ZIM Reports Financial Results for the Fourth Quarter and the Full Year of 2025
Rhea-AI Summary
ZIM (NYSE: ZIM) reported FY-2025 revenues of $6.90B, net income of $481M, Adjusted EBITDA of $2.17B (31% margin) and Adjusted EBIT of $885M (13% margin). Q4-2025 revenues were $1.48B with net income $38M. Net debt was $2.92B and net leverage 1.3x.
The board declared a Q4 dividend of $0.88/share (paid March 26, 2026), bringing 2025 dividends to $240M. ZIM agreed to be acquired by Hapag-Lloyd at $35.00/share, subject to approvals.
Positive
- Adjusted EBITDA of $2.17B (31% FY margin)
- Declared Q4 dividend of $0.88 per share
- Completed charter agreements for 36 newbuild vessels
- Agreement to be acquired at $35.00 per share
Negative
- FY revenues declined 18% to $6.90B
- FY net income declined ~78% to $481M
- Average freight rate fell 18% to $1,551 per TEU
- Net leverage increased to 1.3x from 0.8x
News Market Reaction – ZIM
In the Mar 9 session, ZIM gained 4.67%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 20 | Q2 2025 earnings | Positive | -1.4% | Q2 2025 results with lower YoY metrics but raised full-year guidance. |
| May 19 | Q1 2025 earnings | Positive | +5.7% | Strong Q1 2025 growth in revenue, earnings, and freight rates with dividend. |
| Mar 12 | FY 2024 earnings | Positive | -4.6% | Record FY 2024 performance with high margins and sizable dividend payout. |
| Nov 20 | Q3 2024 earnings | Positive | +0.9% | Q3 2024 beat with record volume, higher rates and raised full-year guidance. |
| Aug 19 | Q2 2024 earnings | Positive | +16.7% | Q2 2024 turnaround with strong earnings, guidance raise and dividend. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often been positive fundamentally, but price reactions have been mixed, with both strong rallies and notable sell-offs.
Over the last few earnings cycles, ZIM has reported generally strong results, including record volumes and higher freight rates in 2024, followed by solid but moderating performance through 2025. Several reports featured raised guidance or robust dividends, yet share reactions ranged from double‑digit gains (e.g., Q2 2024) to pullbacks after strong prints (e.g., FY 2024 results). Today’s FY 2025 report, with lower revenues and profits versus 2024, fits into this transition from peak profitability toward more normalized conditions while the Hapag‑Lloyd deal price frames upside expectations.
Key Terms
adjusted ebitda financial
adjusted ebit financial
teu technical
net leverage ratio financial
dual-fuel lng technical
form 20-f regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Reported Full Year Revenues of
Generated Full Year Adjusted EBITDA and Adjusted EBIT Margins2 of
Declared Q4 2025 Dividend of Approximately
Dividends to Total Approximately
Fourth Quarter and Full Year 2025 Highlights
- Net income for the fourth quarter was
$38 million $563 million $0.32 $4.66 $481 million $2.15 billion - Adjusted EBITDA for the fourth quarter was
$327 million 66% ; Adjusted EBITDA for the full year was$2.17 billion 41% . - Operating income (EBIT) for the fourth quarter was
$143 million $658 million $1.02 billion $2.53 billion - Adjusted EBIT for the fourth quarter was
$13 million $658 million $885 million $2.55 billion - Revenues for the fourth quarter were
$1.48 billion 32% ; revenues for the full year were$6.90 billion 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 of2% . - Average freight rate per TEU in the fourth quarter was
$1,333 29% ; average freight rate per TEU in the full year was$1,551 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 $2.88 billion
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
"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
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."
