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ZIM Reports Financial Results for the First Quarter of 2025

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ZIM Integrated Shipping Services reported strong Q1 2025 financial results with revenues of $2.01 billion, up 28% YoY, and net income of $296 million ($2.45 per share). The company achieved significant growth with carried volume increasing 12% to 944,000 TEUs and average freight rates rising 22% to $1,776 per TEU. Key financial metrics showed robust performance with Adjusted EBITDA of $779 million (82% YoY increase) and Adjusted EBIT of $463 million. The company declared a dividend of $0.74 per share, totaling $89 million. ZIM maintained its full-year 2025 guidance of Adjusted EBITDA between $1.6-2.2 billion and Adjusted EBIT of $350-950 million, while reducing its net leverage ratio to 0.6x and net debt to $2.49 billion.
ZIM Integrated Shipping Services ha riportato solidi risultati finanziari nel primo trimestre 2025 con ricavi pari a 2,01 miliardi di dollari, in aumento del 28% su base annua, e un utile netto di 296 milioni di dollari (2,45 dollari per azione). L'azienda ha registrato una crescita significativa con un volume trasportato aumentato del 12% a 944.000 TEU e tariffe di trasporto medie in crescita del 22% a 1.776 dollari per TEU. I principali indicatori finanziari hanno mostrato una performance robusta con un EBITDA rettificato di 779 milioni di dollari (incremento dell'82% su base annua) e un EBIT rettificato di 463 milioni di dollari. La società ha dichiarato un dividendo di 0,74 dollari per azione, per un totale di 89 milioni di dollari. ZIM ha confermato le previsioni per l'intero anno 2025 con un EBITDA rettificato tra 1,6 e 2,2 miliardi di dollari e un EBIT rettificato tra 350 e 950 milioni di dollari, riducendo nel contempo il rapporto di leva finanziaria netta a 0,6x e il debito netto a 2,49 miliardi di dollari.
ZIM Integrated Shipping Services reportó sólidos resultados financieros en el primer trimestre de 2025 con ingresos de 2.01 mil millones de dólares, un aumento del 28% interanual, y ingreso neto de 296 millones de dólares (2.45 dólares por acción). La compañía logró un crecimiento significativo con un volumen transportado que aumentó un 12% hasta 944,000 TEUs y tarifas de flete promedio que subieron un 22% hasta 1,776 dólares por TEU. Los principales indicadores financieros mostraron un rendimiento sólido con un EBITDA ajustado de 779 millones de dólares (incremento del 82% interanual) y un EBIT ajustado de 463 millones de dólares. La empresa declaró un dividendo de 0.74 dólares por acción, totalizando 89 millones de dólares. ZIM mantuvo su guía para todo el año 2025 con un EBITDA ajustado entre 1.6 y 2.2 mil millones de dólares y un EBIT ajustado entre 350 y 950 millones de dólares, mientras reducía su ratio de apalancamiento neto a 0.6x y su deuda neta a 2.49 mil millones de dólares.
ZIM Integrated Shipping Services는 2025년 1분기로 전년 대비 28% 증가한 강력한 재무 실적을 보고했으며, 순이익은 2억 9,600만 달러 (주당 2.45달러)를 기록했습니다. 회사는 운송 물동량을 12% 증가시켜 944,000 TEU를 달성했고, 평균 운임은 TEU당 1,776달러로 22% 상승했습니다. 주요 재무 지표는 조정 EBITDA 7억 7,900만 달러 (전년 대비 82% 증가)와 조정 EBIT 4억 6,300만 달러로 견고한 실적을 나타냈습니다. 회사는 주당 0.74달러 배당금을 선언했으며 총 8,900만 달러에 달합니다. ZIM은 2025년 전체 가이던스를 조정 EBITDA 16억~22억 달러, 조정 EBIT 3억 5천만~9억 5천만 달러로 유지하면서 순부채비율을 0.6배, 순부채를 24억 9천만 달러로 줄였습니다.
ZIM Integrated Shipping Services a publié de solides résultats financiers pour le premier trimestre 2025 avec des revenus de 2,01 milliards de dollars, en hausse de 28 % en glissement annuel, et un bénéfice net de 296 millions de dollars (2,45 dollars par action). La société a enregistré une croissance significative avec un volume transporté en hausse de 12 % à 944 000 EVP et des tarifs moyens de fret en hausse de 22 % à 1 776 dollars par EVP. Les principaux indicateurs financiers ont montré une performance robuste avec un EBITDA ajusté de 779 millions de dollars (augmentation de 82 % en glissement annuel) et un EBIT ajusté de 463 millions de dollars. La société a déclaré un dividende de 0,74 dollar par action, totalisant 89 millions de dollars. ZIM a maintenu ses prévisions pour l'année 2025 avec un EBITDA ajusté compris entre 1,6 et 2,2 milliards de dollars et un EBIT ajusté entre 350 et 950 millions de dollars, tout en réduisant son ratio d'endettement net à 0,6x et sa dette nette à 2,49 milliards de dollars.
ZIM Integrated Shipping Services meldete starke finanzielle Ergebnisse für das erste Quartal 2025 mit Umsätzen von 2,01 Milliarden US-Dollar, ein Anstieg von 28 % im Jahresvergleich, und einem Nettoergebnis von 296 Millionen US-Dollar (2,45 US-Dollar je Aktie). Das Unternehmen verzeichnete ein signifikantes Wachstum mit einem Transportvolumenanstieg von 12 % auf 944.000 TEU und einem durchschnittlichen Frachtpreis, der um 22 % auf 1.776 US-Dollar pro TEU stieg. Wichtige Finanzkennzahlen zeigten eine robuste Leistung mit einem bereinigten EBITDA von 779 Millionen US-Dollar (82 % Steigerung im Jahresvergleich) und einem bereinigten EBIT von 463 Millionen US-Dollar. Das Unternehmen erklärte eine Dividende von 0,74 US-Dollar pro Aktie, insgesamt 89 Millionen US-Dollar. ZIM bestätigte seine Jahresprognose 2025 mit einem bereinigten EBITDA zwischen 1,6 und 2,2 Milliarden US-Dollar und einem bereinigten EBIT von 350 bis 950 Millionen US-Dollar, während die Nettoverschuldungsquote auf 0,6x und die Nettoverschuldung auf 2,49 Milliarden US-Dollar gesenkt wurde.
Positive
  • Net income increased significantly to $296 million, up from $92 million in Q1 2024
  • Revenue grew 28% YoY to $2.01 billion
  • Carried volume increased 12% YoY to 944,000 TEUs
  • Average freight rate improved 22% YoY to $1,776 per TEU
  • Net leverage ratio improved to 0.6x from 0.8x in December 2024
  • Strong cash position of $3.37 billion, up $230 million from December 2024
Negative
  • Operating environment remains highly uncertain
  • Company notes concerns about factors impacting global trade and economic expectations
  • Requires network modifications to adapt to changing cargo flow patterns from China and Southeast Asia

