Ladies and gentlemen, welcome to the conference call on the full- year results 2025. I am Matilde, the conference call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Jeroen Eijsink, CEO. Please go ahead.
Thank you very much and good afternoon, ladies and gentlemen. Welcome and thank you for joining our conference on the financial year 2025 results. My name is Jeroen Eijsink, and this is the first time I'm addressing you in my role as Chief Executive Officer of HHLA. I'm very pleased to be here today together with my fellow executive board member, Annette Geiß, to guide you through HHLA's performance in the 2025 financial year. Over the past six months, since assuming the role on October 1, 2025, I've taken the time to get to know HHLA in depth. This has included spending a great deal of my time at our terminals in Hamburg, as well as visiting our European subsidiaries such as Metrans and PLT Italy.
Above all, I have met many of the people who ensure around the clock that supply chains continue to function. What I have seen during this time is a company with strong substance and committed teams. HHLA is operating in a challenging environment, but it is well-positioned to address the challenges ahead. At the same time, I have also gained a clear understanding of where we need to improve and where we will focus our efforts going forward. Let me now briefly summarize the past year, 2025. The year was shaped by a demanding market environment. Persistent geopolitical tensions and continued economic weakness in Germany weighed on supply chains and reduced planning certainty. At the same time, global trade flow shifted with declining volumes on North American routes and growth in Far East trades, particularly with China.
Another factor during the year was the reorganization of liner services following the formation of new shipping alliances, most notably the launch of the Gemini Cooperation by Hapag-Lloyd and Maersk. In addition, MSC gradually shifted its Hamburg services to HHLA over the course of 2025. For the Port of Hamburg, this resulted in a noticeable reallocation of traffic flows, while all major alliances continue to be handled reliably by HHLA. In this dynamic environment, we focused on strengthening our operational base. We continued to modernize our Hamburg container terminals, building on our automation expertise at CTA and advancing our reorganization and expansion measures at CTB. At the same time, we strengthened our European intermodal network by further expanding the activities of our rail subsidiary, Metrans.
For instance, we announced the modernization of our terminal in Slovakia and laid the foundation stone for a new site in Hungary in 2025. Most recently, we secured a 50% stake in a Romanian terminal to establish our first intermodal facility there. With investments like these, Metrans strengthened its position in Southeastern Europe. Even in a challenging geopolitical environment, we remain committed to our long-term strategic priorities. These include our continued engagement in Ukraine, marked by the acquisition of a majority stakes of 60% in the intermodal terminal Batiovo. Operationally, this all translated into solid growth. Container throughput increased by more than 5%, while container transport rose by almost 11%. Supported by this volume growth, both revenue and EBIT made good progress. Revenue in the Port Logistics subgroup increased by about 10%, and EBIT rose by more than 20%.
At the same time, profit after tax and minority interests was burdened by a one-off and non-cash tax effect. It was not cash effective, but had a significant impact on net income for the year. Against this backdrop, the Executive Board, together with the Supervisory Board, have decided to propose to the Annual General Meeting that no dividend will be distributed for the 2025 financial year. The focus remains on financing capabilities and a disciplined capital allocation to support the persistently high level of strategic investments ahead. With that, I would now like to hand over to Annette, who will take you through the performance of our segments in more detail, starting with the container segment.
Thank you, Jeroen, and good afternoon, everyone. Let's move directly to the performance of our container segment. As Jeroen has already mentioned, we recorded overall growth in container throughput of 5.4%. Volumes at the Hamburg container terminals increased by 4.8% to almost 6 million TEU. The key drivers in overseas traffic were volumes to and from the Far East, especially China, as well as South America, Africa, Australia, and the Middle East. By contrast, the North America shipping region declined strongly. Volumes in feeder traffic increased significantly year-on-year. This development was supported mainly by traffic with Finland, Poland, and other German ports. However, cargo volumes from Estonia, Latvia, and the U.K. declined. The proportion of seaborne handling by feeders was slightly above the previous year's level at 19.6%.
