Hapag-Lloyd AG — Interim / Quarterly Report 2025

Aug 14, 2025

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Q2 | H1 2025 Hapag-Lloyd AG

Investor Report

1 January to 30 June 2025

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SUMMARY OF HAPAG-LLOYD KEY FIGURES

		Q2 2025	Q2 2024	H1 2025	H1 2024	Change
Liner Shipping segment
Total vessels 1		313	287	313	287	9%
Aggregate capacity of vessels 1	TTEU	2,481	2,184	2,481	2,184	14%
Aggregate container capacity 1	TTEU	3,717	3,232	3,717	3,232	15%
Freight rate	USD/TEU	1,324	1,422	1,400	1,391	1%
Transport volume	TTEU	3,440	3,060	6,745	6,097	11%
Revenue	million USD	5,166	4,794	10,386	9,320	11%
EBITDA	million USD	777	991	1,844	1,898	-3%
EBIT	million USD	167	468	639	846	-24%
Terminal & Infrastructure segme	ent
Revenue	million USD	135	111	244	217	12%
EBITDA	million USD	44	36	79	71	11%
EBIT	million USD	22	17	37	33	11%
Group financial figures
Revenue	million USD	5,272	4,892	10,590	9,516	11%
EBITDA	million USD	820	1,028	1,924	1,969	-2%
EBIT	million USD	189	485	677	879	-23%
Group profit/loss	million USD	306	467	775	791	-2%
Earnings per share	USD	1.71	2.64	4.35	4.45	-2%
Cash flow from operating activities	million USD	584	764	1,819	1,373	32%
Group return figures
EBITDA margin	%	15.6	21.0	18.2	20.7	-2.5 ppt
EBIT margin	%	3.6	9.9	6.4	9.2	-2.8 ppt
ROIC	%	3.3	9.7	6.1	9.0	-2.9 ppt
				30.6.2025	31.12.2024	Change
Group balance sheet figures
Equity	million USD			20,752	21,539	-4%
Equity ratio	%			60.6	61.6	-1.0 ppt
Financial debt and lease liabilities	million USD			7,335	6,868	7%
Cash and cash equivalents	million USD			4,212	5,696	-26%
Net debt	million USD			919	-946	n.m.

^<sup>1 Reporting date values at the end of the respective quarter.

For computational reasons, rounding differences may occur in some of the tables and charts of this investor report.

This report intends to focus on the presentation of the main financial highlights and calculated USD figures of the reporting period. It makes no claim to completeness and does not deal with all aspects and details regarding Hapag-Lloyd. For the full half-year financial report, please visit our website: https://www.hapag-lloyd.com/en/ir/publications/financial-report.html

This investor report was published on 14 August 2025.

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HIGHLIGHTS OF H1 2025

• The new US tariff policy led to a volatile development in demand and freight rates in the first half of 2025. At the same time, problems at major seaports and the ongoing tense security situation in the Red Sea impacted operational development.
• In this challenging market environment, Hapag-Lloyd was able to increase Group revenue by 11% to USD 10.6 billion in the first half of the 2025 financial year (H1 2024: USD 9.5 billion).
• However, Group EBITDA decreased to USD 1,924 million (H1 2024: USD 1,969) and Group EBIT to USD 677 million (H1 2024: USD 879 million) due to higher costs.
• In the Liner Shipping segment, the transport volume rose by 10.6% to 6.7 million TEU in the first half of 2025, while the average freight rate remained at the previous year's level of USD 1,400/TEU.
• Despite the positive demand development, higher expenses related to operational issues in ports, ongoing vessel diversions around the Cape of Good Hope, and start-up costs for the new Gemini network led to a decline in operating result, as expected.
• EBITDA in the Liner Shipping segment was USD 1,844 million in the first half of 2025 (H1 2024: USD 1,898 million), and EBIT was USD 639 million (H1 2024: USD 846 million).
• The "Gemini Cooperation" was successfully launched on 1 February together with partner Maersk. Gemini covers the major East-West trades and achieved an industry-leading schedule reliability of 90% in the first months since its launch. However, further efforts are required in the second half of the year to optimise the network.
• The Terminal&Infrastructure segment reported revenue and profit growth in the first half of 2025. EBITDA rose to USD 79 million (H1 2024: USD 71 million) and EBIT to USD 37 million (H1 2024: USD 33 million).
• The terminal portfolio was expanded in March 2025 with the acquisition of a 60% stake in CNMP LH, the operator of the Atlantique Container Terminal in Le Havre.
• Following the payment of a dividend of EUR 8.20 per share in the second quarter (previous year: EUR 9.25) and further investments in the expansion and modernisation of the fleet, the Group's net debt rose to USD 919 million as of 30 June 2025 (31 December 2024: net liquidity of USD 946 million).
• Free cash flow was once again positive at USD 711 million (H1 2024: USD 501 million).
• Based on the solid earnings performance in the first half of 2025, which was in line with expectations, the Executive Board is specifying its earnings forecast for the 2025 financial year.
• Group EBITDA for the 2025 financial year is now expected in the range of USD 2.8 to 3.8 billion (previously: USD 2.5 to 4.0 billion) and Group EBIT in the range of USD 0.25 to 1.25 billion (previously: USD 0.0 to 1.5 billion).
• In light of major geopolitical challenges and volatile freight rates, the forecast is subject to a high degree of uncertainty.

