Hapag-Lloyd AG

Quarterly financial report

1 January to

31 March 2025

Q1 2025



SUMMARY OF HAPAG-LLOYD KEY FIGURES QUARTERLY FINANCIAL REPORT Q1 2025 Q1 2025

Q1 2024

(adjusted)*

Change absolute

Liner Shipping segment

Total vessels 1

308

280

28

Aggregate capacity of vessels 1

TTEU

2,421

2,066

355

Aggregate container capacity 1

TTEU

3,719

3,065

654

Freight rate

USD/TEU

1,480

1,359

121

Transport volume

TTEU

3,305

3,037

268

Revenue

million EUR

4,959

4,171

788

EBITDA

million EUR

1,014

835

179

EBIT

million EUR

448

348

100

Terminal & Infrastructure segment

Revenue

million EUR

104

98

6

EBITDA

million EUR

34

32

1

EBIT

million EUR

14

15

-1

Group financial figures

Revenue

million EUR

5,052

4,260

792

EBITDA

million EUR

1,048

868

181

EBIT

million EUR

463

363

100

Group profit/loss

million EUR

446

298

148

Earnings per share

EUR

2.51

1.67

0.84

Cash flow from operating activities

million EUR

1,171

561

610

Group return figures

EBITDA margin %

20.7

20.4

0.4

EBIT margin %

9.2

8.5

0.6

ROIC %

9.0

8.2

0.8

31.3.2025 31.12.2024

Change absolute

Group balance sheet figures

Equity

million EUR

20,396

20,723

-327

Equity ratio %

62.1

61.7

0.4

Financial debt and lease liabilities

million EUR

6,459

6,608

-149

Cash and cash equivalents

million EUR

5,447

5,481

-33

Net liquidity

million EUR

940

910

29

1 Reporting date values at the end of the respective quarter

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

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

This quarterly financial report was published on 14 May 2025.

1

HIGHLIGHTS OF Q1 2025
  • Hapag-Lloyd recorded a good start to the year, which was characterised by a positive demand trend.

  • At the same time, operating performance was adversely affected by problems in key seaports and the ongoing tense security situation in the Red Sea, which necessitated the rerouting of ships around the Cape of Good Hope.

  • Group revenue rose by 18.6% to EUR 5.1 billion in the first quarter of the 2025 financial year (Q1 2024: EUR 4.3 billion).

  • Group EBITDA improved to EUR 1,048 million (Q1 2024: EUR 868 million) and the Group EBIT to EUR 463 million (Q1 2024*: EUR 363 million).

  • In the Liner Shipping segment, an EBITDA of EUR 1,014 million (Q1 2024: EUR 835 million) and an EBIT of EUR 448 million (Q1 2024: EUR 348 million) were achieved in the first quarter of 2025.

  • The improved earnings situation compared to the previous year's quarter is mainly due to an 8.8% increase in transport volume to 3.3 million TEU, as well as an 8.9% rise in the average freight rate to USD 1,480/TEU.

  • On 1 February, the "Gemini Cooperation" was successfully launched together with the partner Maersk. The aim of the new network, which covers the major East-West trades, is to achieve an industry-leading schedule reliability of at least 90%.

  • This target was already met within the first two months after launch. Still, in the next quarters, further work is required to fine tune the network to ensure schedule reliability of at least 90% on a sustainable level.

  • In the Terminal & Infrastructure segment, an EBITDA of EUR 34 million (Q1 2024:

    EUR 32 million) and an EBIT of EUR 14 million (Q1 2024*: EUR 15 million) were achieved in the first quarter of the 2025 financial year.

  • In March 2025, strategically important access to the French market was secured with the acquisition of a 60% stake in CNMP LH, the operator of the Atlantique Container Terminal in Le Havre.

  • Due to the higher operating result, earnings per share rose to EUR 2.51, after EUR 1.67 in the prior year period.

  • The free cash flow was again positive at EUR 528 million (Q1 2024: EUR 206 million).

  • As at 31 March 2025, the Group had a net liquidity of EUR 940 million (31 December 2024: EUR 910 million).

  • For the 2025 financial year, the Executive Board still expects a Group EBITDA in a range of EUR 2.4 to 3.9 billion (previous year: EUR 4.6 billion) and a Group EBIT in a range of EUR 0.0 to 1.5 billion (previous year: EUR 2.6 billion).

  • In light of major geopolitical challenges and volatile freight rates, the forecast is subject to a very high degree of uncertainty.

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

CONTENTS

3 INTERIM GROUP MANAGEMENT REPORT

3 Business activities

3 Main developments

5 Economic report

5 General economic conditions

6 Sector-specific conditions

7 Earnings, financial and net asset position

7 Earnings position of the Hapag-Lloyd Group

10 Earnings position in the segments

14 Group financial position

  1. Group net asset position

  2. Executive Board's statement on the business developments

  3. Outlook, risk and opportunity report

  1. Note on significant transactions with related parties

  2. INTERIM CONSOLIDATED FINANCIAL STATEMENTS

22 Consolidated income statement

23 Consolidated statement of comprehensive income

24 Consolidated statement of financial position

26 Consolidated statement of cash flows

28 Consolidated statement of changes in equity

30 Condensed notes to the interim consolidated financial statements

42 Financial calendar 2025

43 Imprint

‌INTERIM GROUP MANAGEMENT REPORT

BUSINESS ACTIVITIES

The Hapag-Lloyd Group is one of the world's leading container liner shipping companies. The Group's core business encompasses the shipping of containers from port to port using both owned and chartered vessels as well as the associated hinterland transport from door to door. In addition, Hapag-Lloyd is a global terminal operator. The business activities are therefore divided into the Liner Shipping and Terminal & Infrastructure segments.

