Hamburg port operator HHLA reports weaker Q3 profit as automation and strikes hit

Third-quarter results

On Thursday, 12 November, Hamburg logistics group HHLA published its third-quarter figures and blamed the start-up phase of further automation at its Hamburg container terminals, along with strike-related outages in the quarter, for the weak performance. Sources disagree on the volume decline. Stern reports that container handling across the group fell 7.3% to just under 4.5 million TEU (twenty-foot equivalent units), while Welt and tagesschau put the drop at 8.6% to just under 1.5 million TEU. Container transport rose 0.5% to around 1.5 million TEU, and revenue grew 3.3% to just under 1.38 billion euros.

Operating profit (EBIT) fell almost 31% to 81.2 million euros according to Stern, which adds non-cash write-downs of 21.4 million euros: 12 million on HHLA Sky GmbH, sold in October, and 9.4 million on omoqo GmbH, discontinued in the first half. Welt gives a different scope, reporting that EBIT of the port logistics unit fell more than 24% to 26.5 million euros. The city of Hamburg holds 50.1% of HHLA, while the Geneva-based shipping group MSC holds the remaining 49.9%.

Guidance cut and smaller investment budget

HHLA had already lowered its expectations on 22 October. For the full year it now expects operating EBIT of 115 to 135 million euros, down from an earlier forecast of 150 to 170 million. The investment budget was also cut, from up to 480 million euros to a maximum of 430 million euros. Tagesschau reports that the company expects a clear further decline in handled volumes for the full year and sees no recovery before next year.

Earlier plan (up to)480

Current plan (maximum)430

Earlier plan (up to)

480 million euros

Current plan (maximum)

430 million euros

Data from the article text

Odessa and the rail and road business

HHLA runs facilities abroad, including in the Ukrainian Black Sea port of Odessa, where Russia has stepped up its attacks. After a recovery early in 2026, business there almost came to a standstill from July to September because of the tense security situation. The intermodal business, which covers rail and road connections into the hinterland, grew in container transport and operating profit, and its revenue rose by just over ten percent. Across the port logistics unit, revenue climbed 4% to just over 455 million euros, helped by higher prices.

Management and industry reaction

Chief executive Jeroen Eijsink described the company's position in a statement that stressed the stabilisation of automated processes and better handling quality.

“We have made good progress with our change agenda, but operationally we are not yet where we want to be.”

Antonia Goldner, the CDU's port expert, argued that the price gains do not offset the drop in volume, and she said the modernisation had so far weighed on operations.

“Higher prices and additional storage fees cannot hide the fact that fewer containers are being handled and the modernisation is weighing on operations so far.”

Tagesschau notes that Rotterdam and Antwerp, Hamburg's main rivals, increased their container handling, and it links part of Hamburg's weaker showing to the high costs that shipping lines pay for vessel handling in the city. According to the same report, Eijsink expects handling figures to recover only in the coming year.