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CONTENTS

3	1.	MAIN DEVELOPMENTS
5	2.	MARKET ENVIRONMENT
5	2.1.	General economic conditions
5	2.2.	Sector-specific conditions
7	3.	GROUP EARNINGS POSITION
7	3.1.	Group earnings
9	3.2.	Liner Shipping earnings
12	3.3.	Terminal&Infrastructure earnings
13	4.	GROUP NET ASSET POSITION
15	5.	GROUP FINANCIAL POSITION
15	5.1.	Developments in cash and cash equivalents
16	5.2.	Financial solidity
17	6.	OUTLOOK
20		IMPORTANT NOTICE
21		DISCLAIMER

IMPRINT

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1. MAIN DEVELOPMENTS

Fleet and capacity development

As at 30 June 2025, Hapag-Lloyd's fleet consisted of 313 container vessels (31 December 2024: 299) with a transport capacity of 2.5 million TEU (31 December 2024: 2.3 million TEU). In the first half of the 2025 financial year, four newbuilds with a total capacity of 95 TTEU were put into service. Based on TEU capacity, 59% of the fleet was owned as at 30 June 2025 (31 December 2024: 58%).

As at 30 June 2025, Hapag-Lloyd's order book comprised 24 newbuilds with a total capacity of 312 TTEU which are to be delivered by 2029.

As at 30 June 2025, Hapag-Lloyd had 2.1 million (31. December 2024: 2.1 million) owned and leased containers with a capacity of 3.7 million TEU (31 December 2024: 3.7 million TEU) for the transport of cargo. The capacity-weighted share of owned containers was 67% as at 30 June 2025 (31 December 2024: 65%). New containers with a total capacity of 230 TTEU were ordered in the first half of the 2025 financial year.

Structure of Hapag-Lloyd's container ship fleet

	30.6.2025	31.12.2024	30.6.2024
Number of vessels	313	299	287
thereof
Own vessels ¹	135	131	127
Chartered vessels	178	168	160
Vessel capacity (TTEU)	2,481	2,346	2,184
Container capacity (TTEU)	3,717	3,654	3,232
Number of services	133	113	114

¹ Including lease agreements with purchase option/obligation at maturity

Start of the "Gemini Cooperation"

Vessel sharing agreements and alliances are an important part of container liner shipping, as they enable a more comprehensive range of liner services and help to reduce unit costs and greenhouse gas emissions through better capacity utilisation. Until 31 January 2025, Hapag-Lloyd worked together with ONE, HMM and Yang Ming as part of "THE Alliance". On 1 February 2025, this partnership was replaced by the "Gemini Cooperation", in which Hapag-Lloyd now cooperates with Maersk on the major East-West trades. As part of the new partnership, a comprehensive review of the liner network was carried out. The new hub-and-spoke network combines major intercontinental services with regional shuttles. The aim is to create a more robust network with a significantly improved timetable reliability of at least 90%. This goal was already achieved in the first few months after the launch. However, further efforts are required in the second half of 2025 to optimise the network.

Hapag-Lloyd's entire service network, including the "Gemini Cooperation", comprised 133 services as at 30 June 2025 (31 December 2024: 113 services). The significant increase is primarily due to the new network structure of the "Gemini Cooperation".

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Network of Hapag-Lloyd services

Terminal holdings

As at 30 June 2025, Hapag-Lloyd's Terminal&Infrastructure segment held stakes in 21 terminals in Europe, Latin America, the USA, India and North Africa. Most recently, in March 2025, a 60% stake was acquired in CNMP LH, the operator of the Atlantique Container Terminal in Le Havre. This has secured strategically important access to the French market. Hapag-Lloyd also has a stake in the terminal currently under construction in Damietta, Egypt.

Hapag-Lloyd terminals and terminal holdings

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2. MARKET ENVIRONMENT

2.1. GENERAL ECONOMIC CONDITIONS

The pace at which the global economy grows and, by extension, at which global trade develops is a significant factor that influences demand for container shipping services and terminal services.

The economy of the People's Republic of China grew by 5.3% in the first half of 2025 compared to the prior year period. Exports of goods rose by 7.2%, while imports fell by 2.7% (National Bureau of Statistics of China, July 2025). The main buyers of Chinese goods are primarily the US and Europe. The US economy grew by 2.0% in both the first and second quarters of 2025 compared to the same quarters of the previous year. Growth was mainly driven by an increase in consumer spending. In anticipation of higher import tariffs, goods imports rose by 14.7% in the first quarter of 2025 compared to the same period of the previous year. In the second quarter, imports normalised and were only 0.8% above the previous year's level (US Bureau of Economic Analysis, July 2025). The EU economy grew by 1.5% in the second quarter of 2025 compared to Q2 2024. In the first quarter of 2025, the EU economy grew by 1.6% year-on-year. In the first five months of 2025, exports of goods from the EU rose by 5.2% compared to the prior year period, mainly due to higher exports to the US. Imports of goods increased by 5.6% over the same period (Eurostat, July 2025).

The price of Brent crude oil stood at USD 67.61 per barrel on 30 June 2025, down 9.4% from the 2024 year-end price of USD 74.64 per barrel. The price of low-sulphur bunker oil (MFO 0.5%, FOB Rotterdam) stood at USD 489 per tonne on 30 June 2025, down 2.9% from the 2024 yearend price of USD 504 per tonne (S&P Global Commodity Insights).

2.2.SECTOR-SPECIFIC CONDITIONS

The Liner Shipping and Terminal&Infrastructure segments are both fundamentally affected by the same sector-specific developments, in particular international trade.

Global container transport volumes rose by 4.3% in the first five months of 2025 compared with the prior year period (CTS, July 2025). Exports from the Far East in particular recorded significant growth. By contrast, the transport volume on the important route from the Far East to North America remained at the previous year's level. The new US tariff policy led to very volatile demand trends over the course of the year. While the trade lane still recorded growth of 9% in the first quarter, the increase in US import tariffs in April and May led to a significant decline in volume.

