Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Q3 2025 Earnings Presentation
26 slides from Compania Sud Americana De Vapores's earnings presentation, November 2025
Slide 1: CSAV 3Q25 Results
“Wilhelmshaven Express" CSAV 3Q25 Results "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. Nov 2025 A single voyage by these giants carries the equivalent load of ab
Slide 2: Opening Remarks
OPENING REMARKS CSAV Hapag-Lloyd, CSAV’s main investment • Good result of US$175.7mn profit in 9M25 (vs. US$ 194.6mn in 9M24), driven by a lower equity result from HLAG (US$273.3mn in + In 9M25, volumes grew strongly (+9%), while freight rates 9M25 vs. US$540.6mn in 9M24), but with positive tax effe
Slide 3: Demand & Idle Fleet Evolution 2020-2025
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS DEMAND & IDLE FLEET EVOLUTION 2020-2025 MARKET ENVIRONMENT WITH HIGHER VOLUMES DURING 2025 Global Demand Growth (%YoY) Suez Canal 25,0 Blockage 20,0 15,0 Demand growth 2025 YTD: 4,1% Covid started 10,0 Demand growth stabi
Slide 4: Freight Rates Show a Downward Trend in 2025
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY FREIGHT RATES SHOW A DOWNWARD TREND IN 2025 Freight Rate Evolution (US$/TEU) SCFI Shanghai-Europe Shanghai-S America Shanghai-WC America Shanghai-EC America 12.000 Average SCFI Index 2022: 3,410 Average SCFI Inde
Slide 5: Freight Rates in 2025
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY FREIGHT RATES IN 2025 Freight Rate Evolution (US$/TEU) SCFI Shanghai-Europe Shanghai-S America Shanghai-WC America Shanghai-EC America 7.000 YTD SCFI Index 2025: 1,590 6.000 5.000 4.000 3.000 2.000 1.000 0 Source
Slide 6: Demand and supply growth are forecast to slow down
Demand and supply growth are forecast to slow down Supply & Demand 10% Container volume growth [TEU] Fleet capacity growth 8% 7% 7% 6% 5% 4% 4% 3% 2% 0% -4% 2021 2022 2023 2024 2025e 2026e Source: Alphaliner, Clarksons, Container Intelligence Monthly (October 2025), CTS 6
Slide 7: Vessel deliveries have slowed but orderbook remains high
Vessel deliveries have slowed down but orderbook remains high – Stricter regulations and ageing fleet will increase scrapping rates 3 MARKET Global orderbook [TEU m; % of world fleet] 31% The orderbook-to-fleet ratio Orderbook Share of world fleet 26% 27% 31% remains high, but is well below its 22%
Slide 8: Gemini has set a new benchmark for reliability
Gemini has set a new benchmark for reliability in the industry, ensuring consistent performance even in volatile markets SeaIntel Schedule Reliability Gemini Cooperation Mainliner, both HL and Maersk operated Competitors min/max 100% 90% 80% 70% 60% 50% Feb-25 Mar 2025 Apr-25 May 2025 Jun-25 Jul-25
Slide 9: We will renew our ageing tonnage in the smaller size segment
We will renew our ageing tonnage in the smaller size segment Decision to invest in up to 22 new ships in the smaller vessel classes of < 5k TEU to replace older tonnage Strategic Rationale Replacement of ageing tonnage in a high demand segment Reduction of exposure to the elevated Time-Charter marke
Slide 10: We continue to upgrade our vessel fleet
We continue to upgrade our vessel fleet to maintain cost competitiveness and lower our emission The last four of the 12 x 24k TEU highly efficient dual-fuel vessels were delivered in H1 2025 Newbuilds +284 12 x 23.7k TEU Dual-Fuel LNG 38% of existing fleet modernized in our fleet 12 vessels TTEU Fin
Slide 11: Solid financial result in 9M 2025 with higher volumes and revenues
Group Solid financial result in 9M 2025 with higher volumes and revenues 9M 2025 GROUP KEY FIGURES Transport Volume Revenue EBITDA [MTEU] 1 [USD bn] [USD bn] +9% +5% -22% 9.3 10.2 15.3 16.0 3.6 2.8 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Group Profit Free Cash Flow Net Debt [USD bn] [USD bn]
