Slide 1: Investor Presentation 9M 2025 Results
Investor Presentation 9M 2025 Results Hamburg, 13th of November 2025
Slide 2: 9M 2025 highlights
9M 2025 highlights INVESTOR PRESENTATION - 9M 2025 We continued to deliver strong volume and revenue growth in a volatile and complex market environment Q3 earnings improved sequentially, but YTD performance remains below last year due to lower freight rates and high external cost pressure Gemini ha
Slide 3: Robust global container demand despite weaker US volumes – Spot freight rates very volatile
Robust global container demand despite weaker US volumes – Spot freight rates very volatile 1 HIGHLIGHTS Global Container Volumes INVESTOR PRESENTATION - 9M 2025 9M 2024 9M 2025 [TEU m] 137 TEU m +4.7% 143 TEU m ▪ Global container transport demand 17 remained robust despite tariff induced 16 fluctua
Slide 4: Gemini has set a new benchmark for reliability in the industry
Gemini has set a new benchmark for reliability in the industry, ensuring consistent performance even in volatile markets 1 HIGHLIGHTS SeaIntel Schedule Reliability Gemini Cooperation Mainliner, both HL and Maersk operated Competitors min/max INVESTOR PRESENTATION - 9M 2025 100% 90% 80% 70% 60% 50% F
Slide 5: We will renew our ageing tonnage in the smaller size segment
We will renew our ageing tonnage in the smaller size segment Decision to invest in up to 22 new ships in the INVESTOR PRESENTATION - 9M 2025 smaller vessel classes of < 5k TEU to replace older tonnage Strategic Rationale Replacement of ageing tonnage in a high demand segment Reduction of exposure to
Slide 6: Group: Solid financial result in 9M 2025
Group Solid financial result in 9M 2025 with higher volumes and revenues 2 FINANCIALS 9M 2025 GROUP KEY FIGURES INVESTOR PRESENTATION - 9M 2025 Transport Volume Revenue EBITDA [MTEU] 1 [USD bn] [USD bn] +9% +5% -22% 9.3 10.2 15.3 16.0 3.6 2.8 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Group Pro
Slide 7: Group: Q3 earnings improved sequentially, YTD below previous year
Group Q3 earnings improved sequentially, but YTD performance remains below previous year due to lower freight rate environment 2 FINANCIALS Revenue [USD m] EBITDA [USD m] INVESTOR PRESENTATION - 9M 2025 -5% +5% 28.1% 15.6% 15.9% Margin 23.5% 17.4% 5,767 5,460 16,049 5,272 15,283 -47% -22% 1,623 3,59
Slide 8: Liner Shipping
Liner Shipping Liner Shipping posted an EBIT of USD 858 m in 9M 2025 2 FINANCIALS INVESTOR PRESENTATION - 9M 2025 Liner Shipping USD m Q3 2024 Q2 2025 Q3 2025 9M 2024 9M 2025 ▪ 9M 2025 revenue growth was primarily driven by higher volumes, particularly in Gemini Revenue 5,668 5,166 5,357 14,988 15,7
Slide 9: Liner Shipping: Strong volume growth outpacing market
Liner Shipping Strong volume growth outpacing market, driven by Gemini ramp-up and frontloading 2 FINANCIALS Freight Rate Development [USD/TEU] Transport Volume Development by Trade [TTEU] INVESTOR PRESENTATION - 9M 2025 9M 2024 9M 2025 1,467 -4.8% 1,397 +6% 3,425 +9% 3,227 10,170 1,612 9,323 983 1,
Slide 10: Liner Shipping: Unit cost impacted by operational disruptions
Liner Shipping Unit cost impacted by operational disruptions, Gemini phase-in and external factors 2 FINANCIALS Unit Cost Development [USD/TEU] INVESTOR PRESENTATION - 9M 2025 Volume [TEU m] 3.2 3.4 9.3 10.2 ▪ Unit cost were mainly impacted by ▪ higher storage costs for containers as a +5% result of
Slide 11: Terminal & Infrastructure
Terminal & Infrastructure Terminal business with encouraging throughput growth – LATAM terminals impacted by tariffs and adverse weather 2 FINANCIALS INVESTOR PRESENTATION - 9M 2025 Terminal & Infrastructure USD m Q3 2024 Q2 2025 Q3 2025 9M 2024 9M 2025 ▪ Revenue growth driven by − higher throughput