Insights

ZIM reports stellar Q1 2025 with triple-digit profit growth, freight rate increases, and improved operational metrics while maintaining cautious full-year outlook.

ZIM's Q1 2025 results demonstrate a substantial turnaround in the container shipping market, with the company delivering exceptional performance across all key financial metrics. Revenue increased 28% year-over-year to $2.01 billion, driven by both volume growth and significantly higher freight rates. The 222% jump in net income to $296 million shows how effectively ZIM has capitalized on improved market conditions.

The results reveal two critical industry trends: First, the 22% increase in average freight rates to $1,776 per TEU indicates continued strength in pricing power, likely sustained by ongoing capacity constraints and strong demand. Second, the 12% volume growth to 944,000 TEUs demonstrates ZIM's ability to expand market share while maintaining pricing discipline – a rare combination in this cyclical industry.

Most impressive is ZIM's margin expansion, with Adjusted EBITDA margin reaching 39% (up from 27%) and Adjusted EBIT margin climbing to 23% (from 11%). This efficiency improvement stems from ZIM's strategic fleet renewal, with approximately 40% of capacity now LNG-fueled, providing both cost advantages and environmental benefits.

The company's cautious full-year guidance (maintaining $1.6-2.2 billion Adjusted EBITDA) despite the strong Q1 suggests management anticipates potential market volatility in coming quarters. ZIM's strengthened balance sheet (net leverage ratio improved to 0.6x from 0.8x) provides significant protection against such uncertainty. The $0.74 quarterly dividend (30% of quarterly profit) offers a meaningful return to shareholders while maintaining financial flexibility for future investments.

