ZIM Integrated Shipping Services Ltd.

Latest Results (20.05.2026):

ZIM Integrated Shipping Services Ltd.'s results for the fourth quarter of 2025 (Q4 2025) and full year 2025 show a marked slowdown versus 2024: Q4 revenue and profits fell substantially year-over-year while full-year 2025 delivered positive earnings and strong adjusted EBITDA despite lower rates and volumes. Management declared a Q4 dividend and reiterated strategic fleet investments while pursuing a proposed merger with Hapag‑Lloyd.

Headline results (Q4 2025 / FY 2025)

Q4 2025 revenues $1.48B (down 32% YoY); Q4 net income $38M (vs. $563M a year earlier). Full-year 2025 revenues $6.90B (down 18% YoY) and net income $481M (vs. $2.15B in 2024). Diluted EPS: Q4 $0.32, FY $3.98.

Adjusted EBITDA & EBIT

Q4 adjusted EBITDA $327M (‑66% YoY) and adjusted EBIT $13M (vs. $658M a year earlier). FY adjusted EBITDA $2.17B (‑41% YoY) and adjusted EBIT $885M (‑65% YoY). FY adjusted EBITDA and adjusted EBIT margins were 31% and 13%, respectively (both down from 2024).

Volumes and pricing

Carried volume: Q4 898k TEU (‑9% YoY); FY 3.66M TEU (‑2% YoY). Average freight rate: Q4 $1,333/TEU (‑29% YoY); FY $1,551/TEU (‑18% YoY). Lower rates were the primary driver of revenue decline.

Cash flow, liquidity and leverage

Net cash from operations: Q4 $375M, FY $2.30B. Free cash flow FY $2.02B. Total cash-like position fell to $2.80B (from $3.14B) and cash & equivalents $1.05B. Net debt ~$2.92B and net leverage 1.3x at Dec 31, 2025 (up from 0.8x a year earlier).

Dividends & shareholder returns

Board declared a Q4 2025 dividend of ~$106M ($0.88/share); total dividends declared for 2025 $240M ($1.99/share), ~50% of 2025 net income. ZIM notes ~$5.8B distributed to shareholders since IPO.

Fleet, charters and investment

ZIM operates 115 containerships (707k TEU) and closed multiple charter agreements during 2024–2025 for 36 newbuild containerships (including LNG dual‑fuel vessels), with deliveries beginning H2 2026–2028 to modernize capacity and lower costs. CapEx in 2025 was $218M.

Merger with Hapag‑Lloyd

On Feb 16, 2026 ZIM entered a merger agreement for Hapag‑Lloyd to acquire ZIM at $35.00 per share in cash; closing expected by late 2026 subject to shareholder and regulatory approvals. Management says the transaction would materially increase total cash returned to shareholders.

Outlook & guidance

ZIM expects continued pressure on freight rates in 2026, will not provide full‑year 2026 guidance (or host a conference call) due to the proposed Hapag‑Lloyd transaction, and plans to operate with disciplined capital allocation pending closing.