Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Q2 2025 Earnings Presentation
27 slides from Compania Sud Americana De Vapores's earnings presentation, September 2025
Slide 1: CSAV 2Q25 Results
CSAV 2Q25 Results "Hamburg Express" Sep 2025 Under the German flag, the "Hamburg 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.
Slide 2: Opening Remarks: Hapag-Lloyd, CSAV's main investment
OPENING REMARKS CSAV Hapag-Lloyd, CSAV’s main investment • Good result of US$130.1mn profit in 1H25 (vs. US$ -130.3mn in 1H24), driven by a similar equity result from HLAG (US$225.1mn in + 1H25 with strong volume +11% and similar freight rate +1% 1H25 vs. US$230.2mn in 1H24), but with positive tax e
Slide 3: Demand & Idle Fleet Evolution 2020-2025
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS DEMAND & IDLE FLEET EVOLUTION 2020-2025 MARKET ENVIRONMENT WITH HIGHER VOLUMES DURING 2025 Global Demand Growth (%YoY) Suez Canal 25,0 Blockage 20,0 15,0 Demand growth 2025 YTD: 4,8% Covid started 10,0 Demand growth stabi
Slide 4: Freight rates show a downward trend in 2025 and volatile lately
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY FREIGHT RATES SHOW A DOWNWARD TREND IN 2025 AND VOLATILE LATELY Freight Rate Evolution (US$/TEU) SCFI Shanghai-Europe Shanghai-S America Shanghai-WC America Shanghai-EC America 12.000 Average SCFI Index 2022: 3,4
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: 1,665 6.000 5.000 4.000 3.000 1.445 2.000 1.000 0
Slide 6: Uncertainty around US tariffs has dampened demand
Uncertainty around US tariffs has dampened demand – New tariffs took effect in August US container imports origin New base “April 9” ▪ Uncertainty surrounding tariffs [2024; in TEUm] tariff ¹ tariffs negatively impacted US imports, resulting in a subdued peak season 28.4 Total thus far 11.8 China 30
Slide 7: Cut over to Gemini successfully completed in Q2
Cut over to Gemini successfully completed in Q2 with >90% schedule reliability – Operational finetuning to continue throughout H2 Illustrative example Gemini schedule reliability [Mainliner and Shuttle, both HL and Maersk operated] 100 95% 92% 93% 91% 91% 90 80 Wilhelmshaven 70 Gemini Competitors mi
Slide 8: 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 9: Strong revenue growth while earnings were impacted by operational issues
Group Strong revenue growth while earnings were impacted by operational issues in ports and anticipated network transition cost Revenue [USD m] EBITDA [USD m] +8% +11% 21.0% 15.6% Margin 20.7% 18.2% 5,272 10,590 -2% 4,892 9,516 -20% 1,028 1,969 1,924 820 Higher Transport & Terminal Expenses +15% / U
Slide 10: Unit costs affected by Red Sea re-routings and Gemini phase-in
Liner Shipping Unit cost were affected by continued Red Sea re-routings, operational disruptions in ports and the Gemini phase-in Unit Cost Development [USD/TEU] Volume [TEU m] 3.1 3.4 6.1 6.7 ▪ Unit cost were mainly impacted by ▪ higher storage costs for containers as a +3% +4% result of operationa
Slide 11: Liner Shipping volumes increased 11% in H1 2025
Liner Shipping Volumes in the Liner Shipping segment increased by 11% in H1 2025, while the average freight rate was stable YoY Freight Rate Development [USD/TEU] Transport Volume Development by Trade [TTEU] H1 2024 H1 2025 1,391 +0.7% 1,400 +12% 3,440 +11% 6,745 1,612 3,060 6,097 +15% 1,007 1,946 A
Slide 12: Terminal business reported revenue and profit growth
Terminal business reported revenue and profit growth, driven by good operational performance and consolidation effects Terminal & Infrastructure USD m Q2 2024 Q2 2025 H1 2024 H1 2025 ▪ Positive revenue development driven mainly by higher storage revenues and growing throughput Revenue 111 135 217 24
Slide 13: Frontloading and higher permanent tariffs might slow demand in H2 2025
Frontloading and higher permanent tariffs might slowdown demand in H2 2025 Supply & Demand 18% Container volume growth [TEU] Container transport work growth [TEU-miles] Fleet capacity growth Clarksons’ July forecast for TEU-miles growth assumes continued rerouting around 10% COGH in 2025, and a grad
Slide 14: Vessel deliveries have temporarily moderated
Vessel deliveries have temporarily moderated – Stricter emissions regulations and ageing fleet will drive higher scrapping in future Global orderbook [TEU m; % of world fleet] Capacity older than 25 years [TEU m] 1 Orderbook Share of world fleet 27% 26% 27% 29% 4.2 22% 16% 13% 3.3 11% 10% 10% 2.7 2.
