UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the month of August, 2025
 
Commission File Number: 001-39937
 
ZIM Integrated Shipping Services Ltd.
(Exact Name of Registrant as Specified in Its Charter)
 
9 Andrei Sakharov Street
P.O. Box 15067
Matam, Haifa 3190500, Israel
+972 (4) 865-2000
(Address of principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
 
Form 20-F ☒        Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
 
Yes  ☐     No ☒
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
 
Yes  ☐     No ☒
  
On August 20, 2025, ZIM Integrated Shipping Services Ltd. (the “Company”) issued a press release announcing its consolidated results for the six months ended on June 30, 2025. A copy of this press release and the Company’s condensed consolidated unaudited interim financial statements for the period ended on June 30, 2025, are attached herewith as Exhibit 99.1 and Exhibit 99.2, respectively.
 
The information in this Form 6-K (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
 
 
 
By:  
/s/ Noam Nativ
 
 
Noam Nativ
 
 
EVP General Counsel and Corporate Secretary
 
Date: August 20, 2025
 
EXHIBIT INDEX
 
EXHIBIT NO.
 
DESCRIPTION


 
Exhibit 99.1



ZIM Reports Financial Results for the Second Quarter of 2025

Reported Revenues of $1.64 Billion, Net Income of $24 million, Adjusted EBITDA1 of
$472 Million and Adjusted EBIT1 of $149 Million2

Guidance Midpoints Increased: Full Year 2025 Guidance of Adjusted EBITDA of $1.8
Billion to $2.2 Billion and Adjusted EBIT of $550 Million to $950 Million3

Declared Dividend of $7 million, or $0.06 per Share

Haifa, Israel, August 20, 2025 – ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) (“ZIM” or the “Company”) announced today its consolidated results for the three and six months ended June 30, 2025.

Second Quarter 2025 Highlights

 •
Net income for the second quarter was $24 million (compared to $373 million in the second quarter of 2024), or diluted earnings per share of $0.194 (compared to $3.08 in the second quarter of 2024).


•
Adjusted EBITDA for the second quarter was $472 million, a year-over-year decrease of 38%.


•
Operating income (EBIT) for the second quarter was $149 million, compared to $468 million in the second quarter of 2024.


•
Adjusted EBIT for the second quarter was $149 million, compared to $488 million in the second quarter of 2024.


•
Revenues for the second quarter were $1.64 billion, a year-over-year decrease of 15%.

1 See disclosure regarding “Use of Non-IFRS Financial Measures.”
2. Operating income (EBIT) for Q2 2025 was $149 million. A reconciliation to Adjusted EBIT is provided in the tables below.
3 The Company does not provide IFRS guidance because it cannot be determined without unreasonable effort. See disclosure regarding “Use of Non-IFRS Measures in the Company’s 2025 Guidance.”
4 The number of shares used to calculate the diluted earnings per share is 120,508,193. The number of outstanding shares as of June 30, 2025 was 120,457,510.


 •
Carried volume in the second quarter was 895 thousand TEUs, a year-over-year decrease of 6%.


•
Average freight rate per TEU in the second quarter was $1,479, a year-over-year decrease of 12%.


•
Net leverage ratio1 of 0.8x as of June 30, 2025, similar to net leverage ratio as of December 31, 2024; net debt1 of $3.03 billion as of June 30, 2025, compared to net debt of $2.88 billion as of December 31, 2024.

Eli Glickman, ZIM President & CEO, stated, “Amid market disruptions and volatility, we continued to leverage our upscaled capacity and improved cost structure in Q2. In this highly uncertain market environment, our focus is controlling what we can to position ZIM for sustainable and profitable growth over the long term.”

Mr. Glickman added, “Our strength lies in the quality of our modern, competitive fleet and in our agile commercial strategy, which enables us to respond quickly to changes in demand across our global trade lanes. While we view our flexibility as critical in order to act dynamically, we also continue to seek attractive opportunities that will ensure our fleet remains cost effective moving forward. Overall, we are confident that our commitment to operational excellence, combined with the growing diversification in our geographic footprint, will drive even greater business resilience in the future.”

Mr. Glickman concluded, “Given our performance to date, we have increased the midpoints of our 2025 guidance ranges. We now expect full year Adjusted EBITDA between $1.8 billion and $2.2 billion and Adjusted EBIT between $550 million and $950 million. We intend to draw on our transformed fleet and improved cost structure to continue to create long-term value for our shareholders even in the face of challenging and unpredictable market dynamics.”

- 2 -
Summary of Key Financial and Operational Results

     
Q2-25
      
Q2-24
      
H1-25
      
H1-24
  
Carried volume (K-TEUs)          
    
895
      
952
      
1,839
      
1,799
  
Average freight rate ($/TEU)          
    
1,479
      
1,674
      
1,632
      
1,569
  
Total Revenues ($ in millions)          
    
1,636
      
1,933
      
3,642
      
3,495
  
Operating income (EBIT) ($ in millions)          
    
149
      
468
      
613
      
635
  
Profit before income tax ($ in millions)          
    
49
      
375
      
430
      
471
  
Net income ($ in millions)          
    
24
      
373
      
320
      
465
  
Adjusted EBITDA ($ in millions)          
    
472
      
766
      
1,251
      
1,193
  
Adjusted EBIT ($ in millions)          
    
149
      
488
      
612
      
655
  
Net income margin (%)
    
1
      
19
      
9
      
13
  
Adjusted EBITDA margin (%)          
    
29
      
40
      
34
      
34
  
Adjusted EBIT margin (%)          
    
9
      
25
      
17
      
19
  
Diluted earnings per share ($)          
    
0.19
      
3.08
      
2.64
      
3.83
  
Net cash generated from operating activities ($ in millions)
    
441
      
777
      
1,296
      
1,103
  
Free cash flow1 ($ in millions)
    
426
      
712
      
1,213
      
1,015
  
                                 
   
JUN-30-25
    
DEC-31-24
                  
Net debt ($ in millions)          
    
3,031
      
2,876
                  

Financial and Operating Results for the Second Quarter Ended June 30, 2025
Total revenues were $1.64 billion for the second quarter of 2025, compared to $1.93 billion for the second quarter of 2024, mainly driven by the decrease in freight rates and carried volume.

ZIM carried 895 thousand TEUs in the second quarter of 2025, compared to 952 thousand TEUs in the second quarter of 2024. The average freight rate per TEU was $1,479 for the second quarter of 2025, compared to $1,674 for the second quarter of 2024.

Operating income (EBIT) for the second quarter of 2025 was $149 million, compared to $468 million for the second quarter of 2024. The decrease was driven primarily by the above-mentioned decrease in revenues.
- 3 -

Net income for the second quarter of 2025 was $24 million, compared to $373 million for the second quarter of 2024, also mainly driven by the above-mentioned decrease in revenues.

Adjusted EBITDA for the second quarter of 2025 was $472 million, compared to $766 million for the second quarter of 2024. Adjusted EBIT was $149 million for the second quarter of 2025, compared to $488 million for the second quarter of 2024. Adjusted EBITDA and Adjusted EBIT margins for the second quarter of 2025 were 29% and 9%, respectively. This compares to 40% and 25% for the second quarter of 2024, respectively.