Slide 12: Q3 earnings improved sequentially, YTD below previous year
Group Q3 earnings improved sequentially, but YTD performance remains below previous year due to lower freight rate environment Revenue [USD m] EBITDA [USD m] -5% +5% 28.1% 15.6% 15.9% Margin 23.5% 17.4% 5,767 5,460 16,049 5,272 15,283 -47% -22% 1,623 3,592 2,790 820 866 Q3 2024 Q2 2025 Q3 2025 9M 20
Slide 13: Strong volume growth outpacing market
Liner Shipping Strong volume growth outpacing market, driven by Gemini ramp-up and frontloading Freight Rate Development [USD/TEU] Transport Volume Development by Trade [TTEU] 9M 2024 9M 2025 1,467 -4.8% 1,397 +6% 3,425 +9% 3,227 10,170 1,612 9,323 983 1,564 974 2,929 Asia - Europe 2,668 1,480 1,020
Slide 14: Unit cost impacted by operational disruptions and Gemini phase-in
Liner Shipping Unit cost impacted by operational disruptions, Gemini phase-in and external factors Unit Cost Development [USD/TEU] Volume [TEU m] 3.2 3.4 9.3 10.2 ▪ Unit cost were mainly impacted by ▪ higher storage costs for containers as a +5% result of operational disruptions in ports, 1,373 1,33
Slide 15: Earnings trend in line with expectations - outlook further narrowed
Earnings trend in line with previously communicated expectations - outlook further narrowed FY 2025 FY 2025 FY 2024 Last Outlook Updated Outlook Increasing Increasing Transport volume 12,467 TTEU moderately moderately Decreasing Decreasing Freight rate 1,492 USD/TEU moderately moderately Bunker Decr
Slide 16: CSAV's Results
ANNEXES CSAV’s RESULTS 9M25/9M24 Figures in USD million Result 9M25 9M24 Var % Var # Equity-accounted investees 273.3 540.6 (49%) (267.4) SG&A and Other Op. Income (11.3) (10.8) 4% (0.5) Operational Result (with equity-accounted investees) 262.0 529.8 (51%) (267.8) Financial result 3.9 13.3 (71%) (9
Slide 17: CSAV's Results 9M24 vs 9M25
CSAV’s RESULTS 9M24 vs 9M25 Net Income 9M24 vs 9M25 250,0 200,0 194,6 175,7 181,2 150,0 100,0 50,0 0,0 77,1 (497) -50,0 -267,4 -0,5 -9,4 -100,0 Share of HLAG's Financial Result Tax Expenses 9M24 Profit Result SG&A Exchange Rate Dif. 9M25 Profit 17
Slide 18: CSAV's Retentions & Tax Credits Balance 9M25
CSAV’s RETENTIONS & TAX CREDITS BALANCE 9M25 as of September 30 as of December 31st Current Tax Assets MMUS$ Change 2025 2024 Remaining VAT tax credit 2,3 2,0 17% 0,3 Income tax to recover 131,7 382,7 (66%) (250,9) Credits for taxes paid abroad 52,0 225,5 (77%) (173,5) Total current tax assets 186,1
Slide 19: CSAV's Retentions as of September 2025
CSAV’s RETENTIONS as of September 2025 Retentions Balance as of Sepetember 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 Total 114 Notes: (*) EUR/USD exchange rate fluctuat
Slide 20: Higher cash & cash equivalent, lower withholding tax
As of Jun As of Sep 30, 2025 30, 2025 Higher cash & cash Current Assets 640 713 equivalent Cash and cash equivalents 46 526 & Withholding tax receivable 410 132 Lower witholding tax CSAV Withholding - May 2023 215 - receivables CSAV Withholding - August 2023 60 - CGCH Withholding - May 2025 134 132
Slide 21: Work in collaboration with the Talent Development School (UCH)
Work in collaboration with the Talent Development School (UCH). 2025
Slide 22: Forklift Training Program
Forklift Training Program 2025
Slide 23: Motivational talks on personal development
Motivational talks on personal development: Adolfo Almarza 2025
Slide 24: Global Trade Seminar
i\\ Global Trade Seminar 4 \ a ee
Slide 25: 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 114mn in tax assets to recover as of September 2025 Hapag-Lloyd, CSAV’s main investment + High volume g
Slide 26: Annexes
ANNEXES
Compañía Sud Americana de Vapores — Q3 2025 Earnings Presentation on 6ix