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Compañía Sud Americana de Vapores (VAPORES) investor relations material
Compañía Sud Americana de Vapores Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 operating performance improved after a weak start to 2026, with higher liner volumes and freight rates supporting earnings recovery.
Middle East disruptions drove USD 600m in additional cash costs; July EBITDA and EBIT guidance rose as demand and spot rates strengthened, though uncertainty remained high.
Financial highlights
Q2 revenue was USD 5.8bn versus USD 5.3bn YoY; EBITDA was USD 0.8bn in both periods, while EBIT was USD 176m versus USD 189m and net profit USD 83m versus USD 306m.
H1 liner revenue rose to USD 10,461m from USD 10,386m; EBITDA fell to USD 1,220m from USD 1,844m, and EBIT was a USD 21m loss versus USD 639m profit.
H1 net loss was MUS$132,637 versus net profit of MUS$130,087; equity-accounted results swung to a MUS$61,359 loss from MUS$225,127 profit.
H1 FX result was a MUS$1,345 loss versus a MUS$73,705 gain; financial income increased to MUS$5,752 from MUS$2,150.
Segment performance
Liner Shipping Q2 revenue was USD 5,682m versus USD 5,166m; volume was 3.5m TEU versus 3.4m, and EBIT was USD 153m versus USD 167m.
H1 liner volume rose 1.5% to 6.7m TEU, while the average freight rate declined 0.4% to USD 1,406/TEU.
Terminal & Infrastructure H1 throughput increased to 7.0m TEU from 6.4m; revenue rose to USD 360m from USD 244m and EBITDA to USD 102m from USD 79m.
Terminal profitability faced key European hub disruptions, cost pressure and new-terminal ramp-up; J M Baxi consolidation and growth in India and Latin America supported revenue.
The 30% Hapag-Lloyd investment had a carrying value of MUS$6,293,648 at June 30, down from MUS$6,556,224, reflecting losses, OCI, reserve movements and dividends.
- Lower Hapag-Lloyd earnings drove a sharp Q1 profit decline; a major dividend followed.VAPORES
Q1 2023 - Lower Hapag-Lloyd earnings and a major tax charge cut H1 net income to $347.5m.VAPORES
Q2 2023 - Hapag-Lloyd earnings fell sharply, and Q3 shifted to a net loss despite higher cash.VAPORES
Q3 2023 - Lower joint-venture earnings and higher tax expense drove a steep 2023 profit decline.VAPORES
Q4 2023 - Tax expense drove a $159.1m loss as demand rose and Red Sea diversions tightened capacity.VAPORES
Q1 2024 - Q2 returned to profit, but dividend-related taxes drove a $130.340m H1 loss.VAPORES
Q2 2024 - Q3 profit rebounded, while lower investee income and taxes weighed on 9M earnings.VAPORES
Q3 2024 - Net income rose to $388.3m, but cash fell as 2025 shipping risks persist.VAPORES
Q4 2024 - Q1 net income rebounded to $149.394m, led by Hapag-Lloyd earnings and positive FX.VAPORES
Q1 2025 - Hapag-Lloyd’s loss drove Q1 net loss amid shipping disruptions and elevated costs.VAPORES
Q1 2026
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