ZIM 6-K
ZIM Integrated Shipping Services Ltd. (ZIM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-39937
ZIM Integrated Shipping Services Ltd.
(Exact Name of Registrant as Specified in Its Charter)
9 Andrei Sakharov Street
P.O. Box 15067
Matam, Haifa 3190500, Israel
+972 (4) 865-2000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
On August 19, 2026, ZIM Integrated Shipping Services Ltd. (the “Company”) issued a press release announcing its consolidated results for the three and six months ended on June 30, 2026. A copy of this press release and the Company’s condensed consolidated unaudited interim financial statements for the period ended on June 30, 2026, are attached herewith as Exhibit 99.1 and Exhibit 99.2, respectively. In addition, an investor presentation dated August 19, 2026, is attached herewith as Exhibit 99.3.
The information in this Form 6-K (including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ZIM INTEGRATED SHIPPING SERVICES LTD. | ||
|---|---|---|
| By: | /s/ Noam Nativ | |
| Noam Nativ | ||
| EVP General Counsel and Corporate Secretary |
Date: August 19, 2026
EXHIBIT INDEX
Exhibit 99.1

ZIM Reports Strong Results for the Second Quarter of 2026,
Benefiting from its Leading Transpacific Position, Agile
Commercial Approach and Efficient Cost Structure
Revenues Up +9% to $1.8bn, and Net Income Up +170% to $64m, y-o-y
Q2 EBITDA and Net Income, adjusted for costs related to the pending Hapag-Lloyd
transaction, up +4% to $491m and +226% to $77m, y-o-y, respectively
Positive H1 Adjusted Net Income with significantly
stronger performance expected in H2
Generated $386m of Free Cash Flow in Q2
Full year 2026 guidance: Adjusted EBITDA between $2.0bn to $2.4bn
and Adjusted EBIT of $700m to $1.1bn
Dividend to shareholders expected based on 2026 results
Pending transaction with Hapag-Lloyd remains subject to closing
conditions, including regulatory approvals; the parties continue to perform their
obligations under the merger agreement and engage with the relevant authorities
to obtain such approvals
Haifa, Israel, August 19, 2026 – ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) (“ZIM” or the “Company”) announced today its consolidated results for the three and six months ended June 30, 2026.
ZIM’s strong second-quarter results demonstrated the resilience of its business. ZIM’s strategic presence in the Transpacific trade enabled the Company to capitalize on favorable market conditions, which together with ZIM’s modern, fuel-efficient and cost-effective fleet and agile commercial strategy, drove improved year-over-year profitability.
Second Quarter 2026 Highlights
| • | Net income for the second quarter was $64m (compared to $24m in the second quarter of 2025), or diluted earnings per share of $0.53 (compared to $0.19 in the second quarter of 2025). |
|---|---|
| • | Adjusted net income for the second quarter was $77m (compared to $24m in the second quarter of 2025) |
| --- | --- |
| • | Adjusted EBITDA for the second quarter was $491m, a year-over-year increase of 4%. |
| --- | --- |
| • | Revenues for the second quarter were $1.78bn, a year-over-year increase of 9%. |
| --- | --- |
| • | Carried volume in the second quarter was 922 thousand TEUs, a year-over-year increase of 3%. |
| --- | --- |
| • | Average freight rate per TEU in the second quarter was $1,590, a year-over-year increase of 8%. |
| --- | --- |
| • | Free cash flow of $386m generated during the quarter. |
| --- | --- |
| • | Net leverage ratio of 1.6x as of June 30, 2026, compared to 1.7x net leverage ratio as of March 31, 2026 and 1.3x net leverage ratio as of December 31, 2025. |
| --- | --- |
| • | Net debt, comprised predominantly of lease liabilities minus total cash position, of $2.77bn as of June 30, 2026, compared to<br>$2.93bn as of March 31, 2026, and $2.92bn as of December 31, 2025. |
| --- | --- |
| • | Net cash position (total cash position minus financial debt; i.e., excluding lease liabilities) of $2.46bn as of June 30, 2026. |
| --- | --- |
Chen Lichtenstein, ZIM President & CEO, stated, “Since assuming my role in July, my focus has been clear: to capitalize fully on current market opportunities while deploying the Company’s resources with discipline and efficiency. We remain committed to preserving the agility that allows us to respond quickly to changing market conditions, strengthening our competitiveness, and creating sustainable value.”
Sami Jubran, Chief Financial Officer, added, “We delivered solid results in the second quarter and expect significantly stronger performance during the remainder of the year, as reflected in our guidance. This anticipated improvement would enable our Board of Directors to consider declaring a dividend to shareholders based on our third-quarter results.”
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Summary of Key Financial and Operational Results
| Q2-26 | Q2-25 | H1-26 | H1-25 | |||||
|---|---|---|---|---|---|---|---|---|
| Carried volume (K-TEUs) | 922 | 895 | 1,788 | 1,839 | ||||
| Average freight rate (/TEU) | 1,590 | 1,479 | 1,455 | 1,632 | ||||
| Total Revenues ( in millions) | 1,781 | 1,636 | 3,177 | 3,642 | ||||
| Operating income (EBIT) ( in millions) | 144 | 149 | 126 | 613 | ||||
| Profit (loss) before income tax ( in millions) | 61 | 49 | (38 | ) | 430 | |||
| Net income (loss) ( in millions) | 64 | 24 | (22 | ) | 320 | |||
| Adjusted EBITDA ( in millions) | 491 | 472 | 804 | 1,251 | ||||
| Adjusted EBIT ( in millions) | 169 | 149 | 164 | 612 | ||||
| Adjusted net income ( in millions) | 77 | 24 | 4 | 318 | ||||
| Net income margin (%) | 4 | 1 | (1 | ) | 9 | |||
| Adjusted EBITDA margin (%) | 28 | 29 | 25 | 34 | ||||
| Adjusted EBIT margin (%) | 10 | 9 | 5 | 17 | ||||
| Adjusted net income margin (%) | 4 | 1 | 0 | 9 | ||||
| Diluted earnings per share () | 0.53 | 0.19 | (0.19 | ) | 2.64 | |||
| Net cash generated from operating activities<br>( in millions) | 395 | 441 | 657 | 1,296 | ||||
| Free cash flow ( in millions) | 386 | 426 | 621 | 1,213 | ||||
| JUN-30-26 | DEC-31-25 | |||||||
| Net debt ( in millions) | 2,773 | 2,925 |
All values are in US Dollars.
Financial and Operating Results for the Second Quarter Ended June 30, 2026
Total revenues were $1.78 billion for the second quarter of 2026, compared to $1.64 billion for the second quarter of 2025, mainly driven by the increase in freight rates as well as carried volume.
ZIM carried 922 thousand TEUs in the second quarter of 2026, compared to 895 thousand TEUs in the second quarter of 2025. The average freight rate per TEU was $1,590 for the second quarter of 2026, compared to $1,479 for the second quarter of 2025.
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Operating income (EBIT) for the second quarter of 2026 was $144 million, compared to $149 million for the second quarter of 2025.
Net income for the second quarter of 2026 was $64 million, compared to $24 million for the second quarter of 2025. Adjusted net income for the second quarter of 2026 was $77 million, compared to $24 million for the second quarter of 2025.
Adjusted EBITDA for the second quarter of 2026 was $491 million, compared to $472 million for the second quarter of 2025. Adjusted EBIT for the second quarter of 2026 was $169 million, compared to $149 million for the second quarter of 2025. Adjusted EBITDA and Adjusted EBIT margins for the second quarter of 2026 were 28% and 10%, respectively. This compares to 29% and 9% for the second quarter of 2025, respectively.
Net cash generated from operating activities was $395 million for the second quarter of 2026, compared to $441 million for the second quarter of 2025.
Financial and Operating Results for the Six Months Ended June 30, 2026
Total revenues were $3.18 billion for the first half of 2026, compared to $3.64 billion for the first half of 2025, primarily driven by the decrease in freight rates as well as carried volume.
ZIM carried 1,788 thousand TEUs in the first half of 2026, compared to 1,839 thousand TEUs in the first half of 2025. The average freight rate per TEU was $1,455 for the first half of 2026, compared to $1,632 for the first half of 2025.
Operating income (EBIT) for the first half of 2026 was $126 million, compared to $613 million for the first half of 2025. The decrease in operating income for the first half of 2026 was primarily driven by the above-mentioned decrease in total revenues.
Net loss for the first half of 2026 was $22 million, compared to net income of $320 million for the first half of 2025, mainly driven by the above-mentioned decrease in total revenues, partially offset by the impact of income taxes. Adjusted net income for the first half of 2026 was $4 million, compared to $318 million for the first half of 2025.
Adjusted EBITDA for the first half of 2026 was $804 million, compared to $1.25 billion for the first half of 2025. Adjusted EBIT for the first half of 2026 was $164 million, compared to $612 million for the first half of 2025. Adjusted EBITDA and Adjusted EBIT margins for the first half of 2026 were 25% and 5%, respectively. This compares to 34% and 17%, respectively, for the first half of 2025.
Net cash generated from operating activities for the first half of 2026 was $657 million, compared to $1.30 billion for the first half of 2025.
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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), was $2.53 billion as of June 30, 2026, compared to $2.54 billion as of March 31, 2026 and $2.80 billion as of December 31, 2025.
Capital expenditures totaled $12 million and $43 million for the second quarter of 2026 and for the first half of 2026 respectively, compared to $24 million for the second quarter of 2025 and $102 million for the first half of 2025. Other cash flow items in the first half of 2026 include a dividend payment of $106 million and $781 million of debt service, mostly related to charter vessel and equipment lease liability repayments.
