
| • |
Net income for the fourth quarter was $38 million1 (compared to a net income of $563 million in the fourth quarter of 2024), or diluted earnings per share of $0.324 (compared to diluted earnings per share of $4.66 in
the fourth quarter of 2024); net profit for the full year was $481 million1 (compared to a net income of $2.15 billion for the full year of 2024).
|
| • |
Adjusted EBITDA for the fourth quarter was $327 million, a year-over-year decrease of 66%; Adjusted EBITDA for the full year was $2.17 billion, a year-over-year decrease of 41%.
|
| • |
Operating income (EBIT) for the fourth quarter was $143 million, compared to operating income of $658 million in the fourth quarter of 2024. Operating income for the full year of 2025 was $1.02 billion, compared to operating income of
$2.53 billion for the full year of 2024.
|
| • |
Adjusted EBIT for the fourth quarter was $13 million, compared to Adjusted EBIT of $658 million in the fourth quarter of 2024. Adjusted EBIT for the full year of 2025 was $885 million, compared to Adjusted EBIT of $2.55 billion for the
full year of 2024.
|
| • |
Revenues for the fourth quarter were $1.48 billion, a year-over-year decrease of 32%; revenues for the full year were $6.90 billion, a year-over-year decrease of 18%.
|
| • |
Carried volume in the fourth quarter was 898 thousand TEUs, a year-over-year decrease of 9%; carried volume in the full year was 3.7 million TEUs, a year-over-year decrease of 2%.
|
| • |
Average freight rate per TEU in the fourth quarter was $1,333, a year-over-year decrease of 29%; average freight rate per TEU in the full year was $1,551, a year-over-year decrease of 18%.
|
| • |
Net leverage ratio2 of 1.3x as of December 31, 2025, compared to 0.8x as of December 31, 2024; net debt2 of $2.92 billion as of December 31, 2025, compared to net debt of $2.88 billion as of December 31, 2024.
|
|
Q4-25
|
Q4-24
|
FY-25
|
FY-24
|
|||||||||||||
|
Carried volume (TEU in thousands)
|
898
|
982
|
3,663
|
3,751
|
||||||||||||
|
Average freight rate ($/TEU)
|
1,333
|
1,886
|
1,551
|
1,888
|
||||||||||||
|
Total revenues ($ in millions)
|
1,485
|
2,168
|
6,904
|
8,427
|
||||||||||||
|
Operating income (EBIT) ($ in millions)
|
143
|
658
|
1,016
|
2,527
|
||||||||||||
|
Profit before income tax ($ in millions)
|
56
|
601
|
658
|
2,205
|
||||||||||||
|
Net income ($ in millions)
|
38
|
563
|
481
|
2,154
|
||||||||||||
|
Adjusted EBITDA ($ in millions)
|
327
|
967
|
2,171
|
3,692
|
||||||||||||
|
Adjusted EBIT ($ in millions)
|
13
|
658
|
885
|
2,549
|
||||||||||||
|
Net income margin (%)
|
3
|
26
|
7
|
26
|
||||||||||||
|
Adjusted EBITDA margin (%)
|
22
|
45
|
31
|
44
|
||||||||||||
|
Adjusted EBIT margin (%)
|
1
|
30
|
13
|
30
|
||||||||||||
|
Diluted earnings per share ($)
|
0.32
|
4.66
|
3.98
|
17.82
|
||||||||||||
|
Net cash generated from operating activities ($ in millions)
|
375
|
1,152
|
2,300
|
3,753
|
||||||||||||
|
Free cash flow2 ($ in millions)
|
232
|
1,087
|
2,020
|
3,557
|
||||||||||||
|
DEC-31-25
|
DEC-31-24
|
|||||||
|
Net debt ($ in millions)
