1) Financial Results Overview
- Q3 2025 revenue was $1.8 billion, down 36% YoY due to lower freight rates and volumes.
- Net income for Q3 was $123 million, compared to $1.1 billion in Q3 2024.
- Adjusted EBITDA was $593 million with a margin of 33%, while adjusted EBIT was $260 million with a margin of 15%.
- Total liquidity stood at $3 billion as of September 30, 2025.

2) Dividend Policy and Shareholder Returns
- ZIM declared a dividend of 31¢ per share for Q3, totaling approximately $37 million, representing 30% of net income.
- Total dividends distributed in 2025 amount to $9.09 per share, or about $1.1 billion.
- Since the IPO, ZIM has returned approximately $5.7 billion to shareholders, emphasizing a strong commitment to capital return policies.

3) Market Conditions and Strategic Adjustments
- The shipping industry faces ongoing geopolitical and trade tensions, impacting demand and freight rates.
- ZIM is adapting its operations to capitalize on shifts in trade patterns, particularly focusing on Southeast Asia and Latin America as key growth areas.
- The recent US-China trade agreement may reduce market uncertainty, although the long-term trend of economic decoupling is expected to continue.

4) Operational Plans and Fleet Strategy
- ZIM has received 46 new vessels in 2023 and 2024, enhancing fleet efficiency and sustainability, with 60% of the fleet being new builds.
- The company is strategically redelivering older vessels to align with market conditions, anticipating continued pressure on freight rates into 2026.
- ZIM plans to operate a fleet that is not only modern but also predominantly LNG-powered, aiming for a competitive edge in sustainability.

5) Guidance and Outlook
- Fourth quarter performance is trending weaker than previously projected, prompting a revision of full-year guidance.
- Adjusted EBITDA is now expected to range between $2 billion to $2.2 billion, while adjusted EBIT is forecasted between $700 million and $900 million.
- The company acknowledges a cautious outlook for 2026 due to anticipated supply growth outpacing demand, particularly with the reopening of the Suez Canal.

Bottom line: ZIM's Q3 results reflect resilience amid a challenging market, with a strong commitment to shareholder returns and strategic adjustments to capitalize on evolving trade patterns. However, the outlook remains cautious, with pressures on freight rates expected to persist into 2026.