Reported Revenues of $2.01 Billion, Net Income of $296 million, Adjusted EBITDA1 of $779 Million and Adjusted EBIT1 of $463 Million2

Achieved 12% Volume Growth YOY with Carried Volume of 944 Thousand TEUs in Q1 2025

Reaffirmed Full Year 2025 Guidance of Adjusted EBITDA of $1.6 Billion to $2.2 Billion and Adjusted EBIT of $350 Million to $950 Million3

Declared Dividend of $89 million, or $0.74 per Share

HAIFA, Israel, May 19, 2025 /PRNewswire/ -- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) ("ZIM" or the "Company") announced today its consolidated results for the three months ended March 31, 2025.

First Quarter 2025 Highlights

  • Net income for the first quarter was $296 million (compared to $92 million in the first quarter of 2024), or diluted earnings per share of $2.454 (compared to $0.75 in the first quarter of 2024).
  • Adjusted EBITDA for the first quarter was $779 million, a year-over-year increase of 82%.
  • Operating income (EBIT) for the first quarter was $464 million, compared to $167 million in the first quarter of 2024.
  • Adjusted EBIT for the first quarter was $463 million, compared to $167 million in the first quarter of 2024.
  • Revenues for the first quarter were $2.01 billion, a year-over-year increase of 28%.
  • Carried volume in the first quarter was 944 thousand TEUs, a year-over-year increase of 12%.
  • Average freight rate per TEU in the first quarter was $1,776, a year-over-year increase of 22%.
  • Net leverage ratio1 of 0.6x at March 31, 2025, compared to 0.8x as of December 31, 2024; net debt1 of $2.49 billion as of March 31, 2025, compared to net debt of $2.88 billion as of December 31, 2024.
ZIM logo

Eli Glickman, ZIM President & CEO, stated, "ZIM began the year with positive momentum, delivering 12% carried volume growth and strong earnings in the first quarter. Drawing on our transformed fleet and enhanced cost structure, we generated Q1 revenues of $2.01 billion and net income of $296 million. Building on our proven track record of returning capital to shareholders, we declared a dividend of $0.74 per share, or $89 million, representing approximately 30% of our quarterly net income."

Mr. Glickman added, "As we look toward the remainder of the year, the operating environment is highly uncertain, driven by a range of factors impacting global trade and economic expectations. For ZIM, our focus is on controlling what we can and responding to market shifts quickly with decisive actions. We continuously assess how to best allocate capacity and have taken steps to modify our network to match the changes in cargo flow from China and other Southeast Asian markets into the United States, including within the last week, which underscores the agile nature of our commercial strategy."

Mr. Glickman concluded, "Despite the heightened level of uncertainty, we have reaffirmed our 2025 outlook of Adjusted EBITDA between $1.6 billion and $2.2 billion and Adjusted EBIT between $350 million and $950 million. We are confident that we have built a resilient business and will continue to benefit from the strategic investment in our fleet with larger, more modern, cost-effective capacity, approximately 40% of which is LNG-fueled. Supported by our lower cost base, we believe ZIM is well positioned to drive profitable growth over the long term."

 

Summary of Key Financial and Operational Results


Q1-25

Q1-24

Carried volume (TEU in thousands) ....................

944

846

Average freight rate ($/TEU)................................

1,776

1,452

Total revenues ($ in millions)...............................

2,007

1,562

Operating income (EBIT) ($ in millions)...............

464

167

Profit before income tax ($ in millions).................

381

96

Net income ($ in millions)..................................... 

296

92

Adjusted EBITDA ($ in millions)...........................

779

427

Adjusted EBIT ($ in millions)................................

463

167

Net income margin (%).........................................

15

6

Adjusted EBITDA margin (%)...............................

39

27

Adjusted EBIT margin (%).................................... 

23

11

Diluted earnings per share ($)..............................

2.45

0.75

Net cash generated from operating
activities ($ in millions)..........................................

855

326

Free cash flow1 ($ in millions)...............................

787

303


MAR-31-25

DEC-31-24

Net debt ($ in millions).......................................... 

2,494

2,876

 

Financial and Operating Results for the First Quarter Ended March 31, 2025

Total revenues were $2.01 billion for the first quarter of 2025, compared to $1.56 billion for the first quarter of 2024, mainly driven by the increase in freight rates and carried volume.

