Assets, liabilities, financial position and profit or loss

Financial performance

Revenue development (in EUR thousand)

In the 2025 financial year, combined Group revenue declined slightly by EUR 55,204 thousand year on year to EUR 1,165,460 thousand. Across the board, volumes declined due to economic conditions, and business that expired as a result of the service provider changes typical in contract logistics in the CONTRACT Division could not be fully offset by leased space, technical services and storage revenues.

With a rise in the handling volumes among the fully consolidated companies in Germany, the CONTAINER Division recorded an increase in revenue of approximately 11 percent. In addition to the significant increase in handling volumes and overall higher average revenues, the rise in revenue was mainly attributable to substantially higher storage and reefer revenues. Since the EUROGATE Group, which represents the CONTAINER Division, is included in the Combined financial statements using the equity method, this revenue is not included in the reported combined Group revenue.

Other income was EUR 8,054 thousand higher than in the previous year. Compared with 2024, this was mainly due to significantly higher income from the reversal of liabilities recognized in profit or loss (EUR +10,430 thousand). In addition, higher income (EUR +1,935 thousand) was generated from the disposal of property, plant and equipment (including the sale of trucks), as well as higher insurance reimbursements (EUR +1,042 thousand). By contrast, income from inventory and price differences, among other items, developed negatively (EUR -1,120 thousand).

Net profit from equity-accounted entities amounting to EUR 60,715 thousand (previous year: EUR 63,645 thousand) primarily included the result from equity interests from the measurement of EUROGATE GmbH & Co. KGaA, KG (EUROGATE) accounted for using the equity method at EUR 56,585 thousand (previous year: EUR 61,190 thousand). With regard to business development, reference is made to the above comments on the CONTAINER Division.

Cost of materials declined more sharply than revenue, decreasing by 8.3 percent year-on-year compared with a 4.5 percent decline in revenue. This development can largely be attributed to the lower engagement of third-party services (subcontractors) due to lower volumes spurred by economic factors in many places or that market conditions allowed for more favorable charter rates. As a result, costs for purchased services were down EUR 22,061 thousand year on year. There was also a lower need to compensate for capacity peaks in industrial logistics, for example. Expenses for third-party personnel fell by EUR 11,595 thousand.

Personnel expenses declined slightly in the reporting year to EUR 520,606 thousand (previous year: EUR 526,922 thousand). Despite a decline in the number of employees (-7.6 percent; see also Fundamentals), new collective wage agreements and the resulting higher base salaries had an offsetting effect.

Other expenses increased only slightly in the reporting year, by EUR 7,975 thousand. In particular, security costs and other property-related expenses rose by EUR 6,350 thousand, as did expenses for insurance premiums and claims, which increased by EUR 2,552 thousand. By contrast, lower expenses for provisions for onerous contracts (EUR -8,614 thousand) and reduced rental and ancillary rental costs (EUR -1,326 thousand) had an offsetting effect.

Depreciation, amortization and impairment increased by EUR 740 thousand in the 2025 financial year. Total impairment losses fell by EUR 962 thousand to EUR 3,488 thousand and mainly relate to impairments of two buildings and the related assets.

Net financial income/net finance costs increased year on year by EUR 1,747 thousand to EUR -9,804 thousand. This is due, among other things, to lower interest expenses on non-current loans, which decreased by EUR 1,824 thousand compared to 2024 due to repayments and interest effects. By contrast, interest income from lease receivables fell by EUR 1,623 thousand and income from interest rate swaps declined by EUR 1,252 thousand, while income from other long-term financial receivables increased by EUR 1,302 thousand. In addition, higher income (EUR +575 thousand) was generated from other equity investments. Further details can be found in note 11 of the Notes to the combined financial statements.

Income taxes in the reporting year were EUR 11,489 thousand (previous year: EUR 5,975 thousand). The increase is primarily attributable to higher expenses for deferred taxes (up by EUR 6,166 thousand), while expenses for current taxes (EUR +652 thousand) decreased slightly.

As a result of the developments described, the Group’s earnings after tax fell by EUR 19,888 thousand to EUR 65,928 thousand.

Comparison of financial performance in 2025 against the forecast for the 2025 financial year

At the time of the forecast was prepared for the 2025 financial year, the war between Russia and Ukraine was still ongoing. Ongoing conflicts in the Middle East and the Red Sea were again expected to lead to vessel diversions and, consequently, disruptions to supply chains. Other challenges arose from cautious consumption due to prevailing consumer uncertainty, the new federal government in Germany and the tariffs announced by the new US government.