|
2,925
|
2,876
|
||||||
|
Three months ended December 31
|
Year ended December 31
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Pacific
|
425
|
412
|
1,577
|
1,604
|
||||||||||||
|
Cross-Suez
|
55
|
86
|
287
|
332
|
||||||||||||
|
Atlantic
|
112
|
138
|
495
|
555
|
||||||||||||
|
Intra-Asia
|
191
|
204
|
778
|
746
|
||||||||||||
|
Latin America
|
115
|
142
|
526
|
514
|
||||||||||||
|
Total
|
898
|
982
|
3,663
|
3,751
|
||||||||||||
|
CONSOLIDATED BALANCE SHEET
(U.S. dollars in millions) |
|
December 31
|
||||||||
|
2025
|
2024
|
|||||||
|
Assets
|
||||||||
|
Vessels
|
5,801.7
|
5,733.0
|
||||||
|
Containers and handling equipment
|
1,102.1
|
1,013.3
|
||||||
|
Other tangible assets
|
137.8
|
97.7
|
||||||
|
Intangible assets
|
109.4
|
109.8
|
||||||
|
Investments in associates
|
28.6
|
25.4
|
||||||
|
Other investments
|
1,051.7
|
1,080.9
|
||||||
|
Other receivables
|
137.0
|
61.0
|
||||||
|
Deferred tax assets
|
9.2 | 7.5 | ||||||
| Total non-current assets | 8,377.5 | 8,128.6 | ||||||
|
Inventories
|
167.8
|
212.2
|
||||||
|
Trade and other receivables
|
676.0
|
933.6
|
||||||
|
Other investments
|
735.1
|
800.4
|
||||||
|
Cash and cash equivalents
|
1,051.7 | 1,314.7 | ||||||
|
Total current assets
|
2,630.6 | 3,260.9 | ||||||
|
Total assets
|
11,008.1
|
11,389.5
|
||||||
|
Equity
|
||||||||
|
Share capital and reserves
|
2,051.4
|
2,032.7
|
||||||
|
Retained earnings
|
1,969.5 | 2,004.2 | ||||||
|
Equity attributable to owners of the Company
|
4,020.9
|
4,036.9
|
||||||
|
Non-controlling interests
|
4.7 | 5.8 | ||||||
|
Total equity
|
4,025.6 | 4,042.7 | ||||||
|
Liabilities
|
||||||||
|
Lease liabilities
|
4,551.6
|
4,600.6
|
||||||
|
Loans and other liabilities
|
47.2
|
59.9
|
||||||
|
Employee benefits
|
63.4
|
47.5
|
||||||
|
Deferred tax liabilities
|
186.2 | 27.6 | ||||||
|
Total non-current liabilities
|
4,848.4 | 4,735.6 | ||||||
|
Trade and other payables
|
636.4
|
736.2
|
||||||
|
Provisions
|
118.4
|
96.6
|
||||||
|
Contract liabilities
|
239.9
|
408.9
|
||||||
|
Lease liabilities
|
1,096.5
|
1,321.7
|
||||||
|
Loans and other liabilities
|
42.9 | 47.8 | ||||||
|
Total current liabilities
|
2,134.1 | 2,611.2 | ||||||
|
Total liabilities
|
6,982.5 | 7,346.8 | ||||||
|
Total equity and liabilities
|
11,008.1
|
11,389.5
|
||||||
|
CONSOLIDATED INCOME STATEMENTS (Unaudited)
(U.S. dollars in millions, except per share data) |
|
Three months ended
December 31 |
Year ended
December 31 |
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Income from voyages and related services
|
1,484.7
|
2,167.6
|
6,904.2
|
8,427.4
|
||||||||||||
|
Cost of voyages and related services:
|
||||||||||||||||
|
Operating expenses and cost of services
|
(1,086.8
|
)
|
(1,131.3
|
)
|
(4,460.8
|
)
|
(4,513.2
|
)
|
||||||||
|
Depreciation
|
(306.3
|
)
|
(305.3
|
)
|
(1,259.5
|
)
|
(1,130.2
|
)
|
||||||||
|
Impairment reversal of assets
|
137.0
|
137.0
|
||||||||||||||
|
Gross profit
|
228.6
|
731.0
|
1,320.9
|
2,784.0
|
||||||||||||
|
Other operating income
|
5.7
|
13.7
|
43.4
|
46.6
|