ZIM carried 944 thousand TEUs in the first quarter of 2025, compared to 846 thousand TEUs in the first quarter of 2024. The average freight rate per TEU was $1,776 for the first quarter of 2025, compared to $1,452 for the first quarter of 2024.

Operating income (EBIT) for the first quarter of 2025 was $464 million, compared to $167 million for the first quarter of 2024. The increase was driven primarily by the above-mentioned increase in revenues.

Net income for the first quarter of 2025 was $296 million, compared to $92 million for the first quarter of 2024, also mainly driven by the above-mentioned increase in revenues.

Adjusted EBITDA for the first quarter of 2025 was $779 million, compared to $427 million for the first quarter of 2024. Adjusted EBIT was $463 million for the first quarter of 2025, compared to $167 million for the first quarter of 2024. Adjusted EBITDA and Adjusted EBIT margins for the first quarter of 2025 were 39% and 23%, respectively. This compares to 27% and 11% for the first quarter of 2024, respectively.

Net cash generated from operating activities was $855 million for the first quarter of 2025, compared to $326 million for the first quarter of 2024.

Liquidity, Cash Flows and Capital Allocation

ZIM's total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) increased by $230 million from $3.14 billion as of December 31, 2024 to $3.37 billion as of March 31, 2025. Capital expenditures totaled $78 million for the first quarter of 2025, compared to $24 million for the first quarter of 2024. Net debt position as of March 31, 2025, was $2.49 billion compared to a net debt position of $2.88 billion as of December 31, 2024, a decrease of $382 million. ZIM's net leverage ratio as of March 31, 2025, was 0.6x, compared to 0.8x as of December 31, 2024.

First Quarter 2025 Dividend

In accordance with the Company's dividend policy, the Company's Board of Directors declared a regular cash dividend of approximately $89 million, or $0.74 per ordinary share, reflecting approximately 30% of first quarter 2025 net income. The dividend will be paid on June 9, 2025, to holders of record of ZIM ordinary shares as of June 2, 2025.

All future dividends are subject to the discretion of Company's Board of Directors and to the restrictions provided by Israeli law.

Use of Non-IFRS Measures in the Company's 2025 Guidance

A reconciliation of the Company's non-IFRS financial measures included in its full-year 2025 guidance to corresponding IFRS measures is not available on a forward-looking basis. In particular, the Company has not reconciled Adjusted EBITDA and Adjusted EBIT because the various reconciling items between such non-IFRS financial measures and the corresponding IFRS measures cannot be determined without unreasonable effort due to the uncertainty regarding, and the potential variability of, the future costs and expenses for which the Company adjusts, the effect of which may be significant, and all of which are difficult to predict and are subject to frequent change.

Full-Year 2025 Guidance

In 2025, the Company continues to expect to generate Adjusted EBITDA between $1.6 billion and $2.2 billion and Adjusted EBIT between $350 million and $950 million.

Conference Call Details

Management will host a conference call and webcast (along with a slide presentation) to review the results and provide a corporate update today at 8:00 AM ET. The call (and slide presentation) will be available via live webcast through ZIM's website, located at the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company's website.

About ZIM

Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with established operations in more than 100 countries serving approximately 33,000 customers in over 330 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.

