HHLA reports 34.8 per cent rise in H1 2025 operating result amid geopolitical tensions
German port operator and logistics company Hamburger Hafen und Logistik (HHLA) increased its revenue and operating result significantly in the first half of 2024 compared with the previous year, despite what it said are geopolitical conflicts and growing uncertainty caused by US trade policy.
HHLA's H1 2025 group revenue rose by 16.3 per cent to €884.5 million (US$1.03 billion) from €760.3 million (US$887.7 million) in H1 2024. The operating result grew by 34.8 per cent to €79.4 million (US$92.7 million) from €58.9 million (US$68.8 million) in H1 2024.
Profit after tax and minority interests totalled €19.1 million (US$22.3 million), an increase from the H1 2024 figure of €13.2 million (US$15.4 million).
"Despite geopolitical tension and economic uncertainty, HHLA fared very successfully in the first half of 2025," said Angela Titzrath, CEO of HHLA. "The intermodal segment recorded particularly strong revenue growth thanks to an increase in road and rail transport. Container handling at the terminals also rose significantly."
Segments' performance
HHLA's port logistics subgroup recorded an increase of 16.6 per cent in revenue to €865.7 million (US$1.01 billion) in the first six months of 2025 compared to €742.5 million (US$867 million). The operating result increased by 40.1 per cent to €72.4 million (US$84.5 million) compared to €51.7 million (US$60.4 million) in H1 2024.
The operating result margin rose year-on-year by 1.4 percentage points to 8.4 per cent (previous year: 7.0 per cent). Profit after tax and minority interests came to €15.3 million (US$17.9 million) compared to €8.9 million (US$10 million) in H1 2024.
In the container segment, container throughput at HHLA’s terminals increased by 7.9 per cent to 3,172 TEUs from the H1 2024 total of 2,940 TEUs.
At 3.006 million TEUs, throughput volume at the Hamburg container terminals was up 6.9 per cent compared to the same period of the previous year (previous year: 2,811 million TEUs).
Segment revenue increased by 12.6 per cent in the reporting period to €426.2 million (US$497.6 million) from the H1 2024 total of €378.7 million (US$442.2 million). This was primarily due to the positive development of volumes. The positive trend at HHLA’s international container terminals also contributed to the increase in revenue.
Against this backdrop, the operating result climbed by 24.5 per cent to €42.8 million (US$50 million) from the H1 2024 total of €34.4 million (US$40.2 million). The operating result margin rose by 0.9 percentage points to 10.0 per cent (previous year: 9.1 per cent).
2025 outlook
HHLA said that, in the first six months of the 2025 financial year, there were no new events of material importance to necessitate any adjustment to the expectations for the course of business in the 2025 financial year as published in the 2024 annual report at the end of March.
Based on the course of business in the first six months of 2025, HHLA’s executive board has provided a more specific range for its forecast of operating result in the current financial year.
At the group level, the operating result is now expected to fall within a range of €195 million (US$228 million) to €215 million (US$251 million). The operating result for the port logistics subgroup is now expected to be within a range of €180 million (US$210 million) to €200 million (US$230 million).