Summary of Key Financial and Operational Results | ||||
Q4-25 | Q4-24 | FY-25 | FY-24 | |
Carried volume (TEU in thousands)......... | 898 | 982 | 3,663 | 3,751 |
Average freight rate ($/TEU).................... | 1,333 | 1,886 | 1,551 | 1,888 |
Total revenues ($ in millions).................... | 1,485 | 2,168 | 6,904 | 8,427 |
Operating income (EBIT) ($ in millions)... | 143 | 658 | 1,016 | 2,527 |
Profit before income tax ($ in millions)..... | 56 | 601 | 658 | 2,205 |
Net income ($ in millions)......................... | 38 | 563 | 481 | 2,154 |
Adjusted EBITDA ($ in millions)............... | 327 | 967 | 2,171 | 3,692 |
Adjusted EBIT ($ in millions).................... | 13 | 658 | 885 | 2,549 |
Net income margin (%)............................ | 3 | 26 | 7 | 26 |
Adjusted EBITDA margin (%)................... | 22 | 45 | 31 | 44 |
Adjusted EBIT margin (%)........................ | 1 | 30 | 13 | 30 |
Diluted earnings per share ($).................. | 0.32 | 4.66 | 3.98 | 17.82 |
Net cash generated from operating | 375 | 1,152 | 2,300 | 3,753 |
Free cash flow2 ($ in millions)................... | 232 | 1,087 | 2,020 | 3,557 |
DEC-31- | DEC-31- | |||
Net debt ($ in millions).............................. | 2,925 | 2,876 | ||
Financial and Operating Results for the Fourth Quarter Ended December 31, 2025
Total revenues were
ZIM carried 898 thousand TEUs in the fourth quarter of 2025, compared to 982 thousand TEUs in the fourth quarter of 2024. The average freight rate per TEU was
Operating income (EBIT) for the fourth quarter of 2025 was
Net income for the fourth quarter of 2025 was
Adjusted EBITDA for the fourth quarter of 2025 was
Net cash generated from operating activities was
Financial and Operating Results for the Full Year Ended December 31, 2025
Total revenues were
ZIM carried 3,663 thousand TEUs in the full year of 2025, compared to 3,751 thousand TEUs in the full year of 2024. The average freight rate per TEU was
Operating income (EBIT) for the full year of 2025 was
Net income for the full year of 2025 was
Adjusted EBITDA was
Net cash generated from operating activities was
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) decreased by
Chartering Agreements and Fleet Update
During the second half of 2025, the Company concluded a series of charter agreements for 22 newbuild vessels. This includes two containerships with capacity of 12,000 TEU and 20 ships with capacity ranging from 3,000 to 5,000 TEU. All vessels are scheduled for delivery between 2027 and 2028, with charter periods of up to five years, in addition to optional extensions.
Previously, ZIM concluded charter agreements for the long-term charter of ten 11,500 TEU dual-fuel LNG vessels with expected delivery between 2027 and 2028 and four 8,000 TEU vessels with charter durations between 5 to 7.5 years and expected delivery between the second half of 2026 and the first half of 2027.
The Company determined that these charter agreements were critical to secure access to the capacity required to support its network, maintain its competitive cost structure and enable profitable growth.
ZIM currently operates 115 containerships with a total capacity of 707 thousand TEUs, as well as 13 car carriers. In addition, the Company has 13 containerships scheduled for charter expiration in 2026, representing an aggregate capacity of 46,716 TEU. In 2027, 17 containerships are scheduled for charter expiration representing an aggregate capacity of 33,874 TEU.
Volume Breakdown by Geographic Trade Zone (K TEU)* | |||||||
Three months ended December 31 | Year ended December 31 | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Pacific | 425 | 412 | 1,577 | 1,604 | |||
Cross-Suez | 55 | 86 | 287 | 332 | |||
Atlantic | 112 | 138 | 495 | 555 | |||
Intra-Asia | 191 | 204 | 778 | 746 | |||
115 | 142 | 526 | 514 | ||||
Total | 898 | 982 | 3,663 | 3,751 | |||
* The table above may contain slight summation differences due to rounding. | |||||||
Fourth Quarter 2025 Dividend
In accordance with the Company's dividend policy, the Company's Board of Directors declared a regular cash dividend of approximately
All future dividends are subject to the discretion of Company's Board of Directors and to the restrictions provided by Israeli law. In addition, distribution of special dividends is restricted under the merger agreement between the Company and Hapag-Lloyd.
Transaction with Hapag-Lloyd
On February 16, 2026, ZIM announced that it entered into a merger agreement with Hapag-Lloyd, under which Hapag-Lloyd will acquire ZIM for
In connection with the transaction, Hapag-Lloyd has entered into a binding memorandum of understanding with FIMI Opportunity Funds (FIMI), an Israeli-based private equity fund, under which the Special State Share held by the
Full-Year 2026 Guidance and Conference Call Update
In light of the proposed transaction with Hapag-Lloyd, ZIM will not be providing full-year 2026 financial guidance and will not host a conference call in connection with its fourth quarter and full year 2025 results.
Annual Report on Form 20-F for 2025
In accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual, the Company's Annual Report filed on March 9, 2026, with the
About ZIM
Founded in
Forward-Looking Statements
The following information contains, or may be deemed to contain forward-looking statements (as defined in the
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, as well as 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 (or the reversal of which), 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 (or the reversal of which), 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 Includes a non-cash impairment reversal totaling
2 See disclosure regarding "Use of Non-IFRS Financial Measures."
3 Operating income (EBIT) for the full year was 1.02 billion. A reconciliation to Adjusted EBIT is provided in the tables below.
