Hapag-lloyd Ag · XETR:HLAG
Hapag-lloyd — H1 2025 Earnings Presentation
24 slides from Hapag-lloyd's earnings presentation, Aug 14, 2025
Slide 1: Investor Presentation H1 2025 Results
Investor Presentation H1 2025 Results Hamburg, 14th of August 2025
Slide 2: First Half 2025 Highlights
First Half 2025 Highlights We delivered strong volume and revenue growth in a volatile and complex market environment INVESTOR PRESENTATION - H1 2025 Despite operational issues in major seaports and anticipated network transition costs, financial performance was solid and in line with expectations G
Slide 3: The new US tariff policy led to a volatile development in demand and freight rates
The new US tariff policy led to a volatile development in demand and freight rates in the first half of 2025 1 HIGHLIGHTS Global Container Volumes ▪ Global container volumes increased by INVESTOR PRESENTATION - H1 2025 [TEU m] H1 2024 H1 2025 4.5% in H1 2025, driven mainly by 89.5 TEU m +4.5% 93.5 T
Slide 4: Uncertainty around US tariffs has dampened demand
Uncertainty around US tariffs has dampened demand – New tariffs took effect in August 1 HIGHLIGHTS INVESTOR PRESENTATION - H1 2025 US container imports origin New base “April 9” ▪ Uncertainty surrounding tariffs [2024; in TEUm] tariff ¹ tariffs negatively impacted US imports, resulting in a subdued
Slide 5: Cut over to Gemini successfully completed in Q2 with >90% schedule reliability
Cut over to Gemini successfully completed in Q2 with >90% schedule reliability – Operational finetuning to continue throughout H2 1 HIGHLIGHTS Illustrative example Gemini schedule reliability INVESTOR PRESENTATION - H1 2025 [Mainliner and Shuttle, both HL and Maersk operated] 100 95% 92% 93% 91% 91%
Slide 6: We continue to upgrade our vessel fleet to maintain cost competitiveness
We continue to upgrade our vessel fleet to maintain cost competitiveness and lower our emission 1 HIGHLIGHTS The last four of the 12 x 24k TEU highly efficient Newbuilds INVESTOR PRESENTATION - H1 2025 dual-fuel vessels were delivered in H1 2025 +284 12 x 23.7k TEU Dual-Fuel LNG 38% of existing flee
Slide 7: We achieved a solid financial result in the first half of 2025
Group We achieved a solid financial result in the first half of 2025 2 FINANCIALS H1 2025 GROUP KEY FIGURES INVESTOR PRESENTATION - H1 2025 Transport Volume Revenue EBITDA [MTEU] 1 [USD bn] [USD bn] +11% +11% -2% 6.1 6.7 9.5 10.6 2.0 1.9 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Group Profit F
Slide 8: Strong revenue growth while earnings were impacted by operational issues in ports
Group Strong revenue growth while earnings were impacted by operational issues in ports and anticipated network transition cost 2 FINANCIALS Revenue [USD m] EBITDA [USD m] INVESTOR PRESENTATION - H1 2025 +8% +11% 21.0% 15.6% Margin 20.7% 18.2% 5,272 10,590 -2% 4,892 9,516 -20% 1,028 1,969 1,924 820
Slide 9: Liner Shipping posted an EBIT of USD 639 m in H1 2025
Liner Shipping Liner Shipping posted an EBIT of USD 639 m in H1 2025 2 FINANCIALS Liner Shipping INVESTOR PRESENTATION - H1 2025 USD m Q2 2024 Q2 2025 H1 2024 H1 2025 ▪ Revenue improved by 11% mainly due to higher volumes, while the average freight Revenue 4,794 5,166 9,320 10,386 rate was stable in
Slide 10: Liner Shipping volumes increased by 11% in H1 2025
Liner Shipping Volumes in the Liner Shipping segment increased by 11% in H1 2025, while the average freight rate was stable YoY 2 FINANCIALS Freight Rate Development [USD/TEU] Transport Volume Development by Trade [TTEU] INVESTOR PRESENTATION - H1 2025 H1 2024 H1 2025 1,391 +0.7% 1,400 +12% 3,440 +1
Slide 11: Unit costs affected by Red Sea re-routings, port disruptions and Gemini phase-in
Liner Shipping Unit cost were affected by continued Red Sea re-routings, operational disruptions in ports and the Gemini phase-in 2 FINANCIALS Unit Cost Development [USD/TEU] INVESTOR PRESENTATION - H1 2025 Volume [TEU m] 3.1 3.4 6.1 6.7 ▪ Unit cost were mainly impacted by ▪ higher storage costs for