Net cash generated from operating activities was $441 million for the second quarter of 2025, compared to $777 million for the second quarter of 2024.

Financial and Operating Results for the Six Months Ended June 30, 2025
Total revenues were $3.64 billion for the first half of 2025, compared to $3.49 billion for the first half of 2024, primarily driven by the increase in freight rates and carried volume.

ZIM carried 1,839 thousand TEUs in the first half of 2025, compared to 1,799 thousand TEUs in the first half of 2024. The average freight rate per TEU was $1,632 for the first half of 2025, compared to $1,569 for the first half of 2024.

Operating income (EBIT) for the first half of 2025 was $613 million, compared to $635 million for the first half of 2024. The decrease in operating income for the first half of 2025 was primarily driven by the increase in depreciation and operating expenses, offset by the above-mentioned increase in revenues.

Net income for the first half of 2025 was $320 million, compared to $465 million for the first half of 2024, mainly driven by the above-mentioned factors driving the change in EBIT, as well as the accounting of income taxes.

Adjusted EBITDA was $1.25 billion for the first half of 2025, compared to $1.19 billion for the first half of 2024. Adjusted EBIT was $612 million for the first half of 2025, compared to $655 million for the first half of 2024. Adjusted EBITDA and Adjusted EBIT margins for the first half of 2025 were 34% and 17%, respectively. This compares to 34% and 19% for the first half of 2024.

Net cash generated from operating activities was $1.30 billion for the first half of 2025, compared to $1.10 billion for the first half of 2024.
- 4 -

Liquidity, Cash Flows and Capital Allocation
ZIM’s total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) decreased by $270 million from $3.14 billion as of December 31, 2024 to $2.87 billion as of June 30, 2025. Capital expenditures totaled $24 million for the second quarter of 2025, compared to $66 million for the second quarter of 2024. Net debt position as of June 30, 2025, was $3.03 billion compared to $2.88 billion as of December 31, 2024, an increase of $155 million. ZIM’s net leverage ratio as of June 30, 2025, was 0.8x, similar to its net leverage ratio as of December 31, 2024.

Second Quarter 2025 Dividend
In accordance with the Company’s dividend policy, the Company’s Board of Directors declared a regular cash dividend of approximately $7 million, or $0.06 per ordinary share, reflecting approximately 30% of second quarter 2025 net income. The dividend will be paid on September 9, 2025, to holders of record of ZIM ordinary shares as of September 2, 2025.

All future dividends are subject to the discretion of Company’s Board of Directors and to the restrictions provided by Israeli law.

Use of Non-IFRS Measures in the Company’s 2025 Guidance
A reconciliation of the Company’s non-IFRS financial measures included in its full-year 2025 guidance to corresponding IFRS measures is not available on a forward-looking basis. In particular, the Company has not reconciled Adjusted EBITDA and Adjusted EBIT because the various reconciling items between such non-IFRS financial measures and the corresponding IFRS measures cannot be determined without unreasonable effort due to the uncertainty regarding, and the potential variability of, the future costs and expenses for which the Company adjusts, the effect of which may be significant, and all of which are difficult to predict and are subject to frequent change.

Full-Year 2025 Guidance
The Company revised its full year guidance and now expects to generate Adjusted EBITDA between $1.8 billion and $2.2 billion and Adjusted EBIT between $550 million and $950 million. Previously, the Company expected to generate Adjusted EBITDA between $1.6 billion and $2.2 billion and Adjusted EBIT between $350 million and $950 million.

Conference Call Details
Management will host a conference call and webcast (along with a slide presentation) to review the results and provide a corporate update today at 8:00 AM ET. The call (and slide presentation) will be available via live webcast through ZIM’s website, located at the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company’s website.
- 5 -

About ZIM
Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with established operations in more than 100 countries serving approximately 33,000 customers in over 330 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM’s differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.

Forward-Looking Statements
The following information contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about the Company, may include projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company’s current expectations and projections about future events or results. There are important factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: our expectations regarding general market conditions as a result of the current geopolitical instability, developments and further escalation of events, including, but not limited to, the Houthi attacks against vessels in the Red Sea, the war between Israel and Hamas, and the hostilities between Israel and Iran and Iranian-backed proxies, the political and military instability in the Middle East and the war between Russia and Ukraine, among others; our expectations regarding general market conditions as a result of global economic trends, including potential rising inflation and interest rates, imposition and/or increase or decrease in tariffs or other charges imposed on import, export or trade (including by USTR) as a result of geopolitical and other events; our expectations regarding trends related to the global container shipping industry, including with respect to fluctuations in vessel and container supply, industry consolidation, demand for containerized shipping services, bunker and alternative fuel prices and supply, charter and freights rates, container values and other factors affecting supply and demand; our plans regarding our business strategy, areas of possible expansion and expected capital spending or operating expenses; our ability to adequately respond to political, economic and military instability in Israel, the Middle East and elsewhere, and our ability to maintain business continuity as an Israeli-incorporated company in times of emergency; our ability to effectively handle cyber-security threats and recover from cyber-security incidents, including in connection with the war between Israel and Iran and Iranian-backed proxies; our anticipated ability to obtain additional financing in the future to fund expenditures; our expectation of modifications with respect to our and other shipping companies’ operating fleet and lines, including the utilization of larger vessels within certain trade zones and modifications made in light of environmental regulations; the expected benefits of our cooperation agreements and strategic partnerships; formation of new alliances among global carriers, changes in and disintegration of existing alliances and collaborations, including alliances and collaborations to which we are not a party to; our anticipated insurance costs; our expectations regarding the availability of crew; our expectations regarding our environmental and regulatory conditions, including extreme weather events, changes in laws and regulations or actions taken by regulatory authorities, and the expected effect of such regulations; our expectations regarding potential liability from current or future litigation; our plans regarding hedging activities; our ability to pay dividends in accordance with our dividend policy; our expectations regarding our competition and ability to compete effectively; and other risks and uncertainties detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including under the caption “Risk Factors” in its 2024 Annual Report filed with the SEC on March 12, 2025. 
- 6 -

Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company assumes no duty to update any of these forward-looking statements after the date hereof to conform its prior statements to actual results or revised expectations, except as otherwise required by law.

The Company prepares its financial statements in accordance with IFRS Accounting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB).

Use of Non-IFRS Financial Measures
The Company presents non-IFRS measures as additional performance measures as the Company believes that it enables the comparison of operating performance between periods on a consistent basis. These measures should not be considered in isolation, or as a substitute for operating income, any other performance measures, or cash flow data, which were prepared in accordance with IFRS as measures of profitability or liquidity. Please note that Adjusted EBITDA does not take into account debt service requirements or other commitments, including capital expenditures, and therefore, does not necessarily indicate the amounts that may be available for the Company’s use. In addition, the non-IFRS financial measures presented by the Company may not be comparable to similarly titled measures reported by other companies due to differences in the way these measures are calculated.

Adjusted EBITDA is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net, income taxes, depreciation and amortization in order to reach EBITDA, and further adjusted, as applicable, to exclude impairment of assets, non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies.

