Hamburger Hafen und Logistik AG reported first quarter 2026 Group revenue of EUR€450.9 million, a 3.5% increase on the prior year’s EUR€435.6 million, while the operating result declined 6.3% to EUR€30.5 million from EUR€32.5 million. The divergence between revenue growth and earnings reflects the significant operational disruption caused by harsh winter conditions, which temporarily restricted container terminal operations in Hamburg and caused widespread cancellations and delays across the rail network due to track closures and frozen rail points. Group container throughput fell 5.3% year-on-year to 1,462,000 TEU from 1,544,000 TEU, with Hamburg terminals accounting for the majority of the decline at 1,374,000 TEU, down 6.6%. Beyond weather effects, throughput was also shaped by structural shifts in shipping alliances, which drove volume declines in the North America and Far East, particularly China, regions. Partial offsets came from growth in Australian traffic and European routes, as well as higher cargo volumes from Germany and Poland. Feeder traffic declined significantly, with volumes from Scandinavia, Lithuania and the United Kingdom particularly affected. International container terminals delivered a contrasting performance, with throughput rising 21.5% to 88,000 TEU, driven by volume growth at HHLA PLT Italy and increased handling at Container Terminal Odessa. Despite lower overall volumes, Container segment revenue rose 4.6% to EUR€215.9 million, supported by additional storage fees from longer dwell times and favourable modal split shifts, though EBIT fell 28.6% to EUR€12.8 million as weather-driven productivity losses and rising operating expenses weighed on margins. The Intermodal segment recorded a marginal volume decline of 1.5% to 489,000 TEU, with rail transport down 1.1% and road transport down 4.5%. Revenue nonetheless grew 1.8% to EUR€205.6 million, supported by price adjustments and a slight increase in rail’s share of total transp