HAPAG-Lloyd has reported preliminary figures showing its 2025 results were at the top of expectations but still below 2024’s outcomes.
And the carrier, like its contemporaries, saw a further deterioration in Q4 figures although it managed to remain in the black, unlike those to report so far, ONE and Maersk.
On the basis of the preliminary figures, Hapag-Lloyd achieved Group revenues of USD 21.1 billion (EUR 18.6 billion) in the 2025 financial 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).
“Thus, the result was at the upper end of the earnings forecast and, as expected, below the prior-year level,” the Group said.
Robust growth in global trade and the new Gemini Network led to an 8% increase in the transport volume, to 13.5 million TEU. At the same time, the average freight rate fell by 8% compared to the prior year, to 1,376 USD/TEU.
Higher costs due to the ongoing rerouting of ships via the Cape of Good Hope and start-up expenses for the Gemini Network, weighed on the annual results. On the other hand, Gemini-related cost savings started kicking in during the second half of 2025 and will be fully realised in 2026, Hapag-Lloyd said. One-time non-cash effects in the fourth quarter had a positive impact.
In Q4 2025 transported volume was up from 3.1 million TEU in 2024 to 3.3 million TEU, but the average freight rate declined from USD 1,564/TEU to 1,310/TEU. Revenues slipped accordingly from USD 5.4 billion to 5 billion.
EBIT for Q4 2025 was USD 0.2 billion (0.8 billion, 4Q 2024) while EBITDA was USD 0.8 billion (1.4 billion).
Hapag-Lloyd will publish its 2025 Annual Report with the audited financial figures and an outlook for the current financial year on 26 March 2026.