Slide 12: Group: Free cash flow generation on a good level
Group Free cash flow generation on a good level despite continued fleet modernization and expansion 2 FINANCIALS Cash flow 9M 2025 [USD m] INVESTOR PRESENTATION - 9M 2025 Operating Investing Financing cash flow cash flow cash flow 2,634 -1,231 -2,523 8,539 -156 309 725 -1,541 7,477 2,790 725 RCF 2,1
Slide 13: Resilient balance sheet with ample liquidity and moderate leverage
Group Resilient balance sheet with ample liquidity and a moderate leverage 2 FINANCIALS Equity [USD m] Net Debt [USD m] INVESTOR PRESENTATION - 9M 2025 62% 61% Equity ratio 665 21,539 20,910 -946 31 Dec 2024 30 Sep 2025 31 Dec 2024 30 Sep 2025 Liquidity Reserve [USD m] Financial Debt Profile [USD m]
Slide 14: Demand and supply growth are forecast to slow down
Demand and supply growth are forecast to slow down MARKET 3 Supply & Demand INVESTOR PRESENTATION - 9M 2025 10% Container volume growth [TEU] Fleet capacity growth 8% 7% 7% 6% 5% 4% 4% 3% 2% 0% 13/11/2025 -4% 2021 2022 2023 2024 2025e 2026e Source: Alphaliner, Clarksons, Container Intelligence Month
Slide 15: Vessel deliveries have slowed down but orderbook remains high
Vessel deliveries have slowed down but orderbook remains high – Stricter regulations and ageing fleet will increase scrapping rates MARKET 3 Global orderbook [TEU m; % of world fleet] INVESTOR PRESENTATION - 9M 2025 31% The orderbook-to-fleet ratio Orderbook Share of world fleet 26% 27% 31% remains
Slide 16: Earnings trend in line with expectations - outlook further narrowed
Earnings trend in line with previously communicated expectations - outlook further narrowed OUTLOOK 4 FY 2025 FY 2025 INVESTOR PRESENTATION - 9M 2025 FY 2024 Last Outlook Updated Outlook Increasing Increasing Transport volume 12,467 TTEU moderately moderately Decreasing Decreasing Freight rate 1,492
Slide 17: Priorities for 2025 & beyond
Priorities for 2025 & beyond Leverage Gemini’s superior performance to secure further growth and adequate pricing, while unlocking the full savings potential INVESTOR PRESENTATION - 9M 2025 Maintain high customer satisfaction by focusing on operational excellence and exceptional service quality Cont
Slide 18: Appendix
Appendix
Slide 19: Equity ratio of 61.0%
Equity ratio of 61.0% APPENDIX Balance Sheet [USD m] Financial Position [USD m] INVESTOR PRESENTATION - 9M 2025 million USD 30.9.2025 31.12.2024 million USD 30.9.2025 31.12.2024 Assets Financial debt and lease liabilities 7,417 6,868 Non-current assets 24,008 23,480 Cash and cash equivalents 4,578 5
Slide 20: Net profit of USD 0.9 bn in 9M 2025
Net profit of USD 0.9 bn in 9M 2025 APPENDIX Income Statement [USD m] INVESTOR PRESENTATION - 9M 2025 YoY million USD Q3 2025 Q3 2024 change 9M 2025 9M 2024 Change Revenue 5,460 5,767 –5% 16,049 15,283 5% Transport and terminal expenses –4,104 –3,683 11% –11,845 –10,395 14% Personnel expenses –327 –
Slide 21: Well balanced maturity structure of financial liabilities
Well balanced maturity structure of financial liabilities APPENDIX Financial Debt Profile as per 30 Sep 20251 [USD m] INVESTOR PRESENTATION - 9M 2025 Facility 30 Sep 2025 [USD m] 2,298 Vessel Financings 2,355 Container Financings 551 1,844 734 Total Vessel & Container 2,906 EUR Bond 2024 352 541 Tot
Slide 22: Disclaimer
Disclaimer APPENDIX Forward-looking statements INVESTOR PRESENTATION - 9M 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 23: 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