Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — FY2025 Earnings Presentation
28 slides from Compania Sud Americana De Vapores's earnings presentation, March 2026
Slide 1: Compañía Sud Americana de Vapores SA – March 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 2: FY 2025 highlights
FY 2025 highlights FY 2025 highlights FINANCIALS FLEET GEMINI TERMINALS M&A Solid FY results due Continued investments Very successful start Strong throughput Merger agreement to very strong volume in the modernization of the new Gemini growth due to portfolio signed with Israeli growth in a declini
Slide 3: Our growing terminals portfolio is increasingly contributing to the success of our Liner business
Our growing terminals portfolio is increasingly contributing to the success of our Liner business Our growing terminals portfolio is increasingly contributing to the success of our Liner business Progress of Strategy 2030 STRATEGIC DIRECTION Container Terminal Portfolio Growth Pure Play Plus Focus o
Slide 4: In 2025, our volume growth outperformed the market, especially on Gemini routes
In 2025, our volume growth outperformed the market, especially on Gemini routes In 2025, our volume growth outperformed the market, especially on Gemini routes Progress of Strategy 2030 STRATEGIC DIRECTION Liner Shipping Volume Growth 2025 [TEU m] Pure Play Plus 8% HLAG Global 5% Market WHERE-TO-PLA
Slide 5: Gemini ranks No. 1 in schedule reliability and customer satisfaction
Gemini ranks No. 1 in schedule reliability and customer satisfaction Progress of Strategy 2030 STRATEGIC DIRECTION SeaIntel Schedule Reliability Pure Play Plus 10 Quality promises Gemini Cooperation Competitor Range launched 100% 95% 92% 91% 91% 92% 92% 90% 90% 92% 89% 89% 90% WHERE-TO-PLAY 80% Vote
Slide 6: We are driving the modernization and the decarbonization of our fleet
We are driving the modernization and the decarbonization of our fleet to ensure long-term competitiveness Progress of Strategy 2030 STRATEGIC DIRECTION Annual Efficiency Ratio (AER) Pure Play Plus -19 % vs. 2022 7.36 g CO₂e/DWTnm WHERE-TO-PLAY 50 vessels with Top 5 Global Container Line Orderbook 12
Slide 7: Cost savings are beginning to materialize, with full run-rate expected by year-end 2026
Cost savings are beginning to materialize, with full run-rate expected by year-end 2026 Cost savings are beginning to materialize, with full run-rate expected by year-end 2026 Progress of Strategy 2030 STRATEGIC DIRECTION Initiated cost savings measures ▪ Tangible cost savings Pure Play Plus Network
Slide 8: ZIM transaction approval process initiated, with closing targeted for year-end 2026
ZIM transaction approval process initiated, with closing targeted for year-end 2026 ZIM transaction approval process initiated, with closing targeted for year- end 2026 Timeline: 16 February Signing 30 April ZIM Extraordinary General Meeting Deal Rationale Proxy Statement issued ▪ Securing our globa
Slide 9: FY 2025 earnings declined year-on-year as expected
Group FY 2025 earnings declined year-on-year as expected FY 2025 earnings declined year-on-year as expected Revenue [USD bn] EBITDA [USD bn] +2% 26.7% 16.2% Margin 24.3% 17.1% -7% 5.4 20.7 21.1 5.0 -43% -28% 1.4 5.0 3.6 0.8 Q4 2024 Q4 2025 FY 2024 FY 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 EBIT 1 [USD
Slide 10: Cost base impacted by external factors and the launch of the new network
Liner Shipping Cost base impacted by external factors and the launch of the new network, while tangible cost savings begin to materialize Cost base impacted by external factors and the launch of the new network, while tangible cost savings begin to materialize Unit Cost Development [USD/TEU] Volume