At our international container terminals, throughput volume rose strongly by 19.2% to 339,000 TEU. Especially in Italy, we saw remarkable volume growth at the HHLA PLT Italy, which really makes us proud. At CTT, we assumed seaborne handling in the third quarter of 2024 and were able to continue operations throughout 2025, also still with certain limitations. This base effect leads to the significant year-on-year increase expected for 2025. Volumes at the multifunctional terminal at HHLA TK Estonia declined slightly on the other hand. Segment revenue climbed significantly by 9.0% year-on-year to EUR 843.2 million. This was supported by higher throughput volumes and beneficial shifts in the model split.
On top of that, HHLA's international container terminals made a positive contribution to revenue growth, with the strong performance of PLT Italy standing out once again. EBIT costs increased by 11.5% compared to the previous year. This was mainly driven by extensive automation efforts, the positive volume trend, and correspondingly higher capacity utilization. Personnel expenses also increased, reflecting union negotiated wage settlements and the additional deployment of personnel from the general port operations pool. In addition, expenses for consultancy and related services, as well as for purchased services, rose strongly. As a result of necessary investments, depreciation expenses increased moderately. The earnings safeguard measures implemented at the Hamburg container terminal since March 2023 had an offsetting effect, but were not sufficient to fully compensate for the cost increases described.
Against this backdrop, EBIT declined by 6.4% to EUR 73.6 million, while the EBIT margin decreased by 1.5 percentage points to 8.7%. Let's move on now to the Intermodal segment. Transport volumes in the Intermodal segment made particularly good progress over the year. As a result, container transport road rose by 10.9% to 1,982,000 TEU compared to the previous year. Rail transport rose year-on-year by 11.2% to 1,719,000 TEU. This strong volume growth was largely driven by traffic with the North German seaports, as well as traffic in the German-speaking countries. Moreover, the transport volumes of Roland Spedition in the previous year were only included from June onwards.
Road transport rose significantly by 8.7% to 263,000 TEU. This development was helped in particular by the recovery of transport volumes in the Hamburg region. With an increase of 12% to EUR 797 million, revenue outperformed the volume development. In addition to routine price adjustments, this was partly due to the further increase in rail share of the total intermodal transport volume from 86.5% to 86.7%. EBIT increased by 23.9% to EUR 103.7 million. The main reason for this strong EBIT growth was the increase in transport volumes, despite an opposing effect from ongoing operational difficulties caused by construction work on major transport roads and with congestion at the North German seaports.
Let's turn briefly to the Logistics segment, where we have pooled, for instance, vehicle logistics, consultancy, as well as digital and leasing services. In the reporting period, the consolidated companies generated a revenue of EUR 92.8 million, representing an increase of 10.9% compared to the previous year. The rise is attributable to the leasing company for intermodal traffic and to vehicle logistics. After reporting a loss in the previous year, the segment returned to a positive operating result of EUR 6.5 million in 2025. The performance within the segment varied across the individual companies. Whereas the leasing company and vehicle logistics made strong earning contributions, our innovative business activities fell short of the prior year results. At-equity earnings also made encouraging progress, increasing by 27.5% to EUR 5.7 million in the reporting period.
Coming back to the Port Logistics subgroup as a whole, let's have a look now at our cash flow development. In the reporting period, cash flow from operating activities of EUR 257 million mainly comprised earnings before interest and taxes, as well as write-downs and write-ups on non-financial assets. The main items with an opposing effect were interest payments, trade receivables and other assets, as well as income tax payments. Investing activities resulted in a net cash outflow of EUR 307 million, up almost EUR 26 million on the previous year. This development was largely due to payments for investments in large-scale equipment at the Hamburg container terminals as part of our efficiency program. As a result, free cash flow of the Port Logistics subgroup was a negative amount of EUR 50 million.
Cash flow from financing activities totaled EUR 0.4 million. On the one hand, new financial loans of EUR 140 million. On the other hand, opposing effects from dividend payments and settlement obligations to shareholders of the parent company and to non-controlling interests, as well as from repayments on bank loans and payments for the redemption of lease liabilities. Overall, our available liquidity at the end of December 2025 remained at a robust level of EUR 180 million. Before I hand back to Jeroen, I would like to briefly address our dividend proposal. At this year's annual general meeting, the executive board and the supervisory board will propose not to distribute a dividend for the 2025 financial year, neither for the Class A nor the Class S shares. As you already mentioned before, earnings per share are at a very low level.
