Hapag-Lloyd AG

Investor Presentation • May 12, 2021

Investor Presentation Q1 2021 Results Hamburg, 12 May 2021

Opening Remarks

1	Current developments	Q1 2021 was driven by continued strong demand, high freight rates and operational bottlenecks Transport volume development was unsatisfactory
		Significant investments in Customer Service quality but more to be done
2	Financials	We improved profitability, strengthened our balance sheet further and earned our cost of capital Very strong free cash flow generation resulting in a further reduction of net debt Due to the strong operational performance, rating agencies upgraded our rating once again
3	Market Update	Global container transport volumes are expected to rise significantly in 2021e Order activity has recently picked up and the orderbook is expected to grow slightly further Limited scheduled deliveries will lead to a balanced supply / demand in 2021e & 2022e
4	Way forward	On the back of an ongoing positive earnings trend, our outlook for FY 2021 has been confirmed Operational challenges, such as infrastructure bottlenecks remain a major uncertainty Focus on improvements on schedule reliability, service quality and customer satisfaction

Q1 2021 was characterized by continued strong demand, resulting in port congestion and equipment scarcity …

OPERATIONAL CHALLENGES OUR MEASURES

Port congestions

• Record container volumes are resulting in port congestion and long waiting times for vessels to get a berth
• Terminal capacity is further reduced by labor shortages due to COVID-19 and a shortage of truck drivers and feeder vessels

The blockage of the Suez Canal further exacerbated the already difficult operational situation.

• We have chartered in additional vessels and deployed extra-loaders where possible
• We have ordered additional container boxes and increased repair and maintenance of older containers
• We double our efforts to maximize allocation and will see the first effects in Q2
• We moved capacity to high-demand trades and optimized our service network further
• We re-routed cargo through alternative gate-ways to bypass congested ports
• We added people and IT capacity to improve customer satisfaction and service quality

But service quality needs to be improved much more!

3

1 Current developments

4

… which led to increased freight rates, but also to significantly higher operational costs and pressure on our operational performance

We were able to improve profitability, strengthen our balance sheet further and to earn our cost of capital

ROIC %

43.3%

PY: 4.5%

clearly

Operational KPIs P&L effects Balance sheet Financial KPIs Volume TTEU Rate USD/TEU Bunker USD/mt 2,975 1,509 384 Volume declined by 2.6% YoY as a result of port congestion and a lack of capacity to cope with the situation Average freight rate increased by 37.9% YoY mainly due to a continuously high demand and operational disruptions Average bunker consumption price decreased by 139 USD/mt due to lower bunker market prices Assets USD m Fin. Debt USD m 20,293 6,255 Total assets increased by USD 1,653 m vs. 31 Dec 2020 mainly due to higher cash and add. RoU for vessels and container Fin. Debt almost unchanged vs. 31 December (-0.8%); Repayments of financial debt partly offset by higher lease liabilities Revenue USD m EBITDA USD m EAT USD m 4,903 1,909 1,451 FY revenue increased strongly (33.1% YoY) mainly due to higher average freight rates EBITDA increased by USD 1,392 m on the back of higher freight rates and lower bunker expenses… …which also led to a substantially increased net profit (USD +1,423 m) FCF USD m Net debt / EBITDA 1,554 1.0x Strong Free Cash Flow generation due to improved profitability and low investments… …with the result that net debt to EBITDA was further reduced substantially PY: 3,053 PY: 1,094 PY: 523 PY: 3,684 PY: 517 PY: 27 PY: 302 PY: 1.8x PY: 18,640 PY: 6,305

Liquidity increased significantly by USD 1,058 m driven by

Liquidity USD m

2,479

PY: 1,421

5

Note: Figures as stated in the Investor Report Q1 2021. Rounding differences may occur.

a strong cash flow generation

Return on Invested Capital exceeded WACC of 6.0%

6

Results improved strongly on the back of higher freight rates …

7

… while transport volumes were slightly below previous year, but above the level of Q1 2019

Transport volume development by trade [TTEU]

• Q1 2021 volumes were slightly weaker than in Q1 2020, but increased compared to Q1 2019 and were in line with some of our direct peers over the total period
• Nevertheless, volume development was not fully satisfactory
• Standing capacity did not change year-on-year but due to operational challenges (such as port congestions, slower turnaround times, equipment shortages) the available transport capacity was reduced
• However, volume development on dominant legs has been better than on non-dominant legs
• In 2021 we expect our transport volumes to increase slightly, roughly in line with the market

8

Freight rates increased significantly YoY, whereas bunker consumption prices were below the high level of Q1 2020

Freight rate [USD/TEU] vs. Bunker price development [USD/mt]

Average freight rate

Lower bunker costs were largely offset by counter effects caused by the current market situation