Slide 11: We propose a dividend of EUR 3.00 per share to the AGM on 20 May
We propose a dividend of EUR 3.00 per share to the AGM on 20 May We propose a dividend of EUR 3.00 per share to the AGM on 20 May Total dividend distribution [EUR m] 11,073 6,152 1,626 1,441 615 527 2020 2021 2022 2023 2024 20251 DPS and payout ratio [EUR] 2 66% 68% 65% 55% 60% 57% 63.00 35.00 9.25
Slide 12: Global container volumes are projected to remain robust
Global container volumes are projected to remain robust Global container volumes are projected to remain robust Supply and Demand Projections [prior to Middle East conflict] Container volume growth [TEU] Fleet capacity growth 10% 9% ▪ Demand growth forecast at 3% in 8% 7% 2026 6% ▪ Capacity growth e
Slide 13: Middle East conflict – Impact on container shipping
Middle East conflict – Impact on container shipping We have suspended all transits through the Strait of Hormuz and Red Sea as well as bookings from and to the Upper Golf region ~3% By adjusting our network, we continue to offer of global container trade affected connections from Asia to the Middle
Slide 14: Challenging start to the year expected, with substantial disruptions and uncertainties
Challenging start to the year expected, with substantial disruptions and uncertainties due to the situation in the Middle East Challenging start to the year expected, with substantial disruptions and uncertainties due to the situation in the Middle East Key assumptions FY 2026 FY 2025 ▪ The outlook
Slide 15: CSAV's Results
ANNEXES CSAV’s RESULTS 2025/2024 Figures in USD million Result 2025 2024 Var % Var # Equity-accounted investees 309.1 765.5 (60%) (456.5) SG&A and Other Op. Income (14.3) (14.7) (3%) 0.4 Operational Result (with equity-accounted investees) 294.8 750.8 (62%) (456.1) Financial result 8.2 14.2 (42%) (6
Slide 16: CSAV's Results 2024 vs 2025
CSAV’s RESULTS 2024 vs 2025 Net Income 2024 vs 2025 (497) 16
Slide 17: CSAV's Retentions & Tax Credits Balance 2025
CSAV’s RETENTIONS & TAX CREDITS BALANCE 2025 as of December 31st as of December 31st Current Tax Assets MMUS$ Change 2025 2024 Remaining VAT tax credit 2,7 2,0 35% 0,7 Income tax to recover 131,9 382,7 (66%) (250,8) Credits for taxes paid abroad 55,4 225,5 (75%) (170,1) Total current tax assets 189,
Slide 18: CSAV's Retentions as of December 2025
CSAV’s RETENTIONS as of December 2025 Retentions Balance as of December 2025 Dividend Payment Dividend Retention Refund Asset Retention Rate [%] Entity Date [EUR mn] [EUR mn] Entity 1. Current Hapag-Lloyd May 6, 2025 432 26.375% 114 CSAV Germany 2. Non-current CSAV Germany Nov 10, 2025 10 10,55% 1.1
Slide 19: Work in collaboration with the Talent Development School (UCH)
Work in collaboration with the Talent Development School (UCH). 2025
Slide 20: CSAV Board visit to Iquique
CSAV Board visit to Iquique 2025
Slide 21: Empresas Abiertas Hanseatic Global Terminals
“Empresas Abiertas” Hanseatic Global Terminals 2025
Slide 22: Forklift Training Program
Forklift Training Program 2025
Slide 23: Summer School
Summer School 2026
Slide 24: Multi-sports court renovation INCO
Multi-sports court renovation Instituto Comercial Marítimo Pacífico Sur (INCO) 2025-2026
Slide 25: New Climate and Refrigeration Classroom
New Climate and Refrigeration Classroom 2025-2026
Slide 26: Closing Remarks
CLOSING REMARKS CSAV • Attractive vehicle to invest in Hapag-Lloyd & solid balance sheet • Results mostly explained by HLAG’s results and positive tax expenses plus exchange rate differences • EUR 115mn in tax assets to recover as of December 2025 Hapag-Lloyd, CSAV’s main investment + Continued prog
Slide 27: Annexes
ANNEXES
Slide 28: ¡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
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