Q1 2025 Results
Hamburg, 14 May 2025
First Quarter 2025 Highlights
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
We had a good start to the year as expected, with clearly higher volumes and earnings despite continued operational challenges
The market environment was mixed: Transportation demand remained robust while spot freight rates fell sharply
Hanseatic Global Terminals has expanded its business by inaugurating a new facility in India and acquiring a terminal in Le Havre
With the February launch of the Gemini network, we've already met our ~90% schedule reliability target, while additional efforts are still needed to ensure sustainable success
3 0 / 0 4 / 2 0 2 5
Earnings outlook confirmed, but risks have increased due to global trade conflict and the uncertainty over timing of Red Sea opening
2
Global container volumes remained strong in Q1 ahead of anticipated tariff increases in the US
1
HIGHLIGHTS
GLOBAL CONTAINER VOLUMES
+4.2%
43.1 TEU m
[TEU m]
17
16
15
14
13
12
Q1 2024
Q1 2025
44.9 TEU m
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
Global container volumes
increased by 4.2% in Q1 2025
Transpacific remained one of the strongest trades, driven partly by front loading effects ahead of expected US tariff increases
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SHANGHAI CONTAINERIZED FREIGHT INDEX
Spot freight rates fell sharply in
Q1 but stabilized in April
SCFI (Spot) Pre-Covid Level
[USD/TEU] 4,000
3,000
2,000
CCFI (Spot & Contract)
The rerouting of vessels around the Cape of Good Hope continues to absorb capacity and the timing of the opening of the Red Sea passage remains uncertain
1,000
0
Jan-
23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
1 4 / 0 5 / 2 0 2 5
Apr-25
Sources: CTS, SSE 3
China-US bookings dropped clearly in April, but the preliminary tariff agreement is expected to revive demand
1
HIGHLIGHTS
Bookings from China to the US dropped clearly in April as a result of the introduction of very high tariffs.
Transportation demand from other Far East countries to the U.S. partly compensated this decline.
While we have prioritized providing reliable weekly services to our customers, we have adjusted our capacity by deploying smaller vessels on the China-US routes.
Following the recent preliminary agreement between China and the US to reduce import duties for a 90-day period, we expect bookings to accelerate.
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
US RELATED GLOBAL CONTAINER VOLUMES IN 2024 [TEU M]
China
RoW
USA
22% of global volumes
Europe
FAR EAST
HAPAG-LLOYD CONTAINER VOLUMES 2024
US Volumes
27%
(China - US: 5%)
12.5 TEU m
RoW 73%
(ex China)
1 4 / 0 5 / 2 0 2 5
Source: CTS
4
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
Successful launch of Gemini - Further work needed to fine-tune the network and maintain >90% schedule reliability
1
HIGHLIGHTS
~95%
vessels phased in
(Hapag-Lloyd and Maersk)
All
Mainline and Shuttle
services started
~3,250
Port calls since Feb 1
on Mainliners and Shuttles
1 4 / 0 5 / 2 0 2 5
1 According to SeaIntel
5
~90%
Schedule Reliability
Gemini
Competitors1
vs 50 - 75%We had a good start to the year with higher volumes and earnings
Group
2
FINANCIALS
Q1 2025 GROUP KEY FIGURES
Transport Volume
[MTEU]1
+9%
Revenue
[USD bn]
+15%
EBITDA
[USD bn]
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
+17%
3.0 3.3
4.6 5.3
0.9 1.1
Q1 2024 Q1 2025
Q1 2024 Q1 2025
Q1 2024 Q1 2025
Group Profit
[USD bn]
Free Cash Flow
[USD bn]
Net Liquidity
[USD bn]
14 / 0 5 / 2 0 2 5
+45%
+0.3
-1.6
0.3 0.5
0.2 0.6
2.6 1.0
Q1 2024 Q1 2025
Q1 2024 Q1 2025
Q1 2024 Q1 2025
Note: Figures as stated in the Investor Report Q1 2025. Rounding differences may occur. 1 Liner Shipping Segment
6
Group
Quarterly earnings were up YoY, but continued to decline from the peak levels achieved in Q3/24 as freight rates normalized2
FINANCIALS
REVENUE [USD m] EBITDA [USD m]
4,623
5,318
+15%
5,390
Margin
20.4% 26.7% 20.7%
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
+17%
1,437
942
1,103
Q1 2024 Q4 2024 Q1 2025
EBIT [USD m]1
Q1 2024 Q4 2024 Q1 2025
GROUP PROFIT [USD m]1
Margin 8.5%
15.7%
+24%
9.2%
849
394
487
ROIC
8.2% 16.6% 9.0%
+45%
754
14 / 0 5 / 2 0 2 5
469
323
Q1 2024 Q4 2024 Q1 2025 Q1 2024 Q4 2024 Q1 2025
Note: Figures as stated in the Investor Report Q1 2025. Rounding differences may occur. 1 The comparative information is adjusted.