At the same time, we are currently investing at a high level in order to modernize our terminals and ensure that our infrastructure is fit for the years ahead. Against this backdrop, we have decided to retain the available funds within the company to safeguard our ability to invest and to finance our projects. This represents a responsible prioritization in favor of the long-term stability and future strength of HHLA. That concludes my remarks. For the review of our ESG performance, an update on the squeeze out and an outlook for the 2026 financial year, let me now hand back to you, Jeroen.
Thank you, Annette, and let me start with the sustainability topic. Sustainability is not an image project for us. It's increasingly becoming a hard competitive factor. Our customers are paying much closer attention to low carbon supply chains, and we are actively helping them achieve their targets. To do so, we are making investments in three key areas, energy efficient systems, electrified equipment fleets, and automated processes with significantly reduced emissions. There are already very concrete examples of this across our operations. At CTA, our tractor units are now fully electrified. At CTB, automated guided vehicles are helping us to significantly reduce diesel consumption. At CTT, we are operating hybrid van carriers that are already designed to be converted to battery or hydrogen power. As a result, almost half of our total energy consumption is already covered by renewable sources today.
This clearly demonstrates that technology, technological innovation, and sustainable solutions go hand in hand at HHLA. This is not only an ambitious aspiration, it's operational reality. Accordingly, this is also reflected in our EU taxonomy indicators, where we once again achieved very strong results. All of these measures are decisive steps towards our long-term objective to achieve climate neutral production across the entire HHLA Group by 2040. Before we turn to the outlook for 2026, I would like to briefly address another topic that has been high on our agenda since the beginning of the year. In addition to our operational and financial performance, the squeeze out request announced in early January by the Port of Hamburg Beteiligungsgesellschaft SE , HHLA majority shareholder, has required considerable attention. Where do we currently stand in the process?
The amount of the cash settlement is currently being determined by an independent expert. Following this, the squeeze out will require approval by the annual general meeting in June. Of course, the executive board will accompany this process in a responsible and constructive manner. Let me conclude by briefly addressing the current market situation and our outlook for the 2026 financial year. Recent developments in the Middle East once again pose significant challenges for international shipping. They continue to affect global trade routes, sailing schedules, and supply chains, and as a consequence, also have an impact on European ports and logistics corridors. At present, we are seeing a market rise in uncertainty. Shipping lines are adjusting schedules at short notice, opting for alternative routes, and in some cases, accepting extensive detours. This results in longer transit times, higher operating costs, and greater operational complexity along the supply chain.
Against this backdrop, the outlook shown on this slide is subject to a degree, high degree of uncertainty. At the same time, the progress we've made in recent years in modernizing our infrastructure and expanding our European network provides a solid basis for our expectations for the current financial year. Overall, we expect a positive development for the current financial year. We anticipate a significant year-on-year increase in container throughput and a strong year-on-year increase in container transport. Moreover, strong revenue growth is expected from the Port Logistics subgroup compared to 2025. EBIT is likely to be between EUR 160 million and EUR 180 million. To further increase efficiency and expand capacity in the container and intermodal segments, capital expenditure in the Port Logistics subgroup will be in the range of EUR 400 million-EUR 450 million.
Around half of this amount will be invested in the container segment, with the majority going to the Hamburg container terminals. These investments will focus on the efficient use of existing terminal space in the Port of Hamburg and the expansion of our foreign terminals. The other half will be used primarily to further expand our own transport and handling capacities for our intermodal activities. With this outlook for the current year, I would like to close my remarks on our 2025 financial results. Annette and I are both happy to take your questions now.
We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. Anyone who has a question may press star and one at this time. Ladies and gentlemen, there are no questions at this time. I would like to turn the conference back over to Jeroen Eijsink for any closing remarks.
Ladies and gentlemen, thank you very much for your interest in HHLA. Before we conclude, I would like to leave you with a closing thought. HHLA remains a central pillar of European logistics. Our international network strengthens our resilience, broadens our positioning, enhances our competitiveness. Our investments consistently focus on reliability, efficiency and sustainability, guided by our commitment to continuously improve customer satisfaction. We are determined to stay on this course. Thank you and goodbye.
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