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 May 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 May 20, 2026, ZIM Integrated Shipping Services Ltd. (the “Company”) issued a press release announcing its consolidated results for the three months ended on March 31, 2026. A copy of this press release and the Company’s condensed consolidated unaudited interim financial statements for the period ended on March 31, 2026, are attached herewith as Exhibit 99.1 and Exhibit 99.2, respectively.
The information in this Form 6-K (including Exhibit 99.1 and Exhibit 99.2) 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: May 20, 2026
EXHIBIT INDEX
| EXHIBIT NO. | DESCRIPTION |
|---|---|
| 99.1 | Press Release dated May 20, 2026 |
| 99.2 | Condensed consolidated unaudited interim financial statements for the period ended on March 31, 2026 |
Exhibit 99.1
ZIM Reports Financial Results for the First Quarter of 2026
Reported First Quarter Revenues of $1.40 Billion, Net Loss of $86 Million, Adjusted
EBITDA^1^ of $313 Million and Adjusted EBIT^1^ Loss of $5 Million
Haifa, Israel, May 20, 2026 – ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) (“ZIM” or the “Company”), a global container liner shipping company, announced today its consolidated results for the three months ended March 31, 2026.
First Quarter 2026 Highlights
| • | Net loss for the first quarter was $86 million (compared to a net income of $296 million in the first quarter of 2025), or diluted loss per share of $0.71^2^ (compared to diluted earnings per share of $2.45 in the first quarter of<br> 2025). |
|---|---|
| • | Adjusted EBITDA for the first quarter was $313 million, a year-over-year decrease of 60%. |
| --- | --- |
| • | Operating loss (EBIT) for the first quarter was $18 million, compared to operating income of $464 million in the first quarter of 2025. |
| --- | --- |
| • | Adjusted EBIT loss for the first quarter was $5 million, compared to Adjusted EBIT of $463 million in the first quarter of 2025. |
| --- | --- |
| • | Revenues for the first quarter were $1.40 billion, a year-over-year decrease of 30%. |
| --- | --- |
| • | Carried volume in the first quarter was 866 thousand TEUs, a year-over-year decrease of 8%. |
| --- | --- |
| • | Average freight rate per TEU in the first quarter was $1,310, a year-over-year decrease of 26%. |
| --- | --- |
| • | Net leverage ratio^1^ of 1.7x as of March 31, 2026, compared to 1.3x as of December 31, 2025; net debt^1^ of $2.93 billion as of March 31, 2026, compared to net debt of $2.92 billion as of December 31, 2025. |
| --- | --- |
^1^ See "Use of Non-IFRS Financial Measures." A reconciliation of each non-IFRS financial measure to its closest respective IFRS measure is provided in the tables below.
^2^ The number of shares used to calculate the diluted earnings per share is 120,477,221. The number of outstanding shares as of March 31, 2026 was 120,519,658.
Eli Glickman, ZIM President & CEO, stated, “Our first quarter results were broadly in line with our expectations, reflecting a softer freight rate environment, coupled with weaker demand. Importantly, as the proposed transaction with Hapag-Lloyd moves forward and we continue to navigate the ongoing hostilities affecting Israel and the Middle East, ZIM remains firmly focused on service reliability and disciplined execution. We appreciate the strong support of our valued customers, who have remained engaged and constructive throughout this period.”
Mr. Glickman added, “The conflict in the Persian Gulf has sparked a sharp increase and significant volatility in bunkering costs. While the impact on first quarter results was minimal, we expect a more meaningful effect in the second quarter, before our actions to offset these costs, including increased freight rates and bunker-specific surcharges, begin to take hold. It is also important to note that ZIM is likely to see incremental benefits from our early adoption of LNG technology and long-term agreements with Shell securing LNG supply on competitive terms. With a fleet comprised of approximately 40% LNG-powered capacity, ZIM not only offers shippers a pathway to significantly reduced carbon emissions but maintains a fuel-efficient and cost-effective fleet.”
“Although market fundamentals remain challenging across ZIM’s main trade lanes, we have recently observed a positive change in the trend on the Transpacific trade with freight rates strengthening alongside demand. If this momentum continues, we expect it to support our financial performance, particularly in the second half of the year. In parallel, we completed annual contract negotiations, which went into effect on May 1, maintaining similar contracted volumes to last year with approximately 65% of our Transpacific volume exposed to spot rates. This approach underpins our nimble commercial strategy and allows us to stay agile and proactive in deploying capacity as demand patterns shift. Moreover, initiatives such as ZIM on Air, a newly launched service that provides combined sea and air shipping from Asia to the U.S and Europe, underscore our innovative spirit and ability to deliver differentiated solutions. We continue to receive very positive feedback from both existing and new customers who rely on ZIM to meet their evolving shipping needs.”
Mr. Glickman concluded, “Pending completion of the proposed transaction with Hapag-Lloyd, which remains subject to approvals by various regulatory authorities including the State of Israel, our commitment to operational excellence and customer service remains unchanged. The strength of our organization begins with our people, and I thank the exceptional ZIM team for its dedication and service especially during this turbulent time. With our improved cost base and modernized fleet, we believe we have built a business that is well positioned to weather near-term headwinds and support long-term profitable growth.”
