ZIM Integrated Shipping Services (ZIM) investor relations material

Executive summary

• Full year 2025 revenues reached $6.90 billion, with net income of $481 million, down from $2.15 billion in 2024.

• Adjusted EBITDA for 2025 was $2.17 billion, a 41% decrease year-over-year; adjusted EBIT was $885 million.

• Q4 2025 net income was $38 million, compared to $563 million in Q4 2024; diluted EPS for Q4 was $0.32, down from $4.66.

• Dividend for Q4 2025 declared at $106 million ($0.88/share), totaling $240 million for the year, about 50% of net income.

• Announced merger agreement with Hapag-Lloyd, with acquisition price of $35.00 per share in cash, expected to close by late 2026.

Financial highlights

• Q4 2025 revenues were $1.48 billion, down 32% year-over-year; full year revenues fell 18%.

• Q4 adjusted EBITDA was $327 million (down 66%); Q4 adjusted EBIT was $13 million (down from $658 million).

• Carried volume in Q4 was 898k TEUs, down 9% year-over-year; average freight rate per TEU in Q4 was $1,333, down 29%.

• Net cash from operating activities for 2025 was $2.3 billion, down from $3.75 billion in 2024.

• Net debt as of December 31, 2025 was $2.92 billion, up slightly from $2.88 billion a year earlier.

Outlook and guidance

• Management anticipates continued pressure on freight rates in 2026 but expects to remain resilient due to modernized, cost-effective fleet and agile deployment.

• No full-year 2026 financial guidance provided due to pending merger with Hapag-Lloyd.