Reported Earnings • 1h
Second quarter 2026 earnings released: €0.07 loss per share (vs €0.15 profit in 2Q 2025) Second quarter 2026 results: €0.07 loss per share (down from €0.15 profit in 2Q 2025). Revenue: €476.7m (up 5.7% from 2Q 2025). Net loss: €5.10m (down 146% from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • Jul 21
Hamburger Hafen Und Logistik Aktiengesellschaft Lowers Earnings Guidance for Fiscal Year 2026 Hamburger Hafen und Logistik Aktiengesellschaft lowered earnings guidance for the fiscal year 2026. For the year, At the Group level, HHLA now expects a significant increase in revenue. However, the forecast operating result (EBIT) has been lowered to €150 million to €170 million, compared with the previous guidance range of €175 million to €195 million. Announcement • Jun 13
Port of Hamburg Beteiligungsgesellschaft SE agreed to acquire remaining unknown minority stake in Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) from minority shareholders. Port of Hamburg Beteiligungsgesellschaft SE agreed to acquire remaining unknown minority stake in Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) from minority shareholders on June 11, 2026. As part of consideration each remaining share is valued at €21.16 per share. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: €0.01 (vs €0.10 in 1Q 2025) First quarter 2026 results: EPS: €0.01 (down from €0.10 in 1Q 2025). Revenue: €467.7m (up 6.9% from 1Q 2025). Net income: €858.0k (down 89% from 1Q 2025). Profit margin: 0.2% (down from 1.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • May 06
Hamburger Hafen und Logistik Aktiengesellschaft, Annual General Meeting, Jun 11, 2026 Hamburger Hafen und Logistik Aktiengesellschaft, Annual General Meeting, Jun 11, 2026, at 10:00 W. Europe Standard Time. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €436.0m (up 20% from 3Q 2023). Net income: €9.93m (up 167% from 3Q 2023). Profit margin: 2.3% (up from 1.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Infrastructure industry in Europe. New Risk • Aug 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: €0.19 (vs €0.07 in 2Q 2023) Second quarter 2024 results: EPS: €0.19 (up from €0.07 in 2Q 2023). Revenue: €413.3m (up 14% from 2Q 2023). Net income: €14.3m (up 167% from 2Q 2023). Profit margin: 3.5% (up from 1.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 10
Price target decreased by 10% to €13.70 Down from €15.23, the current price target is an average from 2 analysts. New target price is 17% below last closing price of €16.56. Stock is up 42% over the past year. The company is forecast to post earnings per share of €0.80 for next year compared to €0.27 last year. Upcoming Dividend • Jun 07
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 18 June 2024. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (3.8%). New Risk • May 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • May 16
First quarter 2024 earnings released: €0.01 loss per share (vs €0.04 profit in 1Q 2023) First quarter 2024 results: €0.01 loss per share (down from €0.04 profit in 1Q 2023). Revenue: €376.0m (up 2.7% from 1Q 2023). Net loss: €1.11m (down 140% from profit in 1Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Mar 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.4% net profit margin). New Risk • Mar 22
New major risk - Revenue and earnings growth Earnings have declined by 8.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 161% Paying a dividend despite having no free cash flows. Earnings have declined by 8.1% per year over the past 5 years. Minor Risks High level of debt (65% net debt to equity). Profit margins are more than 30% lower than last year (2.3% net profit margin). Declared Dividend • Feb 22
Dividend of €0.08 announced Shareholders will receive a dividend of €0.08. Ex-date: 14th June 2024 Payment date: 18th June 2024 Dividend yield will be 0.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (161% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 79% to bring the payout ratio under control. EPS is expected to grow by 87% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Nov 24
Hamburger Hafen und Logistik Aktiengesellschaft to Report Fiscal Year 2023 Results on Mar 21, 2024 Hamburger Hafen und Logistik Aktiengesellschaft announced that they will report fiscal year 2023 results on Mar 21, 2024 Announcement • Nov 23