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Summary of Key Financial and Operational Results
| Q1-25 | ||||
|---|---|---|---|---|
| Carried volume (TEU in thousands) | 866 | 944 | ||
| Average freight rate (/TEU) | 1,310 | 1,776 | ||
| Total revenues ( in millions) | 1,396 | 2,007 | ||
| Operating income (loss) (EBIT) ( in millions) | (18 | ) | 464 | |
| Profit (loss) before income tax ( in millions) | (98 | ) | 381 | |
| Net income (loss) ( in millions) | (86 | ) | 296 | |
| Adjusted EBITDA ( in millions) | 313 | 779 | ||
| Adjusted EBIT ( in millions) | (5 | ) | 463 | |
| Net income (loss) margin (%) | (6 | ) | 15 | |
| Adjusted EBITDA margin (%) | 22 | 39 | ||
| Adjusted EBIT margin (%) | (0 | ) | 23 | |
| Diluted earnings (loss) per share () | (0.71 | ) | 2.45 | |
| Net cash generated from operating<br> activities ( in millions) | 263 | 855 | ||
| Free cash flow1 ( in millions) | 235 | 787 | ||
| DEC-31-25 | ||||
| Net debt ( in millions) | 2,933 | 2,925 |
All values are in US Dollars.
Financial and Operating Results for the First Quarter Ended March 31, 2026
Total revenues were $1.40 billion for the first quarter of 2026, compared to $2.01 billion for the first quarter of 2025, mainly driven by a decrease in freight rates, as well as in carried volume.
ZIM carried 866 thousand TEUs in the first quarter of 2026, compared to 944 thousand TEUs in the first quarter of 2025. The average freight rate per TEU was $1,310 for the first quarter of 2026, compared to $1,776 for the first quarter of 2025.
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Operating loss (EBIT) for the first quarter of 2026 was $18 million, compared to operating income of $464 million for the first quarter of 2025. The decrease was driven primarily by the above-mentioned decrease in revenues.
Net loss for the first quarter of 2026 was $86 million, compared to net income of $296 million for the first quarter of 2025, driven primarily by the above-mentioned decrease in revenues, partially offset by the change in income taxes.
Adjusted EBITDA for the first quarter of 2026 was $313 million, compared to $779 million for the first quarter of 2025. Adjusted EBIT loss was $5 million for the first quarter of 2026, compared to Adjusted EBIT of $463 million for the first quarter of 2025. Adjusted EBITDA and Adjusted EBIT margins for the first quarter of 2026 were 22% and 0%, respectively. This compares to 39% and 23% for the first quarter of 2025, respectively.
Net cash generated from operating activities was $263 million for the first quarter of 2026, compared to $855 million for the first quarter of 2025.
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 $265 million from $2.80 billion as of December 31, 2025 to $2.54 billion as of March 31, 2026. Capital expenditures totaled $31 million for the first quarter of 2026, compared to $78 million for the first quarter of 2025. Net debt position as of March 31, 2026, was $2.93 billion, compared to a net debt position of $2.92 billion as of December 31, 2025, an increase of $8 million. ZIM's net leverage ratio as of March 31, 2026, was 1.7x, compared to 1.3x as of December 31, 2025.
Fleet Update
ZIM currently operates 114 containerships with a total capacity of 699 thousand TEUs, as well as 13 car carriers, compared to 126 containerships with total capacity of 774 thousand TEU and 15 car carriers as of our Q1 2025 earnings release (May 19, 2025).
In addition, the Company has 10 containerships scheduled for charter expiration in 2026, representing an aggregate capacity of approximately 36 thousand TEU. In 2027, 17 containerships are scheduled for charter expiration, representing an aggregate capacity of approximately 34 thousand TEU.
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ZIM has entered into charter agreements for an aggregate of approximately 250 thousand TEU of newbuild capacity, with deliveries scheduled for future periods, including:
| • | 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 |
|---|---|
| • | Ten 11,500 TEU dual-fuel LNG vessels with charter duration of 12 years and expected delivery between 2027 and 2028. ZIM holds options to purchase these vessels |
| --- | --- |
| • | Two containerships with capacity of 12,000 TEU, scheduled for delivery between 2027 and 2028, with charter periods of up to five years, in addition to optional extensions |
| --- | --- |
| • | 20 ships with capacity ranging from 3,000 to 5,000 TEU, scheduled for delivery between 2027 and 2028, with charter periods of up to five years, in addition to optional extensions |
| --- | --- |
Volume Breakdown by Geographic Trade Zone (K TEU)*
| Three months ended<br><br> <br>March 31 | ||||
|---|---|---|---|---|
| 2026 | 2025 | |||
| Pacific | 391 | 385 | ||
| Cross-Suez | 66 | 85 | ||
| Atlantic | 114 | 140 | ||
| Intra-Asia | 198 | 193 | ||
| Latin America | 97 | 141 | ||
| Total | 866 | 944 |
* The table above may contain slight summation differences due to rounding.
First Quarter 2026 Dividend
In accordance with its dividend policy and in light of the net loss recorded in the first quarter of 2026, the Company will not pay a dividend to shareholders on account of its first quarter results.
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 $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 expected 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.
- 5 -
Conference Call Update
In light of the proposed transaction with Hapag-Lloyd, ZIM will not host a conference call in connection with its first 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.