7
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
Both business segments delivered solid results benefitting from good market environment2
FINANCIALS
LINER SHIPPING
TERMINAL & INFRASTRUCTURE
USD m | Q1 2024 | Q1 2025 | USD m | Q1 2024* | Q1 2025 |
Revenue | 4,527 | 5,220 | Revenue | 107 | 109 |
EBITDA | 906 | 1,067 | EBITDA | 35 | 36 |
EBITDA margin | 20.0% | 20.4% | EBITDA margin | 33.0% | 32.4% |
EBIT | 378 | 472 | EBIT | 16 | 15 |
EBIT margin | 8.4% | 9.0% | EBIT margin | 15.1% | 13.4% |
1 4 / 0 5 / 2 0 2 5
*Adjusted
8
Liner Shipping Segment
Volume and average freight rate in the Liner Shipping segment increased 9% YoY2
FINANCIALS
FREIGHT RATE DEVELOPMENT [USD/TEU]
+9%
Q1 2024 Q1 2025
TRANSPORT VOLUME DEVELOPMENT
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
BY TRADE [TTEU]
1,359
-5%
1,564
1,480
1,422
1,359
1,612
1,480
677
837
834
3,037
+9%
3,305
733
Asia - Europe
685
947
939
Pacific
Atlantic
14 / 0 5 / 2 0 2 5
Africa & IRT
688
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q1 2024
Q1 2025
Note: Figures as stated in the Investor Report Q1 2025. Rounding differences may occur.
9
3.3
Unit cost were affected by continued Red Sea re-routings, operational disruptions in ports and the Gemini phase-inLiner Shipping Segment
2
FINANCIALS
UNIT COST DEVELOPMENT [in USD/TEU]
3.0
3.1
3.2
3.1
Volume [TEU m]
+5%
+2%
1,317
Pre-Covid unit cost level
1,256 1,281 1,298 1,293
YEAR-ON-YEAR UNIT COST TREND
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
"Bunker & Emissions" decreased due to lower bunker prices while expenses for emission certificates in the EU increased further.
"Handling & Haulage" expenses increased primarily due to
Bunker & Emissions²
H&H
143
139
144
140
143
200
197
193
160
208
174
171
168
181
180
-24
11
14
10
-13
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
EQ
V&V Deprec.
Pend.
233
529
233
529
231
548
222
581
221
578
higher storage costs for containers as a result of operational disruptions in ports leading to higher dwell times,
increased expenses for inland
transportation and
Gemini phase-in cost.
14 / 0 5 / 2 0 2 5
"Vessel and voyage" expenses increased mainly due to a larger fleet, higher container slot charter costs on third-party vessels and canal fees.
Note: Figures as stated in the Investor Report Q1 2025. Rounding differences may occur.
10
Liner Shipping Segment
We have initiated a comprehensive cost program to maintain long-term competitivenessA broad-based inflation has led to a permanent increase in our main cost components | |||
UNIT COST [USD/EU] | |||
+40% | -20% | ||
~1,400 | |||
~1,315 | |||
~1,100 | |||
~1,000 | |||
Pre-Covid Covid-peak | Q1 2025 | 2030 | |
PROFITABILITY LEVERS
Pricing
Review of pricing strategy to adopt even faster to volatile market environment
Fleet Productivity
Enhance fleet productivity in our Gemini and non-Gemini services by improving utilization of our vessels and boxes
SG&A
Improve efficiency and productivity by accelerating digital transformation and leveraging the skills of our people
Objective to remove USD >1 bn of cost over the next 18 months
2
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
FINANCIALS
14 / 0 5 / 2 0 2 5
11
Group
Good free cash flow generation despite ongoing modernization and growth of the vessel and container fleetCASH FLOW Q1 2025 [USD m]
2
FINANCIALS
8,539
725
Operating cash flow
1,234
Investing cash flow
-678
Financing cash flow
-367
8,719
725
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
RCF
2,118
5,696
1,103
131
132
Free cash flow: USD 556 m
-10
-810
-247
-105
-4
2,108
5,886
Fixed income investments
Cash
Liquidity Reserve | EBITDA | Working capital Interest received/ | Investments & | Payments made | Debt intake and | Interest paid | Other | Liquidity Reserve |
31 Dec 2024 | and other effects Disinvestments & | M&A | for dividends | repayment | 31 Mar 2025 |
14 / 0 5 / 2 0 2 5
others
Note: Figures as stated in the Investor Report Q1 2025. Rounding differences may occur.
