Let’s take a look at some of the numbers, starting with intermodal. Container transport grew by 10.9% to 1,982 TEU (1,787 thousand TEU in 2024). Out of that volume, rail transported 1,719 thousand TEU (+11.2%). Trucks moved 263,000 TEU, which was 8.7% more than in 2024. It stands to note here that HHLA is the parent company of rail freight operator METRANS.

HHLA explains that the rail growth was largely due to traffic with the North German seaports, as well as traffic in the German-speaking countries.

Rail boosts the financial picture

Rail has grown its share in HHLA total intermodal transport volumes. This has also led to a revenue growth faster than the volume growth: 12%. The total revenue amounted to 797 million euros, compared to 711.3 million euros in 2024.

The company’s intermodal operating result (EBIT) amounted to 103.7 million euros, up from 83.7 million euros. That is an increase of 23.9%. “The main reason for this strong EBIT growth was the increase in transport volumes. By contrast, operational difficulties due to construction work on major transport conduits and high-capacity utilisation at the North German seaports continued to weigh on the result”, says HHLA.

HHLA’s overall finances

In the big picture, the HHLA Group revenue rose by 9.9% to 1,756.2 million euros (1,598.3 million in 2024). The operating result (EBIT) grew by 19.5% to 160.5 million euros (2024: 134.3 million). Group profit after tax and minority interests amounted to 9.8 million euros, much less than 2024’s 32.5 million. This is related to tax-related one-off effects, says HHLA.

The revenue growth also follows higher container handling volumes at HHLA’s seaport terminals (+5.4% to 6,295 thousand TEU).

Overseas traffic declined for North America but grew for the Far East (especially China), South America, Africa, Australia, and the Middle East. Red Sea rerouting significantly increased freight volumes with other European seaports, particularly the UK, Belgium, Spain, and the Netherlands.

Feeder traffic volumes rose significantly, driven by strong growth in Finnish and Polish container throughput, as well as traffic with other German ports. However, freight volumes from Estonia, Latvia, and the UK shrank.
HHLA is expecting significant growth in container throughput and transport in 2026.

“Strong growth is expected for revenue as compared with 2025. […] At Group level, HHLA expects strong revenue growth and an operating result (EBIT) in the range of 175 million euros and 195 million euros.”

Revenue and EBIT go up, profit go down

On the financial side, revenue and EBIT went up quite significantly, reaching 1,756 billion euros (+9.9%) and 161 million euros (19.5%). Group profit after tax, however, dropped by almost 70%, from 33 to 10 million euros. The drop in profit is not necessarily bad news, unless you are a shareholder of HHLA. In that case, no dividend will be paid out this year.

What can this mean?

The difference between owning 95% and 100% of the shares of an entity does not seem to be a massive difference. However, once PoH gains full control of HHLA, it is likely that the company will be delisted from the stock market. This would mean that PoH will have more strategic freedom when it comes to long-term strategies.

On the other hand, it would also remove some of the obligations that a listed company has, such as publicly available quarterly reports and other data sharing practices. This could turn HHLA into a more flexible but less transparent logistics giant with all the consequences that would follow.

Metrans’ expanding network

The HHLA subsidiary has been on a mission to increase its presence in Eastern Europe. Other than this new project in Košice, Metrans recently upgraded its terminal in Dunajská Streda, on the other side of Slovakia.

Moreover, the company is building a terminal in Szeged, near the Hungarian border with Serbia, scheduled for opening in 2027. Finally, HHLA International recently acquired Eurobridge Intermodal Terminal, a facility in Batiovo, near the Ukrainian borders with Hungary and Slovakia.

This location is also equipped with a dual gauge infrastructure to facilitate traffic between Ukraine and the rest of Europe. Paired with the one in Košice, less than 150 kilometres away, Metrans will get two terminals able to manage trains in both broad and international gauges, strengthening its position in the region.

In general, HHLA also increased its revenue and earnings throughout the first three quarters of 2025. The group’s revenue went over 1,3 billion euros, 12.5% more than the same period last year. The company’s EBIT also rose significantly, with a +25.7% for 117,1 million euros. Profit after tax and minority interests increased to 34,9 million euros compared to 23,1 million euros.

“I look forward to getting to know HHLA over the coming weeks – in particular the staff throughout Europe. Together, we will focus on developing HHLA sustainably”, he said. Other than a new CEO, HHLA also appointed a new Chairman of the Supervisory Board: Marcus Vitt has replaced Rüduger Grube.

