ZIM Integrated Shipping Services Ltd.

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the ZIM integrated shipping services third quarter 2025 financial results conference call. All lights have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answering session. If you would like to ask a question during this time, Simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the conference over to Elena Holzman. You may begin.

Thank you, operator, and welcome to ZIM's third quarter 2025 financial results conference call. Joining me on the call today are Eli Glickman, ZIM's president and CEO, and Xavier Desleaux, ZIMP CFO. Before we begin, I would like to remind you that during the course of this call, we will make forward-looking statements regarding expectations, predictions, projections, or future events or results. We believe that our expectations and assumptions are reasonable. We wish to caution you that such statements reflect only the company's current expectations and that actual events or results may differ, including materially. You are kindly referred to consider the risk factors and cautionary language described in the documents the company filed with the Securities and Exchange Commission, including our 2024 annual report on Form 20F filed with the SEC on March 12th, 2025. we undertake no obligation to update these forward-looking statements. At this time, I would like to turn the call over to Zim's CEO, Eli Glickman. Eli.

Thank you, Ilana, and welcome, everyone. Thank you for joining us today. Q3 2025 unfolded against a backdrop of continued uncertainty. driven by geopolitical and trade tensions. While the shipping industry has always been characterized by volatility, we are now experiencing events and changes with greater frequency and intensity than in the past, amplifying the challenges and requiring us to be even more agile than ever. Despite these headwinds, our team has navigated a volatile rate environment with resilience, maintaining service reliability, optimizing our cost base, and delivering solid Q3 results. Slide number four. Consistent with our expectation, we generated revenue of $1.8 billion a net income of $123 million. Q3 adjusted EBITDA was $593 million and adjusted EBIT was $260 million. We suggested EBITDA margin of 33% and adjusted EBIT margin of 15%. We maintain total liquidity of $3 billion at September 30th. Slide number five. ZIM Board of Directors continue to prioritize returning capital to shareholders and has amended ZIM dividend policy in 2021 and 2022, aiming to reward long-term shareholders. Additionally, when financial results have exceeded expectation, the Board has promoted the special dividend distribution to further reward shareholders. Accordingly, under this policy, the Board of Directors declared a dividend of 31 cents per share, or a total of approximately $37 million, representing 30% of third quarter net income. Throughout 2024 and 2025, ZM has distributed a total dividend of $9,000, $9.09 per share, including the dividend declared today, or a total of approximately $1.1 billion. Since the IPO, we distributed a total of approximately $5.7 billion as dividends or $47.54 per share, including the dividend declared today. Turning to our guidance, the fourth quarter is trending weaker than originally projected when we provided guidance in August. However, despite the considerable uncertainty, our nine-month results have enabled us to refine our full-year guidance regions and increase midpoints. As such, Based primarily on our performance here today, we now expect to generate adjusted EBITDA between $2 billion to $2.2 billion and adjusted EBIT between $700 million and $900 million. Xavier, our CFO, will provide additional context and our underlying assumption for our 2025 guidance later on the call. Slide number six. In a highly dynamic environment, we continue to take proactive steps in line with our strategic objectives during the third quarter and into the fourth quarter. Capitalizing on the versatility of our fleet, we've been able to adjust capacity quickly as market conditions have evolved. On the Trans-Pacific, We've continuously adapted our network to account for changes in cargo flow patterns resulting from the ongoing US-China trade standoff. The recent US-China trade agreement marks a positive development, potentially reducing market uncertainty and enabling our customers to plan with greater confidence. The tariff reduction on Chinese goods announced as part of this trade agreement could support demand going forward, though the extent of its impact remains uncertain. Nonetheless, the long-term trend toward economic decoupling between China and the US is likely to persist as both continue efforts to diversify their export and import markets. ZIM's long-term strategy, which we have previously discussed, is closely aligned with this trend, expanding and diversifying our network so we can capture new opportunities as global trade patterns evolve. Two critical focus areas for us are Southeast Asia and Latin America. As manufactured diversified production away from China, countries like Vietnam, Korea, and Thailand have increased their share of U.S. imports. Our expanded presence in Southeast Asia continues to be an important strategic advantage for Zim. By establishing a stronger foothold in this market, we've been able to capture new trade growth and partially offset the reduction in trans-Pacific cargo from China to the U.S. We have also strategically focused on expanding our presence in Latin America over the last two years. In Q3, we continue to grow our volumes and still see meaningful opportunities in this region, supported by the steady expansion of trade between Latin America and key markets, including the United States and China. Overall, regional diversification enhances our network flexibility, broadens our customer base, and reduces our dependence on any single trade lane. Our ability to capitalize on this opportunity is a direct result of our cross-competitive fleet and agile deployment strategy. Following the delivery of 46 new builds in 2023 and 2024, which significantly improved the efficiency of our operated capacity, we have transformed fleet of larger modern vessels well-suited to the trades in which we operate. We remain diligent in keeping our fleet modern and competitive. Earlier this year, we secured a significant charter agreement for 10 11,500 TU LNG dual fuel vessels scheduled to delivery in 2027 and 2028. This continued investment in our fleet is central to our growth strategy, enhancing both the sustainability and competitiveness of our capacity. The versatile size and design of this vessel will further enhance our operational flexibility and support long-term profitable growth. In addition to strengthen our core fleet, we continue to prioritize flexibility and optionality in our fleet strategy. As part of this approach, we actively manage our operated fleet to align with evolving market conditions. During the third quarter, we continue to re-deliver vessels to owners, which Xavier will discuss in more detail. Our approach to renewing charter this year signals a cautious outlook, particularly as the market fundamentally still points to supply growth, outpacing demand moving forward. As such, we anticipate continued pressure on freight rates during the remainder of the fourth quarter and into 2026. Overall, we remain confident in our strategy and competitive position, Today, approximately 60% of our capacity is new build and 40% of our fleet is energy power, reflecting our early investment in cost and fuel efficient vessels and commitment to sustainability. With the addition of the 10,000, 11,500, new LNG-powered vessels by 2028, we expect to operate not only the youngest fleet in our segment, but also the greenest with the largest proportion of LNG-powered capacity, further strengthening our leadership in sustainability and operational efficiency. Looking ahead, we intend to build on our progress to date, maintaining and further enhancing our competitive advantages while capitalizing on attractive opportunity that will ensure our fleet remains modern and cost-effective. We believe our nimble commercial approach, coupled with prudent investment in fleet equipment and technology, continues to drive resilience across ZIM business and position us to deliver long-term value for our shareholders. Before turning the call to Xavier, I would like to address our view on Suez Canal. Ensuring the safety of our crew, customer cargo and vessels remain our highest priority. While the current ceasefire in Gaza is encouraging progress, return to Suez Canal will require further assurance regarding the durability of this ceasefire and we are monitoring the situation closely. Having said that, We believe that the return to the search canal in the near future now appears increasingly likely. Therefore, we are preparing an operational plan to support this transition once the security situation has stabilized. Resuming passage through the Suez Canal represents both opportunities and risks. While it will allow improved fleet efficiency and generate operational cost savings, it will also increase effective supply currently tied up by longer routes and around the Cape of Good Hope, adding pressure on freight rates. With that, I will turn the call over to Xavier, our CFO, for a more detailed discussion of our financial results, 2025 guidance, as well as additional comments on the market environment. Xavier, please.