Hamburger Hafen und Logistik AG (HHLA) increased revenue and operating results in the first half of 2025 despite a weak German economy, geopolitical conflicts, and uncertainty over US trade policy. Group revenue rose by 16.3 per cent to around US$964 million compared to US$829 million in the previous year. EBIT increased by 34.8 per cent to US$86.6 million, with a margin of 9.0 per cent. Profit after tax and minority interests reached US$20.8 million, up from US$14.4 million in 2024.
CEO Angela Titzrath stated that the Intermodal segment recorded strong revenue growth from road and rail transport, while container handling also increased.
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Port Logistics performance
The Port Logistics subgroup recorded revenue growth of 16.6 per cent to US$942 million, with EBIT up 40.1 per cent to US$78.8 million and a margin of 8.4 per cent. Profit after tax and minority interests rose to US$16.6 million.
In the container segment, throughput at HHLA's terminals grew by 7.9 per cent to 3.172 million TEU. Hamburg container terminals handled 3.006 million TEU, an increase of 6.9 per cent, driven by higher volumes from the Far East, especially China, and additional cargo from European ports due to route adjustments linked to the Red Sea conflict. Feeder traffic rose, particularly with Finland, Poland, and Germany, while Estonia volumes declined. Feeders accounted for 19.6 per cent of seaborne handling.
International terminals saw throughput rise by 28.7 per cent to 165,000 TEU, supported by growth at HHLA PLT Italy and the resumption of seaborne handling at Container Terminal Odessa in late 2024. Revenue for the segment increased 12.6 per cent to US$464 million, with EBIT up 24.5 per cent to US$46.6 million and a 10.0 per cent margin.
Intermodal growth
Intermodal container transport rose 19.6 per cent to 997,000 TEU. Rail volumes increased by 20.2 per cent to 863,000 TEU, largely from traffic with North German and Adriatic seaports and within German-speaking regions. Road transport increased by 16.0 per cent to 133,000 TEU. Revenue rose 22.2 per cent to US$436 million, with EBIT up 23.1 per cent to US$52.5 million and a margin of 12.0 per cent.
Real Estate performance
The real estate portfolio in Hamburg's Speicherstadt district and fish market area maintained high occupancy levels. Revenue grew 1.8 per cent to US$25.4 million, while EBIT declined by 3.4 per cent to US$7.3 million due to higher operating expenses and depreciation.
Outlook
HHLA confirmed its 2025 forecast, narrowing expected Group EBIT to US$212 million–US$234 million and Port Logistics EBIT to US$196 million–US$218 million.
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