MAIN DEVELOPMENTS

Fleet and capacity development

As at 31 March 2025, Hapag-Lloyd's fleet consisted of 308 container vessels (31 December 2024: 299 vessels) with a transport capacity of 2.4 million TEU (31 December 2024: 2.3 mil-

lion TEU). In the first three months of the 2025 financial year, two newbuilds with a total capacity of 47 TTEU were put into service. Based on TEU capacity, 58% of the fleet was owned as at

31 March 2025 (31 December 2024: 58%).

As at 31 March 2025, Hapag-Lloyd's order book comprised 26 newbuilds with a total capacity of 359 TTEU which are to be delivered by 2029.

As at 31 March 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 66% as at 31 March 2025 (31 December 2024: 65%). New containers with a total capacity of 128 TTEU were ordered in the first three months of the 2025 financial year.

Structure of Hapag-Lloyd's container ship fleet 31.3.2025 31.12.2024 31.3.2024

Number of vessels

308

299

280

thereof

Own vessels ¹

133

131

124

Chartered vessels

175

168

156

Aggregate capacity of vessels (TTEU)

2,421

2,346

2,066

Aggregate container capacity (TTEU)

3,719

3,654

3,065

Number of services

135

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". From 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. The liner network has been comprehensively overhauled in the course of the new partnership. 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 schedule reliability of at least 90%.

Hapag-Lloyd's entire service network, including the "Gemini Cooperation", comprised

135 services as at 31 March 2025 (31 December 2024: 113 services). The significant increase is primarily due to the new network structure of the "Gemini Cooperation".

Network of Hapag-Lloyd services

Global network with 135 services*

IRT Europe

Europe -North America

23 services

Middle East

Asia -North America

11 services

12 services

Asia IRT

(incl. Far East -ME / Indian Ocean; Far East - Oceania)

13 services

Asia -Europe

25 services

Africa

8 services

Latin America

16 services

27 services

* Excluding the expiring "The Alliance" services that still existed on 31 March 2025



Terminal holdings

As at 31 March 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, which operates 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

Wilhelmshaven Hamburg CTA Le Havre

Genoa

Salermo

Tangier

Mazatlan

Florida

Damietta

Kandla Nhava Sheva

Caldera

Buenavista

Haldia Visakha

Tuticorin

Guayaqull

Iquique Antofagasta

San Antonio San Vicente

Corral

SAAM Terminals

J M Baxi

Under construction

Spinelli Gruppe

Various Hapag-Lloyd investments



ECONOMIC REPORT

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 5.4% in the first quarter of 2025 compared to the same period of the previous year. Exports of goods increased significantly by 6.9%, mainly due to frontloading of exports in anticipation of higher US tariffs. Imports declined by 6.0% compared to the first three months of 2024 (National Bureau of Statistics of China, April 2025). The buyers of Chinese goods are primarily the US and Europe. The US economy grew

by 2.0% in the first quarter of 2025 compared to Q1 2024. Compared to the previous quarter Q4 2024, however, GDP fell by 0.3% (on an annualised basis). In the first two months of 2025, imports of goods increased significantly by 23.9% compared to the prior year period due to frontloading of imports in anticipation of higher import tariffs. Exports increased by 2.6% (U.S. Department of Commerce, April 2025). The EU recorded economic growth of 1.4% in the first quarter of 2025 compared to Q1 2024. In the first two months of 2025, exports of goods from the EU rose by 5.8% compared with the same period of the previous year, driven mainly

by higher exports to the US. Imports of goods rose by 9.1% over the same period (Eurostat, April 2025).

‌The price of Brent crude oil stood at USD 74.74 per barrel on 31 March 2025, almost unchanged 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 491 per tonne on 31 March 2025, down 2.6% from the 2024 year-end price of USD 504 per tonne (S&P Global Commodity Insights).

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 slightly by 2% in the first two months of 2025 compared to the same period of the previous year (CTS, April 2025). Exports from the Far East in particular recorded significant growth, while imports declined in some cases. Transport volumes on the major trades from the Far East to North America rose by 6% and from the Far East to Europe by 7%. In contrast, transport volumes from North America and Europe to the Far East

fell by 13% and 8% respectively. Transport volumes on the North Atlantic between North America and Europe were also down slightly at -3%.

Monthly global container transport volumes (in million TEU)

17

2025

2024

16

15

14

13

12

11

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.

Source: CTS, April 2025

The Shanghai Containerized Freight Index (SCFI), which tracks spot freight rate trends on Shanghai's most important trade routes, was significantly lower in the first three months of 2025 than in the same period of the previous year. At the end of March 2025, the index stood at

USD 1,357/TEU (previous year: USD 1,731/TEU). This development is due in particular to high capacity growth.

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

4,000

2025

2024

3,500

3,000

2,500

2,000

1,500

1,000

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.

Source: Shanghai Shipping Exchange, April 2025

EARNINGS, FINANCIAL AND NET ASSET POSITION

Earnings position of the Hapag-Lloyd Group Business performance Hapag-Lloyd Group

The first quarter of the 2025 financial year was marked by good demand, but also by operational disruptions in local seaports and a tense security situation in the Red Sea. Despite these circumstances, average freight rates and transport volumes rose and were above the corresponding prior year figures. As a result of these developments, the Hapag-Lloyd Group generated a higher Group profit in the first quarter of the 2025 financial year compared with the prior year period.

Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the first quarter of the 2025 financial year were EUR 1,048.2 million, up from EUR 867.5 million

in the prior year quarter. The Hapag-Lloyd Group's earnings before interest and taxes (EBIT) rose to EUR 462.8 million (prior year period*: EUR 363.1 million). Group profit amounted to EUR 445.9 million (prior year period*: EUR 298.0 million).

