Financial position

Balance sheet analysis

Compared with year-end 2025, the HHLA Group’s balance sheet total grew by € 133.4 million to € 3,608.0 million as of 30 September 2026 (31 December 2025: € 3,474.6 million).

On the assets side of the balance sheet, non-current assets rose by € 142.7 million to € 3,037.4 million (31 December 2025: € 2,894.7 million). The change was mainly due to investments in property, plant and equipment (less scheduled depreciation and amortisation), as well as in investment property. By contrast, there was a decrease in intangible assets – largely due to the reclassification of assets to “non-current assets held for sale”.

Current assets decreased by € 9.3 million to € 570.5 million (31 December 2025: € 579.9 million). The change was mainly due to a decrease in cash, cash equivalents, short-term deposits and receivables from related parties. There was an opposing effect from an increase in trade receivables and other non-financial assets. In addition, the figure now includes non-current assets held for sale.

On the liabilities side, equity rose by € 13.9 million to € 851.1 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 – driven mainly by the interest rate-induced change in actuarial gains, including tax effects recognised in other comprehensive income – net of the distribution to non-controlling shareholders. The equity ratio amounted to 23.6 % (31 December 2025: 24.1 %).

Non-current liabilities increased by € 88.4 million to € 2,209.7 million (31 December 2025: € 2,121.3 million). The changes were primarily due to an increase in non-current financial liabilities. There was an opposing effect from the reduction in non-current liabilities to related parties and in pension provisions.

The increase in current liabilities of € 31.1 million to € 547.2 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 totalled € 304.8 million. This was well below the prior-year figure of € 378.1 million, which was driven in particular by the extension of a lease for logistics space.

In the first nine months of 2026, investment activity focused in particular 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 the expansion and modernisation of the international container terminals. 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, the main focus of investment was on the development of the Speicherstadt historical warehouse district in Hamburg.

Liquidity analysis

In the reporting period, cash flow from operating activities of € 131.9 million (previous year: € 215.4 million) mainly comprised earnings before interest and taxes of € 81.2 million (previous year: € 117.1 million), write-downs and write-ups on non-financial assets of € 164.5 million (previous year: € 129.6 million) and the increase in trade payables and other liabilities of € 18.5 million (previous year: € 91.5 million). The main opposing items were the increase in trade receivables and other assets of € 71.2 million (previous year: € 56.6 million), interest payments of € 40.9 million (previous year: € 32.3 million) and income tax payments of € 33.1 million (previous year: € 35.7 million).

Investing activities led to a cash outflow of € 262.2 million (previous year: € 230.2 million). This chiefly related to payments of € 241.3 million (previous year: € 233.4 million) to acquire property, plant and equipment and investment property, as well as payments of € 20.1 million to acquire intangible assets (previous year: € 14.2 million).

Free cash flow – i.e. the total cash flow from operating and investing activities – totalled € - 130.3 million (previous year: € - 14.8 million).

Financing activities led to a cash inflow of € 59.1 million (previous year: cash outflow of € 2.1 million). This resulted mainly from proceeds from the assumption of financial loans, amounting to € 143.4 million (previous year: € 109.6 million). The redemption of lease liabilities totalling € 35.4 million (previous year: € 38.3 million) and payments for the redemption of (financial) loans totalling € 29.2 million (previous year: € 36.6 million) had an opposing effect.

The HHLA Group had sufficient liquidity as of 30 September 2026. There were no liquidity bottlenecks in the period to the balance sheet date. Financial funds as of the end of the third quarter totalled € 124.9 million (30 September 2025: € 268.6 million). As in the previous year, this corresponded to the Group’s available liquidity. As of 30 September 2026, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH amounting to € 3.2 million (30 September 2025: € 21.4 million) as well as cash, cash equivalents and short-term deposits of € 121.7 million (30 September 2025: € 247.2 million).