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 statement regarding macroeconomic and geopolitical conditions, chartering agreements, anticipated capacity, and the timing thereof, statements relating to the timing and closing of the merger agreement 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 merger agreement 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 freights rates, container values and other factors affecting supply and demand; our plans regarding our business strategy, areas of possible expansion and expected capital spending or operating expenses; our ability to adequately respond to political, economic and military instability in Israel 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.
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).
- 6 -
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).
- 7 -
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.
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:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
[email protected]
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| CONSOLIDATED BALANCE SHEET (Unaudited)<br><br> (U.S. dollars in millions) | ||||||
|---|---|---|---|---|---|---|
| March 31 | December 31 | |||||
| --- | --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 2025 | ||||
| Assets | ||||||
| Vessels | 5,560.5 | 5,727.5 | 5,801.7 | |||
| Containers and handling equipment | 1,084.2 | 1,065.6 | 1,102.1 | |||
| Other tangible assets | 137.0 | 105.2 | 137.8 | |||
| Intangible assets | 108.5 | 110.3 | 109.4 | |||
| Investments in associates | 34.4 | 22.0 | 28.6 | |||
| Other investments | 967.9 | 1,109.0 | 1,051.7 | |||
| Other receivables | 121.6 | 55.5 | 137.0 | |||
| Deferred tax assets | 8.8 | 7.6 | 9.2 | |||
| Total non-current assets | 8,022.9 | 8,202.7 | 8,377.5 | |||
| Inventories | 206.6 | 217.5 | 167.8 | |||
| Trade and other receivables | 720.9 | 760.0 | 676.0 | |||
| Other investments | 705.7 | 765.4 | 735.1 | |||
| Cash and cash equivalents | 921.6 | 1,546.1 | 1,051.7 | |||
| Total current assets | 2,554.8 | 3,289.0 | 2,630.6 | |||
| Total assets | 10,577.7 | 11,491.7 | 11,008.1 | |||
| Equity | ||||||
| Share capital and reserves | 2,046.5 | 2,039.8 | 2,051.4 | |||
| Retained earnings | 1,777.7 | 1,918.1 | 1,969.5 | |||
| Equity attributable to owners of the Company | 3,824.2 | 3,957.9 | 4,020.9 | |||
| Non-controlling interests | 3.9 | 6.0 | 4.7 | |||
| Total equity | 3,828.1 | 3,963.9 | 4,025.6 | |||
| Liabilities | ||||||
| Lease liabilities | 4,320.7 | 4,539.7 | 4,551.6 | |||
| Loans and other liabilities | 43.1 | 55.5 | 47.2 | |||
| Employee benefits | 71.5 | 55.2 | 63.4 | |||
| Deferred tax liabilities | 164.3 | 83.6 | 186.2 | |||
| Total non-current liabilities | 4,599.6 | 4,734.0 | 4,848.4 | |||
| Trade and other payables | 703.7 | 1,137.8 | 636.4 | |||
| Provisions | 117.6 | 85.4 | 118.4 | |||
| Contract liabilities | 214.2 | 287.7 | 239.9 | |||
| Lease liabilities | 1,074.0 | 1,235.1 | 1,096.5 | |||
| Loans and other liabilities | 40.5 | 47.8 | 42.9 | |||
| Total current liabilities | 2,150.0 | 2,793.8 | 2,134.1 | |||
| Total liabilities | 6,749.6 | 7,527.8 | 6,982.5 | |||
| Total equity and liabilities | 10,577.7 | 11,491.7 | 11,008.1 |
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| CONSOLIDATED INCOME STATEMENTS (Unaudited)<br><br> (U.S. dollars in millions, except per share data) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Year ended<br><br> December 31 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2025 | |||||||
| Income from voyages and related services | 1,396.5 | 2,006.6 | 6,904.2 | |||||
| Cost of voyages and related services: | ||||||||
| Operating expenses and cost of services | (1,031.7 | ) | (1,162.6 | ) | (4,460.8 | ) | ||
| Depreciation | (307.6 | ) | (310.8 | ) | (1,259.5 | ) | ||
| Impairment reversal of assets | 137.0 | |||||||
| Gross profit | 57.2 | 533.2 | 1,320.9 | |||||
| Other operating income | 25.4 | 12.5 | 43.4 | |||||
| Other operating expenses | (0.1 | ) | (1.5 | ) | ||||
| General and administrative expenses | (96.2 | ) | (79.0 | ) | (336.3 | ) | ||
| Share of loss of associates | (4.6 | ) | (2.4 | ) | (10.5 | ) | ||
| Results from operating activities | (18.3 | ) | 464.3 | 1,016.0 | ||||
| Finance income | 32.3 | 40.0 | 133.1 | |||||
| Finance expenses | (112.2 | ) | (123.8 | ) | (490.6 | ) | ||
| Net finance expenses | (79.9 | ) | (83.8 | ) | (357.5 | ) | ||
| Profit (loss) before income taxes | (98.2 | ) | 380.5 | 658.5 | ||||
| Income taxes | 11.9 | (84.4 | ) | (177.0 | ) | |||
| Profit (loss) for the period | (86.3 | ) | 296.1 | 481.5 | ||||
| Attributable to: | ||||||||
| Owners of the Company | (86.0 | ) | 295.3 | 479.2 | ||||
| Non-controlling interests | (0.3 | ) | 0.8 | 2.3 | ||||
| Profit (loss) for the period | (86.3 | ) | 296.1 | 481.5 | ||||
| Earnings (loss) per share (US) | ||||||||
| Basic earnings (loss) per 1 ordinary share | (0.71 | ) | 2.45 | 3.98 | ||||
| Diluted earnings (loss) per 1 ordinary share | (0.71 | ) | 2.45 | 3.98 | ||||
| Weighted average number of shares for earnings (loss) per share calculation: | ||||||||
| Basic | 120,477,221 | 120,439,282 | 120,453,671 | |||||
| Diluted | 120,477,221 | 120,508,654 | 120,515,854 |
All values are in US Dollars.
