Hamburger Hafen und Logistik (HHFA) Q4 2025 earnings summary

Executive summary

• Operational growth achieved despite persistent geopolitical tensions and protectionist trends impacting global supply chains and trade flows.

• Major investments in terminal modernization and intermodal network expansion, including a new hub in Hungary and a majority stake in Ukraine's Batiovo terminal.

• Revenue increased by 9.9% year-over-year to €1,756.2 million, with EBIT up 19.5% to €160.5 million.

• Net income significantly reduced by a one-off, non-cash tax effect, resulting in a proposed dividend suspension for FY25.

Financial highlights

• Container throughput increased by 5.4% year-over-year to 6,295 K TEU; container transport rose by 10.9% to 1,982 K TEU.

• Revenue grew 10.1% to €1,718.8 million; EBIT up 22.8% to €144.7 million.

• EBITDA increased by 8.9% to €336.6 million, with an EBITDA margin of 19.2%.

• Profit after tax and minorities dropped 95.1% to €1.1 million due to tax effects; EPS at €0.02.

• Earnings per class A share fell to €0.02 from €0.32, and per class S share to €3.20 from €3.52.

Outlook and guidance

• 2026 guidance anticipates continued operational strength despite challenging markets.

• Group revenue and EBIT forecasted to grow strongly, with EBIT targeted between €175 million and €195 million.

• Capital expenditure planned between €430 million and €480 million, mainly for the Port Logistics subgroup.

• No dividend proposed for 2025; future payout ratio targeted at 50–70% of net profit after minorities.