“Container handling at the terminals also rose significantly. This underscores the effectiveness of our integrated Europe-wide logistics solutions. Our performance also demonstrates that HHLA is well placed to navigate safely through an environment that remains volatile – and to continue its growth as it looks to the future.”

Revenue in the HHLA Group grew by 16,3% to 884,5 million euros (up from 760,3 million euros). Its operating result (EBIT) surged by 34,8% to 79,4 million euros (up from 58.9 million euros).

Intermodal and rail

Container transport at HHLA increased by 19,6% to 997 thousand TEU. The container terminals also saw a positive dynamic in the throughput volume: up by 28,7% to 165 thousand TEU. That includes growth at HHLA PLT Italy, but importantly also the resumption of seaborne handling at Container Terminal Odessa in Q3 2024. The revenue of the international container terminals grew by 12,6% in H1 2025 to 426,2 million euros, up from 378,7 million euros.

Rail transports are up substantially, by 20,2%, for a total of 863 thousand TEU. “This strong volume growth was largely due to traffic with the North German and Adriatic seaports, as well as traffic in the German-speaking countries”, explains HHLA. Road transports also grew by 16% to 133 thousand TEU.

The EBIT of the HHLA’s rail segment amounted to 48,2 million euros in H1 2025. It was therefore 23,1% higher than H1 2024: 39,2 million euros. “The main reason for this strong EBIT growth was the increase in transport volumes. By contrast, operational difficulties due, among other factors, to construction work on major transport routes weighed on the result”, HHLA says.

The company’s Port Logistics subgroup also noted a revenue increase of 16,6% (865,7 million euros).

Earnings forecast

HHLA has narrowed its earnings forecast for 2025 following business developments in the first half of the year. At the Group level, EBIT is now projected to range between 195 million and 215 million euros, compared to the previous outlook of 195 million to 235 million euros.

For the Port Logistics subgroup, the EBIT forecast has been reduced to between 180 million and 200 million euros, down from the earlier range of 180 million to 220 million euros.

“Permission has been granted to Hamburger Hafen und Logistik AG to indirectly acquire, together with Fortior Capital Asset Management Company LLC, control over Eurobridge Intermodal Terminal LLC”, the decision by the Antimonopoly Committee of Ukraine reads.

Eurobridge Intermodal Terminal

The terminal currently specialises in handling bulk freight. However, following the acquisition by HHLA, container services are anticipated to start in the fourth quarter of 2025. The facility is well-equipped for this expansion, featuring two groups of four tracks: two standard gauge and two broad gauge. One set of tracks will continue to support bulk freight operations, while the other will be dedicated to containers. Additionally, the terminal is equipped with two RTG cranes.

According to the company, “HHLA will acquire the majority stake and will continue to develop the terminal together with its rail subsidiary METRANS.” The facility’s capacity will initially allow it to handle around 100,000 TEU annually, but HHLA has expressed willingness to expand that further if there is market demand.

Container services to start in 2025 Q4

Currently, the terminal handle mostly bulk cargo. However, with the takeover of HHLA, container services are expected to be launched in the fourth quarter of 2025. The facility is in fact equipped with two groups of four tracks (two in standard and two in broad gauge each). One set will be used for bulk cargo while the other one for containers. It is also equipped with two RTG-cranes. “HHLA will acquire the majority stake and will continue to develop the terminal together with its rail subsidiary METRANS”, the company said.

The positive numbers for rail were not the only factor for HHLA’s intermodal growth. Road transport also registered a significant jump, from 56,000 to 68,000 TEUs (+20.4%), for a total of 496,000 TEUs handled intermodally. These growths in volumes translated into higher financial figures as well. Both the revenue (+33.1%) and EBIT (+42.1%) significantly increased for HHLA during the first quarter of 2025.

The rest of the HHLA Group

The HHLA group did relatively well in all categories during the beginning of this year. The Port Logistics subgroup increased its revenue by 20.1%, while profit after tax went from -3.4 million euros in Q1 2024 to 5.8 million euros in the first three months of 2025. Container throughput at the company’s terminals rose by 5.5% reaching 1,5 million TEUs.

A strong increase was recorded at HHLA container terminals outside the German borders. “In addition to the slight volume growth at the multifunctional terminal HHLA TK Estonia, this was also due in particular to the resumption of seaborne container handling at Container Terminal Odessa (CTO) starting in the third quarter of 2024”, the company said.

HHLA’s Real Estate subgroup also posted positive numbers, despite being a little lower than the rest of the group. Both revenue and EBIT were around 2% higher than in the first quarter of last year. The growth here is attributed to “increased rental income and a decrease in maintenance costs”.