Financial position

Balance sheet analysis

Compared with year-end 2024, the HHLA Group’s balance sheet total increased by € 275.6 million to € 3,559.6 million as of 30 September 2025 (31 December 2024: € 3,284.0 million).

On the assets side of the balance sheet, non-current assets rose by € 261.4 million to € 2,889.5 million (31 December 2024: € 2,628.2 million). The change was mainly due to investments in property, plant and equipment (less scheduled depreciation and amortisation), as well as in investment property. Capital expenditure on property, plant and equipment includes the recognition of a right-of-use asset due to a lease extension for logistics space. This led to the corresponding recognition of a lease liability within non-current and current liabilities to related parties.

Current assets rose by € 14.3 million to € 670.1 million (31 December 2024: € 655.8 million). The change was mainly due to an increase in trade receivables, less the decline in receivables from related parties.

On the liabilities side, equity rose by € 29.3 million to € 853.1 million compared to the 2024 year-end figure (31 December 2024: € 823.8 million). The increase was largely due to the positive overall result for the reporting period, less the dividend payment. Despite this increase, the equity ratio decreased to 24.0 % (31 December 2024: 25.1 %)

Non-current liabilities increased by € 145.4 million to € 2,149.5 million (31 December 2024: € 2,004.1 million). This was primarily due to the increase in non-current financial liabilities and non-current liabilities to related parties. Lower pension provisions had the opposite effect.

The increase in current liabilities of € 100.9 million to € 557.0 million (31 December 2024: € 456.1 million) was primarily attributable to the increase in trade liabilities, current liabilities to related parties, and current non-financial liabilities.

Investment analysis

Capital expenditure in the reporting period totalled € 378.1 million and was thus well above the prior-year figure of € 208.4 million. The main reason was the extension of a lease for logistics space.

In addition to this lease extension, a significant proportion of capital expenditure in the first nine months of 2025 was for the procurement of large-scale equipment for horizontal transport and container gantry cranes at HHLA’s container terminals in the Port of Hamburg. Investments were also made in the purchase of locomotives and container wagons, as well as in 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 € 215.4 million (previous year: € 163.8 million) mainly comprised earnings before interest and taxes of € 117.1 million (previous year: € 93.2 million), write-downs and write-ups on non-financial assets of € 129.6 million (previous year: € 127.3 million) and the increase in trade liabilities and other liabilities of € 91.5 million (previous year: € 49.5 million). The main opposing items were the increase in trade receivables and other assets of € 56.6 million (previous year: € 42.1 million), income tax payments of € 35.7 million (previous year: € 36.1 million) and interest payments of € 32.3 million (previous year: € 27.3 million).

Investing activities led to a cash outflow of € 230.2 million (previous year: € 194.1 million). This was primarily attributable to payments for capital expenditure on property, plant and equipment and investment property amounting to € 233.4 million (previous year: € 165.9 million). It was opposed by proceeds from short-term deposits totalling € 20.0 million (previous year: € 0.0 million).

Free cash flow – i.e. the total cash flow from operating and investing activities – totalled € - 14.8 million (previous year: € - 30.3 million).

Financing activities led to a cash outflow of € 2.1 million (previous year: € 108.2 million). This resulted from repayments of lease liabilities in the amount of € 38.3 million (previous year: € 39.4 million), from payments for the redemption of (financial) loans amounting to € 36.6 million (previous year: € 67.4 million) and from the payout of dividends and settlement obligations to parent company shareholders amounting to € 11.3 million (previous year: € 11.8 million) as well as to non-controlling interests amounting to € 25.4 million (previous year: € 25.0 million). It was opposed by proceeds from the assumption of new financial loans totalling € 109.6 million (previous year: € 35.5 million).

The HHLA Group had sufficient liquidity as of 30 September 2025. There were no liquidity bottlenecks in the period to the balance sheet date. Financial funds totalled € 268.6 million as of the end of the third quarter (30 September 2024: € 103.7 million) and corresponded to the Group’s available liquidity as of the balance sheet date (30 September 2024: € 103.7 million). As of 30 September 2025, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH amounting to € 21.4 million (30 September 2024: € 5.8 million) as well as cash, cash equivalents and short-term deposits of € 247.2 million (30 September 2024: € 97.9 million).