Net debt position as of June 30, 2026, was $2.77 billion compared to $2.93 billion as of March 31, 2026, and $2.92 billion as of December 31, 2025.
Net cash position (total cash minus financial debt) was $2.46 billion as of June 30, 2026, unchanged from March 31, 2026, compared with $2.72 billion as of December 31, 2025. ZIM’s net leverage ratio as of June 30, 2026, was 1.6x, compared to 1.7x net leverage ratio as of March 31, 2026 and 1.3x as of December 31, 2025.
Fleet Update
ZIM currently operates 115 containerships with a total capacity of 707 thousand TEUs, as well as 13 car carriers, compared to 123 containerships with total capacity of 767 thousand TEU and 14 car carriers as of our Q2 2025 earnings release (August 20, 2025).
In addition, the Company has 9 containerships scheduled for charter expiration during the remainder of 2026, representing an aggregate capacity of approximately 35 thousand TEU. In 2027, 13 containerships are scheduled for charter expiration, representing an aggregate capacity of approximately 28 thousand TEU. While this flexibility allows ZIM to actively manage its operated capacity, the company expects capacity to remain stable in 2026.
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ZIM has entered into charter agreements for an aggregate of 40 vessels, or approximately 286 thousand TEU of capacity, the vast majority of which is newbuild capacity, including:
| • | Four 8,000 TEU newbuild scrubber fitted vessels with charter durations of either 5 or 7.5 years and expected delivery between the second half of 2026 and the first half of 2027 |
|---|---|
| • | Ten 11,500 TEU newbuild dual-fuel LNG vessels with charter duration of 12 years and expected delivery between 2027 and 2028. ZIM holds options to extend the charter duration or alternatively, to purchase these<br>vessels |
| --- | --- |
| • | Two 12,000 TEU newbuild scrubber fitted vessels, scheduled for delivery during 2027, with charter periods of up to five years, with optional extensions included |
| --- | --- |
| • | Four 9,000 TEU secondhand vessels (build 2015-2016), with expected delivery between 2027-2028, with charter periods of five years with optional extensions included |
| --- | --- |
| • | 20 newbuild vessels, some of which are scrubber fitted, with capacities ranging from 3,000 to 5,000 TEU, scheduled for delivery between 2027 and 2028. Charter periods for these vessels are of either 5 or 7.5<br>years, some of which also include optional extensions. |
| --- | --- |
Volume Breakdown by Geographic Trade Zone (K TEU)*
| Three months ended June 30 | Six months ended June 30 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |||||
| Pacific | 426 | 354 | 817 | 738 | ||||
| Cross-Suez | 66 | 76 | 132 | 161 | ||||
| Atlantic | 118 | 129 | 233 | 270 | ||||
| Intra-Asia | 212 | 199 | 409 | 392 | ||||
| Latin America | 100 | 137 | 197 | 278 | ||||
| Total | 922 | 895 | 1,788 | 1,839 |
* The table above may contain slight summation differences due to rounding.
Use of Non-IFRS Measures in the Company’s 2026 Guidance
A reconciliation of the Company’s non-IFRS financial measures included in its full-year 2026 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 2026 Guidance and Expected Dividend
In 2026, the Company expects to generate Adjusted EBITDA between $2.0 billion and $2.4 billion and Adjusted EBIT between $700 million and $1.1 billion.
Based on its current full year 2026 guidance, the Company expects to distribute dividends to shareholders on account of 2026 results in accordance with its existing dividend policy.
All future dividends are subject to the discretion of the Company’s Board of Directors, the restrictions provided by Israeli law and the applicable restrictions set forth in the merger agreement with Hapag-Lloyd.
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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 $35.00 per share in cash. The transaction was unanimously approved by ZIM’s Board of Directors and approved by shareholders at a special meeting held on April 30, 2026. The transaction remains subject to satisfaction of customary closing conditions, including approvals by various regulatory authorities among them the State of Israel pursuant to the requirements of the Special State Share (the “Golden Share”) and is targeted to close in the fourth quarter of 2026.
Until the closing of the transaction, Hapag-Lloyd and ZIM will remain separate independent companies and ZIM will continue to operate in the ordinary course.
Conference Call Details
In light of the pending transaction with Hapag-Lloyd, ZIM will not host a conference call in connection with its second quarter 2026 results.
About ZIM
Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with operations in more than 90 countries, serving over 30,000 customers across more than 300 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.
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Forward-Looking Statements
This press release 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, assumptions, and other important factors, may include statements regarding macroeconomic and geopolitical conditions, chartering agreements, anticipated capacity, and the timing thereof, statements relating to the timing and closing of the pending transaction with Hapag-Lloyd, the Company’s 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, risks and uncertainties relating to outcome of the pending transaction with Hapag-Lloyd, the current military conflict between Israel and the U.S. against Iran and some of its proxies, the Houthi attacks against vessels in the Red Sea, the war between Israel and Hamas, Iran and Iranian-backed proxies (including its impact on the Strait of Hormuz), the political and military instability in the Middle East and the war between Russia and Ukraine; our expectations regarding general market conditions as a result of global economic trends, including potential rising inflation and interest rates 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 freight 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 and the Middle East (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 (such as the drought conditions in the Panama Canal), 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 2025 Annual Report filed with the SEC on March 9, 2026 and its Notice and Proxy Statement attached as Exhibit 99.1 to its Current Report filed with the SEC on March 19, 2026 in connection with the pending transaction with Hapag-Lloyd.
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. 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.
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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), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees).
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), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees).
Adjusted Net Income is a non-IFRS financial measure which we define as net income (loss) adjusted, as applicable, to exclude impairment of assets (or the reversal of which), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees), all of which net of their respective income tax effect.
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.
Net cash position is a non-IFRS financial measure which we define as the total cash position (which includes cash and cash equivalents, bank deposits and other investment instruments) minus financial debt (i.e., excluding lease liabilities).
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, Adjusted EBITDA and Adjusted net income and net cash generated from operating activities to free cash flow in the tables provided below.
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Investor Relations:
Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
[email protected]
Leon Berman
The IGB Group
212-477-8438
[email protected]
Media:
Yifat Ginzberg
ZIM Integrated Shipping Services Ltd.
+972-4-865-2249
[email protected]
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| CONSOLIDATED BALANCE SHEET (Unaudited)<br><br>(U.S. dollars in millions) | ||||||
|---|---|---|---|---|---|---|
| June 30 | December 31 | |||||
| 2026 | 2025 | 2025 | ||||
| Assets | ||||||
| Vessels | 5,372.6 | 5,825.0 | 5,801.7 | |||
| Containers and handling equipment | 1,078.0 | 1,058.0 | 1,102.1 | |||
| Other tangible assets | 137.1 | 109.1 | 137.8 | |||
| Intangible assets | 108.0 | 109.9 | 109.4 | |||
| Investments in associates | 31.1 | 33.3 | 28.6 | |||
| Other investments | 958.3 | 1,137.6 | 1,051.7 | |||
| Other receivables | 117.3 | 50.4 | 137.0 | |||
| Deferred tax assets | 9.0 | 7.7 | 9.2 | |||
| Total non-current assets | 7,811.4 | 8,331.0 | 8,377.5 | |||
| Inventories | 223.1 | 199.3 | 167.8 | |||
| Trade and other receivables | 992.7 | 794.6 | 676.0 | |||
| Other investments | 600.9 | 585.7 | 735.1 | |||
| Cash and cash equivalents | 1,037.1 | 1,187.1 | 1,051.7 | |||
| Total current assets | 2,853.8 | 2,766.7 | 2,630.6 | |||
| Total assets | 10,665.2 | 11,097.7 | 11,008.1 | |||
| Equity | ||||||
| Share capital and reserves | 2,041.4 | 2,046.4 | 2,051.4 | |||
| Retained earnings | 1,839.8 | 1,851.0 | 1,969.5 | |||
| Equity attributable to owners of the Company | 3,881.2 | 3,897.4 | 4,020.9 | |||
| Non-controlling interests | 3.4 | 4.3 | 4.7 | |||
| Total equity | 3,884.6 | 3,901.7 | 4,025.6 | |||
| Liabilities | ||||||
| Lease liabilities | 4,191.2 | 4,647.4 | 4,551.6 | |||
| Loans and other liabilities | 42.2 | 52.3 | 47.2 | |||
| Employee benefits | 78.4 | 60.9 | 63.4 | |||
| Deferred tax liabilities | 173.4 | 130.9 | 186.2 | |||
| Total non-current liabilities | 4,485.2 | 4,891.5 | 4,848.4 | |||
