Hamburger Hafen und Logistik AG reported first-half 2026 Group revenue of EUR€910.9 million, a 3% increase on the prior year’s EUR€884.5 million, while the operating result fell significantly to EUR€51.3 million from EUR€79.4 million. The divergence between revenue growth and earnings reflects a combination of harsh winter weather at the start of the year, extensive modernisation works to automate Hamburg’s container terminals, construction activity on the German rail network, geopolitical tensions in the Middle East and structural shifts arising from the restructuring of shipping alliances. Group container throughput declined 6.7% to 2,959,000 TEU from 3,172,000 TEU, with Hamburg terminals accounting for the majority of the fall at 2,786,000 TEU, down 7.3%. Volume declines on key overseas routes and feeder services were only partially offset by growth in other shipping regions. International container terminals provided a partial offset, with throughput rising 4.6% to 173,000 TEU, driven primarily by strong growth at Container Terminal Odessa, while HHLA TK Estonia and HHLA PLT Italy recorded lower volumes due to economic conditions in Estonia and Mediterranean reroutings respectively. Container segment EBIT fell 59.9% to EUR€17.2 million, with higher personnel and energy costs and the productivity impact of ongoing modernisation works compounding the volume decline. The Intermodal segment recorded a marginal volume decline of 1.2% to 985,000 TEU, with rail transport down 1% and road transport down 2.4%. Revenue nonetheless grew 6.3% to EUR€425.5 million, driven by price adjustments and a favourable revenue mix, with rail maintaining its share of total transport at 86.8%. Intermodal EBIT edged down 1.6% to EUR€47.5 million, affected by construction disruptions on major transport routes and high capacity utilisation at North German seaports. CEO Jeroen Eijsink acknowledged the operational headwinds while reaffirming HHLA’s commitment to its investm