HHLA grows in 2025, but profit collapses on one-off tax effects

TRIESTE – Hamburger Hafen und Logistik AG closed 2025 with higher revenues and operating margins, but with net profit sharply reduced by one-off tax effects. The Management Board will propose to the shareholders’ meeting that no dividend be distributed on Class A shares.

According to preliminary and unaudited figures, group revenue rose by 9.9% to €1.756 billion, from €1.598 billion in 2024. EBIT increased by 19.5% to €161 million, versus €134 million the year before. Profit after tax, however, came in at just €10 million, down from €33 million in 2024. The result was significantly burdened by extraordinary tax effects, in particular write-downs of deferred tax assets. Only €1 million of the profit is attributable to the Port Logistics subgroup.

Operationally, container throughput at seaports grew by 5.4% to 6.295 million TEU, while volumes in the Intermodal segment increased by 10.9% to 1.982 million TEU.

CEO Jeroen Eijsink said the company recorded solid growth in container handling and rail and road transport despite what he described as an extremely challenging market environment, highlighting the need to keep improving processes to strengthen the group’s overall performance.

Within the listed Port Logistics subgroup, revenue rose by 10.1% to €1.719 billion and EBIT grew by 22.8% to €145 million. The second half of the year saw a slowdown linked to global economic uncertainty and ongoing supply-chain disruptions, as well as to modernisation and automation works at Hamburg’s port facilities carried out while terminals remained operational.
Despite resilience at operating level, the Port Logistics segment’s net profit dropped to €1 million, from €23 million in 2024, with Class A earnings per share at €0.02 versus €0.32 the previous year.

In the Real Estate subgroup, revenue was stable at €46 million, while EBIT fell by 4.4% to €15 million. Net profit stood at €9 million, compared with €10 million in 2024, with Class S earnings per share of €3.20.

The group controls Trieste’s logistics platform through HHLA PLT Italy.

g.t.