Forward-Looking Statements

The following information contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about the Company, may include projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company's current expectations and projections about future events or results. There are important factors that could cause the Company's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: our expectations regarding general market conditions as a result of the current geopolitical instability, developments and further escalation of events, including, but not limited to, the Houthi attacks against vessels in the Red Sea, the war between Israel and Hamas, Iran and Iranian-backed proxies, the political and military instability in the Middle East and the war between Russia and Ukraine, and the armed conflict between India and Pakistan, among others; our expectations regarding general market conditions as a result of global economic trends, including potential rising inflation and interest rates, imposition and/or increase or decrease in tariffs or other charges imposed on import, export or trade (including by USTR) as a result of geopolitical and other events; our expectations regarding trends related to the global container shipping industry, including with respect to fluctuations in vessel and container supply, industry consolidation, demand for containerized shipping services, bunker and alternative fuel prices and supply, charter and freights rates, container values and other factors affecting supply and demand; our plans regarding our business strategy, areas of possible expansion and expected capital spending or operating expenses; our ability to adequately respond to political, economic and military instability in Israel, the Middle East and elsewhere (particularly as a result of the Israel-Hamas war and the Israel-Hezbollah and Israel-Iran armed conflicts), and our ability to maintain business continuity as an Israeli-incorporated company in times of emergency; our ability to effectively handle cyber-security threats and recover from cyber-security incidents, including in connection with the war between Israel and Iran and Iranian-backed proxies; our anticipated ability to obtain additional financing in the future to fund expenditures; our expectation of modifications with respect to our and other shipping companies' operating fleet and lines, including the utilization of larger vessels within certain trade zones and modifications made in light of environmental regulations; the expected benefits of our cooperation agreements and strategic partnerships; formation of new alliances among global carriers, changes in and disintegration of existing alliances and collaborations, including alliances and collaborations to which we are not a party to; our anticipated insurance costs; our expectations regarding the availability of crew; our expectations regarding our environmental and regulatory conditions, including extreme weather events, changes in laws and regulations or actions taken by regulatory authorities, and the expected effect of such regulations; our expectations regarding potential liability from current or future litigation; our plans regarding hedging activities; our ability to pay dividends in accordance with our dividend policy; our expectations regarding our competition and ability to compete effectively; and other risks and uncertainties detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission (SEC), including under the caption "Risk Factors" in its 2024 Annual Report filed with the SEC on March 12, 2025. 

Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company assumes no duty to update any of these forward-looking statements after the date hereof to conform its prior statements to actual results or revised expectations, except as otherwise required by law.

The Company prepares its financial statements in accordance with IFRS Accounting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB).

Use of Non-IFRS Financial Measures

The Company presents non-IFRS measures as additional performance measures as the Company believes that it enables the comparison of operating performance between periods on a consistent basis. These measures should not be considered in isolation, or as a substitute for operating income, any other performance measures, or cash flow data, which were prepared in accordance with IFRS as measures of profitability or liquidity. Please note that Adjusted EBITDA does not take into account debt service requirements or other commitments, including capital expenditures, and therefore, does not necessarily indicate the amounts that may be available for the Company's use. In addition, the non-IFRS financial measures presented by the Company may not be comparable to similarly titled measures reported by other companies due to differences in the way these measures are calculated.

Adjusted EBITDA is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net, income taxes, depreciation and amortization in order to reach EBITDA, and further adjusted, as applicable, to exclude impairment of assets, non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies.

Adjusted EBIT is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net and income taxes, in order to reach our results from operating activities, or EBIT, and further adjusted, as applicable, to exclude impairment of assets, non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies.

Free cash flow is a non-IFRS financial measure which we define as net cash generated from operating activities minus capital expenditures, net.

Net debt is a non-IFRS financial measure which we define as face value of short- and long-term debt, minus cash and cash equivalents, bank deposits and other investment instruments.  We refer to this measure as net cash when cash and cash equivalents, bank deposits and other investment instruments exceed the face value of short- and long-term debt.

Net leverage ratio is a non-IFRS financial measure which we define as net debt (see above) divided by Adjusted EBITDA for the last twelve-month period. When our net debt is less than zero, we report the net leverage ratio as zero.

See the reconciliation of net income to Adjusted EBIT and Adjusted EBITDA and net cash generated from operating activities to free cash flow in the tables provided below.

1. See disclosure regarding "Use of Non-IFRS Financial Measures."
2. Operating income (EBIT) for Q1 2025 was $464 million. A reconciliation to Adjusted EBIT is provided in the tables below.
3. The Company does not provide IFRS guidance because it cannot be determined without unreasonable effort. See disclosure regarding "Use of Non-IFRS Measures in the Company's 2025 Guidance."
4. The number of shares used to calculate the diluted earnings per share is 120,508,654. The number of outstanding shares as of March 31, 2025 was 120,457,510.  

