Development of BLG LOGISTICS in the following year

AUTOMOBILE Division

Global economic conditions will continue to be marked by significant uncertainty in 2026, impacting the AUTOMOBILE Division. On the whole, we expect earnings contributions in the AUTOMOBILE Division to decline in the 2026 financial year.

In the European automotive market, demand for new vehicles is expected to stagnate in 2026. Competition is intensifying, with pricing and service quality becoming increasingly important. At the same time, sustainability remains a key driver. The market continues to shift toward alternative powertrains. The AUTOMOBILE Division is responding to these changing conditions with a wide range of measures.

With the ATB 2.0 program, we are modernizing the Autoterminal in Bremerhaven and strengthening its competitiveness. Optimized processes, increased digitalization and customer-focused services are enhancing efficiency and improving its attractiveness as a workplace.

In the seaport terminals segment, we expect largely stable handling volumes in 2026. For imports – particularly from China – we anticipate a slight increase. The High & Heavy segment was affected by the global economic slowdown in the 2025 financial year – especially in the construction industry – resulting in a decline in volumes. For the following year, a slight increase in volumes is expected, driven in part by a growing share of project cargo.

As of the 2026 financial year, the AutoTerminal Cuxhaven will be organizationally assigned to the inland terminals segment.

For the inland terminals segment, a slight increase in volumes is expected in the 2026 financial year, supported by capacity expansions and the expansion of value-added services. At the same time, organizational realignments, the return of leased space and construction-related changes at individual terminals are leading to localized declines in volumes. We will counteract this by specifically strengthening the remarketing and used vehicle segment and by investing in equipment, space and sustainable terminal concepts.

The volume of road transport within the AutoTransport business area is predicted to decline slightly compared with the previous year due to economic conditions. Against this backdrop, we aim to optimize available capacity accordingly and increase the share of transports carried out in-house.

Demand for vehicle transport capacity in the rail business area is expected to remain stable in 2026. Challenges associated with the provision of traction by railway companies due to the ongoing shortage of locomotive drivers, as well as numerous construction sites in the rail network, will continue to affect operations. At BLG RailTec, there are plans to further expand the repair business for third parties, above all in the area of mobile maintenance.

In the CEE & MED segment – formerly Southern/Eastern Europe – the focus is being expanded to Central and Eastern Europe and the Mediterranean region in order to leverage growth driven by new and expanding OEM plants. To this end, investments are being made in the expansion of a local commercial team for contract logistics, terminals and international transport.

CONTRACT Division

For 2026, the market environment is expected to remain challenging, with overall stable revenue and a slight increase in earnings.

Strategic opportunities arise from the trend toward logistics outsourcing, increasing automation requirements and production growth in Eastern Europe. Large-scale projects and infrastructure projects provide a degree of stability.

The automotive parts logistics segment continues to face significant challenges, particularly due to the expected persistently low volumes.

In the Industrial & Energy segment, the company was able to further expand business with existing customers at existing locations and a positive revenue trend is forecast for the 2026 financial year.

In the Consumer & Fashion segment, the loss of business with existing customers is leading to a decline in revenue. Cost pressure among customers and the availability of logistics capacities on the market are leading to significant competitive pressure. Acquiring new customers and retaining existing ones remains challenging.

BLG Cargo Logistics expects higher revenue at Neustädter Hafen in Bremen to be offset by lower rental income. For 2026, there is expected to be continued pressure on earnings.

For the Overseas segment, earnings are expected to remain slightly above the prior-year level.

Overall, the CONTRACT Division is expected to face a continued challenging market environment in 2026, with stable revenue and a slight increase in earnings.

CONTAINER Division

As the container terminals still have available capacity reserves – at least in the medium term – the trend toward consolidation is strengthening the market power of the remaining consortia/shipping companies while simultaneously increasing the pressure on earnings. This has exacerbated the need to find and implement sustainable cost reductions and efficiency improvements at the container terminals. This need is being addressed through the continued consistent implementation of appropriate measures by the independent LIFT department, which has been in place since January 2025. For the EUROGATE Container Terminal Hamburg, a rise in handling volumes is expected for 2026, taking into account the fact that the newly acquired volumes from the Gemini Cooperation will have a full-year impact for the first time.