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

Consolidated income statement

million EUR Q1 2025

Q1 2024

(adjusted)*

Revenue

5,051.6

4,260.0

Transport and terminal expenses

3,586.5

3,040.3

Personnel expenses

275.8

239.8

Depreciation, amortisation and impairment

585.3

504.4

Other operating result

-140.9

-106.6

Operating result

463.0

368.9

Share of profit of equity-accounted investees

-0.2

-5.8

Earnings before interest and taxes (EBIT)

462.8

363.1

Interest result and other financial result

0.4

37.2

Other financial items

-10.3

-10.6

Income taxes

7.1

91.8

Group profit/loss

445.9

298.0

thereof profit/loss attributable to shareholders of Hapag-Lloyd AG

441.7

293.6

thereof profit/loss attributable to non-controlling interests

4.2

4.3

Basic/diluted earnings per share (in EUR)

2.51

1.67

EBITDA

1,048.2

867.5

EBITDA margin (%)

20.7

20.4

EBIT

462.8

363.1

EBIT margin (%)

9.2

8.5

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

Revenue in the Group

In the first quarter of the 2025 financial year, the Hapag-Lloyd Group's revenue rose by

EUR 791.6 million to EUR 5,051.6 million (prior year period: EUR 4,260.0 million), which corresponds to an increase of 18.6%. This development was mainly due to higher average freight rates (+8.9%) and increased transport volumes (+8.8%) compared with the prior year period. Further details on revenue can be found in the section "Earnings position in the segments".

Operating expenses in the Group

Transport and terminal expenses increased by EUR 546.2 million to EUR 3,586.5 million in the first quarter of the 2025 financial year (prior year period: EUR 3,040.3 million). This corresponds to an increase of 18.0%.

Personnel expenses increased by EUR 36.0 million to EUR 275.8 million in the first quarter of the 2025 financial year (prior year period: EUR 239.8 million).

In the first quarter of the 2025 financial year, depreciation and amortisation increased by EUR 80.9 million to EUR 585.3 million (prior year period: EUR 504.4 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 EUR 318.6 million (prior year period*: EUR 258.1 million).

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

Other operating result

The other operating result of EUR -140.9 million (prior year period: EUR -106.6 million) comprised the net balance of other operating income and expenses. Other operating expenses totalled

EUR 165.5 million for the first quarter of the 2025 financial year (prior year period: expenses of EUR 135.2 million). This mainly included IT and communication expenses (EUR 64.6 million; prior year period: EUR 63.6 million), office and administrative expenses (EUR 14.2 million; prior year period: EUR 15.3 million), fees for consultancy and other professional services (EUR 11.5 million; prior year period: EUR 12.5 million) and expenses for training and other personnel expenses (EUR 8.8 million; prior year period: EUR 12.8 million).

Interest result and other financial result

In the first quarter of the 2025 financial year, the interest result and other financial result amounted to EUR 0.4 million (prior year period: EUR 37.2 million). The decline in interest income and other financial income to EUR 88.6 million (prior year period: EUR 104.6 million) was mainly due to the lower volume of money market transactions and a lower average interest rate. Money market transactions generated interest income of EUR 58.6 million (prior year period: EUR 78.0 million). Interest income from the financial instruments of the special fund "HLAG Performance Express" amounted to EUR 19.0 million (prior year period:

EUR 16.3 million).

Other financial items

In the first quarter of the 2025 financial year, the result for other financial items amounted

to EUR -10.3 million (prior year period: EUR -10.6 million). The main reasons for this development were the valuation effect from derivatives in connection with the dividend distributions in euros for the financial years 2023 and 2024 as well as valuation effects from bond hedging.

Income taxes

Income taxes decreased by EUR 84.7 million to EUR 7.1 million in the first quarter of the 2025 financial year (prior year period: EUR 91.8 million). The lower tax expense is primarily attributable to the development of deferred taxes in the Hapag-Lloyd Group. While current income taxes rose to EUR 45.1 million in the first quarter of the fiscal year (prior year period: EUR 12.9 million), there was a significant increase in deferred tax income to EUR 38.0 million (prior year period*: deferred tax expense of EUR 78.9 million).

The increase in deferred tax income is mainly due to the reduction in deferred tax liabilities as a result of exchange rate effects in the investment portfolio and the reversal of deferred tax liabilities from the previous year due to reversal effects in this area.

Group profit

In the first quarter of the 2025 financial year a consolidated Group profit of EUR 445.9 million was achieved (prior year period: EUR 298.0 million).

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

‌Earnings position in the segments Liner Shipping segment

In the first quarter of the 2025 financial year, the Liner Shipping segment recorded an increase in earnings. Operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) in Liner Shipping amounted to EUR 1,013.9 million, compared to EUR 835.1 million in the prior year period, while operating earnings before interest and taxes (EBIT) stood at EUR 448.3 million (prior year period: EUR 348.3 million).

Income statement for Liner Shipping

million EUR Q1 2025 Q1 2024

Revenue

4,959.0

4,170.8

Transport expenses

3,568.2

3,027.9

thereof

Transport expenses for completed voyages

3,609.9

3,094.2

Bunker and emissions

693.0

653.2

Handling and haulage

1,815.7

1,479.9

Equipment and repositioning 1

449.5

400.3

Vessels and voyages (excluding bunker)1

651.7

560.7

Transport expenses for pending voyages 2

-41.7

-66.3

Armortization and depreciation

565.6

486.8

Other income and expenses

-376.9

-307.8

EBIT

448.3

348.3

EBIT margin (%)

9.0

8.4

EBITDA

1,013.9

835.1

EBITDA margin (%)

20.4

20.0

1 Including lease expenses for short-term leases

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

Operating performance of Liner Shipping Transport volume per trade 1

TTEU Q1 2025 Q1 2024

Asia - Europe

939

834

Pacific

947

837

Atlantic

685

677

Africa & Intraregional Trades

733

688

Total

3,305

3,037

1 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.

The transport volume in the first quarter of the 2025 financial year was 3,305 TTEU (prior year period: 3,037 TTEU), up 8.8% on the prior year. The increase in transport volume in all the trades listed is attributable in particular to the favourable demand situation and increased transport capacity.

