Hamburger Hafen und Logistik (HHFA) Q2 2025 earnings summary

Executive summary

• Revenue increased 16.3% year-over-year to €884.5 million, with EBIT up 34.8% to €79.4 million and profit after tax rising 37.4% to €32.1 million for the first half of 2025.

• Container throughput grew 7.9% to 3,172 thousand TEU, and container transport rose 19.6% to 997 thousand TEU, driven by strong Far East and European volumes.

• Major investments included terminal automation, digital platforms, and a 60% stake in a Ukrainian intermodal terminal, underlining long-term regional commitment.

• The CEO announced departure by September 2025, with Jeroen Eijsink appointed as successor effective October 2025.

Financial highlights

• EBITDA increased 15.5% year-over-year to €165.2 million; EBITDA margin was 18.7%.

• EBIT margin improved to 9.0% from 7.7% in the prior year.

• Earnings per share rose to €0.25 (previous year: €0.18); Port Logistics EPS at €0.21, Real Estate EPS at €1.40.

• Cash flow from operating activities rose 30.5% to €129.2 million; free cash flow was €6.3 million.

• Investments surged 84.6% to €247.9 million, mainly for terminal upgrades and lease extensions.

Outlook and guidance

• Group EBIT for 2025 is now expected in the range of €195–215 million (previously €195–235 million).

• Port Logistics EBIT forecast narrowed to €180–200 million.

• Strong increases in container throughput, transport, and revenue are anticipated, but Real Estate EBIT is expected to decrease.

• Global container throughput growth for 2025 is forecast at 1.9%, with European growth at 1.1%.