Hapag-Lloyd (HLAG GY) Prelim FY25 (USD): Revenue 21.1bln (exp. 21.1bln), EBIT 1.1bln, EBITDA 3.6bln (exp. 3.4bln)

Commentary:

• Robust growth in global trade and the new Gemini Network led to an 8% increase in the transport volume, to 13.5mln TEU.
• At the same time, the average freight rate fell 8% Y/Y.
• 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 H2 '25 and will be fully realized in 2026. One-time non-cash effects in the fourth quarter had a positive impact.