With growth of 10% in the first five months of 2025, transport volumes between Europe and Latin America also developed very positively, while volumes between Europe and North America rose by 3% compared to the prior year period.

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Monthly global container transport volumes (in million TEU)

Source: CTS, July 2025

The Shanghai Containerized Freight Index (SCFI), which tracks spot freight rate developments on Shanghai's key trade routes, was also highly volatile in the first half of 2025. After a sharp decline in the first quarter of 2025, the index initially stabilised in April before the temporary reduction in US import tariffs in May led to a significant increase in transport demand and, consequently, to a rise in freight rates. With demand normalising and transport capacity between the Far East and North America increasing at the same time, spot freight rates fell again. At the end of June 2025, the index stood at USD 1,862/TEU, well below the level of the prior year period (previous year: USD 3,714/TEU). In the previous year, unexpectedly high demand had exceeded available transport capacity, leading to a sharp rise in spot freight rates.

Development of the Shanghai Containerized Freight Index (in USD/TEU)

Source: Shanghai Shipping Exchange, July 2025

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3. GROUP EARNINGS POSITION

3.1. GROUP EARNINGS

The first half of the 2025 financial year was marked by good demand, but also still by operational disruptions in seaports and a tense security situation in the Red Sea. This led to significantly higher transport costs compared to the prior year period. In addition, and as expected, start-up costs for the new Gemini network contributed to a cost increase. As a result, despite an increase in transport volume and a stable average freight rate, the Hapag-Lloyd Group generated a lower Group profit of USD 775 million in the first half of the 2025 financial year compared to the prior year period (USD 791 million).

Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the first half of the 2025 financial year were USD 1,924 million, down from USD 1,969 million in the prior year period. The Hapag-Lloyd Group's earnings before interest and taxes (EBIT) amounted to USD 677 million (prior year period: USD 879 million).

Consolidated income statement

			YoY
million USD	Q2 2025	Q2 2024	change	H1 2025	H1 2024	Change
Revenue	5,272	4,892	8%	10,590	9,516	11%
Transport and terminal expenses	–3,965	–3,413	16%	–7,741	–6,712	15%
Personnel expenses	–328	–331	–1%	–618	–592	4%
Depreciation, amortisation and impairment	–631	–543	16%	–1,247	–1,090	14%
Other operating result	–168	–114	48%	–316	–229	38%
Operating result	180	492	–63%	668	893	–25%
Share of profit of equity accounted investees	–3	–8	–62%	–3	–14	–78%
Result from investments	12	0	n.m.	12	0	n.m.
Earnings before interest and tax (EBIT)	189	485	–61%	677	879	–23%
Interest result and other financial result	–20	12	n.m.	–19	52	n.m.
Other financial items	43	0	n.m.	32	–11	n.m.
Income taxes	92	–29	n.m.	85	–129	n.m.
Group profit/loss	306	467	–35%	775	791	–2%
Basic/diluted earnings per share (in USD)	1.71	2.64	–35%	4.35	4.45	–2%
EBITDA	820	1,028	–20%	1,924	1,969	–2%
EBITDA margin (%)	15.6	21.0	-5.4 ppt	18.2	20.7	-2.5 ppt
EBIT	189	485	–61%	677	879	–23%
EBIT margin (%)	3.6	9.9	-6.3 ppt	6.4	9.2	-2.8 ppt

Revenue in the Group

In the first half of the 2025 financial year, the Hapag-Lloyd Group's revenue rose by USD 1,074 million to USD 10,590 million (prior year period: USD 9,516 million), which corresponds to an increase of 11.3%. This development was mainly due to higher transport volumes (+10.6%), while average freight rates remained at the level of the prior year period (+0.7%).

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Operating expenses in the Group

Transport and terminal expenses rose by USD 1,029 million to USD 7,741 million in the first half of the 2025 financial year (prior year period: USD 6,712 million). This represents a 15.3% increase, exceeding the growth in Group revenue, and is due to continued operational disruptions at ports, vessel rerouting resulting from the tense security situation in the Red Sea, and anticipated start-up costs for the Gemini network. This was partly offset by a one-off gain from the reversal of provisions amounting to USD 117 million, related to tax deductions previously accrued in operating expenses that are no longer expected to be claimed in future periods.

In the first half of the 2025 financial year, depreciation and amortisation increased by USD 157 million to USD 1,247 million (prior year period: USD 1,090 million). The increase was mainly due to higher depreciation and amortisation for new vessels and containers. The scheduled amortisation of right-of-use assets (primarily vessels and containers) led to depreciation and amortisation of USD 679 million (prior year period: USD 563 million).

Other operating result

The other operating result of USD –316 million (prior year period: USD –229 million) comprised the net balance of other operating income and expenses. Other operating expenses totalled USD 378 million for the first half year of the 2025 financial year (prior year period: USD 298 million). This mainly included IT and communication expenses (USD 151 million; prior year period: USD 139 million), exchange rate losses (USD 46 million; prior year period: gains of USD 5 million), fees for consultancy and other professional services (USD 29 million; prior year period: USD 29 million) and office and administrative expenses (USD 27 million; prior year period: USD 33 million). The other operating income totalled USD 62 million (prior year period: USD 69 million). This mainly included income from capitalised own work (USD 26 million; prior year period: USD 9 million).

Interest result and other financial result

In the first half of the 2025 financial year, the interest result and other financial result amounted to USD -19 million (prior year period: USD 52 million). The increase in interest expenses to USD 194 million (prior year period: USD 159 million) was primarily due to higher interest expenses from charter, lease and concession arrangements amounting to USD 115 million (prior year period: USD 74 million). The decline in interest income and other financial income to USD 175 million (prior year period: USD 211 million) mainly resulted from the lower volume of money market transactions and a lower average interest rate. Money market transactions generated interest income of USD 114 million (prior year period: USD 153 million). Interest income from the financial instruments of the special fund "HLAG Performance Express" amounted to USD 40 million (prior year period: USD 37 million).

