Expected Group performance

Based on performance to date and the updated estimates for the further development of the 2026 financial year, HHLA’s Executive Board adjusted its annual forecast on 20 July 2026. The extensive modernisation measures to automate the Hamburg container terminals, together with comprehensive infrastructure measures relating to the rail network, have had a greater impact on operations than originally expected. As a result, the throughput and transport volumes have fallen short of the original assumptions. At the same time, the challenging macroeconomic environment and ongoing geopolitical uncertainties have weighed on the business development. Furthermore, in light of recent developments, it is no longer expected that HHLA will be able to fully offset the impact of the winter weather at the beginning of the year during the remainder of the financial year. Against this backdrop, the Executive Board expects a lower revenue and earnings development for the 2026 financial year than previously forecast.

For the Port Logistics subgroup, a slight decrease is now expected year-on-year in container throughput (previously: significant increase). For container transport, a slight rise compared to the prior year is now expected (previously: strong rise).

For revenue, a significant year-on-year increase is expected (previously: strong increase). The forecast for the operating result (EBIT) has been adjusted due to the reasons outlined above and now ranges from € 135 to 155 million (previously: between € 160 and 180 million).

For the Real Estate subgroup, revenue is still expected to remain at the prior-year level, while a significant decrease is forecast for operating result (EBIT).

Accordingly, at Group level, a significant increase in revenue is now expected (previously: strong increase). The forecast for operating result (EBIT) has also been adjusted as a result of the changed assumptions and is now within a range between € 150 and 170 million (previously: between € 175 and 195 million).

The forecast for capital expenditure remains unchanged. Investments for the Group are still expected to be within a range between € 430 and 480 million, of which € 400 to 450 million is still attributable to the Port Logistics subgroup. All other disclosures made in the 2025 Annual Report regarding the expected course of business in 2026 continue to apply.