Freight rates per trade 1

USD/TEU Q1 2025 Q1 2024

Asia - Europe

1,404

1,272

Pacific

1,692

1,524

Atlantic

1,501

1,477

Africa & Intraregional Trades

1,283

1,149

Total (weighted average)

1,480

1,359

1 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 "Africa & Intraregional Trades". The adjustment was made for reasons of relevance. The comparative information has been adjusted accordingly.

In the first quarter of 2025, the average freight rate was USD 1,480/TEU, up USD 121/TEU or 8.9% on the prior year period (USD 1,359/TEU). The higher average freight rate is mainly due to the increase in demand for container transport compared with the prior year period.

Result performance of Liner Shipping Revenue

In the first quarter of the 2025 financial year, revenue in the Liner Shipping segment rose by EUR 788.1 million to EUR 4,959.0 million (prior year period: EUR 4,170.8 million), corresponding to an increase of 18.9%. This was mainly due to an 8.9% increase in average freight rates compared with the same period of the previous year and an 8.8% increase in transport volume. The strengthening of the US dollar against the euro also had a positive effect on revenue. Adjusted for exchange rate changes, revenue would have increased by EUR 659.0 million or 15.3%.

Revenue per trade 1

million EUR Q1 2025 Q1 2024

Asia - Europe

1,252.9

977.6

Pacific

1,521.6

1,175.4

Atlantic

977.5

921.5

Africa & Intraregional Trades

893.5

728.7

Revenue not assigned to trades

313.5

367.7

Total

4,959.0

4,170.8

1 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 "Africa & Intra r egional Trades". The adjustment was made for reasons of relevance. The comparative information has been adjusted accordingly.

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.

Transport expenses

Transport expenses rose by EUR 540.3 million to EUR 3,568.2 million in the first quarter of

the 2025 financial year (prior year period: EUR 3,027.9 million). This corresponds to an increase of 17.8%. The stronger US dollar compared with the euro contributed to the rise in transport expenses. Adjusted for exchange rate changes, transport expenses would have risen by 14.3%.

The increase in bunker and emissions expenses was primarily due to higher bunker expenses, which rose by EUR 39.8 million to EUR 693.0 million compared with the prior year period (prior year period: EUR 653.2 million). While the average bunker consumption price in the first quarter of the 2025 financial year was USD 553/t, USD 44/t below the figure for the same period of the previous year (USD 597/t), the 7.8% increase in bunker consumption to 1.3 million tons contributed to the rise in bunker expenses. In addition, expenses for CO2emission certificates amounting to EUR 35.3 million (prior year period: EUR 22.3 million) contributed to the increase in bunker and emissions.

Expenses for container handling rose by EUR 335.7 million to EUR 1,815.7 million in the first quarter of the reporting year (prior year period: EUR 1,479.9 million). This increase is primarily attributable to higher storage costs for containers and increased expenses for inland transport.

Expenses for containers and repositioning of EUR 449.5 million (prior year period:

EUR 400.3 million) rose compared with the prior year period, mainly due to higher expenses for repositioning empty containers as a result of local disruptions in the supply chains.

The increase in expenses for vessels and voyages (excluding bunker) in the reporting period of EUR 91.0 million to EUR 651.7 million (prior year period: EUR 560.7 million) compared with the prior year period is mainly due to 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, amortisation and impairments

In the first quarter of the 2025 financial year, depreciation and amortisation increased by

EUR 78.7 million year-on-year to EUR 565.6 million (prior year period: EUR 486.8 million). This was mainly due to the scheduled depreciation and amortisation of vessels and containers totalling EUR 539.2 million (prior year period: EUR 460.7 million).

Operating result

In the first quarter of the 2025 financial year, the Liner Shipping segment generated earnings before interest and taxes (EBIT) of EUR 448.3 million (prior year period: EUR 348.3 million).

Terminal & Infrastructure segment

At EUR 33.7 million, earnings before interest, taxes, depreciation and amortisation (EBITDA) in the Terminal & Infrastructure segment in the first quarter of the reporting year were higher than the figure of EUR 32.4 million in the same period of the previous year. Earnings before interest and taxes (EBIT) amounted to EUR 14.0 million (prior year period*: EUR 14.8 million).

Income statement Terminal & Infrastructure

million EUR Q1 2025

Q1 2024

(adjusted)*

Revenue

104.0

98.2

Terminal expenses

30.8

22.7

Personnel expenses

32.0

28.6

Depreciation, amortisation and impairment

19.8

17.6

Share of profit of equity-accounted investees

6.5

3.9

Other income and expenses

-13.9

-18.5

EBIT

14.0

14.8

EBIT margin (%)

13.4

15.1

EBITDA

33.7

32.4

EBITDA margin (%)

32.4

33.0

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

Result performance of Terminal & Infrastructure Revenue

In the first quarter of the 2025 financial year, revenue of EUR 104.0 million (prior year period: EUR 98.2 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 quarter of the reporting year were mainly due to expenses for the operation of terminals and container handling totalling EUR 30.8 million (prior year period: EUR 22.7 million), as well as personnel expenses of EUR 32.0 million (prior year period: EUR 28.6 million). In addition, there was depreciation and amortisation of property, plant and equipment and intangible assets in the amount of

EUR 19.8 million (prior year period*: EUR 17.6 million).

Operating result

In the first quarter of the 2025 financial year, the Terminal & Infrastructure segment generated earnings before interest and taxes (EBIT) of EUR 14.0 million (prior year period*: EUR 14.8 million).

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

‌Group financial position

Condensed statement of cash flows

million EUR Q1 2025 Q1 2024

Cash flow from operating activities

1,171.0

560.7

Cash flow from investing activities

-643.3

-355.2

Free cash flow

527.7

205.5

Cash flow from financing activities

-347.9

-340.5

Cash-effective changes in cash and cash equivalents

179.8

-134.9

Cash flow from operating activities

In the first quarter of the 2025 financial year, Hapag-Lloyd generated an operating cash flow of EUR 1,171.0 million (prior year period: EUR 560.7 million). The higher cash flow from operating activities compared to the prior year period is due to the higher result and the positive change in working capital in the current financial year.

