Real Estate segment
in € million |
|
2025 |
|
2024 |
|
Change |
|---|---|---|---|---|---|---|
Revenue |
|
46.3 |
|
46.1 |
|
0.5 % |
EBITDA |
|
25.6 |
|
25.6 |
|
- 0.1 % |
EBITDA margin in % |
|
55.2 |
|
55.6 |
|
- 0.4 pp |
EBIT |
|
15.4 |
|
16.1 |
|
- 4.4 % |
EBIT margin in % |
|
33.2 |
|
34.9 |
|
- 1.7 pp |
According to Grossmann & Berger’s latest market report, there was a significant loss of momentum in Hamburg’s office rental market during the fourth quarter of 2025. As of December, the area of office space let had decreased by 3.5 %, to around 410,000 m2, down from around 425,000 m2 in the same period of the previous year. The vacancy rate rose year-on-year by a further 1.5 percentage points to 6.7 %.
HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area continued to report stable growth in the 2025 financial year, with almost full occupancy in both districts.
Revenue rose slightly by 0.5 % to € 46.3 million in the reporting period (previous year: € 46.1 million). In view of a slight decline in income in the fish market area, the increase was the result of successful lease renewals and the reletting of space in the Speicherstadt historical warehouse district.
The cumulative operating result (EBIT) decreased slightly by 4.4 % to € 15.4 million in the reporting period (previous year: € 16.1 million). This was attributable to high one-off expenses for non-operating services during the third quarter, which could not be fully offset by the effects of increased rental income and reduced maintenance costs.