Compañía Sud Americana de Vapores (VAPORES) Q1 2026 earnings summary

Executive summary

• Q1 net loss was MUS$82,857, versus net income of MUS$149,394 in Q1 2025, driven mainly by the equity-accounted Hapag-Lloyd investment loss.

• Softer freight rates, severe weather and Middle East disruptions pressured operations and earnings; the full-year outlook was reiterated amid high uncertainty.

• Gemini Cooperation maintained schedule reliability above competitor levels; terminal growth benefited from throughput gains and J M Baxi consolidation.

Financial highlights

• Hapag-Lloyd group revenue was USD 4,918m versus USD 5,318m in Q1 2025; EBITDA was USD 494m versus USD 1,103m.

• Hapag-Lloyd group EBIT was a loss of USD 157m versus income of USD 487m, and group profit was a loss of USD 256m versus profit of USD 469m.

• The equity-accounted share of associates’ and joint ventures’ results was a loss of MUS$81,465, versus income of MUS$137,278 in Q1 2025.

• Operating loss was MUS$3,316 versus MUS$3,244; financial income rose to MUS$3,574 from MUS$739, while foreign-exchange loss was MUS$2,568 versus a gain of MUS$22,158.

Outlook and guidance

• FY 2026 guidance remained EBITDA of USD 1.1–3.1bn and EBIT of USD -1.5bn to USD 0.5bn; results remain exposed to the duration and effects of the Middle East conflict.

• Higher bunker procurement prices and vendor energy surcharges are assumed to be compensated by higher freight rates from Q2 onward.

• Atlantic and Middle East volumes are expected to recover, supporting solid volume growth slightly faster than the market; cost savings and Gemini network leverage remain priorities.