Cash flow from investing activities

Cash outflows from investing activities totalled EUR 643.3 million in the first quarter of the 2025 financial year (prior year period: EUR 355.2 million). This includes cash outflow payments for investments, mainly for vessels, vessel equipment and for the construction of new containers of EUR 728.1 million (prior year period: EUR 449.6 million). Furthermore, cash outflows of

EUR 40.3 million (prior year period: EUR 42.3 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

EUR 81.2 million (prior year period: EUR 100.8 million).

Cash flow from financing activities

Financing activities resulted in a net cash outflow of EUR 347.9 million in the first quarter of the financial year (prior year period: EUR 340.5 million). The cash outflow essentially resulted from interest and redemption payments from lease liabilities in accordance with IFRS 16 totalling EUR 336.3 million (prior year period: EUR 278.3 million). Interest and redemption payments for vessel and container financing totalled EUR 125.4 million in the first quarter of the financial year (prior year period: EUR 122.0 million). This was offset by cash inflows from loans taken out to finance vessels amounting to EUR 133.2 million (prior year period: EUR 90.7 million).

Developments in cash and cash equivalents

million EUR Q1 2025 Q1 2024

Cash and cash equivalents at beginning of period

5,480.6

5,809.8

Changes due to exchange rate fluctuations

-212.8

153.7

Net changes

179.8

-134.9

Cash and cash equivalents at end of period

5,447.5

5,828.6

In total, there was a cash inflow of EUR 179.8 million in the first quarter of the 2025 financial year, resulting in cash and cash equivalents of EUR 5,447.5 million at the end of the reporting period on 31 March 2025 (31 March 2024: EUR 5,828.6 million), taking into account exchange rate related effects of EUR -212.8 million. The cash and cash equivalents recognised in the statement of cash flows correspond to the balance sheet item "Cash and cash equivalents". In addition, there are unused credit facilities of EUR 671.0 million (31 March 2024: EUR 671.9 million) as well as special fund securities and interest receivables as other financial assets of EUR 1.951.2 million (31 March 2024: money market transactions/money market funds as other financial assets:

EUR 1,881.6 million), resulting in a total liquidity reserve of EUR 8,069.7 million (31 March 2024: EUR 8,382.1 million).

Financial solidity

million EUR 31.3.2025 31.12.2024

Financial debt and lease and service concession liabilities

6,459.2

6,608.2

Cash and cash equivalents

5,447.5

5,480.6

Special fund securities and interests (other financial assets)

1,951.2

2,037.8

Net liquidity 1

939.5

910.1

Unused credit lines

671.0

697.6

Equity ratio (%)

62.1

61.6

1 Cash and cash equivalents plus assets of the special funds (other financial assets) less financial debt and lease liabilities

As at 31 March 2025, the Group's net liquidity amounted to EUR 939.5 million. This represents an increase of EUR 29.4 million compared to net liquidity as at 31 December 2024. The increase was mainly due to the decline in financial liabilities and lease liabilities, while the decline in securities held by the special fund had the opposite effect.

Equity decreased by EUR 326.8 million compared to 31 December 2024 and amounted to EUR 20,396.4 million as at 31 March 2025. The equity ratio was 62.1% (31 December 2024: 61.6%). A detailed overview of the change in equity is provided in the consolidated statement of changes in equity in the interim consolidated financial statements.

‌Group net asset position

Changes in the asset structure

million EUR 31.3.2025 31.12.2024

Assets

Non-current assets

21,994.4

22,591.2

of which fixed assets

21,810.6

22,427.2

Current assets

10,865.3

11,025.8

of which cash and cash equivalents

5,447.5

5,480.6

Total assets

32,859.7

33,617.1

Equity and liabilities

Equity

20,396.4

20,723.2

Borrowed capital

12,463.2

12,893.8

of which non-current liabilities

5,434.6

5,731.9

of which current liabilities

7,028.6

7,162.0

of which financial debt and lease and service concession liabilities

6,459.2

6,608.2

of which non-current financial debt and lease and service concession liabilities

4,837.1

5,086.6

of which current financial debt and lease and service concession liabilities

1,622.1

1,521.6

Total equity and liabilities

32,859.7

33,617.1

As at 31 March 2025, the Group's total assets amounted to EUR 32,859.7 million and were only slightly lower than at year-end 2024 (31 December 2024: EUR 33,617.1 million). The change was mainly due to a decrease of non-current assets as a result of exchange rate effects as at the reporting date and scheduled depreciation and amortisation as well as to planned redemption payments of financial debt and lease and service concession liabilities and a decrease in contract liabilities due to slightly declining freight rates. The USD/EUR exchange rate was quoted

at 1.08 on 31 March 2025 (31 December 2024: 1.04).

Within non-current assets, the carrying amounts of fixed assets decreased by a total of EUR 616.6 million to EUR 21,810.6 million (31 December 2024: EUR 22,427.2 million), in particular due to exchange rate effects as of the reporting date amounting to EUR 829.6 million

and scheduled depreciation and amortisation of EUR 585.3 million. These include an amount of EUR 318.6 million for the amortisation of capitalised rights of use relating to lease assets.

Investments in vessels, vessel equipment and containers including payments on accounts and assets under construction in the amount of EUR 488.6 million and newly received and extended rights of use for lease assets of EUR 305.2 million had an offsetting effect.

Cash and cash equivalents remained nearly unchanged at EUR 5,447.5 million compared to the end of 2024 (31 December 2024: EUR 5,480.6 million).

Trade receivables decreased as at the reporting date due to timing effects by EUR 119.4 million to EUR 2,327.7 million (31 December 2024: EUR 2,447.1 million).

