Foreword
Dear shareholders,
We began 2026 with ambitious targets. However, the first six months were marked by adverse conditions and considerable operational challenges. Geopolitical uncertainties, the effect of conflicts in the Middle East and the associated disruptions to key shipping routes all weighed on trade and logistics. This was compounded by extreme weather conditions at the beginning of the year and major infrastructure work in the rail network, which posed additional challenges, particularly for European hinterland transport.
These external factors were further exacerbated by extensive modernisation and automation projects at our Hamburg container terminals. By undertaking such far-reaching restructuring measures, we aim to lay the foundations for greater efficiency and additional capacity, thus strengthening our long-term competitive edge. However, these measures have disrupted our operations more severely than we anticipated at the start of the year.
Against this backdrop, throughput and transport volumes were lower than expected in the first half of the year. Container throughput for the period January to June 2026 was 6.7 percent below the prior-year figure, while container transport volumes were down by 1.2 percent. The fact that revenue was nevertheless up by 3.0 percent is primarily due to additional storage fees, as well as favourable revenue mix effects. Burdened by the numerous operational challenges of the first half-year, however, the operating result (EBIT) of € 51.3 million was significantly down on the previous year.
In view of this first-half performance, as well as our updated expectations for the second half of the year, we have adjusted our full-year forecast for 2026. We now expect a slight downturn in container throughput compared to last year. Container transport volumes are expected to be slightly up on the previous year. Group revenue is likely to be significantly higher than the corresponding prior-year figure. With regard to our operating result (EBIT), we now forecast a range of € 150 to 170 million.
We are convinced that we can offer our clients the most reliable service in Europe over the long term.
Despite the current operational headwinds, the systematic modernisation of our facilities and processes remains essential for HHLA’s long-term competitiveness. For the second half of the year, it is now vital that we continue to press ahead with the measures we have introduced so far, while simultaneously achieving a noticeable improvement in the operational situation. To this end, we intend to enhance the stability of the new processes and technical systems, thus making a significant improvement to the quality of our handling processes.
At Container Terminal Altenwerder, we will put further new container gantry cranes into operation. At the same time, we will continue to drive automation in our rail business and automated handling at Container Terminal Burchardkai. This will lay the foundations for a gradual improvement in the operational efficiency of our terminals.
The ongoing modernisation measures are currently placing considerable demands on both our clients and our employees. It is therefore all the more important that we stay fully committed to the goal of offering our clients the most reliable service in Europe over the long term. I am particularly indebted to our employees, whose tremendous dedication is helping us overcome the considerable operational challenges whilst driving forward the further development of our facilities.
The second half of the year will remain challenging. However, we look ahead with confidence to the coming months. By comprehensively modernising our terminals, we are making HHLA more effective and efficient for the long term. We are creating new capacity and improving the foundations for consistently high-quality handling and reliable service for our clients. In so doing, we are also strengthening HHLA’s competitiveness and securing our position in a changing market environment.
Kind regards,
Jeroen Eijsink
Chief Executive Officer