Adjusted EBIT is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net and income taxes, in order to reach our results from operating activities, or EBIT, and further adjusted, as applicable, to exclude impairment of assets, non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies.
- 7 -

Free cash flow is a non-IFRS financial measure which we define as net cash generated from operating activities minus capital expenditures, net.

Net debt is a non-IFRS financial measure which we define as face value of short- and long-term debt, minus cash and cash equivalents, bank deposits and other investment instruments.  We refer to this measure as net cash when cash and cash equivalents, bank deposits and other investment instruments exceed the face value of short- and long-term debt.

Net leverage ratio is a non-IFRS financial measure which we define as net debt (see above) divided by Adjusted EBITDA for the last twelve-month period. When our net debt is less than zero, we report the net leverage ratio as zero.

See the reconciliation of net income to Adjusted EBIT and Adjusted EBITDA and net cash generated from operating activities to free cash flow in the tables provided below.

Investor Relations:
Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
holzman.elana@zim.com

Leon Berman
The IGB Group
212-477-8438
lberman@igbir.com

Media:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
media@zim.com

- 8 -
 
CONSOLIDATED BALANCE SHEET (Unaudited)
(U.S. dollars in millions)

   
June 30
    
December 31
  
   
2025
    
2024
    
2024
  
                   
Assets
                  
Vessels
    
5,825.0
      
4,917.2
      
5,733.0
  
Containers and handling equipment
    
1,058.0
      
906.7
      
1,013.3
  
Other tangible assets
    
109.1
      
91.8
      
97.7
  
Intangible assets
    
109.9
      
105.7
      
109.8
  
Investments in associates
    
33.3
      
28.4
      
25.4
  
Other investments
    
1,137.6
      
772.0
      
1,080.9
  
Other receivables
    
50.4
      
76.6
      
61.0
  
Deferred tax assets
    
7.7
      
2.5
      
7.5
  
Total non-current assets
    
8,331.0
      
6,900.9
      
8,128.6
  
                         
Inventories
    
199.3
      
187.7
      
212.2
  
Trade and other receivables
    
794.6
      
1,030.9
      
933.6
  
Other investments
    
585.7
      
699.1
      
800.4
  
Cash and cash equivalents
    
1,187.1
      
889.8
      
1,314.7
  
Total current assets
    
2,766.7
      
2,807.5
      
3,260.9
  
Total assets
    
11,097.7
      
9,708.4
      
11,389.5
  
                         
Equity
                        
Share capital and reserves
    
2,046.4
      
2,016.7
      
2,032.7
  
Retained earnings
    
1,851.0
      
872.4
      
2,004.2
  
Equity attributable to owners of the Company
    
3,897.4
      
2,889.1
      
4,036.9
  
Non-controlling interests
    
4.3
       2.4      
5.8
  
Total equity
     3,901.7      
2,891.5
      
4,042.7
  
                         
Liabilities
                        
Lease liabilities
    
4,647.4
      
4,000.1
      
4,600.6
  
Loans and other liabilities
    
52.3
      
65.2
      
59.9
  
Employee benefits
    
60.9
      
42.5
      
47.5
  
Deferred tax liabilities
    
130.9
      
5.7
      
27.6
  
Total non-current liabilities
    
4,891.5
      
4,113.5
      
4,735.6
  
                         
Trade and other payables
    
641.7
      
610.3
      
736.2
  
Provisions
    
93.6
      
87.9
      
96.6
  
Contract liabilities
    
353.7
      
475.1
      
408.9
  
Lease liabilities
    
1,167.6
      
1,481.9
      
1,321.7
  
Loans and other liabilities
    
47.9
      
48.2
      
47.8
  
Total current liabilities
    
2,304.5
      
2,703.4
      
2,611.2
  
Total liabilities
    
7,196.0
      
6,816.9
      
7,346.8
  
Total equity and liabilities
    
11,097.7
      
9,708.4
      
11,389.5
  

- 9 -

CONSOLIDATED INCOME STATEMENTS (Unaudited)
(U.S. dollars in millions, except per share data)

   
Six Months ended
June 30
    
Three Months ended
June 30
    
Year ended
December 31
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
                               
Income from voyages and related services
    
3,642.3
      
3,494.6
      
1,635.7
      
1,932.6
      
8,427.4
  
Cost of voyages and related services:
                                        
Operating expenses and cost of services
    
(2,260.6
)
    
(2,214.1
)
    
(1,098.0
)
    
(1,133.3
)
    
(4,513.2
)
Depreciation
    
(627.7
)
    
(532.8
)
    
(316.9
)
    
(275.1
)
    
(1,130.2
)
Gross profit
    
754.0
      
747.7
      
220.8
      
524.2
      
2,784.0
  
                                         
Other operating income
    
27.8
      
25.6
      
15.3
      
19.6
      
46.6
  
Other operating expenses
    
(0.2
)
    
(0.6
)
    
(0.2
)
    
(0.6
)
    
(0.8
)
General and administrative expenses
    
(163.2
)
    
(133.8
)
    
(84.2
)
    
(73.0
)
    
(296.1
)
Share of loss of associates
    
(4.9
)
    
(4.0
)
    
(2.5
)
    
(1.9
)
    
(6.4
)
                                         
Results from operating activities
    
613.5
      
634.9
      
149.2
      
468.3
      
2,527.3
  
                                         
Finance income
    
69.7
      
61.2
      
29.7
      
22.5
      
149.2
  
Finance expenses
    
(253.4
)
    
(224.9
)
    
(129.6
)
    
(115.9
)
    
(471.5
)
                                         
Net finance expenses
    
(183.7
)
    
(163.7
)
    
(99.9
)
    
(93.4
)
    
(322.3
)
                                         
Profit before income taxes
    
429.8
      
471.2
      
49.3
      
374.9
      
2,205.0
  
                                         
Income taxes
    
(110.0
)
    
(6.3
)
    
(25.6
)
    
(2.1
)
    
(51.2
)
                                         
Profit for the period
    
319.8
      
464.9
      
23.7
      
372.8
      
2,153.8
  
                                         
Attributable to:
                                        
Owners of the Company
    
318.1
      
461.6
      
22.8
      
371.3
      
2,147.7
  
Non-controlling interests
    
1.7
      
3.3
      
0.9
      
1.5
      
6.1
  
Profit for the period
    
319.8
      
464.9
      
23.7
      
372.8
      
2,153.8
  
                                         
Earnings per share (US$)
                                        
Basic earnings per 1 ordinary share
    
2.64
      
3.84
      
0.19
      
3.08
      
17.84
  
Diluted earnings per 1 ordinary share
    
2.64
      
3.83
      
0.19
      
3.08
      
17.82
  
                                         
Weighted average number of shares for earnings per share calculation:
                                        
Basic
    
120,448,448
      
120,324,186
      
120,457,512
      
120,341,086
      
120,357,315
  
Diluted
    
120,511,122
      
120,454,311
      
120,508,193
      
120,456,342
      
120,492,425
  

- 10 -
 
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(U.S. dollars in millions)
      

