Analyst conference call on the interim results January to March 2024

Hamburg, 15 May 2024

© Hamburger Hafen und Logistik AG

Content

01 At a glance

Angela Titzrath, CEO

02 Financial performance 1-3│2024

Annette Walter, CFO

03 Guidance 2024

Angela Titzrath, CEO

04 Questions & answers

Angela Titzrath, CEO

Annette Walter, CFO

15.05.2024 Analyst conference on the interim results January to March 2024

© Hamburger Hafen und Logistik AG

Disclaimer

The facts and information contained herein are as up to date as is reasonably possible and are subject to revision in the future. Neither the Company nor any of its parent or subsidiary undertakings nor any of such person's directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. Neither the Company, nor any of its parent or subsidiary undertakings nor any of their directors, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the presentation.

While all reasonable care has been taken to ensure that the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.

This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements generally are identified by words such as "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets" and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company for information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors and the Company does not accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.

By accepting this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.

This presentation is not a prospectus and does not constitute an offer or an invitation or solicitation to subscribe for, or purchase, any shares of the Company and neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever.

2

At a glance

Economic weakness and supply chain disruptions affect HHLA's start to the year

Guidance for 2024 confirmed

Market environment

Port Logistics subgroup

1 - 3 │ 2024

  • Continuing war in Ukraine, escalating violence in the Middle East and geopolitical tensions, coupled with comparatively high inflation and interest rates, continued to dampen economic recovery
  • Military conflict in the Red Sea led to significant ship delays and cancellations in European ports which also affected hinterland transportation

Major events

  • Hamburg terminals: AGV testing area implemented at CTB
  • Metrans acquires remaining 49 % of shares of Adria Rail
  • HHLA strengthens its intermodal activities by acquiring 51 % of Austrian intermodal service provider Roland Spedition GmbH
  • First fully automated drone delivery service in Germany launched by HHLA Sky

Financial performance

  • Container throughput up by 3.3 %; container transport down by 5.5 %
  • Revenue almost flat; aided by increased throughput volumes and temporary higher storage fees
  • EBIT decreased strongly; previous year impacted by positive one-off effect

Throughput

1,464 k TEU

3.3 %

Revenue

  • 354.9 m
    • 0.0 %

EBIT margin

3.9 %

  • 1.3 pp

ROCE

2.5 %

  • 1.0 pp

Transport

386 k TEU

  • 5.5 %

EBIT

  • 13.7 m
  • 25.6 %

Profit after tax and minorities

€ ‒ 3.4 m

neg.

Operating cash flow

  • 24.5 m
  • 65.8 %

15.05.2024

Analyst conference on the interim results January to March 2024

3

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Performance

EBIT trend supported by rise in volumes and temporary higher storage fees

Supply chain disruptions lead to temporary increase in container dwell times at Hamburg terminals

Container

Container throughput

Revenue

in thousand TEU

+3.3%

in € million

+5.4%

1,464

185.3

1,416

175.8

1Q23

1Q24

1Q23

1Q24

OpEx

EBIT and EBIT margin

in € million

in € million

+2.7%

+87.3%

174.7

10.7

170.1

5.7

3.2%

5.8%

1Q23

1Q24

1Q23

1Q24

15.05.2024 Analyst conference on the interim results January to March 2024

© Hamburger Hafen und Logistik AG

  • Overall container throughput recovery driven by
    • Hamburg volumes up by 2.9 %; mainly driven by volume increase in South, Central and North America; Far East shipping region continues to decline
    • feeder ratio slightly up at 18.8 % (previous year: 18.1 %) due to increased volumes from / to Sweden, Poland and Lithuania
    • internationals up 12.7 % due to strong growth at multi-function terminal in Tallinn, Estonia
  • Revenue driven by volumes and temporary higher storage fees
  • OpEx increase of 2.7 % mainly attributable to
    • rise in personnel expenses and energy costs due to increase in volumes
    • reduction of expenses for external maintenance services, consulting and insurance
    • previous year positively impacted by reversal of liabilities for ship delays
  • EBIT almost doubled year-on-year

4

Operational performance mainly burdened by lower transport volumes

Hinterland transport also affected by ship delays and cancellations due to military conflict in the Red Sea

Performance

Intermodal

Container transport

Revenue

in thousand TEU

in € million

-5.5%

-3.5%

408

386

157.3

151.8

1Q23

1Q24

1Q23

1Q24

OpEx

EBIT and EBIT margin

in € million

+1.4%

in € million

-34.3%

137.7

21.4

135.8

14.1

13.6%

9.3%

1Q23

1Q24

1Q23

1Q24

15.05.2024 Analyst conference on the interim results January to March 2024

© Hamburger Hafen und Logistik AG

  • Transport volumes declined by 5.5 %
    • rail transport fell by 3.2 % to 329 k TEU; particularly due to Polish traffic and Adriatic seaports
    • road transport down 16.8 % to 56 k TEU
  • Revenue decrease of 3.5 % less pronounced than volume decline, due to
    • price adjustments in line with increased energy costs
    • higher share of rail transport
  • EBIT decreased against the background of lower transport volumes and increased operating expenses, e.g. higher wages and the expansion of rail operations business

5

Top and bottom declined despite strong growth in leasing activities

Handling of bulk goods pushed at equity earnings

Performance

Logistics

Revenue

EBIT

in € million

in € million

neg.

