Half-year Financial Report January – June 2024

Expected Group performance

Within the Port Logistics and Real Estate subgroups, HHLA’s actual economic development in the first half of 2024 was largely in line with the forecast published in the combined management report for 2023, which, at the time of preparing the annual report, was subject to considerable uncertainty due to geopolitical tensions, the ongoing war in Ukraine and the effects of the announced changes to the syndicate structures of shipping companies.

In the course of the current financial year, economic development in the main markets of the Port Logistics subgroup has been varied. The moderate cyclical upturn in throughput volumes observed in the first quarter of 2024 weakened slightly in the second quarter of the year.

Against this backdrop, a moderate year-on-year increase in container throughput is now expected for the Port Logistics subgroup (previously: significant increase). The acquisition of a majority shareholding in Roland Spedition GmbH in the second quarter is having a positive effect on container transport, meaning that a significant increase in container transport is now anticipated (previously: moderate increase).

A significant year-on-year increase in revenue is now expected for the Port Logistics subgroup (previously: moderate increase). This development is partially attributable to the acquisition of a majority shareholding in Roland Spedition GmbH but also to a higher income level resulting from temporarily longer container dwell times at the Hamburg terminals. In the Container segment, the forecast of a significant increase in revenue remains unchanged, whereas a significant increase (previously: moderate increase) is now predicted for the Intermodal segment due to the aforementioned majority shareholding.

The operating result (EBIT) is still expected to be within a range of € 70 million to € 100 million. Within this range, a strong increase is expected for the Container segment (previously: strong decrease) due to a higher earnings level, the effects from the remeasurement of the useful economic life of certain assets and a partial reversal of the restructuring provision. A strong increase is still expected for the Intermodal segment.

Earnings of the Real Estate subgroup are expected to remain at the prior-year level (previously: significant increase).

In total, a significant increase (previously: moderate increase) in revenue is forecast at Group level. The operating result (EBIT) is still expected to be within a range of € 85 million to € 115 million.

Capital expenditure at Group level is expected to be at the lower end of the € 400 million to € 450 million range. With anticipated investments of € 360 million to € 410 million, the Port Logistics subgroup will account for the majority of this expenditure.