   
Six months ended
June 30
    
Three months ended
June 30
    
Year ended December 31
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
                               
Cash flows from operating activities
                              
Profit for the period
    
319.8
      
464.9
      
23.7
      
372.8
      
2,153.8
  
                                         
Adjustments for:
                                        
Depreciation and amortization
    
639.0
      
538.6
      
323.1
      
278.0
      
1,142.5
  
Net finance expenses
    
183.7
      
163.7
      
99.9
      
93.4
      
342.4
  
Share of losses and change in fair value of investees
    
0.1
      
4.0
      
(2.3
)
    
1.9
      
6.4
  
Capital gain, net
    
(22.6
)
    
(25.5
)
    
(10.7
)
    
(19.5
)
    
(43.9
)
Income taxes
    
110.0
      
6.3
      
25.6
      
2.1
      
51.2
  
Other non-cash items
    
2.1
      
3.0
      
1.7
      
1.5
      
10.9
  
     
1,232.1
      
1,155.0
      
461.0
      
730.2
      
3,663.3
  
                                         
Change in inventories
    
12.9
      
(8.4
)
    
18.2
      
9.6
      
(32.9
)
Change in trade and other receivables
    
139.7
      
(447.0
)
    
(42.1
)
    
(210.8
)
    
(352.9
)
Change in trade and other payables including contract liabilities
    
(154.3
)
    
331.8
      
(28.1
)
    
198.5
      
357.8
  
Change in provisions and employee benefits
    
11.4
      
27.3
      
10.0
      
24.1
      
35.4
  
     
9.7
      
(96.3
)
    
(42.0
)
    
21.4
      
7.4
  
                                         
Dividends received from associates
    
1.0
      
1.2
                      
3.1
  
Interest received
    
61.9
      
39.8
      
31.5
      
17.8
      
97.3
  
Income taxes received (paid)
    
(8.7
)
    
3.2
      
(9.2
)
    
7.4
      
(18.4
)
Net cash generated from operating activities
    
1,296.0
      
1,102.9
      
441.3
      
776.8
      
3,752.7
  
                                         
Cash flows from investing activities
                                        
                                         
Proceeds from sale of tangible assets, intangible assets, and interest in investees
    
19.0
      
3.2
      
9.1
      
1.7
      
18.7
  
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees
    
(102.4
)
    
(90.8
)
    
(24.4
)
    
(66.4
)
    
(214.1
 )
Disposal of investment instruments, net
    
37.7
      
315.1
      
50.9
      
116.1
      
85.8
  
Loans granted to investees
    
(3.9
)
    
(2.8
)
    
(2.0
)
    
(1.6
)
    
(6.1
)
Change in other receivables
    
15.3
      
15.4
      
7.9
      
7.7
      
31.6
  
Change in other investments (mainly deposits), net
    
133.8
              
99.7
      
(1.1
)
    
(139.1
)
Net cash generated from (used in) investing activities
    
99.5
      
240.1
      
141.2
      
56.4
      
(223.2
)
Cash flows from financing activities
                                        
Repayment of lease liabilities and borrowings
    
(810.0
)
    
(1,117.0
)
    
(349.6
)
    
(480.3
)
    
(2,082.6
)
Dividend paid to non-controlling interests
    
(3.8
)
    
(3.7
)
    
(3.6
)
    
(3.3
)
    
(4.0
)
Dividend paid to owners of the Company
    
(471.0
)
    
(27.7
)
    
(471.0
)
    
(27.7
)
    
(579.2
)
Interest paid
    
(241.6
)
    
(221.6
)
    
(119.9
)
    
(117.9
)
    
(465.6
)
Net cash used in financing activities
    
(1,526.4
)
    
(1,370.0
)
    
(944.1
)
    
(629.2
)
    
(3,131.4
)
                                         
Net change in cash and cash equivalents
    
(130.9
)
    
(27.0
)
    
(361.6
)
    
204.0
      
398.1
  
Cash and cash equivalents at beginning of the period
    
1,314.7
      
921.5
      
1,546.1
      
687.9
      
921.5
  
Effect of exchange rate fluctuation on cash held
    
3.3
      
(4.7
)
    
2.6
      
(2.1
)
    
(4.9
)
Cash and cash equivalents at the end of the period
    
1,187.1
      
889.8
      
1,187.1
      
889.8
      
1,314.7
  

- 11 -

RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*
(U.S. dollars in millions)

   
Six months ended
June 30
    
Three months ended
June 30
  
   
2025
    
2024
    
2025
    
2024
  
                         
Net income
    
320
      
465
      
24
      
373
  
Financial expenses, net
    
184
      
164
      
100
      
93
  
Income taxes
    
110
      
6
      
26
      
2
  
Operating income (EBIT)
    
613
      
635
      
149
      
468
  
Capital loss (gain), beyond the ordinary course of business
    
(2
)
    
     
     
 
Expenses related to legal contingencies
    

     
20
      

     
20
  
Adjusted EBIT
    
612
      
655
      
149
      
488
  
Adjusted EBIT margin
    
17
%
    
19
%
    
9
%
    
25
%
 
* The table above may contain slight summation differences due to rounding.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA*
(U.S. dollars in millions)

   
Six months ended
June 30
    
Three months ended
June 30
  
   
2025
    
2024
    
2025
    
2024
  
                         
Net income
    
320
      
465
      
24
      
373
  
Financial expenses, net
    
184
      
164
      
100
      
93
  
Income taxes
    
110
      
6
      
26
      
2
  
Depreciation and amortization
    
639
      
539
      
323
      
278
  
EBITDA
    
1,253
      
1,173
      
472
      
746
  
Capital loss (gain), beyond the ordinary course of business
    
(2
)
    
     

     
 
Expenses related to legal contingencies
    
     
20
      

     
20
  
Adjusted EBITDA
    
1,251
      
1,193
      
472
      
766
  
Net income margin
    
9
%
    
13
%
    
1
%
    
19
%
Adjusted EBITDA margin
    
34
%
    
34
%
    
29
%
    
40
%
 
* The table above may contain slight summation differences due to rounding.
- 12 -

RECONCILIATION OF NET CASH GENERATED FROM
OPERATING ACTIVITIES TO FREE CASH FLOW*
(U.S. dollars in millions)

   
Six months ended
June 30
    
Three months ended
June 30
  
   
2025
    
2024
    
2025
    
2024
  
                         
Net cash generated from operating activities
    
1,296
      
1,103
      
441
      
777
  
Capital expenditures, net
    
(83
)
    
(88
)
    
(15
)
    
(65
)
Free cash flow
    
1,213
      
1,015
      
426
      
712
  
 
* The table above may contain slight summation differences due to rounding.