As things currently stand, handling volumes are expected to rise significantly at the Bremerhaven site in 2026. This outlook is largely based on the assumptions of the partners and customers of the company’s local joint ventures.

Wilhelmshaven is expected to experience a significant increase in volumes in 2026 due to the long-term handling plan agreed with the partner and customer Hapag-Lloyd AG. In October 2025, the shareholders resolved to expand the terminal by adding two used container cranes, four new straddle carriers and the corresponding personnel in order to be equipped to handle the expected volume growth.

The 2026 financial year will also continue to be characterized, for the individual companies of the EUROGATE Group, by the further implementation of cost-saving measures and organizational initiatives aimed at increasing efficiency and productivity.

For 2026, under the conditions described and in conjunction with the expectation of significantly declining and normalizing storage fees, as well as high expenses related to automation, a markedly lower but still positive Group result is expected for the CONTAINER Division.

The division’s result will be largely driven by the performance of the container terminals, with key factors including handling volumes and rates, reefer and storage fees, and cost structures. Accordingly, it is essential that the sustained implementation of transformation measures continues to deliver further improvements in earnings in the 2026 financial year.

Planned capital expenditure

BLG LOGISTICS adjusts its investment plans in line with the constantly changing market conditions, paying particular attention to liquidity and results of operations. Furthermore, BLG LOGISTICS also takes sustainability aspects into account when evaluating investment projects, for example when developing new locations. Significant expansion, process optimization and replacement investments are planned in the coming year, including the ongoing replacement of older trucks. Going forward, BLG LOGISTICS also intends to focus on electric drives. A further capital expenditure priority lies in various measures to expand and modernize spaces and buildings and the upgrading of handling equipment, with sustainability aspects playing a key role. In addition, investments will be made to optimize the division’s IT network.

An investment volume of around EUR 285.9 million is planned for the necessary expansion and replacement investments, and for investments in process optimization (excluding the CONTAINER Division, of which EUR 201.5 million is earmarked for capitalized right-of-use assets according to IFRS 16). In 2026, investments of EUR 20 million are planned to support the achievement of the decarbonization target. The largest share relates to investments in renewable power supply for a carbon-neutral port at the Bremerhaven site (EUR 11.9 million).

Overall statement on the expected development of the Group

Expected changes for 2026

At the time of preparing this report, many global conflicts are ongoing, and the situation in the Middle East (attack on Iran) continues to escalate. The financial and operational impacts of these conflicts (e.g., rising energy prices and disruptions to our customers’ supply chains) cannot yet be fully assessed. Accordingly, the economic outlook remains uncertain; consumer behavior remains subdued despite rising real wages, while price sensitivity and sustainability requirements – particularly among OEMs – are becoming increasingly important. Political developments in key sales and sourcing markets, including potential trade policy measures and current US tariff policy, may have additional effects on goods flows and cost structures.

In this environment of uncertainty, as things currently stand, we expect revenue for the BLG Group (excluding the CONTAINER Division) to remain at roughly the same level as the previous year based on the above forecast. BLG LOGISTICS’s earnings expectations (EBT) for the 2026 financial year are lower than the forecast for 2025 but still very much positive, in the tens of millions.

The expected decline in earnings compared with the previous year is attributable, among other factors, to the AUTOMOBILE Division, which, given the anticipated weak economic performance and the specific challenges in the automotive industry, is not expected to match the strong result of the reporting year. We expect a gradual stabilization of earnings for the CONTRACT Division. A decline in earnings is also expected for the CONTAINER Division compared with the previous year, as storage fees are expected to normalize.

Against the background of the situation as outlined at present, this forecast is accompanied by a high degree of uncertainty.

BLG LOGISTICS will continue to pursue the goal of a continuous, earnings-based dividend policy. Accordingly, shareholders will be able to participate in earnings to a reasonable extent according to the performance of the business moving forward.

This annual report was prepared on the basis of German Accounting Standard 20 (DRS 20), as amended. Apart from historical financial information, this annual report contains forward-looking statements on the future development of the business and the business performance of BLG LOGISTICS, which are based on estimates, forecasts and expectations, and can be identified by wording such as “assume,” “expect” or similar terms. These statements may, of course, vary from actual future events or developments. We are not under any obligation to update these forward-looking statements in light of new information.