| Trade and other payables | 714.4 | 641.7 | 636.4 | |||
| Provisions | 117.2 | 93.6 | 118.4 | |||
| Contract liabilities | 384.6 | 353.7 | 239.9 | |||
| Lease liabilities | 1,041.1 | 1,167.6 | 1,096.5 | |||
| Loans and other liabilities | 38.1 | 47.9 | 42.9 | |||
| Total current liabilities | 2,295.4 | 2,304.5 | 2,134.1 | |||
| Total liabilities | 6,780.6 | 7,196.0 | 6,982.5 | |||
| Total equity and liabilities | 10,665.2 | 11,097.7 | 11,008.1 |
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| CONSOLIDATED INCOME STATEMENTS (Unaudited)<br>(U.S. dollars in millions, except per share data) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months ended<br><br>June 30 | Three Months ended<br><br>June 30 | Year ended<br><br>December 31 | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||
| Income from voyages and related services | 3,177.2 | 3,642.3 | 1,780.7 | 1,635.7 | 6,904.2 | |||||||||
| Cost of voyages and related services: | ||||||||||||||
| Operating expenses and cost of services | (2,245.3 | ) | (2,260.6 | ) | (1,213.6 | ) | (1,098.0 | ) | (4,460.8 | ) | ||||
| Depreciation | (619.7 | ) | (627.7 | ) | (312.1 | ) | (316.9 | ) | (1,259.5 | ) | ||||
| Impairment reversal of assets | 137.0 | |||||||||||||
| Gross profit | 312.2 | 754.0 | 255.0 | 220.8 | 1,320.9 | |||||||||
| Other operating income | 27.9 | 27.8 | 2.5 | 15.3 | 43.4 | |||||||||
| Other operating expenses | (0.9 | ) | (0.2 | ) | (0.8 | ) | (0.2 | ) | (1.5 | ) | ||||
| General and administrative expenses | (203.7 | ) | (163.2 | ) | (107.5 | ) | (84.2 | ) | (336.3 | ) | ||||
| Share of loss of associates | (9.5 | ) | (4.9 | ) | (4.9 | ) | (2.5 | ) | (10.5 | ) | ||||
| Results from operating activities | 126.0 | 613.5 | 144.3 | 149.2 | 1,016.0 | |||||||||
| Finance income | 56.4 | 69.7 | 24.1 | 29.7 | 133.1 | |||||||||
| Finance expenses | (219.9 | ) | (253.4 | ) | (107.7 | ) | (129.6 | ) | (490.6 | ) | ||||
| Net finance expenses | (163.5 | ) | (183.7 | ) | (83.6 | ) | (99.9 | ) | (357.5 | ) | ||||
| Profit (loss) before income taxes | (37.5 | ) | 429.8 | 60.7 | 49.3 | 658.5 | ||||||||
| Income taxes | 15.3 | (110.0 | ) | 3.4 | (25.6 | ) | (177.0 | ) | ||||||
| Profit (loss) for the period | (22.2 | ) | 319.8 | 64.1 | 23.7 | 481.5 | ||||||||
| Attributable to: | ||||||||||||||
| Owners of the Company | (22.5 | ) | 318.1 | 63.5 | 22.8 | 479.2 | ||||||||
| Non-controlling interests | 0.3 | 1.7 | 0.6 | 0.9 | 2.3 | |||||||||
| Profit (loss) for the period | (22.2 | ) | 319.8 | 64.1 | 23.7 | 481.5 | ||||||||
| Earnings (loss) per share () | ||||||||||||||
| Basic earnings (loss) per 1 ordinary share | (0.19 | ) | 2.64 | 0.53 | 0.19 | 3.98 | ||||||||
| Diluted earnings (loss) per 1 ordinary share | (0.19 | ) | 2.64 | 0.53 | 0.19 | 3.98 | ||||||||
| Weighted average number of shares for earnings per share calculation: | ||||||||||||||
| Basic | 120,498,861 | 120,448,448 | 120,520,263 | 120,457,512 | 120,453,671 | |||||||||
| Diluted | 120,498,861 | 120,511,122 | 120,658,073 | 120,508,193 | 120,515,854 |
All values are in US Dollars.
- 12 -
| CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)<br><br>(U.S. dollars in millions) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months ended<br><br>June 30 | Three Months<br><br>ended June 30 | Year ended December 31 | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | |||||||||||
| Cash flows from operating activities | |||||||||||||||
| Profit (loss) for the period | (22.2 | ) | 319.8 | 64.1 | 23.7 | 481.5 | |||||||||
| Adjustments for: | |||||||||||||||
| Depreciation and amortization | 640.0 | 639.0 | 322.0 | 323.1 | 1,286.1 | ||||||||||
| Impairment reversal | (137.0 | ) | |||||||||||||
| Net finance expenses | 163.5 | 183.7 | 83.6 | 99.9 | 357.5 | ||||||||||
| Share of losses and change in fair value of investees | (10.5 | ) | 0.1 | 4.9 | (2.3 | ) | 5.6 | ||||||||
| Capital gains, net | (7.6 | ) | (22.6 | ) | (2.8 | ) | (10.7 | ) | (37.6 | ) | |||||
| Income taxes | (15.3 | ) | 110.0 | (3.4 | ) | 25.6 | 177.0 | ||||||||
| Other non-cash items | 0.4 | 2.1 | 0.2 | 1.7 | (0.1 | ) | |||||||||
| 748.3 | 1,232.1 | 468.6 | 461.0 | 2,133.0 | |||||||||||
| Change in inventories | (55.3 | ) | 12.9 | (16.5 | ) | 18.2 | 44.4 | ||||||||
| Change in trade and other receivables | (304.4 | ) | 139.7 | (266.6 | ) | (42.1 | ) | 262.3 | |||||||
| Change in trade and other payables, including contract liabilities | 219.2 | (154.3 | ) | 188.9 | (28.1 | ) | (267.1 | ) | |||||||
| Change in provisions and employee benefits | 10.3 | 11.4 | 2.7 | 10.0 | 35.6 | ||||||||||
| (130.2 | ) | 9.7 | (91.5 | ) | (42.0 | ) | 75.2 | ||||||||
| Dividends received from associates | 1.2 | 1.0 | 1.9 | ||||||||||||
| Interest received | 52.0 | 61.9 | 24.5 | 31.5 | 113.7 | ||||||||||
| Income taxes paid | (14.0 | ) | (8.7 | ) | (7.0 | ) | (9.2 | ) | (24.3 | ) | |||||
| Net cash generated from operating activities | 657.3 | 1,296.0 | 394.6 | 441.3 | 2,299.5 | ||||||||||
| Cash flows from investing activities | |||||||||||||||
| Proceeds from sale of tangible assets, intangible assets, and interest in investees | 6.2 | 19.0 | 2.5 | 9.1 | 36.6 | ||||||||||
| Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees | (42.9 | ) | (102.4 | ) | (11.6 | ) | (24.4 | ) | (217.7 | ) | |||||
| Disposal of investment instruments, net | 87.9 | 37.7 | 41.4 | 50.9 | 148.6 | ||||||||||
| Loans granted to investees | (6.8 | ) | (3.9 | ) | (3.3 | ) | (2.0 | ) | (8.1 | ) | |||||
| Change in other receivables | 15.6 | 15.3 | 7.8 | 7.9 | (67.5 | ) | |||||||||
| Change in other investments (mainly deposits), net | 158.5 | 133.8 | 76.3 | 99.7 | (25.2 | ) | |||||||||
| Net cash generated from (used in) investing activities | 218.5 | 99.5 | 113.1 | 141.2 | (133.3 | ) | |||||||||
| Cash flows from financing activities | |||||||||||||||
| Repayment of lease liabilities and borrowings | (564.0 | ) | (810.0 | ) | (282.7 | ) | (349.6 | ) | (1,439.6 | ) | |||||
| Dividend paid to owners of the Company | (106.1 | ) | (471.0 | ) | (471.0 | ) | (515.6 | ) | |||||||
| Dividend paid to non-controlling interests | (0.4 | ) | (3.8 | ) | (3.6 | ) | (3.8 | ) | |||||||
| Interest paid | (217.4 | ) | (241.6 | ) | (106.8 | ) | (119.9 | ) | (474.3 | ) | |||||
| Net cash used in financing activities | (887.9 | ) | (1,526.4 | ) | (389.5 | ) | (944.1 | ) | (2,433.3 | ) | |||||
| Net change in cash and cash equivalents | (12.1 | ) | (130.9 | ) | 118.2 | (361.6 | ) | (267.1 | ) | ||||||
| Cash and cash equivalents at beginning of the period | 1,051.7 | 1,314.7 | 921.6 | 1,546.1 | 1,314.7 | ||||||||||
| Effect of exchange rate fluctuation on cash held | (2.5 | ) | 3.3 | (2.7 | ) | 2.6 | 4.1 | ||||||||
| Cash and cash equivalents at the end of the period | 1,037.1 | 1,187.1 | 1,037.1 | 1,187.1 | 1,051.7 |
- 13 -
| RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*<br><br>(U.S. dollars in millions) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six months ended<br><br>June 30 | Three months ended<br><br>June 30 | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Net income (loss) | (22 | ) | 320 | 64 | 24 | |||||||
| Financial expenses, net | 164 | 184 | 84 | 100 | ||||||||
| Income taxes | (15 | ) | 110 | (3 | ) | 26 | ||||||
| Operating income (EBIT) | 126 | 613 | 144 | 149 | ||||||||
| Capital loss (gain), beyond the ordinary course of business | (1 | ) | (2 | ) | 0 | 0 | ||||||
| Acquisition related costs | 39 | 0 | 25 | 0 | ||||||||
| Adjusted EBIT | 164 | 612 | 169 | 149 | ||||||||
| Adjusted EBIT margin | 5 | % | 17 | % | 10 | % | 9 | % |
* The table above may contain slight summation differences due to rounding.
| RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA*<br><br>(U.S. dollars in millions) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six months ended<br><br>June 30 | Three months ended<br><br>June 30 | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Net income (loss) | (22 | ) | 320 | 64 | 24 | |||||||
| Financial expenses, net | 164 | 184 | 84 | 100 | ||||||||
| Income taxes | (15 | ) | 110 | (3 | ) | 26 | ||||||
| Depreciation and amortization | 640 | 639 | 322 | 323 | ||||||||
| EBITDA | 766 | 1,253 | 466 | 472 | ||||||||
| Capital loss (gain), beyond the ordinary course of business | (1 | ) | (2 | ) | 0 | 0 | ||||||
| Acquisition related costs | 39 | 25 | ||||||||||
| Adjusted EBITDA | 804 | 1,251 | 491 | 472 | ||||||||
| Adjusted EBITDA margin | 25 | % | 34 | % | 28 | % | 29 | % |
* The table above may contain slight summation differences due to rounding.
- 14 -
| RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME*<br><br>(U.S. dollars in millions) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six months ended<br><br>June 30 | Three months ended<br><br>June 30 | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Net income (loss) | (22 | ) | 320 | 64 | 24 | |||||||
| Capital loss (gain), beyond the ordinary course of business (net of tax) | (1 | ) | (2 | ) | 0 | 0 | ||||||
| Acquisition related costs (net of tax) | 27 | 0 | 13 | 0 | ||||||||
| Adjusted net income (loss) | 4 | 318 | 77 | 24 | ||||||||
| Net income (loss) margin | (1 | )% | 9 | % | 4 | % | 1 | % | ||||
| Adjusted net income (loss) margin | 0 | % | 9 | % | 4 | % | 1 | % |
* The table above may contain slight summation differences due to rounding.
| RECONCILIATION OF NET CASH GENERATED FROM<br><br>OPERATING ACTIVITIES TO FREE CASH FLOW*<br><br>(U.S. dollars in millions) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six months ended<br><br>June 30 | Three months ended<br><br>June 30 | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Net cash generated from operating activities | 657 | 1,296 | 395 | 441 | ||||||||
| Capital expenditures, net | (36 | ) | (83 | ) | (9 | ) | (15 | ) | ||||
| Free cash flow | 621 | 1,213 | 386 | 426 |
* The table above may contain slight summation differences due to rounding.