||||||||||||
|
Other operating expenses
|
(1.3
|
)
|
0.9
|
(1.5
|
)
|
(0.8
|
)
|
|||||||||
|
General and administrative expenses
|
(88.4
|
)
|
(86.4
|
)
|
(336.3
|
)
|
(296.1
|
)
|
||||||||
|
Share of loss of associates
|
(1.5
|
)
|
(1.6
|
)
|
(10.5
|
)
|
(6.4
|
)
|
||||||||
|
Results from operating activities
|
143.1
|
657.6
|
1,016.0
|
2,527.3
|
||||||||||||
|
Finance income
|
29.1
|
68.2
|
133.1
|
149.2
|
||||||||||||
|
Finance expenses
|
(115.8
|
)
|
(125.0
|
)
|
(490.6
|
)
|
(471.5
|
)
|
||||||||
|
Net finance expenses
|
(86.7
|
)
|
(56.8
|
)
|
(357.5
|
)
|
(322.3
|
)
|
||||||||
|
Profit before income taxes
|
56.4
|
600.8
|
658.5
|
2,205.0
|
||||||||||||
|
Income taxes
|
(18.1
|
)
|
(38.1
|
)
|
(177.0
|
)
|
(51.2
|
)
|
||||||||
|
Profit for the year
|
38.3
|
562.7
|
481.5
|
2,153.8
|
||||||||||||
|
Attributable to:
|
||||||||||||||||
|
Owners of the Company
|
38.1
|
561.5
|
479.2
|
2,147.7
|
||||||||||||
|
Non-controlling interests
|
0.2
|
1.2
|
2.3
|
6.1
|
||||||||||||
|
Profit for the year
|
38.3
|
562.7
|
481.5
|
2,153.8
|
||||||||||||
|
Earnings per share (US$)
|
||||||||||||||||
|
Basic earnings per 1 ordinary share
|
0.32
|
4.66
|
3.98
|
17.84
|
||||||||||||
|
Diluted earnings per 1 ordinary share
|
0.32
|
4.66
|
3.98
|
17.82
|
||||||||||||
|
Weighted average number of shares for earnings per share calculation:
|
||||||||||||||||
|
Basic
|
120,460,114
|
120,407,359
|
120,453,671
|
120,357,315
|
||||||||||||
|
Diluted
|
120,515,714
|
120,499,400
|
120,515,854
|
120,492,425
|
||||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in millions) |
|
Year ended December 31
|
||||||||
|
2025
|
2024
|
|||||||
|
Cash flows from operating activities
|
||||||||
|
Profit for the year
|
481.5
|
2,153.8
|
||||||
|
Adjustments for:
|
||||||||
|
Depreciation and amortization
|
1,286.1
|
1,142.5
|
||||||
|
Impairment reversal
|
(137.0
|
)
|
||||||
|
Net finance expenses
|
357.5
|
342.4
|
||||||
|
Share of losses and change in fair value of investees
|
5.6
|
6.4
|
||||||
|
Capital gains, net
|
(37.6
|
)
|
(43.9
|
)
|
||||
|
Income taxes
|
177.0
|
51.2
|
||||||
|
Other non-cash items
|
(0.1
|
)
|
10.9
|
|||||
|
2133.0
|
3,663.3
|
|||||||
|
Change in inventories
|
44.4
|
(32.9
|
)
|
|||||
|
Change in trade and other receivables
|
262.3
|
(352.9
|
)
|
|||||
|
Change in trade and other payables including contract liabilities
|
(267.1
|
)
|
357.8
|
|||||
|
Change in provisions and employee benefits
|
35.6
|
35.4
|
||||||
|
75.2
|
7.4
|
|||||||
|
Dividends received from associates
|
1.9
|
3.1
|
||||||
|
Interest received
|
113.7
|
97.3
|
||||||
|
Income taxes paid
|
(24.3
|
)
|
(18.4
|
)
|
||||
|
Net cash generated from operating activities
|
2,299.5
|
3,752.7
|
||||||
|
Cash flows from investing activities
|
||||||||
|
Proceeds from sale of tangible assets, intangible assets and interest in investees
|
36.6
|
18.7
|
||||||
|
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees
|
(217.7
|
)
|
(214.1
|
)
|
||||
|
Disposal of investment instruments, net
|
148.6
|
85.8
|
||||||
|
Loans granted to investees, net