Slide 12: Terminal & Infrastructure
Terminal & Infrastructure Terminal business reported revenue and profit growth, driven by good operational performance and consolidation effects 2 FINANCIALS INVESTOR PRESENTATION - H1 2025 Terminal & Infrastructure USD m Q2 2024 Q2 2025 H1 2024 H1 2025 ▪ Positive revenue development driven mainly b
Slide 13: Good free cash flow generation despite ongoing fleet modernization
Group Good free cash flow generation despite ongoing fleet modernization and expansion - Dividend distributed in May 2 FINANCIALS Cash flow H1 2025 [USD m] INVESTOR PRESENTATION - H1 2025 Operating Investing Financing cash flow cash flow cash flow 1,819 -1,107 -2,198 8,539 725 -105 201 7,141 -1,308
Slide 14: Net debt increased but balance sheet remains strong
Group Net debt increased but balance sheet remains strong with liquidity reserve of USD 7.1 bn 2 FINANCIALS Equity [USD m] Net Debt [USD m] INVESTOR PRESENTATION - H1 2025 Equity 62% 61% ratio 919 21,539 20,752 -946 31 Dec 2024 30 Jun 2025 31 Dec 2024 30 Jun 2025 Liquidity Reserve [USD m] Financial
Slide 15: Frontloading and higher permanent tariffs might slowdown demand in H2 2025
Frontloading and higher permanent tariffs might slowdown demand in H2 2025 MARKET 3 Supply & Demand INVESTOR PRESENTATION - H1 2025 18% Container volume growth [TEU] Container transport work growth [TEU-miles] Fleet capacity growth Clarksons’ July forecast for TEU-miles growth assumes continued rero
Slide 16: Vessel deliveries have temporarily moderated
Vessel deliveries have temporarily moderated – Stricter emissions regulations and ageing fleet will drive higher scrapping in future MARKET 3 Global orderbook [TEU m; % of world fleet] Capacity older than 25 years [TEU m] 1 INVESTOR PRESENTATION - H1 2025 Orderbook Share of world fleet 27% 26% 27% 2
Slide 17: The outlook has been narrowed in light of the solid performance in H1
The outlook has been narrowed in light of the solid performance in H1, however risks remain elevated OUTLOOK 4 FY 2025 FY 2025 INVESTOR PRESENTATION - H1 2025 FY 2024 Updated Outlook Original Outlook Increasing Increasing Transport volume 12,467 TTEU clearly moderately Decreasing Decreasing Freight
Slide 18: Priorities for 2025 & beyond
Priorities for 2025 & beyond 5 PRIORITIES Focus on further finetuning of our INVESTOR PRESENTATION - H1 2025 Gemini network and securing >90% schedule reliability Maintain high customer satisfaction by focusing on operational excellence and exceptional service quality Continue expanding our Terminal
Slide 19: Appendix
Appendix
Slide 20: Equity ratio of 60.6%
Equity ratio of 60.6% APPENDIX Balance Sheet [USD m] Financial Position [USD m] INVESTOR PRESENTATION - H1 2025 million USD 30.6.2025 31.12.2024 million USD 30.6.2025 31.12.2024 Assets Financial debt and lease liabilities 7,335 6,868 Non-current assets 24,082 23,480 Cash and cash equivalents 4,212 5
Slide 21: Net profit of USD 0.8 bn in H1 2025
Net profit of USD 0.8 bn in H1 2025 APPENDIX Income Statement [USD m] INVESTOR PRESENTATION - H1 2025 YoY million USD Q2 2025 Q2 2024 change H1 2025 H1 2024 Change Revenue 5,272 4,892 8% 10,590 9,516 11% Transport and terminal expenses –3,965 –3,413 16% –7,741 –6,712 15% Personnel expenses –328 –331
Slide 22: Well balanced maturity structure of financial liabilities
Well balanced maturity structure of financial liabilities APPENDIX Financial Debt Profile as per 30 June 20251 [USD m] INVESTOR PRESENTATION - H1 2025 Facility 30 June 2025 [USD m] 1,898 Vessel Financings 2,306 1,798 Container Financings 487 548 Total Vessel & Container 2,792 547 EUR Bond 2024 351 1
Slide 23: Disclaimer
Disclaimer APPENDIX Forward-looking statements INVESTOR PRESENTATION - H1 2025 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
Slide 24: Thank you for your attention
Thank you Hapag-Lloyd Investor Relations for your Ballindam 25 20095 Hamburg Tel.: +49 (40) 3001-3705 attention ir@hlag.com All publication documents can be found here: https://www.hapag-lloyd.com/en/ir.html