Business forecast

Based on the business development to date and the updated estimates for the fourth quarter of 2026, HHLA’s Executive Board has adjusted its full-year forecast once more. Strike-related disruptions and the start-up phase for the further automation of the Hamburg container terminals have caused container throughput to fall short of expectations and negatively impacted earnings. Moreover, as part of its strategic focus on its core business, a review of HHLA’s portfolio of equity investments in start-ups and spin-offs resulted in a non-cash impairment loss of €12 million in the Logistics segment. Against this backdrop, the Executive Board expects a lower earnings trend for the 2026 financial year than previously forecast.

For the Port Logistics subgroup, a significant decrease is now expected year-on-year in container throughput (previously: slight decrease). For container transport, a slight rise compared to the previous year is still expected.

For revenue, a significant year-on-year increase continues to be expected. The forecast for the operating result (EBIT) has been adjusted and now ranges from € 100 million to € 120 million (previously: between € 135 million and € 155 million).

For the Real Estate subgroup, revenue is still expected to remain at the prior-year level, while a significant decrease is forecast for the operating result (EBIT).

A significant increase in revenue is still expected at Group level. The forecast for the operating result (EBIT) has also been adjusted and is now within a range between € 115 million and € 135 million (previously: between € 150 million and € 170 million).

The forecast for capital expenditure has also been adjusted. Investments for the Group are now expected to be within a range between € 380 million and € 430 million (previously: between € 430 and € 480 million), of which € 350 million to € 400 million is attributable the Port Logistics subgroup (previously: between € 400 and € 450 million). This is due in particular to alterations in the scheduling of automation projects at the Hamburg container terminals, resulting in a partial postponement of fund drawdowns to next year.

All other disclosures made in the 2025 Annual Report regarding the expected course of business in 2026 continue to apply.

Hamburg, 3 November 2026

Hamburger Hafen und Logistik Aktiengesellschaft

The Executive Board

Jeroen Eijsink

Annette Geiß

Jens Hansen

Torben Seebold