Investor Relations:
Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
holzman.elana@zim.com

Leon Berman
The IGB Group
212-477-8438
lberman@igbir.com

Media:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
media@zim.com

 

 

CONSOLIDATED BALANCE SHEET (Unaudited)

(U.S. dollars in millions)


March 31


December 31


2025


2024


2024

Assets






Vessels

5,727.5


4,488.7


5,733.0

Containers and handling equipment

1,065.6


822.9


1,013.3

Other tangible assets

105.2


87.7


97.7

Intangible assets

110.3


104.8


109.8

Investments in associates 

22.0


30.3


25.4

Other investments

1,109.0


814.0


1,080.9

Other receivables

55.5


82.7


61.0

Deferred tax assets

7.6


2.5


7.5

Total non-current assets

8,202.7


6,433.6


8,128.6







Inventories

217.5


197.3


212.2

Trade and other receivables

760.0


868.0


933.6

Other investments

765.4


744.8


800.4

Cash and cash equivalents

1,546.1


687.9


1,314.7

Total current assets

3,289.0


2,498.0


3,260.9

Total assets

11,491.7


8,931.6


11,389.5







Equity






Share capital and reserves

2,039.8


2,013.9


2,032.7

Retained earnings

1,918.1


527.4


2,004.2

Equity attributable to owners of the Company

3,957.9


2,541.3


4,036.9

Non-controlling interests

6.0


4.1


5.8

Total equity

3,963.9


2,545.4


4,042.7







Liabilities






Lease liabilities

4,539.7


3,716.8


4,600.6

Loans and other liabilities

55.5


66.6


59.9

Employee benefits

55.2


45.4


47.5

Deferred tax liabilities

83.6


5.8


27.6

Total non-current liabilities

4,734.0


3,834.6


4,735.6







Trade and other payables

1,137.8


612.2


736.2

Provisions

85.4


63.6


96.6

Contract liabilities

287.7


292.9


408.9

Lease liabilities

1,235.1


1,534.7


1,321.7

Loans and other liabilities

47.8


48.2


47.8

Total current liabilities

2,793.8


2,551.6


2,611.2

Total liabilities

7,527.8


6,386.2


7,346.8







Total equity and liabilities

11,491.7


8,931.6


11,389.5

 

 

CONSOLIDATED INCOME STATEMENTS (Unaudited)

(U.S. dollars in millions, except per share data)


Three months ended
March 31


Year ended
December 31


2025


2024


2024







Income from voyages and related services

2,006.6


1,562.0


8,427.4

Cost of voyages and related services:






Operating expenses and cost of services

(1,162.6)


(1,080.8)


(4,513.2)

Depreciation

(310.8)


(257.7)


(1,130.2)

Gross profit

533.2


223.5


2,784.0







Other operating income

12.5


6.0


46.6

Other operating expenses





(0.8)

General and administrative expenses

(79.0)


(60.8)


(296.1)

Share in loss of associates

(2.4)


(2.1)


(6.4)







Results from operating activities 

464.3


166.6


2,527.3







Finance income

40.0


38.7


149.2

Finance expenses

(123.8)


(109.0)


(471.5)







Net finance expenses

(83.8)


(70.3)


(322.3)







Profit before income taxes

380.5


96.3


2,205.0







Income taxes

(84.4)


(4.2)


(51.2)







Profit for the period

296.1


92.1


2,153.8







Attributable to:












Owners of the Company

295.3


90.3


2,147.7

Non-controlling interests

0.8


1.8


6.1

Profit for the period

296.1


92.1


2,153.8













Earnings per share (US$)






Basic earnings per 1 ordinary share

2.45


0.75


17.84

Diluted earnings per 1 ordinary share

2.45


0.75


17.82







Weighted average number of shares for
earnings per share calculation:






Basic

120,439,282


120,307,283


120,357,315

Diluted

120,508,654


120,450,586


120,492,425

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(U.S. dollars in millions)


Three months ended
March 31


Year ended
December 31


2025


2024


2024







Cash flows from operating activities






Profit for the period

296.1


92.1


2,153.8







Adjustments for:






Depreciation and amortization

315.9


260.6


1,142.5

Net finance expenses 

83.8


70.3


342.4

Share of losses and change in fair value of investees

2.4


2.1


6.4

Capital gain, net

(11.9)


(6.0)


(43.9)

Income taxes

84.4


4.2


51.2

Other non-cash items

0.4


1.5


10.9


771.1


424.8


3,663.3







Change in inventories

(5.3)


(18.0)


(32.9)

Change in trade and other receivables

181.8


(236.2)


(352.9)

Change in trade and other payables, including
     contract liabilities  

(126.2)


