Expected Group performance

Comparison with the forecast of the previous year

The guidance for 2025 published in the 2024 Annual Report was initially further specified and then later adjusted during the course of the year.

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 downgraded the upper end of the range both for the Group as a whole and for the Port Logistics subgroup. EBIT for the Group as a whole was then expected to be in the range of € 195 million to € 215 million (previously: € 195 million to € 235 million); for the Port Logistics subgroup, the expected EBIT range was € 180 million to € 200 million (previously: € 180 million to € 220 million). All other statements made in the 2024 Annual Report regarding the expected course of business in 2025 continued to apply.

In the second half of the year, increasing global economic uncertainty – particularly as a result of US trade policies – as well as ongoing disruptions to global supply chains and extensive restructuring measures to automate the Hamburg port facilities led to a slowdown in the positive trend seen up to that point. Against this backdrop, the Executive Board adjusted its full-year forecast via an ad hoc disclosure on 27 October 2025 and from then on expected less strong volume and earnings growth. A significant year-on-year increase (previously: strong increase) in container throughput was anticipated for the Port Logistics subgroup, while container transport was still expected to increase strongly. With regard to revenue, the forecast of strong year-on-year growth remained unchanged. The EBIT forecast for the Port Logistics subgroup was adjusted to a range of € 145 million to € 160 million (previously: € 180 million to € 200 million); at Group level, EBIT was expected to be between € 160 million and € 175 million (previously: between € 195 million and € 215 million). Expectations for the Real Estate subgroup remained unchanged (slight increase in revenue and a strong decrease in EBIT). There were no other changes to the forecasts published in the 2024 Annual Report. Overall statement on business performance. Overall statement on business performance

In view of the ongoing volatile geopolitical and economic conditions, which do not allow for reliable projections over a period of several years, the Executive Board also decided to suspend its multi-year forecast until further notice.

Expected earnings position

Note: Given the ongoing geopolitical tensions and the associated uncertainty regarding future macroeconomic developments and their potential impact on the international flow of goods, the forecast below is subject to a high level of uncertainty at the time of reporting. In particular, the effects of the military conflict between the USA and Israel on the one side and Iran on the other, which broke out on 28 February 2026, cannot be assessed at this point in time.

For the current financial year, a significant year-on-year increase is expected for container throughput and a strong year-on-year increase for container transport in the Port Logistics subgroup. Strong growth is expected for revenue compared to 2025. The Port Logistics subgroup is targeting an operating result (EBIT) in the range of € 160 million and € 180 million.

For the Real Estate subgroup, revenue is expected to remain at the prior-year level, while a significant decrease is forecast for EBIT.

At Group level, HHLA expects strong revenue growth and an operating result (EBIT) in the range of € 175 million to € 195 million.

Expected financial position

Based on the liquidity available as of 31 December 2025, HHLA anticipates that it will have sufficient funds to meet its payment obligations at all times.

At Group level, capital expenditure is expected to be in the range of € 430 million to € 480 million in 2026. The Port Logistics subgroup is likely to account for € 400 million to € 450 million of this amount.

HHLA remains committed to its results-oriented dividend policy, which aims to pay out between 50 % and 70 % of annual net profit after minority interests in the form of dividends.