- 15 -
Exhibit 99.2
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM
FINANCIAL STATEMENTS
JUNE 30, 2026
ZIM INTEGRATED SHIPPING SERVICES LTD.
INDEX TO CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
2
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF FINANCIAL POSITION
| June 30 | December 31 | |||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | 2025 | ||||
| Note | US in millions | |||||
| Assets | ||||||
| Vessels | 6 | 5,372.6 | 5,825.0 | 5,801.7 | ||
| Containers and handling equipment | 6 | 1,078.0 | 1,058.0 | 1,102.1 | ||
| Other tangible assets | 6 | 137.1 | 109.1 | 137.8 | ||
| Intangible assets | 108.0 | 109.9 | 109.4 | |||
| Investments in associates | 31.1 | 33.3 | 28.6 | |||
| Other investments | 958.3 | 1,137.6 | 1,051.7 | |||
| Other receivables | 117.3 | 50.4 | 137.0 | |||
| Deferred tax assets | 9.0 | 7.7 | 9.2 | |||
| Total non-current assets | 7,811.4 | 8,331.0 | 8,377.5 | |||
| Inventories | 223.1 | 199.3 | 167.8 | |||
| Trade and other receivables | 992.7 | 794.6 | 676.0 | |||
| Other investments | 600.9 | 585.7 | 735.1 | |||
| Cash and cash equivalents | 1,037.1 | 1,187.1 | 1,051.7 | |||
| Total current assets | 2,853.8 | 2,766.7 | 2,630.6 | |||
| Total assets | 10,665.2 | 11,097.7 | 11,008.1 | |||
| Equity | ||||||
| Share capital and reserves | 5 | 2,041.4 | 2,046.4 | 2,051.4 | ||
| Retained earnings | 1,839.8 | 1,851.0 | 1,969.5 | |||
| Equity attributable to owners of the Company | 3,881.2 | 3,897.4 | 4,020.9 | |||
| Non-controlling interests | 3.4 | 4.3 | 4.7 | |||
| Total equity | 3,884.6 | 3,901.7 | 4,025.6 | |||
| Liabilities | ||||||
| Lease liabilities | 4,191.2 | 4,647.4 | 4,551.6 | |||
| Loans and other liabilities | 42.2 | 52.3 | 47.2 | |||
| Employee benefits | 78.4 | 60.9 | 63.4 | |||
| Deferred tax liabilities | 173.4 | 130.9 | 186.2 | |||
| Total non-current liabilities | 4,485.2 | 4,891.5 | 4,848.4 | |||
| Trade and other payables | 714.4 | 641.7 | 636.4 | |||
| Provisions | 117.2 | 93.6 | 118.4 | |||
| Contract liabilities | 384.6 | 353.7 | 239.9 | |||
| Lease liabilities | 1,041.1 | 1,167.6 | 1,096.5 | |||
| Loans and other liabilities | 38.1 | 47.9 | 42.9 | |||
| Total current liabilities | 2,295.4 | 2,304.5 | 2,134.1 | |||
| Total liabilities | 6,780.6 | 7,196.0 | 6,982.5 | |||
| Total equity and liabilities | 10,665.2 | 11,097.7 | 11,008.1 |
All values are in US Dollars.
| /s/ Yair Seroussi | /s/ Chen Lichtenstein | /s/ Sami Jubran |
|---|---|---|
| Yair Seroussi | Chen Lichtenstein | Sami Jubran |
| Chairman of the Board of Directors | President & Chief Executive Officer | Chief Financial Officer |
Date of approval of the Financial Statements: August 19, 2026.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
3
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM INCOME STATEMENTS
| Six months ended<br>June 30 | Three months ended<br><br>June 30 | Year ended<br><br>December 31 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2025 | |||||||||||
| Note | US in millions | ||||||||||||||
| Income from voyages and related services | 7 | 3,177.2 | 3,642.3 | 1,780.7 | 1,635.7 | 6,904.2 | |||||||||
| Cost of voyages and related services: | |||||||||||||||
| Operating expenses and cost of services | 8 | (2,245.3 | ) | (2,260.6 | ) | (1,213.6 | ) | (1,098.0 | ) | (4,460.8 | ) | ||||
| Depreciation | (619.7 | ) | (627.7 | ) | (312.1 | ) | (316.9 | ) | (1,259.5 | ) | |||||
| Impairment reversal of assets | 137.0 | ||||||||||||||
| Gross profit | 312.2 | 754.0 | 255.0 | 220.8 | 1,320.9 | ||||||||||
| Other operating income | 27.9 | 27.8 | 2.5 | 15.3 | 43.4 | ||||||||||
| Other operating expenses | (0.9 | ) | (0.2 | ) | (0.8 | ) | (0.2 | ) | (1.5 | ) | |||||
| General and administrative expenses | (203.7 | ) | (163.2 | ) | (107.5 | ) | (84.2 | ) | (336.3 | ) | |||||
| Share of loss of associates | (9.5 | ) | (4.9 | ) | (4.9 | ) | (2.5 | ) | (10.5 | ) | |||||
| Results from operating activities | 126.0 | 613.5 | 144.3 | 149.2 | 1,016.0 | ||||||||||
| Finance income | 56.4 | 69.7 | 24.1 | 29.7 | 133.1 | ||||||||||
| Finance expenses | (219.9 | ) | (253.4 | ) | (107.7 | ) | (129.6 | ) | (490.6 | ) | |||||
| Net finance expenses | (163.5 | ) | (183.7 | ) | (83.6 | ) | (99.9 | ) | (357.5 | ) | |||||
| Profit (loss) before income taxes | (37.5 | ) | 429.8 | 60.7 | 49.3 | 658.5 | |||||||||
| Income taxes | 15.3 | (110.0 | ) | 3.4 | (25.6 | ) | (177.0 | ) | |||||||
| Profit (loss) for the period | (22.2 | ) | 319.8 | 64.1 | 23.7 | 481.5 | |||||||||
| Attributable to: | |||||||||||||||
| Owners of the Company | (22.5 | ) | 318.1 | 63.5 | 22.8 | 479.2 | |||||||||
| Non-controlling interests | 0.3 | 1.7 | 0.6 | 0.9 | 2.3 | ||||||||||
| Profit (loss) for the period | (22.2 | ) | 319.8 | 64.1 | 23.7 | 481.5 | |||||||||
| Earnings (loss) per share (US$) | |||||||||||||||
| Basic earnings (loss) per 1 ordinary share | 10 | (0.19 | ) | 2.64 | 0.53 | 0.19 | 3.98 | ||||||||
| Diluted earnings (loss) per 1 ordinary share | 10 | (0.19 | ) | 2.64 | 0.53 | 0.19 | 3.98 |
All values are in US Dollars.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
4
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
| Six months ended<br>June 30 | Three months ended<br><br>June 30 | Year ended<br><br>December 31 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||
| US in millions | ||||||||||||||
| Profit (loss) for the period | (22.2 | ) | 319.8 | 64.1 | 23.7 | 481.5 | ||||||||
| Other components of comprehensive income: | ||||||||||||||
| Items of other comprehensive income that were or will be reclassified to profit or loss | ||||||||||||||
| Foreign currency translation differences for foreign operations | (2.2 | ) | 2.1 | (3.7 | ) | 2.8 | 2.2 | |||||||
| Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax | (8.7 | ) | 9.3 | (2.2 | ) | 3.5 | 11.9 | |||||||
| Net change in fair value of investments in debt instruments at fair value through other comprehensive income that was transferred to profit or loss | (0.9 | ) | 0.1 | (0.4 | ) | 0.3 | (1.0 | ) | ||||||
| Items of other comprehensive income that would never be reclassified to profit or loss | ||||||||||||||
| Net change in fair value of investments in equity instruments at fair value through other comprehensive income, net of tax | (0.2 | ) | 0.2 | (0.1 | ) | 0.1 | 1.6 | |||||||
| Defined benefit pension plans actuarial gains (losses), net of tax | (1.1 | ) | (0.3 | ) | (1.4 | ) | (0.8 | ) | 1.6 | |||||
| Other comprehensive income for the period, net of tax | (13.1 | ) | 11.4 | (7.8 | ) | 5.9 | 16.3 | |||||||
| Total comprehensive income for the period | (35.3 | ) | 331.2 | 56.3 | 29.6 | 497.8 | ||||||||
| Attributable to: | ||||||||||||||
| Owners of the Company | (34.4 | ) | 328.9 | 56.8 | 27.7 | 495.1 | ||||||||
| Non-controlling interests | (0.9 | ) | 2.3 | (0.5 | ) | 1.9 | 2.7 | |||||||
| Total comprehensive income for the period | (35.3 | ) | 331.2 | 56.3 | 29.6 | 497.8 |
All values are in US Dollars.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
5
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CHANGES IN EQUITY
| Attribute to the owners of the Company | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share<br>capital | General<br><br>reserves (*) | Translation<br><br>reserve | Retained<br><br>earnings | Total | Non-controlling<br><br>interests | Total<br><br>equity | |||||||||||||
| US in millions | |||||||||||||||||||
| For the six months period ended June 30, 2026 | |||||||||||||||||||
| Balance at January 1, 2026 | 927.6 | 1,167.8 | (44.0 | ) | 1,969.5 | 4,020.9 | 4.7 | 4,025.6 | |||||||||||
| Loss for the period | (22.5 | ) | (22.5 | ) | 0.3 | (22.2 | ) | ||||||||||||
| Other comprehensive income for the period, net of tax | (9.8 | ) | (1.0 | ) | (1.1 | ) | (11.9 | ) | (1.2 | ) | (13.1 | ) | |||||||
| Share-based compensation | 0.8 | 0.8 | 0.8 | ||||||||||||||||
| Exercise of options | 11.9 | (11.9 | ) | ||||||||||||||||
| Dividend to owners of the Company | (106.1 | ) | (106.1 | ) | (106.1 | ) | |||||||||||||
| Dividend to non-controlling interests in subsidiaries | (0.4 | ) | (0.4 | ) | |||||||||||||||
| Balance at June 30, 2026 | 939.5 | 1,146.9 | (45.0 | ) | 1,839.8 | 3,881.2 | 3.4 | 3,884.6 | |||||||||||
| For the three months period ended June 30, 2026 | |||||||||||||||||||
| Balance at April 1, 2026 | 939.0 | 1,149.9 | (42.4 | ) | 1,777.7 | 3,824.2 | 3.9 | 3,828.1 | |||||||||||
| Profit for the period | 63.5 | 63.5 | 0.6 | 64.1 | |||||||||||||||
| Other comprehensive income for the period, net of tax | (2.7 | ) | (2.6 | ) | (1.4 | ) | (6.7 | ) | (1.1 | ) | (7.8 | ) | |||||||
| Share-based compensation | 0.2 | 0.2 | 0.2 | ||||||||||||||||
| Exercise of options | 0.5 | (0.5 | ) | ||||||||||||||||
| Balance at June 30, 2026 | 939.5 | 1,146.9 | (45.0 | ) | 1,839.8 | 3,881.2 | 3.4 | 3,884.6 |
All values are in US Dollars.
(*) Include reserves related to share-based compensation, changes in fair value of investment instruments and transactions with an interested party in prior periods.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
6
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CHANGES IN EQUITY
| Attribute to the owners of the Company | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share<br>capital | General<br><br>reserves (*) | Translation<br><br>reserve | Retained<br><br>earnings | Total | Non-controlling<br><br>interests | Total<br><br>equity | |||||||||||||
| US in millions | |||||||||||||||||||
| For the six months period ended June 30, 2025 | |||||||||||||||||||
| Balance at January 1, 2025 | 927.3 | 1,151.3 | (45.9 | ) | 2,004.2 | 4,036.9 | 5.8 | 4,042.7 | |||||||||||
| Profit for the period | 318.1 | 318.1 | 1.7 | 319.8 | |||||||||||||||
| Other comprehensive income for the period, net of tax | 9.6 | 1.5 | (0.3 | ) | 10.8 | 0.6 | 11.4 | ||||||||||||
| Share-based compensation | 2.6 | 2.6 | 2.6 | ||||||||||||||||
| Exercise of options | 0.3 | (0.3 | ) | ||||||||||||||||
| Dividend to owners of the Company | (471.0 | ) | (471.0 | ) | (471.0 | ) | |||||||||||||
| Dividend to non-controlling interests in subsidiaries | (3.8 | ) | (3.8 | ) | |||||||||||||||
| Balance at June 30, 2025 | 927.6 | 1,163.2 | (44.4 | ) | 1,851.0 | 3,897.4 | 4.3 | 3,901.7 | |||||||||||
| For the three months period ended June 30, 2025 | |||||||||||||||||||
| Balance at April 1, 2025 | 927.5 | 1,158.5 | (46.2 | ) | 1,918.1 | 3,957.9 | 6.0 | 3,963.9 | |||||||||||
| Profit for the period | 22.8 | 22.8 | 0.9 | 23.7 | |||||||||||||||
| Other comprehensive income for the period, net of tax | 3.9 | 1.8 | (0.8 | ) | 4.9 | 1.0 | 5.9 | ||||||||||||
| Share-based compensation | 0.9 | 0.9 | 0.9 | ||||||||||||||||
| Exercise of options | 0.1 | (0.1 | ) | ||||||||||||||||
| Dividend to owners of the Company | (89.1 | ) | (89.1 | ) | (89.1 | ) | |||||||||||||
