ZIM Integrated Shipping Services has published its consolidated financial results for the three and 12 months ended December 31, 2025.
ZIM's net income for the fourth quarter of 2025 was US$38 million (compared to a net income of US$563 million in Q4 2024), or diluted earnings per share of US$0.324 (compared to diluted earnings per share of US$4.66 in Q4 2024).
The company's net profit for full year 2025 was US$481 million (compared to a net income of US$2.15 billion for full year 2024).
Adjusted gross operating profit for the fourth quarter was US$327 million, a year-over-year decrease of 66 per cent. Adjusted gross operating profit for the full year was US$2.17 billion, a year-over-year decrease of 41 per cent.
Operating income for the fourth quarter was US$143 million compared to operating income of US$658 million in Q4 2024. Operating income for full year 2025 was US$1.02 billion, compared to operating income of US$2.53 billion for full year 2024.
Adjusted operating income for the fourth quarter was US$13 million, compared to adjusted operating income of US$658 million in Q4 2024. Adjusted operating income for full year 2025 was US$885 million, compared to adjusted operating income of US$2.55 billion for full year 2024.
Revenues for the fourth quarter were US$1.48 billion, a year-over-year decrease of 32 per cent. Revenues for the full year were US$6.9 billion, a year-over-year decrease of 18 per cent.
Carried volume in the fourth quarter was 898,000 TEUs, a year-over-year decrease of nine per cent. Carried volume in the full year was 3.7 million TEUs, a year-over-year decrease of two per cent.
Average freight rate per TEU in the fourth quarter was US$1,333, a year-over-year decrease of 29 per cent. Average freight rate per TEU in the full year was US$1,551, a year-over-year decrease of 18 per cent.
"We achieved strong operational and financial results in 2025 with adjusted gross operating profit and operating profit at the upper end of our guidance," Eli Glickman, ZIM President and CEO, remarked. "This enabled a Q4 2025 dividend of US$106 million, or US$0.88 per share, raising the total dividends declared on account of 2025 earnings to US$240 million, or US$1.99 per share.
"Since our IPO in January 2021, we have distributed an extraordinary US$5.8 billion in dividends to shareholders, more than 25 times the amount raised at the company’s IPO, or total dividends of US$48.42 per share since the IPO. Upon completion of the proposed merger with Hapag-Lloyd, total cash to be returned to shareholders will reach approximately US$10 billion."
Glickman said this return of capital to shareholders was driven by strategic execution and unwavering commitment to innovation and operational excellence. Specifically, the company implemented a full-scale fleet modernisation program, was among the earliest adopters of LNG technology in the industry and built a differentiated “global niche” commercial approach that enabled it to establish a competitive advantage in select trades and quickly identify and capture growth opportunities.
"At the same time, we have invested in advanced digital solutions, including BI [business intelligence, ed] and AI tools, to enhance operational performance and customer experience."
Looking ahead to 2026, Glickman anticipates continued pressure on freight rates, yet he said the company remains confident in the robustness of its business.
"With more modern, cost-effective capacity, coupled with our agile fleet deployment strategy, we are well positioned to respond quickly to evolving market conditions.
"Pending completion of the transaction with Hapag-Lloyd, which remains subject to various regulatory approvals, including the approval of the Israeli Government as the holder of the 'golden share,' we will operate with discipline as always and remain committed to the strategy that has made ZIM an innovative leader in seaborne transportation."