-8.8%

0.4

21.1

19.2

-0.9

1Q23

1Q24

1Q23

1Q24

At-equity earnings

in € million

+59.5%

1.1

0.7

1Q23

1Q24

15.05.2024

Analyst conference on the interim results January to March 2024

© Hamburger Hafen und Logistik AG

  • Significant decrease in revenue from consolidated companies mainly due to decline in vehicle logistics
  • Revenue declined by 8.8 % despite strong growth of leasing activities for the intermodal sector
  • EBIT turned negative at € - 0.9 m
    • positive earnings contribution from leasing activities for the intermodal sector
    • vehicle logistics recorded a sharp decline compared to exceptionally profitable previous year
  • Upswing in at-equity earnings mainly driven by bulk handling

6

Performance

Capex according to plan led to negative free cash flow in 1-3 / 2024

Focus on expanding own transport capacities for Intermodal business and efficiency at HH container terminals

in € million

174.6

0.0

174.6

Free cash: ‒ 50.8

55.6

D&A

31.0

41.9

EBIT

75.5

13.7

0.2 0.0

Operating cash flow

Investing cash flow

24.5

‒ 75.3

0.0

0.0

11.3

0.0

98.5

46.9

0.0

32.9

Financing cash flow

98.5

  • 25.3

Financial

EBITDA

Working

Investments Divestments

Changes in

Dividend

Payments

Redemption of

Redemption

Others

F/X

Financial

fund as

capital and

short-term

paid

to minorities

lease liabilities

of (financial)

effects

effects

fund as

of 01.01.

other effects

deposits

loans

of 31.03.

Financial fund

Short-term deposits

15.05.2024 Analyst conference on the interim results January to March 2024

7

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Guidance 2024 confirmed

Research estimates for 2024

GDP development

Throughput development

World

+ 3.2 %

World

+ 2.5 %

China

+ 4.6 %

China

+ 0.8 %

Russia

+ 3.2 %

Europe

+ 3.3 %

CEE

+ 3.1 %

NW Europe

+ 3.1 %

World trade

+ 3.0 %

Scan. & Baltics

+ 0.9 %

Sources: IMF, 04/2024; Drewry Maritime Research, 03/2024

Guidance 2024

Constraints of guidance 2024

The forecast is subject to a high degree of uncertainty due to the uncertain development of geopolitical tensions at the time of reporting, the ongoing war in Ukraine and the effects of the announced reorganisation of

the shipowners' consortium structures.

Guidance for the Port Logistics subgroup 2024

2023

Guidance for 2024

Container throughput

5,917 k TEU

significant increase

Container transport

1,602 k TEU

moderate increase

Revenue

€ 1,408.9 m

moderate increase

(significant increase in Container segment, moderate increase in the Intermodal segment)

EBIT

€ 92.9 m

in the range of € 70 to 100 million

(strong decrease in Container segment, strong increase in the Intermodal segment)

Capital expenditure

€ 292.8 m

in the range of € 360 to 410 million*

Liquidity

€ 174.6 m

sufficient to meet payment obligations at all times

Dividend per A class share

€ 0.08

commitment to pay out 50 to 70 % of net profit after minority interests

15.05.2024 Analyst conference on the interim results January to March 2024

* HHLA considered the scalability of its investments and is able to adjust these to future economic developments in order to safeguard the financial stability of the Group 8

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Level of intensity: slight < moderate < significant < strong

Q&A

Recording will be available at

https://hhla.de/en/investors/publications/reports/conference-call

15.05.2024

Analyst conference on the interim results January to March 2024

9

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Financial calendar and contact

Service

Financial calendar 2024

21 March 2024 Annual Report 2022 Analyst conference call

15 May 2024 Interim Statement Analyst conference call

13 June 2024

Virtual Annual General Meeting

.

14 August 2024 Half-year Financial Report Analyst conference call

14 November 2024 Interim Statement Analyst conference call

Julia Hartmann // Head of IR Phone: +49 40 3088 3397 E-mail: hartmann-j@hhla.de

Steffen Keim // Manager Phone: +49 40 3088 3100 E-mail:keim@hhla.de

Annual Report 2023

Visit our latest reports

http://report.hhla.de

15.05.2024 Analyst conference on the interim results January to March 2024

© Hamburger Hafen und Logistik AG

Ute Neumann // Manager

Phone: +49 40 3088 3613

E-mail:neumann-u@hhla.de

10

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HHLA - Hamburger Hafen und Logistik AG published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 11:19:46 UTC.