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• Container Throughput: Increased by 0.9% to 5.9 million TEU in 2024.

• International Container Terminals Throughput: Increased by 23.1% to 284,000 TEU.

• Segment Revenue: Increased by 9.9% to EUR773.3 million.

• EBIT: Rose by 66.6% to EUR78.7 million.

• EBIT Margin: Increased by 3.5 percentage points to 10.2%.

• Intermodal Segment Revenue: Increased by 14.6% to EUR711.3 million.

• Intermodal Segment EBIT: Increased by 14.8% to EUR83.7 million.

• Logistics Segment Revenue: Increased by 7% to EUR83.7 million.

• Cash Flow from Operating Activities: EUR179.9 million.

• Investing Activities Net Cash Outflow: EUR280.8 million.

• Free Cash Flow: Negative EUR100.9 million.

• Cash Flow from Financing Activities: EUR156.3 million.

• Available Liquidity: EUR250 million at the end of December 2024.

• Proposed Dividend: EUR0.16 per Class A share for 2024.

• Warning! GuruFocus has detected 6 Warning Signs with XTER:HHFA.

Release Date: March 26, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Hamburger Hafen und Logistik AG (XTER:HHFA) demonstrated resilience and flexibility in a challenging global economic environment, strengthening its position as a leading European logistics network provider.

• The company increased container throughput and transport, driven by the strengthening of its rail subsidiary Metrans and the acquisition of a majority stake in Roland Spedition.

• Significant revenue growth was recorded in the Port Logistics subgroup, with a 9.9% year-on-year increase to EUR773.3 million, mainly due to longer dwell times and increased storage fees.

• The transition to automated container transport is progressing well, with new remote-controlled container gantry cranes and hydrogen-powered terminal vehicles being tested.

• HHLA's sustainability efforts are making good progress, with a significant portion of rail transport being climate-neutral and ongoing modernization efforts at container terminals.

Negative Points

• The company faced challenges due to geopolitical tensions, including the war in Ukraine, which directly affected operations with a missile attack on the Odesa terminal.

• Higher personnel expenses, increased energy costs, and additional expenses for purchase services led to a 5.9% decline in EBIT costs compared to the previous year.

• The logistics segment reported a negative operating result, with vehicle logistics revenue decreasing significantly.

• Free cash flow for the Port Logistics subgroup was negative at minus EUR100.9 million, largely due to investments in large-scale equipment and rolling stock.

• Despite a robust liquidity position, the company faced increased trade receivables and other assets, impacting cash flow from operating activities.