail transport revenue, the guidance for revenue of the Port Logistics subgroup was once again increased in late October by means of an ad-hoc announcement. In view of the higher revenue level resulting from temporarily longer container dwell times at the Hamburg terminals, guidance for the operating result (EBIT) was also upgraded. An operating result for the Group in the range of € 125 million to € 145 million and for the Port Logistics subgroup in the range of € 110 million to € 130 million was now expected. The guidance for container throughput, however, was downgraded.

As a result of delays in the implementation of investment projects, particularly in the Real Estate subgroup and the Intermodal segment due to external factors, anticipated capital expenditure for both the Group and the Port Logistics subgroup was lowered.