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| CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)<br><br> (U.S. dollars in millions) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Three months ended<br><br> March 31 | Year ended December 31 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 2025 | |||||||
| Cash flows from operating activities | |||||||||
| Profit (loss) for the period | (86.3 | ) | 296.1 | 481.5 | |||||
| Adjustments for: | |||||||||
| Depreciation and amortization | 318.0 | 315.9 | 1,286.1 | ||||||
| Impairment reversal | (137.0 | ) | |||||||
| Net finance expenses | 79.9 | 83.8 | 357.5 | ||||||
| Share of losses and change in fair value of investees | (15.4 | ) | 2.4 | 5.6 | |||||
| Capital gain, net | (4.8 | ) | (11.9 | ) | (37.6 | ) | |||
| Income taxes | (11.9 | ) | 84.4 | 177.0 | |||||
| Other non-cash items | 0.2 | 0.4 | (0.1 | ) | |||||
| 279.7 | 771.1 | 2,133.0 | |||||||
| Change in inventories | (38.8 | ) | (5.3 | ) | 44.4 | ||||
| Change in trade and other receivables | (37.8 | ) | 181.8 | 262.3 | |||||
| Change in trade and other payables, including contract liabilities | 30.3 | (126.2 | ) | (267.1 | ) | ||||
| Change in provisions and employee benefits | 7.6 | 1.4 | 35.6 | ||||||
| (38.7 | ) | 51.7 | 75.2 | ||||||
| Dividends received from associates | 1.2 | 1.0 | 1.9 | ||||||
| Interest received | 27.5 | 30.4 | 113.7 | ||||||
| Income taxes received (paid) | (7.0 | ) | 0.5 | (24.3 | ) | ||||
| Net cash generated from operating activities | 262.7 | 854.7 | 2,299.5 | ||||||
| Cash flows from investing activities | |||||||||
| Proceeds from sale of tangible assets, intangible assets, and interest in investees | 3.7 | 9.9 | 36.6 | ||||||
| Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees | (31.3 | ) | (78.0 | ) | (217.7 | ) | |||
| Disposal (acquisition) of investment instruments, net | 46.5 | (13.2 | ) | 148.6 | |||||
| Loans granted to investees | (3.5 | ) | (1.9 | ) | (8.1 | ) | |||
| Change in other receivables | 7.8 | 7.4 | (67.5 | ) | |||||
| Change in other investments (mainly deposits), net | 82.2 | 34.1 | (25.2 | ) | |||||
| Net cash generated from (used in) investing activities | 105.4 | (41.7 | ) | (133.3 | ) | ||||
| Cash flows from financing activities | |||||||||
| Repayment of lease liabilities and borrowings | (281.3 | ) | (460.4 | ) | (1,439.6 | ) | |||
| Dividend paid to non-controlling interests | (0.4 | ) | (0.2 | ) | (3.8 | ) | |||
| Dividend paid to owners of the Company | (106.1 | ) | (515.6 | ) | |||||
| Interest paid | (110.6 | ) | (121.7 | ) | (474.3 | ) | |||
| Net cash used in financing activities | (498.4 | ) | (582.3 | ) | (2,433.3 | ) | |||
| Net change in cash and cash equivalents | (130.3 | ) | 230.7 | (267.1 | ) | ||||
| Cash and cash equivalents at beginning of the period | 1,051.7 | 1,314.7 | 1,314.7 | ||||||
| Effect of exchange rate fluctuation on cash held | 0.2 | 0.7 | 4.1 | ||||||
| Cash and cash equivalents at the end of the period | 921.6 | 1,546.1 | 1,051.7 |
- 11 -
| RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*<br><br> (U.S. dollars in millions) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Three months ended<br><br> March 31 | Year ended<br><br> December 31 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 2025 | |||||||
| Net income (loss) | (86 | ) | 296 | 481 | |||||
| Financial expenses, net | 80 | 84 | 358 | ||||||
| Income taxes | (12 | ) | 84 | 177 | |||||
| Operating income (loss) (EBIT) | (18 | ) | 464 | 1,016 | |||||
| Capital loss (gain), beyond the ordinary course of business | (1 | ) | (2 | ) | (3 | ) | |||
| Impairment reversal of assets | (137 | ) | |||||||
| Acquisition related expenses | 14 | ||||||||
| Expenses related to legal contingencies | 9 | ||||||||
| Adjusted EBIT | (5 | ) | 463 | 885 | |||||
| Adjusted EBIT margin | 0 | % | 23 | % | 13 | % |
* 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) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Three months ended<br><br> March 31 | Year ended<br><br> December 31 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 2025 | |||||||
| Net income (loss) | (86 | ) | 296 | 481 | |||||
| Financial expenses, net | 80 | 84 | 358 | ||||||
| Income taxes | (12 | ) | 84 | 177 | |||||
| Depreciation and amortization | 318 | 316 | 1,286 | ||||||
| EBITDA | 300 | 780 | 2,302 | ||||||
| Capital loss (gain), beyond the ordinary course of business | (1 | ) | (2 | ) | (3 | ) | |||
| Impairment reversal of assets | (137 | ) | |||||||
| Acquisition related expenses | 14 | ||||||||
| Expenses related to legal contingencies | 9 | ||||||||
| Adjusted EBITDA | 313 | 779 | 2,171 | ||||||
| Net income (loss) margin | -6 | % | 15 | % | 7 | % | |||
| Adjusted EBITDA margin | 22 | % | 39 | % | 31 | % |
* The table above may contain slight summation differences due to rounding.