| Dividend to non-controlling interests in subsidiaries | (3.6 | ) | (3.6 | ) | |||||||||||||||
| Balance at June 30, 2025 | 927.6 | 1,163.2 | (44.4 | ) | 1,851.0 | 3,897.4 | 4.3 | 3,901.7 | |||||||||||
| For the year ended December 31, 2025 | |||||||||||||||||||
| Balance at January 1, 2025 | 927.3 | 1,151.3 | (45.9 | ) | 2,004.2 | 4,036.9 | 5.8 | 4,042.7 | |||||||||||
| Profit for the year | 479.2 | 479.2 | 2.3 | 481.5 | |||||||||||||||
| Other comprehensive income for the year, net of tax | 12.3 | 1.9 | 1.7 | 15.9 | 0.4 | 16.3 | |||||||||||||
| Exercise of options | 0.3 | (0.3 | ) | ||||||||||||||||
| Share-based compensation | 4.5 | 4.5 | 4.5 | ||||||||||||||||
| Dividend to owners of the Company | (515.6 | ) | (515.6 | ) | (515.6 | ) | |||||||||||||
| Dividend to non-controlling interests in subsidiaries | (3.8 | ) | (3.8 | ) | |||||||||||||||
| Balance at December 31, 2025 | 927.6 | 1,167.8 | (44.0 | ) | 1,969.5 | 4,020.9 | 4.7 | 4,025.6 |
All values are in US Dollars.
(*) Include reserves related to share-based compensation, changes in fair value of investment instruments and transactions with an interested party in prior periods.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
7
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS
| Six months ended | Three months ended | Year ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30 | June 30 | December 31 | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||
| US in millions | ||||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Profit (loss) for the period | (22.2 | ) | 319.8 | 64.1 | 23.7 | 481.5 | ||||||||
| Adjustments for: | ||||||||||||||
| Depreciation and amortization | 640.0 | 639.0 | 322.0 | 323.1 | 1,286.1 | |||||||||
| Impairment reversal | (137.0 | ) | ||||||||||||
| Net finance expenses | 163.5 | 183.7 | 83.6 | 99.9 | 357.5 | |||||||||
| Share of losses and change in fair value of investees | (10.5 | ) | 0.1 | 4.9 | (2.3 | ) | 5.6 | |||||||
| Capital gains, net | (7.6 | ) | (22.6 | ) | (2.8 | ) | (10.7 | ) | (37.6 | ) | ||||
| Income taxes | (15.3 | ) | 110.0 | (3.4 | ) | 25.6 | 177.0 | |||||||
| Other non-cash items | 0.4 | 2.1 | 0.2 | 1.7 | (0.1 | ) | ||||||||
| 748.3 | 1,232.1 | 468.6 | 461.0 | 2,133.0 | ||||||||||
| Change in inventories | (55.3 | ) | 12.9 | (16.5 | ) | 18.2 | 44.4 | |||||||
| Change in trade and other receivables | (304.4 | ) | 139.7 | (266.6 | ) | (42.1 | ) | 262.3 | ||||||
| Change in trade and other payables, including contract liabilities | 219.2 | (154.3 | ) | 188.9 | (28.1 | ) | (267.1 | ) | ||||||
| Change in provisions and employee benefits | 10.3 | 11.4 | 2.7 | 10.0 | 35.6 | |||||||||
| (130.2 | ) | 9.7 | (91.5 | ) | (42.0 | ) | 75.2 | |||||||
| Dividends received from associates | 1.2 | 1.0 | 1.9 | |||||||||||
| Interest received | 52.0 | 61.9 | 24.5 | 31.5 | 113.7 | |||||||||
| Income taxes paid | (14.0 | ) | (8.7 | ) | (7.0 | ) | (9.2 | ) | (24.3 | ) | ||||
| Net cash generated from operating activities | 657.3 | 1,296.0 | 394.6 | 441.3 | 2,299.5 | |||||||||
| Cash flows from investing activities | ||||||||||||||
| Proceeds from sale of tangible assets, intangible assets, and interest in investees | 6.2 | 19.0 | 2.5 | 9.1 | 36.6 | |||||||||
| Acquisition and capitalized expenditures of tangible<br><br>assets, intangible assets and interest in investees | (42.9 | ) | (102.4 | ) | (11.6 | ) | (24.4 | ) | (217.7 | ) | ||||
| Disposal of investment instruments, net | 87.9 | 37.7 | 41.4 | 50.9 | 148.6 | |||||||||
| Loans granted to investees | (6.8 | ) | (3.9 | ) | (3.3 | ) | (2.0 | ) | (8.1 | ) | ||||
| Change in other receivables | 15.6 | 15.3 | 7.8 | 7.9 | (67.5 | ) | ||||||||
| Change in other investments (mainly deposits), net | 158.5 | 133.8 | 76.3 | 99.7 | (25.2 | ) | ||||||||
| Net cash generated from (used in) investing activities | 218.5 | 99.5 | 113.1 | 141.2 | (133.3 | ) |
All values are in US Dollars.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
8
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS
| Six months ended | Three months ended | Year ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30 | June 30 | December 31 | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||
| US in millions | ||||||||||||||
| Cash flows from financing activities | ||||||||||||||
| Repayment of lease liabilities and borrowings | (564.0 | ) | (810.0 | ) | (282.7 | ) | (349.6 | ) | (1,439.6 | ) | ||||
| Dividend paid to owners of the Company | (106.1 | ) | (471.0 | ) | (471.0 | ) | (515.6 | ) | ||||||
| Dividend paid to non-controlling interests | (0.4 | ) | (3.8 | ) | (3.6 | ) | (3.8 | ) | ||||||
| Interest paid | (217.4 | ) | (241.6 | ) | (106.8 | ) | (119.9 | ) | (474.3 | ) | ||||
| Net cash used in financing activities | (887.9 | ) | (1,526.4 | ) | (389.5 | ) | (944.1 | ) | (2,433.3 | ) | ||||
| Net change in cash and cash equivalents | (12.1 | ) | (130.9 | ) | 118.2 | (361.6 | ) | (267.1 | ) | |||||
| Cash and cash equivalents at beginning of the period | 1,051.7 | 1,314.7 | 921.6 | 1,546.1 | 1,314.7 | |||||||||
| Effect of exchange rate fluctuation on cash held | (2.5 | ) | 3.3 | (2.7 | ) | 2.6 | 4.1 | |||||||
| Cash and cash equivalents at the end of the period | 1,037.1 | 1,187.1 | 1,037.1 | 1,187.1 | 1,051.7 |
All values are in US Dollars.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
9
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 1 | Reporting entity |
|---|
ZIM Integrated Shipping Services Ltd. (hereinafter - the "Company" or "ZIM") and its subsidiaries (hereinafter – "the Group" or "the Companies") and the Group’s interests in associates, operate in the field of cargo shipping and related services.
ZIM is a company incorporated in Israel, with limited liability. ZIM’s ordinary shares have been listed on the New York Stock Exchange (the “NYSE”) under the symbol “ZIM” on January 28, 2021. The address of the Company’s registered office is 9 Andrei Sakharov Street, Haifa, Israel.
Entry Into Agreement and Plan of Merger
On February 16, 2026, the Company entered into an Agreement and Plan of Merger, by and among the Company, Hapag-Lloyd AG, a shipping company incorporated under the laws of Germany (“Parent”), and Norazia (Israel) Ltd., a company organized under the laws of the State of Israel and a direct or indirect wholly owned Subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, and upon the terms and subject to the conditions therein, Merger Sub will merge with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger and a wholly owned subsidiary of Parent. In connection with the Merger Agreement, Parent entered into a binding memorandum of understanding with FIMI Opportunity 7, L.P. and FIMI Israel Opportunity 7, Limited Partnership (together, “FIMI”), pursuant to which certain activities and related assets will be transferred to a new entity established by FIMI, that would assume the responsibilities related to the Special State Share, subject to the approval of the State of Israel (see also Note 12(b) to the Company’s 2025 annual financial statements).
In a Special Shareholders’ Meeting held on April 30, 2026, among several topics on the agenda, the proposed Merger transaction was approved. The completion of the Merger is subject to certain conditions, including, among others, obtaining the approval in connection with the Special State Share, and other regulatory approvals required.
During the recent months, several governmental offices of the State of Israel, including the Ministry of Defense and the Ministry of Economy and Industry, provided professional opinions expressing their objections to the proposed merger in its current structure, based on concerns regarding potential risks to the state’s national security, economic independence and long-term commercial prospects. However, as of the date of the publication of these financial statements, no formal decision of the State of Israel was made and no such formal decision was delivered to the parties to the merger with respect to the proposed merger.
Upon the completion of the merger, if completed, each issued and outstanding ordinary share of the Company, excluding the Special State Share, will automatically be converted into the right to receive $35.00 per share in cash, without interest (the “Merger Consideration”). At that time, the Company Shares will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
10
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 2 | Basis of compliance | |
|---|---|---|
| (a) | Statement of compliance | |
| --- | --- | --- |
These condensed consolidated unaudited interim Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for annual Financial Statements and should be read in conjunction with the consolidated Financial Statements of the Company as at and for the year ended December 31, 2025 (hereafter – the “annual Financial Statements”). These condensed consolidated unaudited interim Financial Statements were approved by the Board of Directors on August 19, 2026.
| (b) | Estimates |
|---|
The preparation of Financial Statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the principal assumptions used in the estimation of uncertainty were the same as those applied in the annual Financial Statements.
| 3 | Material accounting policies |
|---|
The material accounting policies applied by the Group in these unaudited condensed consolidated interim Financial Statements are the same as those applied by the Group in its annual Financial Statements.
11
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 4 | Financial position | |
|---|---|---|
| (a) | The container shipping industry continues to be impacted by the supply and demand dynamics, as well as by uncertainties in the global trade, including the implications of the ongoing armed conflicts in the Middle-East and between Russia<br>and Ukraine, the recent disruption in the strait of Hormuz and the continuing disruption in the Red Sea, the changing, and sometimes escalating, trade barriers between the US and China and other countries, and other geopolitical challenges.<br>Furthermore, in February 2026, a US Supreme Court ruling determined that certain tariffs imposed by the Trump administration pursuant to the International Emergency Economic Powers Act are invalid, adding uncertainty to the business<br>environment. These factors contribute to the continuing volatility in freight rates, charter rates and bunker prices (including the recent volatility in bunker prices, due to the implications of the above-mentioned developments in the<br>Middle-East and in the strait of Hormuz). In addition, regulators in certain jurisdictions continue to enforce enhanced regulatory oversight activities over our industry. | |
| --- | --- | --- |