Other financial items

In the first half of the 2025 financial year, the result for other financial items amounted to USD 32 million (prior year period: USD -11 million). The main reasons for this change were the realised gains (prior year period: losses) from the currency forward contracts for the dividend distribution in euros in May 2025 (May 2024) and the realised foreign currency gains (prior year period: foreign currency losses) from the corresponding dividend payment. In addition, valuation effects arose from the bond hedge.

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Income taxes

In the first half of the 2025 financial year, income taxes resulted in tax income of USD 85 million (prior year period: tax expense of USD 129 million). The change of USD 214 million is mainly due to the development of deferred taxes in the Hapag-Lloyd Group. While current income taxes rose to USD 62 million due to exchange rate effects as at the reporting date (prior year period: USD 31 million), there was a significant increase in deferred tax income to USD 147 million (prior year period: deferred tax expense of USD 98 million). The increase in deferred tax income is primarily the result of the reduction in deferred tax liabilities and the recognition of deferred tax assets due to exchange rate effects on investments in the tax base.

Group profit

In the first half of the 2025 financial year a consolidated Group profit of USD 775 million was achieved (prior year period: USD 791 million).

3.2.LINER SHIPPING EARNINGS

In the first half of the 2025 financial year, the Liner Shipping segment recorded a decrease in earnings compared to the prior year period. Operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) in Liner Shipping amounted to USD 1,844 million (prior year period: USD 1,898 million) and operating earnings before interest and taxes (EBIT) stood at USD 639 million (prior year period: USD 846 million).

Income statement Liner Shipping

			YoY
million USD	Q2 2025	Q2 2024	change	H1 2025	H1 2024	Change
Revenue	5,166	4,794	8%	10,386	9,320	11%
Transport expenses	–3,940	–3,397	16%	–7,696	–6,683	15%
thereof
Transport expenses for completed voyages	–3,951	–3,364	17%	–7,751	–6,723	15%
Bunker and emissions	–691	–714	–3%	–1,421	–1,423	-
Handling and haulage	–2,042	–1,620	26%	–3,954	–3,226	23%
Equipment and repositioning 1	–518	–426	22%	–991	–861	15%
Vessels and voyages (excluding bunker) 1	–699	–604	16%	–1,385	–1,212	14%
Transport expenses for pending voyages 2	11	–33	n.m.	54	39	39%
Depreciation, armortisation and impairment	–609	–524	16%	–1,205	–1,052	15%
Other income and expenses	–449	–405	11%	–846	–739	14%
EBITDA	777	991	–22%	1,844	1,898	–3%
EBITDA margin (%)	15.0	20.7	–5.6 ppt	17.8	20.4	–2.6 ppt
EBIT	167	468	–64%	639	846	–24%
EBIT margin (%)	3.2	9.8	–6.5 ppt	6.2	9.1	–2.9 ppt

¹ Including lease expenses for short-term leases

² The amounts presented as transport expenses for pending voyages represent the difference between the transport expenses for pending voyages for the current period and the transport expenses for pending voyages for the previous period. The transport expenses for pending voyages recognised in the previous periods are presented in the current period as transport expenses for completed voyages.

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Transport volume per trade

The transport volume in the first half of the 2025 financial year was 6,745 TTEU (prior year period: 6,097 TTEU), up 10.6% on the prior year period. The increase in transport volume in all the trades listed is attributable in particular to the favourable demand situation and increased transport capacity.

Transport volume per trade 1

			YoY
TTEU	Q2 2025	Q2 2024	change	H1 2025	H1 2024	Change
Asia – Europe	1,007	859	17.2%	1,946	1,694	14.9%
Pacific	995	812	22.4%	1,941	1,649	17.7%
Atlantic	720	697	3.4%	1,406	1,374	2.3%
Africa & Intraregional Trades	719	692	3.9%	1,452	1,380	5.2%
Total	3,440	3,060	12.4%	6,745	6,097	10.6%

Since the fourth quarter of 2024, the Far East and Middle East trades have been combined into the "Asia – Europe" trade, the Transpacific trade and all other Asia-related services into the "Pacific" trade, the Atlantic trade and all other Europe-related services into the "Atlantic" trade and the Africa trade and all intraregional trades into the "Africa & Intraregional Trades". The adjustment was made for reasons of relevance. The comparative information was adjusted accordingly.

Freight rate per trade

In the first half of the 2025 financial year, the average freight rate was USD 1,400/TEU, up only slightly on the prior year period (USD 1,391/TEU).

Freight rate per trade¹

Total	1,324	1,422	-6.9%	1,400	1,391	0.7%
Africa & Intraregional Trades	1,221	1,095	11.5%	1,252	1,122	11.6%
Atlantic	1,491	1,457	2.3%	1,496	1,467	2.0%
Pacific	1,427	1,615	-11.7%	1,556	1,569	-0.9%
Asia – Europe	1,178	1,473	-20.1%	1,287	1,374	-6.3%
USD/TEU	Q2 2025	Q2 2024	change	H1 2025	H1 2024	Change
			YoY

Since the fourth quarter of 2024, the Far East and Middle East trades have been combined into the "Asia – Europe" trade, the Transpacific trade and all other Asia-related services into the "Pacific" trade, the Atlantic trade and all other Europe-related services into the "Atlantic" trade and the Africa trade and all intraregional trades into the "Africa & Intraregional Trades". The adjustment was made for reasons of relevance. The comparative information was adjusted accordingly.

