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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:
  
   
3
   
4
   
5
   
6
   
7-8
   
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
      
5,560.5
      
5,727.5
      
5,801.7
  
Containers and handling equipment
    
6
      
1,084.2
      
1,065.6
      
1,102.1
  
Other tangible assets
    
6
      
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
    
5
      
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
  

/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
March 31
    
Year ended December 31
  
         
2026
    
2025
    
2025
  
   
Note
    
US $ in millions
  
                         
Income from voyages and related services
    
7
      
1,396.5
      
2,006.6
      
6,904.2
  
Cost of voyages and related services:
                                
Operating expenses and cost of services
    
8
      
(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 in 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
    
10
      
(0.71
)
    
2.45
      
3.98
  
Diluted earnings (loss) per 1 ordinary share
    
10
      
(0.71
)
    
2.45
      
3.98
  

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
March 31
    
Year ended December 31
  
   
2026
    
2025
    
2025
  
   
US $ in millions
  
                   
Profit (loss) for the period
    
(86.3
)
    
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
    
1.5
      
(0.7
)
    
2.2
  
                         
Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax
    
(6.5
)
    
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
    
(0.5
)
    
(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
)
    
0.1
      
1.6
  
                         
Defined benefit pension plans actuarial gains, net of tax
    
0.3
      
0.5
      
1.6
  
                         
Other comprehensive income come for the period, net of tax
    
(5.3
)
    
5.5
      
16.3
  
                         
Total comprehensive income for the period
    
(91.6
)
    
301.6
      
497.8
  
                         
Attributable to:
                        
Owners of the Company
    
(91.2
)
    
301.2
      
495.1
  
Non-controlling interests
    
(0.4
)
    
0.4
      
2.7
  
                         
Total comprehensive income for the period
    
(91.6
)
    
301.6
      
497.8
  

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
capital
    
General
reserves (*)
    
Translation
reserve
    
Retained
earnings
    
Total
    
Non-controlling
interests
    
Total
equity
  
 
   
US $ in millions
  
For the three months period ended March 31, 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
                            
(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
      
(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
    
939.0
      
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
    
927.3
      
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
      
(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
    
927.5
      
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
    
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
  

(*) 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
    
(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 in losses and change in fair value of investees
    
(15.4
)
    
2.4
      
5.6
  
Capital gains, 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
)

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
    
(281.3
)
    
(460.4
)
    
(1,439.6
)
Dividend paid to owners of the Company
    
(106.1
)
            
(515.6
)
Dividend paid to non-controlling interests
    
(0.4
)
    
(0.2
)
    
(3.8
)
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
  

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.
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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 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. 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 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 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.
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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:

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 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 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 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 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.

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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
March 31
    
Balance at
December 31
  
   
2026
    
2025
    
2025
  
   
US $ in millions
  
                   
Vessels
    
5,015.6
      
5,162.1
      
5,246.6
  
Containers and handling equipment
    
349.3
      
423.5
      
374.2
  
Other tangible assets
    
73.1
      
54.7
      
74.7
  
     
5,438.0
      
5,640.3
      
5,695.5
  


7
Income from voyages and related services
 
Revenues generated throughout the Group’s global network, are disaggregated as follows:
 
   
Three months ended
March 31
    
Year ended
December 31
  
   
2026
    
2025
    
2025
  
   
US $ in millions
  
Freight revenues from containerized cargo:
                  
Pacific
    
570.2
      
862.6
      
2,921.0
  
Cross-Suez
    
142.9
      
210.3
      
563.9
  
Atlantic
    
143.2
      
187.4
      
665.0
  
Intra-Asia
    
157.4
      
187.9
      
747.1
  
Latin America
    
121.4
      
229.4
      
784.0
  
     
1,135.1
      
1,677.6
      
5,681.0
  
                         
Freight revenues from non-containerized cargo (mostly related to vehicle shipping services)
    
75.9
      
113.6
      
397.9
  
                         
Other revenues (*)
    
185.5
      
215.4
      
825.3
  
     
1,396.5
      
2,006.6
      
6,904.2
  

(*) Mainly demurrage, related services and other value-added services.
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ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
 

 8
Operating expenses and cost of services
 
   
Three months ended
March 31
    
Year ended December 31
  
   
2026
    
2025
    
2025
  
   
US $ in millions
  
Wages, maintenance and other
                  
    vessel-operating costs
    
12.6
      
10.2
      
45.5
  
Expenses relating to fleet equipment
                        
    (mainly containers and chassis)
    
9.3
      
8.9
      
37.0
  
Bunker and lubricants
    
234.3
      
314.6
      
1,146.7
  
Insurance
    
7.9
      
7.3
      
30.5
  
Expenses related to cargo handling
    
513.0
      
543.1
      
2,102.1
  
Port expenses
    
98.7
      
128.7
      
508.9
  
Agents’ salaries and commissions
    
60.8
      
63.0
      
250.5
  
Cost of related services and sundry
    
62.3
      
52.9
      
212.5
  
Slot purchases and hire of vessels
    
24.6
      
23.4
      
90.5
  
Hire of containers
    
8.2
      
10.5
      
36.6
  
     
1,031.7
      
1,162.6
      
4,460.8
  
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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
            
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
              
369.5
      
506.9
              
506.9
  
   Corporate bonds
    
1,156.2
              
1,156.2
      
1,216.3
              
1,216.3
  
   Equity instruments
    
3.1
              
3.1
      
1.9
              
1.9
  

   
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
            
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
  
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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
 
   
Three months ended
March 31
    
Year ended December 31
  
   
2026
    
2025
    
2025
  
   
US $ in millions
  
Profit (loss) attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US $ in millions)
    
(86.0
)
    
295.3
      
479.2
  
                         
Number of shares at the beginning of the period used to calculate basic earnings (loss) per share
    
120,465,908
      
120,423,333
      
120,423,333
  
Effect of share options   
    
11,313
      
15,949
      
30,338
  
                         
Weighted average number of ordinary shares used to calculate basic earnings (loss) per share
    
120,477,221
      
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
    
120,477,221
      
120,508,654
      
120,515,854
  

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.
 
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