Investment analysis
Capital expenditure totalled € 500.9 million in the 2025 financial year (previous year: € 302.7 million). This figure includes additions of € 130.5 million from right-of-use assets (rent and leases) not recognised as a direct cash expense (previous year: € 27.5 million). Capital expenditure focused on extending the Hamburg container terminals and expanding intermodal handling and transport capacities. Investment projects were funded by both operating cash flow and cash flow from financing activities.
Property, plant and equipment accounted for € 443.6 million (previous year: € 259.5 million) of capital expenditure, while intangible assets accounted for € 25.6 million (previous year: € 22.6 million) and investment property for € 31.7 million (previous year: € 20.6 million).
Investments amounting to € 231.8 million were made in the Container segment (previous year: € 161.4 million). Capital expenditure was dominated by the procurement of handling equipment and storage capacities at the Hamburg container terminals. Investments in the Intermodal segment amounted to € 63.1 million (previous year: € 44.7 million). METRANS accounted for most of this capital expenditure, investing mainly in the development of existing and new inland terminals. Capital expenditure in the Logistics segment totalled € 88.0 million (previous year: € 72.4 million) and chiefly related to the procurement of container wagons and locomotives at the leasing company in the Intermodal segment. The pro forma Holding/Other segment invested a total of € 86.8 million (previous year: € 5.7 million), largely due to a lease extension resulting from the restructuring of O’Swaldkai. In the Real Estate segment, capital expenditure amounted to a total of € 35.1 million (previous year: € 21.9 million), mainly for the development of the Speicherstadt historical warehouse district.
As of year-end, there were other financial liabilities for outstanding purchase commitments of € 408.7 million (previous year: € 364.0 million). This figure includes € 349.3 million (previous year: € 300.2 million) for the capitalisation of property, plant and equipment.
Investments, depreciation and amortisation
in € million
Capital expenditure by segment
Capital expenditure 2025: € 501 million
