Risk and opportunity report

The impact of the war with Iran poses a risk to HHLA’s business operations. In particular, there are additional risks of rising energy prices caused by the blockade of the Strait of Hormuz. However, existing price agreements are helping to limit the short- to medium-term effects. Moreover, the economic risks and restrictions on shipping regions resulting from the conflict may lead to volume losses. It is not currently possible to fully assess the potential impact, as the duration of the conflict and its repercussions for the global economy remain uncertain. Based on current estimates, however, the overall risk level for the HHLA Group is regarded as insignificant.

Furthermore, the statements made in the combined management report for 2025 continue to apply, unless otherwise indicated in this report. 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.