In October 2025, following meetings held between the US and China administrations, both countries announced a mutual one-year suspension, as from November 10, 2025, in respect of substantial fees previously declared to be imposed on China-related vessels calling US ports and US-related vessels calling China ports.
Since October 2023, Israel has been involved in a prolonged war situation, including a direct armed conflict with Iran that was concluded in June 2025, as well as the more recent armed conflict between Iran and the combined forces of the U.S. and Israel, which began in February 2026, and as of mid-August 2026, remains unresolved with diplomatic negotiations continuing alongside military blows exchanges between the U.S. and Iran, also affecting additional countries in the region. In parallel, Israel initiated earlier this year a military operation in the south of Lebanon against Hizballah, while holding negotiations with the State of Lebanon that recently matured into a framework agreement between the two countries. To date, this situation has had no material impact on the Company’s activities in Israel. However, those may be subject to disruptions if this situation was to further escalate.
Further to the above, during 2025 freight rates have experienced an overall decrease, while demonstrating high level of volatility as certain markets reacted to announcements on tariffs issued by the U.S administration. During the second quarter of 2026, freight rates have increased in most trades, reflecting increased demands following mixed trends demonstrated in first quarter of 2026.
| (b) | Charter agreements: |
|---|
As of today, the Company has secured the future delivery of 40 vessels, out of which 36 are new-built vessels, ten are liquefied natural gas (LNG) dual-fuel vessels, and ten are scrubber-fitted vessels. The vessels, with capacities ranging from 3,000 TEU to 11,500 TEU, are scheduled to be delivered towards the end of 2026 and through 2028 and will be deployed across the Company’s various global trades (see also Note 26 to the Company’s 2025 annual financial statements).
| (c) | In April 2026, the Company was approached by the Federal Maritime Commission (FMC) due to the inclusion of the Company in an industry-related investigation launched, regarding potentially discriminating practices among carriers in respect<br>of hazardous cargo. At this preliminary stage, the Company cannot assess the outcome of this matter, if any. |
|---|
12
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 4 | Financial position (cont’d) | |
|---|---|---|
| (d) | Following the announcement of the merger agreement between the Company and Hapag Llyod on February 16, 2026 (see also Note 1), and further to the labor dispute previously declared by the employees’ unions at the Company’s head office (in<br>respect of a potential involvement of the Company in a merger transaction), the employees’ union undertook certain strike measures that caused temporary interruptions, which as of today has had no material impact on the Company’s activities.<br>The Company and the employees’ union are negotiating with the aim of reaching a collective bargaining agreement with respect to the merger transaction. | |
| --- | --- | --- |
| (e) | A recent regulation adopted in China, which came into effect in May 2026, advises that cargo carriage contracts where the cargo originated from or is scheduled to arrive to China, should be governed by Chinese law, and disputes regarding<br>such contracts should be tried by Chinese courts. The Company is assessing the impact of the new regulation over the Company and its customers. | |
| --- | --- | --- |
| (f) | Dividends: | |
| --- | --- | --- |
In March 2026, further to the approval of the Company’s Board of Directors, the Company distributed a dividend in an amount of US$ 106 million, reflecting US$ 0.88 per ordinary share.
| 5 | Capital and reserves |
|---|
Share-Based Payment Arrangements
During the three months period ended June 30, 2026 and 2025, the Company recorded expenses related to share-based compensation arrangements of US$ 0.2 million and US$ 0.9 million, respectively. During the six months period ended June 30, 2026 and 2025 and year ended December 31, 2025, the Company recorded expenses related to share-based compensation arrangements of US$ 0.8 million, US$ 2.6 million and US$ 4.5 million, respectively.
| 6 | Right-of-use assets | ||||
|---|---|---|---|---|---|
| Balance at<br>June 30 | Balance at<br><br>December 31 | ||||
| --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 2025 | |||
| US in millions | |||||
| Vessels | 4,842.4 | 5,270.3 | 5,246.6 | ||
| Containers and handling equipment | 350.4 | 405.2 | 374.2 | ||
| Other tangible assets | 76.1 | 56.1 | 74.7 | ||
| 5,268.9 | 5,731.6 | 5,695.5 |
All values are in US Dollars.
13
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 7 | Income from voyages and related services | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Six months ended<br>June 30 | Three months ended<br><br>June 30 | Year ended<br><br>December 31 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 2026 | 2025 | 2025 | |||||
| US in millions | |||||||||
| Freight revenues from containerized cargo: | |||||||||
| Pacific | 1,406.6 | 1,527.7 | 836.4 | 665.1 | 2,921.0 | ||||
| Cross-Suez | 282.1 | 340.3 | 139.2 | 130.0 | 563.9 | ||||
| Atlantic | 307.5 | 363.1 | 164.3 | 175.7 | 665.0 | ||||
| Intra-Asia | 342.5 | 359.3 | 185.1 | 171.4 | 747.1 | ||||
| Latin America | 262.6 | 410.5 | 141.2 | 181.1 | 784.0 | ||||
| 2,601.3 | 3,000.9 | 1,466.2 | 1,323.3 | 5,681.0 | |||||
| Freight revenues from non-containerized cargo (mostly related to vehicle shipping services) | 170.2 | 224.6 | 94.3 | 111.0 | 397.9 | ||||
| Other revenues (*) | 405.7 | 416.8 | 220.2 | 201.4 | 825.3 | ||||
| 3,177.2 | 3,642.3 | 1,780.7 | 1,635.7 | 6,904.2 |
All values are in US Dollars.
(*) Mainly demurrage, related services and other value-added services.
| 8 | Operating expenses and cost of services | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Six months ended<br>June 30 | Three months ended<br><br>June 30 | Year ended December 31 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 2026 | 2025 | 2025 | |||||
| US in millions | |||||||||
| Wages, maintenance and other vessel-operating costs | 24.4 | 22.2 | 11.8 | 12.0 | 45.5 | ||||
| Expenses relating to fleet equipment (mainly containers and chassis) | 19.5 | 17.7 | 10.2 | 8.8 | 37.0 | ||||
| Bunker and lubricants | 569.7 | 608.6 | 335.4 | 294.0 | 1,146.7 | ||||
| Insurance | 14.8 | 14.7 | 6.9 | 7.4 | 30.5 | ||||
| Expenses related to cargo handling | 1,081.3 | 1,051.7 | 568.3 | 508.6 | 2,102.1 | ||||
| Port expenses | 200.7 | 258.7 | 102.0 | 130.0 | 508.9 | ||||
| Agents’ salaries and commissions | 138.5 | 123.7 | 77.7 | 60.7 | 250.5 | ||||
| Cost of related services and sundry | 127.1 | 100.7 | 64.8 | 47.8 | 212.5 | ||||
| Slot purchases and hire of vessels | 53.6 | 42.9 | 29.0 | 19.5 | 90.5 | ||||
| Hire of containers | 15.7 | 19.7 | 7.5 | 9.2 | 36.6 | ||||
| 2,245.3 | 2,260.6 | 1,213.6 | 1,098.0 | 4,460.8 |
All values are in US Dollars.
14
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 9 | Financial instruments |
|---|
Financial instruments measured at fair value
| Balance at June 30, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | ||||||||||||||
| US in millions | |||||||||||||||
| Level 1 | Level 3 | Total | Level 1 | Level 3 | Total | ||||||||||
| Fair value through profit or loss | |||||||||||||||
| Cash and cash equivalents: | |||||||||||||||
| Money market instruments | 393.0 | 393.0 | 511.4 | 511.4 | |||||||||||
| Other investments: | |||||||||||||||
| Equity instruments | 45.0 | 45.0 | 17.5 | 17.5 | |||||||||||
| Other liabilities: | |||||||||||||||
| Derivative instruments | (12.2 | ) | (12.2 | ) | (16.3 | ) | (16.3 | ) | |||||||
| Fair value through other comprehensive income | |||||||||||||||
| Other investments: | |||||||||||||||
| Sovereign bonds | 350.1 | 350.1 | 449.1 | 449.1 | |||||||||||
| Corporate bonds | 1,135.8 | 1,135.8 | 1,228.3 | 1,228.3 | |||||||||||
| Equity instruments | 3.3 | 3.3 | 2.1 | 2.1 |
All values are in US Dollars.
| Balance at December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | |||||||
| US in millions | |||||||
| Level 1 | Level 3 | Total | |||||
| Fair value through profit or loss | |||||||
| Cash and cash equivalents: | |||||||
| Money markets instruments | 471.4 | 471.4 | |||||
| Other investments: | |||||||
| Equity instruments | 21.7 | 21.7 | |||||
| Other liabilities: | |||||||
| Derivative instruments | (12.4 | ) | (12.4 | ) | |||
| Fair value through other comprehensive income | |||||||
| Other investments: | |||||||
| Sovereign bonds | 384.1 | 384.1 | |||||
| Corporate bonds | 1,194.3 | 1,194.3 | |||||
| Equity instruments | 3.0 | 3.0 |
All values are in US Dollars.
15
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 9 | Financial instruments (cont’d) |
|---|
Financial instruments not measured at fair value
The carrying amounts of the Group’s financial assets and liabilities, including cash and cash equivalents, trade and other receivables, other investments, trade and other payables and loans and other liabilities, reflect reasonable approximation of their fair value.
| 10 | Earnings per share |
|---|
Basic and diluted earnings per share
| Six months ended<br>June 30 | Three months ended<br><br>June 30 | Year ended December 31 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2025 | |||||
| US in millions | |||||||||
| Profit (loss) attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US in millions)<br><br>(22.5 | ) | 318.1 | 63.5 | 22.8 | 479.2 | ||||
| Number of shares at the beginning of the period used to calculate basic earnings (loss) per share<br><br>120,465,908 | 120,423,335 | 120,519,658 | 120,457,512 | 120,423,333 | |||||
| Effect of share options<br><br>32,953 | 25,113 | 605 | 30,338 | ||||||
| Weighted average number of ordinary shares used to calculate basic earnings (loss) per share<br><br>120,498,861 | 120,448,448 | 120,520,263 | 120,457,512 | 120,453,671 | |||||
| Effect of share options | 62,674 | 137,810 | 50,681 | 62,183 | |||||
| Weighted average number of ordinary shares used to calculate diluted earnings (loss) per share<br><br>120,498,861 | 120,511,122 | 120,658,073 | 120,508,193 | 120,515,854 |
All values are in US Dollars.
In the six and three months period ended June 30, 2026, options for 1,514,434 and 0 ordinary shares, respectively, granted under the Company’s share option plans for employees, officers and directors were excluded from the diluted weighted average number of ordinary shares calculation, as their effect would have been anti-dilutive.
16
Exhibit 99.3

