Financial position

Balance sheet analysis

Compared to year-end 2025, the HHLA Group’s balance sheet total increased by a total of € 134.4 million to € 3,609.0 million as of 30 June 2026 (as of 31 December 2025: € 3,474.6 million).

On the assets side of the balance sheet, non-current assets rose by € 108.5 million to € 3,003.2 million (31 December 2025: € 2,894.7 million). The change was mainly due to investments in property, plant and equipment (less depreciation and amortisation), as well as in investment property. By contrast, there was a decrease in intangible assets – largely due to the reclassification of assets to “non-current assets held for sale”.

Current assets rose by € 25.9 million to € 605.8 million (31 December 2025: € 579.9 million). The change was mainly due to an increase in trade receivables and other non-financial assets. In addition, the figure now includes non-current assets held for sale. There was an opposing effect from a decrease in cash, cash equivalents and short-term deposits, as well as in receivables from related parties.

On the liabilities side, equity increased by € 3.4 million to € 840.5 million compared to the 2025 year-end figure (31 December 2025: € 837.2 million). The increase was largely due to the positive overall result for the reporting period, net of the distribution to non-controlling shareholders. The equity ratio decreased to 23.3 % (31 December 2025: 24.1 %).

Non-current liabilities rose by € 66.3 million to € 2,187.6 million (31 December 2025: € 2,121.3 million). This was primarily due to the increase in non-current financial liabilities. There was an opposing effect from the reduction in non-current liabilities to related parties.

The increase in current liabilities of € 64.8 million to € 580.8 million (31 December 2025: € 516.1 million) was primarily attributable to the increase in trade liabilities, as well as in current financial and non-financial liabilities.

Investment analysis

Capital expenditure in the reporting period amounted to € 221.8 million and was thus below the prior-year figure of € 247.9 million, which was driven by the extension of a lease for logistics space. Property, plant and equipment accounted for € 207.4 million of capital expenditure (previous year: € 236.8 million) and intangible assets for € 14.4 million (previous year: € 11.1 million). The overwhelming share of this capital expenditure was for expansion investments.

Capital expenditure in the first half of 2026 focused on the procurement of container gantry cranes and large-scale equipment for horizontal transport at HHLA’s container terminals in the Port of Hamburg, as well as on the expansion and modernisation of the international container terminals. 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 € 98.0 million (previous year: € 129.2 million) mainly comprised earnings before interest and taxes of € 51.3 million (previous year: € 79.4 million), write-downs and write-ups on non-financial assets of € 105.0 million (previous year: € 85.9 million) and the increase in trade liabilities and other liabilities of € 53.0 million (previous year: € 71.9 million). The main opposing items were the increase in trade receivables and other assets of € 66.9 million (previous year: € 67.1 million), interest payments of € 29.1 million (previous year: € 20.8 million) and income tax payments of € 20.7 million (previous year: € 18.1 million).

Investing activities led to a cash outflow of € 197.8 million (previous year: € 122.9 million). This was primarily attributable to payments of € 180.9 million (previous year: € 131.7 million) to acquire property, plant and equipment and investment property, as well payments of € 14.4 million to acquire intangible assets (previous year: € 11.1 million).

Free cash flow – i.e. the total cash flow from operating and investing activities – totalled € - 99.8 million (previous year: € 6.3 million).

Financing activities led to a cash inflow of € 53.2 million (previous year: cash inflow of € 10.5 million). This resulted mainly from proceeds from the assumption of financial loans, amounting to € 89.2 million (previous year: € 48.6 million). The redemption of lease liabilities totalling € 25.1 million (previous year: € 26.7 million) and payments for the redemption of (financial) loans totalling € 8.1 million (previous year: € 9.6 million) had an opposing effect.

The HHLA Group had sufficient liquidity as of 30 June 2026. There were no liquidity bottlenecks in the period to the balance sheet date. Financial funds as at the end of the first half of 2026 amounted to € 149.5 million (30 June 2025: € 302.4 million). As in the previous year, this corresponded to the Group’s available liquidity as at the balance sheet date. As of 30 June 2026, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH amounting to € 8.4 million (30 June 2025: € 52.1 million) as well as cash, cash equivalents and short-term deposits of € 141.1 million (30 June 2025: € 250.4 million).