- 12 -
| RECONCILIATION OF NET CASH GENERATED FROM<br><br> OPERATING ACTIVITIES TO FREE CASH FLOW*<br><br> (U.S. dollars in millions) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Three months ended<br><br> March 31 | Year ended<br><br> December 31 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 2025 | |||||||
| Net cash generated from operating activities | 263 | 855 | 2,300 | ||||||
| Capital expenditures, net | (28 | ) | (68 | ) | (280 | ) | |||
| Free cash flow | 235 | 787 | 2,020 |
* The table above may contain slight summation differences due to rounding.
- 13 -
Exhibit 99.2
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM
FINANCIAL STATEMENTS
MARCH 31, 2026
ZIM INTEGRATED SHIPPING SERVICES LTD.
INDEX TO CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| Page | |
|---|---|
| FINANCIAL STATEMENTS: | |
| Condensed consolidated unaudited interim Statements of Financial Position | 3 |
| Condensed consolidated unaudited interim Income Statements | 4 |
| Condensed consolidated unaudited interim Statements of Comprehensive Income | 5 |
| Condensed consolidated unaudited interim Statements of Changes in Equity | 6 |
| Condensed consolidated unaudited interim Statements of Cash Flows | 7-8 |
| Notes to the condensed consolidated unaudited interim Financial Statements | 9-15 |
2
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF FINANCIAL POSITION
| March 31 | December 31 | ||||||
|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2025 | |||||
| Note | US in millions | ||||||
| Assets | |||||||
| Vessels | 6 | 5,727.5 | 5,801.7 | ||||
| Containers and handling equipment | 6 | 1,065.6 | 1,102.1 | ||||
| Other tangible assets | 6 | 105.2 | 137.8 | ||||
| Intangible assets | 110.3 | 109.4 | |||||
| Investments in associates | 22.0 | 28.6 | |||||
| Other investments | 1,109.0 | 1,051.7 | |||||
| Other receivables | 55.5 | 137.0 | |||||
| Deferred tax assets | 7.6 | 9.2 | |||||
| Total non-current assets | 8,202.7 | 8,377.5 | |||||
| Inventories | 217.5 | 167.8 | |||||
| Trade and other receivables | 760.0 | 676.0 | |||||
| Other investments | 765.4 | 735.1 | |||||
| Cash and cash equivalents | 1,546.1 | 1,051.7 | |||||
| Total current assets | 3,289.0 | 2,630.6 | |||||
| Total assets | 11,491.7 | 11,008.1 | |||||
| Equity | |||||||
| Share capital and reserves | 5 | 2,039.8 | 2,051.4 | ||||
| Retained earnings | 1,918.1 | 1,969.5 | |||||
| Equity attributable to owners of the Company | 3,957.9 | 4,020.9 | |||||
| Non-controlling interests | 6.0 | 4.7 | |||||
| Total equity | 3,963.9 | 4,025.6 | |||||
| Liabilities | |||||||
| Lease liabilities | 4,539.7 | 4,551.6 | |||||
| Loans and other liabilities | 55.5 | 47.2 | |||||
| Employee benefits | 55.2 | 63.4 | |||||
| Deferred tax liabilities | 83.6 | 186.2 | |||||
| Total non-current liabilities | 4,734.0 | 4,848.4 | |||||
| Trade and other payables | 1,137.8 | 636.4 | |||||
| Provisions | 85.4 | 118.4 | |||||
| Contract liabilities | 287.7 | 239.9 | |||||
| Lease liabilities | 1,235.1 | 1,096.5 | |||||
| Loans and other liabilities | 47.8 | 42.9 | |||||
| Total current liabilities | 2,793.8 | 2,134.1 | |||||
| Total liabilities | 7,527.8 | 6,982.5 | |||||
| Total equity and liabilities | 11,491.7 | 11,008.1 |
All values are in US Dollars.