12
Our balance sheet structure remains very strong - Dividend of EUR 1.4 bn paid on 6 May
Group
2
FINANCIALS
EQUITY [USD m]
62%
Equity ratio
NET LIQUIDITY [USD m]
62%
21,539 22,037
946
1,015
31 Dec 2024 31 Mar 2025 31 Dec 2024 31 Mar 2025
LIQUIDITY RESERVE [USD m]
8,539
725
2,118
8,719
2,108
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
RCF
725
14 / 0 5 / 2 0 2 5
Fixed income investments
DIVIDEND DISTRIBUTION ON 6 MAY 2025
Per Share: EUR 8.20
5,886
Cash
Total:
EUR 1.4 bn
5,696
31 Dec 2024 31 Mar 2025
13
Demand trend in 2025 very uncertain due to US tariff policy and Red Sea situation
3
MARKET
SUPPLY & DEMAND
Container volume growth [TEU]
Container transport work growth [TEU-miles]
18%
7%
7%
5% 4%
11%
6%
8%
Clarksons' April forecast for TEU-miles growth assumes continued rerouting around
6% COGH in 2025, and a gradual "unwinding" in 2026
2%
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
0% 0%
2021
-4%
-5%
2022
2023
2024
14 / 0 5 / 2 0 2 5
2025e
Source: Drewry, Clarksons Container Intelligence Monthly (April 2025), CTS
14
Orderbook remains elevated due to fleet renewal needs and stricter emissions regulations
3
MARKET
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
CONTAINER VESSEL ORDERBOOK [TEU m; % of world fleet] CAPACITY OLDER THAN 25 YEARS [TEU m]
3.4
2.8
2.5
2.4
16%
13%
11%
10%
10%
9.0
2.4
5.4
7.1
7.1
8.2
22%
27%
26%
27%
28%
4.2
3.3
2.7
2.2
1.6
0.8
1.1
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2024 2025 2026 2027 2028 2029 2030
SCHEDULED VESSEL DELIVERIES [in TEU m, before scrapping]
2.5
2.7
2.2
1.8
2.0
1.6
3.1
SCRAPPING [Scrapped vessel capacity in TEU m; average age at scrapping]
27 28 29 24 22 22 23 19 21 24 23 24 29 31 28 28
0.7
0.4
0.3
0.4 0.4
0.4
0.1
0.2
0.2 0.2
0.1
0.1
0.1
0.1
0.0 0.0
2023 2024 2025e 2026e 2027e 2028e 2029e
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
14 / 0 5 / 2 0 2 5
Source: Accenture Cargo, Alphaliner, Clarksons, Drewry, MDS Tansmodal 1 Total capacity of vessels older than 25 years at a given date, if not scrapped earlier
15
4
OUTLOOK
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
Solid start to the year, but the impact of tariffs on FY 2025 performance is difficult to assessTransport
volume
12,467 TTEU
Increasing clearly
Freight rate
1,492 USD/TEU
Decreasing clearly1
Bunker consumption price
588 USD/mt
At previous
year's level
Group EBITDA
5,029 USD m
4,649 EUR m
USD 2.5 to 4.0 bn
EUR 2.4 to 3.9 bn
Group EBIT
2,788 USD m
2,577 EUR m
USD 0.0 to 1.5 bn
EUR 0.0 to 1.5 bn
FY 2024
FY 2025
Outlook
14 / 0 5 / 2 0 2 5
1 Updated from "Decreasing moderately"
16
Priorities for 2025 & beyond
5
PRIORITIES
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
Ensure a seamless phase-in of the Gemini network to achieve our schedule reliability target of 90%
Maintain high customer satisfaction by focusing on operational excellence and exceptional service quality
Continue expanding our Terminal division through acquisitions and synergies with our liner business
14 / 0 5 / 2 0 2 5
Targeted investments in the expertise and resilience of our team, including through the provision of appropriate technologies
Remain vigilant and adapt to potentially new market environment also by focusing on a competitive cost structure
17
Appendix
Equity ratio of 62.1%
APPENDIX
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
BALANCE SHEET [USD M] FINANCIAL POSITION [USD M]
million USD 31.03.2025 31.12.2024
Assets | ||
Non-current assets | 23,764 | 23,480 |
of which fixed assets | 23,565 | 23,310 |
Current assets | 11,739 | 11,460 |
of which cash and cash equivalents | 5,886 | 5,696 |
Total assets | 35,503 | 34,940 |
Equity and liabilities | ||
Equity | 22,037 | 21,539 |
Borrowed capital | 13,466 | 13,401 |
of which non-current liabilities | 5,872 | 5,957 |
of which current liabilities | 7,594 | 7,444 |
of which financial debt and lease liabilities | 6,979 | 6,868 |
of which non-current financial debt and lease liabilities | 5,226 | 5,287 |
of which current financial debt and lease liabilities | 1,753 | 1,581 |
Total equity and liabilities | 35,503 | 34,940 |
Note: Figures as stated in the Investor Report Q1 2025. Rounding differences may occur.