In this very uncertain environment, BLG LOGISTICS assumed that revenues would remain at the previous year’s levels, but that earnings (EBIT and EBT) would be substantially lower. The development of RoCE and EBT margin was also forecast accordingly.

As the table and descriptions above show, the projections for the 2025 financial year did not materialize as clearly as expected in terms of results. The positive earnings performance of the AUTOMOBILE and CONTAINER Divisions described above, in particular, resulted in an overall result that was significantly higher than expected and only slightly below the previous year at EUR 77,417 thousand (EBT). The RoCE and EBT margin also reflected this trend. Due to lower volumes in some areas and new business not materializing, the loss of individual contracts in the CONTRACT Division could not be fully offset in terms of revenue.

Assets and liabilities

At the end of the reporting year, total assets came to EUR 1,463,332 thousand and were therefore around 4 percent higher than the previous year’s figure of EUR 1,408,040 thousand.

In respect of property, plant and equipment, total capital expenditure on non-current intangible assets and property, plant and equipment amounted to EUR 148,785 thousand in the 2025 financial year (of which EUR 112,747 thousand was non-cash in the period under review). This compares to divestments of EUR 29,492 thousand and depreciation, amortization and impairment losses in the amount of EUR 83,402 thousand, which were EUR 740 thousand higher year on year. Due to significantly higher investments compared with the previous year, the asset intensity increased slightly to 38.8 percent compared with December 31, 2024. A large portion of the additional investments in the reporting year relates to the new AutoTerminal in Ahlhorn. Accordingly, financial liabilities from lease obligations also increased compared with the previous year.

Significant changes arose on the assets side in shares in companies accounted for using the equity method. These increased in the reporting year by EUR 50,632 thousand to EUR 195,888 thousand. This is mainly attributable to the equity valuation of EUROGATE GmbH & Co. KGaA, KG. This increased significantly due to the partial reinvestment of the distribution made in the previous year and the current year’s result. By contrast, current financial receivables decreased significantly (EUR -91,204 thousand). Of this change, EUR 88,228 thousand is attributable to the higher distribution allocated in the previous year by EUROGATE GmbH & Co. KGaA, KG.

Primarily due to the positive Group earnings (combined net profit for the period of EUR 65,928 thousand), equity as of December 31, 2025 increased by EUR 41,191 thousand. The equity ratio increased accordingly from 25.3 percent in the previous year to 27.2 percent in the reporting year, moving closer to the target of 30 percent.

Another significant change on the liabilities side occurred within other current financial liabilities, where the current portion of non-current loans decreased significantly (EUR -20,692 thousand), due in particular to ongoing repayments.

A detailed breakdown of the fair values of financial assets and liabilities and disclosures on hedging instruments can be found in note 32 of the Notes to the Combined financial statements.

Financial position

Based on assumed earnings before taxes (EBT) of EUR 77,417 thousand in 2025, cash flows of EUR 92,074 thousand were generated from operating activities (previous year: EUR 169,001 thousand). The free cash flow of EUR 137,865 thousand was in clearly positive territory again, but EUR 53,159 thousand below the previous year’s figure of EUR 191,024 thousand, due in part to earnings being EUR 14,374 thousand lower than the previous year. Compared with the previous year, the reporting date-related changes in trade receivables and other liabilities, among other factors, had a negative impact due to the indirect method.

With regard to cash flow from investing activities, effects from increased dividend payments by investees totaling EUR 47,463 thousand had a positive impact in the reporting year. More information can be found in the detailed statement of cash flows in the Combined Financial Statements. Further disclosures on the statement of cash flows can also be found in note 37 of the Notes to the Combined financial statements.

Cash flow from financing activities was negative in the financial year, as debt to banks was further reduced due to the continued repayment of bank loans. In addition, the repayment of new lease liabilities, particularly in connection with the new terminal in Ahlhorn, contributed to a deterioration in this cash flow.

Furthermore there were also higher payments to company owners (increase of EUR 12,903 thousand).

In total, cash funds improved in the financial year by EUR 10,306 thousand to EUR 144,724 thousand.

Investments are financed by operating cash flows, non-current debt (loans) and through leases.

As of the reporting date, credit facilities to the value of EUR 76.5 million had been agreed but not utilized. Under existing factoring contracts, a volume of EUR 38.9 million was unutilized as of December 31, 2025.

Financial debt rose slightly by EUR 12,650 thousand compared to the previous year. This was driven in particular by the increase in lease liabilities, which is partly attributable to the new rental and lease obligations relating to the new AutoTerminal in Ahlhorn.

Net debt increased overall by 18.7 percent. This is mainly attributable to the previously mentioned decline in the distribution allocated by EUROGATE GmbH & Co. KGaA, KG.