ZIM Integrated Shipping Services (ZIM) investor relations material

Executive summary

• Q2 2026 saw strong operational and financial results, with revenue up 9% year-over-year to $1.78 billion, driven by improved market conditions, strategic execution, and robust Transpacific trade performance.

• Adjusted net income for Q2 2026 was $77 million, up from $24 million in Q2 2025 (+226%), and adjusted EBITDA increased 4% to $491 million.

• Commercial agility, a modern, fuel-efficient fleet, and premium service optimization supported cost competitiveness.

• The company maintains a strong balance sheet and liquidity, positioning it well for volatility and future growth.

• Pending merger with Hapag-Lloyd for $35/share in cash, with closing targeted for Q4 2026, subject to regulatory approvals.

Financial highlights

• Q2 2026 revenue was $1.78 billion (+9% YoY); adjusted EBITDA reached $491 million (28% margin); adjusted EBIT was $169 million (10% margin).

• Adjusted net income surged to $77 million (+226% YoY); carried volume rose 3% to 922K TEU; average freight rate increased 8% to $1,590/TEU.

• Free cash flow for Q2 2026 was $386 million; net cash from operations was $395 million; net cash position at June 30, 2026, was $2.46 billion.

• Net leverage ratio stood at 1.6x as of June 30, 2026.

• For H1 2026, total revenues were $3.18 billion, with a net loss of $22 million and adjusted EBITDA of $804 million.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance: $2.0–2.4 billion; adjusted EBIT: $700 million–$1.1 billion.

• Second half of 2026 expected to significantly exceed first half results.

• Freight rates projected higher than 2025; operated capacity stable; volume slightly higher; bunker costs meaningfully higher.

• Dividend payout expected for 2026, targeting 30–50% of annual net income, subject to board discretion and merger agreement restrictions.