| /s/ Yair Seroussi | /s/ Eli Glickman | /s/ Xavier Destriau |
|---|---|---|
| Yair Seroussi | Eli Glickman | Xavier Destriau |
| Chairman of the Board of Directors | President & Chief Executive Officer | Chief Financial Officer |
Date of approval of the Financial Statements: May 20, 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
| Three months ended<br> March 31 | Year ended December 31 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2025 | |||||||
| US in millions | |||||||||
| Income from voyages and related services | 7 | 2,006.6 | 6,904.2 | ||||||
| Cost of voyages and related services: | |||||||||
| Operating expenses and cost of services | 8 | ) | (1,162.6 | ) | (4,460.8 | ) | |||
| Depreciation | ) | (310.8 | ) | (1,259.5 | ) | ||||
| Impairment reversal of assets | 137.0 | ||||||||
| Gross profit | 533.2 | 1,320.9 | |||||||
| Other operating income | 12.5 | 43.4 | |||||||
| Other operating expenses | ) | (1.5 | ) | ||||||
| General and administrative expenses | ) | (79.0 | ) | (336.3 | ) | ||||
| Share in loss of associates | ) | (2.4 | ) | (10.5 | ) | ||||
| Results from operating activities | ) | 464.3 | 1,016.0 | ||||||
| Finance income | 40.0 | 133.1 | |||||||
| Finance expenses | ) | (123.8 | ) | (490.6 | ) | ||||
| Net finance expenses | ) | (83.8 | ) | (357.5 | ) | ||||
| Profit (loss) before income taxes | ) | 380.5 | 658.5 | ||||||
| Income taxes | (84.4 | ) | (177.0 | ) | |||||
| Profit (loss) for the period | ) | 296.1 | 481.5 | ||||||
| Attributable to: | |||||||||
| Owners of the Company | ) | 295.3 | 479.2 | ||||||
| Non-controlling interests | ) | 0.8 | 2.3 | ||||||
| Profit (loss) for the period | ) | 296.1 | 481.5 | ||||||
| Earnings (loss) per share (US) | |||||||||
| Basic earnings (loss) per 1 ordinary share | 10 | ) | 2.45 | 3.98 | |||||
| Diluted earnings (loss) per 1 ordinary share | 10 | ) | 2.45 | 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
| Three months ended<br> March 31 | Year ended December 31 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2025 | ||||||
| US in millions | ||||||||
| Profit (loss) for the period | ) | 296.1 | 481.5 | |||||
| Other components of comprehensive income | ||||||||
| Items of other comprehensive income that were or will be reclassified to profit and loss | ||||||||
| Foreign currency translation differences for foreign operations | (0.7 | ) | 2.2 | |||||
| Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax | ) | 5.8 | 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 | ) | (0.2 | ) | (1.0 | ) | |||
| Items of other comprehensive income that would never be reclassified to profit and loss | ||||||||
| Net change in fair value of investments in equity instruments at fair value through other comprehensive income, net of tax | ) | 0.1 | 1.6 | |||||
| Defined benefit pension plans actuarial gains, net of tax | 0.5 | 1.6 | ||||||
| Other comprehensive income come for the period, net of tax | ) | 5.5 | 16.3 | |||||
| Total comprehensive income for the period | ) | 301.6 | 497.8 | |||||
| Attributable to: | ||||||||
| Owners of the Company | ) | 301.2 | 495.1 | |||||
| Non-controlling interests | ) | 0.4 | 2.7 | |||||
| Total comprehensive income for the period | ) | 301.6 | 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> <br>reserves (*) | Translation<br><br> <br>reserve | Retained<br><br> <br>earnings | Total | Non-controlling<br><br> <br>interests | Total<br><br> <br>equity | |||||||||||||
| US in millions | |||||||||||||||||||
| For the three months period ended March 31, 2026 | |||||||||||||||||||
| Balance at January 1, 2026 | 1,167.8 | (44.0 | ) | 1,969.5 | 4,020.9 | 4.7 | 4,025.6 | ||||||||||||
| Loss for the period | (86.0 | ) | (86.0 | ) | (0.3 | ) | (86.3 | ) | |||||||||||
| Other comprehensive income for the period, net of tax | (7.1 | ) | 1.6 | 0.3 | (5.2 | ) | (0.1 | ) | (5.3 | ) | |||||||||
| Share-based compensation | 0.6 | 0.6 | 0.6 | ||||||||||||||||
| Exercise of options | (11.4 | ) | |||||||||||||||||
| 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 March 31, 2026 | 1,149.9 | (42.4 | ) | 1,777.7 | 3,824.2 | 3.9 | 3,828.1 | ||||||||||||
| For the three months period ended March 31, 2025 | |||||||||||||||||||
| Balance at January 1, 2025 | 1,151.3 | (45.9 | ) | 2,004.2 | 4,036.9 | 5.8 | 4,042.7 | ||||||||||||
| Profit for the period | 295.3 | 295.3 | 0.8 | 296.1 | |||||||||||||||
| Other comprehensive income for the period, net of tax | 5.7 | (0.3 | ) | 0.5 | 5.9 | (0.4 | ) | 5.5 | |||||||||||
| Share-based compensation | 1.7 | 1.7 | 1.7 | ||||||||||||||||
| Exercise of options | (0.2 | ) | |||||||||||||||||
| Dividend to owners of the Company | (381.9 | ) | (381.9 | ) | (381.9 | ) | |||||||||||||
| Dividend to non-controlling interests in subsidiaries | (0.2 | ) | (0.2 | ) | |||||||||||||||
| Balance at March 31, 2025 | 1,158.5 | (46.2 | ) | 1,918.1 | 3,957.9 | 6.0 | 3,963.9 | ||||||||||||
| For the year ended December 31, 2025 | |||||||||||||||||||
| Balance at January 1, 2025 | 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 | ) | |||||||||||||||||
| 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 | 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.