million USD 31.03.2025 31.12.2024
Financial debt and lease liabilities | 6,979 | 6,868 |
Cash and cash equivalents | 5,886 | 5,696 |
Special fund securities (other financial assets) | 2,108 | 2,118 |
Net Liquidity | 1,015 | 946 |
Unused credit lines | 725 | 725 |
Liquidity reserve | 8,719 | 8,539 |
Equity | 22,037 | 21,539 |
Assets | 35,503 | 34,940 |
Equity ratio (%) | 62.1 | 61.6 |
1 4 / 0 5 / 2 0 2 5
20
Net profit of USD 0.5 bn in Q1 2025
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
APPENDIX
INCOME STATEMENT [USD M]
million USD Q1 2025
Q1 2024
(adjusted)*
YoY change
Revenue | 5,318 | 4,623 15% |
Transport and terminal expenses | -3,776 | -3,300 14% |
Personnel expenses | -290 | -260 12% |
Depreciation, amortisation and impairment | -616 | -547 13% |
Other operating result | -148 | -116 28% |
Operating result | 487 | 400 22% |
Share of profit of equity-accounted investees | -0 | -6 n.m. |
Result from investments | 0 | 0 n.m. |
Earnings before interest and tax (EBIT) | 487 | 394 24% |
Interest result and other financial result | 0 | 40 n.m. |
Other financial items | -11 | -11 -6% |
Income taxes | -7 | -100 -93% |
Group profit / loss | 469 | 323 45% |
Basic/diluted earnings per share (in USD) | 2.66 | 1.81 47% |
EBITDA | 1,103 | 942 17% |
EBITDA margin (%) | 20.7 | 20.4 0.4 ppt |
EBIT | 487 | 394 24% |
EBIT margin (%) | 9.2 | 8.5 0.6 ppt |
1 4 / 0 5 / 2 0 2 5
* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisiti on accounting of the Chilean companies SAAM Ports S.A., SAAM Logistics S.A. as well as an associated real estate portfolio (jointly SAAM Terminals), which were acquired on 1 August 2023, in the measurement period.
Note: Figures as stated in the Investor Report Q1 2025. Rounding differences may occur.
21
Well balanced maturity structure of financial liabilities
APPENDIX
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
FINANCIAL DEBT PROFILE AS PER 31 MARCH 2025 1, [USD M]
178
619
254
877
303
1,035
514
Facility | 31 Mar 2025 [USD m] |
Vessel Financings | 2,093 |
Container Financings | 512 |
Total Vessel & Container | 2,605 |
EUR Bond 2024 | 324 |
Total Bonds | 324 |
Corporate | 73 |
Terminal Financings | 43 |
Total Corpor. & Termin. | 116 |
Pre IFRS 16 Leases | 0 |
New IFRS 16 Leases | 3,953 |
Total Finance Leases | 3,953 |
Total financial liabilities | 6,998 |
1,661
1,621
1,267
1,051
986
536
713
373
280
429
324
166
412
66
87 111
67 67
2025 2026 2027
2028
2029 >2029
1 4 / 0 5 / 2 0 2 5
1 Deviation from the total financial debt as shown in the balance sheet as per 31.03.2025 consists of transaction costs and accrued interest. Note: Rounding differences may occur.
22
Disclaimer
Forward-looking statements
APPENDIX
IN V E S T O R P R E S E N T A T IO N - Q 1 2 0 2 5
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.
1 4 / 0 5 / 2 0 2 5
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.
23
Hapag-Lloyd Investor Relations | ||
Ballindamm 25 20095 Hamburg Tel: +49 (40) 3001-3705 ir@hlag.com All publication documents can be found here: https://www.hapag-lloyd.com/en/ir.html | ||
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Hapag-Lloyd AG published this content on May 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2025 at 05:29 UTC.
