Earnings position
In the first nine months of 2026, container throughput at the HHLA container terminals declined year-on-year by 7.3 percent to 4,446 thousand TEU (previous year: 4,798 thousand TEU). Volumes were particularly affected by the ongoing modernisation measures at the Hamburg terminals. Adjustments to international transport and goods flows as a result of geopolitical tensions also had an adverse impact, as did the severe winter weather at the start of the year and strike-related disruptions in the third quarter. Overseas traffic with North America and the Far East, particularly China, decreased. Following a positive development in the first half of the year, throughput volumes at the international container terminals were slightly below the prior-year level.
Container transport increased by 0.5 % to 1,509 thousand TEU in the reporting period (previous year: 1,501 thousand TEU). There were positive trends in particular in continental traffic, as well as in transport to and from Poland.
The HHLA Group’s revenue rose by 3.3 % to € 1,375.1 million in the reporting period (previous year: € 1,331.4 million). Necessary price adjustments, as well as a changed revenue mix in the Intermodal segment, contributed to this increase. In the Container segment, additional storage fees at the Hamburg container terminals only partly offset the significant decline in volumes.
The listed Port Logistics subgroup achieved a moderate increase in revenue to € 1,346.8 million (previous year: € 1,303.5 million) in the reporting period. In the non-listed Real Estate subgroup, revenue amounted to € 35.6 million (previous year: € 34.8 million).
Other operating income decreased by 3.4 % to € 43.6 million (previous year: € 45.1 million). The prior-year figure included income recognised in connection with the restructuring of O’Swaldkai, mainly in relation to the lease extension and the transfer of real estate.
Operating expenses increased by 6.7 % to € 1,347.2 million (previous year: € 1,262.6 million). This was due in particular to a strong rise in amortisation and depreciation, as well as higher personnel expenses. The increase in amortisation and depreciation resulted mainly from impairment charges on non-current assets in the Logistics segment. The acquisition of new container gantry cranes and the capitalisation of the workshop at Container Terminal Burchardkai (CTB) also contributed to the rise.In addition to pay increases under collective bargaining arrangements, personnel expenses rose significantly due to project-related productivity restrictions at the Burchardkai and Altenwerder container terminals, as well as the expansion of rail transport business. Higher leasing expenses in rail transport also led to a moderate rise in other operating expenses. The cost of materials increased slightly, due among other things to higher fuel costs.
The operating result (EBIT) fell by 30.7 % to € 81.2 million (previous year: € 117.1 million). The EBIT margin amounted to 5.9 % (previous year: 8.8 %). In the Port Logistics subgroup, EBIT fell by 34.7 % to € 70.2 million (previous year: € 107.4 million). In the Real Estate subgroup, by contrast, EBIT increased by 13.1 % to € 10.7 million (previous year: € 9.5 million).
Net expenses from financial income rose by € 2.2 million, or 5.5 %, to € 42.6 million (previous year: € 40.4 million).
At 65.5 %, the Group’s effective tax rate was significantly above the prior-year figure of 31.3 %. This was due to losses incurred by individual domestic companies during the year, for which no deferred tax assets had been recognised as of the reporting date. As a result, the reported tax expense as a proportion of pre-tax earnings was significantly higher.
Profit after tax fell by € 39.5 million to € 13.3 million (previous year: € 52.8 million). There was a strong year-on-year decrease in profit after tax and non-controlling interests to € 2.0 million (previous year: € 34.9 million). Earnings per share amounted to € 0.03 (previous year: € 0.46). Earnings per share for the listed Port Logistics subgroup were € - 0.06 (previous year: € 0.41). Earnings per share for the non-listed Real Estate subgroup were up year-on-year at € 2.24 (previous year: € 1.97). The return on capital employed (ROCE) was 3.7 % (previous year: 5.9 %).