Transport expenses per unit [USD/TEU]

• Bunker expenses decreased by 39.2% on the back of lower average bunker consumption prices
• Negative effects of port congestions, leading to increased costs in "Handling and Haulage" (+8.3%) as well as in "Equipment and Repositioning" (+11.3%)
• "Depreciation and amortization increased by 11.3% due to a larger proportion of ships chartered in on a medium-term basis

10

Very strong Free Cash Flow of USD 1.6 bn …

Cash flow Q1 2021 [USD m]

• Very strong Operating cash flow, while capex remained on a low level, leading to a Free cash flow of USD 1.6 bn
• We intend to use the available cash to pay out a dividend of EUR 3.50 per share (USD >700m)
• Capex (excluding RoU) is expected to increase clearly in 2021 compared to previous years due to:
• Further investments in container capacity
• Installment payments for the 6 ULCV's ordered in December 2020
• Selected 2nd hand tonnage purchase

… leading to a further reduced net leverage of 1.0x and a significantly increased liquidity reserve of USD 2.5 bn

We have received rating upgrades from S&P & Moody's and were the first Shipping Company to issue Sustainability-Linked Senior Notes

Sustainability-Linked Bond

Issuer	Hapag-Lloyd AG
Instrument	Sustainability-Linked Senior Notes
Volume	EUR 300 m
Coupon	2.50%
Issue Rating	Standard & Poor's BB / Moody's B1
Maturity	7 years / NC 3
Denomination	EUR 100,000
Use of Proceeds	Refinancing / GCP
Listing	Open market LxSE

BB+ Ba1 Issuer Rating Rating updates

3 Market Update

13

On the back of the economic recovery, global container transport volumes are expected to rise significantly in 2021e

GDP vs. global container volume growth [%]

GDP Container volume growth

• Despite the ongoing pandemic, the global economic development was relatively robust in Q1 2021
• Increasing vaccination rates in the major industrialized countries and additional economic programs should result in a clear economic upturn in 2021
• Container transport volumes increased in line with GDP in Q1 2021
• Robust volume recovery appears likely to continue in the upcoming months, but volume trends have seen notable regional differences
• Demand for container transport is expected to rise significantly in 2021 as a whole, although it will most likely gradually normalize over the course of the year

3 Market Update

14

Order activity has recently picked up and the orderbook is expected to still grow slightly further …

3 Market Update

15

… but only limited capacity will be delivered in 2021e and 2022e, and in the years beyond that scrapping will go up significantly

Supply / Demand balance

Demand Supply

4 Way forward

16

On the back of the positive earnings trend, we continue to expect EBITDA and EBIT to be clearly above the prior-year levels

	FY 2020	Guidance for FY 2021
Transport volume	11,838 TTEU	Increasing slightly
Bunker consumption price	379 USD/mt	Increasing clearly
Freight rate	1,115 USD/TEU	Increasing clearly
EBITDA	USD 3,082 m	Increasing clearly
EBIT	USD 1,501 m	Increasing clearly

• While the very positive earnings trend is likely to continue in the second quarter of 2021, the Executive Board currently expects a gradual normalization of the development in the second half of the year.
• The forecast for the year is subject to considerable uncertainty due to a number of factors, including:
• the above average volatility of freight rates;
• operational challenges caused by existing infrastructural bottlenecks, among other things;
• and the inability to predict the further course or economic impacts of the coronavirus pandemic.

4 Way forward

Our focus for 2021 and beyond:

Focus on schedule reliability, service quality and customer satisfaction Continue to follow a prudent financial policy Prepare for a seamless integration of NileDutch Deliver on our Strategy 2023 Consider selective investment opportunities and reduce our CO2 footprint

Take care of our people and prepare for post-COVID way of work

Appendix

19

Hapag-Lloyd with an equity ratio of 47.9% and a gearing of 44.8%

million USD	31.03.2021	31.12.2020
Assets
Non-current assets	15,557.0	15,508.3
of which fixed assets	15,482.2	15,413.3
Current assets	4,735.7	3,131.9
of which cash and cash equivalents	1,894.1	836.4
Total assets	20,292.7	18,640.2
Equity and liabilities
Equity	9,726.5	8,252.8
Borrowed capital	10,566.2	10,387.4
of which non-current liabilities	5,133.0	5,731.3
of which current liabilities	5,433.2	4,656.1
of which financial debt and lease liabilities	6,255.2	6,305.1
of which non-current financial debt and lease liabilities	4,595.4	5,119.6
of which current financial debt and lease liabilities	1,659.7	1,185.5
Total equity and liabilities	20,292.7	18,640.2

