Risk and opportunity report

The further course of the Russian war of aggression in Ukraine, the war in Iran and the associated geopolitical tensions and global economic effects – particularly as regards tariff conflicts and the navigability of trade routes – is difficult to predict and any risk assessments remain subject to a high degree of uncertainty.

As reported in the previous quarter, the impact of the Iran war poses a risk to HHLA’s business operations – in particular from rising energy prices, cyclical risks and restrictions on shipping regions that may lead to volume losses. It remains impossible to fully estimate the impact of these developments, as the duration of the conflict and its repercussions for the global economy cannot be predicted. Based on current estimates, these risks remain insignificant for the HHLA Group.

Furthermore, the statements made in the 2025 combined management report continue to apply with regard to the HHLA Group’s risk and opportunity position. The risks identified still do not threaten the ongoing existence of the Group. As far as the future is concerned, there are also no discernible risks at present that could jeopardise the continued existence of the company.