Hamburger Hafen und Logistik Aktiengesellschaft to Report First Half, 2024 Results on Aug 14, 2024 Hamburger Hafen und Logistik Aktiengesellschaft announced that they will report first half, 2024 results on Aug 14, 2024 New Risk • Nov 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 65% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 161% Paying a dividend despite having no free cash flows. Minor Risks High level of debt (65% net debt to equity). Profit margins are more than 30% lower than last year (2.3% net profit margin). Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €377.0m (down 4.6% from 3Q 2022). Net income: €3.71m (down 86% from 3Q 2022). Profit margin: 1.0% (down from 6.6% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Nov 16
Hamburger Hafen und Logistik Aktiengesellschaft to Report Q1, 2024 Results on May 15, 2024 Hamburger Hafen und Logistik Aktiengesellschaft announced that they will report Q1, 2024 results on May 15, 2024 Announcement • Nov 15
Hamburger Hafen und Logistik Aktiengesellschaft to Report Q3, 2024 Results on Nov 14, 2024 Hamburger Hafen und Logistik Aktiengesellschaft announced that they will report Q3, 2024 results on Nov 14, 2024 Price Target Changed • Sep 20
Price target increased by 32% to €15.23 Up from €11.55, the current price target is an average from 2 analysts. New target price is 11% below last closing price of €17.18. Stock is up 46% over the past year. The company is forecast to post earnings per share of €0.54 for next year compared to €1.23 last year. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 62% After last week's 62% share price gain to €17.06, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 15x in the Infrastructure industry in Europe. Total returns to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.85 per share. New Risk • Aug 18
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 63% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Cash payout ratio: 273% Minor Risks High level of debt (63% net debt to equity). Profit margins are more than 30% lower than last year (3.7% net profit margin). Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €379.3m (down 3.8% from 2Q 2022). Net income: €5.36m (down 75% from 2Q 2022). Profit margin: 1.4% (down from 5.3% in 2Q 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Jun 20
COSCO SHIPPING Ports Limited (SEHK:1199) completed the acquisition of a 24.9% stake in HHLA Container Terminal Tollerort GmbH from Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA). COSCO SHIPPING Ports Limited (SEHK:1199) entered into the Share Purchase Agreement to acquire 24.9% stake in HHLA Container Terminal Tollerort GmbH from Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) on September 21, 2021. As per the transaction, COSCO SHIPPING Ports Limited will pay the consideration for the sale of the sale shares of €65 million and the consideration for the sale of the closing shareholder loan in an amount equal to the nominal amount of the Closing Shareholder Loan and interest charged on €34,238,860.89, being 35% of the amount owed to Hamburger Hafen und Logistik Aktiengesellschaft by HHLA Container Terminal Tollerort GmbH. As on December 31, 2020, HHLA Container Terminal Tollerort GmbH generated net profits of €7.4 million and net assets of €21.4 million. The transaction is subject to competition and regulatory approval and is approved by Hamburger Hafen und Logistik Aktiengesellschaft’s supervisory board. As of October 26, 2022, the German government approved the transaction of a minority stake of less than 25% in the operating company HHLA Container Terminal Tollerort GmbH. As of September 20, 2022, the deal is expected to close on December 31, 2022. As of April 12, 2023, Germany is reconsidering its decision to allow Cosco to take a stake in one of logistics company HHLA's three terminals in the port of Hamburg. As of May 10, 2023, German government has approved the acquisition of a 24.9% stake. The government originally cleared the deal at the end of October 2022, but decided in April to re-examine it because the terminal was classified as critical infrastructure. The Chinese company initially agreed to purchase 35% of CTT, but the government limited in October the deal to a stake of 24.9%.
Helge Schäfer, Jonas Wittgens, Stefan Witte, Jonas Labinsky, Jan-Benedikt Fischer and Börries Ahrens of Allen & Overy LLP (Hamburg), Udo Olgemöller and Thomas Dieker of Allen & Overy LLP, Jonathan Hsui of Allen & Overy Hong Kong and Director Jing Li & Eva Jiang of Allen & Overy LLP acted as legal advisors to Hamburger Hafen und Logistik Aktiengesellschaft. Linklaters Oppenhoff & Rädler acted as legal advisor to Hamburger Hafen und Logistik Aktiengesellschaft.
