3. Accounting and valuation principles and new accounting standards
3.1 Principal accounting and valuation methods
The accounting and valuation methods used for the preparation of the Condensed Interim Consolidated Financial Statements correspond to the methods used in the preparation of the Consolidated Financial Statements as of 31 December 2025. When calculating the income tax expense during the year, the currently applicable tax rate is used for the domestic companies. The effective tax rate of the entire Group for the interim reporting period to 30 June 2026 was 83.0 % (30 June 2025: 36.8 %).
Based on the latest figures for the constituent entities, an indicative assessment of the potential minimum tax rate, taking into account the Safe Harbour guidelines, was conducted for the 30 June 2026 balance sheet date in accordance with Section 84 et seq. of the German Minimum Taxation Act (MinStG). All the countries in the assessment meet at least one of the preconditions for the Safe Harbour guidelines as per Section 84 MinStG. As a result, no minimum tax expense was recognised at Group level as of 30 June 2026.
In view of the Executive Board’s specific intention to dispose of these assets, as of 30 June 2026 non-current assets held for sale of € 13,928 thousand (31 December 2025: € 0 thousand) are recognised in current assets and liabilities directly related to these amounting to € 2,061 thousand (31 December 2025: € 0 thousand) are recognised as current liabilities. The disposal is expected to close within the next twelve months. The change in presentation is related to the planned sale of the shares in a fully consolidated subsidiary in the Logistics segment. The assets primarily comprise technologies relating to air-based logistics services, as do the related liabilities. The plan is that the buyer will assume a loan owed to HHLA AG. The assets and liabilities were each measured at the lower of carrying amount and fair value less selling costs.
Impairment of assets
Expenses relating to unscheduled impairment losses on non-current intangible assets amounting to € 9.4 million were recognised in amortisation and depreciation affecting profit or loss as of 30 June 2026 in connection with the winding-up of omoqo GmbH.
On the measurement date of 31 December 2025, the goodwill for the cash-generating unit Roland Spedition GmbH, Schwechat, Austria (Roland CGU), underwent mandatory impairment testing. As of 31 December 2025, the discount rate after taxes was 8.7 %. Based on the estimate used for cash flow in the detailed planning period and the growth factor of 1.0 %, the recoverable amount was € 0.3 million higher than the carrying amount for valuation purposes. An increase in the discount rate of 0.06 percentage points, a decrease in the growth rate of 0.09 percentage points, or a 1.0 % decrease in EBIT over the measurement period (5 years and continuation value) would have resulted in the recoverable amount equalling the carrying amount.
As of the measurement date of 31 March 2026, there were no material divergent developments and no further impairment testing was carried out.
An impairment test as of the measurement date of 30 June 2026 was not performed either due to the earnings performance of the Roland CGU and a post-tax discount rate that had fallen from 8.7 % to 8.4 % compared with 31 December.
Management once again updated its estimates as of 31 December 2025 with regard to the future performance of the CTO CGU. The scenarios presented for the impairment test as of 30 June 2025 were once again updated, taking into account events over time. Weighted accordingly, the cash flows were discounted at a rate of 14.3 % after taxes as of 31 December 2025, while a growth factor of 1.0 % was applied. There was no need to recognise an impairment loss as of 31 December 2025; the recoverable amount was sufficiently higher than the carrying amount for valuation purposes.
As of the measurement date of 31 March 2026, there were no material divergent developments and no further impairment testing was carried out.
Management updated its estimates as of 30 June 2026 with regard to the future performance of the CTO CGU. The scenarios presented for the impairment test as of 31 December 2025 were updated, taking into account events over time. Weighted accordingly, the cash flows were discounted at a rate of 14.1 % after taxes as of 30 June 2026, while a growth factor of 1.0 % was applied. There was no need to recognise an impairment loss as of 30 June 2026; the recoverable amount was sufficiently higher than the carrying amount for valuation purposes.
Material risks (expropriation, destruction, breach of contract) continue to be largely hedged by German government guarantees. It has been possible to expand hedging to include shareholder loans additionally granted in the meantime.
In the case of other cash-generating units, there are no indications of an impairment of assets, with the result that the Executive Board did not update the respective impairment calculations.
3.2 New accounting standards
HHLA started applying the following new standard on 1 January 2026:
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)
Annual Improvements – Volume 11
No material effects on the Interim Consolidated Financial Statements arose from the application of this new standards.
The following amendments to standards can be applied on a voluntary basis for the financial year under review. They have not been applied by HHLA:
IFRS 18 Presentation and Disclosure in Financial Statements