133.3


357.8

Change in provisions and employee benefits

1.4


3.2


35.4


51.7


(117.7)


7.4







Dividends received from associates

1.0


1.2


3.1

Interest received

30.4


22.0


97.3

Income taxes received (paid)

0.5


(4.2)


(18.4)







Net cash generated from operating activities

854.7


326.1


3,752.7







Cash flows from investing activities






Proceeds from sale of tangible assets, intangible assets, and
     interest in investees

9.9


1.5


18.7

Acquisition and capitalized expenditures of tangible assets,
     intangible assets and interest in investees

(78.0)


(24.4)


(214.1)

Disposal (acquisition) of investment instruments, net

(13.2)


199.0


85.8

Loans granted to investees

(1.9)


(1.2)


(6.1)

Change in other receivables

7.4


7.7


31.6

Change in other investments (mainly deposits), net

34.1


1.1


(139.1)

Net cash generated from (used in) investing activities

(41.7)


183.7


(223.2)







Cash flows from financing activities






Repayment of lease liabilities and borrowings

(460.4)


(636.7)


(2,082.6)

Dividend paid to non-controlling interests

(0.2)


(0.4)


(4.0)

Dividend paid to owners of the Company





(579.2)

Interest paid

(121.7)


(103.7)


(465.6)

Net cash used in financing activities

(582.3)


(740.8)


(3,131.4)







Net change in cash and cash equivalents

230.7


(231.0)


398.1

Cash and cash equivalents at beginning of the period

1,314.7


921.5


921.5

Effect of exchange rate fluctuation on cash held

0.7


(2.6)


(4.9)

Cash and cash equivalents at the end of the period

1,546.1


687.9


1,314.7

 

 

RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*

(U.S. dollars in millions)


Three months ended


Year ended

March 31


December 31


2025


2024


2024







Net income (loss)

296


92


2,154

Financial expenses, net

84


70


322

Income taxes

84


4


51

Operating income (EBIT) 

464


167


2,527

Capital loss (gain), beyond the ordinary course of business

(2)




(2)

Expenses related to legal contingencies 





24

Adjusted EBIT

463


167


2,549

Adjusted EBIT margin

23 %


11 %


30 %

* The table above may contain slight summation differences due to rounding.

















RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA*

(U.S. dollars in millions)


Three months ended


Year ended

March 31


March 31


2025


2024


2024







Net income (loss)

296


92


2,154

Financial expenses, net

84


70


322

Income taxes

84


4


51

Depreciation and amortization

316


261


1,143

EBITDA

780


427


3,670

Capital loss (gain), beyond the ordinary course of business

(2)




(2)

Expenses related to legal contingencies





24

Adjusted EBITDA

779


427


3,692

Net income (loss) margin 

15 %


6 %


26 %

Adjusted EBITDA margin

39 %


27 %


44 %

* The table above may contain slight summation differences due to rounding.





























RECONCILIATION OF NET CASH GENERATED FROM OPERATING ACTIVITIES TO FREE CASH FLOW*

(U.S. dollars in millions)


Three months ended


Year ended

March 31


December 31


2025


2024


2024







Net cash generated from operating activities

855


326


3,753

Capital expenditures, net 

(68)


(23)


(196)

Free cash flow

787


303


3,557

* The table above may contain slight summation differences due to rounding.

 

 

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SOURCE Zim Integrated Shipping Services Ltd.

FAQ

What were ZIM's Q1 2025 earnings per share?

ZIM reported diluted earnings per share of $2.45 in Q1 2025, compared to $0.75 in Q1 2024.

How much dividend did ZIM declare for Q1 2025?

ZIM declared a dividend of $0.74 per share, totaling approximately $89 million, representing 30% of Q1 2025 net income.

What is ZIM's revenue guidance for 2025?

ZIM reaffirmed its 2025 guidance with Adjusted EBITDA between $1.6-2.2 billion and Adjusted EBIT between $350-950 million.

How much did ZIM's freight rates increase in Q1 2025?

ZIM's average freight rate increased 22% year-over-year to $1,776 per TEU in Q1 2025, compared to $1,452 per TEU in Q1 2024.

What was ZIM's cash position in Q1 2025?

ZIM's total cash position increased by $230 million to $3.37 billion as of March 31, 2025, from $3.14 billion at the end of 2024.
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