Overall view of the course of business

The 2025 financial year was shaped by a weak economy, geopolitical tensions and ongoing instability in global supply chains. Despite these conditions, the HHLA Group recorded a positive development overall, supported by stable volume growth in throughput and transport; however, profit after tax was affected by one-off tax effects.

As of the balance sheet date, 31 December 2025, HHLA’s economic and financial position proved to be stable. The equity ratio decreased by 1.0 percentage point to 24.1 % (previous year: 25.1 %). The gearing ratio rose from 5.6 to 5.9. There were no further refinancing needs as of the balance sheet date.

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.

Based on the development of business in the first half of 2025, the Executive Board issued more specific guidance on the anticipated EBIT trend for 2025 in its half-yearly financial report and lowered the upper end of the range both for the Group as a whole and for the Port Logistics subgroup. In the second half of the year, increasing global economic uncertainties – particularly as a result of US trade policy – and ongoing disruptions to global supply chains, coupled with far-reaching restructuring measures to automate the Hamburg port facilities during day-to-day operations, led to a slowdown in the positive development seen up to that point. Against this backdrop, the Executive Board adjusted its full-year forecast in a capital market announcement on 27 October 2025 and from then on anticipated less strong volume and earnings growth. All other disclosures made in the 2024 combined management report regarding the expected course of business in 2025 continue to apply.