HHLA share

DAX profits from inflow of international capital

The German stock exchange continued its upward trend in the first half of 2025. This movement was driven by continued strong inflows of international capital into European shares and increased risk tolerance among investors, as well as politically driven momentum arising from new government investment programmes in Germany.

Export-oriented businesses and traditional DAX sectors such as energy, manufacturing and technology have been the key beneficiaries of the current market conditions. Share prices rose substantially in the first quarter and continued to climb in the second. Although protectionist US tariff measures and geopolitical tensions led to increased volatility, causing the DAX to dip temporarily in April to a year-to-date low of 19,671 points, this did not affect the positive overall trend. The benchmark index hit 24,324, a high for the year to reporting date, in early June. The substantial gain of 20.1% recorded over the first six months put the DAX among the world’s best-performing major indices. The index closed at 23,910 points on 30 June 2025. Meanwhile, the SDAX rose by 28.1% to reach 17,563 points, a high for the year to date.

Share price development, January to June 2025

HHLA share price makes major gains

HHLA’s share price recorded an overall rise in the first half of 2025. The share initially hovered around the 2024 year-end close of € 17.68 before climbing in line with the general market trend. It reached its year-to-date high on 28 January – the highest price at which the share had traded since the announcement of the takeover bid in September 2023. However, it subsequently drifted back down towards the takeover offer price of € 16.75, reaching a year-to-date low of € 16.22 on 4 April.

Starting in spring, a discernible upward trend took hold – although bolstered by a positive outlook and solid quarterly figures, this was mainly driven by market expectations of potential further structural measures in connection with the majority stake held by Port of Hamburg Beteiligungsgesellschaft SE (PoH).

Two ad hoc announcements attracted further attention in the second half of June. Firstly, the majority shareholder submitted a countermotion for the Annual General Meeting, calling for a reduction in the proposed dividend from € 0.16 to € 0.10 per share in order to strengthen the company’s equity base and increase liquidity. Secondly, the Supervisory Board reached an agreement with CEO Angela Titzrath that she would leave HHLA by the end of the year at the latest. Although both matters prompted increased media attention, they had no lasting effect on the share price.

On 30 June 2025, the share price stood at € 19.05 – and thus 7.7 % higher than at the start of the year. For more information on the share’s performance and all other aspects of the HHLA share, please visit www.hhla.de/en/investors/share.

Annual General Meeting resolves on dividend of € 0.10 per share

Dividend per listed class A share

in €; payout ratio in %

The Annual General Meeting was held online again on 3 July 2025. As in the previous year, shareholders could follow the meeting live on the shareholder portal, while a video platform enabled them to pose questions and contribute actively to discussions. Keen use was made of this option once again this year.

A majority of votes at the Annual General Meeting were cast in favour of the counter-motion tabled by Port of Hamburg Beteiligungsgesellschaft SE (PoH) to distribute a dividend of € 0.10 per listed class A share (previous year: € 0.08). A total of € 7.3 million (previous year: € 5.8 million)
was thus paid out to shareholders of the Port Logistics subgroup.

The Annual General Meeting also approved all other proposed resolutions with large majorities. As a result, Kristin Berger, Hugues Favard and Søren Toft were elected as new members of the Supervisory Board, replacing the three departing members Bettina Lentz, Dr. Norbert Kloppenburg and Prof. Dr. Burkhard Schwenker, and the authority to hold general meetings online was renewed. For more information on the Annual General Meeting, please visit www.hhla.de/agm.

Shareholder structure remains largely uncharged with reduced free float

Shareholder structure for listed class A shares

as of 30.06.2025

The shareholder structure remained essentially the same relative to 31 December 2024. PoH’s shareholding was unchanged, while the free float portion diminished slightly as a result of further transactions in the market

With regard to the listed class A shares, PoH remained the company’s largest shareholder with 93.78%. As of 30 June 2025, Mediterranean Shipping Company (MSC) also held 0.85 % of the class A shares indirectly via SAS Shipping Agencies Services Sàrl (SAS) (31 December 2024: 0.05 %). The free float portion of class A shares declined to 5.37 % over the course of the year (31 December 2024: 6.17 %).

Based on the share capital of the HHLA Group, PoH held 90.41 % of HHLA’s shares as of 30 June 2025. The free float portion accounted for 5.18 % of the Group’s share capital (31 December 2024: 5.95 %). SAS increased its stake to 0.82 % (31 December 2024: 0.05 %). For more information on the shareholder structure, please visit the HHLA website. https://hhla.de/en/investors/share/shareholder-structure

Dialogue with capital market maintained

Given the changed shareholder structure, the reduced free float portion and the limited liquidity of the shares, interest from the capital market has waned noticeably. As a result, HHLA is no longer regularly covered by any analysts.

In spite of this, interest in the future of MSC’s strategic shareholding in HHLA remained high. The Investor Relations team was on hand to respond to queries from both private and institutional investors.