Hamburger Hafen und Logistik AG (HHLA) has cut its 2026 earnings outlook after terminal automation and rail infrastructure work in Hamburg disrupted operations more heavily than expected, according to HHLA. Group EBIT is now forecast at €150m to €170m ($174m to $197m), down from the previous range of €175m to €195m ($202m to $226m).
The modernisation programme at Hamburg's container terminals and infrastructure work on the rail network have pushed container throughput and transport volumes below HHLA's original assumptions.
The challenging macroeconomic environment and continuing geopolitical uncertainty have also weighed on business. HHLA no longer expects to fully offset the impact of winter weather at the start of the year during the remainder of 2026.
For the Port Logistics subgroup, container throughput is now expected to decline slightly year on year, reversing an earlier forecast for a significant increase.
Container transport is expected to rise slightly, against a previous forecast for strong growth. Port Logistics revenue is forecast to increase significantly year on year rather than strongly. EBIT is now expected at €135m to €155m ($156m to $179m), compared with the previous €160m to €180m ($185m to $208m) range.
For the Real Estate subgroup, revenue is still expected to remain at the prior-year level, while EBIT is forecast to decrease significantly. At group level, revenue is now expected to increase significantly year on year rather than strongly.
Hamburger Hafen und Logistik AG is a German stock corporation headquartered in Hamburg whose activities include seaport handling, intermodal transport and logistics services, as well as the management and development of real estate.