Revenue per trade

In the first half of the 2025 financial year, revenue in the Liner Shipping segment rose by USD 1,066 million to USD 10,386 million (prior year period: USD 9,320 million), corresponding to an increase of 11.4%. This was mainly due to a 10.6% increase in transport volume compared to the prior year period, while the average freight rate remained almost at the previous year's level.

Revenue not assigned to trades mainly includes income from demurrage and detention charges for containers as well as compensation payments for shipping space. Furthermore, realised revenue from pending voyages is included in revenue not assigned to trades.

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Revenue per trade 1

Total	5,166	4,794	8%	10,386	9,320	11%
Revenue not assigned to trades	610	443	38%	940	842	12%
Africa & Intraregional	878	758	16%	1,818	1,548	17%
Atlantic	1,074	1,016	6%	2,103	2,016	4%
Pacific	1,419	1,312	8%	3,020	2,588	17%
Asia – Europe	1,185	1,265	-6%	2,504	2,326	8%
million USD	Q2 2025	Q2 2024	change	H1 2025	H1 2024	Change
			YoY

Since the fourth quarter of 2024, the Far East and Middle East trades have been combined into the "Asia – Europe" trade, the Transpacific trade and all other Asia-related services into the "Pacific" trade, the Atlantic trade and all other Europe-related services into the "Atlantic" trade and the Africa trade and all intraregional trades into the "Africa & Intraregional Trades". The adjustment was made for reasons of relevance. The comparative information was adjusted accordingly.

Transport expenses

Transport expenses rose by USD 1,013 million to USD 7,696 million in the first half of the 2025 financial year (prior year period: USD 6,683 million). This corresponds to an increase of 15.2%.

The decline in bunker and emission expenses was primarily due to lower bunker costs, which decreased by USD 30 million to USD 1,347 million compared with the prior year period (prior year period: USD 1,377 million). Despite a 7.6% increase in bunker consumption to 2.5 million tons, this is mainly attributable to a reduction in the average bunker consumption price to USD 542/t in the first half of the 2025 financial year, compared with USD 601/t in the prior year period. This was offset by higher expenses for $CO_2$ emission certificates amounting to USD 74 million (prior year period: USD 46 million).

Expenses for container handling rose by USD 728 million to USD 3,954 million in the first half of the reporting year (prior year period: USD 3,226 million). This increase is primarily attributable to higher storage costs for containers and a rise in expenses for inland transport.

Expenses for containers and repositioning of USD 991 million (prior year period: USD 861 million) were up on the prior year period, mainly due to local disruptions in supply chains and start-up costs for the Gemini network.

The increase in expenses for vessels and voyages (excluding bunker) in the reporting period of USD 173 million to USD 1,385 million (prior year period: USD 1,212 million) is primarily a result of container slot charter costs on third-party vessels, the increased share of vessels chartered on a medium-term basis and the associated operating expenses (non-lease components) and higher canal costs compared with the prior year period.

Depreciation, amortisation and impairments

In the first half of the 2025 financial year, depreciation and amortisation increased by USD 153 million year-on-year to USD 1,205 million (prior year period: USD 1,052 million). This was mainly due to the scheduled depreciation and amortisation of vessels and containers totalling USD 1,135 million (prior year period: USD 979 million).

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Operating result

In the first half of the 2025 financial year, the Liner Shipping segment generated earnings before interest and taxes (EBIT) of USD 639 million (prior year period: USD 846 million).

Unit cost

In total, transport expenses per unit (incl. D&A) in the first quarter of 2025 increased by 4% to USD 1,320/TEU as compared to the prior year period. "Bunker and emissions" expenses decreased by 10% or USD 23/TEU because of a lower average bunker consumption price. Higher expenses for CO2 emission certificates had an offsetting effect. "Handling and haulage" expenses increased by 11% or USD 57/TEU due to higher storage costs for containers and increased expenses for inland transport. "Equipment and repositioning" expenses increased by 4% or USD 6/TEU due to disruptions in supply chains and start-up costs for the Gemini network. "Vessel and voyage" expenses increased by 3% or USD 7/TEU. This mainly results from the increased share of vessels chartered on a mid-term basis and the associated operating expenses (non-lease components), container slot charter costs on third-party vessels and higher canal costs compared with the prior year period. "Depreciation and amortisation" unit costs increased by 4% (USD 6/TEU) compared to the prior year period.

Unit cost

Transport expenses incl. D&A	–1,322	–1,281	3%	–1,320	–1,269	4%
Depreciation, amortisation and impairment (D&A)	–177	–171	4%	–179	–173	4%
Pending transport expenses	3	–11	n.m.	8	6	n.m.
Vessel and voyage (excl. bunker)	–203	–197	3%	–205	–199	3%
Equipment and repositioning	–151	–139	8%	–147	–141	4%
Handling and haulage	–594	–529	12%	–586	–529	11%
Bunker and emissions	–201	–233	–14%	–211	–233	–10%
thereof
Transport expenses	–1,145	–1,110	3%	–1,141	–1,096	4%
USD/TEU	Q2 2025	Q2 2024	YoY change	H1 2025	H1 2024	Change

3.3. TERMINAL&INFRASTRUCTURE EARNINGS

At USD 79 million, earnings before interest, taxes, depreciation and amortisation (EBITDA) in the Terminal&Infrastructure segment in the first half year of the reporting year were slightly higher than the figure of USD 71 million in the prior year period. Earnings before interest and taxes (EBIT) amounted to USD 37 million (prior year period: USD 33 million).