4 The number of shares used to calculate the diluted earnings per share is 120,515,714. The number of outstanding shares as of December 31, 2025 was 120,465,908.
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 | |||
December 31 | |||
2025 | 2024 | ||
Assets | |||
Vessels | 5,801.7 | 5,733.0 | |
Containers and handling equipment | 1,102.1 | 1,013.3 | |
Other tangible assets | 137.8 | 97.7 | |
Intangible assets | 109.4 | 109.8 | |
Investments in associates | 28.6 | 25.4 | |
Other investments | 1,051.7 | 1,080.9 | |
Other receivables | 137.0 | 61.0 | |
Deferred tax assets | 9.2 | 7.5 | |
Total non-current assets | 8,377.5 | 8,128.6 | |
Inventories | 167.8 | 212.2 | |
Trade and other receivables | 676.0 | 933.6 | |
Other investments | 735.1 | 800.4 | |
Cash and cash equivalents | 1,051.7 | 1,314.7 | |
Total current assets | 2,630.6 | 3,260.9 | |
Total assets | 11,008.1 | 11,389.5 | |
Equity | |||
Share capital and reserves | 2,051.4 | 2,032.7 | |
Retained earnings | 1,969.5 | 2,004.2 | |
Equity attributable to owners of the Company | 4,020.9 | 4,036.9 | |
Non-controlling interests | 4.7 | 5.8 | |
Total equity | 4,025.6 | 4,042.7 | |
Liabilities | |||
Lease liabilities | 4,551.6 | 4,600.6 | |
Loans and other liabilities | 47.2 | 59.9 | |
Employee benefits | 63.4 | 47.5 | |
Deferred tax liabilities | 186.2 | 27.6 | |
Total non-current liabilities | 4,848.4 | 4,735.6 | |
Trade and other payables | 636.4 | 736.2 | |
Provisions | 118.4 | 96.6 | |
Contract liabilities | 239.9 | 408.9 | |
Lease liabilities | 1,096.5 | 1,321.7 | |
Loans and other liabilities | 42.9 | 47.8 | |
Total current liabilities | 2,134.1 | 2,611.2 | |
Total liabilities | 6,982.5 | 7,346.8 | |
Total equity and liabilities | 11,008.1 | 11,389.5 | |
CONSOLIDATED INCOME STATEMENTS (Unaudited) | |||||||
( | |||||||
Three months ended | Year ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Income from voyages and related services | 1,484.7 | 2,167.6 | 6,904.2 | 8,427.4 | |||
Cost of voyages and related services: | |||||||
Operating expenses and cost of services | (1,086.8) | (1,131.3) | (4,460.8) | (4,513.2) | |||
Depreciation | (306.3) | (305.3) | (1,259.5) | (1,130.2) | |||
Impairment reversal of assets | 137.0 | 137.0 | |||||
Gross profit | 228.6 | 731.0 | 1,320.9 | 2,784.0 | |||
Other operating income | 5.7 | 13.7 | 43.4 | 46.6 | |||
Other operating expenses | (1.3) | 0.9 | (1.5) | (0.8) | |||
General and administrative expenses | (88.4) | (86.4) | (336.3) | (296.1) | |||
Share of loss of associates | (1.5) | (1.6) | (10.5) | (6.4) | |||
Results from operating activities | 143.1 | 657.6 | 1,016.0 | 2,527.3 | |||
Finance income | 29.1 | 68.2 | 133.1 | 149.2 | |||
Finance expenses | (115.8) | (125.0) | (490.6) | (471.5) | |||
Net finance expenses | (86.7) | (56.8) | (357.5) | (322.3) | |||
Profit before income taxes | 56.4 | 600.8 | 658.5 | 2,205.0 | |||
Income taxes | (18.1) | (38.1) | (177.0) | (51.2) | |||
Profit for the year | 38.3 | 562.7 | 481.5 | 2,153.8 | |||
Attributable to: | |||||||
Owners of the Company | 38.1 | 561.5 | 479.2 | 2,147.7 | |||
Non-controlling interests | 0.2 | 1.2 | 2.3 | 6.1 | |||
Profit for the year | 38.3 | 562.7 | 481.5 | 2,153.8 | |||
Earnings per share (US$) | |||||||
Basic earnings per 1 ordinary share | 0.32 | 4.66 | 3.98 | 17.84 | |||
Diluted earnings per 1 ordinary share | 0.32 | 4.66 | 3.98 | 17.82 | |||
Weighted average number of shares | |||||||
Basic | 120,460,114 | 120,407,359 | 120,453,671 | 120,357,315 | |||
Diluted | 120,515,714 | 120,499,400 | 120,515,854 | 120,492,425 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
( | |||
Year ended December 31 | |||
2025 | 2024 | ||
Cash flows from operating activities | |||
Profit for the year | 481.5 | 2,153.8 | |
Adjustments for: | |||
Depreciation and amortization | 1,286.1 | 1,142.5 | |
Impairment reversal | (137.0) | ||
Net finance expenses | 357.5 | 342.4 | |