COSCO SHIPPING Ports Limited (SEHK:1199) completed the acquisition of a 24.9% stake in HHLA Container Terminal Tollerort GmbH from Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) on June 19, 2023. Upcoming Dividend • Jun 09
Upcoming dividend of €0.75 per share at 6.0% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 20 June 2023. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 6.0%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.2%). Price Target Changed • Mar 01
Price target decreased by 10% to €13.27 Down from €14.77, the current price target is an average from 3 analysts. New target price is 5.1% above last closing price of €12.62. Stock is down 27% over the past year. The company is forecast to post earnings per share of €1.23 for next year compared to €1.50 last year. Price Target Changed • Nov 29
Price target decreased to €14.60 Down from €15.77, the current price target is an average from 3 analysts. New target price is 22% above last closing price of €11.96. Stock is down 39% over the past year. The company is forecast to post earnings per share of €1.18 for next year compared to €1.50 last year. Reported Earnings • Aug 12
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €405.7m (up 12% from 2Q 2021). Net income: €21.1m (up 21% from 2Q 2021). Profit margin: 5.2% (up from 4.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 5.0% compared to a 19% growth forecast for the industry in Germany. Price Target Changed • Jun 17
Price target decreased to €17.40 Down from €18.85, the current price target is an average from 2 analysts. New target price is 16% above last closing price of €14.96. Stock is down 32% over the past year. The company is forecast to post earnings per share of €1.08 for next year compared to €1.50 last year. Upcoming Dividend • Jun 10
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 17 June 2022. Payment date: 21 June 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (2.6%). Reported Earnings • May 18
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: €0.30 (up from €0.29 in 1Q 2021). Revenue: €387.3m (up 11% from 1Q 2021). Net income: €22.8m (up 7.0% from 1Q 2021). Profit margin: 5.9% (down from 6.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 4.0% compared to a 28% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 10% per year and the company’s share price has also fallen by 10% per year. Price Target Changed • Mar 29
Price target decreased to €18.85 Down from €20.40, the current price target is an average from 4 analysts. New target price is 13% above last closing price of €16.71. Stock is down 16% over the past year. The company is forecast to post earnings per share of €1.28 for next year compared to €1.50 last year. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €1.50 (up from €0.58 in FY 2020). Revenue: €1.47b (up 13% from FY 2020). Net income: €112.3m (up 164% from FY 2020). Profit margin: 7.6% (up from 3.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 3.2% compared to a 31% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €14.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Infrastructure industry in Europe. Total loss to shareholders of 20% over the past three years. Price Target Changed • Mar 04
Price target decreased to €19.48 Down from €21.05, the current price target is an average from 4 analysts. New target price is 12% above last closing price of €17.44. Stock is down 17% over the past year. The company is forecast to post earnings per share of €1.31 for next year compared to €0.58 last year. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.54 (vs €0.32 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €370.7m (up 12% from 3Q 2020). Net income: €40.6m (up 76% from 3Q 2020). Profit margin: 11% (up from 6.9% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Price Target Changed • Sep 03
Price target decreased to €19.90 Down from €21.46, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €19.05. Stock is up 21% over the past year. Reported Earnings • Aug 13
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €372.3m (up 27% from 2Q 2020). Net income: €17.5m (up 340% from 2Q 2020). Profit margin: 4.7% (up from 1.4% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 04
Upcoming dividend of €0.45 per share Eligible shareholders must have bought the stock before 11 June 2021. Payment date: 06 July 2021. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.6%). Price Target Changed • May 21
Price target increased to €21.52 Up from €19.87, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €21.56. Stock is up 53% over the past year. Reported Earnings • May 18
First quarter 2021 earnings released: EPS €0.29 (vs €0.14 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €349.7m (up 3.8% from 1Q 2020). Net income: €21.3m (up 111% from 1Q 2020). Profit margin: 6.1% (up from 3.0% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 29
Full year 2020 earnings released: EPS €0.58 (vs €1.42 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.30b (down 6.1% from FY 2019). Net income: €42.6m (down 59% from FY 2019). Profit margin: 3.3% (down from 7.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 10
New 90-day high: €19.04 The company is up 12% from its price of €16.98 on 11 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €34.80 per share. Price Target Changed • Nov 20
Price target raised to €19.10 Up from €17.61, the current price target is an average from 6 analysts. The new target price is 6.6% above the current share price of €17.92. As of last close, the stock is down 28% over the past year. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 5.8% decline forecast for the Infrastructure industry in Germany. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS €0.32 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €332.3m (down 5.8% from 3Q 2019). Net income: €23.1m (down 21% from 3Q 2019). Profit margin: 6.9% (down from 8.3% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 29
New 90-day low: €14.34 The company is down 2.0% from its price of €14.56 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.67 per share. 