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Income statement Terminal&Infrastructure

			YoY
million USD	Q2 2025	Q2 2024	change	H1 2025	H1 2024	Change
Revenue	135	111	22%	244	217	12%
Terminal expenses	–50	–26	93%	–83	–51	63%
Personnel expenses	–40	–32	27%	–74	–63	18%
Depreciation, amortisation and impairment	–22	–19	12%	–42	–38	11%
Share of profit of equity accounted investees	3	1	115%	10	6	74%
Other income and expenses	–3	–18	–81%	–18	–38	–52%
EBITDA	44	36	21%	79	71	11%
EBITDA margin (%)	32.4	32.8	-0.3 ppt	32.4	32.9	-0.5 ppt
EBIT	22	17	30%	37	33	11%
EBIT margin (%)	16.5	15.4	1.1 ppt	15.1	15.3	-0.2 ppt

Revenue

In the first half of the 2025 financial year, revenue of USD 244 million (prior year period: USD 217 million) was generated in particular from the handling of containers and other freight.

Operating expenses

Operating expenses in the Terminal&Infrastructure segment in the first half of the reporting year were mainly due to expenses for the operation of terminals and container handling totalling USD 83 million (prior year period: USD 51 million), as well as personnel expenses of USD 74 million (prior year period: USD 63 million). In addition, there was depreciation and amortisation of property, plant and equipment and intangible assets in the amount of USD 42 million (prior year period: USD 38 million).

Operating result

In the first half of the 2025 financial year, the Terminal&Infrastructure segment generated earnings before interest and taxes (EBIT) of USD 37 million (prior year period: USD 33 million).

4. GROUP NET ASSET POSITION

As at 30 June 2025, the Group's balance sheet total fell to USD 34,228 million compared to USD 34,940 million at year-end 2024. The change in assets was mainly due to a decline in cash and cash equivalents as a result of the dividend payment in the first half year of 2025. Investments in vessels and newly received and extended rights of use for lease assets as well as the corresponding increase in financial liabilities and lease liabilities partially offset this effect.

Within non-current assets, the carrying amounts of fixed assets increased by a total of USD 526 million to USD 23,836 million (31 December 2024: USD 23,310 million), in particular due to investments in vessels, vessel equipment and containers including payments on account and assets under construction in the amount of USD 899 million and newly received and extended rights of use for lease assets of USD 792 million. Scheduled depreciation and amortisation of USD 1,247 million had an offsetting effect. These include an amount of USD 679 million for the amortisation of capitalised rights of use relating to lease assets.

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Cash and cash equivalents decreased to USD 4,212 million compared to the end of 2024 (31 December 2024: USD 5,696 million), mainly due to the dividend payment at 6 May 2025 of USD 1,634 million for the 2024 financial year.

Trade accounts receivables decreased as at the reporting date due to timing effects by USD 89 million to USD 2,455 million (31 December 2024: USD 2,543 million).

On the liabilities side, equity (including non-controlling interests) decreased by USD 787 million to USD 20,752 million. The decrease results mainly from the dividend paid from the previous year's retained earnings in the amount of EUR 8.20 (prior year: EUR 9.25) per dividend-eligible individual share, i.e. a total of USD 1,634 million (prior year: USD 1,752 million). The Group profit of USD 775 million (prior year period: USD 791 million) recognised in the retained earnings partially offset this decrease.

The Group's borrowed capital rose by USD 74 million in comparison to the 2024 consolidated financial statements. This results primarily from newly acquired or extended charter and leasing contracts of USD 820 million and a new bank loan with the purpose of vessel financing in the amount of USD 430 million. This was partially offset by the planned redemption payments totalling USD 802 million and from a decrease in contract liabilities due to lower freight rates and declining transport volume for transport orders on pending voyages as at the reporting date by USD 226 million to USD 852 million (31 December 2024: USD 1,079 million).

The decrease in deferred tax liabilities to USD 166 million (31 December 2024: USD 265 million) is mainly due to the reduction in deferred tax liabilities from exchange rate effects on investments outside the tonnage tax area.

Group net asset position

million USD	30.6.2025	31.12.2024
Assets
Non-current assets	24,082	23,480
of which fixed assets	23,836	23,310
Current assets	10,146	11,460
of which cash and cash equivalents	4,212	5,696
Total assets	34,228	34,940
Equity and liabilities
Equity	20,752	21,539
Borrowed capital	13,476	13,401
of which non-current liabilities	6,059	5,957
of which current liabilities	7,416	7,444
of which financial debt and lease liabilities	7,335	6,868
of which non-current financial debt and lease liabilities	5,454	5,287
of which current financial debt and lease liabilities	1,881	1,581
Total equity and liabilities	34,228	34,940

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5. GROUP FINANCIAL POSITION

5.1. DEVELOPMENTS IN CASH AND CASH EQUIVALENTS

Cash flow from operating activities

In the first half of the 2025 financial year, Hapag-Lloyd generated an operating cash flow of USD 1,819 million (prior year period: USD 1,373 million). The higher cash flow from operating activities compared to the prior year period is mainly due to the positive change in working capital.

Cash flow from investing activities

Cash outflows from investing activities totalled USD 1,107 million in the first half of the 2025 financial year (prior year period: USD 871 million). This includes payments for investments, mainly for vessels, vessel equipment and for the construction of new containers of USD 1,205 million (prior year period: USD 1,023 million). Furthermore, cash outflows of USD 48 million (prior year period: USD 97 million) were incurred for share acquisitions and payments for capital contributions in existing equity-accounted investees, that continue to be recognised as such. This was mainly offset by cash inflows from interest received of USD 158 million (prior year period: USD 195 million).

Cash flow from financing activities

Financing activities resulted in a net cash outflow of USD 2,198 million in the first half of the financial year (prior year period: USD 2,392 million). The cash outflow essentially resulted from the dividend payment to the shareholders of Hapag-Lloyd AG of USD 1,634 million (prior year period: USD 1,752 million). The interest and redemption payments from lease and service concession liabilities in accordance with IFRS 16 totalled USD 726 million (prior year period: USD 618 million). Interest and redemption payments for vessel and container financing totalled USD 272 million in the first half of the financial year (prior year period: USD 269 million). This was primarily offset by cash inflows from loans taken out to finance acquired newbuilds amounting to USD 430 million (prior year period: USD 298 million).

