Hapag-Lloyd has published its preliminary financial results for the 2025 financial year, reporting performance at the upper end of its earnings guidance despite lower freight rates and higher operating costs.
Based on preliminary figures, the Group achieved revenues of USD 21.1 billion (EUR 18.6 billion) in 2025. Group EBITDA reached USD 3.6 billion (EUR 3.2 billion), while Group EBIT stood at USD 1.1 billion (EUR 1.0 billion). The result came in as expected below the prior-year level but at the top end of the company’s forecast range.
Transport volumes increased by 8% year on year to 13.5 million TEU, supported by robust global trade growth and the launch of the new Gemini Network. At the same time, the average freight rate declined by 8% to USD 1,376 per TEU, reflecting broader market conditions.
Hapag-Lloyd said results were weighed down by higher costs related to the continued rerouting of vessels via the Cape of Good Hope, as well as start-up expenses associated with the Gemini Network.
These pressures were partly offset by Gemini-related cost savings, which began to materialise in the second half of 2025 and are expected to be fully realised in 2026. In addition, one-off non-cash effects in the fourth quarter had a positive impact on earnings.
The company said it will publish its 2025 Annual Report, including audited financial statements and an outlook for the current financial year, on 26 March 2026.
PRELIMINARY KEY FIGURES (USD)*
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2025 versus 2024 | |
|---|---|---|---|---|---|
| Transport volume (TEU million) | 3.3 | 3.1 | 13.5 | 12.5 | 1.0 |
| Freight rate (USD/TEU) | 1,310 | 1,564 | 1,376 | 1,492 | -116 |
| Revenues (USD billion) | 5.0 | 5.4 | 21.1 | 20.7 | 0.4 |
| EBITDA (USD billion) | 0.8 | 1.4 | 3.6 | 5.0 | -1.4 |
| EBIT (USD billion) | 0.2 | 0.8 | 1.1 | 2.8 | -1.7 |
PRELIMINARY KEY FIGURES (EURO)*
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2025 versus 2024 | |
|---|---|---|---|---|---|
| Revenues (EUR billion) | 4.3 | 5.1 | 18.6 | 19.1 | -0.5 |
| EBITDA (EUR billion) | 0.7 | 1.3 | 3.2 | 4.6 | -1.5 |
| EBIT (EUR billion) | 0.1 | 0.8 | 1.0 | 2.6 | -1.6 |
| Annual average exchange rate (USD/EUR) | n.a. | n.a. | 1.13 | 1.08 | 0.05 |
| End of period exchange rate (USD/EUR) | n.a. | n.a. | 1.18 | 1.04 | 0.14 |
* In individual cases, rounding differences may occur in the tables for computational reasons.
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