HHLA share

DAX rises despite heightened volatility

The first half of 2026 was marked by heightened volatility on the German stock markets. The benchmark indices began the year with substantial gains, with the DAX closing at 25,421 points in mid-January. This proved to be its highest point in the first six months, however, as geopolitical tensions, trade policy uncertainties and fluctuating economic expectations weighed on the market as the year progressed. Against this backdrop, the DAX fell to its half-year low of 22,301 points in late March. Stock markets rebounded at various points in the second quarter, buoyed by hopes of an easing of geopolitical tensions and falling energy prices. The DAX closed at 24,996 points on 30 June 2026 – up 2.1 % on year-end 2025. The SDAX performed more strongly over the same period, closing the first half-year at 18,046 points, 5.1 % higher than at the end of 2025.

Share price development, January to June 2026

Closing prices indexed in %

Squeeze-out affects HHLA share price

HHLA’s share price remained steady overall in the first half of 2026. Starting from a closing price of € 21.40 at the end of 2025, the share price remained within a relatively narrow corridor for much of the six-month period. In addition to the progress of HHLA’s operating business, investors were primarily interested in the ongoing transfer of class A shares held by minority shareholders to the majority shareholder Port of Hamburg Beteiligungsgesellschaft SE (PoH).

Following the publication of PoH’s squeeze-out request on 5 January 2026, the capital markets initially focused on the further progress of the squeeze-out procedure. By mid-February, however, investors had turned their attention more to HHLA’s operating performance. The published preliminary figures showed a mixed picture: a robust operating trend in a challenging market environment tempered by tax effects weighing heavily on full-year earnings for 2025.

The publication of the audited financial results on 27 March 2026 coincided with a period of significant uncertainty on the international capital markets. Amid this general market gloom, the HHLA share lost ground, dropping at times below the € 22 mark.

The announcement on 21 April 2026 of cash compensation of € 21.16 per class A share caused a further slight drop in the share price, before it settled within a range between € 21.60 and € 22.00.

On 30 June 2026, the HHLA share closed at € 21.80, 2.3 % above the year-end 2025 closing price. For more information on the share’s performance and all other aspects of the HHLA share, please visit www.hhla.de/en/investors/share.

AGM approves transfer to majority shareholder

HHLA’s Annual General Meeting was held online again on 11 June 2026. Shareholders were able to follow the entire event live via the company’s shareholder portal and exercise their rights via electronic communication.

The meeting focused on the resolution to transfer the class A shares of minority shareholders to the majority shareholder, PoH, in exchange for cash compensation of € 21.16 per class A share. The proposed resolution was approved by 99.54 % of the valid votes cast. There was thus a clear majority in favour of the squeeze-out.

The Annual General Meeting also approved the other proposed resolutions with large majorities. These included the resolution not to distribute a dividend for the 2025 financial year. The main grounds for this were the 2025 results, which were heavily impacted by tax effects, and the Group’s persistently high level of capital expenditure. In addition, Marcus Vitt, Dr. Andreas Dressel and Katharina Kriston were elected to the Supervisory Board. For more information on the Annual General Meeting, please visit www.hhla.de/agm.

The squeeze-out does not become effective until the transfer resolution is entered in the commercial register. As two legal challenges have been brought against the resolution, the entry had not yet been made at the time of going to press. HHLA will keep the capital markets informed about the further course of the proceedings in a separate announcement.

Shareholder structure for listed class A shares

as at 30.06.2026

Shareholder structure remains unchanged

The shareholder structure is unchanged from 31 December 2025. PoH remained the largest shareholder of the company’s listed class A shares, with 94.82 %. The free float portion of class A shares was thus 5.18 %.

Based on the HHLA Group’s share capital, PoH continued to hold 91.41 % of HHLA shares. The free float portion based on share capital amounted to 5.00 %.

Dialogue with capital market maintained

In the first half of 2026, HHLA’s dialogue with the capital markets focused in particular on its operating performance and the ongoing squeeze-out procedure. The Investor Relations team was on hand to respond to queries from both private and institutional investors, answering questions in particular on the further course of the procedure and on business development.