- 13 -
Exhibit 99.2

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM

FINANCIAL STATEMENTS

JUNE 30, 2025
 
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
INDEX TO CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

 
Page
   
FINANCIAL STATEMENTS:
  
   
3
   
4
   
5
   
6-7
   
8-9
   
10-16

2
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF FINANCIAL POSITION

         
June 30
    
December 31
  
         
2025
    
2024
    
2024
  
   
Note
    
US $ in millions
  
Assets
                        
Vessels
  
6
      
5,825.0
      
4,917.2
      
5,733.0
  
Containers and handling equipment
  
6
      
1,058.0
      
906.7
      
1,013.3
  
Other tangible assets
  
6
      
109.1
      
91.8
      
97.7
  
Intangible assets
          
109.9
      
105.7
      
109.8
  
Investments in associates
          
33.3
      
28.4
      
25.4
  
Other investments
          
1,137.6
      
772.0
      
1,080.9
  
Other receivables
          
50.4
      
76.6
      
61.0
  
Deferred tax assets
          
7.7
      
2.5
      
7.5
  
Total non-current assets
          
8,331.0
      
6,900.9
      
8,128.6
  
                               
Inventories
          
199.3
      
187.7
      
212.2
  
Trade and other receivables
          
794.6
      
1,030.9
      
933.6
  
Other investments
          
585.7
      
699.1
      
800.4
  
Cash and cash equivalents
          
1,187.1
      
889.8
      
1,314.7
  
Total current assets
          
2,766.7
      
2,807.5
      
3,260.9
  
Total assets
          
11,097.7
      
9,708.4
      
11,389.5
  
                               
Equity
                              
Share capital and reserves
  
5
      
2,046.4
      
2,016.7
      
2,032.7
  
Retained earnings
          
1,851.0
      
872.4
      
2,004.2
  
Equity attributable to owners of the Company
          
3,897.4
      
2,889.1
      
4,036.9
  
Non-controlling interests
          
4.3
      
2.4
      
5.8
  
Total equity
          
3,901.7
      
2,891.5
      
4,042.7
  
                               
Liabilities
                              
Lease liabilities
          
4,647.4
      
4,000.1
      
4,600.6
  
Loans and other liabilities
          
52.3
      
65.2
      
59.9
  
Employee benefits
          
60.9
      
42.5
      
47.5
  
Deferred tax liabilities
          
130.9
      
5.7
      
27.6
  
Total non-current liabilities
          
4,891.5
      
4,113.5
      
4,735.6
  
                               
Trade and other payables
          
641.7
      
610.3
      
736.2
  
Provisions
          
93.6
      
87.9
      
96.6
  
Contract liabilities
          
353.7
      
475.1
      
408.9
  
Lease liabilities
          
1,167.6
      
1,481.9
      
1,321.7
  
Loans and other liabilities
          
47.9
      
48.2
      
47.8
  
Total current liabilities
          
2,304.5
      
2,703.4
      
2,611.2
  
Total liabilities
          
7,196.0
      
6,816.9
      
7,346.8
  
Total equity and liabilities
          
11,097.7
      
9,708.4
      
11,389.5
  
 
/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: August 20, 2025.
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

         
Six months ended
June 30
    
Three months ended
June 30
    
Year ended December 31
  
         
2025
    
2024
    
2025
    
2024
    
2024
  
   
Note
    
US $ in millions
  
                                     
Income from voyages and related services
  
7
      
3,642.3
      
3,494.6
      
1,635.7
      
1,932.6
      
8,427.4
  
Cost of voyages and related services:
                                              
Operating expenses and cost of services
  
8
      
(2,260.6
)
    
(2,214.1
)
    
(1,098.0
)
    
(1,133.3
)
    
(4,513.2
)
Depreciation
          
(627.7
)
    
(532.8
)
    
(316.9
)
    
(275.1
)
    
(1,130.2
)
Gross profit
          
754.0
      
747.7
      
220.8
      
524.2
      
2,784.0
  
                                               
Other operating income
          
27.8
      
25.6
      
15.3
      
19.6
      
46.6
  
Other operating expenses
          
(0.2
)
    
(0.6
)
    
(0.2
)
    
(0.6
)
    
(0.8
)
General and administrative expenses
          
(163.2
)
    
(133.8
)
    
(84.2
)
    
(73.0
)
    
(296.1
)
Share of loss of associates
          
(4.9
)
    
(4.0
)
    
(2.5
)
    
(1.9
)
    
(6.4
)
                                               
Results from operating activities
          
613.5
      
634.9
      
149.2
      
468.3
      
2,527.3
  
                                               
Finance income
          
69.7
      
61.2
      
29.7
      
22.5
      
149.2
  
Finance expenses
          
(253.4
)
    
(224.9
)
    
(129.6
)
    
(115.9
)
    
(471.5
)
                                               
Net finance expenses
          
(183.7
)
    
(163.7
)
    
(99.9
)
    
(93.4
)
    
(322.3
)
                                               
Profit before income taxes
          
429.8
      
471.2
      
49.3
      
374.9
      
2,205.0
  
                                               
Income taxes
          
(110.0
)
    
(6.3
)
    
(25.6
)
    
(2.1
)
    
(51.2
)
                                               
Profit for the period
          
319.8
      
464.9
      
23.7
      
372.8
      
2,153.8
  
                                               
Attributable to:
                                              
Owners of the Company
          
318.1
      
461.6
      
22.8
      
371.3
      
2,147.7
  
Non-controlling interests
          
1.7
      
3.3
      
0.9
      
1.5
      
6.1
  
Profit for the period
          
319.8
      
464.9
      
23.7
      
372.8
      
2,153.8
  
                                               
Earnings per share (US$)
                                              
Basic earnings per 1 ordinary share
  
10
      
2.64
      
3.84
      
0.19
      
3.08
      
17.84
  
Diluted earnings per 1 ordinary share
  
10
      
2.64
      
3.83
      
0.19
      
3.08
      
17.82
  
 
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

   
Six months ended
June 30
    
Three months ended
June 30
    
Year ended December 31
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
   
US $ in millions
  
                               
Profit for the period
    
319.8
      
464.9
      
23.7
      
372.8
      
2,153.8
  
                                         
Other comprehensive income:
                                        
                                         
Items of other comprehensive income that were or will be reclassified to profit or loss
                                        
                                         
Foreign currency translation differences for foreign operations
    
2.1
      
(2.8
)
    
2.8
      
(0.2
)
    
(2.4
)
                                         
Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax
    
9.3
      
(4.7
)
    
3.5
      
0.2
      
7.6
  
                                         
Net change in fair value of investments in debt instruments at fair value through other comprehensive income that was transferred to profit or loss
    
0.1
      
0.6
      
0.3
      
0.2
      
0.7
  
                                         
Items of other comprehensive income that would never be reclassified to profit or loss
                                        
                                         
Net change in fair value of investments in equity instruments at fair value through other comprehensive income, net of tax
    
0.2
      
(0.2
)
    
0.1
              
(0.1
)
                                         
Defined benefit pension plans actuarial gains (losses), net of tax
    
(0.3
)
    
1.3
      
(0.8
)
    
1.4
      
(1.7
)
                                         
Other comprehensive income (loss) for the period, net of tax
    
11.4
      
(5.8
)
    
5.9
      
1.6
      
4.1
  
                                         
Total comprehensive income for the period
    
331.2
      
459.1
      
29.6
      
374.4
      
2,157.9
  
                                         
Attributable to:
                                        
