Hapag-lloyd Ag · XETR:HLAG
Hapag-lloyd — Q1 2026 Earnings Presentation
22 slides from Hapag-lloyd's earnings presentation, May 13, 2026
Slide 1: Investor Presentation Q1 2026 Results
Investor Presentation Q1 2026 Results Hamburg, 13th of May 2026
Slide 2: Q1 2026 Key Developments
Q1 2026 Key Developments 1 KEY DEVELOPMENTS We had an unsatisfactory start to the year, partly due INVESTOR PRESENTATION - Q1 2026 to adverse weather conditions, further exacerbated by disruptions in the Middle East Despite this challenging environment, the Gemini Cooperation continued to deliver in
Slide 3: Atlantic and Middle East disruptions had a serious impact on Q1 operations
Given our significant exposure to the Atlantic and Middle East trades, the disruptions had a serious impact on our operations in Q1 KEY 1 DEVELOPMENTS EUROPE SeaIntel Schedule Reliability INVESTOR PRESENTATION - Q1 2026 ▪ Declining European exports impacted volume Gemini Cooperation Competitor Range
Slide 4: Upper Gulf bookings resumed through alternative inland and feeder solutions
Upper Gulf bookings were initially paused but have meantime resumed through alternative inland and feeder solutions KEY 1 DEVELOPMENTS Multimodal connectivity to Upper Gulf locations INVESTOR PRESENTATION - Q1 2026 ▪ With most container backlogs cleared and offices reopening, operations across the M
Slide 5: ZIM shareholders approved merger agreement with Hapag-Lloyd
ZIM shareholders approved merger agreement with Hapag-Lloyd – the necessary regulatory approvals are being filed KEY 1 DEVELOPMENTS Timeline: INVESTOR PRESENTATION - Q1 2026 16 February Signing ZIM Extraordinary Deal Rationale 30 April General Meeting ▪ Securing our global Top 5 position Transaction
Slide 6: Q1 2026 Group Key Figures
Group Q1 2026 results unsatisfactory, background is clear and Q2 is off to a better start 2 FINANCIALS Q1 2026 Group Key Figures INVESTOR PRESENTATION - Q1 2026 Liner Shipping Terminal & Infrastructure Transport Volume Throughput 3.2 M TEU 3.4 M TEU PY: 3.2 M TEU PY: 3.1 M TEU Revenue EBITDA EBIT US
Slide 7: Softer freight rates and disruptions weighed on top and bottom line
Group Softer freight rates and severe operational disruptions weighed on top and bottom line 2 FINANCIALS Revenue [USD m] EBITDA [USD m] Margin INVESTOR PRESENTATION - Q1 2026 20.7% 16.2% 10.0% 5,318 5,002 4,918 1,103 812 494 Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025 Q1 2026 EBIT [USD m] Margin Group
Slide 8: Liner Shipping recorded an EBIT loss of USD 74m in Q1/2026
Liner Shipping Liner Shipping recorded an EBIT loss of USD 174m in Q1/2026 2 FINANCIALS INVESTOR PRESENTATION - Q1 2026 Liner Shipping ▪ Revenue declined YoY due to softer freight Q1 2025 Q4 2025 Q1 2026 rates and slightly lower volumes Revenue 5,220 4,892 4,778 ▪ Volumes and cost base impacted by −
Slide 9: Average freight rate declined by 10% year-on-year
Liner Shipping Average freight rate declined by 10% year-on-year – Exports out of Europe particularly weak 2 FINANCIALS Freight Rate Development1 [USD/TEU] Transport Volume Development by Trade 1,2 [TTEU] INVESTOR PRESENTATION - Q1 2026 -9.6% -0.7% 1,471 3,225 3,203 943 919 Asia - Europe 1,397 1,182
Slide 10: Operational disruptions drove higher unit costs
Liner Shipping Operational disruptions drove higher unit costs 2 FINANCIALS Unit Cost Development [USD/TEU] INVESTOR PRESENTATION - Q1 2026 ▪ Handling & Haulage and Equipment costs increased, reflecting higher terminal storage +8% costs amid weather-related port congestion in 1,420 January and Febru
Slide 11: Terminals benefitted from J M Baxi consolidation and strong throughput growth
Terminal & Infrastructure Terminals benefitted from the first-time full consolidation of J M Baxi and strong throughput growth in India and Latin America 2 FINANCIALS INVESTOR PRESENTATION - Q1 2026 Terminal & Infrastructure Q1 2025 Q4 2025 Q1 2026 ▪ Revenue growth supported by Throughput [M TEU] 3.
