Today, Hapag-Lloyd published its annual report for the 2025 fiscal year. The Group EBITDA stood at USD 3.6 billion (EUR 3.2 billion) and the Group EBIT at USD 1.1 billion (EUR 1.0 billion) while the Group profit amounted to USD 1.0 billion (EUR 0.9 billion). The result was at the upper end of the earnings forecast, but below the previous year, particularly owing to lower freight rates and higher operational costs.
“2025 was a good year for Hapag-Lloyd with solid results. We have grown our volumes and outperformed the market. Our Gemini network delivered 90% schedule reliability and customer satisfaction reached another record high. We invested significantly in fleet efficiency and modernization to further decarbonize our operations. Additionally, our growing terminals portfolio increasingly contributed to the success of our liner business,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.
In the Liner Shipping segment, revenues increased to USD 20.6 billion (EUR 18.3 billion) in 2025. EBITDA declined to USD 3.5 billion (EUR 3.1 billion) and EBIT to USD 1.0 billion (EUR 0.9 billion). While transport volumes rose by 8% to 13.5 million TEU, backed by the successful implementation of the Gemini network, the average freight rate was down 8% to 1,376 USD/TEU due to growing capacity and increasing trade imbalances. Additionally, higher costs resulting from operational disruptions caused by new tariff policies, ongoing security tensions in the Red Sea, start-up expenses for the Gemini Network, and port congestion had a negative earnings impact. On the other hand, Gemini related cost savings started kicking in during the second half of 2025 and will be fully realized in 2026. One-time non-cash effects in the fourth quarter had a positive impact.
The Terminal & Infrastructure segment increased revenues to USD 514 million (EUR 455 million) in 2025, due to the acquisition and ramp-up of new terminals as well as strong growth in throughput as a result of rising synergies with the liner business. At USD 152 million (EUR 134 million), EBITDA was on the level of the prior year while EBIT declined to USD 66 million (EUR 58 million), owing to operational challenges and segment ramp-up costs.
Based on the solid earnings, the Executive Board and Supervisory Board of Hapag-Lloyd AG will propose to the Annual General Meeting a dividend of EUR 3.00 per share for the 2025 fiscal year – this corresponds to a total payout of EUR 0.5 billion.
For 2026, the Executive Board expects the Group EBITDA to be in the range of USD 1.1 to 3.1 billion (EUR 0.9 to 2.6 billion) and the Group EBIT to be in the range of USD -1.5 to 0.5 billion (EUR -1.3 to 0.4 billion). This outlook remains subject to considerable uncertainty due to the highly volatile development of freight rates and the conflict in the Middle East.
“At the beginning of 2026, adverse weather conditions weighed on our performance and the conflict in the Middle East is now causing considerable network disruptions and sharply increasing operational costs. Against this backdrop, we expect earnings in 2026 to be lower than in 2025. We will leverage increasing synergies from our Gemini network and accelerate our cost savings initiatives to counter these headwinds. Our customers can rest assured that we will do everything in our power to keep their supply chains intact. At the same time, we will maintain our growth trajectory by expanding our terminals portfolio under the Hanseatic Global Terminals brand” said Rolf Habben Jansen.
KEY FIGURES (USD)*
| Group | 2025 | 2024 | 2025 vs. 2024 |
|---|---|---|---|
| Revenues (USD million) | 21,051 | 20,673 | 378 |
| EBITDA (USD million) | 3,602 | 5,029 | -1,427 |
| EBIT (USD million) | 1,073 | 2,788 | -1,715 |
| EBITDA margin | 17% | 24% | -7 pp |
| EBIT margin | 5% | 13% | -8 pp |
| Group profit (USD million) | 1,044 | 2,588 |
-1,543 |