6
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS
| Three months ended | Year ended | |||||||
|---|---|---|---|---|---|---|---|---|
| March 31 | December 31 | |||||||
| 2026 | 2025 | 2025 | ||||||
| US in millions | ||||||||
| Cash flows from operating activities | ||||||||
| Profit (loss) for the period | ) | 296.1 | 481.5 | |||||
| Adjustments for: | ||||||||
| Depreciation and amortization | 315.9 | 1,286.1 | ||||||
| Impairment reversal | (137.0 | ) | ||||||
| Net finance expenses | 83.8 | 357.5 | ||||||
| Share in losses and change in fair value of investees | ) | 2.4 | 5.6 | |||||
| Capital gains, net | ) | (11.9 | ) | (37.6 | ) | |||
| Income taxes | ) | 84.4 | 177.0 | |||||
| Other non-cash items | 0.4 | (0.1 | ) | |||||
| 771.1 | 2,133.0 | |||||||
| Change in inventories | ) | (5.3 | ) | 44.4 | ||||
| Change in trade and other receivables | ) | 181.8 | 262.3 | |||||
| Change in trade and other payables, including contract | ||||||||
| liabilities | (126.2 | ) | (267.1 | ) | ||||
| Change in provisions and employee benefits | 1.4 | 35.6 | ||||||
| ) | 51.7 | 75.2 | ||||||
| Dividends received from associates | 1.0 | 1.9 | ||||||
| Interest received | 30.4 | 113.7 | ||||||
| Income taxes received (paid) | ) | 0.5 | (24.3 | ) | ||||
| Net cash generated from operating activities | 854.7 | 2,299.5 | ||||||
| Cash flows from investing activities | ||||||||
| Proceeds from sale of tangible assets, intangible assets, | ||||||||
| and interest in investees | 9.9 | 36.6 | ||||||
| Acquisition and capitalized expenditures of tangible assets, | ||||||||
| intangible assets and interest in investees | ) | (78.0 | ) | (217.7 | ) | |||
| Disposal (acquisition) of investment instruments, net | (13.2 | ) | 148.6 | |||||
| Loans granted to investees | ) | (1.9 | ) | (8.1 | ) | |||
| Change in other receivables | 7.4 | (67.5 | ) | |||||
| Change in other investments (mainly deposits), net | 34.1 | (25.2 | ) | |||||
| Net cash generated from (used in) investing activities | (41.7 | ) | (133.3 | ) |
All values are in US Dollars.
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
| Three months ended | Year ended | |||||||
|---|---|---|---|---|---|---|---|---|
| March 31 | December 31 | |||||||
| 2026 | 2025 | 2025 | ||||||
| US in millions | ||||||||
| Cash flows from financing activities | ||||||||
| Repayment of lease liabilities and borrowings | ) | (460.4 | ) | (1,439.6 | ) | |||
| Dividend paid to owners of the Company | ) | (515.6 | ) | |||||
| Dividend paid to non-controlling interests | ) | (0.2 | ) | (3.8 | ) | |||
| Interest paid | ) | (121.7 | ) | (474.3 | ) | |||
| Net cash used in financing activities | ) | (582.3 | ) | (2,433.3 | ) | |||
| Net change in cash and cash equivalents | ) | 230.7 | (267.1 | ) | ||||
| Cash and cash equivalents at beginning of the period | 1,314.7 | 1,314.7 | ||||||
| Effect of exchange rate fluctuation on cash held | 0.7 | 4.1 | ||||||
| Cash and cash equivalents at the end of the period | 1,546.1 | 1,051.7 |
All values are in US Dollars.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
8
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.
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”).
| 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 full annual financial statements in accordance with IFRS Accounting Standards (IFRSs) 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 May 20, 2026.
9
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 2 | Basis of compliance (cont’d) |
|---|---|
| (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 uncertainties 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 2025 annual 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 and confusion to the<br> business environment. These factors contribute to the continuing volatility in freight rates, charter rates and bunker prices (including the recent surge in bunker prices, due to the implications of the above-mentioned armed conflict in the<br> Middle-East and the related disruption 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 subject to 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 on February 28, 2026, and as of mid-May 2026, resulted with a cease-fire aiming to achieve a long-term agreement between the involved countries. In parallel, Israel initiated a military operation in the south of Lebanon against Hizballah, while holding preliminary negotiations for a permanent cease-fire with the State of Lebanon. To date, this situation has had no material impact on the Company’s activities in Israel. However, those may be subject to temporary disruptions if this situation was to further escalate.
