ZIM Integrated Shipping Services (ZIM) investor relations material

Executive summary

• Reported Q1 2026 revenues of $1.40 billion, a 30% decrease year-over-year, with a net loss of $86 million versus net income of $296 million in Q1 2025.

• Adjusted EBITDA was $313 million, down 60% year-over-year; adjusted EBIT loss was $5 million compared to $463 million profit last year.

• Carried volume declined 8% to 866 thousand TEUs, and average freight rate per TEU fell 26% to $1,310.

• The company is navigating softer freight rates, weaker demand, and ongoing geopolitical hostilities in the Middle East.

• Pending merger with Hapag-Lloyd for $35.00 per share in cash, expected to close in Q4 2026.

Financial highlights

• Net loss margin was -6% in Q1 2026, compared to a 15% net income margin in Q1 2025.

• Adjusted EBITDA margin dropped to 22% from 39% year-over-year.

• Net cash from operating activities was $263 million, down from $855 million in Q1 2025.

• Free cash flow was $235 million, compared to $787 million in the prior year.

• No dividend declared for Q1 2026 due to net loss.

Outlook and guidance

• Bunker cost volatility expected to impact Q2 2026, with mitigation through higher freight rates and surcharges.

• LNG-powered fleet and long-term supply agreements expected to provide cost and environmental advantages.

• Strengthening Transpacific freight rates and stable contract volumes may support improved performance in H2 2026.