‌On the liabilities side, equity (including non-controlling interests) decreased by EUR 326.8 million to EUR 20,396.4 million. Despite the Group profit of EUR 445.9 million (prior year period*:

EUR 298.0 million) recognised in the retained earnings, unrealised losses from currency translation of EUR 774.2 million (prior year period*: EUR 481.0 million) led to a decrease.

The Group's borrowed capital fell slightly by EUR 430.6 million in comparison to the 2024 consolidated financial statements. This results from planned redemption payments totalling

EUR 367,9 million and from a slight decrease in contract liabilities due to lower freight rates for transport orders on unfinished voyages as at the reporting date by EUR 256.3 million to

EUR 781.7 million (31 December 2024: EUR 1,037.9 million). Additionally, exchange rate effects as at the reporting date of EUR 236.0 million contributed to the decrease. Newly acquired or extended charter and leasing contracts of EUR 177.4 million and a new bank loan with the purpose of vessel financing in the amount of EUR 134.7 million partially offset the decrease.

The decrease in deferred tax liabilities to EUR 210.4 million compared to the prior year

(31 December 2024: EUR 255.1 million) is mostly an effect of a reversal of deferred tax liabilities on the decreased valuation difference of the special fund in the amount of EUR 15.3 million and of lower valuation and exchange rate effects on investments outside the tonnage tax area of Hapag-Lloyd AG in Germany of EUR 26.2 million.

For further information on significant changes in individual balance sheet items, please refer to the notes to the consolidated statement of financial position in the condensed interim consolidated financial statements.

Executive Board's statement on the business developments

The first quarter of the 2025 financial year was marked by good demand development, but also by operational disruptions in local seaports and a tense security situation in the Red Sea.

Despite these circumstances, average freight rates and transport volumes rose and were above the corresponding prior year figures. Hapag-Lloyd's consolidated Group profit for the first quarter of 2025 was thus above the result for the prior year period.

The import tariffs raised in the US at the beginning of April 2025 contributed to considerable uncertainty among customers and weighed on demand. At the same time, it remains unclear when passage through the Red Sea will be safe again, meaning that increased transport costs are still to be expected due to the necessary diversion of vessels around the Cape of Good Hope. For these reasons in particular, the Executive Board considers the remainder of the 2025 financial year to be challenging and subject to a high degree of uncertainty.

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

‌OUTLOOK, RISK AND OPPORTUNITY REPORT

Outlook

General economic outlook

The International Monetary Fund (IMF) expects global economic growth of 2.8% for 2025. Due to the effects of the tariffs imposed by the USA, the reactions of trading partners and the high level of uncertainty regarding the further development of trade policy, the forecast is 0.5 percentage points below the January 2025 forecast. Economic growth of 1.4% is expected for industrialised countries and 3.7% for developing and emerging countries. Economic growth of 4.0% is expected for China, with the negative effects of the trade conflict with the USA being partially offset by government support measures.

Despite the ongoing trade conflict between the USA and its trading partners - particularly China - the International Monetary Fund continues to expect global trade to grow by 1.7%. However, the IMF points to a significantly increased risk that the global economy and global trade could weaken further in the event of further trade tensions. Compared to the previous year, this means a decline in global trade growth of 2.1 percentage points. In addition, the current forecast is 1.5 percentage points below the January 2025 estimate (source: IMF World Economic Outlook, April 2025).

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

in % 2026e 2025e 2024 2023 2022

Global economic growth

3.0

2.8

3.3

3.5

3.6

Advanced economies

1.5

1.4

1.8

1.7

2.9

Emerging market and developing

economies 3.9

3.7

4.3

4.7

4.1

World trade volume

(goods and services) 2.5

1.7

3.8

1.0

5.7

Source: IMF World Economic Outlook, April 2025

Sector-specific outlook

At the beginning of the year, maritime industry service provider Drewry was still forecasting growth of 2.8% in global container transport volumes in 2025 (Drewry Container Forecaster Q4 2024). However, due to US trade policy, Drewry now expects a decline of 1.0% (Drewry Research Update, 24 April 2025). In the previous year, growth of 6.3% had been recorded (CTS, April 2025).

Development of container transport volume

Growth rate 1.1

-1.0

6.3 0.4 -4.4

in % 2026e 2025e 2024 2023 2022

Source: 2022 - 2024: CTS, April 2025; 2025 - 2026: Drewry, April 2025

According to MDS Transmodal, the tonnage of container ships ordered rose to 8.5 million TEU by the end of March 2025 (31 December 2024: 7.5 million TEU). This corresponds to a ratio

of orders on hand to global container fleet capacity of 27.2% (31 December 2024: 24.6%).

For 2025, the industry service Drewry forecasts ship deliveries with a total capacity of 2.1 million TEU. After deducting expected scrapping and delivery postponements, fleet capacity would grow by 5.6%, significantly less than the 10.8% 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 1.7

2.1

3.2 2.5 1.0

Expected scrappings 0.9

0.2

0.1 0.2 0.0

Postponed deliveries

and other changes 0.2

0.2

0.1 0.3 -0.1

Net capacity growth 0.6

1.7

3.0 2.1 1.0

Net capacity growth (in %) 1.9

5.6

10.8 8.1 4.2

Source: Drewry Container Forecaster Q1 2025

Expected business development of Hapag-Lloyd

For the current 2025 financial year, the Executive Board continues to expect Group EBITDA in the range of USD 2.5 to 4.0 billion (previous year: USD 5.0 billion) and Group EBIT in the range of USD 0.0 to 1.5 billion (previous year: USD 2.8 billion). In euros, this corresponds to an expected Group EBITDA in the range of EUR 2.4 to 3.9 billion (previous year: EUR 4.6 billion) and a Group EBIT in the range of EUR 0.0 to 1.5 billion (previous year: EUR 2.6 billion). The earnings forecast for the 2025 financial year is based in particular on the assumption that transport volumes will increase clearly compared with the previous year, while the average freight rate is expected to decrease clearly (previously: decreasing moderately). The bunker consumption price is expected to remain at the previous year's level.

