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

• 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.

Hapag-Lloyd's preliminary FY25 results indicate a revenue match with expectations, but the EBIT slightly exceeds them, suggesting operational resilience despite lower freight rates. The notable increase in transport volume reflects strong demand in global trade, although higher operational costs due to recent changes are a concern. Looking ahead, the impact of the Gemini Network may lead to improved cost efficiency, potentially supporting margins as early as next year.