Income statement

Income statement – HHLA subgroups
in € thousand; Port Logistics subgroup and Real Estate subgroup; annex to the condensed notes	1–6 \| 2025 Group	1–6 \| 2025 Port Logistics	1–6 \| 2025 Real Estate	1–6 \| 2025 Consolidation
Revenue	884,521	865,746	23,380	- 4,604
Changes in inventories	- 2,738	- 2,738	0	0
Own work capitalised	4,219	3,610	0	609
Other operating income	30,278	27,501	3,788	- 1,011
Cost of materials	- 302,852	- 298,754	- 4,463	365
Personnel expenses	- 339,899	- 338,448	- 1,451	0
Other operating expenses	- 108,327	- 103,541	- 9,427	4,641
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	165,202	153,375	11,827	0
Depreciation and amortisation	- 85,850	- 80,953	- 5,085	188
Earnings before interest and taxes (EBIT)	79,352	72,421	6,743	188
Earnings from associates accounted for using the equity method	2,552	2,552	0	0
Interest income	6,678	5,984	703	- 10
Interest expenses	- 37,711	- 35,450	- 2,271	10
Financial result	- 28,481	- 26,913	- 1,568	0
Earnings before tax (EBT)	50,870	45,508	5,175	188
Income tax	- 18,745	- 17,169	- 1,528	- 48
Profit after tax	32,126	28,339	3,646	141
of which attributable to non-controlling interests	13,056	13,056	0
of which attributable to shareholders of the parent company	19,070	15,283	3,787
Earnings per share, basic and diluted, in €	0.25	0.21	1.40

Income statement – HHLA subgroups
in € thousand; Port Logistics subgroup and Real Estate subgroup; annex to the condensed notes	1–6 \| 2024 Group	1–6 \| 2024 Port Logistics	1–6 \| 2024 Real Estate	1–6 \| 2024 Consolidation
Revenue	760,315	742,477	22,975	- 5,137
Changes in inventories	2,230	2,230	0	0
Own work capitalised	4,597	4,066	0	531
Other operating income	24,417	20,870	4,583	- 1,036
Cost of materials	- 258,210	- 253,890	- 4,717	397
Personnel expenses	- 300,190	- 298,774	- 1,415	0
Other operating expenses	- 90,106	- 85,673	- 9,678	5,245
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	143,053	131,306	11,748	0
Depreciation and amortisation	- 84,201	- 79,620	- 4,770	188
Earnings before interest and taxes (EBIT)	58,852	51,685	6,979	188
Earnings from associates accounted for using the equity method	2,902	2,902	0	0
Interest income	2,902	1,595	1,371	- 64
Interest expenses	- 28,313	- 26,123	- 2,254	64
Financial result	- 22,509	- 21,625	- 883	0
Earnings before tax (EBT)	36,344	30,060	6,096	188
Income tax	- 12,959	- 11,029	- 1,882	- 48
Profit after tax	23,385	19,031	4,213	141
of which attributable to non-controlling interests	10,181	10,181	0
of which attributable to shareholders of the parent company	13,204	8,850	4,354
Earnings per share, basic and diluted, in €	0.18	0.12	1.61

Income statement – HHLA subgroups
in € thousand; Port Logistics subgroup and Real Estate subgroup; annex to the condensed notes	4–6 \| 2025 Group	4–6 \| 2025 Port Logistics	4–6 \| 2025 Real Estate	4–6 \| 2025 Consolidation
Revenue	448,918	439,407	11,757	- 2,244
Changes in inventories	585	585	0	0
Own work capitalised	2,219	1,898	0	321
Other operating income	14,589	13,475	1,610	- 496
Cost of materials	- 147,690	- 145,649	- 2,219	178
Personnel expenses	- 174,464	- 173,727	- 737	0
Other operating expenses	- 54,223	- 51,660	- 4,803	2,240
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	89,934	84,328	5,608	0
Depreciation and amortisation	- 43,126	- 40,663	- 2,544	81
Earnings before interest and taxes (EBIT)	46,809	43,664	3,064	81
Earnings from associates accounted for using the equity method	1,429	1,429	0	0
Interest income	2,963	2,662	310	- 10
Interest expenses	- 20,533	- 19,401	- 1,142	10
Financial result	- 16,141	- 15,309	- 832	0
Earnings before tax (EBT)	30,667	28,355	2,231	81
Income tax	- 11,729	- 11,130	- 578	- 20
Profit after tax	18,940	17,225	1,652	62
of which attributable to non-controlling interests	7,736	7,736	0
of which attributable to shareholders of the parent company	11,204	9,489	1,714
Earnings per share, basic and diluted, in €	0.15	0.13	0.63

Income statement – HHLA subgroups
in € thousand; Port Logistics subgroup and Real Estate subgroup; annex to the condensed notes	4–6 \| 2024 Group	4–6 \| 2024 Port Logistics	4–6 \| 2024 Real Estate	4–6 \| 2024 Consolidation
Revenue	396,679	387,531	11,595	- 2,447
Changes in inventories	655	655	0	0
Own work capitalised	2,174	1,924	0	250
Other operating income	14,433	12,394	2,545	- 506
Cost of materials	- 135,567	- 133,235	- 2,553	221
Personnel expenses	- 149,927	- 149,162	- 764	0
Other operating expenses	- 46,981	- 44,383	- 5,079	2,481
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	81,466	75,724	5,744	0
Depreciation and amortisation	- 40,052	- 37,761	- 2,373	81
Earnings before interest and taxes (EBIT)	41,413	37,961	3,371	81
Earnings from associates accounted for using the equity method	1,485	1,485	0	0
Interest income	1,228	618	669	- 59
Interest expenses	- 13,400	- 12,362	- 1,097	59
Financial result	- 10,686	- 10,258	- 428	0
Earnings before tax (EBT)	30,728	27,703	2,943	81
Income tax	- 10,599	- 9,679	- 901	- 19
Profit after tax	20,128	18,025	2,042	62
of which attributable to non-controlling interests	5,817	5,817	0
of which attributable to shareholders of the parent company	14,312	12,208	2,104
Earnings per share, basic and diluted, in €	0.19	0.17	0.78

Half-year Financial Report January – June 2025