In light of major geopolitical challenges and volatile freight rates, the forecast is subject to a very high degree of uncertainty. In particular, at the time of writing, it remains unclear when passage through the Red Sea will be safe again. In addition, the import tariffs raised in the United States at the beginning of April 2025 have contributed to considerable uncertainty among customers and initially weighed on demand. However, against the backdrop of ongoing negotiations between key exporting countries and the US on the mutual dismantling of trade barriers, the short-and medium-term effects of the conflict cannot be reliably assessed. 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

Transport volume 1

12.5 million TEU

Increasing clearly

Average freight rate 1

USD 1,492/TEU

Decreasing clearly 2

Average bunker consumption price 1

USD 588/t

At previous year's level

Group EBITDA

EUR 4.6 billion

EUR 2.4 to 3.9 billion

Group EBIT

EUR 2.6 billion

EUR 0.0 to 1.5 billion

¹ Liner Shipping segment

2 Previously: decreasing moderately

Risk and opportunity report

The significant opportunities and risks and an assessment of these are detailed in the 2024 annual report. The assessment of the risks and opportunities detailed for the 2025 financial year has changed as follows.

Against the backdrop of the geopolitical conflicts, such as the Russia-Ukraine war and especially the current situation in the Middle East, the uncertainty regarding their further development, including the scope of existing sanctions and embargoes and their direct impact on supply chains and industrial production, it is not possible to conclusively assess the extent or duration of the potential consequences.

In April, the United States Trade Representative issued a Notice of Action that imposes additional fees on ship owners and operators from China and operators of ships built in China. These fees will take effect in the fourth quarter of 2025 and could have a negative impact on costs. A concrete assessment of the potential impact and the development of a corresponding mitigation strategy is ongoing.

‌The key risks regarding the expected performance of the Group in the remaining months of the financial year are currently classified as follows in relation to the business development planned and presented in the "Outlook":

Risk

Probability of occurrence

Potential impact

Fluctuation in average freight rate

Medium

Critical

Fluctuation in transport volume

Medium

Critical

Impairment of goodwill and other intangible assets

Low

Critical

Launch of the "Gemini Cooperation"

Low

Critical

Risks arising from investments

Low

Critical

At the time of reporting on the first quarter of the 2025 financial year, there were no risks threatening the continued existence of the Hapag-Lloyd Group.

NOTE ON SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

The notes on relationships and transactions with related parties can be found in the section "Other notes to the condensed interim consolidated financial statements"

‌22 I N TE R I M C ON S OL I D A TE D F I N A N C I A L S T A TE ME N T S

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

of Hapag-Lloyd AG for the period 1 January to 31 March 2025

million EUR Q1 2025

Q1 2024

(adjusted)*

Revenue

5,051.6

4,260.0

Transport and terminal expenses

3,586.5

3,040.3

Personnel expenses

275.8

239.8

Depreciation, amortisation and impairment

585.3

504.4

Other operating result

-140.9

-106.6

Operating result

463.0

368.9

Share of profit/loss of equity-accounted investees

-0.2

-5.8

Earnings before interest and taxes (EBIT)

462.8

363.1

Interest income and other finance income

88.6

104.6

Interest expenses and other finance expenses

88.3

67.4

Other financial items

-10.3

-10.6

Earnings before taxes

453.0

389.7

Income taxes

7.1

91.8

Group profit/loss

445.9

298.0

thereof attributable to shareholders of Hapag-Lloyd AG

441.7

293.6

thereof attributable to non-controlling interests

4.2

4.3

Basic/diluted earnings per share (in EUR)

2.51

1.67

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

of Hapag-Lloyd AG for the period 1 January to 31 March 2025

million EUR Q1 2025

Q1 2024

(adjusted)*

Group profit/loss

445.9

298.0

Items that will not be reclassified to profit and loss:

Remeasurements from defined benefit plans after tax

10.1

3.6

Remeasurements from defined benefit plans before tax

10.2

3.5

Tax effect

-0.1

0.2

Currency translation differences (no tax effect)

-774.2

481.0

Items that may be reclassified to profit and loss:

Cash flow hedges (no tax effect)

-3.5

-3.6

Effective share of the changes in fair value

12.5

-9.7

Reclassification to profit or loss

-15.7

5.5

Currency translation differences

-0.3

0.6

Cost of hedging (no tax effect)

