Financial position

Balance sheet analysis

Compared to year-end 2024, the HHLA Group’s balance sheet total increased by a total of € 213.8 million to € 3,497.8 million as of 30 June 2025 (31 December 2024: € 3,284.0 million).

On the assets side of the balance sheet, non-current assets rose by € 163.3 million to € 2,791.4 million (31 December 2024: € 2,628.2 million). The change was mainly due to investments in property, plant and equipment (less scheduled depreciation and amortisation), as well as in investment property. Capital expenditure on property, plant and equipment includes the recognition of a right-of-use asset due to a lease extension for logistics space. This led to the corresponding recognition of a lease liability within non-current and current liabilities to related parties.

Current assets rose by € 50.6 million to € 706.4 million (31 December 2024: € 655.8 million). The change was mainly due to an increase in trade receivables, as well as receivables from related parties. The decline in income tax receivables had the opposite effect.

On the liabilities side, equity rose by € 39.1 million to € 862.9 million compared to the 2024 year-end figure (31 December 2024: € 823.8 million). The increase was largely due to the positive overall result for the reporting period. The equity ratio decreased slightly to 24.7 % (31 December 2024: 25.1 %).

Non-current liabilities increased by € 92.2 million to € 2,096.3 million (31 December 2024: € 2,004.1 million). This was primarily due to the increase in non-current liabilities to related parties and in non-current financial liabilities. Lower pension provisions had the opposite effect.

The increase in current liabilities of € 82.5 million to € 538.6 million (31 December 2024: € 456.1 million) was primarily attributable to the increase in current liabilities to related parties, trade liabilities, and current financial and non-financial liabilities.

Investment analysis

Capital expenditure in the reporting period amounted to € 247.9 million and was thus well above the prior-year figure of € 134.3 million. The main reason was the extension of a lease for logistics space. Property, plant and equipment accounted for € 236.8 million of capital expenditure (previous year: € 123.2 million) and intangible assets for € 11.1 million (previous year: € 11.1 million). With the exception of the above mentioned lease extension, the overwhelming share of this capital expenditure was for expansion investments.

A significant proportion of capital expenditure in the first half of 2025 was for the extension of a lease for logistics space and the procurement of container gantry cranes and large-scale equipment for horizontal transport at HHLA’s container terminals in the Port of Hamburg. Investments were also made in the purchase of locomotives and container wagons, as well as in the expansion of the METRANS Group’s hinterland terminals. In the Real Estate subgroup, capital expenditure focused on the development of the Speicherstadt historical warehouse district in Hamburg.

Liquidity analysis

In the reporting period, cash flow from operating activities of € 129.2 million (previous year: € 99.0 million) mainly comprised earnings before interest and taxes of € 79.4 million (previous year: € 58.9 million), write-downs and write-ups on non-financial assets of € 85.9 million (previous year: € 84.2 million) and the increase in trade liabilities and other liabilities of € 71.9 million (previous year: € 33.0 million). The main opposing item was the increase in trade receivables and other assets of € 67.1 million (previous year: € 33.6 million).

Investing activities led to a cash outflow of € 122.9 million (previous year: € 134.3 million). This was primarily attributable to payments for capital expenditure on property, plant and equipment and investment property amounting to € 131.7 million (previous year: € 109.6 million). It was opposed by proceeds from short-term deposits totalling € 20.0 million (previous year: € 0.0 million).

Free cash flow – the total cash flow from operating and investing activities – totalled € 6.3 million (previous year: € - 35.3 million).

Financing activities led to a cash inflow of € 10.5 million (previous year: cash outflow of € 58.5 million). This resulted mainly from proceeds from the assumption of financial loans amounting to € 48.6 million (previous year: € 33.5 million). The redemption of lease liabilities totalling € 26.7 million (previous year: € 24.6 million) and outgoing repayments of (financial) loans totalling € 9.6 million (previous year: € 55.3 million) had an opposing effect.

The HHLA Group had sufficient liquidity as of 30 June 2025. There were no liquidity bottlenecks in the period to the balance sheet date. Financial funds totalled € 302.4 million as of the end of the first half of 2025 (30 June 2024: € 148.4 million). As in the previous year, this corresponded to the Group’s available liquidity as of the balance sheet date. As of 30 June 2025, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH amounting to € 52.1 million (30 June 2024: € 17.4 million) as well as cash, cash equivalents and short-term deposits of € 250.4 million (30 June 2024: € 131.0 million).