ZIM Integrated Shipping Services Ltd. (ZIM) Earnings
ZIM Integrated Shipping Services Ltd. is expected to report next earnings on August 19, 2026 (in NaN days), with a consensus EPS estimate of $-0.29. ZIM has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -79.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 20, 2026 | $-0.22 | $-0.72 | -227.3% | $1.4B | -5.9% |
| Mar 9, 2026 | $-0.43 | $-0.58 | -36.4% | $1.5B | -4.8% |
| Nov 20, 2025 | $0.77 | $1.02 | +33.2% | $1.8B | +2.3% |
| Aug 20, 2025 | $1.50 | $0.19 | -87.3% | $1.6B | -7.8% |
| May 19, 2025 | $1.87 | $2.45 | +31.0% | $2.0B | +9.1% |
| Mar 12, 2025 | $3.47 | $4.66 | +34.3% | $2.2B | +16.3% |
| Nov 20, 2024 | $7.05 | $9.34 | +32.5% | $2.8B | +15.6% |
| Aug 19, 2024 | $1.79 | $3.08 | +72.1% | $1.9B | +7.4% |
| May 21, 2024 | $1.46 | $0.75 | -48.6% | $1.6B | -0.7% |
| Mar 13, 2024 | $-1.33 | $-1.23 | +7.5% | $1.2B | -5.6% |
| Nov 15, 2023 | $-1.56 | $-1.97 | -26.3% | $1.3B | +0.1% |
| Aug 16, 2023 | $-0.87 | $-1.37 | -57.5% | $1.3B | -2.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · November 20, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Navigated volatile rate environment with resilience, maintaining service reliability and optimizing cost base. - Board declared a dividend of 31¢ per share ($37 million), representing 30% of Q3 net income; total dividends in 2025 were $9.09 per share ($1.1 billion), and since IPO, total dividends are ~$5.7 billion. - Fleet strategy: Continued investment in modern vessels, secured charter agreement for 10 LNG dual-fuel vessels (scheduled for delivery 2027-2028), actively manage operated fleet to align with market conditions, redelivered vessels in Q3. - Regional diversification: Focus on Southeast Asia and Latin America to capture new trade flows, expand network flexibility, reduce dependence on single trade lane. - Suez Canal: Preparing operational plan for return, expecting improved fleet efficiency but also potential pressure on freight rates.
Guidance
- Fourth quarter trending weaker than originally projected. Refined 2025 guidance: Adjusted EBITDA expected between $2 billion and $2.2 billion (increased lower end by $200 million), adjusted EBIT expected between $700 million and $900 million (narrowed range). Midpoints increased based on year-to-date performance. - Assumptions: Freight rates softened since August guidance, but operated capacity, carried volume, and bunker rates unchanged.
Segment performance
In Q3 2025, ZIM generated revenue of $1.8 billion. Adjusted EBITDA was $593 million, and adjusted EBIT was $260 million. The average freight rate per TEU in Q3 was $1,602, with carried volume of 900,000 TEUs (4.5% lower year over year, 3.5% higher sequentially). Non-containerized cargo (car carrier services) totaled $78 million in Q3 2025, down from $145 million in 2024 due to lower volume and rates. Revenue for the first nine months of 2025 was $5.4 billion, down 13% year over year.
Risks & headwinds
- Geopolitical and trade tensions driving uncertainty in shipping industry. - Supply growth outpacing demand, leading to continued pressure on freight rates. - High degree of uncertainty related to global trade and geopolitical environment impacting financial outlook.
Analyst Q&A
Q: Comment on market chatter regarding management buyout and board composition changes.
A: Eli Glickman stated board is managing board member changes, two members resigned, two new members added; no comment on management buyout exploration.
Q: View on return through Red Sea and potential market share grab.
A: Eli Glickman said waiting for insurance company approval to return through Red Sea, looking to take shorter route than Cape of Good Hope to grab market share.
Q: Dividend policy, income outlook, and EBITDA/EBIT guidance changes.
A: Eli Glickman explained dividend policy of distributing 30% of quarterly net profit, board may declare special dividend; Xavier Destriau discussed EBIT guidance narrowing and reasons for EBITDA guidance changes.
Q: Cost savings, CapEx, and leverage related to chartered vs owned vessels.
A: Xavier Destriau discussed cost savings through network agility, limited cash CapEx, and importance of efficient tonnage in long-term charters; explained asset base and redelivery potential of chartered vessels.
Q: Route profitability, rate recovery outlook.
A: Xavier Destriau noted route profitability varies with market dynamics, diversification into Southeast Asia and Latin America, and mentioned challenges from order book and Suez Canal reopening affecting rate recovery prospects.