The Hamburg-based shipping company Hapag-Lloyd achieved solid results in 2025. The outlook for 2026 is clouded by developments in the Middle East, but the company believes it is prepared for further growth.
Strong volumes and solid results – that is the conclusion of the past financial year at Hapag-Lloyd. According to the latest annual report, Group EBITDA for 2025 amounted to $3.6 billion (€3.2 billion) and EBIT to $1.1 billion (€1.0 billion). Consolidated net income reached $1.0 billion (€0.9 billion), which is at the upper end of the forecast. However, it is significantly below the previous year’s level ($2.6 billion). The main reasons given for this are lower freight rates and higher operating costs.
“2025 was a good year for Hapag-Lloyd with solid results,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG. “We increased our transportation volumes and outperformed the market. Our Gemini network achieved a schedule adherence of 90% and customer satisfaction rose to a new record level. We have invested significantly in the efficiency and modernization of our fleet to further decarbonize our operations. In addition, our growing terminal portfolio has increasingly contributed to the success of our liner business.”
More freight, weaker rates
In the primary liner shipping segment, revenue increased to $20.6 billion (€18.3 billion). EBITDA fell to $3.5 billion (€3.1 billion) and EBIT to $1.0 billion (€0.9 billion). The transport volume increased by 8% to 13.5 million TEU, supported by the Gemini network with alliance partner Maersk. At the same time, the average freight rate fell by 8% to $1,376/TEU “as a result of growing capacities and increasing trade imbalances”.
In addition, higher costs had a negative impact on the result. These were caused by disruptions such as new customs policies, ongoing security conflicts in the Red Sea, start-up costs for the Gemini network and port congestion.
In contrast, the first cost savings in connection with Gemini began in the second half of 2025 and are expected to be fully realised in 2026, Hapag-Lloyd announced. Non-recurring and non-cash effects in the fourth quarter had a positive impact.
Growth in the terminal area
Revenue in the Terminal & Infrastructure segment rose to $514 million (€455 million) in 2025. The purchase and ramp-up of new terminals such as Le Havre, Damietta and, most recently, Aracruz contributed to this. In addition, there was strong growth in throughput due to increasing synergies with the liner business. At $152 million (€134 million), EBITDA was on a par with the previous year, while EBIT fell to $66 million (€58 million). This was also due to operational challenges and start-up costs.
The Executive Board and Supervisory Board of the shipping company view these developments as positive. A dividend of €3 per share will therefore be proposed at the Annual General Meeting for the 2025 financial year – this would correspond to a total payout of €500 million. However, the forecast is subject to “considerable uncertainty” due to the volatile development of freight rates and the conflict in the Middle East, the shipping company announced.
Weaker result expected for 2026
“At the beginning of 2026, unfavorable weather conditions had a negative impact on our business development,” said CEO Habben Jansen. “In addition, the conflict in the Middle East is now causing considerable disruption to our network and a significant increase in operating costs. Against this backdrop, we expect earnings in 2026 to be lower than in 2025.”
However, the synergies of the Gemini network will be leveraged and cost-saving initiatives accelerated to respond to these developments. “Our customers can rest assured that we will do everything in our power to keep their supply chains intact,” said Habben Jansen. “At the same time, we will continue our growth trajectory by expanding our terminal portfolio under the Hanseatic Global Terminals brand and working resolutely towards a successful conclusion of our merger agreement with Zim.”
With a capacity of approx. 700,000 TEU and a market share of 2.1%, the Israeli shipping company Zim ranks 10th among the liner shipping companies. Hapag-Lloyd prevailed against several other interested parties and submitted a bid of $35 per share. The planned takeover is valued at $4.2 billion. Once all further steps have been completed, it is expected to be finalised by the end of the year.