Owners of the Company
    
328.9
      
456.3
      
27.7
      
372.8
      
2,151.3
  
Non-controlling interests
    
2.3
      
2.8
      
1.9
      
1.6
      
6.6
  
                                         
Total comprehensive income for the period
    
331.2
      
459.1
      
29.6
      
374.4
      
2,157.9
  

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 six months period ended June 30, 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
                            
318.1
      
318.1
      
1.7
      
319.8
  
Other comprehensive income for the period, net of tax
            
9.6
      
1.5
      
(0.3
)
    
10.8
      
0.6
      
11.4
  
Share-based compensation
            
2.6
                      
2.6
              
2.6
  
Exercise of options
    
0.3
      
(0.3
)
                                        
Dividend to owners of the Company
                            
(471.0
)
    
(471.0
)
            
(471.0
)
Dividend to non-controlling interests in subsidiaries
                                            
(3.8
)
    
(3.8
)
Balance at June 30, 2025
    
927.6
      
1,163.2
      
(44.4
)
    
1,851.0
      
3,897.4
      
4.3
      
3,901.7
  
                                                         
For the three months period ended June 30, 2025
                                                        
Balance at April 1, 2025
    
927.5
      
1,158.5
      
(46.2
)
    
1,918.1
      
3,957.9
      
6.0
      
3,963.9
  
Profit for the period
                            
22.8
      
22.8
      
0.9
      
23.7
  
Other comprehensive income for the period, net of tax
            
3.9
      
1.8
      
(0.8
)
    
4.9
      
1.0
      
5.9
  
Share-based compensation
            
0.9
                      
0.9
              
0.9
  
Exercise of options
    
0.1
      
(0.1
)
                                        
Dividend to owners of the Company
                            
(89.1
)
    
(89.1
)
            
(89.1
)
Dividend to non-controlling interests in subsidiaries
                                            
(3.6
)
    
(3.6
)
Balance at June 30, 2025
    
927.6
      
1,163.2
      
(44.4
)
    
1,851.0
      
3,897.4
      
4.3
      
3,901.7
  

(*) 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 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 six months period ended June 30, 2024
                                          
Balance at January 1, 2024
    
926.6
      
1,133.7
      
(42.8
)
    
437.2
      
2,454.7
      
3.3
      
2,458.0
  
Profit for the period
                            
461.6
      
461.6
      
3.3
      
464.9
  
Other comprehensive income for the period, net of tax
            
(4.3
)
    
(2.3
)
    
1.3
      
(5.3
)
    
(0.5
)
    
(5.8
)
Share-based compensation
            
5.8
                      
5.8
              
5.8
  
Exercise of options
    
0.4
      
(0.4
)
                                        
Dividend to owners of the Company
                            
(27.7
)
    
(27.7
)
            
(27.7
)
Dividend to non-controlling interests in subsidiaries
                                            
(3.7
)
    
(3.7
)
Balance at June 30, 2024
    
927.0
      
1,134.8
      
(45.1
)
    
872.4
      
2,889.1
      
2.4
      
2,891.5
  
                                                         
For the three months period ended June 30, 2024
                                                        
Balance at April 1, 2024
    
926.8
      
1,131.9
      
(44.8
)
    
527.4
      
2,541.3
      
4.1
      
2,545.4
  
Profit for the period
                            
371.3
      
371.3
      
1.5
      
372.8
  
Other comprehensive income for the period, net of tax
            
0.4
      
(0.3
)
    
1.4
      
1.5
      
0.1
      
1.6
  
Share-based compensation
            
2.7
                      
2.7
              
2.7
  
Exercise of options
    
0.2
      
(0.2
)
                                        
Dividend to owners of the Company
                            
(27.7
)
    
(27.7
)
            
(27.7
)
Dividend to non-controlling interests in subsidiaries
                                            
(3.3
)
    
(3.3
)
Balance at June 30, 2024
    
927.0
      
1,134.8
      
(45.1
)
    
872.4
      
2,889.1
      
2.4
      
2,891.5
  
                                                         
For the year ended December 31, 2024
                                                        
Balance at January 1, 2024
    
926.6
      
1,133.7
      
(42.8
)
    
437.2
      
2,454.7
      
3.3
      
2,458.0
  
Profit for the year
                            
2,147.7
      
2,147.7
      
6.1
      
2,153.8
  
Other comprehensive income for the year, net of tax
            
8.2
      
(3.1
)
    
(1.5
)
    
3.6
      
0.5
      
4.1
  
Exercise of options
    
0.7
      
(0.7
)
                                        
Share-based compensation
            
10.0
                      
10.0
              
10.0
  
Dividend to owners of the Company
                            
(579.2
)
    
(579.2
)
            
(579.2
)
Acquisition of non-controlling interest in a subsidiary
            
0.1
                      
0.1
      
(0.1
)
        
Dividend to non-controlling interests in subsidiaries
                                            
(4.0
)
    
(4.0
)
Balance at December 31, 2024
    
927.3
      
1,151.3
      
(45.9
)
    
2,004.2
      
4,036.9
      
5.8
      
4,042.7
  

(*) 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.
 
7
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS
 
   
Six months ended
    
Three months ended
    
Year ended
  
   
June 30
    
June 30
    
December 31
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
   
US $ in millions
  
                               
Cash flows from operating activities
                              
Profit for the period
    
319.8
      
464.9
      
23.7
      
372.8
      
2,153.8
  
                                         
Adjustments for:
                                        
Depreciation and amortization
    
639.0
      
538.6
      
323.1
      
278.0
      
1,142.5
  
Net finance expenses
    
183.7
      
163.7
      
99.9
      
93.4
      
342.4
  
Share of losses and change in fair value of investees
    
0.1
      
4.0
      
(2.3
)
    
1.9
      
6.4
  
Capital gain, net
    
(22.6
)
    
(25.5
)
    
(10.7
)
    
(19.5
)
    
(43.9
)
Income taxes
    
110.0
      
6.3
      
25.6
      
2.1
      
51.2
  
Other non-cash items
    
2.1
      
3.0
      
1.7
      
1.5
      
10.9
  
     
1,232.1
      
1,155.0
      
461.0
      
730.2
      
3,663.3
  
                                         
Change in inventories
    
12.9
      
(8.4
)
    
18.2
      
9.6
      
(32.9
)
Change in trade and other receivables
    
139.7
      
(447.0
)
    
(42.1
)
    
(210.8
)
    
(352.9
)
Change in trade and other payables including contract liabilities
    
(154.3
)
    
331.8
      
(28.1
)
    
198.5
      
357.8
  
Change in provisions and employee benefits
    
11.4
      
27.3
      
10.0
      
24.1
      
35.4
  
     
9.7
      
(96.3
)
    
(42.0
)
    
21.4
      
7.4
  
                                         
Dividends received from associates
    
1.0
      
1.2
                      
3.1
  
Interest received
    
61.9
      
39.8
      
31.5
      
17.8
      
97.3
  
Income taxes received (paid)
    
(8.7
)
    
3.2
      
(9.2
)
    
7.4
      
(18.4
)
                                         
Net cash generated from operating activities
    
1,296.0
      
1,102.9
      
441.3
      
776.8
      
3,752.7
  
                                         
Cash flows from investing activities
                                        
Proceeds from sale of tangible assets, intangible assets, and interest in investees
    