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Statement of cash flows

million USD	Q2 2025	Q2 2024	H1 2025	H1 2024
Cash and cash equivalents beginning of the period	5,886	6,289	5,696	6,435
EBITDA	820	1,028	1,924	1,969
Working capital	–217	–238	–79	–544
Others	–18	–25	–26	–53
Operating cash flow	584	764	1,819	1,373
Investments	–438	–535	–1,205	–1,023
thereof vessel	–233	–332	–566	–596
thereof container	–175	–186	–578	–397
thereof other	–30	–18	–61	–30
Net cash received (+)/made (–) from acquisitions	–	–	–6	–25
Disinvestments	19	21	39	43
Dividends received	4	13	4	13
Payments received (+) for the redemption of issued loans	4	–	9	3
Payments made for the issuing of loans	–	–2	–	–2
Change of financial assets and financial assets held for sale	–85	–17	–64	–4
Payments made for the acquisition of shares in joint ventures	–5	–51	–42	–71
Payments received for interests	73	85	158	195
Investing cash flow	–429	–486	–1,107	–872
Debt intake	290	196	430	298
Debt repayment	–101	–108	–192	–225
Repayment of lease liabilities	–314	–275	–610	–543
Dividends paid	–1,640	–1,752	–1,650	–1,766
Interest	–107	–76	–212	–143
Payments made from hedges for financial debts	41	–8	36	–13
Financing cash flow	–1,831	–2,023	–2,198	–2,392
Changes due to exchange rate fluctuations and impairments	2	–2	2	–2
Cash and cash equivalents end of the period	4,212	4,543	4,212	4,543

5.2. FINANCIAL SOLIDITY

As at 30 June 2025, the Group's net debt amounted to USD 919 million. Compared to net liquidity of USD 946 million as at 31 December 2024, this represents an increase of USD 1,865 million in net debt. The increase was mainly due to the dividend payment.

Equity decreased by USD 787 million compared to 31 December 2024 and amounted to USD 20,752 million as at 30 June 2025. The equity ratio was 60.6% (31 December 2024: 61.6%).

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Financial solidity

million USD	30.6.2025	31.12.2024
Financial debt and lease liabilities	7,335	6,868
Cash and cash equivalents	4,212	5,696
Special fund securities (other financial assets)	2,204	2,118
Net debt	919	–946
Unused credit lines	725	725
Liquidity reserve	7,141	8,539
Equity	20,752	21,539
Assets	34,228	34,940
Equity ratio (%)	60.6	61.6

6. OUTLOOK

General economic outlook

The International Monetary Fund (IMF) expects global economic growth of 3.0% in 2025. Due to the impact of tariffs imposed by the US, the reactions of trading partners and the high level of uncertainty about the future development of trade policy, the forecast is 0.3 percentage points below the January 2025 projection. Economic growth of 1.5% is expected for industrialised countries and 4.1% for developing and emerging countries. Economic growth of 4.8% is forecast for China, with the negative effects of the trade conflict with the US being offset by front-loading effects in the first half of the year and government support measures. According to the IMF, the US economy will grow by 1.9% in 2025, 0.8 percentage points fewer than predicted at the beginning of the year and 0.9 percentage points fewer than in the previous year.

Despite the ongoing trade conflict between the US and its trading partners, the International Monetary Fund expects global trade to grow by 2.6%, mainly due to front-loading effects in the first half of 2025. However, the IMF points to a significantly increased risk that the global economy and world trade could weaken if trade tensions and geopolitical crises persist (IMF World Economic Outlook, July 2025).

Developments in global economic growth (GDP) and world trade volume

in %	2026e	2025e	2024	2023	2022
Global economic growth	3.1	3.0	3.3	3.5	3.6
Advanced economies	1.6	1.5	1.8	1.8	2.9
Emerging market and developing economies	4.0	4.1	4.3	4.7	4.1
World trade volume (goods and services)	1.9	2.6	3.5	1.0	5.7

Source: IMF World Economic Outlook, July 2025

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Sector-specific outlook

Following positive demand growth in the first half of the year, partly due to front-loading effects in response to higher US import tariffs, maritime research company Drewry expects growth momentum to slow significantly in the second half of the year. For the year 2025, Drewry forecasts growth in global container throughput of 1.9% (Drewry Container Forecaster Q2 2025). In the previous year, global container volume had risen by 6.7% (CTS, May 2025).

Development of container transport volume

in %	2026e	2025e	2024	2023	2022
Growth rate	0.5	1.9	6.7	0.6	-4.4

Sources: 2022 – 2024: CTS, July 2025; 2025 – 2026: Drewry, July 2025

According to MDS Transmodal, the tonnage of container vessels ordered rose to 8.3 million TEU by the end of June 2025 (31 December 2024: 7.5 million TEU). This corresponds to a ratio of the order book to global container fleet capacity of 26.3% (31 December 2024: 24.6%). For 2025, Drewry forecasts vessel deliveries with a total capacity of 2.1 million TEU. After deducting expected scrapping and delivery postponements, fleet capacity would grow by 5.7%, significantly less than the 10.8% seen in the previous year.

