Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Q1 2026 Earnings Presentation
26 slides from Compania Sud Americana De Vapores's earnings presentation, May 2026
Slide 1: ¡Súmate a nuestro Ciclo de Charlas Marítimas!
¡Súmate a nuestro Ciclo de Charlas Marítimas! Este año queremos invitarte a descubrir el legado del comercio marítimo en Chile a través de una experiencia única. Realizaremos recorridos exclusivo por nuestras oficinas de CSAV, la naviera más antigua de Latinoamérica. Contaremos con la guía experta d
Slide 2: Compañía Sud Americana de Vapores SA - May 2026
“Wilhelmshaven Express" "Wilhelmshaven Express“ (23,660 TEU) is part of a series of twelve ultra-modern vessels designed to enhance the efficiency, sustainability and future viability of Hapag-Lloyd’s fleet. A single voyage by these giants carries the equivalent load of about 1,700 Boeing 747 cargo
Slide 3: Q1 2026 Key Developments
Q1 2026 Key Developments Q1 2026 Key Developments We had an unsatisfactory start to the year, partly due to adverse weather conditions, further exacerbated by disruptions in the Middle East Despite this challenging environment, the Gemini Cooperation continued to deliver industry-leading schedule re
Slide 4: Disruptions had a serious impact on our operations in Q1
Given our significant exposure to the Atlantic and Middle East trades, the disruptions had a serious impact on our operations in Q1 Given our significant exposure to the Atlantic and Middle East trades, the disruptions had a serious impact on our operations in Q1 EUROPE SeaIntel Schedule Reliability
Slide 5: Upper Gulf bookings resumed through alternative inland and feeder solutions
Upper Gulf bookings were initially paused but have meantime resumed through alternative inland and feeder solutions Upper Gulf bookings were initially paused but have meantime resumed through alternative inland and feeder solutions Multimodal connectivity to Upper Gulf locations ▪ With most containe
Slide 6: ZIM shareholders approved merger agreement with Hapag-Lloyd
ZIM shareholders approved merger agreement with Hapag-Lloyd – the necessary regulatory approvals are being filed ZIM shareholders approved merger agreement with Hapag-Lloyd – the necessary regulatory approvals are being filed Timeline: 16 February Signing ZIM Extraordinary Deal Rationale 30 April Ge
Slide 7: Softer freight rates and severe operational disruptions weighed on top and bottom line
Group Softer freight rates and severe operational disruptions weighed on top and bottom line Softer freight rates and severe operational disruptions weighed on top and bottom line Revenue [USD m] EBITDA [USD m] Margin 20.7% 16.2% 10.0% 5,318 5,002 4,918 1,103 812 494 Q1 2025 Q4 2025 Q1 2026 Q1 2025
Slide 8: Liner Shipping recorded an EBIT loss in Q1/2026
Liner Shipping Liner Shipping recorded an EBIT loss of USD 174m in Q1/2026 Liner Shipping recorded an EBIT loss of USD 174m in Q1/2026 Liner Shipping ▪ Revenue declined YoY due to softer freight Q1 2025 Q4 2025 Q1 2026 rates and slightly lower volumes Revenue 5,220 4,892 4,778 ▪ Volumes and cost bas
Slide 9: Average freight rate declined by 10% year-on-year
Liner Shipping Average freight rate declined by 10% year-on-year – Exports out of Europe particularly weak Average freight rate declined by 10% year-on-year – Exports out of Europe particularly weak Freight Rate Development1 [USD/TEU] Transport Volume Development by Trade 1,2 [TTEU] -9.6% -0.7% 1,47
Slide 10: Operational disruptions drove higher unit costs
Liner Shipping Operational disruptions drove higher unit costs Operational disruptions drove higher unit costs Unit Cost Development [USD/TEU] ▪ Handling & Haulage and Equipment costs increased, reflecting higher terminal storage +8% costs amid weather-related port congestion in 1,420 January and Fe