Slide 12: Liquidity Reserve remains strong with USD 6.9 bn
Group Liquidity Reserve remains strong with USD 6.9 bn per end of Q1 with a solid Free Cash Flow of USD 0.4 bn 2 FINANCIALS Cash flow Q1 2026 [USD m] INVESTOR PRESENTATION - Q1 2026 Operating Investing Financing cash flow cash flow cash flow 500 -95 -651 7,025 6,860 725 725 RCF Fixed 2,215 2,296 inc
Slide 13: Robust balance sheet with ample liquidity
Group Robust balance sheet with ample liquidity 2 FINANCIALS Equity [USD m] Net Debt [USD m] INVESTOR PRESENTATION - Q1 2026 62% 61% Equity ratio 0.3x 0.5x Leverage 1 1,352 1,209 21,147 21,077 31 Dec 2025 31 Mar 2026 31 Dec 2025 31 Mar 2026 Liquidity Reserve [USD m] Dividend payment on 26 May [subje
Slide 14: Solid demand growth expected for CY 2026
Solid demand growth expected for CY 2026 MARKET 3 Supply and Demand Projections INVESTOR PRESENTATION - Q1 2026 Container volume growth Fleet capacity growth 10% ▪ Global container demand remained 8% 7% 8% robust in Q1 2026, growing 4% YoY 6% ▪ FY 2026 demand growth forecast at 4% 5% 2-3%, but subje
Slide 15: Earnings outlook confirmed
Earnings outlook confirmed – Market environment remains challenging and subject to geopolitical uncertainty OUTLOOK 4 Earnings Outlook INVESTOR PRESENTATION - Q1 2026 Key assumptions ▪ Elevated bunker procurement prices as well FY 2026 as energy surcharges from vendors to be FY 2025 Outlook compensa
Slide 16: Wrap Up and Priorities for 2026
Wrap Up and Priorities for 2026 ▪ The first quarter of 2026 was unsatisfactory, with INVESTOR PRESENTATION - Q1 2026 weather-related supply chain disruptions, the war in the Middle East and pressure on freight rates leading to significantly lower results ▪ Gemini demonstrated strong resilience, supp
Slide 17: Appendix
Appendix
Slide 18: Equity ratio of 61.3%
Equity ratio of 61.3% APPENDIX Balance Sheet [USD m] Financial Position [USD m] INVESTOR PRESENTATION - Q1 2026 million USD 31.3.2026 31.12.2025 million USD 31.3.2026 31.12.2025 Assets Financial debt and lease liabilities 7,486 7,509 Non-current assets 24,301 24,068 Cash and cash equivalents 3,838 4
Slide 19: EBITDA of USD 494m in Q1 2026
EBITDA of USD 494m in Q1 2026 APPENDIX Income Statement [USD m] INVESTOR PRESENTATION - Q1 2026 million USD Q1 2026 Q1 2025 change Revenue 4,918 5,318 –8% Transport and terminal expenses –3,960 –3,776 5% Personnel expenses –313 –290 8% Depreciation, amortisation and impairment –651 –616 6% Other ope
Slide 20: Well balanced maturity structure of financial liabilities
Well balanced maturity structure of financial liabilities APPENDIX Financial Debt Profile as per 31 Mar 2026 1 [USD m] INVESTOR PRESENTATION - Q1 2026 Facility 31 Mar 2025 [USD m] 2,163 Vessel Financings 2,163 Container Financings 445 Total Vessel & Container 2,608 733 1,550 EUR Bond 2024 345 1,476
Slide 21: Disclaimer
Disclaimer APPENDIX Forward-looking statements INVESTOR PRESENTATION - Q1 2026 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 22: Hapag-Lloyd Investor Relations
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