Balance sheet [USD m] Financial position [USD m]

million USD	31.03.2021	31.12.2020
Financial debt and lease liabilities	6,255.2	6,305.1
Cash and cash equivalents	1,894.1	836.4
Restricted Cash	–	–
Net debt	4,361.1	5,468.8
Unused credit lines	585.0	585.0
Liquidity reserve	2,479.1	1,421.4
Equity	9,726.5	8,252.8
Gearing (net debt / equity) (%)	44.8	66.3
Net debt to EBITDA	0.6x	1.8x
Equity ratio (%)	47.9	44.3

A Appendix

Hapag-Lloyd with positive EBIT of USD 1,539 m in Q1 2021

Income statement [USD m]

				QoQ	YoY
million USD	Q1 2021	Q4 2020	Q1 2020	Change	change
Revenue	4,903.2	4,052.5	3,684.0	21.0%	33.1%
Transport
expenses	-2,737.0	–2,735.7	–2,914.4	-	-6.1%
Personnel
expenses	-198.1	–203.5	–190.5	-2.6%	4.0%
Depreciation,
amortisation and
impairment	-370.0	–502.3	–341.1	-26.3%	8.5%
Other operating
result	-60.2	–82.4	–71.8	27.0%	16.2%
Operating result	1,538.0	528.6	166.1	190.9%	825.7%
Share of profit of
equity
accounted
investees	1.5	8.7	10.2	–82.6%	-85.2%
Result from
investments	-	–1.2	–0.2	n.m.	-96.2%
Earnings before
interest and tax
(EBIT)	1,539.5	536.1	176.1	187.2%	774.3%
Interest result	-77.5	–58.6	–136.9	32.3%	–43.3%
Other financial
items	2.1	–2.2	4.8	–197.9%	n.m.
Income taxes	-13.3	–12.5	–16.7	6.4%	–20.3%
Group profit /
loss	1,450.7	462.8	27.3	213.5%	5,207.4%

Shareholder structure

Kühne Maritime GmbH / Kühne Holding AG CSAV Germany Container Holding GmbH HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH Qatar Holding Germany GmbH The Public Investment Fund on behalf of the Kingdom of Saudi Arabia Free Float

A Appendix

Share price development

Stock Exchange	Frankfurt Stock Exchange / Hamburg Stock Exchange
Market segment	Regulated market (Prime Standard)
ISIN / WKN	DE000HLAG475 / HLAG47
Ticker Symbol	HLAG
Primary listing	6 November 2015
Number of shares	175,760,293

A Appendix

Well balanced maturity structure of financial liabilities

Financial Debt Profile as per 31 March 20211)

1) As of January 2018 financial debt profile has been changed to the statement of repayment amounts. Deviation from the total financial debt as shown in the balance sheet as per 31.03.2021 consists of transaction costs and accrued interest 2) Liabilities from lease and charter contracts consist of USD 44 million liabilities from former finance lease contracts and USD 1,888 USD million from lease contracts presented as on-balance financial liability due to first-time application of IFRS 16 3) Repayment amounts based on contractual debt as per 31.03.2021 4) Total financial liabilities without Finance Leases at 4,349 USD m Note: Rounding differences may occur

Bond trading

	EUR Bond 2028
Listing	Open market of the Luxembourg Stock Exchange (Euro MTF)
Volume	EUR 300 m	100.4
ISIN / WKN	XS2326548562	100
Maturity Date	April 15, 2028
Redemption Price	as of 15 April 2024: 101.375% as of 15 April 2025: 100.688% as of 15 April 2026: 100%	HL EUR 2.500% 2028
Coupon	2.500%	29 Mar 2021 5 Apr 21 12 Apr 21 19 Apr 21 26 Apr 21 3 May 21 10 May 21

Financial Calendar 2021

28 May 2021 Virtual Annual General Meeting 2021

12 August 2021 Half-year Financial Report 2021

12 November 2021 Quarterly Financial Report 9M 2021

Disclaimer

Forward-looking statements

This presentation contains forward-looking statements that involve a number of risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. Actual results can differ materially from those anticipated in the Company's forward-looking statements as a result of a variety of factors, many of which are beyond the control of the Company, including those set forth from time to time in the Company's press releases and reports and those set forth from time to time in the Company's analyst calls and discussions. We do not assume any obligation to update the forward-looking statements contained in this presentation.

This presentation does not constitute an offer to sell or a solicitation or offer to buy any securities of the Company, and no part of this presentation shall form the basis of or may be relied upon in connection with any offer or commitment whatsoever. This presentation is being presented solely for your information and is subject to change without notice.

Hapag-Lloyd Investor Relations Ballindamm 25 20095 Hamburg Tel: +49 (40) 3001-2896 ir@hlag.com All publication documents can be found here: https://www.hapag-lloyd.com/en/ir.html