19.0
      
3.2
      
9.1
      
1.7
      
18.7
  
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees
    
(102.4
)
    
(90.8
)
    
(24.4
)
    
(66.4
)
    
(214.1
 )
Disposal of investment instruments, net
    
37.7
      
315.1
      
50.9
      
116.1
      
85.8
  
Loans granted to investees
    
(3.9
)
    
(2.8
)
    
(2.0
)
    
(1.6
)
    
(6.1
)
Change in other receivables
    
15.3
      
15.4
      
7.9
      
7.7
      
31.6
  
Change in other investments (mainly deposits), net
    
133.8
              
99.7
      
(1.1
)
    
(139.1
)
Net cash generated from (used in) investing activities
    
99.5
      
240.1
      
141.2
      
56.4
      
(223.2
)

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
 
8
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS
 
   
Six months ended
    
Three months ended
    
Year ended
  
   
June 30
    
June 30
    
December 31
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
   
US $ in millions
  
                               
Cash flows from financing activities
                              
Repayment of lease liabilities and borrowings
    
(810.0
)
    
(1,117.0
)
    
(349.6
)
    
(480.3
)
    
(2,082.6
)
Dividend paid to non-controlling interests
    
(3.8
)
    
(3.7
)
    
(3.6
)
    
(3.3
)
    
(4.0
)
Dividend paid to owners of the Company
    
(471.0
)
    
(27.7
)
    
(471.0
)
    
(27.7
)
    
(579.2
)
Interest paid
    
(241.6
)
    
(221.6
)
    
(119.9
)
    
(117.9
)
    
(465.6
)
Net cash used in financing activities
    
(1,526.4
)
    
(1,370.0
)
    
(944.1
)
    
(629.2
)
    
(3,131.4
)
                                         
Net change in cash and cash equivalents
    
(130.9
)
    
(27.0
)
    
(361.6
)
    
204.0
      
398.1
  
Cash and cash equivalents at beginning of the period
    
1,314.7
      
921.5
      
1,546.1
      
687.9
      
921.5
  
Effect of exchange rate fluctuation on cash held
    
3.3
      
(4.7
)
    
2.6
      
(2.1
)
    
(4.9
)
Cash and cash equivalents at the end of the period
    
1,187.1
      
889.8
      
1,187.1
      
889.8
      
1,314.7
  

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
 
9
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.
 
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 annual Financial Statements and should be read in conjunction with the consolidated Financial Statements of the Company as at and for the year ended December 31, 2024 (hereafter – the “annual Financial Statements”). These condensed consolidated unaudited interim Financial Statements were approved by the Board of Directors on August 20, 2025.
 
  (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 uncertainty 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 annual Financial Statements.

10
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM 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 continuing disruption in the Red Sea, the escalating trade barriers between the US and China and other countries, the implications of the ongoing armed conflicts between Russia and Ukraine and in the Middle-East, the inflation and elevated interest rates in certain countries and other geopolitical challenges. These factors contribute to the continuing volatility in freight rates, charter rates and bunker prices. In addition, in recent quarters, regulators in certain jurisdictions have increased their regulatory oversight activities over our industry, by, among others, increased audit activities and introduction of new regulation relating to the contractual routines between carriers and their customers.
 
In April 2025, the US administration declared its intention to impose new fees, as from mid-October 2025, on vessels calling ports in the US, which were built in China or are owned / operated by Chinese entities. The Company is reviewing the potential impact of these fees and is taking measures to mitigate their effects, but if it is unable to fully succeed in mitigating their effect, these fees could materially increase its operational costs and adversely affect its results of operation.
 
As of today, the war situation in Israel, which started in October 2023 and recently included a direct armed conflict between Israel and Iran, 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.
 
Since December 2023, many ocean carriers including the Company, paused their activities in the Red Sea, following attacks made against commercial vessels by armed organizations in Yemen. The Company continues to call ports in the Mediterranean Sea, as well as to operate services which previously crossed the Suez-canal, by re-routing its vessels around Africa. This disruption results in the extension of voyages duration, as well as leading to an increase in demand for vessel capacity, as additional vessels are operated in order to maintain the same frequency of services.
 
Further to the above, during 2024 freight rates have experienced an overall increase, although decreases were observed during the second half of the year, as well as during the first quarter of 2025. During the second quarter of 2025, freight rates exhibited high level of volatility in most trades, as markets reacted to announcements on tariffs issued by the U.S administration.
 
In view of the aforementioned business environment and in order to constantly improve the Group’s results of operations and liquidity position, Management continues to optimize its network by considering, and when appropriate, implementing structural changes, participating in partnerships and cooperation agreements and by upgrading its customer’s offerings, whilst seeking operational excellence and cost efficiencies.

 
(b)
In September 2024, the Company entered into a long-term operational cooperation with Mediterranean  Shipping Company (MSC), which was launched in February 2025, for a minimum period of three years. According to this cooperation, the Company and MSC operate together six services on the Asia - US East Coast and Asia - US Gulf trades, enabling ZIM to provide its customers with extended port coverage and improved service quality, while achieving significant operational efficiencies.

11
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
4
Financial position (cont’d)
 
Further to the abovementioned factors affecting the trade lanes within the scope of this partnership, the Company and MSC are actively leveraging their operational collaboration to constantly adjust the overall capacity being deployed on those services as dictated by market trends and demand.

The Company’s operational cooperation with the 2M alliance (Maersk and MSC), originally launched in 2018, covering services on the Asia - US East Coast and Asia - US Gulf trades, has ended in January 2025, further to the previously announced termination of the 2M alliance.
 
  (c)
Charter agreements:
 
In April 2025, the Company entered into a series of long-term time charter agreements, with a company affiliated with the TMS Group, for ten 11,500 TEU liquefied natural gas (LNG) dual-fuel container vessels. The vessels are scheduled to be delivered during the second half of 2027 and into 2028 and will be deployed across the Company’s various global trades. Pursuant to these agreements, the Company will charter the vessels for a period of twelve years, for a total aggregated consideration of approximately US$ 2.3 billion. In addition, and for each vessel, at the end of the initial twelve-year charter period, the Company has secured an option to either purchase the vessel or to extend the charter duration for an additional period of three years.
 
  (d)
During the first quarter of 2025, the Company acquired two vessels which were operating in its fleet under prior charter arrangements. Out of the related consideration, an amount of US$ 52 million is presented in the cash flow statement as repayment of lease liabilities.
 
  (e)
During the third quarter of 2024, the Company was approached by the Federal Maritime Commission (FMC), requesting the Company to provide certain information regarding its demurrage and detention and cargo hold practices vis-à-vis a number of its customers during the period of 2023 and 2024 (see also Note 27(k) to the Company’s 2024 Annual financial statements). In June 2025, the Company received a notice of proposed fine of US$ 10 million from the FMC, which is primarily related to the Company’s cargo hold practices that are based on the wording of the contracts with its customers. The Company is currently reviewing with its counsel the notice received in June 2025, and at this preliminary stage is unable to assess the ultimate consequences of this matter, although the Company believes that it has good arguments against the imposition of fine on the Company with respect to this matter.
 