Slide 11: Terminals benefitted from J M Baxi consolidation and strong throughput
Terminal & Infrastructure Terminals benefitted from the first-time full consolidation of J M Baxi and strong throughput growth in India and Latin America Terminals benefitted from the first-time full consolidation of J M Baxi and strong throughput growth in India and Latin America Terminal & Infrast
Slide 12: Solid demand growth expected for CY 2026
Solid demand growth expected for CY 2026 Solid demand growth expected for CY 2026 Supply and Demand Projections Container volume growth Fleet capacity growth 10% ▪ Global container demand remained 8% 7% 8% robust in Q1 2026, growing 4% YoY 6% ▪ FY 2026 demand growth forecast at 4% 5% 2-3%, but subje
Slide 13: Earnings outlook confirmed
Earnings outlook confirmed – Market environment remains challenging and subject to geopolitical uncertainty Earnings outlook confirmed – Market environment remains challenging and subject to geopolitical uncertainty Key assumptions FY 2026 FY 2025 ▪ Elevated bunker procurement prices as well as Outl
Slide 14: CSAV's Results
ANNEXES CSAV’s RESULTS 1Q26/1Q25 Figures in USD million Result 1Q26 1Q25 Var % Var # Equity-accounted investees (81,5) 137,3 (159%) (218,7) SG&A and OtherOp. Income (3,3) (3,2) 2% (0,1) Operational Result (with equity-accounted investees) (84,8) 134,0 (163%) (218,8) Financial result 3,6 0,7 405% 2,9
Slide 15: CSAV's Results: Net Income 1Q26 vs 1Q25
CSAV’s RESULTS 1Q26 vs 1Q25 Net Income 1Q26 vs 1Q25 (497) 15
Slide 16: CSAV's Retentions & Tax Credits Balance Mar26
CSAV’s RETENTIONS & TAX CREDITS BALANCE MAR26 as of March 31st as of December 31st Current Tax Assets MMUS$ Change 2026 2025 Remaining VAT tax credit 2,7 2,7 1% 0,0 Income tax to recover 130,3 131,9 -1% -1,6 Credits for taxes paid abroad 55,4 55,4 0% 0,0 Total current tax assets 188,4 189,9 -1% -1,5
Slide 17: CSAV's Retentions as of Mar26 & May26
CSAV’s RETENTIONS as of Mar26 & May26 Retentions Balance as of March 2026 Dividend Payment Dividend Retention Refund Asset Retention Rate [%] Entity Date [EUR mn] [EUR mn] Entity 1. Current Hapag-Lloyd May 6, 2025 432 26,38% 112,0 CSAV Germany 2. Non-current CSAV Germany Nov 10, 2025 10 10,55% 1,1 C
Slide 18: Multi-sports court renovation INCO
Multi-sports court renovation Instituto Comercial Marítimo Pacífico Sur (INCO) 2025
Slide 19: New Climate and Refrigeration Room
New Climate and Refrigeration Room 2025
Slide 20: Summer School
Summer School 2026
Slide 21: Welcome new EDT students
Welcome new EDT students 2026
Slide 22: Maritime Lecture Series at CSAV
Maritime Lecture Series at CSAV 2026
Slide 23: Visit to San Antonio Terminal with EDT students
Visit to San Antonio Terminal with EDT students 2026
Slide 24: Closing Remarks
CLOSING REMARKS CSAV • Attractive vehicle to invest in Hapag-Lloyd & solid balance sheet • Results mostly explained by lower HLAG’s results • EUR 113 mn in tax assets to recover as of March 2026 (EUR 66,5 as of today) Hapag-Lloyd, CSAV’s main investment + Continued progress in executing the Strategy
Slide 25: Annexes
ANNEXES
Slide 26: ¡Súmate a nuestro Ciclo de Charlas Marítimas!
¡Súmate a nuestro Ciclo de Charlas Marítimas! Este año queremos invitarte a descubrir el legado del comercio marítimo en Chile a través de una experiencia única. Realizaremos recorridos exclusivo por nuestras oficinas de CSAV, la naviera más antigua de Latinoamérica. Contaremos con la guía experta d
Compañía Sud Americana de Vapores S.A. (CSAV) — Q1 2026 Earnings Presentation on 6ix