Foreword
Dear shareholders,
Ongoing geopolitical challenges and humanitarian crises, including the war in Ukraine, are continuing to have tangible effects on the economy, society and our daily work. An especially painful moment in the last few months was the attack on our terminal in Odessa in May, in which three of our colleagues tragically lost their lives. This has affected us all deeply. Our thoughts are with the families of the deceased. We share their grief and are doing everything we can to support them in these difficult times.
Since the start of the Russian war of aggression, we have consistently taken measures to ensure the safety of our local personnel. All security precautions were also reviewed and adjusted in the wake of the recent attack. The fact that the Odessa terminal remains in operation and is thus making a decisive contribution to the supply of goods to Ukraine is not only a logistical success, but also a powerful sign of solidarity in action.
Our solidarity with Ukraine is expressed in both word and deed: by taking a 60% stake in the Eurobridge Intermodal Terminal in Batiovo in western Ukraine, we are underlining our long-term commitment to the region. Ukraine remains a key hub in our network and we want to play an active role in helping to shape its future.
Despite all the uncertainties and challenges, business at HHLA’s European sites made encouraging progress on the whole during the first six months. This development underscores how the expansion of our European network is delivering tangible results.
For example, there was significant year-on-year growth in container throughput – not only in Hamburg but also at HHLA’s international terminals. Volumes for the Far East shipping region were particularly strong. By contrast, volumes for the United States were down – a decline that is probably attributable both to a shift in trade flows and the front-loading of shipments due to US tariff policy.
There was also year-on-year growth in container transport at HHLA’s Intermodal companies. Despite extensive construction work and numerous operational disruptions in the rail network during the first six months, revenue and earnings in the segment continued to make good progress in the second quarter.
HHLA’s successful trajectory continued in the second quarter of 2025. The strengthening of our European network is delivering tangible results.
The upgrading of our container terminals in Hamburg is also gathering further momentum. Preparations at Container Terminal Altenwerder for the introduction of the new remote-controlled container gantry cranes and rail gantry cranes are progressing well. At the same time, decisive milestones are being reached for the introduction of automated container transporters at Container Terminal Burchardkai.
Together with our partner FERNRIDE, we have achieved a further important milestone at our Tallinn terminal, where the transition to driverless terminal tractors has now begun – setting new standards for safety and efficiency in European port logistics. Our digital platform heyport is also progressing strongly: it is now being used to actively coordinate ship calls at five terminals in Morocco – further proof of the international relevance and performance of our digital solutions.
In times of growing uncertainty and increasing geopolitical tension, these forward-looking projects are crucial. Increasingly unreliable global supply chains mean that resilient logistics are becoming a strategic necessity. Over the past few years, we have achieved a great deal in terms of strengthening our resilience and laying important foundations. With its clear strategy and resolute implementation, HHLA is now well placed to navigate safely through a consistently volatile environment – and to continue its growth as it looks to the future.
Yours,
Angela Titzrath
Chief Executive Officer