|
(8.1
|
)
|
(6.1
|
)
|
||||
|
Change in other receivables, net
|
(67.5
|
)
|
31.6
|
|||||
|
Change in other investments (mainly deposits), net
|
(25.2
|
)
|
(139.1
|
)
|
||||
|
Net cash used in investing activities
|
(133.3
|
)
|
(223.2
|
)
|
||||
|
Cash flows from financing activities
|
||||||||
|
Repayment of lease liabilities and borrowings
|
(1,439.6
|
)
|
(2,082.6
|
)
|
||||
|
Interest paid
|
(474.3
|
)
|
(465.6
|
)
|
||||
|
Dividend paid to owners of the company
|
(515.6
|
)
|
(579.2
|
)
|
||||
|
Dividend paid to non-controlling interests
|
(3.8
|
)
|
(4.0
|
)
|
||||
|
Net cash used in financing activities
|
(2,433.3
|
)
|
(3,131.4
|
)
|
||||
|
Net change in cash and cash equivalents
|
(267.1
|
)
|
398.1
|
|||||
|
Cash and cash equivalents at beginning of the year
|
1,314.7
|
921.5
|
||||||
|
Effect of exchange rate fluctuation on cash held
|
4.1
|
(4.9
|
)
|
|||||
|
Cash and cash equivalents at the end of the year
|
1,051.7
|
1,314.7
|
||||||
|
RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*
(U.S. dollars in millions) |
|
Three months ended
December 31 |
Year ended
December 31 |
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Net income
|
38
|
563
|
481
|
2,154
|
||||||||||||
|
Financial expenses, net
|
87
|
57
|
358
|
322
|
||||||||||||
|
Income taxes
|
18
|
38
|
177
|
51
|
||||||||||||
|
Operating income (EBIT)
|
143
|
658
|
1,016
|
2,527
|
||||||||||||
|
Capital loss (gain), beyond the ordinary course of business
|
(1
|
)
|
(3
|
)
|
(2
|
)
|
||||||||||
|
Impairment reversal of assets
|
(137
|
)
|
(137
|
)
|
||||||||||||
|
Expenses related to legal contingencies
|
7
|
1
|
9
|
24
|
||||||||||||
|
Adjusted EBIT
|
13
|
658
|
885
|
2,549
|
||||||||||||
|
Adjusted EBIT margin
|
1
|
%
|
30
|
%
|
13
|
%
|
30
|
%
|
||||||||
|
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA*
(U.S. dollars in millions) |
|
Three months ended
December 31 |
Year ended
December 31 |
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Net income
|
38
|
563
|
481
|
2,154
|
||||||||||||
|
Financial expenses, net
|
87
|
57
|
358
|
322
|
||||||||||||
|
Income taxes
|
18
|
38
|
177
|
51
|
||||||||||||
|
Depreciation and amortization
|
314
|
309
|
1,286
|
1,143
|
||||||||||||
|
EBITDA
|
458
|
967
|
2,302
|
3,670
|
||||||||||||
|
Capital loss (gain), beyond the ordinary course of business
|
(1
|
)
|
(3
|
)
|
(2
|
)
|
||||||||||
|
Impairment reversal of assets
|
(137
|
)
|
(137
|
)
|
||||||||||||
|
Expenses related to legal contingencies
|
7
|
1
|
9
|
24
|
||||||||||||
|
Adjusted EBITDA
|
327
|
967
|
2,171
|
3,692
|
||||||||||||
|
Net income margin
|
3
|
%
|
26
|
%
|
7
|
%
|
26
|
%
|
||||||||
|
Adjusted EBITDA margin
|
22
|
%
|
45
|
%
|
31
|
%
|
44
|
%
|
||||||||
|
Three months ended
December 31 |
Year ended
December 31 |
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Net cash generated from operating activities
|
375
|
1,152
|
2,300
|
3,753
|
||||||||||||
|
Capital expenditures, net
|
(143
|
)
|
(65
|
)
|
(280
|
)
|
(196
|
)
|
||||||||
|
Free cash flow
|
232
|
1,087
|
2,020
|
3,557
|
||||||||||||