ZIM Reports Financial Results for the Fourth Quarter and the Full Year of 2025

ZIM Integrated Shipping Services Ltd., a global container liner shipping company, announced its consolidated results for the three and twelve months ended December 31, 2025.

Fourth Quarter and Full Year 2025 Highlights

• Net income for the fourth quarter was $38 million1 (compared to a net income of $563 million in the fourth quarter of 2024), or diluted earnings per share of $0.324 (compared to diluted earnings per share of $4.66 in the fourth quarter of 2024); net profit for the full year was $481 million1 (compared to a net income of $2.15 billion for the full year of 2024).
• Adjusted EBITDA for the fourth quarter was $327 million, a year-over-year decrease of 66%; Adjusted EBITDA for the full year was $2.17 billion, a year-over-year decrease of 41%.
• Operating income (EBIT) for the fourth quarter was $143 million, compared to operating income of $658 million in the fourth quarter of 2024. Operating income for the full year of 2025 was $1.02 billion, compared to operating income of $2.53 billion for the full year of 2024.
• Adjusted EBIT for the fourth quarter was $13 million, compared to Adjusted EBIT of $658 million in the fourth quarter of 2024. Adjusted EBIT for the full year of 2025 was $885 million, compared to Adjusted EBIT of $2.55 billion for the full year of 2024.
• Revenues for the fourth quarter were $1.48 billion, a year-over-year decrease of 32%; revenues for the full year were $6.90 billion, a year-over-year decrease of 18%.
• Carried volume in the fourth quarter was 898 thousand TEUs, a year-over-year decrease of 9%; carried volume in the full year was 3.7 million TEUs, a year-over-year decrease of 2%.
• Average freight rate per TEU in the fourth quarter was $1,333, a year-over-year decrease of 29%; average freight rate per TEU in the full year was $1,551, a year-over-year decrease of 18%.
• Net leverage ratio2 of 1.3x as of December 31, 2025, compared to 0.8x as of December 31, 2024; net debt2 of $2.92 billion as of December 31, 2025, compared to net debt of $2.88 billion as of December 31, 2024.

Eli Glickman, ZIM President & CEO, stated, “We achieved strong operational and financial results in 2025 with adjusted EBITDA and EBIT at the upper end of our guidance. This enabled a Q4 2025 dividend of $106 million, or $0.88 per share, raising the total dividends declared on account of 2025 earnings to $240 million, or $1.99 per share. Since our IPO in January 2021, we have distributed an extraordinary $5.8 billion in dividends to shareholders, more than 25 times the amount raised at the Company’s IPO, or total dividends of $48.42 per share since the IPO. Upon completion of the proposed merger with Hapag-Lloyd, total cash to be returned to shareholders will reach approximately $10 billion.”

“This exceptional return of capital to shareholders was driven by strategic execution and unwavering commitment to innovation and operational excellence. Specifically, we successfully implemented a full-scale fleet modernization program, were among the earliest adopters of LNG technology in our industry and built a differentiated “global niche” commercial approach that enabled ZIM to establish a competitive advantage in select trades and quickly identify and capture growth opportunities. At the same time, we have invested in advanced digital solutions, including BI and AI tools, to enhance operational performance and customer experience.”

“Building on the foundation laid by our successful renewal program implemented in 2023 and 2024–which established ZIM’s fleet as one of the most modern and environmentally advanced in the industry and significantly improved our cost structure–we continued to be proactive to further strengthen our core capacity. Through a series of new charter agreements concluded between Q4 2024 and Q4 2025, we have ensured our operated capacity remains modern and competitive, securing an additional 36 newbuild containerships that range in size from 3,000 to 12,000 TEU, with total capacity of 250 thousand TEUs and deliveries expected to commence in the second half of 2026.”

“At the heart of our success are our exceptional people. I am extremely proud of our achievements, and I thank our entire workforce for their professionalism and dedication to ZIM. Amid the ongoing hostilities with Iran, our top priority is the safety and well‑being of our employees. Despite these challenging circumstances, their resilience is admirable as we work together to maintain regular operations and to reliably serve our customers.”

Mr. Glickman concluded, “Looking ahead to 2026, we anticipate continued pressure on freight rates; yet we remain confident in the robustness of our business. With more modern, cost-effective capacity, coupled with our agile fleet deployment strategy, we are well positioned to respond quickly to evolving market conditions. Pending completion of the transaction with Hapag-Lloyd, which remains subject to various regulatory approvals, including the approval of the Israeli Government as the holder of the “Golden Share,” we will operate with discipline as always and remain committed to the strategy that has made ZIM an innovative leader in seaborne transportation.”