  (f)
Dividends:
 
In April and June 2025, further to the approval of the Company’s Board of Directors, the Company distributed dividends in amounts of US$ 382 million and US$ 89 million, reflecting US$ 3.17 and US$ 0.74 per ordinary share, respectively.
 
In August 2025, the Company’s Board of Directors approved a dividend distribution of approximately US$ 0.06 per ordinary share (or approximately US$ 7 million, considering the number of ordinary shares outstanding as of June 30, 2025). The dividend is scheduled to be paid on September 9, 2025 to all holders of ordinary shares on record as of September 2, 2025.
 
12
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 June 30, 2025 and 2024, the Company recorded expenses related to share-based compensation arrangements of US$ 0.9 million and US$ 2.7 million, respectively. During the six months period ended June 30, 2025 and 2024 and year ended December 31, 2024, the Company recorded expenses related to share-based compensation arrangements of US$ 2.6 million, US$ 5.8 million and US$ 10.0 million, respectively.
 
6
Right-of-use assets
 
   
Balance at June 30
    
Balance at December 31
  
   
2025
    
2024
    
2024
  
   
US $ in millions
  
                   
Vessels
    
5,270.3
      
4,427.6
      
5,256.8
  
Containers and handling equipment
    
405.2
      
348.3
      
366.6
  
Other tangible assets
    
56.1
      
45.9
      
48.9
  
     
5,731.6
      
4,821.8
      
5,672.3
  
 
7
Income from voyages and related services
 
   
Six months ended June 30
    
Three months ended June 30
    
Year ended December 31
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
   
US $ in millions
  
Freight revenues from containerized cargo:
                              
Pacific
    
1,527.7
      
1,506.4
      
665.1
      
897.1
      
3,920.1
  
Cross-Suez
    
340.3
      
377.8
      
130.0
      
192.8
      
864.5
  
Atlantic
    
363.1
      
321.3
      
175.7
      
156.6
      
687.8
  
Intra-Asia
    
359.3
      
287.4
      
171.4
      
164.5
      
762.9
  
Latin America
    
410.5
      
330.2
      
181.1
      
182.9
      
845.8
  
     
3,000.9
      
2,823.1
      
1,323.3
      
1,593.9
      
7,081.1
  
                                         
Freight revenues from non-containerized cargo (mostly related to vehicle shipping services)
    
224.6
      
239.4
      
111.0
      
128.2
      
497.0
  
                                         
Other revenues (*)
    
416.8
      
432.1
      
201.4
      
210.5
      
849.3
  
     
3,642.3
      
3,494.6
      
1,635.7
      
1,932.6
      
8,427.4
  

(*) Mainly demurrage, related services and other value-added services.

13
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
8
Operating expenses and cost of services
 
   
Six months ended
June 30
    
Three months ended
June 30
    
Year ended December 31
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
   
US $ in millions
  
Wages, maintenance and other vessel-operating costs
    
22.2
      
17.4
      
12.0
      
9.2
      
37.3
  
Expenses relating to fleet equipment (mainly containers and chassis)
    
17.7
      
18.9
      
8.8
      
9.4
      
37.3
  
Bunker and lubricants
    
608.6
      
629.5
      
294.0
      
322.2
      
1,286.0
  
Insurance
    
14.7
      
17.4
      
7.4
      
9.7
      
34.5
  
Expenses related to cargo handling
    
1,051.7
      
961.1
      
508.6
      
503.3
      
2,013.1
  
Port expenses
    
258.7
      
228.4
      
130.0
      
115.6
      
461.8
  
Agents’ salaries and commissions
    
123.7
      
113.5
      
60.7
      
63.6
      
251.7
  
Cost of related services and sundry
    
100.7
      
173.3
      
47.8
      
82.9
      
285.2
  
Slot purchases and hire of vessels
    
42.9
      
39.2
      
19.5
      
10.2
      
74.4
  
Hire of containers
    
19.7
      
15.4
      
9.2
      
7.2
      
31.9
  
     
2,260.6
      
2,214.1
      
1,098.0
      
1,133.3
      
4,513.2
  

9
Financial instruments
 
Financial instruments measured at fair value
 
   
Balance at June 30,
  
   
2025
    
2024
  
   
US $ in millions
  
   
Level 1
    
Level 3
    
Total
    
Level 1
    
Level 3
    
Total
  
Fair value through profit and loss
                                    
Cash and cash equivalents:
                                    
   Money market instruments
    
511.4
            
511.4
      
458.8
            
458.8
  
                                             
Other investments:
                                            
   Equity instruments
            
17.5
      
17.5
              
10.8
      
10.8
  
                                                 
Loans and other liabilities:
                                                
   Derivative instruments
            
(16.3
)
    
(16.3
)
            
(12.1
)
    
(12.1
)
                                                 
Fair value through other comprehensive income
                                                
Other investments:
                                                
   Sovereign bonds
    
449.1
              
449.1
      
560.3
              
560.3
  
   Corporate bonds
    
1,228.3
              
1,228.3
      
881.0
              
881.0
  
   Equity instruments
    
2.1
              
2.1
      
1.6
              
1.6
  

14
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
9
Financial instruments (cont’d)
 
Financial instruments measured at fair value (cont’d)
 
   
Balance at December 31,
  
   
2024
  
   
US $ in millions
  
   
Level 1
    
Level 3
    
Total
  
Fair value through profit and loss
                  
Cash and cash equivalents:
                  
   Money markets instruments
    
616.8
            
616.8
  
                       
Other investments:
                      
   Equity instruments
            
13.2
      
13.2
  
                         
Loans and other liabilities:
                        
   Derivative instruments
            
(16.9
)
    
(16.9
)
                         
Fair value through other comprehensive income
                        
Other investments:
                        
   Sovereign bonds
    
546.0
              
546.0
  
   Corporate bonds
    
1,161.8
              
1,161.8
  
   Equity instruments
    
1.7
              
1.7
  
 
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.

15
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
10
Earnings per share
 
Basic and diluted earnings per share
 
   
Six months ended June 30
    
Three months ended June 30
    
Year ended December 31
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
   
US $ in millions
  
Profit attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US $ in millions)
    
318.1
      
461.6
      
22.8
      
371.3
      
2,147.7
  
                                         
Number of shares at the beginning of the period used to calculate basic earnings per share
    
120,423,335
      
120,286,629
      
120,457,512
      
120,320,806
      
120,286,627
  
Effect of share options   
    
25,113
      
37,557
              
20,280
      
70,688
  
                                         
Weighted average number of ordinary shares used to calculate basic earnings per share
    
120,448,448
      
120,324,186
      
120,457,512
      
120,341,086
      
120,357,315
  
                                         
Effect of share options
    
62,674
      
130,125
      
50,681
      
115,256
      
135,110
  
                                         
Weighted average number of ordinary shares used to calculate diluted earnings per share
    
120,511,122
      
120,454,311
      
120,508,193
      
120,456,342
      
120,492,425
  
 
In the six and three months period ended June 30, 2025, options for 1,911,592 ordinary shares, granted under the Company’s share option plans for employees, officers and directors were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.
 

16