Investor Presentation Q2 2026 FINANCIAL RESULTS August 19, 2026

Disclaimer 2 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 (such as the drought conditions in the Panama Canal), 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 2025 Annual Report filed with the SEC on March 9, 2026 and its Notice and Proxy Statement attached as Exhibit 99.1 to its Current Report filed with the SEC on March 19, 2026 in connection with the pending transaction with Hapag-Lloyd. 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. 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). See further disclosure regarding “Use of Non-IFRS Financial Measures” below. Use of Non-IFRS Measures in the Company’s 2026 Guidance A reconciliation of the Company’s non-IFRS financial measures included in its full-year 2026 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. 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, assumptions, and other important factors, may include statements regarding macroeconomic and geopolitical conditions, chartering agreements, anticipated capacity, and the timing thereof, statements relating to the timing and closing of the pending transaction with Hapag-Lloyd, the Company’s 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, risks and uncertainties relating to outcome of the pending transaction with Hapag-Lloyd, the current military conflict between Israel and the U.S. against Iran and some of its proxies, the Houthi attacks against vessels in the Red Sea, the war between Israel and Hamas, Iran and Iranian-backed proxies (including its impact on the Strait of Hormuz), the political and military instability in the Middle East and the war between Russia and Ukraine; our expectations regarding general market conditions as a result of global economic trends, including potential rising inflation and interest rates 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 freight 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 and the Middle East (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 Investor Presentation

