Financial position

Balance sheet analysis

Compared to year-end 2025, the HHLA Group’s balance sheet total rose by € 56.0 million to € 3,530.5 million as of 31 March 2026 (31 December 2025: € 3,474.6 million).

On the assets side of the balance sheet, non-current assets increased by € 51.8 million to € 2,946.5 million (31 December 2025: € 2,894.7 million). The change was mainly due to investments (less scheduled depreciation and amortisation) in property, plant and equipment, as well as in investment property.

Current assets rose by € 4.1 million to € 584.0 million (31 December 2025: € 579.9 million). The change was mainly due to an increase in trade receivables and other non-financial assets, less the decrease in cash, cash equivalents and short-term deposits.

On the liabilities side, equity rose by € 12.1 million to € 849.3 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. The equity ratio remained stable at 24.1 % (31 December 2025: 24.1 %).

Non-current liabilities decreased by € 3.5 million to € 2,117.7 million (31 December 2025: € 2,121.3 million). These changes were primarily due to the decrease in non-current liabilities to related parties and in pension provisions. The increase in non-current financial liabilities had the opposite effect.

The increase in current liabilities of € 47.4 million to € 563.5 million (31 December 2025: € 516.1 million) was primarily attributable to the increase in current non-financial liabilities and trade liabilities.

Investment analysis

Capital expenditure in the reporting period amounted to € 102.4 million and was thus well above the prior-year figure of € 86.2 million. This change was mainly due to an advance payment for container gantry cranes that had already been provided for in the previous year.

Capital expenditure in the first three months of 2026 focused mainly on the procurement of container gantry cranes and large-scale equipment for horizontal transport at HHLA’s container terminals in the Port of Hamburg and on the expansion and modernisation of the international container terminals. Other investments included the purchase of locomotives and container wagons, as well as 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 € 37.9 million (previous year: € 61.9 million) mainly comprised earnings before interest and taxes of € 30.5 million (previous year: € 32.5 million), write-downs and write-ups on non-financial assets of € 46.9 million (previous year: € 42.7 million) and the increase in trade liabilities and other liabilities of € 45.6 million (previous year: € 52.9 million). The main items with an opposing effect were the increase in trade receivables and other assets of € 65.3 million (previous year: € 50.4 million), interest payments of € 14.7 million (previous year: € 10.1 million) and income tax payments of € 10.6 million (previous year: € 7.2 million).

Investing activities led to a cash outflow of € 88.8 million (previous year: € 73.5 million). This chiefly related to payments for capital expenditure on property, plant and equipment and investment property of € 86.1 million (previous year: € 66.8 million).

Free cash flow – i.e. the total cash flow from operating and investing activities – amounted to € - 50.9 million (previous year: € - 11.6 million).

Financing activities led to a cash outflow of € 6.6 million (previous year: € 19.0 million). This resulted from payments for the redemption of lease liabilities amounting to € 12.6 million (previous year: € 12.7 million) and payments for the redemption of (financial) loans amounting to € 5.9 million (previous year: € 6.9 million). There was an opposing effect from the assumption of new financial loans totalling € 11.8 million (previous year: € 0.6 million).

The HHLA Group had sufficient liquidity as of 31 March 2026. There were no liquidity bottlenecks in the period to the balance sheet date. Financial funds totalled € 138.6 million as of the end of the first quarter (31 March 2025: € 255.0 million). Including all short-term deposits, the Group’s available liquidity at the balance sheet date amounted to € 138.6 million (31 March 2025: € 275.0 million). As of 31 March 2026, financial funds comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH amounting to € 13.9 million (31 March 2025: € 57.0 million) as well as cash, cash equivalents and short-term deposits of € 124.7 million (31 March 2025: € 218.0 million).