10
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 4 | Financial position (cont’d) |
|---|
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 first quarter of 2026, freight rates demonstrated mixed trends, also corresponding with the above-mentioned market uncertainties.
| (b) | Charter agreements:<br><br> <br><br><br> <br>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,<br> 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<br> (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. |
| --- | --- |
| (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 intensified its measures in opposition to the merger transaction, and commenced strike measures that caused temporary interruptions, which as of<br> today has had no material impact on the Company’s activities. The Company and the employees’ union are currently 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:<br><br> <br><br><br> <br>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<br> per ordinary share. |
| --- | --- |
11
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 5 | Capital and reserves |
|---|
Share-based payment arrangements
During the three months period ended March 31, 2026, 2025 and the year ended December 31, 2025, the Company recorded expenses related to share-based compensation arrangements of US$ 0.6 million, US$ 1.7 million and US$ 4.5 million, respectively.
| 6 | Right-of-use assets | ||||
|---|---|---|---|---|---|
| Balance at<br> March 31 | Balance at<br><br> <br>December 31 | ||||
| --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 2025 | |||
| US in millions | |||||
| Vessels | 5,162.1 | 5,246.6 | |||
| Containers and handling equipment | 423.5 | 374.2 | |||
| Other tangible assets | 54.7 | 74.7 | |||
| 5,640.3 | 5,695.5 |
All values are in US Dollars.
| 7 | Income from voyages and related services |
|---|
Revenues generated throughout the Group’s global network, are disaggregated as follows:
| Three months ended<br> March 31 | Year ended<br><br> <br>December 31 | ||||
|---|---|---|---|---|---|
| 2026 | 2025 | 2025 | |||
| US in millions | |||||
| Freight revenues from containerized cargo: | |||||
| Pacific | 862.6 | 2,921.0 | |||
| Cross-Suez | 210.3 | 563.9 | |||
| Atlantic | 187.4 | 665.0 | |||
| Intra-Asia | 187.9 | 747.1 | |||
| Latin America | 229.4 | 784.0 | |||
| 1,677.6 | 5,681.0 | ||||
| Freight revenues from non-containerized cargo (mostly related to vehicle shipping services) | 113.6 | 397.9 | |||
| Other revenues (*) | 215.4 | 825.3 | |||
| 2,006.6 | 6,904.2 |
All values are in US Dollars.
(*) Mainly demurrage, related services and other value-added services.
12
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 8 | Operating expenses and cost of services | ||||
|---|---|---|---|---|---|
| Three months ended<br> March 31 | Year ended December 31 | ||||
| --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | 2025 | |||
| US in millions | |||||
| Wages, maintenance and other | |||||
| vessel-operating costs | 10.2 | 45.5 | |||
| Expenses relating to fleet equipment | |||||
| (mainly containers and chassis) | 8.9 | 37.0 | |||
| Bunker and lubricants | 314.6 | 1,146.7 | |||
| Insurance | 7.3 | 30.5 | |||
| Expenses related to cargo handling | 543.1 | 2,102.1 | |||
| Port expenses | 128.7 | 508.9 | |||
| Agents’ salaries and commissions | 63.0 | 250.5 | |||
| Cost of related services and sundry | 52.9 | 212.5 | |||
| Slot purchases and hire of vessels | 23.4 | 90.5 | |||
| Hire of containers | 10.5 | 36.6 | |||
| 1,162.6 | 4,460.8 |
All values are in US Dollars.
13
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 March 31 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | ||||||||||||||
| US in millions | |||||||||||||||
| Level 1 | Level 3 | Total | Level 1 | Level 3 | Total | ||||||||||
| Fair value through profit and loss | |||||||||||||||
| Cash and cash equivalents: | |||||||||||||||
| Money markets instruments | 336.2 | 840.8 | 840.8 | ||||||||||||
| Other investments: | |||||||||||||||
| Equity instruments | 43.5 | 43.5 | 23.9 | 23.9 | |||||||||||
| Other liabilities: | |||||||||||||||
| Derivative instruments | (12.1 | ) | (12.1 | ) | (15.6 | ) | (15.6 | ) | |||||||
| Fair value through other comprehensive income | |||||||||||||||
| Other investments: | |||||||||||||||
| Sovereign bonds | 369.5 | 506.9 | 506.9 | ||||||||||||
| Corporate bonds | 1,156.2 | 1,216.3 | 1,216.3 | ||||||||||||
| Equity instruments | 3.1 | 1.9 | 1.9 |
All values are in US Dollars.
| Balance at December 31 | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | |||||||
| US in millions | |||||||
| Level 1 | Level 3 | Total | |||||
| Fair value through profit and loss | |||||||
| Cash and cash equivalents: | |||||||
| Money markets instruments | 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 | ||||||
| Corporate bonds | 1,194.3 | ||||||
| Equity instruments | 3.0 |
All values are in US Dollars.
14
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 (loss) per share |
|---|
Basic and diluted earnings (loss) per share
| Year ended December 31 | |||||
|---|---|---|---|---|---|
| 2025 | 2025 | ||||
| Profit (loss) attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US in millions) | ) | 295.3 | 479.2 | ||
| Number of shares at the beginning of the period used to calculate basic earnings (loss) per share | 120,423,333 | 120,423,333 | |||
| Effect of share options | 15,949 | 30,338 | |||
| Weighted average number of ordinary shares used to calculate basic earnings (loss) per share | 120,439,282 | 120,453,671 | |||
| Effect of share options | 69,372 | 62,183 | |||
| Weighted average number of ordinary shares used to calculate diluted earnings (loss) per share | 120,508,654 | 120,515,854 |
All values are in US Dollars.
In the three-month period ended March 31, 2026, options for 1,560,605 ordinary shares, granted to officers, directors and employees (see also above) were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.
15