Slide 15: The outlook has been narrowed
The outlook has been narrowed in light of the solid performance in H1, however risks remain elevated FY 2025 FY 2025 FY 2024 Updated Outlook Original Outlook Increasing Increasing Transport volume 12,467 TTEU clearly moderately Decreasing Decreasing Freight rate 1,492 USD/TEU moderately moderately B
Slide 16: CSAV's Results 1H25/1H24
ANNEXES CSAV’s RESULTS 1H25/1H24 Figures in USD million Result 1H25 1H24 Var % Var # Equity-accounted investees 225.1 230.2 (2%) (5.1) SG&A and Other Op. Income (8.0) (7.1) 14% (1.0) Operational Result (with equity-accounted investees) 217.1 223.1 (3%) (6.0) Financial result 2.1 12.3 (83%) (10.2) Ex
Slide 17: CSAV's Results: Net Income 1H24 vs 1H25
CSAV’s RESULTS 1H24 vs 1H25 Net Income 1H24 vs 1H25 150,0 174,5 130,1 100,0 50,0 0,0 102,1 -50,0 -100,0 (497) -130,3 -5,1 -1,0 -150,0 -10,2 -200,0 Share of HLAG's Financial Result Tax Expenses 1H24 Profit Result SG&A Exchange Rate Dif. 1H25 Profit 17
Slide 18: CSAV's Retentions & Tax Credits Balance 1H25
CSAV’s RETENTIONS & TAX CREDITS BALANCE 1H25 as of June 30th 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 410,2 382,7 7% 27,5 Credits for taxes paid abroad 180,6 225,5 (20%) (44,9) Total current tax assets 593,1 610,2 (3
Slide 19: CSAV's Retentions as of June 2025
CSAV’s RETENTIONS as of JUNE 2025 Retentions Balance as of June 2025 Dividend Payment Dividend Retention Refund Asset Retention Rate [%] Entity Date [EUR mn] [EUR mn] Entity 1. Current CSAV Germany May 8, 2023 1,732 10.550% 183 CSAV Chile 2. Current CSAV Germany August 8, 2023 480 10.550% 51 CSAV Ch
Slide 20: CSAV's Results: Balance Sheet Dec24 vs Jun25
CSAV’s RESULTS BALANCE SHEET Dec24 vs Jun25 Assets main changes Dec24 vs Jun25 7.506 74 7,290 -38 -17 -235 After Lower credits Retentions on Dividend Dividend for taxes paid HLAG’s Received Payment abroad dividend US$ 489mn US$ 390mn Cash and cash equivalents Equity method Others Total Assets Dec24
Slide 21: Motivational Talk Series
Motivational Talk Series for students on career projections with Barbarita Lara and personal finance with Javiera Quiroga.
Slide 22: Learning day in Rancagua
Learning day in Rancagua: technical areas of air conditioning and refrigeration.
Slide 23: Field trip to the Extraport Warehouse
Field trip to the Extraport Warehouse with students from Liceo Dante Parraguez from San Antonio
Slide 24: Inter-School Girls' Volleyball Tournament in San Antonio
Inter-School Girls’ Volleyball Tournament in San Antonio
Slide 25: Closing Remarks
CLOSING REMARKS CSAV • Attractive vehicle to invest in Hapag-Lloyd & solid balance sheet • Results mostly explained by HLAG’s results & positive tax expenses and exchange rate differences • EUR 520mn in tax assets to recover as of June 2025 Hapag-Lloyd, CSAV’s main investment + Good start of 2025 wi
Slide 26: Annexes
ANNEXES
Slide 27: CSAV Foundation seminar invitation
Sé parte de una nueva edición del Seminario organizado por la Fundación CSAV. Con panelistas de primer nivel, se abordará cómo las estrategias de EE.UU., China y la UE están moldeando el futuro del comercio, sus desafíos y oportunidades
Compañía Sud Americana de Vapores S.A. (CSAV) — Q2 2025 Earnings Presentation on 6ix