Expected development of global container fleet capacity

million TEU	2026e	2025e	2024	2023	2022
Existing fleet (beginning of the year)	32.6	30.8	27.8	25.8	24.7
Planned deliveries	1.9	2.1	3.2	2.5	1.0
Expected scrappings	0.7	0.1	0.1	0.2	0.0
Postponed deliveries and other changes	0.3	0.3	0.1	0.3	–0.1
Net capacity growth	0.9	1.7	3.0	2.1	1.0
Net capacity growth (in %)	2.7	5.7	10.8	8.1	4.2

Source: Drewry Container Forecaster Q2 2025

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Expected business development of Hapag-Lloyd

The Hapag-Lloyd Group reported solid earnings development in the first half of 2025, which was within expectations. Against this backdrop, the Executive Board is specifying its earnings forecast for the current financial year 2025, which was published in the 2024 Annual Report. Group EBITDA is now expected in the range of USD 2.8 to 3.8 billion (previously: USD 2.5 to 4.0 billion) and Group EBIT in the range of USD 0.25 to 1.25 billion (previously: USD 0.0 to 1.5 billion). In euros, this corresponds to an expected Group EBITDA in the range of EUR 2.5 to 3.4 billion (previously: EUR 2.4 to 3.9 billion) and a Group EBIT in the range of EUR 0.2 to 1.1 billion (previously: EUR 0.0 to 1.5 billion). The earnings forecast for the 2025 financial year is based in particular on the assumption that transport volumes will increase moderately compared with the previous year (previously: increasing clearly), while the average freight rate is expected to decrease moderately. A moderate decrease is also forecast for the bunker consumption price (previously: at the previous year's level).

In light of major geopolitical challenges and volatile freight rates, the forecast is subject to a high degree of uncertainty. Both the ongoing tense situation in the Red Sea and the global trade conflict could have a significant impact on supply and demand in container shipping and thus also on Hapag-Lloyd's earnings performance.

The earnings forecast does not take into account impairments on assets that are currently not expected but cannot be ruled out in the course of the 2025 financial year.

Key benchmark figures for the 2025 outlook

	Actual 2024	Forecast 2025 (from 20 March 2025)	Forecast 2025
Transport volume 1	12.5 million TEU	Increasing clearly	Increasing moderately
Average freight rate 1	USD 1,492/TEU	Decreasing moderately ²	Decreasing moderately
Average bunker consumption price 1	USD 588/t	At previous year's level	Decreasing moderately
Group EBITDA	USD 5.0 billion EUR 4.6 billion	USD 2.5 to 4.0 billion EUR 2.4 to 3.9 billion	USD 2.8 to 3.8 billion EUR 2.5 to 3.4 billion
Group EBIT	USD 2.8 billion EUR 2.6 billion	USD 0.0 to 1.5 billion EUR 0.0 to 1.5 billion	USD 0.25 to 1.25 billion EUR 0.2 to 1.1 billion

¹ Liner Shipping segment

² The forecast for the average freight rate was adjusted on 14 May 2025 from "decreasing moderately" to "decreasing clearly".

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IMPORTANT NOTICE

The information provided in this Investor Report is based on a calculation of US dollar figures, derived from the figures published in EUR within the respective Interim or Annual Report of Hapag-Lloyd AG (available via https://www.hapag-lloyd.com/en/ir/publications/financial-report.html).

The US dollar figures presented herein have not been reviewed by auditors and are supplemental information to the respective Interim or Annual Report of Hapag-Lloyd AG for capital market participants. The respective Interim and Annual Reports of Hapag-Lloyd AG remain the prevailing and legally binding documents.

Hapag-Lloyd AG conducts its container shipping business in an international business environment in which transactions are invoiced mainly in US dollars and payment procedures are handled in US dollars. This relates not only to operating business transactions, but also to investment activities, an example being the purchase, chartering and rental of vessels and containers, as well as the corresponding financing of investments. Therefore, the functional currency of Hapag-Lloyd AG is the US dollar. However, the reporting currency of Hapag-Lloyd AG is the euro.

For reconciliation to the half-year financial report 2025 please find below the respective exchange rates:

Exchange rates

	Closing Rate			Average rate
per EUR	30.6.2025	31.3.2025	30.6.2024	H1 2025	Q1 2025	H1 2024
US dollars	1.1714	1.0805	1.0714	1.0934	1.0527	1.0809

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DISCLAIMER

This report provides general information about Hapag-Lloyd AG. It consists of summary information based on a calculation of USD figures. It does not purport to be complete and it is not intended to be relied upon as advice to investors.

No representations or warranties, expressed or implied, are made as to, and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in this report.

This report contains forward looking statements within the meaning of the 'safe harbor' provision of the US securities laws. These statements are based on management's current expectations or beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, market conditions affecting the container shipping industry, intense competition in the markets in which we operate, potential environmental liability and capital costs of compliance with applicable laws, regulations and standards in the markets in which we operate, diverse political, legal, economic and other conditions affecting the markets in which we operate, our ability to successfully integrate business acquisitions and our ability to service our debt requirements). Many of these factors are beyond our control.

This report is intended to provide a general overview of Hapag-Lloyd's business and does not purport to deal with all aspects and details regarding Hapag-Lloyd. Accordingly, neither Hapag-Lloyd nor any of its directors, officers, employees or advisers nor any other person makes any representation or warranty, expressed or implied, as to, and accordingly no reliance should be placed on, the fairness, accuracy or completeness of the information contained in the presentation or of the views given or implied. Neither Hapag-Lloyd nor any of its directors, officers, employees or advisors nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith.

Neither the Company nor any of its affiliates, advisers or representatives make any undertaking to update any such information subsequent to the date hereof.

Each investor must conduct and rely on its own evaluation in taking an investment decision.

Recipients of this report are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.

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Hapag-Lloyd AG Ballindamm 25 20095 Hamburg Germany

Investor Relations

Phone: +49 40 3001-3705 Email: IR@hlag.com www.hapag-lloyd.com

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