Share of losses and change in fair value of investees | 5.6 | 6.4 | |
Capital gains, net | (37.6) | (43.9) | |
Income taxes | 177.0 | 51.2 | |
Other non-cash items | (0.1) | 10.9 | |
2,133.0 | 3,663.3 | ||
Change in inventories | 44.4 | (32.9) | |
Change in trade and other receivables | 262.3 | (352.9) | |
Change in trade and other payables including contract liabilities | (267.1) | 357.8 | |
Change in provisions and employee benefits | 35.6 | 35.4 | |
75.2 | 7.4 | ||
Dividends received from associates | 1.9 | 3.1 | |
Interest received | 113.7 | 97.3 | |
Income taxes paid | (24.3) | (18.4) | |
Net cash generated from operating activities | 2,299.5 | 3,752.7 | |
Cash flows from investing activities | |||
Proceeds from sale of tangible assets, intangible assets and interest | 36.6 | 18.7 | |
Acquisition and capitalized expenditures of tangible assets, intangible | (217.7) | (214.1) | |
Disposal of investment instruments, net | 148.6 | 85.8 | |
Loans granted to investees, net | (8.1) | (6.1) | |
Change in other receivables, net | (67.5) | 31.6 | |
Change in other investments (mainly deposits), net | (25.2) | (139.1) | |
Net cash used in investing activities | (133.3) | (223.2) | |
Cash flows from financing activities | |||
Repayment of lease liabilities and borrowings | (1,439.6) | (2,082.6) | |
Interest paid | (474.3) | (465.6) | |
Dividend paid to owners of the company | (515.6) | (579.2) | |
Dividend paid to non-controlling interests | (3.8) | (4.0) | |
Net cash used in financing activities | (2,433.3) | (3,131.4) | |
Net change in cash and cash equivalents | (267.1) | 398.1 | |
Cash and cash equivalents at beginning of the year | 1,314.7 | 921.5 | |
Effect of exchange rate fluctuation on cash held | 4.1 | (4.9) | |
Cash and cash equivalents at the end of the year | 1,051.7 | 1,314.7 | |
RECONCILIATION OF NET INCOME TO ADJUSTED EBIT* | |||||||
( | |||||||
Three months ended | Year ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net income | 38 | 563 | 481 | 2,154 | |||
Financial expenses, net | 87 | 57 | 358 | 322 | |||
Income taxes | 18 | 38 | 177 | 51 | |||
Operating income (EBIT) | 143 | 658 | 1,016 | 2,527 | |||
Capital loss (gain), beyond the ordinary | (1) | (3) | (2) | ||||
Impairment reversal of assets | (137) | (137) | |||||
Expenses related to legal contingencies | 7 | 1 | 9 | 24 | |||
Adjusted EBIT | 13 | 658 | 885 | 2,549 | |||
Adjusted EBIT margin | 1 % | 30 % | 13 % | 30 % | |||
* The table above may contain slight summation differences due to rounding. | |||||||
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA* | |||||||
( | |||||||
Three months ended | Year ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net income | 38 | 563 | 481 | 2,154 | |||
Financial expenses, net | 87 | 57 | 358 | 322 | |||
Income taxes | 18 | 38 | 177 | 51 | |||
Depreciation and amortization | 314 | 309 | 1,286 | 1,143 | |||
EBITDA | 458 | 967 | 2,302 | 3,670 | |||
Capital loss (gain), beyond the ordinary | (1) | (3) | (2) | ||||
Impairment reversal of assets | (137) | (137) | |||||
Expenses related to legal contingencies | 7 | 1 | 9 | 24 | |||
Adjusted EBITDA | 327 | 967 | 2,171 | 3,692 | |||
Net income margin | 3 % | 26 % | 7 % | 26 % | |||
Adjusted EBITDA margin | 22 % | 45 % | 31 % | 44 % | |||
* The table above may contain slight summation differences due to rounding. | |||||||
RECONCILIATION OF NET CASH GENERATED FROM | |||||||
( | |||||||
Three months ended | Year ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net cash generated from operating | 375 | 1,152 | 2,300 | 3,753 | |||
Capital expenditures, net | (143) | (65) | (280) | (196) | |||
Free cash flow | 232 | 1,087 | 2,020 | 3,557 | |||
* The table above may contain slight summation differences due to rounding. | |||||||
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SOURCE Zim Integrated Shipping Services Ltd.