Improved Market Conditions and Strategic Execution Drive Strong Q2 2026 Results 3 Note: Figures in parentheses reflect year-over-year comparison; Fleet percentages (40% LNG-powered, 60% newbuild) reflect share of operated capacity (TEU) Q2 2026 corporate update Investor Presentation Cash Flow from Operations $395 Mn Net Leverage Ratio(30.06.2026) 1.6x Net Cash Position(30.06.2026) $2.46 Bn Best positioned in Transpacific Benefited from strong dynamics in strategic trade Continued to optimize cargo mix to maximize value from expedited and premium services Modern fleet: 60% newbuild Competitive operating cost High bunker efficiency Commercial agility: optimize network to meet demand changes (new services, flexible vessel deployment) Early LNG adoption: 40% LNG-powered Supply agreements to secure LNG at competitive costs LNG: 25% less fuel consumption Revenues $1.78 Bn (+9%) Adj Net Income $77 Mn (+226%) Carried Volume 922 K TEU (+3%) Average Freight Rate $1,590 $/TEU (+8%) Adj EBITDA $491 Mn (+4%) Margin 28% Adj EBIT $169 Mn (+14%) Margin 10%

Full Year 2026 Guidance 4 Q2 2026 corporate update Investor Presentation 2026 $2.0 Bn to $2.4 Bn Adjusted EBITDA $700 Mn to $1.1 Bn Adjusted EBIT 2026 Guidance Drivers Freight rates: higher vs. 2025 Operated capacity: stable capacity YoY Volume: slightly higher vs. 2025 Bunker costs: meaningfully higher vs. 2025 2H’26 Expected to Significantly Exceed 1H’26 Results

Dividend Policy and Expected Dividend 5 Policy: distribute between 30-50% of annual net income Q2 2026 corporate update Investor Presentation Based on 2026 guidance, expect to pay dividends for this year Note: all future dividends are subject to the discretion of Company's Board of Directors and to the restrictions provided by Israeli law

Pending Transaction with Hapag-Lloyd 6 Targeted Closing Q4 2026 ZIM shareholders to receive $35/share ZIM shareholders approval obtained State of Israel approval (“Golden Share”) pending Antitrust approvals pending 1 2 3 4 Q2 2026 corporate update Investor Presentation Closing remains subject to customary conditions and regulatory approvals; the parties continue to engage with relevant authorities to obtain the required approvals

Note: fleet percentages (40% LNG-powered, 60% newbuild) reflect share of operated capacity (TEU) Modern, Cost Effective Fleet; Optionality toAdjust Fleet Size 7 Vessels 128 115 containerships 13 car carriers ~40% ~60% LNG powered Newbuild 707K TEU Re deliveries YTD 2026 2026 2027 4 chartered vessels 9 additional vessels up for renewal (35K TEU) 13 vessels up for renewal (28K TEU) Optionality to Adjust Fleet Size Q2 2026 corporate update Investor Presentation

Investing in Modern and Competitive Capacity 8 X 8,000 TEU Vessels(Scrubber Fitted) X 3,000-5,000 TEU Vessels(Some Scrubber Fitted) X 12,000 TEU Vessels(Scrubber Fitted) X 11,500 TEU LNG-fueled Vessels 2 10 4 20 New charter agreements to secure 40 additional vessels, including 36 newbuilds 250K TEU incremental newbuild capacity Q2 2026 corporate update Investor Presentation ExpectedDelivery 2027-2028 2H’26-1H’27 2027 2027-2028

Strong Freight Rates Support Improved Earnings for 2026 9 USEC SCFI: Q3 QTD average rate ~3x Q1 average Q2 2026 market update Investor Presentation Key freight rate drivers Resilient consumer demand (frontloading & restocking); supported by technology and energy investments Supply constraints: Panama Canal and China port congestion, driven by exceptionally strong El Niño, energy flows shifting to US-Asia trade, and typhoon season worsening key China ports wait times; Red Sea diversion for containers and energy Source: SCFI, as of 14/8/2026 Q1 2026$2,855 Q2 2026 $4,748 Q3 QTD $8,651 +66% +82% !

Competing Dynamics: Demand vs. Supply Growth with Major Disruptions 10 Delivered On Order Average of TEU 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 5,000 10,000 15,000 20,000 25,000 Average of TEU Cellular Containerships Deliveries by TEU TEU Total 3.5M 3.0M 2.5M 2.0M 1.5M 1.0M 0.5M 0.0M 39% Orderbook-to-Fleet Ratio Weather- and geopolitics-driven constraints drive ports congestion and absorb nominal capacity (Panama, China, Red Sea) Demand Growth & Disruptions Source: Alphaliner Monthly Monitor, July 2026 Supply/Demand Balance 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 20M 10M 0 40M 10% 0% -10% 1.7% 6.3% 7.6% 3.8% 5.8% 4.0% 7.2% 0.3% 2.5% -1.1% 8.6% 2.9% 4.5% 4.1% 8.1% 1.8% 10.3% -0.3% 7.2% 3.5% 4.2% 2.5% 4.5% 4.7% 3.8% 1.8% Fleet Capacity (year and Mteu) % Annual Capacity Growth Global Throughput Growth Q2 2026 market update Investor Presentation Negligible scrapping since 2021 & industry’s decarbonization agenda Port & land infrastructure capacity serves as constraint Above-average growth on dominant leg drives capacity utilization: H1 2026 Asia exports +9% vs. expected global demand growth <5% ! co2

Key Operational and Financial Indicators 11 Note: Operational and cash flow metrics – figures in parentheses reflect year-over-year comparisonBalance sheet metrics – figure in parentheses reflect comparison to year-end 2025 Q2-26 H1-26 Operational Carried volume (K TEU) 922 (+3%) 1,788 (-3%) Revenue ($ Mn) Freight rate ($/TEU) 1,590 (+8%) 1,455 (-11%) 1,781 (+9%) 3,177 (-13%) Cash Flow Free cash flow ($ Mn) 386(-40) 621 (-592) Cash conversion rate 78% (-12%) 77% (-20%) Q2-26 H1-26 30-6-2026 Balance Sheet Total debt ($ Mn) Net debt ($ Mn) Net leverage ratio 5,303 (-424) 2,773 (-152) 1.6x Q2 2026 Financial highlights Investor Presentation Net cash Position ($ Mn) 2,459 (-264)

12 XX% - margin Q2 & H1 2026 Financial Highlights Financial highlights Investor Presentation Adjusted EBITDA ($Mn) Adjusted EBIT ($Mn) Revenue ($Mn) +9% 3,642 3,177 H1.25 H1.26 Q2.25 Q2.26 -13% 1,636 1,781 +4% 1,251 804 -36% 472 491 +14% 612 -73% 149 +226% 318 4 -99% 24 77 29% 28% 34% 25% 9% 10% 17% 5% Adjusted Net Income/Loss ($Mn) 169 164 H1.25 H1.26 Q2.25 Q2.26 H1.25 H1.26 Q2.25 Q2.26 H1.25 H1.26 Q2.25 Q2.26

Average Freight Rate up by 8%, Driven by Strong Transpacific Trade 13 922 895 Latin America Intra-Asia Atlantic Cross-Suez Pacific Q2.2026 Q2.2025 +3% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Volume Breakdown By Geographic Trade Zone (K TEU) ZIM Average Freight Rate ($/TEU) Q2 2026 Financial highlights Investor Presentation +8%

Key Takeaways 14 Investor Presentation Differentiated commercial and operational strategy underpins strong market position Strong balance sheet and liquidity, enabling ZIM to navigate a highly volatile operating environment Strong operational and financial results in Q2 driven by improved market conditions, particularly on Transpacific trade, and disciplined strategic execution 2026 guidance supports 2026 dividend distribution Pending transaction with Hapag-Lloyd in regulatory review Actively manage a modern, effective and fuel-efficient fleet, and add newbuilds to stay competitive Optimize premium cargo and agile network management Resilient demand and strong freight rates improved 2026 earnings; outlook depends on supply/demand growth dynamics and magnitude of disruptions

Appendix

Q2 2026 Cash Flow Bridge ($Mn) 16 395 -9 386 -4 -7 -389 Cash Flow from Operations CAPEX, net Debt Service Net changein Total CashPosition Others Free Cash Flow Investor Presentation

H1 2026 Cash Flow Bridge ($Mn) 17 657 -36 621 -781 -6 -106 Cash Flow from Operations CAPEX, net Dividend Net changein Total CashPosition Others Free Cash Flow Debt Service -272 Investor Presentation

Disclaimer 18 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), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees). 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), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees). Adjusted Net Income is a non-IFRS financial measure which we define as net income (loss) adjusted, as applicable, to exclude impairment of assets (or the reversal of which), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees), all of which net of their respective income tax effect. 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. Net cash position is a non-IFRS financial measure which we define as the total cash position (which includes cash and cash equivalents, bank deposits and other investment instruments) minus financial debt (i.e., excluding lease liabilities). 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, Adjusted EBITDA and Adjusted net income in the tables provided below. Investor Presentation

Reconciliation of Net Income to Adjusted EBIT, Adjusted EBITDA & Adjusted Net Income 19 * The tables may contain slight summation differences due to rounding ($ in Mn) Q2’26 Q2’25 RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBIT* Net income 64 24 Financial expenses, net 84 100 Income taxes (3) 26 Operating income (EBIT) 144 149 Acquisition related costs 25 0 Adjusted EBIT 169 149 RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA* Net income 64 24 Financial expenses, net 84 100 Income taxes (3) 26 Depreciation and amortization 322 323 EBITDA 466 472 Acquisition related costs 25 0 Adjusted EBITDA 491 472 RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME* Net income (loss) 64 24 Acquisition related costs (net of tax) 13 0 Adjusted Net Income 77 24 Investor Presentation

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