0.1

0.9

Changes in fair value

-1.2

-0.5

Reclassification to profit or loss

1.5

1.3

Currency translation differences

-0.2

0.1

Financial assets at fair value through other comprehensive income after tax

6.0

-5.1

Financial assets at fair value through other comprehensive income before tax

5.6

-7.5

Tax effect

0.4

2.4

Other comprehensive income after tax

-761.4

476.9

Total comprehensive income

-315.5

774.8

thereof attributable to shareholders of Hapag-Lloyd AG

-317.3

768.7

thereof attributable to non-controlling interests

1.8

6.2

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

of Hapag-Lloyd AG as at 31 March 2025

Assets

million EUR 31.3.2025 31.12.2024

Goodwill

1,988.5

2,057.1

Other intangible assets

1,639.2

1,725.9

Property, plant and equipment

16,714.6

17,179.6

Investments in equity-accounted investees

1,468.3

1,464.7

Other financial assets

74.3

71.0

Other non-financial assets

35.3

22.5

Derivative financial instruments

0.4

0.8

Income tax receivables

6.6

7.4

Deferred tax assets

67.2

62.4

Non-current assets

21,994.4

22,591.2

Inventories

652.5

630.6

Trade accounts receivable

2,327.7

2,447.1

Other financial assets

2,277.9

2,307.1

Other non-financial assets

142.5

146.4

Derivative financial instruments

2.5

-

Income tax receivables

14.6

14.0

Cash and cash equivalents

5,447.5

5,480.6

Current assets

10,865.3

11,025.8

Total assets

32,859.7

33,617.1

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Equity and liabilities

million EUR 31.3.2025 31.12.2024

Subscribed capital

175.8

175.8

Capital reserves

2,637.4

2,637.4

Retained earnings

16,505.6

16,063.9

Cumulative other equity

1,017.7

1,776.8

Equity attributable to shareholders of Hapag-Lloyd AG

20,336.5

20,653.8

Non-controlling interests

59.9

69.4

Equity

20,396.4

20,723.2

Provisions for pensions and similar obligations

230.5

240.7

Other provisions

151.2

143.6

Financial debt

2,229.3

2,370.8

Lease liabilities

2,607.9

2,715.9

Other financial liabilities

4.6

4.7

Other non-financial liabilities

0.8

1.2

Deferred tax liabilities

210.4

255.1

Non-current liabilities

5,434.6

5,731.9

Provisions for pensions and similar obligations

13.6

13.2

Other provisions

1,435.4

1,397.8

Income tax liabilities

164.0

134.6

Financial debt

571.7

480.8

Lease and service concession liabilities

1,050.4

1,040.8

Trade accounts payable

2,716.8

2,765.9

Contract liabilities

781.7

1,037.9

Other financial liabilities

216.4

201.4

Other non-financial liabilities

67.4

70.4

Derivative financial instruments

11.2

19.1

Current liabilities

7,028.6

7,162.0

Total equity and liabilities

32,859.7

33,617.1

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CONSOLIDATED STATEMENT OF CASH FLOWS

of Hapag-Lloyd AG for the period 1 January to 31 March 2025

million EUR Q1 2025

Q1 2024

(adjusted)*

Group profit/loss

445.9

298.0

Income tax expenses (+)/income (-)

7.1

91.8

Other financial Items

10.3

10.6

Interest result

-0.4

-37.2

Depreciation, amortisation and impairment (+)/write-backs (-)

585.3

504.4

Profit (-)/loss (+) from disposals of non-current assets

-6.8

-6.0

Income (-)/expenses (+) from equity accounted investees and dividends from other investments

0.1

5.8

Other non-cash expenses (+)/income (-)

1.7

-10.1

Increase (-)/decrease (+) in inventories

-46.4

-14.0

Increase (-)/decrease (+) in receivables and other assets

20.1

-431.5

Increase (+)/decrease (-) in provisions

98.5

-18.8

Increase (+)/decrease (-) in liabilities (excl. financial debt)

59.0

182.5

Payments received from (+)/made for (-) income taxes

-3.5

-14.8

Cash inflow (+)/outflow (-) from operating activities

1,171.0

560.7

Payments received from disposals of property, plant and equipment and intangible assets

19.0

20.6

Payments made for investments in property, plant and equipment and intangible assets

-728.1

-449.6

Payments received for the redemption of issued loans

4.7

2.9

Net cash Inflow (+)/outflow (-) from acquisition

-5.8

-23.2

Payments made for the acquisition of shares of equity-accounted investees 1

-34.5

-19.1

Change of financial assets and financial assets held for investment

20.2

12.5

Payments received for interest

81.2

100.8

Cash inflow (+)/outflow (-) from investing activities

-643.3

-355.2

1 Includes also payments for capital contributions in existing equity-accounted investees

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

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million EUR Q1 2025

Q1 2024

(adjusted)*

Payments made for dividends

-9.0

-13.3

Payments received from raising financial debt

133.2

94.2

Payments made for the redemption of financial debt

-85.8

-107.6

Payments made for the redemption of lease and service concession liabilities

-282.1

-246.8

Payments made for interest and fees

-99.4

-62.5

Payments received (+) from hedges for financial debt and payments of dividends

1.7

3.0

Payments made (-) from hedges for financial debt and payments of dividends

-6.5

-7.5

Cash inflow (+)/outflow (-) from financing activities

-347.9

-340.5

Net change in cash and cash equivalents

179.8

-134.9

Cash and cash equivalents at beginning of period

5,480.6

5,809.8

Change in cash and cash equivalents due to exchange rate fluctuations

-212.8

153.7

Net change in cash and cash equivalents

179.8

-134.9

Cash and cash equivalents at end of period

5,447.5

5,828.6

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

H A P A G - L L O Y D A G I Q U A R T E R L Y F I N A N C I A L R E P O R T Q 1 I 2 0 2 5

‌28 I N TE R I M C ON S OL I D A TE D F I N A N C I A L S T A TE ME N T S

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

of Hapag-Lloyd AG for the period 1 January to 31 March 2025

Equity attributable to shareholders

million EUR

Subscribed

capital

Capital reserves

Retained earnings

As at 1.1.2024 (adjusted)*

175.8

2,637.4

15,304.5

Total comprehensive income

-

-

293.6

thereof

Group profit/loss

-

-

293.6

Other comprehensive income

-

-

-

Transactions with shareholders

-

-

-

thereof

Distribution to non-controlling interests

-

-

-

As at 31.3.2024 (adjusted)*

175.8

2,637.4

15,598.1

As at 1.1.2025

175.8

2,637.4

16,063.9

Total comprehensive income

-

-

441.7

thereof

Group profit/loss

-

-

441.7

Other comprehensive income

-

-

-

Transactions with shareholders

-

-

-

thereof

Distribution to non-controlling interests

-

-

-

Addition of shares of non-controlling interests from first-time consolidation

-

-

-

As at 31.3.2025

175.8

2,637.4

16,505.6

* The comparative information was adjusted marginally as adjustments were made in the second quarter of 2024 to the acquisition 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.

H A P A G - L L O Y D A G I Q U A R T E R L Y F I N A N C I A L R E P O R T Q 1 I 2 0 2 5

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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.